12 August 2025

Entain plc

("Entain" or the "Group")

H1 ahead of expectations with accelerating strategic progress; FY25 guidance upgraded

Entain plc (LSE: ENT), the global sports betting and gaming group, today reports Interim Results¹ for the six-month period ended 30 June 2025 ("H1").

·    Total Group Net Gaming Revenue ("NGR²"), including 50% share of BetMGM³, up +7%, +10%cc⁴, with performance of both Entain (+3%, +6%cc⁴) and BetMGM (+35%cc⁴) better than expected  

o  Performance particularly pleasing as prior year Q2 comparators included Euros tournament

o  Online NGR² (exc. US): up +5%, +8%cc⁴, ahead of expectations, with strong volumes in sports and gaming

§ UK&I NGR² +21%cc⁴, outperformance driven by stronger than expected market share recovery and growth in player values

§ Brazil NGR² +21%cc⁴, performing in line with expectations in a highly competitive newly regulated market

·     BetMGM's strong H1 performance supports upgraded⁵ FY25 outlook and clear path to $500m EBITDA⁶ and beyond

·     Margin expansion: H1 Online EBITDA⁶ margin ahead of expectations, driven by NGR² mix and better than anticipated operational efficiencies; FY25 guidance⁷ increased to 25-26%

·     H1 Group EBITDA⁶ of £583m, ahead of expectations, up +11% year on year

o  Total Group EBITDA⁶ including 50% share of BetMGM³ at £625m, up +32% vs prior year

·    FY25 guidance upgraded: H1 performance supports upgraded⁸ expectation of approximately 7% Online NGR² growth on a constant currency basis; mid-single-digit growth on a reported basis:

o  Introducing FY25 Group EBITDA⁶ guidance in the range of £1,100m to £1,150m

·     Appointments of non-executive Chair and CEO provide consistency and continuity of proven leadership

Stella David, CEO of Entain, commented:

"I am delighted by the ongoing momentum and strong performance that both Entain and BetMGM have delivered in H1 2025. Entain's transformation journey is well underway, gathering pace and is supported by our high-quality portfolio of iconic brands with podium positions in attractive markets. Our business is getting stronger, fitter and faster, with these results reinforcing our confidence in driving sustainable underlying growth and generating more than £0.5bn of cash annually in the medium term."

H1 2025 Trading performance:

H1 performance highlights:

·      Total Group NGR² including 50% share of BetMGM³, up +7%, +10%cc⁴

o  Group NGR² (exc. US) up +3%, +6%cc⁴, lapping prior year Q2 which included Euros tournament

o  Online NGR² (exc. US) up +5%, +8%cc⁴, better than expected, particularly in the UK

o  Retail NGR² (exc. US) down -1%, flat cc⁴, as anticipated

·      UK & Ireland NGR² +9%cc⁴ ahead of expectations, reflecting improving product and player journeys

o  UK&I Online +21%cc⁴, regaining market share with strong growth in volume and player values, following the levelling of regulatory restrictions

o  UK&I Retail -2%cc⁴, -1%cc⁴ LFL, broadly in line with expectations

·      International NGR² up +3%cc⁴

o  Brazil continued to perform in line with expectations in a highly competitive market, up +21%cc⁴

o  Australia -7%cc⁴ with continued softness in underlying market, whilst New Zealand grew +12%cc⁴

o  Italy +7%cc⁴ (Online +5%cc⁴, Retail +10%cc⁴) with stable market share since Q3 2024

o  Double-digit Online NGR growth in Georgia, Spain, Canada and Greece more than offsetting expected declines in Netherlands and Belgium

·      Entain CEE NGR² up +7%cc⁴ despite football-heavy market lapping strong prior year comparators

o  Croatia +11%cc⁴ continued to perform particularly strongly

·     BetMGM net revenue of $1,349m, up 35%cc⁴ YoY, ahead of expectations with ongoing strategic execution delivering strong and profitable growth

o  iGaming +28%cc⁴, driven by leading offering, exclusive content and differentiated engagement

o  Online sports +61%cc⁴, with strengthened product and refined player engagement delivering KPI's ahead of expectations

o  H1 EBITDA⁶ of $109m (up $232m YoY), underpinned by positive contribution from both iGaming and Online Sports

