2025 Full Year Results

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Entain plc
("Entain" or the "Group")

Strong FY25 performance with Underlying EBITDA ahead of expectations
Reiterate confidence in generating at least £500m adjusted cashflow from 2028 

Entain plc (LSE: ENT), the global sports betting and gaming group, today reports its results for the year ended 31 December 2025 (“FY25”).

• Total Group Net Gaming Revenue (“NGR¹”), including 50% share of BetMGM², up +7%, +8%cc³, with Entain up +3%, +4%cc³ and BetMGM up +33%cc³
  • FY25 Online NGR¹ (exc. US) up +5%, +6%cc³, reflecting strong volumes¹² and underlying momentum
• FY25 Online Underlying EBITDA⁴ margin expanded to 25.7%, benefitting from scaled growth and improved operational execution
• FY25 Group Underlying EBITDA⁴ of £1,160m, up +8%cc³ YoY, ahead of guidance⁸
  • Total Group Underlying EBITDA⁴ including 50% share of BetMGM² at £1,244m, up 28%cc³ vs prior year
• BetMGM’s FY25 inflection to profitability supported its distribution of cash to parents and reinforces its pathway to delivering $500m of Adjusted EBITDA⁶ in 2027
• Adjusted cashflow⁷ of £151m, ahead of expectations, with both BetMGM cash distribution and Entain Underlying EBITDA⁴ being stronger than anticipated
• Group statutory loss after tax of £681m including an impairment charge related to UK Gambling tax increases
• Outlook: Entain expects FY26 Online NGR¹ (exc. US) growth of 5-7% on a constant currency basis³, and remains comfortable with market expectations⁸ for FY26 Group Underlying EBITDA
  • Upgrading expectations⁹ to now offset over 50% of the incremental UK tax burden from 2027
  • Reaffirming confidence in generating at least £500m of annual adjusted cashflow⁷ from 2028

Stella David, CEO of Entain, commented:

“2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of our strategic and operational progress and the results it is delivering.

Entain's diverse and globally scaled portfolio of podium positions, is more important than ever to ensure we are a long-term winner in our industry. The business has never been in better shape and is well positioned to not only navigate the tax and regulatory challenges facing our industry, but to seize them as opportunities.

I am excited about the future as we evolve our strategic priorities, accelerate our performance, and maintain our focus on sustainable growth and cash generation. I am confident in Entain's ability to deliver at least £500m of annual adjusted cashflow⁷ from 2028."

FY25 Trading performance:

FY25 performance highlights

• Total Group NGR¹ 50% share of BetMGM², up +7%, +8%cc³, with Group NGR¹ (exc. US) up +3%, +4%cc³
  • Online NGR¹ (exc. US) up +5%, +6%cc³, reflecting strong volume¹² growth despite lapping increasingly tough prior year comparators and experiencing customer friendly sports results in Q4
    • Q4 Online NGR¹ up +3%cc³, with volume¹² growth (+9%cc³) offset by year-on-year sports margin drag (-1.4pp)
  • Retail NGR¹ (exc. US) down -1%, -1%cc³
• UK & Ireland NGR¹ +6%cc³, ahead of expectations
  • UK&I Online +15%cc³, with continued double-digit volume¹² growth supporting further market share gains
  • UK&I Retail -2%cc³, flat cc³ on a like-for-like¹³ basis with market share gains and stable volumes¹²
• International NGR¹ up +2%cc³ (Online +2%cc³, Retail +3%cc³)
  • Brazil -1%cc³ with stable market share and strong volume¹² growth offset by H2 sports margins (-3.3pp YoY)
  • Australia -6%cc³, with positive year-on-year volume¹² growth in H2 offset by customer friendly sports results (-1.0pp YoY)
  • Italy +6%cc³ (Online +5%cc³, Retail +7%cc³) with broadly stable market share and positive online gaming trends
  • Double-digit Online NGR¹ cc³ growth in Georgia, Spain, Canada, Greece and New Zealand, as well as significant recovery in Online NGR¹ trends in Belgium & Netherlands during H2
• Entain CEE NGR¹ up +5%cc³ (Online +6%cc³, Retail -1%cc³), with Croatia delivering double-digit volumes¹² through H2, partially offset by year-on-year sports margin comparators (H2 -2.8pp)
• BetMGM net revenue¹ of $2,796m, up +33%cc³ YoY, ahead of upgraded expectations with strategic execution delivering strong and profitable growth across both Online Sports (+63%cc³) and iGaming (+24%cc³)
  • FY25 EBITDA⁴ of $220m (up $464m YoY) reflecting an inflection to profitability and supporting $270m cash distribution to parents (Entain and MGM Resorts)

FY25 financial highlights:

• Group Underlying EBITDA⁴ at £1,160m, up +8%cc³ YoY, ahead of expectations, with Online Underlying EBITDA⁴ £1,004m, +9%cc³, and Retail Underlying EBITDA⁴ £277m, +6%cc³
  • Total Group Underlying EBITDA⁴, including 50% share of BetMGM², of £1,244m, up +28%cc³ vs prior year
• Group loss after tax of £681m after charging separately disclosed items (inc. £488m impairment related to UK Gambling tax increases announced in November 2025), finance charges, exchange differences and tax
• Continuing adjusted diluted EPS of 61.8p, +107% YoY, reflecting growth across the Group and BetMGM
• Declared final dividend of 9.8p per share, +5% YoY
• Net debt of £3,644m, with reported leverage at 3.1x, look-through leverage¹⁶ at 3.6x (improved 0.7x YoY) and available cash of over £900m¹⁷, as at 31 December 2025

FY25 summary: 1 January 2025 to 31 December 2025

Q4 2025 Trading performance:

FY25 Trading performance:

CFO succession

As announced on 11 December 2025, Michael Snape joined Entain as Group Chief Financial Officer (“CFO”) Designate on 2 February 2026 and will be appointed as Group CFO and Executive Director of the Board with effect from tomorrow, 6 March 2026. Michael succeeds Rob Wood who steps down as Group CFO & Group Deputy CEO after 13 years with the Group, whilst remaining with Entain until June 2026 to ensure an orderly transition of responsibilities.

