Evoke (EVOK) H1 2026 earnings summary

Executive summary

• Delivered resilient first half performance with stable group revenue at £887.5m–£888m, up 2% like-for-like, despite significant increases in gaming duties, especially in the UK.

• Adjusted EBITDA declined 9.5%–10% year-over-year to £150m–£150.2m, mainly due to a £46m rise in gaming duties, partially offset by operational efficiencies.

• UK & I Online delivered strong growth, with revenue up 3.5%–4% and Adjusted EBITDA up 28%, driven by William Hill gaming and mitigation actions.

• Retail profitability improved, with like-for-like revenue up 4% and Adjusted EBITDA up 5%, following the closure of approximately 270 shops.

• International segment showed mixed results, with strong growth in Italy (+21%) and Denmark (+13%) offset by declines in Spain, Romania, and other markets, and higher duty costs.

Financial highlights

• Group revenue was £887.5m–£888m, up 2% like-for-like year-over-year, despite 270 store closures.

• Adjusted EBITDA was £150m–£150.2m, down 9.5%–10% year-on-year, reflecting higher gaming duties.

• UK & I Online revenue up 3.5%–4% to £348.1m; Adjusted EBITDA up 28% to £77.0m.

• International revenue down 1.9%–2% to £293.8m; Adjusted EBITDA down 20%–20.9% to £67.6m–£68.1m.

• Retail revenue down 2.6%–3% to £245.6m; like-for-like revenue up 4%; Adjusted EBITDA up 5%–5.4% to £31.1m–£31.2m.

Outlook and guidance

• Recommended acquisition by Bally's Intralot progressing as planned, with completion expected in Q4 2026 or Q1 2027, subject to approvals.

• Continued focus on operational momentum, cash generation, and disciplined execution during the acquisition process.

• No forward-looking financial guidance provided due to the pending acquisition.