Evoke Posts 2025 Results, Reporting Strength in Its International Segment

Leading betting & gaming operator evoke has announced its financial results for the year ended December 31, 2025. The company’s performance in the UK waned slightly, but the International Online segment offset the decline.

Evoke’s International Online Segment Performed Strongly

Evoke, which is the name behind gaming brands, such as 888, Mr Green, and William Hill, said that 2025 was its second consecutive year of profitable growth on an adjusted basis. Group revenue increased 2% to GBP 1.78 billion ($2.4 billion) versus GBP 1.75 billion in the prior year period. This reflected five consecutive quarters of growth, with Q4 2025 as the strongest quarter for that year.

The company’s UK&I Online segment experienced a 3% decrease in revenue. While the William Hill brand continued to grow, 888 reported a reduction in revenue. The company reported its broader decline in the UK&I region to growing competition from the black market, especially in the realm of horse racing.

The strong rise of the International Online segment offset the suboptimal UK&I results. International Online revenue increased 9%, with evoke recording 17% growth across international Core Markets. The segment was further bolstered by record revenues in Italy and Denmark, as well as by the recent acquisition of Winner in Romania.

In the meantime, evoke’s adjusted EBITDA for 2025 experienced a double-digit increase of 14% to GBP 356.2 million ($482.6 million). Adjusted EBITDA margin expanded by 220 basic points to 20%, evoke added, attributing the results to improved marketing efficiencies. On a reported basis, meanwhile, EBITDA was up 43% to GBP 301.3 million ($408.5 million).

Despite the mostly favorable performance, evoke’s loss for the year widened to GBP 549.1 million ($744.4 million). This was mostly due to GBP 440.3 million ($596.9 million) of non-cash impairment charges in UK Online and Retail, Britain’s new tax regime, and “challenging high street trading conditions.”

The company’s loss per share for the period was GBP 1.218 ($1.65).

As of December 31, 2025, the company had GBP 128.4 million (174.1 million) in cash. When accounting for an undrawn RCF of GBP 81 million ($109.8 million), the company’s ample total liquidity was roughly GBP 200 million ($271.1 million).

The Company Achieved Significant Strategic Progress

In addition to deleveraging, evoke reported strategic progress and the continued execution of its value creation plan, which continues to drive profitable growth and increased efficiencies.

In 2025, evoke continued to invest in data, automation, and artificial intelligence, seeking to ensure its long-term success. Evoke also enhanced the William Hill brand with a new visual identity and launched new and innovative products.

The company reset its strategic focus areas in response to the UK tax changes and reviewed the high street trading conditions, leading to its decision to close 270 of its shops in the country.

Evoke added that its performance in 2026 has so far been favorable and in line with expectations. The broader business has bee experiencing growth of 2%, while the UK Online segment has been recovering well with a 5% growth.

The International segment, meanwhile, is facing headwinds in Spain and Romania due to competitive and market dynamics.

While the retail business has remained stable, evoke said that further shop closures have been planned for Q2. The company has also initiated a review to further adapt to the tax changes.

In the meantime, an M&A agreement with Bally’s Intralot remains on the table as negotiations continue.

CEO Widerström Bullish on 2026

Per Widerström, evoke’s chief executive officer, commented on the 2025 performance, saying that he was pleased with the company’s consistent operational progress. However, he also said that the significant tax hike in the UK is a major new challenge for his team, causing evoke to review its business in order to mitigate the harm.

Widerström added that the company remains optimistic on pursuing further growth despite the challenges. He said: “In Q1 2026 we have traded in line with our expectations. While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet.”