Dividend

In line with the Group’s progressive dividend policy, the Board has proposed a total dividend for 2025 of £125m, (19.6p per share, up +5% YoY), paid to shareholders in equal instalments with H1 and FY results. The second interim dividend of £63m, is expected to be paid on 24 April 2026 to shareholders on the register as at 13 March 2026.

Outlook

Entain expects FY26 Online NGR¹ (exc. US) growth of 5-7% on a constant currency³ basis, and remains comfortable with market expectations⁸ for FY26 Group Underlying EBITDA.

In 2026, Online Underlying EBITDA margin is expected to be in the range of 23-24%, which includes our unchanged expectation⁹ to mitigate approximately 25% of the impact of the increased UK Online gambling tax being implemented from 1 April 2026. From 2027, we upgrade our expectations⁹ to offset over 50% of this incremental UK tax burden through Group-wide optimisation initiatives, returning Underlying EBITDA⁴ to its upward trajectory year-on-year.

The Group's global scale, diversity and strong UK market position sees us well placed to navigate regulatory and tax changes, with short term challenges providing strategic opportunities. Supported by revenue growth and the Group's intensified focus on cash generation, Entain reaffirms its confidence in generating at least £500m of annual adjusted cashflow⁷ in 2028, despite the increase in UK Online gambling tax.

As previously announced¹⁸, in FY26 BetMGM expects to deliver revenue of $3.1-3.2bn and Adjusted EBITDA⁶ of $300-350m, with confidence in its pathway to delivering $500m Adjusted EBITDA⁶ in 2027.

Notes

^{1 Net Gaming Revenue (“NGR”) is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement}

^{2 Non-GAAP measures including the Group’s 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group’s performance in comparison to its peers. A reconciliation of these non-GAAP measures is shown in Financial Results and the use of non-GAAP measures}

^{3 Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates}

^{4 Underlying EBITDA is earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income and separately disclosed items}

^{5 Previous guidance of FY25 Underlying EBITDA in the range of £1,100m to £1,150m provided in 2025 Interim Results (12 August 2025)}

^{6 BetMGM Adjusted Underlying EBITDA is defined as Underlying EBITDA before parent fees. Parent fees are the operating expense to BetMGM for the provision of certain licenses and services by the parent entities, MGM and Entain, and their affiliates}

^{7 Cashflow before working capital, equity dividends, acquisitions and associated financing}

^{8 As at 4 March 2026, Company compiled consensus for FY26 Group EBITDA of £1126m (excluding BetMGM parent fees) based on 12 analyst estimates}

^{9 As at 26 November 2025, Entain guided to expectation of mitigating approximately 25% of annualised incremental impact of increased UK Gambling taxes (Remote Gaming Duty and General Betting Duty) from implementation}

^{10 Contribution represents gross profit less marketing costs and is a key performance metric used by the Group}

^{11 2025 results are audited and relate to continuing operations}

^{12 Volume growth adjusts NGR to remove the impact of sports margin fluctuations (assuming the same sports margin in both years)}

^{13 Like-for-like growth performance excludes the impact of store closures}

^{14 Stated pre separately disclosed items}

^{15 Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see Note 9)}

^{16 Look-through leverage is Group EBITDA, including 50% share of BetMGM EBITDA, and net debt including total outstanding DPA settlement payments and the estimated value of non-controlling interest in Entain CEE}

^{17 Available cash reflects cash plus other debt related items balances less cash held on behalf of customers and includes cash available under the RCF}

^{18 BetMGM's guidance provided at FY25 results (4 February 2026)}

Enquiries:

Presentation and webcast

Entain will host a Full Year 2025 Results presentation and Q&A session today, 5^th March at 9:30am GMT, at London Stock Exchange, 10 Paternoster Square, London. EC4M 7LS.

Analysts and investors are welcome to attend in person, having pre-registered via In-person registration

Alternatively, please join the webcast approximately 15 minutes ahead of the event: Virtual registration

The presentation slides as well as a replay and transcript will be available on our website: https://entaingroup.com/investor-relations/results-centre/

Upcoming dates:

Q1-26 Trading Update:  16 April 2026

Annual General Meeting:  29 April 2026

2026 Interim results:  13 August 2026

Dividend Timetable

Announcement date:  5 March 2026

Ex-Dividend date:  12 March 2026

Record date:  13 March 2026

Payment date:  24 April 2026

Forward-looking statements

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014) as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, the UK Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its Directors accept no liability to third parties in respect of this document save as would arise under English law.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world’s largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group’s website: www.entaingroup.com.

LEI: 213800GNI3K45LQR8L28