Evoke has revealed it expects to hit targets across revenue and adjusted EBITDA for its 2025 financial year, while a review over a potential sale of certain assets remains ongoing.
In a Q4 trading update released on Tuesday, Evoke said revenue for the full year ended 31 December 2025 was £1.79 billion ($2.44 billion), up 2% on the previous year, and in line with expectations.
Evoke also forecasted an adjusted EBITDA between £355 million and £360 million, an increase of 15% on FY’24. The growth reflects Evoke’s focus on profitable growth and cost savings measures rolled out in 2025, it said.
Strong end to the year
Full-year growth was bolstered by a positive Q4, during which revenue hit £464 million, according to the operator’s forecast. This marks an 3% decline year-on-year.
However, Evoke said gaming revenue had risen 9% year-on-year during the quarter, thanks to growth across all its divisions. Retail gaming revenue jumped 10% while international gaming revenue climbed 14%. In contrast, betting revenue dropped 22% due to operator-friendly sporting results in the prior year.
“During Q4 we made good progress against our strategic plans, delivering our best quarter of the year and demonstrating the underlying momentum in the business,” Evoke CEO Per Widerström said.
“Our focus on core markets continued to drive our profitable growth, with Italy and Denmark both delivering record quarterly revenues in Q4. This positive momentum has continued into 2026 with a strong start to the year with good growth across all divisions.”
Review and sale talks ongoing
Meanwhile, Evoke also issued an update on a full or partial sale of its business. In December, Evoke said it would carry out a strategic review over a possible sale and consider a “range of potential alternatives”.
The group said the review “remains ongoing” with both a full business sale or the disposal of certain assets up for consideration. It added that while the review remains ongoing, it would not be “appropriate” to provide forward-looking financial guidance.
Referencing the potential sale, Widerström said this formed part of the group’s response to the recent rise in UK gambling tax. Remote Gaming Duty in the UK will rise to 40% in April, up from 21%, while a new general betting duty for remote betting will be introduced in April 2027 at 25%, up from 15%.
Evoke closes ‘unsustainable’ retail shops
Evoke was one of several operators to hit out at the increased rates. Per Widerström, CEO of Evoke, said the hikes were “highly damaging” for the UK economy and players.
As part of its mitigation efforts, in preparation for the UK gambling tax hikes, Widerström said a number of retail stores were set to close. He described these assets as: “no longer sustainable as well as broader cost savings.”
“We will update shareholders on our progress and updated strategic plan in due course,” he added.
“While the strong strategic and financial progress we made in 2025 was encouraging, we were very disappointed with the outcome of the UK budget in November that dealt a significant blow to both Evoke and the wider regulated industry.
“We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market. As a result of these significant UK tax increases, the board is assessing its strategic options, with a resolute focus on maximising shareholder value.”
Italian business sale a possibility for Evoke
A report on Sky News in November suggested Evoke was seeking a buyer for its Italian operations, to help offset the impact of higher UK tax. It said Evoke had appointed Morgan Stanley to assess options for selling its Italian arm, which could raise “hundreds of millions of pounds”. Evoke did not comment on the article at the time.
“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,” Widerström added in this week’s update.
Original article: https://igamingbusiness.com/finance/full-year-results/evoke-on-track-earnings-growth-2025/
