evoke closed 2025 with a solid final quarter and steady full-year performance. The evoke FY25 results reflect stronger gaming activity and disciplined cost management. Management highlighted momentum in core markets despite ongoing regulatory pressure in the UK.

• Q4 2025 revenue reached approximately GBP 464m (ca. EUR 536m), marking the strongest quarter of the year. Revenue rose 7% quarter-on-quarter but declined 3% year-on-year due to a strong comparator in Q4 2024. The prior-year period benefited from operator-friendly sports betting outcomes.

• Gaming revenue increased 9% year-on-year in Q4 2025, with growth across retail, online and international markets. Retail gaming rose 10%, while international gaming grew 14% during the quarter. The UK business also saw 888casino return to growth.

• Full-year revenue is expected to come in at around GBP 1.79bn (ca. EUR 2.1bn), up 2% year-on-year. Adjusted EBITDA is forecast in the range of GBP 355m (ca. EUR 410m) to GBP 360m (ca. EUR 416m), representing growth of around 14–15%. This implies an adjusted EBITDA margin of roughly 20%, in line with previous guidance.

• The group confirmed that its strategic review, announced in December 2025, is ongoing. Options under consideration include a potential sale of the group or selected assets, with no forward guidance provided while the process continues. CEO Per Widerström said: “We were very disappointed with the outcome of the UK Budget,” adding that evoke has begun closing unsustainable retail sites and implementing further cost savings.

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