Evoke : H1 2025 Interim Results - Investor Meet Company Presentation - Presentation

About this update from Evoke Plc

‌H1 2025 Results Presentation 13 August 2025 ‌AGENDA Topic Presenters Introduction Per Widerström Sean Wilkins Chief Executive Officer Chief Financial Officer H1 2025 financial review Current trading and outlook Strategic performance Summary Q&A 2 ‌SUMMARY Significant transformation of the Group showing results with H1 2025 delivering strong profitable growth and deleveraging, increasing confidence in VCP Fourth consecutive quarter of revenue growth International strong double-digit growth driven by core markets Retail back to growth in Q2 following successful rollout of new machines UK online revenue -1% but sequentially improving; step change in profitability with Adjusted EBITDA +37% Significantly improved profitability with Adjusted EBITDA +44% and LTM Adjusted EBITDA of £363m Enhanced gross margin, better return on marketing spend, more efficient operating model Continue to drive operating leverage with further opportunity for cost reduction Continued progress in deleveraging, with 1.7x reduction year-over-year to 5.0x at 30 June 2025 Well-placed for further strong growth in H2 2025 and beyond as we enhance the Group's capabilities and deliver the value creation plan 3 ‌Financial review Sean Wilkins, CFO 4 ‌H1 2025 FINANCIAL SUMMARY Constant currency Revenue growth of 4% driven by core markets and double-digit gaming growth Adjusted EBITDA of £166m, +44% YoY, with underlying efficiency improvements and operating leverage £m H1 2025 H1 2024 YoY Revenue Total online 635.6 603.6 5% - UK&I 336.2 338.6 -1% - International 299.4 265.0 13% Retail 252.2 258.4 -2% Total 887.8 862.0 3% Adjusted EBITDA Total online 145.6 84.3 73% - UK&I 60.0 43.7 37% - International 85.6 40.6 111% Retail 29.6 38.0 -22% Central costs (9.2) (6.8) 36% Total 165.9 115.5 44% Revenue UK&I Online: gaming +4% driven by strong William Hill performance, offset by a decline in 888 due to focus on profitability, with 888 contribution up double digit International: +13% (+15% cc 1 ) with +22% cc 1 growth across core markets UK Retail: back to growth in Q2 following successful rollout of new gaming machines (completed March; gaming +3% H1; +7% Q2) Adjusted EBITDA Adjusted EBITDA +44% to £166m driven by improved gross margins, more effective marketing returns (revenue higher on lower marketing) and operational efficiency from cost savings UK&I Online: EBITDA +37% despite flat revenue driven by focus on improved marketing returns as well as cost saving programmes International: +111% with strong growth in core markets on lower marketing, as well as improved gross margins driven by exiting US B2C, migrating to in-house platforms, and optimising bonuses UK Retail: -22% driven by gross margin reduction due to product mix changes with additional revenue share and duty on gaming growth, as well as higher operating costs from NIC/NLW increases Corporate: slight increase driven by inflation and investment in long-term capability build up more than offsetting cost savings 5 1. Constant currency growth calculated by translating both current and prior year performance at the 2025 exchange rates ‌IMPROVING PROFITABILITY Significantly improved profitability, with further step-up expected in the second half driven by operating leverage on revenue growth, together with further cost savings and phasing +£40-50m +£5-10m £203-217m +£15-20m £166m -£20-30m Gross margin improvements primarily driven by closure of US B2C, platform migrations, and bonus cost optimisation Marketing lower YoY primarily due to prior year front-loading of marketing, with a more balanced approach this year Other opex down £4m with cost savings more than offsetting underlying inflation (including NIC/NLW increases) and investment in long-term capability build up, including AI and Automation teams Marketing lower HoH in line with normal seasonality profile Other opex expected to be higher in H2 given timing of NIC/NLW increases, salary increases, Romania tax increase, and phasing Expected step up in revenue in H2, to deliver 5-9% for the full year, will drive improved operating leverage Further cost savings identified as part of ongoing efficiency drive 6 ‌CASH FLOW £101m underlying free cash flow generation Small cash outflow in the period primarily driven by timing of working capital and FX, with full year guidance for a small inflow unchanged and significant deleveraging driven by growth in LTM EBITDA £m Jun-24 Dec-24 Jun-25 Gross debt 1 1,792.9 1,839.8 1,834.8 IFRS16 liabilities 90.3 95.0 104.4 Cash (excl. customer balances) (116.4) (147.1) (121.0) Net Debt 1,766.8 1,787.7 1,818.2 LTM Adjusted EBITDA 263.9 312.5 362.8 Leverage 6.7x 5.7x 5.0x Tax: inflow driven by tax repayment for prior years Working capital: driven by timing with inflow still expected for the full year Capex: disciplined investment to improve products, support growth, and enhance capabilities Exceptionals: primarily integration & transformation costs Interest: in line with expectations for FY of £175-180m Other: Includes £9m FX translation effect, £2m $TLB amortisation, and £2m 888AFRICA funding 7 1 Gross debt includes borrowings, transaction fees, and the fair value of the hedging swaps. See appendix slide 21 for further info ‌CURRENT TRADING AND OUTLOOK Current trading in line with plans and reiterating guidance for the year Current trading H2 started in line with plans, with July growth muted given lapping Euros Confidence in plans for H2 with continued International growth, retail