H1 financial highlights

·      Group EBITDA⁶ at £583m, up 11% vs H1 2024

o  Online EBITDA⁶ £502m, +13%, and Retail EBITDA⁶ £141m, flat

o  Total Group EBITDA⁶ including 50% share of BetMGM³ at £625m, up +32% vs prior year

·     Group loss after tax was £117m after charging separately disclosed items, finance charges, exchange differences and tax. In line with IAS 37 accounting requirements, the Directors have resolved to make a provision of approximately £50m in connection with the AUSTRAC proceedings. Please see Note 15 for further details

·      Continuing adjusted diluted EPS⁹ of 31.3p, +154% year on year

·      Declared interim dividend of 9.8p per share, +5% year on year

·      Robust balance sheet with net debt of £3,550.2m, leverage of 3.1x (3.4x including DPA) and available cash of £964m, as at 30 June 2025

·     Successful allocation for repricing and extension of $1,100m term loan and repricing of $2,218m term loan on 30 July 2025. These refinancing actions are net debt neutral, extend the Group's debt maturity profile and reduce annual interest costs by approximately £10m¹⁰

·    Introducing FY25 Group EBITDA⁶ guidance in the range of £1,100 to £1,150m, including H2 absorbing Brazil taxes and additional marketing investment

H1 summary: 1 January to 30 June 2025

Q2 2025 Trading performance:

H1 2025 Trading performance:

Capital Allocation Committee

The Capital Allocation Committee remains committed to delivering shareholder value, continuing to monitor the Group's strategic progress alongside its significant capital commitments.

Appointments of non-executive Chair and CEO

As announced on 11 February 2025, Gavin Isaacs stepped down as Chief Executive Officer (CEO). Stella David was appointed as permanent CEO on 29 April 2025. On 12 August, Pierre Bouchut was appointed as permanent non-executive Chair having assumed the role on an interim basis since February 2025. Both appointments provide consistency and stability of proven leadership as the business pursues its many growth opportunities.

Dividend

In line with the Group's progressive dividend policy, the Board has declared an interim dividend for 2025 of c£63m, (9.8p per share, up 5% year on year). The interim dividend in respect of H1 2025 results is expected to be paid on 29 September 2025 to shareholders on the register on 22 August 2025.

Guidance and current trading

The second half of the year has started well, in line with our upgraded expectations, and we anticipate delivering underlying Online NGR growth at least in line with our markets.

Our upgraded⁸ guidance expects FY25 Online NGR² growth of approximately 7% on a constant currency⁴ basis, or mid-single-digit growth on a reported basis. As a result of our improving underlying growth and better than anticipated operational efficiencies, our FY25 Online EBITDA⁶ margin expectation is increased to 25-26%⁷.

We are introducing FY25 Group EBITDA⁶ guidance in the range of £1,100 to £1,150m, which includes absorbing Brazil taxes as well as additional H2 marketing investment to support our momentum through 2025 and into 2026.

Guidance and current trading (continued)

BetMGM has also performed strongly in H1 2025 and now expects⁵ to deliver FY25 revenue of at least $2.7bn with EBITDA⁶ of at least $150m. The business is as healthy as it has ever been and is well positioned for H2 and the start of the new sports season. BetMGM's accelerating performance so far in 2025 has been ahead of expectations and provides increased confidence in its pathway to EBITDA of $500m and beyond.

Guidance for Total Group EBITDA⁶ including 50% share of BetMGM³ implies¹² strong double-digit growth for FY25.

The Group's continued strategic delivery reinforces our confidence in Entain's pathway to generating over £0.5bn of annual adjusted¹³ cash flow in the medium term.

Notes

(1)     H1 2025 reported numbers are unaudited and relate to continuing operations

(2)     Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement

(3)     Non-GAAP measures including the Group's 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group's performance in comparison to its peers.  A reconciliation of these non-GAAP measures is shown in Financial Results and the use of non-GAAP measures

(4)     Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(5)     BetMGM previous FY25 guidance of at least $2.6bn Net Revenue and at least $100m EBITDA provided on 16 June 2025

(6)     Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items

(7)     Previous guidance of FY25 Online EBITDA margin of c25% provided at FY24 results (6 March 2025)

(8)     Previous guidance of FY25 Online NGR growth of mid-single-digit% on a constant currency basis, provided at FY24 results (6 March 2025)

