Evoke Plc reported FY25 Adjusted EBITDA of £356.2m, up 14% year-on-year, alongside a statutory loss after tax of £549.1m that widened from £220.9m a year earlier after £440.3m of non-cash impairment charges in UK Online and Retail. Group revenue rose 2% to £1,781.9m for the year ended 31 December 2025, with international growth offsetting declines in the UK&I online and retail segments.
Adjusted EBITDA margin expanded by 220 basis points to 20.0%, from 17.8% in 2024. On an adjusted basis, the group returned to profitability, reporting a £5.7m profit after tax compared with a £39.2m loss in the prior year. Reported EBITDA, which includes exceptional items, increased 43% to £301.3m.
Segment performance
International was the standout division. Revenue rose 9% to £606.9m, with Core Markets growing 17%. Italy and Denmark hit record revenues, both posting double-digit growth driven by product upgrades and localisation. The Winner.ro acquisition, which closed in October 2024, contributed to a strong performance in Romania alongside organic growth in 888. Spain went the other way, with Evoke citing market share losses tied to a less competitive sports offering and lower marketing spend versus competitors. International Adjusted EBITDA jumped 34.9% to £175.4m.
UK&I Online revenue fell 3% to £674.0m. Gaming was up 2% on William Hill product improvements, while sports betting revenue dropped 12% on lower staking and tougher year-on-year comparatives, with the company also citing increased black market penetration in horse racing. Despite the revenue decline, segment Adjusted EBITDA rose 6% to £151.3m as Evoke pulled back marketing in 888 to chase profitability over volume.
UK Retail revenue dipped 1% to £501.0m. Gaming grew 5% following the rollout of 5,000 new gaming machines, completed in March 2025, while sports revenue fell 5%. Adjusted EBITDA in the segment dropped 17% to £55.0m, reflecting fixed-cost pressure on a smaller revenue base.
UK duty changes drive impairment
The £440.3m impairment charge breaks down as £270.8m against the UK&I Online cash-generating unit and £169.5m against Retail. The UK Online charge reflects forecast cash flow reductions following the UK Government’s announcement on 26 November 2025 that Remote Gaming Duty will rise from 21% to 40% from 1 April 2026, with a new 25% online sports betting duty replacing the existing 15% General Betting Duty from 1 April 2027. Retail’s impairment reflects continued challenging high street trading conditions.
Evoke estimates the duty changes will increase group duty costs by £125m to £135m on an annualised basis once fully implemented, with around £80m hitting FY26. The company expects to mitigate roughly 50% of that impact in the first full year through supplier savings, marketing reductions, retail closures, and adjustments to customer propositions including reduced bonusing.
The mitigation programme includes the closure of around 270 retail shops. Evoke shut 68 in Q4 2025 and announced the closure of a further 200 in March 2026, scheduled for Q2 2026. The combined programme is expected to deliver £11m of annualised Adjusted EBITDA improvement, with associated cash closure costs of around £13m.
Strategic review and Bally’s Intralot talks
Evoke initiated a formal strategic review on 10 December 2025, citing the structural shift in UK economics together with refinancing requirements ahead of the July 2028 debt maturity. The company had warned in late November that the duty increases would trigger job losses and accelerate consumer migration to unlicensed operators.
On 20 April 2026, Evoke confirmed it was in discussions with Bally’s Intralot S.A. regarding a possible offer for the entire issued and to be issued share capital at 50 pence per share. Bally’s Intralot was created when Bally’s Corporation and Intralot completed their €2.7bn combination in October 2025. Evoke said discussions remain ongoing and there can be no certainty a firm offer will be made.
The auditor’s report on the FY25 accounts contains material uncertainties relating to the group’s ability to refinance July 2028 debt before the revolving credit facility falls due in January 2028, and to the outcome of the strategic review.
“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,” said Per Widerström, CEO of Evoke.
Refinancing and leverage
In September 2025, Evoke issued €600m of 8.0% senior secured notes due 2031 and established a new £200m revolving credit facility. The proceeds redeemed the group’s €582m senior secured notes due 2027 and refinanced existing RCF drawings, extending the debt maturity profile.
Net debt closed the year at £1,862.7m, up from £1,787.7m a year earlier. Leverage reduced to 5.2x from 5.7x on the back of higher Adjusted EBITDA. Evoke withdrew its previous medium-term target of below 3.5x leverage by 2027, citing the revised UK duty outlook. Cash excluding customer balances stood at £128.4m at year end, with total liquidity above £200m including £81m of undrawn RCF capacity.
The board did not recommend a dividend for FY25. Dividend payments remain suspended until leverage falls to 3x or below, in line with the policy set following the William Hill acquisition.
Q1 2026 trading and outlook
Evoke said Q1 2026 revenue rose 2% on a like-for-like basis excluding retail closures, or 1% reported. UK Online grew 5%, ahead of management expectations, with gaming up 8% led by William Hill. International fell 2%, with Italy and Denmark continuing to grow but offset by declines in Spain, Romania and rest of world. Retail was flat on a reported basis but up 3% like-for-like on the back of the new gaming cabinets. Further retail closures will follow in Q2 2026.
The board is not providing forward financial guidance while the strategic review is ongoing.
Source: Evoke Plc
