Evoke (LSE:EVOK) reported adjusted EBITDA up 14% to £356.2m for the year to 31 December 2025, while a £440.3m non‑cash impairment related to UK Online and Retail following November’s UK duty increases produced a reported loss after tax of £549.1m.
Group revenue was £1,782m, up 2% year‑on‑year, with adjusted EBITDA margin expanding 220 basis points to 20.0%, online gaming and international markets driving contribution while cash (excluding customer balances) stood at £128.4m, total liquidity exceeded £200m including an £81m undrawn RCF, and leverage reduced to 5.2x.
"While the trading environment is challenging, we remain firmly focused on delivering profitable growth, cash generation and strengthening the balance sheet," said Per Widerström, Chief Executive Officer.
The Board initiated a strategic review after the UK duty changes and confirmed it is in discussions with Bally's Intralot S.A. Regarding a possible offer for the Group at 50p per share, with no certainty a firm offer will be made.
Trading in Q1 2026 was in line with management expectations with like‑for‑like revenue up 2% excluding retail closures (reported +1%), UK Online up 5% including gaming growth of 8%, retail like‑for‑like up 3% and c.270 shop closures completed or announced as part of mitigation.
As a result of the ongoing strategic review the Board is not providing forward‑looking financial guidance.
