Entain (ENT) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with both online and retail segments outperforming expectations, driven by enhanced product offerings and player engagement, especially during the World Cup, marking the ninth consecutive quarter of online growth.

• Strategic progress includes operational optimization, disciplined capital allocation, leveraging scale and data, and a phased exit from Entain CEE to unlock value.

• Maintained confidence in guidance for online growth and group EBITDA for FY 2026, with a clear focus on shareholder value creation.

• Group loss after tax improved to £11.4m (from £85.8m loss YoY), driven by net benefit on financial instruments and FX.

Financial highlights

• Group NGR for H1 2026 was £2,545.3m, up 5% year-over-year at constant currency; Online NGR grew 7% cc, Retail NGR up 1% cc.

• Group EBITDA at £479m, down 2% YoY due to increased UK gaming tax but ahead of expectations.

• Adjusted diluted EPS was 20.3p, down 19% YoY; interim dividend of 10.3p per share, up 5% YoY.

• Adjusted cash flow (inc. CEE) was £77m, up £18m YoY; net debt stable at £3.6bn; reported leverage at 3.1x; available cash of £0.9bn.

Outlook and guidance

• Reiterated online NGR growth guidance of 5%-7% for FY 2026 on a constant currency basis; Online EBITDA margin expected at 21%-22%.

• Group EBITDA (excl. parent fees) guided at £910–960m, in line with market expectations.

• Targeting £500m adjusted cash flow by 2028, including BetMGM contribution.

• Net debt expected to end below 2025 levels, supported by CEE stake sale proceeds.