Entain (ENT) Q3 2026 TU earnings summary

Executive summary

• Q3 Group NGR rose 2% YoY, with Online growth offset by customer-friendly sports results and Brazil market challenges; FY26 guidance was reiterated.

• Q3 marked a 10th consecutive quarter of online growth; excluding Brazil, Online NGR rose 5% on 7% volume growth.

Financial highlights

• Q3 Online NGR increased 3% YoY, with Gaming up 8% and Sports down 3%; excluding Brazil, Online NGR grew 5%.

• Q3 Retail NGR declined 2% despite volume growth of 2%; Q3 YTD Group NGR increased 4%, with Online up 5% and Retail flat.

• Excluding Brazil, Online NGR grew 8% year to date, ahead of the prior 5%-7% guidance range.

Outlook and guidance

• FY26 Online NGR growth expected at 4%-6% on a constant-currency basis; excluding Brazil, growth expected at the top end of the 5%-7% range.

• FY26 Underlying EBITDA, excluding parent fees, expected at the lower end of the £910m-£960m range; Online Underlying EBITDA margin expected at the lower end of 21%-22%.

• 2028 annual adjusted cash flow expectation remains £500m, including the 47.5% minority stake in CEE; excludes working capital, equity dividends, acquisitions and related financing.

• BetMGM remains on track with annual guidance; a fuller articulation of cash-generation plans is expected at full year.