Evoke has reported its evoke FY25 results, showing improved profitability despite pressure in its core UK market. Revenue edged up while margins strengthened over the year. The group is also continuing a strategic review following regulatory changes.

• Evoke reported revenue of GBP 1.78bn (ca. EUR 2.1bn) in FY25, up 2% year-on-year, with online gaming the main growth driver. The year included five consecutive quarters of growth before a strong Q4 2025. The evoke FY25 results reflect steady performance despite tougher comparisons in sports betting.
• Adjusted EBITDA rose 14% to GBP 356.2m (ca. EUR 413m), with margin increasing to 20.0%. The uplift was supported by tighter marketing spend and ongoing cost efficiency measures. Reported EBITDA increased 43%, also helped by lower exceptional costs compared to 2024.
• The group posted a reported loss after tax of GBP 549.1m (ca. EUR 637m), mainly due to GBP 440.3m (ca. EUR 511m) in non-cash impairments. These were linked to UK online and retail assets following higher gambling duties. The evoke FY25 results highlight the impact of regulatory changes on the business.
• Online performance was mixed, with UK&I revenue down 3% but international up 9%. Growth in Italy and Denmark, alongside the Romania acquisition, supported international gains. This was partly offset by the US exit and a focus on profitability in other markets.
• Evoke has launched a strategic review and is in talks with Bally’s Intralot over a potential 50p (ca. EUR 0.57) per share offer. CEO Per Widerström said the group has taken action to manage the impact of UK duty changes. Trading in Q1 2026 was in line with expectations, with modest growth across the business.

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