benefitting from machines, and UK&I online benefitting from a strong product pipeline and improved marketing returns Final One Standing launched on William Hill with well over 200K signups ahead of the Premier League starting FY2025 outlook Reiterating guidance of 5-9% revenue growth and at least 20% Adjusted EBITDA Margin Remain confident in medium-term targets as we deliver the value creation plan 8 ‌Strategic performance Per Widerström, CEO 9 ‌VALUE CREATION PLAN Focus on driving execution to ensure operational excellence and deliver value creation Drive profitable and sustainable revenue growth [5-9% p.a.] Improve profitability and efficiency through operating leverage [+100bps p.a.] Deleverage through disciplined capital allocation [<3.5x by FY27] 1 What we will do Operational excellence driven by data insights and intelligent automation A winning culture unleashing colleagues' full potential Leading distinct brands and products tuned to our customers 2 How we will drive execution Core markets Leading positions or significant local scale in attractive growing and profitable regulated markets with high barriers to entry Optimise markets Maximising cashflow and value from all other markets 3 Where we will do this Value Creation Plan to drive high equity returns, with strong execution enhanced by reducing leverage 10 ‌DELIVERING PROFITABLE GROWTH Bold decisive actions taken to transform the business, driving profitable growth Drive sustainable revenue growth Improve profitability and efficiency Deleverage Radically transforming almost every area of the business More effective and efficient operating model 11 Return to growth and improved profitability supports rapid deleveraging Target < 3.5x by 2027 ‌EXECUTION PRIORITIES Transformed structures and ways of working Reviewing the operating model to drive more customer focus and improve efficiency Aligning remuneration with business performance A winning culture unleashing colleagues' full potential Continued expansion of AI and automation Improved marketing returns with data-driven customer segmentation and targeting Further optimising bonus costs and rollout of new CLCM systems and use cases Operational excellence driven by data insights and intelligent automation Executing short-term turnaround with sustainable revenue growth and high contribution growth, while transforming the business to build long-term capability and drive competitive advantage Leading distinct brands and products tuned to our customers New William Hill visual identity rolled out across all channels as part of new CVP Successful rollout of 5,000 new gaming machines Step-change in product improvements and releases: simplifying UX; redesigned apps; free-to-play games; in-house Jackpot Drop feature 12 ‌RETAIL Successful rollout of new gaming machines is driving market share gains in gaming, with planned improvements to sports in H2 to address competitive gaps, focusing on SSBTs and IPTV content increase Execution Key value drivers Financial performance Product Successful rollout of 5,000 new gaming cabinets and content changes Industry-first launch of contactless payments on SSBTs - plan to scale Legacy SSBT replacements in H2 with density uplift IPTV rollout in trial, delivering two new incremental channels SSBT pricing optimisation Operations Extending profitable trading hours Small number of shop closures over H1, continue to monitor profitability closely with enhanced shop data capability 13 ‌UK&I ONLINE Revenue impacted by focus on improved profitability together with short-term headwinds from suboptimal customer compliance journeys. H2 focus on product and brand to drive growth Execution Key value drivers Financial performance Product Simplifying UX: new horse racing and football pages, Vegas app relaunch Compliance journey improvements New customer engagement features Strong H2 pipeline Marketing Enhanced customer segmentation via CLCM and data-led transformation Improved ROI and lifetime values Operations New management team; brand-led focus going forward Increased automation Integrated and improved player safety cx management 14 ‌INTERNATIONAL Strong double-digit performance across core markets Execution Key value drivers Financial performance Product Mr Green migrated to 888 platform for Denmark and dotcom Improved product localization, including payments Casino content enhancements Marketing Strong ROI, continued focus on performance marketing efficiency Record actives driven by acquisition and retention strategies 888 brand refresh rollout in H2 New CLCM platform implementation to accelerate in H2 Operations Management changes to improve customer focus % mix of division H1 YoY growth % 1 Market share Italy 32% +16% Spain 17% +7% Romania 12% +100% Denmark 9% +15% Rest of World 29% +1% 15 1. In Constant currency. Growth calculated by translating both current and prior year performance at the 2025 exchange rates ‌SUMMARY Continued evidence the turnaround and transformation is working Great fundamental strengths with leading brands in attractive markets Clear strategy with laser focus on execution and value creation Continued revenue growth and accelerating momentum Significantly improved profitability and continued focus on deleveraging On track to deliver FY25 guidance of 5-9% revenue growth and 20% Adjusted EBITDA Margin Unchanged medium-term targets of 5-9% annual revenue growth, c.100bps of Adjusted EBITDA margin expansion p.a. from 2025 onwards, and leverage below 3.5x by the end of 2027 16 ‌Q&A Presenters 17

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