Evoke (EVOK) Trading Update summary

Financial performance and outlook

• Q1 2025 revenue reached £437m, up 1% year-on-year, with year-to-date revenue growth at 4% as of April 22, 2025.

• Adjusted EBITDA was significantly higher year-on-year, with LTM Adjusted EBITDA exceeding £330m.

• Full-year 2025 revenue growth is expected to align with the mid-term target of 5-9%.

• CEO highlighted operational efficiency and sustainable, profitable growth as key drivers.

• Stronger revenue trends observed in April, supporting confidence in the business outlook.

Divisional performance

• UK & I Online revenue declined 1%, with gaming up 3% but sports down, impacted by safer gambling measures.

• International revenue grew 11% (14% constant currency), led by core markets and the Winner.ro acquisition in Romania.

• Retail revenue fell 6%, with gaming stable and betting down due to lower stakes and win margin.

• Average monthly actives in UK & I Online dropped 21%, but ARPU rose 26%.

• Retail gaming revenues increased 6% sequentially versus Q4 2024.

Strategic and operational highlights

• Rolled out 5,000 new gaming cabinets in Retail, boosting gaming revenue run-rates and market share.

• Completed migration of Mr Green markets to the 888 platform, enhancing product offerings.

• William Hill Italy migrated to Exalogic platform for improved localisation ahead of re-licensing.

• Began migration of 888 Romania to Winner.ro platform, unlocking product enhancements.

• Announced £15-25m in additional cost efficiencies to be delivered in 2025.