Evoke PLC Q3 2025: five straight quarters of growth and a profit-first approach
Evoke PLC has posted another quarter of growth. Group revenue in Q3 2025 came in at £435m, up 5% year on year, or 4% on a constant currency basis. All three operating divisions grew in the quarter, helped by a recovery in Retail and steady progress in International.
Management’s message is clear: contribution is growing faster than revenue as marketing is being refocused on returns rather than volume. FY25 guidance is unchanged, with confidence in beating the current Adjusted EBITDA consensus.
Key numbers from the trading update
| Metric | Q3 2025 | YoY | Notes |
|---|---|---|---|
| Group revenue | £435m | +5% (+4% cc) | Fifth consecutive quarter of year-on-year growth |
| UK&I Online revenue | £163.3m | +1% | Sports +8%, Gaming -2% |
| Retail revenue | £121.7m | +6% | Sports +6%, Gaming +6% |
| International revenue | £150.4m | +8% (+6% cc) | Italy, Denmark, Romania strong; Spain slower |
| FY25 Adjusted EBITDA margin guidance | At least 20% | – | Management expects Adjusted EBITDA ahead of market expectations |
| Market consensus for FY25 Adjusted EBITDA | £362m | – | As at the date of the statement |
| Refinancing | New 8.0% EUR notes due 2031 | – | No major maturity until 2028; c.£5m annualised cash interest savings |
Divisional performance: where growth came from
UK&I Online – profit over pace, with sports doing the lifting
Revenue edged up 1% to £163.3m. Sports betting revenue rose 8% to £50.7m, helped by weaker win margins in the prior year, while gaming slipped 2% to £112.6m. Sportsbook stakes were down 16% to £461.9m, but the sportsbook net revenue margin improved to 11.0% from 8.6%.
Average monthly actives fell 9% to 1,027k as Evoke pulled back lower-return marketing, particularly at 888. Management says contribution grew strongly in double digits across both brands, which tells you the quality of revenue is improving even if the top line looks modest.
Retail – steady momentum and new cabinets help
Retail revenue increased 6% to £121.7m. Both sports and gaming grew 6% year on year, to £67.1m and £54.6m respectively. Stakes dipped 9% to £338.9m, but sportsbook net revenue margin stepped up to 19.8% from 16.8%, and average monthly actives rose 15% to 594k.
The continued benefit from new gaming cabinets rolled out earlier in the year is coming through, and margin improvement helped offset softer stakes.
International – double-digit growth in core markets, softer elsewhere
International revenue rose 8% to £150.4m, or 6% on a constant currency basis. The mix is notable: gaming revenue grew 13% to £137.0m, while betting revenue fell 26% to £13.4m as sportsbook stakes declined 17% to £203.0m and the margin slipped to 6.6% from 7.5%.
Growth was strong in Italy, Denmark and Romania, partly offset by a slowdown in Spain and declines in non-core markets. The skew to gaming suggests Evoke’s casino-led strategy in certain territories is pulling its weight.
Strategy in action: platforms, product and engagement
- Denmark accelerated after moving to the in-house platform. Q3 growth was +19% on a constant currency basis with monthly revenue hitting all-time highs.
- Italy continues to gain casino share, driven by 888. Sports product gaps on the Exalogic platform were addressed for the start of Serie A, with William Hill returning to pre-migration daily revenue levels.
- 888 Romania migrated to the local Winner.ro platform. There was a temporary slowdown during migration, but the new setup enables better product and localisation.
- William Hill’s free-to-play Final One Standing started the football season strongly, attracting over 300,000 entrants in week one, with good conversion to cash activity and ongoing engagement.
- Omni-channel Acca Boost and Bet Builder upgrades are pushing football accumulator growth across online and retail, supporting engagement and higher structural win margins.
- The new William Hill Vegas app launched at the end of the period with major user experience upgrades.
Balance sheet and cash: refinancing lowers costs
Evoke successfully refinanced its 2027 EUR fixed rate notes, issuing new 8.0% EUR notes due 2031. Investor demand was described as strong. Combined with changes to hedging, this is expected to cut annualised cash interest by about £5m and pushes out maturities, with no major maturity until 2028.
Why it matters: lower interest costs improve free cash flow, and the extended runway supports ongoing product and platform investment while the turnaround beds in.
YTD view to keep context
| YTD 2025 revenue | £m | YoY |
|---|---|---|
| UK&I Online | £499.5m | -0% |
| Retail | £373.9m | +0% |
| International | £449.9m | +11% |
Across the first nine months, the UK&I is essentially flat, Retail is flat, and International is the growth engine.
Outlook: guidance held, potential beat flagged
The Group is reiterating its FY25 guidance for an Adjusted EBITDA margin of at least 20%, stating this gives confidence in delivering Adjusted EBITDA ahead of current market expectations. Market consensus stands at £362m. Medium-term targets are unchanged: 5-9% annual revenue growth, about 100bps of Adjusted EBITDA margin expansion per year, and leverage below 3.5x by the end of 2027.
Management also expects an improvement in Q4 revenue as product enhancements continue, retail sports benefits come through, and the new William Hill Vegas app ramps. Ongoing work on customer lifecycle management should further support profitability.
My take: solid progress, but mind the mixed KPIs
This was a tidy quarter. Five consecutive periods of growth, improving marketing returns, and a refinancing that trims interest costs are all steps in the right direction. The platform moves in Denmark and Romania, plus share gains in Italy, signal the tech and product strategy is translating into commercial outcomes.
The watch-outs are equally clear. UK&I Online actives fell 9% and stakes fell 16%, reflecting the deliberate marketing pullback but also a more competitive market. International betting revenue was weak, with lower stakes and margin headwinds, while Spain slowed and non-core markets contracted. Sports growth in the UK benefited from easier margin comparatives, which is not a structural driver on its own.
Overall, I see a business prioritising profitable growth over headline volume, and that is showing up in contribution and guidance. If the Q4 product cadence lands and the new Vegas app lifts engagement, Evoke has a fair shot at beating the £362m EBITDA consensus while keeping leverage on a downward path. Keep an eye on UK&I re-acceleration, progress in Spain, and whether International betting stabilises alongside the strong casino momentum.