(9)     Adjusted for the impact of separately disclosed items, foreign exchange movements on financial indebtedness and losses/gains on derivative financial instruments (see Note 8 in the interim financial statements)

(10)   Previous guidance for FY25 cash interest of approximately £240m provided at FY24 results (6 March 2025), updated guidance at Interim Results (12 August 2025)

(11)   Stated pre separately disclosed items

(12)   BetMGM's guidance of at least $150m underlying EBITDA and midpoint of Entain Group underlying EBITDA guidance range of £1,100 to £1,150m

(13)   Cashflow before working capital, dividends, acquisitions and associated financing; as stated at FY24 results (6 March 2025)

Presentation and webcast

Entain will host our 2025 Interim Results presentation and Q&A session today, Tuesday 12^th August at 9:30am BST, at Bank of America, 2 King Edward Street, City of London, London, EC1A 1HQ.

Analysts and investors are welcome to attend in person, having pre-registered via in-person registration link.

Alternatively, please join the webcast approximately 15 minutes ahead of the event: live online webcast link

The presentation slides as well as a replay and transcript will be available on our website: https://entaingroup.com/investor-relations/results-centre/

Upcoming dates:

Q3 2025 Trading Update:                    15 October 2025

Dividend Timetable

Announcement date:                            12 August 2025

Ex-Dividend date:                                21 August 2025

Record date:                                         22 August 2025

Payment date:                                       29 September 2025

Forward-looking statements

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014) as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, the UK Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. The Company and its Directors accept no liability to third parties in respect of this document save as would arise under English law.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com.

LEI: 213800GNI3K45LQR8L28

CHIEF EXECUTIVE OFFICER'S REVIEW

Entain is a leading player in sports betting and gaming, a global industry with attractive structural growth dynamics. We are proud to be the most diversified leader of scale in our sector, only operating in regulated or regulating markets.

The Group's enviable portfolio of podium positions and iconic brands is diversified across product, channel and geography, operating in attractive growth markets with a stable regulatory outlook. Approximately 98% of our Group's revenue comes from markets that are growing, and over 85% of our revenues come from markets where Entain has a top three market position.

We are focused on providing great player experiences with engaging products and content, underpinned by leading player protection. Entain's customer offer benefits from our global scale combined with increasingly localised expertise, all powered by our proprietary in-house technology and product capabilities.

Our diversified, resilient and increasingly agile business operates leadership positions in a sector that has structural growth embedded. This underpins the sustainability and quality of our earnings growth today and enables us to deliver consistent returns and long-term value for our shareholders for many years ahead.

I am delighted to have been appointed as Chief Executive in April this year and I am excited to lead the business forward and deliver the many opportunities we have ahead. 

Entain has started 2025 strongly. We continue to make great strides along our transformation journey, strengthening our technology, product and operational capabilities, refocusing our execution and rebuilding the underlying growth in our business. Our stronger than expected H1 results are further evidence that our strategy is succeeding. We have more to do, returning our business to its winning ways, making it stronger and fitter for the opportunities ahead. I am very proud of the progress achieved so far and I am increasingly confident in Entain's exciting long-term future.

H1 2025 performance

During 2024, the Group returned to organic growth for both Net Gaming Revenue (NGR¹) and underlying EBITDA², and this strong momentum has continued into 2025. Entain ended the first half of the year ahead of expectations, driven by our focused operational execution further strengthening our underlying growth.

Total Group NGR¹ including our 50% share of BetMGM³ was up +7% (+10%cc⁴), with Entain Group NGR¹ up +3% (+6%cc⁴) and BetMGM Net Revenue +35%cc⁴ versus the prior year. Although we lapped prior year comparators boosted by the Euros tournament, our Online business delivered year on year NGR¹ growth of +5% (+8%cc⁴) and Retail was flat on a constant currency⁴ basis.

The Group's stronger than expected H1 growth was both high quality and profitable, delivering Group underlying EBITDA² of £583m, up +11% year on year, with underlying EBITDA² including our 50% share of BetMGM³ at £625m, up +32% versus 2024.

Group strategic priorities

The Group has made great strides on its transformation journey, becoming a stronger and more agile business. We are returning Entain to its winning ways and driving sustainable high quality and profitable earnings growth. 

