Entain (ENT) Status Update summary

Financial performance and guidance

• Second quarter net revenue reached $692 million, up 36% year-on-year, with first half net revenue at $1.35 billion, a 35% increase.

• First half EBITDA was $109 million, with $86 million in Q2 alone; EBITDA improved $232 million YoY.

• Upgraded 2025 guidance: at least $2.7 billion net revenue (+28% YoY) and at least $150 million EBITDA, with confidence in achieving $500 million EBITDA in future years.

• Net income for 1H 2025 was $88 million, a $230 million improvement YoY.

• $150 million credit facility remains undrawn, with no further capital needed from parent companies.

iGaming and online sports segment highlights

• iGaming net revenue grew 28% YoY in H1, with a 38% increase in player volume and 34% rise in engagement; 2Q iGaming net revenue grew 29% YoY.

• Online sports net revenue rose 61% YoY in H1, with a 70% increase in player staking and 34% rise in bets per active; 2Q online sports net revenue grew 56% YoY.

• Enhanced player retention and value through data-driven management, targeted rewards, and product improvements.

• Omnichannel initiatives, including Las Vegas activations and hybrid games, drove 30% YoY growth in Nevada actives and a fourfold increase in continued play.

• Product upgrades focused on app speed, live betting, parlay features, and player rewards are ongoing.

Market share and competitive position

• Estimated total GGR share in 2Q 2025 was nearly double that of the next competitor.

• NGR market share reached 36% in North American online sports and iGaming.

• GGR market share stabilized at 14% in active markets, with iGaming at 22% and online sports at 8%.

• Podium position in the largest market supports confidence in achieving $500 million EBITDA in coming years.

• Market position reinforced by continued growth and product innovation.