Entain (ENT) H1 2026 earnings summary

Executive summary

• H1 Group NGR rose 5% at constant currency (cc) to £2,545.3m; Online grew 7% and Retail 1%, both ahead of expectations. Online recorded its ninth consecutive quarter of growth.

• Underlying EBITDA was £479.3m, down 2% YoY but ahead of expectations; higher UK gambling tax was a key factor.

• World Cup engagement supported customer acquisition, with first-time depositors twice the number seen at the 2022 tournament.

• A phased CEE exit began with an agreed 20% divestment for €425m, aimed at unlocking portfolio value.

Financial highlights

• Group NGR was £2,545.3m (+5% cc); Online NGR £1,846.9m (+7% cc); Retail NGR £698.4m (+1% cc).

• Underlying EBITDA was £479.3m (-2% YoY); Online EBITDA £395.2m (-5%) and Retail EBITDA £141.7m (+6%).

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

• Adjusted cash flow was £43m on a continuing basis and £77m including CEE; continuing-basis cash flow increased £38m YoY.

• FX added £16m to EBITDA, while the UK tax increase reduced H1 EBITDA by £56m; marketing spend increased £32m YoY.

Outlook and guidance

• FY26 Online NGR growth guidance was reiterated at 5%-7% cc, with Online EBITDA margin guidance of 21%-22%.

• FY26 Group Underlying EBITDA guidance, excluding Parent Fees, is £910m-£960m, in line with market expectations.

• Adjusted cash flow target remains £500m annually by 2028, including BetMGM and the remaining 47.5% CEE stake.

• FY26 net debt is expected to finish below 2025 levels, supported by proceeds from the 20% CEE sale, expected to complete in Q4.

• Group-wide initiatives target £100m of net annualized savings by end-2027, offsetting at least 50% of the UK tax increase’s EBITDA impact.