Entain (ENT) H2 2025 earnings summary

Executive summary

• Delivered strong financial and strategic performance in 2025, with EBITDA and cash flow ahead of expectations, driven by broad-based growth in Online and BetMGM.

• Strategic priorities evolved to focus on cash generation, disciplined capital allocation, operational efficiency, and margin expansion, targeting at least GBP 500 million annual adjusted cash flow from 2028.

• The business holds podium positions in key global markets, supporting sustainable growth.

Financial highlights

• Total revenue, including 50% of BetMGM, rose to GBP 6.4 billion, up 8% year-on-year; Online (ex. US) NGR GBP 3.9 billion, up 6% constant currency.

• Group EBITDA (including BetMGM) was GBP 1.244 billion, up 28% year-on-year; excluding US, GBP 1.16 billion, up 8%.

• Adjusted diluted EPS 61.8p; EPS more than doubled to GBP 0.62.

• Adjusted cash flow improved to GBP 151 million in 2025.

• Final dividend declared at GBP 0.098 per share, up 5% year-on-year; dividend per share 19.6p.

Outlook and guidance

• 2026 online NGR growth expected at 5%-7% (constant currency), with EBITDA margin forecast at 23%-24% due to increased U.K. gaming taxes.

• BetMGM 2026 guidance: Net Revenue $3.1-3.2 billion, Adjusted EBITDA $300-350 million, continued cash returns to parents.

• Deferred tax asset recognition in 2026 will boost EPS by ~13p per share, but not cash tax.

• Total group EBITDA, including BetMGM, expected to be stable year-on-year in 2026.

• Targeting at least GBP 500 million annual adjusted cash flow from 2028.