Slides
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H1 2026 Results Presentation 12 August 2026 evoke 888 William HILL mreen
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2 AGENDA Topic Acquisition Update Summary H1 2026 Financial Review Q&A Presenters Per Widerström Chief Executive Officer Sean Wilkins Chief Financial Officer
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3 Recommended acquisition by Bally’s Intralot progressing as planned with no change to expected completion timeline ❑ On 5 June 2026, the Board announced that it had reached agreement on the terms of a recommended acquisition of evoke by Bally’s Intralot S.A. ❑ The transaction followed a comprehensive strategic review that evaluated a broad range of alternatives ❑ The Board concluded that the recommended acquisition represented the most attractive and deliverable proposal available to evoke and its shareholders ❑ The recommended acquisition remains subject to the relevant shareholder, regulatory and other approvals, including approval by evoke shareholders at the court meeting and general meeting scheduled for 17 August 2026 ❑ Subject to satisfaction or waiver of the relevant conditions, completion continues to be expected in the fourth quarter of 2026 or the first quarter of 2027 ❑ Continued focus on maintaining operational momentum, cash generation and disciplined execution ACQUISITION UPDATE
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4 Resilient underlying performance with decisive actions mitigating significant gaming duty increases ❑ Group revenue stable at £888m and up 2% like-for-like ❑ Adjusted EBITDA of £150m, down 10% after a £46m increase in gaming duties, partly offset by marketing efficiencies and operational cost savings ❑ UK&I Online delivered strong profitable growth, with revenue up 4% and Adjusted EBITDA up 28%, driven by continued strength in William Hill gaming and successful mitigation actions ❑ Retail profitability improved, with like-for-like revenue up 4% and Adjusted EBITDA up 5% following the closure of c.270 shops across Q4 2025 and Q2 2026 ❑ International performance was mixed, with continued strong growth in Italy and Denmark offset by declines elsewhere and the impact of higher gaming duties and market mix changes SUMMARY
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5 Financial review Sean Wilkins, CFO
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6 Revenue stable and +2% LFL, driven by gaming, particularly in UK online and Italy Adjusted EBITDA of £150m, -10% YoY, with significantly higher gaming duties being partly mitigated Revenue • UK&I Online: gaming +7% driven by continued strong William Hill performance, offset by declines in 888 due to focus on profitability • International: Continued strong growth in Italy (+21%) and Denmark (+13%), offset by declines in Spain, Romania, and rest of world • UK Retail: Good underlying trends post machine rollout and SSBT improvements with +4% LFL1 growth (c.270 fewer shops YoY) Adjusted EBITDA • Adjusted EBITDA £16m lower YoY with £46m increase in duty costs YoY, partially offset by mitigating actions including reduced but more effective marketing, and operational cost savings • UK&I Online: EBITDA +28% despite significant additional duties, with successful mitigating actions and revenue growth • International: -20% primarily driven by increase in duty rates in Romania and Italy as well as mix shift towards higher duty markets, coupled with revenue headwinds across several markets • UK Retail: +5% despite reported revenue declines and ongoing inflationary cost pressures, with closure of loss-making shops driving improved profitability and long-term sustainability • Corporate: increase primarily driven by staff bonus accruals vs none in prior year, as well as timing of balance sheet movements H1 2026 FINANCIAL SUMMARY m£ H1 2026 H1 2025 YoY Revenue Total online 641.9 635.6 1% - UK&I 348.1 336.2 4% - International 293.8 299.4 -2% Retail 245.6 252.2 -3% Total 887.5 887.8 0% Adjusted EBITDA Total online 145.1 145.6 0% - UK&I 77.0 60.0 28% - International 68.1 85.6 -20% Retail 31.1 29.6 5% Central costs (26.0) (9.2) 183% Total 150.2 165.9 -10% 1. Like for like revenue growth excluding closed shops
