Evoke Posts Q3 Report, Remains on Track to Beating Market Expectations

Evoke Achieves Fifth Straight Quarter of Growth

Evoke, a leading company in the gambling industry, has released its financial results for the third quarter ending September 30, 2025. The report shows a modest increase in key metrics, and the company is optimistic about surpassing market expectations for adjusted EBITDA.

The company reported revenue of GBP 435 million ($577.6 million) for the quarter, marking a 5% increase compared to the same period last year. This is the fifth consecutive quarter showing year-over-year revenue growth, driven largely by a rebound in the retail sector. For the first nine months of 2025, evoke’s revenue reached GBP 1.32 billion ($1.75 billion).

Evoke emphasized its commitment to sustainable growth, noting that its contribution margin is improving at a faster rate than total revenue.

Segment Performance Highlights

The UK & Ireland Online division saw a slight 1% increase in revenue year-over-year. This growth was primarily supported by an 8% rise in online sports betting, balanced by a 2% decline in online gaming.

International markets contributed an 8% revenue increase, buoyed by strong performance in countries such as Italy, Denmark, and Romania. However, growth in this segment was somewhat tempered by slower activity in Spain and a few other markets.

The retail sector showed a 6% improvement, with both gaming and betting areas experiencing equal growth. Results were influenced by lower win margins in betting alongside the launch of new gaming machines.

Financial Strength and Refinancing Success

Evoke successfully refinanced its 2027 EUR fixed-rate notes and garnered strong investor interest for new 8.0% EUR fixed-rate notes due in 2031. This refinancing move is expected to reduce the company’s annual cash interest expenses by approximately GBP 5 million ($6.64 million).

Key Developments in Q3

The company reported notable progress this quarter, including expanding its market share in Italy’s casino industry and growing presence in Denmark.

Evoke also transitioned its Romania-based 888 brand to the localized Winner.ro platform. Although there was an initial slowdown, the migration is now contributing positively to performance.

The William Hill season enjoyed a strong kickoff to the soccer season, with the free-to-play game Final One Standing drawing about 300,000 participants in its first week.

Significant improvements were introduced to the William Hill Vegas app, greatly enhancing user experience.

Additionally, the launch of the omni-channel Acca Boost product helped drive growth in soccer accumulator betting.

CEO Outlook and Future Plans

Per Widerstrm, evoke’s CEO, expressed satisfaction with the continuous progress in implementing the company’s strategic initiatives. While acknowledging some challenges, he highlighted the achievement of five consecutive quarters of growth.

Widerstrm outlined clear plans to boost performance in the final quarter of the year, focusing on enhancements in customer lifecycle management, operational model improvements, and increased efficiency.

He remains confident that evoke will meet or exceed its adjusted EBITDA targets for the year, outperforming market forecasts.

“We continue to execute our turnaround with vigour and are making good progress against our plans to position evoke for long-term success and significant value creation.”

Per Widerstrm, CEO, evoke

Financial Guidance and Medium-Term Targets

The company reaffirmed its guidance for the full year 2025, aiming for an adjusted EBITDA margin of at least 20%. Its medium-term goals include annual revenue growth of 5-9%, adjusted EBITDA margin improvement of roughly 100 basis points per year, and maintaining leverage below 3.5 times by the close of 2027.