Evoke (London Stock Exchange code: EVOK) released its first half 2025 financial results, with group revenue increasing by 3% year-over-year to 887.8 million GBP (approximately 1.2 billion USD), and a 4% increase at constant exchange rates. Adjusted EBITDA grew by 44% year-over-year to 165.9 million GBP, with cumulative EBITDA over the past 12 months reaching 363 million GBP.
International markets performed strongly, with revenue growth of 13% (15% at constant exchange rates), and adjusted EBITDA reaching 86 million GBP, offsetting a 1% decline in online business in the UK and Ireland and a 2% decline in retail revenue. The retail business saw a recovery in growth in the second quarter after adding 5,000 new gaming cabinets in March.
The group's adjusted statutory after-tax profit for the first half of the year reached 5.4 million GBP, reversing a loss of 29.9 million GBP from the same period last year. The leverage ratio decreased from 6.7 to 5.0, with available working capital of 250 million GBP, including 121 million GBP in cash and 129 million GBP in revolving credit.
In terms of strategic transformation, Evoke emphasized three pillars: operational excellence, brand and product upgrades, and organizational culture change. The group enhanced operational efficiency through artificial intelligence and automation, and improved customer lifecycle management, driving an 11% increase in average revenue per user. At the brand level, a new value proposition centered on "correct betting" and interactive tools such as "cumulative bonus drops" were launched, enhancing customer experience through retail gaming cabinets.
CEO Per Widerström stated that the first half results demonstrate significant transformation success, achieving revenue growth, profitability improvement, and deleveraging targets. The group expects annual revenue growth of 5-9%, an adjusted EBITDA profit margin of at least 20%, and plans to reduce the leverage ratio to below 3.5 by the end of 2027, continuously driving profitability and growth.