To deliver value to all our shareholders, Entain has clear and consistent strategic priorities:

·      Organic revenue growth - sustainable customer acquisition and retention by providing engaging end-to-end player experiences

·      Margin expansion - agile and disciplined scaled operating model enabling operational excellence and expanding returns

·      Market share gains - sustainable growth driving outperformance of our markets over the long term

Our focus on delivering revenue and earnings growth the right way, being disciplined on how we invest our capital and how we conduct our operations, is a key component in our long-term value creation.

As our FY24 and H1 2025 results demonstrate, we have made excellent progress, with our actions successfully driving improved performance. Importantly, there is still a lot of hard work to do, and we continue to press ahead with increased vigour, seeking to embrace learnings from across our business, our customers, as well as from behaviours of leading global organisations, that will see Entain return to its winning ways.

Organic revenue growth and market share gains

The cornerstone of rebuilding underlying sustainable growth in our business is player acquisition and retention. Our customers remain central to our mindset and through the half we accelerated the pace of our product initiatives, delivering not only on brilliant basics but also improved end-to-end player journeys and experiences. Coupled with our enhanced offering we have reinvigorated our acquisition and marketing channels, refocusing on driving growth in markets with greatest strategic or commercial returns.

Given their significance in our portfolio and the scale of future opportunities, the UK, Brazil and the US are the Group's "must win" markets. All were standout markets in H1, performing strongly alongside many of our other markets and demonstrating the progress made across the Group's. We anticipate our strong performances will translate into growth at least in line with our markets, reinforcing that our strengthened and diverse business is well positioned for H2 and beyond.

UK & Ireland

The UK&I is Entain's largest market. As such, delivering growth is crucial to the Group's overall performance. I am delighted with our UK&I business' strong H1 performance, with +9%cc⁴ NGR¹ growth ahead of our expectations.  

Online growth of +21%cc⁴ was a key highlight, demonstrating that, having returned to growth during 2024, the strong momentum continues into 2025. This impressive year on year performance sees us regaining market share, with growth across both volumes and player values reflecting our improving player experience as well as the levelling of regulatory restrictions which had unevenly restricted our customers' engagement in prior years.

Alongside our smoother customer journeys, our UK offering and player experience benefited from numerous initiatives, seeing both sports and gaming deliver strong double-digit NGR¹ growth in H1. Gaming NGR¹ grew +23%cc⁴ as players enjoyed our leading gaming content including an unrivalled library of in-house and exclusive games. Our Sportsbook enhancements to product as well as UX, delivered Sports NGR¹ growth +16%cc⁴.

Our teams are also refining our marketing and reinvigorating our brands. Alongside a greater emphasis on performance marketing, we also have brought the brands closer to our customers through partnerships with Liverpool and Birmingham City football clubs. These initiatives are driving engagement, improving retention and next bet consideration scores. We have recently launched our new "Lad-is-faction" campaign and have lots more in the pipeline for later this year.

As we look to H2, aside from the noise of prior year comparators, our momentum is strong, and we anticipate delivering underlying growth at least in line with our market.

The UK&I is an omni-channel market, and our iconic brands and retail footprint bring many opportunities. Our UK&I Retail shops performed in line with expectations for H1, down -1%cc⁴ on LFL basis.  

International

Brazil is the fastest growing market outside of the US, with its newly regulated sports betting and gaming regime now live, having launched on 1 January 2025. Our Brazil business continues to perform well in this intensely competitive market with Online NGR¹ up +21%cc⁴. Our encouraging performance to date, including a successful Day 1 launch, is testament to the relentless focus of our local management supported by critical end-to-end technology execution, which continues to evolve in this new regulatory regime. Alongside our locally tailored offering, our reinvigoration of the Sportingbet brand and player acquisition approach is delivering strong results.

Our partnership as the main sponsor of Palmeiras football club is highly complementary to Sportingbet's sports heritage and we are delighted by the player engagement results. Most recently our end-to-end engagement approach to the Club World Cup delivered fantastic results. Supported by our focused execution and increasingly localised offering, we believe we are well positioned for success in this attractive albeit highly competitive market.

Australia is the largest Online market in our International division. Its performance during H1 reflected the continuing softness in the underlying market as well as customer friendly racing results in Q1. Whilst H1 NGR¹ was lower than the prior year, we continue to focus on improving the quality of our player base as our Ladbrokes and Neds brands differentiate themselves in this product led market. Entain Australia's partnership with TAB NZ continues to make progress with accelerating momentum seen through H1 as more New Zealand customers enjoy our enhanced sports betting experience. The regulatory landscape also saw notable favourable developments with the New Zealand Government introducing a legislative "net" to restrict offshore unlicenced operators from offering racing and sports betting to New Zealand customers, as well as the new online casino regulation bill making positive early progress.

