Evoke (EVOK) H1 2026 earnings summary

Executive summary

• Resilient underlying performance with stable group revenue at £887.5m–£888m, up 2% like-for-like, despite significant increases in gaming duties, especially in the UK.

• Adjusted EBITDA declined 9.5%–10% year-over-year to £150.2m, mainly due to a £46m rise in gaming duties, partially offset by operational efficiencies.

• UK & I Online delivered strong profitable growth, with revenue up 3.5%–4% and Adjusted EBITDA up 28%–28.3%, driven by William Hill gaming and mitigation actions.

• Retail profitability improved, with like-for-like revenue up 4% and Adjusted EBITDA up 5%–5.4% following the closure of approximately 200–270 shops.

• International segment showed strong growth in Italy (+21%) and Denmark (+13%), but declines in Spain, Romania, and other regions, with higher duty costs impacting results.

Financial highlights

• Group revenue stable at £887.5m (H1 2026) vs £887.8m (H1 2025); like-for-like revenue up 2%.

• Adjusted EBITDA at £150.2m, down 9.5%–10% year-over-year, reflecting higher gaming duties.

• Reported EBITDA fell 12% to £124.8m, reflecting higher exceptional costs.

• Net loss after tax was £70.2m, broadly unchanged from H1 2025.

• Adjusted net profit after tax was £1.9m, up from nil in H1 2025.

Outlook and guidance

• Recommended acquisition by Bally's Intralot progressing as planned, with completion expected in Q4 2026 or Q1 2027, subject to approvals.

• Continued focus on operational momentum, cash generation, and disciplined execution during the acquisition process.

• Trading since period end has remained in line with expectations, with strong customer engagement during the FIFA World Cup.

• No forward-looking financial guidance provided due to the pending acquisition.