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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.
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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Frequently asked questions
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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.
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