Evoke Plc Reports Fifth Consecutive Quarter of Revenue Growth with 5% Increase in Q3 2025

Evoke Plc, one of the world’s leading betting and gaming companies, has announced impressive Q3 2025 trading results that underscore the success of its ongoing turnaround strategy. The company reported group revenue of £435 million for the three months ended 30 September 2025, marking a 5% increase over Q3 2024 and representing the fifth consecutive quarter of year-over-year revenue growth.

The strong performance was driven by growth across all three operating divisions—UK&I Online, International, and Retail—demonstrating the company’s ability to execute its strategy while building a more efficient and profitable business model.

All Divisions Deliver Growth

Evoke’s UK&I Online division achieved 1% revenue growth during the quarter, with sports revenue increasing 8% supported by favorable margin conditions. Gaming revenue declined 2% as the company reduced marketing spend on its 888 brand to target higher marketing returns, a strategic move that resulted in strong double-digit contribution growth across both the William Hill and 888 brands.

The International division posted solid 8% revenue growth (6% in constant currency), driven by strong double-digit growth in core markets including Italy, Denmark, and Romania. The company has gained market share in casino operations in Italy through its 888 brand, while Denmark showed particularly strong performance with 19% constant currency growth following migration to the company’s in-house platform.

Evoke’s Retail division returned to growth with a 6% revenue increase, reflecting growth in both sports and gaming segments. The gaming segment benefited from the rollout of new gaming cabinets earlier in the year, while sports performance was supported by favorable win margins compared to the prior year period.

Strategic Platform Migrations Drive Market Performance

The company achieved significant milestones in its technology transformation during Q3. Denmark experienced accelerated growth following its migration to Evoke’s in-house platform, with monthly revenue reaching all-time highs. The company also completed the migration of 888 Romania onto the localized Winner.ro platform, positioning it for enhanced product features and localization.

In Italy, Evoke addressed sports product gaps on its Exalogic platform ahead of the Serie A season, with William Hill recently returning to pre-migration daily revenue levels. The company continues to gain casino market share in Italy, with 888 performing strongly due to its brand strength and focus on localized product features.

Product Innovation Enhances Customer Engagement

Evoke launched several new products during Q3 that have shown promising early results. The William Hill free-to-play game “Final One Standing” attracted over 300,000 entrants in its first week, with strong conversion to cash activity and sustained engagement in subsequent weeks.

The company also introduced a new omni-channel Acca Boost product at the start of the football season, delivering strong growth in football accumulator business across both online and retail channels. These accumulator products, along with improvements to Bet Builder, represent the fastest-growing product area and are driving improved customer engagement while delivering higher structural win margins.

At the end of Q3, Evoke launched the new William Hill Vegas app featuring significant user experience upgrades, positioning the brand for continued growth in the casino segment.

Strong Financial Position and Refinancing Success

The company successfully refinanced its 2027 EUR fixed rate notes during the quarter, issuing new 8.0% EUR fixed rate notes due 2031. The refinancing attracted strong investor demand and extends the company’s debt maturity profile with no major maturity until 2028. Combined with changes to hedging arrangements, the refinancing will deliver approximately £5 million in annualized cash interest cost savings.

Contribution grew faster than revenue during the quarter, reflecting Evoke’s strategic focus on sustainable, profitable growth and enhanced profitability through improved marketing return on investment.

Management Commentary

During Q3 we continued to execute against our strategy which is transforming our long-term competitive capabilities and building a more efficient and profitable business. With Retail continuing the improving trend from Q2, all three divisions were in growth during the quarter. Whilst our refined approach to UK Online marketing to drive improved profitability slightly held back our top-line performance, we are pleased to have recorded our fifth consecutive quarter of profitable growth.

Per Widerström, CEO of Evoke, expressed confidence in the company’s trajectory and future performance.

We have clear plans in place to support an improvement in revenue during Q4 through continued acceleration in product enhancements, including retail sports and our recently launched new William Hill Vegas app. We are also making ongoing improvements to our customer lifecycle management capabilities. Alongside this, the improvements we have made to the operating model and efficiencies in our cost base mean we remain confident of achieving our implied Adjusted EBITDA guidance, which would outperform market expectations.

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.

Outlook and Guidance Reaffirmed

Evoke reiterated its FY25 guidance of achieving an Adjusted EBITDA margin of at least 20%, which provides confidence in delivering Adjusted EBITDA ahead of current market expectations of £362 million. The company continues to actively manage the business to improve profitability, resulting in an increasingly efficient operating model.

Looking ahead, Evoke reaffirmed its medium-term financial targets of 5-9% annual revenue growth, approximately 100 basis points of Adjusted EBITDA margin expansion per year, and leverage below 3.5x by the end of 2027.

The company’s Q4 performance is expected to benefit from continued product enhancements across retail sports, the newly launched William Hill Vegas app, and ongoing improvements to customer lifecycle management capabilities.

View the full Q3 2025 Trading Update: https://www.evokeplc.com/application/files/1617/6161/0663/Q3_2025_Trading_Update.pdf

Source: Evoke Plc