In Italy, our business continues to operate in a competitive and consolidating market. The Italian market remains strong with omnichannel operators outperforming as brand recognition and physical points-of-sale continue to be key drivers of online customer acquisition and engagement. Our omnichannel brand Eurobet, continues to leverage its footprint and maintain market share, offering new sports markets and exclusive gaming products. Entain's multi-brand approach secures a podium position, and we believe we are well placed to benefit as lower tier operators adjust to the revised online licensing expected later this year.

Entain CEE

Our Entain CEE business continues to perform well with NGR¹ up +7%cc⁴ YoY. Although this fast growing and highly attractive region continues to be competitive, both our Supersport and STS brands retain their #1 market positions in Croatia and Poland respectively. SuperSport continues to be a standout performer with Online NGR¹ up +14%cc⁴ and Retail NGR¹ +1%cc⁴, as players enjoy our strong brand and engaging product offering. STS is also performing well despite the sports only business continuing to face heightened competitive intensity and inflated customer incentives ahead of Poland's potential liberalisation of iGaming in the medium-term.

BetMGM

BetMGM, Entain's 50/50 joint venture with MGM Resorts, has firmly cemented its podium position in the world's largest sports betting and gaming market. Building on momentum gained during 2024, the excellent H1 2025 performance reinforces that BetMGM is as healthy as it has ever been.

H1's stellar +35%cc⁴ growth in net revenue and inflection to $109m of underlying EBITDA² is a result of key product improvements, particularly online sports, combined with enhanced player engagement, refined customer acquisition and retention strategies, as well as further unlocking of BetMGM's unique omnichannel advantage.

In iGaming, our best-in-class content and differentiated engagement tools drove strong player acquisition and engagement. Net revenue growth accelerated through the period, from 27%cc⁴ in Q1 to 29%cc⁴ in Q2. This represents true like for like growth with no new states launched, nor expected to, this year.

Our Online Sports product experience is smoother, faster, richer and more featured, including expanded markets and pricing capabilities. BetMGM's strengthened offer, refined marketing and "premium mass" customer focus have driven increased player engagement and H1 net revenue growth of 61%cc⁴. BetMGM's execution is delivering results ahead of expectations. However, we are not resting on our laurels. BetMGM has a strong pipeline of exciting initiatives to rollout through the rest of 2025 and beyond.

Both iGaming and Sports are benefitting from our unique omnichannel proposition, from live activations in MGM properties to our immersive live dealer studio within MGM Grand. Our seamless digital wallet has seen a four-fold increase in actives who continued to play with us after returning home from Nevada.

The combination of accelerating revenue momentum, marketing efficiency and attractive player paybacks has delivered material EBITDA and cash generation in the first half of 2025.

BetMGM's H1 outperformance, strong momentum and expected continuing refined strategic execution supported its upgraded 2025 guidance for both Net Revenue and underlying EBITDA². This strong and profitable growth increases our conviction in BetMGM's pathway to EBITDA of $500m EBITDA and beyond.  

Margin expansion

Alongside the Group's strategic priorities of revenue and market share growth, is margin expansion. The alignment and simplification of our structures is enabling greater agility which has been fundamental in supporting more effective and efficient day to day execution as well as our ambitions of operational excellence. Our efficiency programme is on track and will generate annual savings of at least £100m from 2026.

The first half of 2025 benefited from some efficiency initiatives outperforming expectations as well as the powerful operating leverage that our scaled business model enjoys. This progress is reflected in our upgraded FY25 Online underlying EBITDA² margin guidance and allows us to increase marketing investment in H2 to support our strong momentum.

Our ongoing efficiency initiatives also free up capital to reinvest back into product and player experience, supporting further growth. As we more effectively capitalise on delivery of growth opportunities, build scale and operational leverage we are confident in driving further margin expansion in future years.

H1 - 2025 sustainability highlights:

At Entain, sustainability is integral to our strategy and long-term success. Our Sustainability Charter's core pillars direct our activity, addressing our customers, employees and stakeholders:

·     Be a leader in player protection - We aim to deliver safe, positive experiences for all our customers. With our 'Engage, Support and Protect' principles guiding our approach, we ensure we adapt to market specifics and collaborate effectively with regulators, maintain high quality employee training and provide proven safer gambling tools.

