Annual Report & Accounts 2025
Our vision
Our vision is to make life more interesting.
Our mission
Our mission is to delight players with world-class
betting and gaming experiences.
Our brands
Read more about us on
our website evokeplc.com
Overview
01
Contents 01
At a Glance 02
Chair’s Statement 03
Strategic Report
05
Chief Executive Officer’s Review 05
Chief Financial Officer's Report 08
Going Concern and Viability 15
Business Model 18
Risk Management 19
ESG 27
Stakeholder Engagement 41
Governance
44
The Board of Directors 44
Corporate Governance Report 46
Nominations Committee 51
ESG Committee 53
Audit & Risk Committee 55
Technology Committee 63
Remuneration Committee 64
Directors’ Remuneration Report 66
Directors’ Report 76
Financial Statements
82
Independent Auditor’s Report 82
Consolidated Income Statement 91
Consolidated Statement
of Comprehensive Income
91
Consolidated Statement
of Financial Position
92
Consolidated Statement
of Changes in Equity
93
Consolidated Statement
of Cash Flows
94
Notes to the Consolidated
Financial Statements
95
Appendix 1 – Alternative
PerformanceMeasures
139
Company Statement
of Financial Position
141
Company Statement
of Changesin Equity
142
Company Statement
of CashFlows
142
Notes to the Company
FinancialStatements
143
Supplementary Information
145
Task Force on Climate-related
Financial Disclosures (TCFD)
Report
145
ESG Supplementary Data 156
Shareholder Information 158
Adjusted EPS
1.6p
Loss per share
(121.8p)
Adjusted EBITDA
£356.2m
Adjusted EBITDA margin
20.0%
Leverage
5.2x
Revenue
£1,781.9m
Loss after tax
(£549.1m)
2024 (8.9p)
2025 (121.8p)
(49.4 p)
2025 £356.2m
2024 £312.5m
2025 20.0%
2 0 24 17. 8%
2025 5.2x
2024 5.7x
2025 £1,781.9m
2024 £1,754.5m
2025 (£549.1m)
(£220.9m)
Key Performance Indicators
We track the following key financial performance indicators (KPIs). These KPIs allow us to assess our
progress against the Group’s strategy and help inform decision-making. These KPIs are aligned with
the performance criteria for Directors’ remuneration (see page 70) and also the strategic outcomes
monitored across the Group’s principal risks (see pages 22 to 26).
These KPIs are also some of the most commonly used KPIs for external stakeholders, particularly our
shareholders, when assessing the performance of the Group.
1. Adjusted EBITDA, Adjusted EPS, and Leverage are each an Alternative Performance Measure
(‘APM’) which does not have an IFRS standardised meaning. Refer to Appendix 1 – Alternative
performance measures for further detail including the definitions and reconciliations.
2. 2024 numbers have been restated - see note 1 to the financial statements for further information.
Reported metrics
2025 1.6p
2024 2024
01
evoke plc Annual Report & Accounts 2025
Overview
Supplementary Information
Financial Statements
Governance
Strategic Report
Our values
We are one of the world’s leading
betting and gaming companies
We offer a wide range of world-class
betting and gaming products
Online gaming
Online betting
Retail
Raise our game Win together Customers 1st
At a Glance
Our operating divisions
UK&I Online
Our sports betting and gaming brands are
some of the most popular in the UK&I market.
William Hill, William Hill Vegas, and 888casino
are our flagship brands, offering market-leading
products to millions of customers every month.
Revenue
£674m
Adjusted EBITDA
£151m
AMPs*
1.1m
International Online
Our International division serves customers
worldwide using our range of world-class brands,
with a primary focus on our other Core Markets
of Italy, Spain, Denmark, andRomania.
Revenue
£607m
Adjusted EBITDA
£175m
AMPs*
0.6m
Retail
Our William Hill retail estate has been a
permanent fixture on the UK high street since
1966. We now have a portfolio of over 1,000 shops
offering exciting betting and gaming products to
millions of customers all across the UK and online.
Revenue
£501m
Adjusted EBITDA
£55m
LBOs at 31 December 2025
1,235
Our markets
UK Retail 28%
UK Online 36%
Italy 12%
Spain 6%
Romania 4%
Denmark 3%
Other regulated/taxed 7%
Dotcom markets 4%
FY25
Revenue mix
*Average monthly players.
02
evoke plc Annual Report & Accounts 2025