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7 Cash outflow in the period primarily driven by exceptional costs and financing, with leverage increasing due to reduced EBITDA following gaming duty increases • Working capital: driven by increased accruals for gaming duty and staff bonuses • Capex: retail spend front-loaded to support shop closures; disciplined ongoing investment plans • Exceptionals: primarily integration & transformation costs including shop closures, as well as strategic review costs • Interest: slight increase on prior year reflecting higher RCF utilisation • Other: Includes £11m ongoing legacy Austrian tax settlements, £11m repayment of William Hill 2026 bonds, TLB amortisation, pension buyout, and licence guarantees CASH FLOW £85m underlying free cash flow generation £m Jun-25 Dec-25 Jun-26 Gross debt1 1,834.8 1,896.4 1,919.8 IFRS16 liabilities 104.4 94.7 85.2 Cash (excl. customer balances) (121.0) (128.4) (105.6) Net Debt 1,818.2 1,862.7 1,899.4 LTM Adjusted EBITDA 362.8 356.2 340.4 Leverage 5.0x 5.2x 5.6x
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8 Q&A Presenters
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9 Appendix
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10 SEGMENTAL PERFORMANCE Unaudited H1 H1 % H1 H1 % H1 H1 % H1 H1 % £m 2026 2025 Change 2026 2025 Change 2026 2025 Change 2026 2025 Change Average monthly actives (000s) 1,072 1,085 -1% 559 652 -14% 1,631 1,737 -6% Sportsbook stakes 1,011.7 1,079.0 -6% 677.5 738.3 -8% 410.5 490.7 -16% 2,099.7 2,308.0 -9% Sportsbook net revenue margin 11.3% 10.9% 0.4ppt 20.2% 19.1% 1.0ppt 6.8% 7.0% -0.2ppt 13.3% 12.7% 0.6ppt Betting revenue 114.6 117.3 -2% 136.8 141.3 -3% 27.9 34.3 -19% 279.2 293.0 -5% Gaming revenue 233.5 218.8 +7% 108.8 110.9 -2% 265.9 265.1 +0% 608.3 594.8 +2% Total revenue 348.1 336.2 +4% 245.6 252.2 -3% 293.8 299.4 -2% 887.5 887.8 -0% Cost of sales (151.7) (124.2) +22% (53.3) (58.5) -9% (121.7) (110.4) +10% (326.7) (293.1) +11% Gross profit 196.4 212.0 -7% 192.3 193.7 -1% 172.2 189.1 -9% 560.8 594.7 -6% Gross profit margin 56.4% 63.1% -6.6ppt 78.3% 76.8% 1.5ppt 58.6% 63.1% -4.6ppt 63.2% 67.0% -3.8ppt Marketing expenses (63.3) (88.6) -29% (3.6) (4.5) -21% (50.5) (48.6) +4% (117.4) (141.8) -17% Contribution 133.1 123.4 +8% 188.7 189.2 -0% 121.7 140.4 -13% 443.5 453.0 -2% Contribution margin 38.2% 36.7% 1.5ppt 76.8% 75.0% 1.8ppt 41.4% 46.9% -5.5ppt 50.0% 51.0% -1.0ppt Other operating expenses (56.1) (63.4) -11% (157.6) (159.5) -1% (53.5) (54.9) -2% (267.3) (277.8) -4% Corporate (26.0) (9.2) +183% Adjusted EBITDA 77.0 60.0 +28% 31.1 29.6 +5% 68.2 85.6 -20% 150.2 165.9 -10% Adjusted EBITDA margin 22.1% 17.8% 4.3ppt 12.6% 11.7% 0.9ppt 23.2% 28.6% -5.4ppt 16.9% 18.7% -1.8ppt UK&I Online Retail International Group
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11 QUARTERLY PERFORMANCE – GROUP Unaudited - Group £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average monthly actives (000s) 1,754 1,720 1,622 1,707 1,737 1,664 1,701 1,635 1,626 1,631 Sportsbook stakes 1,168.0 1,140.0 1,003.8 1,041.6 2,308.0 2,045.4 4,353.4 1,056.9 1,042.8 2,099.7 Sportsbook net revenue margin 12.5% 12.9% 13.1% 13.6% 12.7% 13.3% 13.0% 13.1% 13.5% 13.3% Betting revenue 145.8 147.2 131.1 141.7 293.0 272.8 565.8 138.1 141.2 279.2 Gaming revenue 291.5 303.4 304.3 317.0 594.8 621.3 1,216.1 302.0 306.3 608.3 Total revenue 437.2 450.6 435.4 458.6 887.8 894.1 1,781.9 440.0 447.5 887.5 Cost of sales (293.1) (289.4) (582.5) (326.7) Gross profit 594.7 604.7 1,199.4 560.8 Gross profit margin 67.0% 67.6% 67.3% 63.2% Marketing expenses (141.8) (119.3) (261.1) (117.4) Contribution 453.0 485.3 938.3 443.5 Contribution margin 51.0% 54.3% 52.7% 50.0% Other operating expenses (277.8) (278.9) (556.7) (267.3) Central costs (9.2) (16.2) (25.4) (26.0) Adjusted EBITDA 165.9 190.2 356.2 150.2 Adjusted EBITDA margin 18.7% 21.3% 20.0% 16.9% 2025 2026
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12 QUARTERLY PERFORMANCE – UK&I ONLINE Unaudited - UK&I Online £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average monthly actives (000s) 1,069 1,101 1,027 1,041 1,085 1,034 1,059 1,057 1,087 1,072 Sportsbook stakes 538.6 540.4 461.9 488.2 1,079.0 950.2 2,029.2 498.8 512.8 1,011.7 Sportsbook net revenue margin 10.6% 11.2% 11.0% 11.0% 10.9% 11.0% 10.9% 11.3% 11.3% 11.3% Betting revenue 57.0 60.3 50.7 53.8 117.3 104.5 221.8 56.4 58.2 114.6 Gaming revenue 105.5 113.4 112.6 120.8 218.8 233.4 452.2 113.0 120.6 233.5 Total revenue 162.5 173.7 163.3 174.5 336.2 337.8 674.0 169.3 178.7 348.1 Cost of sales (124.2) (122.5) (246.6) (151.7) Gross profit 212.0 215.4 427.4 196.4 Gross profit margin 63.1% 63.8% 63.4% 56.4% Marketing expenses (88.6) (65.3) (153.9) (63.3) Contribution 123.4 150.1 273.4 133.1 Contribution margin 36.7% 44.4% 40.6% 38.2% Other operating expenses (63.4) (58.8) (122.2) (56.1) Adjusted EBITDA 60.0 91.3 151.3 77.0 Adjusted EBITDA margin 17.8% 27.0% 22.4% 22.1% 2025 2026
