Evoke (EVOK) H1 2025 TU earnings summary

Executive summary

• Q2 2025 revenue grew approximately 5% year-over-year, with online up 6% and Retail returning to growth after deploying 5,000 new gaming machines in March 2025.

• H1 2025 revenue increased around 3% year-over-year, driven by double-digit gaming growth in both Q2 and H1.

• Sports segment faced a tough comparison due to the prior year's Euros and stronger win margin.

• Improved profitability and operational efficiency supported significant deleveraging.

Financial highlights

• H1 Adjusted EBITDA expected in the range of £163-167m, up 43% at the mid-point year-over-year.

• Last twelve months Adjusted EBITDA exceeds £360m, reflecting strong year-over-year growth.

• Robust cost control and improved marketing returns contributed to profitability.

Outlook and guidance

• FY25 guidance reaffirmed: 5-9% revenue growth and Adjusted EBITDA margin of at least 20%.

• H2 growth expected from product delivery, better marketing returns, and further cost savings.

• Continued execution of strategy and value creation plan emphasized.