Evoke Reports 2025 Results, Showing Strength in Its International Segment

(AsiaGameHub) –   Leading betting and gaming operator evoke has released its financial results for the fiscal year ending December 31, 2025. The company experienced a slight downturn in its UK operations, which was counterbalanced by the performance of its International Online segment.

Evoke’s International Online Segment Performed Strongly

Evoke, the company behind well-known gaming brands such as 888, Mr Green, and William Hill, reported that 2025 marked its second consecutive year of profitable growth on an adjusted basis. Group revenue saw a 2% increase, reaching GBP 1.78 billion ($2.4 billion), up from GBP 1.75 billion in the previous year. This growth was characterized by five consecutive quarters of positive performance, with the fourth quarter of 2025 being the strongest of the year.

The company’s UK&I Online segment experienced a 3% decrease in revenue. While the William Hill brand continued to show growth, the 888 brand reported a decline in revenue. Evoke attributed the broader decrease in the UK&I region to increased competition from the black market, particularly in the horse racing sector.

The robust growth of the International Online segment effectively offset the less favorable results from the UK&I region. International Online revenue rose by 9%, with evoke recording a 17% increase across its international Core Markets. This segment’s performance was further boosted by record revenues in Italy and Denmark, as well as the recent acquisition of Winner in Romania.

Meanwhile, evoke’s adjusted EBITDA for 2025 saw a double-digit increase of 14%, reaching GBP 356.2 million ($482.6 million). The company also reported an expansion in its adjusted EBITDA margin by 220 basis points to 20%, which evoke attributed to enhanced marketing efficiencies. On a reported basis, EBITDA increased by 43% to GBP 301.3 million ($408.5 million).

Despite the predominantly positive financial performance, evoke’s net loss for the year widened to GBP 549.1 million ($744.4 million). This increase was primarily due to GBP 440.3 million ($596.9 million) in non-cash impairment charges related to its UK Online and Retail operations, the impact of Britain’s new tax regime, and challenging conditions in high street retail.

The company’s loss per share for the period stood at GBP 1.218 ($1.65).

As of December 31, 2025, evoke held GBP 128.4 million ($174.1 million) in cash. Including an undrawn revolving credit facility (RCF) of GBP 81 million ($109.8 million), the company’s total liquidity was approximately GBP 200 million ($271.1 million).

The Company Achieved Significant Strategic Progress

In addition to reducing its debt, evoke reported significant strategic advancements and the continued implementation of its value creation plan, which is driving profitable growth and improved efficiencies.

Throughout 2025, evoke continued to invest in data, automation, and artificial intelligence to secure its long-term success. The company also refreshed the William Hill brand with a new visual identity and introduced new, innovative products.

In response to changes in UK taxation and a review of high street trading conditions, the company adjusted its strategic focus areas, leading to the decision to close 270 of its retail shops in the UK.

Evoke indicated that its performance in early 2026 has been favorable and in line with expectations. The broader business has experienced 2% growth, while the UK Online segment has shown a positive recovery with 5% growth.

However, the International segment is currently facing challenges in Spain and Romania due to competitive and market dynamics.

While the retail business has remained stable, evoke has planned further shop closures for the second quarter and has initiated a review to further adapt to the tax changes.

Meanwhile, an M&A agreement with Bally’s Intralot is still under consideration as negotiations are ongoing.

CEO Widerström Bullish on 2026

Per Widerström, evoke’s chief executive officer, expressed satisfaction with the company’s consistent operational progress in 2025. He acknowledged, however, that the substantial tax increase in the UK presents a significant new challenge for the team, prompting evoke to review its operations to mitigate any negative impact.

Widerström conveyed optimism about pursuing further growth despite these challenges, stating: “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.”