Evoke (EVOK) Q4 2025 TU earnings summary

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.