Entain (ENT) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 delivered Group NGR up 3% year-over-year, with online NGR up 5% and online volumes up 10%, maintaining strong momentum and in line with expectations.

• UK & Ireland and Australia outperformed, with NGR up 13% and 12% respectively, and the UK and Australia as standout performers.

• Eighth consecutive quarter of online growth, with growth across all major markets.

• Continued disciplined execution, leveraging a diverse global portfolio to drive sustainable growth.

Financial highlights

• Group NGR increased 3% year-over-year; online NGR up 5%, retail flat on a like-for-like basis, with online volumes up 10%.

• Group volume growth was 8%, with online volumes up 10%.

• Sports NGR down 1% due to customer-friendly results, offset by iGaming strength up 9%.

• BetMGM Q1 Net Revenue reached $696 million, up 6% year-over-year, with iGaming up 9% and Online Sports up 4%.

• UK and Ireland total NGR up 6%, online up 13%, lapping a 23% comparator.

Outlook and guidance

• Full-year 2026 guidance reiterated, with online NGR growth expected at 5-7% on a constant currency basis.

• Confident in generating at least £500 million of annual adjusted cashflow from 2028.

• BetMGM FY26 revenue now expected between $2.9–$3.1 billion, with Adjusted EBITDA towards the lower end of $300–$350 million.

• Q2 has started strongly; World Cup expected to provide a modest 1% upside to annual online growth.

• Focus remains on driving volume, cash generation, and deleveraging.