Published on: April 30, 2026, 05:38h.
Updated on: April 30, 2026, 05:38h.
- Evoke announces Fiscal Year 2025 financial results
- Company verifies closure of 230 William Hill locations
- Revenue increases by 2%, EBITDA rises by 43%
Evoke’s CEO, Per Widerström, emphasized the company’s commitment to enhancing shareholder value and ensuring long-term sustainability, despite Fiscal Year 2025 results (ending December 31, 2025) showing a staggering 149% rise in losses.
EBITDA Growth Highlights
Evoke operates well-known brands such as William Hill, 888, and Mr Green.
The total revenue rose by 2%, reaching £1.78 billion, propelled by a robust performance in online gaming, particularly in Q4. Adjusted EBITDA surged by 14% to £356 million, achieving margins of 20%.
The EBITDA growth was attributed to smarter promotional and marketing expenditures improving margins, along with ongoing cost management and a disciplined investment approach. Over the last two years, the company has streamlined its structures, enhanced accountability, and prioritized customer value and ROI, according to Widerström.
Challenges with Debt
“Our achievements in 2025 indicate that our restructuring is yielding positive results,” he stated. “The company is now more organized, efficient, focused, and better equipped to adapt to external changes compared to when we initiated this transformation.”
The financial report indicated that the company’s tax-adjusted loss for FY 2025 was £549.1 million, an increase from a loss of £220.9 million in FY 2024.
Strong International Online Performance
“In 2025, we made consistent operational advancements, resulting in a more efficient, focused, and disciplined company characterized by improved marketing returns, tighter cost controls, and enhanced underlying profitability,” Widerström noted.
He cited the double-digit uplift in EBITDA as evidence that the company is on a path to de-leveraging while concentrating on growth after several years of declining profitability and revenue.
Meanwhile, online revenue in the UK and Ireland dipped by 3% year-on-year, driven by a 12% drop in sports betting revenue from fixed or flat stakes.
Speculations Around Bally’s Intralot
International online revenue rose by 9%, bolstered by a 17% growth in core international markets, thanks to market share gains and record revenues in Italy and Denmark. This success was partially offset by the company’s exit from the U.S. B2C market at the end of 2024 and its renewed emphasis on profitability in other global markets.
UK retail revenue fell by 1%, although gaming revenue increased by 5%, supported by market share growth after the effective installation of new gaming machines, while sports saw a decline of 5%.
Evoke’s CFO, Sean Wilkins, mentioned that the company has yet to experience any repercussions from the recent government-imposed tax increases.
In November, UK Financial Minister Rachel Reeves announced a tax hike on online games and slots to 40%, up from 21%, effective immediately, along with an increase in sports betting tax from 15% to 25% starting in April 2027.
Consequences of Tax Increases
Wilkins noted that these tax hikes would disproportionately affect smaller operators, potentially leading to market consolidation and ultimately benefiting the company’s market share.
“In the first month, we have seen no impact thus far, and we are satisfied with the performance of the UK online market,” he stated.
Regarding retail operations, the company confirmed the closure of 230 William Hill stores after a comprehensive review of their retail presence, which is expected to significantly enhance retail profitability and promote long-term sustainability.
Focus on Profitable Growth
Sixty-eight of these closures occurred in Q4 2025, with the remainder scheduled for Q2 2026, resulting in an expected £11 million boost to EBITDA on a fully annualized basis, Wilkins mentioned. He added that over 1,000 shops remain operational, continuing to serve customers.
Recent reports indicated that the heavily indebted company is contemplating a £225.3 million acquisition offer from the Greek lottery and gaming firm Bally’s Intralot. News of these discussions, announced on April 20, led to a nearly 16% spike in share prices.
Store Closures and Strategic Talks
Today, Widerström stated that discussions regarding the Bally’s Intralot offer for the entire Evoke Group “are ongoing,” but did not entertain questions from analysts on this matter.
“The significant tax increases announced in November represent a major shift in the economics of our largest market and will profoundly impact the regulated industry,” he remarked. “We have acted promptly to mitigate the effects of these changes and safeguard long-term shareholder value by initiating a strategic review and implementing extensive operational measures across the company.”
“In Q1 2026, we have performed in line with our expectations. While the market conditions are tough, we remain committed to achieving profitable growth, generating cash, and strengthening our balance sheet.”
Commitment to De-Leveraging
One analyst questioned Widerström and Wilkins about timelines for returning value to shareholders, especially given the notable decline in share price and increased debt levels since their arrival at the company.
“As a fellow shareholder, I assure you that we are acutely focused on delivering value to our shareholders,” Widerström responded. “During our two years of leading this company, we have shifted from a phase of revenue decline to one of growth.”
“We have significantly improved our EBITDA margin, and our efforts to de-leverage are ongoing. These will continue to be our main focus—achieving profitable growth, expanding the EBITDA margin, and de-leveraging represent the three foundational pillars of our strategy.”