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Evoke (EVOK) investor relations material
Evoke H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 2% year-over-year to £1,782m, with Q4 as the strongest quarter, driven by International growth.
Adjusted EBITDA rose 14% to £356m, with margins reaching 20%, reflecting improved operational efficiency.
Strategic review ongoing, including discussions with Bally's Interactive regarding a possible offer for the group.
Operational focus remains on disciplined execution, profitable growth, and balance sheet strength.
Five consecutive quarters of growth up to Q4, with a return to growth in Q1 2026 and trading in line with expectations.
Financial highlights
FY25 revenue: £1,781.9m (+2% YoY); Adjusted EBITDA: £356.2m (+14% YoY); margin: 20%.
Adjusted EBITDA margin improved by 220 basis points year-over-year.
Underlying free cash flow of £188m delivered.
Leverage reduced from 5.7x to 5.2x, supported by earnings growth and disciplined capital allocation.
Retail EBITDA declined 17% due to cost inflation and a 1% revenue drop.
Outlook and guidance
No forward guidance provided due to the ongoing strategic review.
Q1 2026 started in line with expectations, with strong U.K. Online performance and mixed international results.
UK duty changes present a significant headwind, but actions taken to mitigate at least 50% of the impact.
Focus for 2026 is on cash generation, cost discipline, and balance sheet strength.
- H1 lagged plans, but cost savings and new products set up 5%-9% H2 growth and margin recovery.EVOK
Trading Update3 Feb 2026 - Revenue down, losses widen, but transformation and H2 margin recovery on track.EVOK
H1 20241 Feb 2026 - FY25 revenue up 2%, EBITDA up 14-15%, with a strategic review amid UK tax hikes.EVOK
Q4 2025 TU27 Jan 2026 - Growth resumed in 2024 with rising margins, strong core markets, and a clear deleveraging plan.EVOK
H2 202426 Dec 2025 - Business transformation, renewed growth, and enhanced governance were key AGM themes.EVOK
AGM 202527 Nov 2025 - Strong revenue and EBITDA growth, improved margins, and significant deleveraging achieved.EVOK
H1 202523 Nov 2025 - Revenue up 5% in Q3 2025, all divisions grew, and FY25 EBITDA margin guidance reaffirmed.EVOK
Q3 2025 TU28 Oct 2025 - Q2 revenue up 5% and Adjusted EBITDA up 43% year-over-year, with FY25 guidance reaffirmed.EVOK
H1 2025 TU22 Jul 2025 - Double-digit online growth and strong international gains drive evoke's Q3 revenue rebound.EVOK
Trading Update13 Jun 2025
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