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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Evoke
Evoke (EVOK) investor relations material
Evoke Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary27 Jan, 2026
Executive summary
FY25 revenue grew 2% year-over-year to approximately £1,786m, with Q4 delivering the strongest quarter at £464m, up 7% sequentially but down 3% year-over-year due to tough comparatives.
Adjusted EBITDA for FY25 is expected to be £355-360m, up 14-15% year-over-year, with an EBITDA margin of about 20%, in line with guidance.
Strategic review is ongoing, including potential sale of the group or assets, with no forward-looking financial guidance provided during this process.
Financial highlights
Q4 revenue reached £464m, the highest quarterly result of the year.
Gaming revenue grew 9% year-over-year in Q4, with all divisions contributing, including a return to growth for 888casino in the UK.
Retail and International segments saw strong Q4 growth, up 10% and 14% year-over-year, respectively.
Betting revenue declined 22% year-over-year in Q4 due to a strong prior-year comparative.
Outlook and guidance
No forward-looking financial guidance is being provided while the strategic review is ongoing.
Positive momentum continued into 2026, with a strong start across all divisions.
How do UK tax changes influence strategic review?
Timeline for updated strategic plan and mitigations
Is Q4 gaming growth sustainable into 2026?
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Next Evoke earnings date
H2 202525 Mar, 2026
Evoke
Next Evoke earnings date
H2 202525 Mar, 2026
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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.
The Casino Platform
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.
The Betting Arm
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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