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Evoke (EVOK) investor relations material
Evoke H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary13 Aug, 2025
Executive summary
Achieved fourth consecutive quarter of revenue growth, with H1 2025 revenue up 3% to £887.8m and Adjusted EBITDA up 44% to £166m, driven by operational efficiency, cost savings, and international expansion.
International segment led growth with revenue up 13% and Adjusted EBITDA more than doubling; UK & I Online revenue declined 1% but profitability improved, and Retail returned to growth in Q2 after new gaming machine rollout.
Significant deleveraging achieved, with leverage ratio reduced to 5.0x from 6.7x year-over-year; net debt at £1,818.2m and total liquidity of £250m.
Net loss after tax narrowed to £64.7m from £143.2m in H1 2024; adjusted net profit was £5.4m versus a £29.9m loss last year.
No interim dividend declared, with payments suspended until leverage is at or below 3x.
Financial highlights
H1 2025 revenue grew 3% year-over-year to £887.8m; constant currency revenue up 4%.
Adjusted EBITDA up 44% to £166m, with margin improving to 18.7% from 13.4%.
LTM Adjusted EBITDA reached £363m; net debt/EBITDA ratio reduced to 5.0x.
Adjusted profit before tax was £12.6m, compared to a £9.8m loss in H1 2024; adjusted profit after tax was £5.4m versus a £29.9m loss.
Gross margin increased to 66.8% from 65.0%, driven by cost efficiencies and bonus optimisation.
Outlook and guidance
FY 2025 guidance maintained: 5–9% revenue growth and at least 20% Adjusted EBITDA margin.
Medium-term targets: 5–9% annual revenue growth, ~100bps EBITDA margin expansion per year, and leverage below 3.5x by end of 2027.
H2 2025 expected to see further profitability step-up, supported by product pipeline and operational improvements.
Capex for FY25 expected at £100–110m, with interest costs of £175–180m.
What's driving the improved H1 gross margin?
Assess the impact of AI on cost optimization.
Explain the strategy for 'Optimize Markets'.
Assess impact of marketing changes on 888 brand.
What drives confidence in H2 retail performance?
Detail plans to address gaps in Spain.
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Q3 2025 TU28 Oct, 2025
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Frequently asked questions
Online Gambling Giant
888 Holdings is a global online gaming company, headquartered in Gibraltar and listed on the London Stock Exchange since 2005. Founded in 1997, the company has grown to become one of the leading players in the digital gaming industry, offering a wide range of services from online casinos and poker rooms to sports betting and bingo sites. 888 Holdings operates under several brands, with 888casino, 888poker, and 888sport being among the most prominent. Over the years, it has built its platform and grown by providing quality gaming experiences, underpinned by user-friendly interfaces and by offering innovative ways to play.
From Gibraltar to the World
Established in 1997, 888 Holdings is a massive player in the online gaming industry, tracing its roots back to the early days of internet gambling. Originating in Gibraltar, the company was one of the pioneers that recognized the potential of online betting and casino gaming. Over the years, 888 Holdings expanded its footprint globally, securing licenses and establishing a presence in multiple countries. This expansion was strategically orchestrated over the years, and organic growth was coupled with the company making targeted acquisitions and partnerships to bolster its position in key markets. 888 operates in this very competitive industry with other large gambling companies such as DraftKings and other large international players. It, like many others, doesn’t produce all of its games itself but leases part of its catalog from other developers such as Evolution.
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The company's casino platform boasts a wide selection of games, from traditional table games like blackjack and roulette to an expansive range of slots. On the poker front, 888poker stands as one of the industry's premier platforms, offering players an array of poker game variants. Over the years, 888 has consistently updated its software and offerings to ensure that they move with the times and ensure a smooth and reliable experience for users.
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Diversifying beyond its origins in casino games and poker, 888 Holdings ventured into the sports betting domain, strengthening its foothold in online gaming. Launched as "888sport" in 2008, the brand quickly became a major player, providing punters with a wide array of betting options across various sports, from football and tennis to horse racing and eSports. Today, 888sport is appreciated by customers for its modern features such as live in-play betting, cash-out options, and live-streaming services. They have also adapted to changing consumer preferences by offering a modern mobile betting experience through dedicated apps.
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