During an important time in Evoke's modern history, the operator has reported its FY25 results, which saw adjusted EBITDA rise 14% to £356.2m. However, Evoke posted a statutory loss after tax of £549.1m.
Revenue increased only 2% year-on-year to £1.78bn, supported by growth in online gaming and strength in international core markets. Adjusted EBITDA margin expanded by 220 basis points to 20%, driven by improved marketing efficiency, cost discipline and operating leverage.
On a reported basis, EBITDA rose 43% to £301.3m. However, the group recorded £440.3m in non-cash impairment charges across UK Online and Retail operations, reflecting the impact of significant UK gambling duty increases announced in November 2025 and challenging high street trading conditions.
International online revenue grew 9%, with 17% growth in core markets including Italy and Denmark, alongside contributions from the Winner acquisition in Romania. UK and Ireland online revenue declined 3%, as stronger gaming performance at William Hill was offset by reduced activity at 888 and softer sports results. Retail revenue fell 1%, although gaming within retail rose 5% following the rollout of new machines.
Net leverage reduced by 0.5x to 5.2x at year end. Cash, excluding customer balances, stood at £128.4m, with total liquidity exceeding £200m including an undrawn revolving credit facility.
The operator has initiated a strategic review in response to the UK duty changes. On 20 April 2026, it confirmed discussions with Bally’s Intralot S.A. regarding a potential offer for the entire issued share capital at £0.50 per share, though no firm proposal has been agreed.
Per Widerström, CEO of Evoke, commented: “Throughout 2025 we delivered consistent operational progress resulting in a more efficient, focused and disciplined business delivering improved marketing returns, stronger cost control, enhanced operating leverage, and a step-change in underlying profitability.
However, the significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry. We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business.
In Q1 2026 we have traded in line with our expectations. While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet.”
Evoke FY25 Financial Performance (£m)
The operator is in discussions with Bally’s Intralot regarding a possible £0.50 per share offer