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13 QUARTERLY PERFORMANCE – UK RETAIL Unaudited - UK Retail £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Sportsbook stakes 367.3 371.0 338.9 336.3 738.3 675.2 1,413.5 338.8 338.7 677.5 Sportsbook net revenue margin 18.9% 19.4% 19.8% 21.3% 19.1% 20.5% 19.8% 20.0% 20.4% 20.2% Betting revenue 69.5 71.8 67.1 71.5 141.3 138.6 279.9 67.8 68.9 136.8 Gaming revenue 53.6 57.3 54.6 55.6 110.9 110.2 221.1 54.5 54.3 108.8 Total revenue 123.1 129.1 121.7 127.1 252.2 248.8 501.0 122.3 123.2 245.6 Cost of sales (58.5) (49.4) (107.9) (53.3) Gross profit 193.7 199.4 393.1 192.3 Gross profit margin 76.8% 80.2% 78.5% 78.3% Marketing expenses (4.5) (5.4) (9.9) (3.6) Contribution 189.2 194.0 383.2 188.7 Contribution margin 75.0% 78.0% 76.5% 76.8% Other operating expenses (159.5) (168.6) (328.1) (157.6) Adjusted EBITDA 29.6 25.5 55.1 31.1 Adjusted EBITDA margin 11.7% 10.2% 11.0% 12.6% 2025 2026
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14 QUARTERLY PERFORMANCE – INTERNATIONAL Unaudited - International £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average monthly actives (000s) 685 619 594 666 652 630 641 578 540 559 Sportsbook stakes 262.1 228.6 203.0 217.1 490.7 420.1 910.8 260.7 228.6 410.5 Sportsbook net revenue margin 7.3% 6.6% 6.6% 7.5% 7.0% 7.1% 7.0% 7.4% 6.6% 6.8% Betting revenue 19.2 15.1 13.4 16.4 34.3 29.8 64.1 19.2 15.1 27.9 Gaming revenue 132.4 132.7 137.0 140.6 265.1 277.6 542.8 132.4 132.7 265.9 Total revenue 151.7 147.8 150.4 157.0 299.4 307.4 606.8 151.7 147.8 293.8 Cost of sales (110.4) (117.6) (228.0) (121.7) Gross profit 189.1 189.8 378.9 172.2 Gross profit margin 63.1% 61.7% 62.4% 58.6% Marketing expenses (48.6) (48.6) (97.2) (50.5) Contribution 140.4 141.2 281.6 121.7 Contribution margin 46.9% 45.9% 46.4% 41.4% Other operating expenses (54.9) (51.6) (106.4) (53.5) Adjusted EBITDA 85.6 89.6 175.2 68.2 Adjusted EBITDA margin 28.6% 29.2% 28.9% 23.2% 2025 2026
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15 DISCLAIMER Forward looking statements ● This presentation may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company operate or in economic or technological trends or conditions. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s actual results to differ materially from the forward-looking statements contained in this presentation. ● Forward-looking statements speak only as of their date and the Company, its respective parent and subsidiary undertakings, the subsidiary undertakings of such parent undertakings, and any of such person’s respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. No statement in this presentation is intended as a profit forecast or a profit estimate and no statement in this presentation should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical financial performance published by the Company. Alternative performance measures ● Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortisation, and excluding share based payment charges, foreign exchange losses and exceptional items and other defined adjustments. Adjusted measures, including Adjusted EBITDA, Adjusted profit after tax, and Adjusted earnings per share, are alternative performance measures (“APMs”). These APMs should be considered in addition to, and are not intended to be a substitute for, IFRS measurements. As they are not defined by International Financial Reporting Standards, they may not be directly comparable with other companies’ APMs. The Directors believe these APMs provide additional useful information for understanding performance of the Group. They are used to enhance the comparability of information between reporting periods and are used by management for performance analysis and planning. Further information on APMs is including definitions and reconciliations is provided in Note 3 to the condensed financial statements. Rounding ● Subtotals, totals, and percentage changes shown throughout this document have been calculated based on the underlying numbers and therefore may not sum directly when using the rounded numbers presented.