Entain (ENT) H1 2025 earnings summary

Executive summary

• H1 2025 delivered strong results with group revenue of £3.1bn, up 10% year-on-year, and EBITDA up 32% including the US.

• Online NGR (excluding US) grew 8% year-on-year, led by UK & Ireland (+21% cc) and Brazil (+21% cc); Retail NGR was flat.

• Upgraded FY25 guidance and a clear pathway to strong cash generation were announced.

• BetMGM achieved positive cash flow and is set to return cash to parents for the first time.

• Leadership changes with new CEO and Chair provide stability for ongoing transformation.

Financial highlights

• Group revenue reached £3.1bn, up 10% year-on-year; Online NGR (ex. US) up 8%.

• Group EBITDA (inc. US) was £625m (+32% YoY); EBITDA (ex. US) was £583m (+11% YoY).

• Adjusted diluted EPS was 31.3p, up 154% year-over-year.

• Interim dividend of 9.8p per share, a 5% increase.

• Leverage reduced to 3.1x (3.4x including DPA), with net debt at £3,550m.

Outlook and guidance

• FY25 guidance upgraded: Group EBITDA expected at £1,100m–£1,150m; Online NGR growth ~7% cc; Online EBITDA margin 25–26%.

• BetMGM FY25 revenue guidance upgraded to at least $2.7bn, EBITDA at least $150m.

• Adjusted cash flow for 2025 expected to be broadly neutral, with a pathway to over £500m per annum by 2028.