Evoke Holds Steady Revenue Amid Tax Hits as Bally’s Intralot Acquisition Nears

Evoke reported its H1 2026 results while progressing toward acquisition by Bally’s Intralot. The Athens-listed buyer agreed to pay £243.3 million for the LSE-listed group, with the transaction fully backed by the Evoke board. Completion is anticipated in Q4 2026 or Q1 2027.

Per Widerström, Evoke Chief Executive Officer, said progress on filings remains on schedule. “Progress with the relevant filings is going to plan, and we still expect to close in the fourth quarter of 2026 or the first of 2027,” Widerström told analysts during a H1 earnings call this morning, according to SBC News. Operationally the priorities remain unchanged, with focus on customers, colleagues and disciplined execution until the deal closes.

Net debt increased to £1.89 billion from £1.86 billion in H1 2025. Group revenue was flat at £887.5 million versus £887.8 million the prior year. Adjusted EBITDA fell to £552.4 million from £592.8 million, and profit before tax dropped from £12.6 million to £700,000.

Tax Burdens Reshape International Results

Gaming duties rose £46 million year on year, driven primarily by UK operations. The breakdown showed £30 million in the UK from April 2026, £10 million in Italy and the balance in Romania. Sean Wilkins, Evoke Chief Financial Officer, described the international half as disappointing, with new rates in Italy and Romania producing a 20 percent reduction in adjusted EBITDA for those operations. Revenue grew 21 percent in Italy and 13 percent in Denmark, but weaker results in Spain and Romania offset gains.

UK and Ireland online revenue increased 3.5 percent to £348.1 million, led by 6.7 percent gaming revenue growth. Retail revenue fell 2.6 percent after closures that reduced the William Hill estate 21 percent from 1,302 shops at end-H1 2025 to 1,024 shops at end-H1 2026. Wilkins noted retail adjusted EBITDA rose 5 percent from a more efficient store portfolio.

Debt Overhang and Post-Deal Priorities

Both Evoke and Bally’s Intralot carry substantial debt, making deleveraging a stated post-acquisition objective. Robeson Reeves, Bally’s Intralot CEO, previously indicated the burden would not present a huge issue, yet the combined position requires careful management. The UK tax rise announced by then-Chancellor Rachel Reeves in her November 2025 budget had already prompted Evoke’s strategic review that led to this transaction.

Widerström pointed to the first half as evidence of resilience “in a significantly more challenging operating environment following substantial increases in gaming duties introduced across some of our core markets, most notably in the UK.” The board continues to view the Bally’s Intralot offer as the most attractive outcome for shareholders, delivering a strong long-term capital structure.

The absence of 2026 guidance reflects the pending change of control. For operators facing parallel tax pressures, the deal illustrates one route to capital relief, but execution risk around debt integration and market-specific revenue recovery remains material.

Reporting: SBC News

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