·     Provide a secure and trusted platform - Entain is proud of our commitment to only operate in regulated or regulating markets. In 2025 so far, we have revised our Global Ethics Register, launched new mandatory training, completed a UK fraud risk assessment, and enhanced our Group corporate governance practices.

·     Create an environment for everyone to do their best work - Entain strives to be an employer of choice who builds an inclusive and supportive culture where talent from all backgrounds can thrive. In early 2025, we implemented a company-wide performance framework and launched a Women in Leadership apprenticeship to build a robust pipeline of female leaders equipped for future senior roles. While we have more work to do, our overall engagement score rose by seven points in our annual Your Voice survey.

·     Positively impact our communities - In Q1 2025, we updated our environmental strategy, setting new Scope 1 and 2 targets using a 2023 baseline which more accurately reflects our structure. Due to supplier and market dependencies, we've retired our 2035 Scope 3 net zero target but remain committed to engaging suppliers to drive long-term emissions reductions.

The sustainability reporting landscape continues to evolve, Entain sees this as an opportunity to strengthen stakeholder engagement, embed robust practices, and build business resilience. In H1 2025, we have begun:

·  Conducting a thorough review of our double materiality assessment in line with European Sustainability Reporting Standards (ESRS), to support reporting against the EU Corporate Sustainability Reporting Directive (CSRD)

·  Monitoring activity of the UK and international Governments in adoption of the International Sustainability Standards Board (ISSB) Standards, and preparing to engage in this process

·   Reviewing data processes for our ESG KPIs to meet future assurance requirements

Sustainability Recognitions during 2025 so far include:

·      Retained Tier 1 in the CCLA Corporate Mental Health Benchmark 2025

·      Winner of 3 awards and 17 nominations at the Women in Gaming Diversity Awards 2025.

Notes

(1)     Net Gaming Revenue ("NGR") is defined as Net Revenue before charging for VAT and Sales Taxes. A full reconciliation of this non-GAAP measure is provided within the Income Statement and supporting memo

(2)     Underlying EBITDA is defined as earnings before interest, tax, depreciation and amortisation, share-based payments and share of JV income. Underlying EBITDA is stated pre-separately disclosed items

(3)     Non-GAAP measures including the Group's 50% share of BetMGM NGR and underlying EBITDA are shown to facilitate the understanding of the Group's performance in comparison to its peers.  A reconciliation of these non-GAAP measures is show in Financial Results and the use of non-GAAP measures

(4)     Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2025 exchange rates

(5)     H1 2025 reported numbers are unaudited and relate to continuing operations

Financial Results and the use of non-GAAP measures

The Group's statutory financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRS Interpretations Committee (IFRS IC) pronouncements as adopted for use in the European Union. In addition to the statutory information provided, management have also provided additional information in the form of NGR, Contribution and EBITDA as these metrics are industry standard KPIs which help facilitate the understanding of the Group's performance in comparison to its peers. A full reconciliation of these non-GAAP measures is provided within the Income Statement and supporting memo.

In addition, also to support the understanding of the Group's performance in comparison to its peers, information on NGR and EBITDA performance including the Group's 50% share of our US joint venture BetMGM has been provided. A reconciliation of these non-GAAP measures is provided below:

During the current year, the Group has amended the presentation of NGR into 3 categories, sports NGR, gaming NGR and other NGR, to better align with both peers and internal reporting. Other NGR includes B2B revenue, which has previously been reported separately, but also immaterial items that were previously allocated to either sports NGR or gaming NGR based on their nature. Restatement of the segments and channels on a consistent basis can be found at: https://entaingroup.com/investor-relations/results-centre/

CHIEF FINANCIAL OFFICER'S REVIEW

FINANCIAL PERFORMANCE REVIEW

Group

Reported Results¹:

NGR³ and Revenue increased by +3% (+6%cc²) in the first half versus 2024 with growth in Online +8%cc² and Retail in line cc².

Contribution⁴ in the first half of £1,280.5m was 7% higher than 2024. Contribution⁴ margin was higher than 2024 reflecting the benefit of geographic mix on the blended margin, improved operational efficiencies and lower year on year H1 marketing given the Euros tournament in the prior year.

