Evolution CEO Martin Carlesund received €4.6m in total compensation in 2024, comprising a €3.1m base salary and additional pension and social security contributions.
However, according to Evolution’s 2024 annual report, he did not receive a bonus or any significant additional benefits.
In 2023, Carlesund received a total compensation of €6.39m, which included pensions and social security contributions.
That year, his base salary was €2.61m, while additional benefits of €2.25m were tied to the acquisition of Evolution warrants.
Carlesund’s reduced compensation in 2024 reflected a wider decline in executive pay across the company.
Total remuneration for senior executives dropped to €8.65m, down from €14.35m in 2023, representing a decline of 39.7%.
Beyond executive pay, here are four other key takeaways from Evolution’s 2024 annual report:
1. No budget set aside for M&A
Despite acknowledging the strategic role of M&A, Evolution confirmed that no capital has been pre-allocated for deals in 2025.
The company says it will only pursue acquisitions that align with its long-term vision and offer clear shareholder value.
“M&A can be a way to support our existing business and/or our long-term vision. M&A can include acquiring companies, technologies, IP rights or other assets,” the report said.
“All M&A will be done at financial terms that are long-term value enhancing to our shareholders and our operations
“We will not allocate capital for M&A unless we are presented with strong candidates,” Evolution concluded.
2. Revenue concentrated among top five clients
In 2024, Evolution served around 800 B2B customers. However, nearly half of its revenue (46%) came from its top five clients — up from 41% the year prior.
Evolution’s largest customer accounted for approximately 13% of net revenues in 2024.
“The reduction in revenue generated from, or loss of, one or more of these five customers could have a material adverse effect on the group’s business, financial position and profit,” Evolution acknowledged.
3. Fair pay promises meet workforce tensions
One of the defining stories of Evolution’s 2024 was a labour dispute at its studio in Georgia, where employees staged a strike demanding higher salaries and improved working conditions.
The incident spotlighted tensions beneath the surface of the company’s rapid global expansion, and marked a visible clash between management and frontline staff.
In its annual report, Evolution acknowledged the challenges faced in Georgia, while reiterating its commitment to diversity, inclusion, fair pay, and ethical workplace standards.
The company said it maintains alignment with international frameworks, including the UN Global Compact, ILO principles, and OECD guidelines.
“Evolution follows local rules for terms of employment, and all employees are paid an adequate wage based on market conditions and purchasing power,” the company said.
Carlesund acknowledged the dispute but stated that it was “caused by external sabotage”. Carlesund said the company responded with “swift contingency plans”, including capacity expansions in other studios to ensure service continuity and protect customers from disruption.
Meanwhile, the report showed that Evolution’s workforce remains one of the youngest and most diverse in the industry.
The company employs over 21,000 people, with 74% of employees under 30 and an average age across operational roles of just 24.
Despite its commitment to fair pay, Evolution reported an 11% gender pay gap in favour of male employees, citing the male-dominated engineering and technical sectors as a major contributing factor.
However, the company noted that this trend varies by geography — with women earning more than men in some regions, including in Georgia.
4. Problem gambling cases rose by 114%
The number of suspected problem gambling cases flagged by Evolution rose by 114% to 316,732 cases in 2024.
The company said the surge came about due to more advanced AI detection tools, a 57% increase in players, and a 60% rise in chat moderators.
The company’s responsible gambling training also expanded, with 76% of employees trained in 2024, up from 72% the year before.