Posted on: April 30, 2026, 05:38h.
Last updated on: April 30, 2026, 05:38h.
- Evoke releases Fiscal Year 2025 results
- Company confirms closure of 230 William Hill stores
- Group revenue up 2%, EBITBA up 43%
Evoke CEO Per Widerström said the company is focusing on delivering shareholder value and longer-term sustainability despite Fiscal Year 2025 results (year ended Dec. 31, 2025) released today highlighted by a year-over-year climb in losses of 149%.
Company Highlights EBITBA Increase
Evoke is a betting and gaming company that owns brands like William Hill, 888 and Mr Green.
Group revenue was up 2%, at $1.78 billion pounds, driven by online gaming performance, with strong momentum through Q4. Adjusted EBITDA was up 14% to 356 million pounds, with margins reaching 20%.
The increase in EBITDA reflected more efficient promotional, and marketing spends driving higher margins, the company said, combined with ongoing cost efficiency and more disciplined investment. Over the past two years the company has simplified structures, strengthened accountability and embedded a more focus on more customer value and ROI, said Widerström.
High Debt Load
“The progress in 2025 demonstrates that this reset is working,” he said. “The business today is structured, more efficient, more focused and better positioned to respond to external change than it was at the beginning of this transformation.”
According to the financial statement, the company’s loss after tax in FY 2025 was 549.1 million pounds, up from a loss after tax of 220.9 million pounds in FY 2024.
International Online Performance Strong
“Throughout 2025 we delivered consistent operational progress resulting in a more efficient, focused and disciplined business delivering improved marketing returns, stronger cost control, enhanced operating leverage, and a step-change in underlying profitability,” said Widerström.
Widerström pointed to the double-digit increase in EBITDA as a sign the company is deleveraging and focused on growth after years of decline in terms of profitability and revenue.
United Kingdom and Ireland online revenue was down 3% year over year, caused by a 12% decline in sports betting revenue on fixed or flat stakes.
Bally’s Intralot Rumours
International online revenue increased 9% with 17% growth across international core markets, driven by market share gains and record revenues in Italy and Denmark. That was coupled with the Winner acquisition in Romania, offset by its U.S. B2C exit at the end of 2024 and focus on profitability in rest of world markets.
UK retail revenue was down 1%, with gaming up 5% with market share gains following the successful rollout of new gaming machines across the estate, offset by sports -5%.
Evoke CFO Sean Wilkins told analysts the company has not yet seen any impact from the government’s recent tax hike.
In November, UK Financial Minister Rachel Reeves announced a tax increase on online games and slots to 40%, up from 21%, effective this month, and an increased tax on sports betting from 15% to 25%, effective April 2027.
Impact of Tax Hikes
Wilkins said the tax hikes will negatively impact smaller operators disproportionately higher, leading to market consolidation, and will improve the company’s market share.
“On the first 30 days the truth is we haven’t seen any impact to date, and we are pleased with the way UK, particularly UK online, is performing,” he said.
In terms of retail, the company confirmed it was closing 230 William Hill stores after a review of their retail estate, which “will deliver significantly improved retail profitability and enhance long-term sustainability,” the company said in a statement.
Profitable Growth
Sixty-eight of those stores closed in Q4 2025, with the balance to be closed in Q2 2026, which will add $11 million to EBITDA on a fully annualized basis, Wilkins said. He added over 1,000 shops are still open and providing service to customers.
Last week it was reported that the debt-laden company, as part of an ongoing strategic review, was weighing a 225.3 million pound takeover by from Greek lottery and gaming firm Bally’s Intralot. News of those talks April 20 sent share prices up nearly 16%.
Store Closures
Widerström today said the Bally’s Intralot talks regarding an offer for the whole Evoke Group “remain active”, adding that he wouldn’t take questions from analysts today on the topic.
“The significant UK duty increases announced in November represented a fundamental shift in the economics of our largest market and will have a substantial impact across the regulated industry,” he said. “We have acted decisively to mitigate the impact of these changes and protect long-term shareholder value, including initiating a strategic review and implementing significant operational actions across the business.”
“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.”
De-Leveraging
One analyst asked Widerström and Wilkins when the company will see shareholder value, since the share price has dropped “significantly” and debt has increased since the two joined the company.
“Being a shareholder myself, I can reassure you that we are absolutely focused on delivering shareholder value,” said Widerström. “Over the two years now where we had the privilege to manage this company, after years of decline in terms of revenue profitability, we are back to growth.
“We have substantially improved, expanded the EBITDA margin, and we are de-leveraging. That is what we can control. That is what we are focusing on – profitable growth, expanding the EBITDA margin and de-leveraging, and we will continue to do that. It’s the absolutely key three pillars of our plan.”
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