London · Delayed Price · Currency is GBP · Price in GBX Entain Earnings Call Transcripts
Fiscal Year 2026
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Q1 delivered 3% NGR growth and 10% online volume growth, with strong performances in the UK and Australia. Full-year guidance is reiterated, with a focus on cash generation and operational efficiency amid UK tax headwinds and sports margin volatility.
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Q1 revenue grew 6% year-on-year, but results were slightly below expectations due to sports outcomes and higher competition. Full-year revenue guidance was lowered, but EBITDA is still expected at the lower end of the range. Strategic focus remains on iGaming, premium players, and efficient capital allocation.
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Delivered record 2025 results with $2.8B revenue and $220M EBITDA, exceeding guidance and distributing $270M to parents. 2026 guidance targets $3.1–$3.2B revenue and $300–$350M EBITDA, with growth driven by Alberta launch, product innovation, and omni-channel expansion.
Fiscal Year 2025
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Strong 2025 results with 8% revenue and 28% EBITDA growth, driven by broad-based market gains and BetMGM profitability. Despite U.K. tax headwinds, stable 2026 EBITDA is expected, with efficiency and AI initiatives set to offset over 50% of tax impact from 2027.
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Q3 saw 7% Group NGR growth (constant currency), with online up 6% and retail up 3%, despite a GBP 20 million EBITDA hit from adverse sports results. BetMGM outperformed, confirming at least $200 million cash return to parent, and 2025 guidance was reiterated.
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Upgraded 2025 guidance reflects strong revenue and EBITDA growth, with robust Q3 results and continued momentum in both online sports and iGaming. Strategic product enhancements, disciplined player management, and efficient cash returns underpin performance.
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Strong H1 2025 results with 10% revenue and 32% EBITDA growth, driven by UK, Brazil, and BetMGM. Upgraded guidance for online growth and margins, with robust cash flow and efficiency gains, despite regulatory and FX headwinds.
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Revenue and EBITDA surged in the first half, prompting upgraded 2025 guidance for both top and bottom lines. iGaming and OSB delivered strong growth, supported by improved player management, product enhancements, and efficient marketing. Cash flow is robust, with potential for returns to parent companies.
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Q1 2025 saw Group NGR up 11% and online NGR up 15%, with U.K. and Brazil leading growth. Guidance for mid-single-digit online ex-U.S. NGR growth is maintained, despite regulatory headwinds in the Netherlands and Brazil. Operational improvements and tech upgrades are driving momentum.
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Revenue grew to $2.1B in 2024, with strong iGaming and improved sports betting performance. 2025 guidance targets $2.4–$2.5B revenue and positive EBITDA, driven by existing player growth, premium player focus, and omnichannel strategies.
Fiscal Year 2024
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2024 saw a return to organic growth in NGR and EBITDA, with strong results in the U.K., Brazil, and the U.S. Regulatory headwinds persist in some markets, but momentum and cash generation are improving, with a clear path to over £500 million annual adjusted cash flow.
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Q3 saw strong growth across core markets, with online NGR up 9% pro forma and BetMGM NGR up 18% year-on-year. Upgraded guidance expects online NGR ex-U.S. to grow mid-single digits and EBITDA at the top end of the range, despite regulatory headwinds in Brazil and the U.K.
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Interim results exceeded expectations, driven by strong growth in Brazil and operational improvements in the U.K. Upgraded guidance reflects one-off benefits and continued momentum, with Project Roma delivering increased savings and margin expansion. Liquidity and cash flow remain robust.