Evoke Posts Q4 2025 Results, Continues Strategic Review

International gaming giant evoke has published its financial report for the final quarter of 2025 (Q4), reporting stable casino performance that was partially offset by weaker betting results. The company also confirmed that it is still evaluating a range of options to maximize shareholder value.

The Company’s Fourth-Quarter Performance Was Strong

In its report, evoke, which is the company behind famous gaming brands, such as 888, William Hill, and Mr Green, said that the final quarter of 2025 was also the strongest for the entire year. Revenue for the quarter reached GBP 464 million ($638.6 million), marking an increase of 7% quarter-on-quarter. However, the quarterly revenue also marked a 3% decrease year-on-year, which the operator attributed to friendly sporting results in Q4 2024.

Speaking of sporting results, the company’s Q4 betting revenue experienced a 22% year-on-year decline due to tough comparisons with 2024. This decline, however, was offset by a 9% YOY increase in gaming revenue. According to evoke, all of its divisions experienced favorable gaming growth, with 888casino returning to growth in the UK.

The company elaborated that its retail business experienced growth of 10% YOY, while the international segment increased by 14% YOY.

Evoke added that, based on these results, it expects FY 2025 revenue to reach approximately GBP 1.8 billion ($2.5 billion). This figure would mark an increase of 2% YOY, highlighting evoke’s focus on increasing its profitability and cutting costs.

In the meantime, evoke said that it expects adjusted EBITDA in the range of GBP 355-360 million ($489-496 million) for the year, which would imply an increase of 14-15%, aligning with earlier forecasts and goals.

Evoke Was Disappointed with the New UK Budget

In its official release, evoke added that its board continues the review of the company’s strategic options and evaluation of shareholder-maximizing alternatives. One of these options could include a potential sale of the group or some of its assets to a third party.

Evoke said that it will release the results of the review at a later date, followed by the company’s official FY 2025 report.

In any case, Per Widerström, the company’s chief executive officer, was pleased with the Q4 progress and evoke’s success in pursuing its strategic initiatives. He said that the company’s focus on its core markets continued to deliver strong results and said that Italy and Denmark delivered record quarterly revenues in Q4. Widerström was similarly pleased with the strong start to 2026.

However, Widerström and his team were let down by the recent UK Budget, which “dealt a significant blow” to the British gaming industry and, according to evoke’s leadership, is likely to spur further black-market growth.

As a result, evoke is now focused on mitigating the negative impact of the new budget. Widerström said: “We have moved quickly and decisively to execute on our mitigation plans, including the closure of retail stores that are no longer sustainable as well as broader cost savings, and we will update shareholders on our progress and updated strategic plan in due course.”