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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.
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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.

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