Operating costs were 4% higher, resulting in underlying EBITDA⁵ of £583.4m, up 11% compared to 2024.

Share-based payment charges were £0.7m lower than last year, while underlying depreciation and amortisation⁶ was 1% higher. Share of JV income of £34.0m includes an operating income of £33.6m relating to BetMGM (2024: £55.7m loss).

Group underlying operating profit⁶ was 52% ahead of 2024. After separately disclosed items of £320.3m (2024: £224.5m), the Group made an operating profit of £117.3m (2024: £63.4m).

After charging finance costs, exchange differences and tax, the Group made a loss after tax of £116.9m (2024: £5.6m).

UK & Ireland

Reported Results¹:

During the first half of 2025, we continued to make operational progress in the UK, building on the player journey enhancements delivered in the prior year, further streamlining customer journeys and improving product and player experiences. Growth was ahead of our expectations, up 9%cc² year on year.

In Online, NGR³ was +21%cc² year on year with both sports and gaming up +16%cc² and +23%cc² respectively.

In Retail, H1 NGR³ was -2%cc² YoY (LFL -1%), with sports +1%cc² partially offsetting gaming -4%cc².

Gross profit of £744.4m was £64.1m ahead of 2024 with contribution⁴ margin of 58.2% up 3.1pp year on year. Marketing spend was £18.7m lower than 2024, partly due to prior year phasing ahead of the Euro 2024 tournament, resulting in contribution⁴ of £636.0m, up £82.8m versus 2024.

Operating costs were -2% higher than 2024 reflecting underlying inflation in Online offset by disciplined cost control and Retail shop closures. Underlying EBITDA⁵ of £273.6m was £74.2m ahead of 2024. After charging depreciation and amortisation⁶ and share-based payments, operating profit⁶ of £200.1m was £76.8m ahead of 2024 with increased depreciation⁶ charges a reflection of the recent investment in our product offerings across both channels.

After separately disclosed items of £11.4m (2024: £6.9m), the operating profit was £188.7m (2024: £116.4m).

International

Reported Results¹:

International NGR³ in the first half was -2% lower than the prior year, although up +3%cc² on a constant currency basis. The division reported strong underlying performance across its largest markets except for Australia, with International Online NGR³ down -2% but +3%cc² ahead and Retail up +1% or +4%cc² compared to last year.

Brazil continues to perform strongly, and, after a successful transition into the new regulatory regime, NGR³ was +21%cc² ahead of 2024.

Italy NGR³ was +7%cc² ahead of 2024, Online +5%cc² and Retail +10%cc², helped by favourable sports results in both channels.

Online NGR³ in Australia, our largest international online market, was -7%cc²  behind 2024 due to ongoing softness in the underlying market as well as customer friendly racing results in Q1 weighing on H1 margin.

New Zealand NGR³ was +12%cc² ahead of 2024, with Online +18%cc² and Retail down -8%cc², with the launch of a second local brand Betcha during 2024 H2 now gaining traction. We look forward to building on this momentum particularly with the introduction of New Zealand Government legislative "net" which restricts offshore unlicenced operators from offering racing and sports betting to New Zealand customers.

Baltics and Nordics Online NGR³ was +7%cc² year on year with inflationary pressures in the region starting to abate and our content leadership strategy paying dividends. Impacted by known regulatory headwinds, NGR³ in Belgium was -12%cc² (-13%cc² in online and -9%cc² in retail) and in the Netherlands was -29%cc².

Georgia NGR³ was +14%cc² ahead of 2024

as the business continues to benefit from its differentiated marketing approach including its sponsorship of the national football league and branded network of affiliates.

Resulting gross profit for International segment was -3% behind 2024 due to lower year on year NGR³ as well as the digestion of £29m of Brazilian taxes in the new regulatory regime. Marketing spend was £13.8 m lower than 2024 reflecting the increased spend on Euros last year, and so despite decreased NGR³, contribution⁴ margin only decreased by -0.1pp, leaving contribution⁴ at £508.9m.

Operating costs were -7% higher year on year, due to inflation and some in year phasing. Resulting underlying EBITDA⁵ of £274.6m was -9% below 2024.  Excluding the impact of the new Brazil tax, underlying EBITDA⁵ was £2.5m ahead of the prior year. After deducting depreciation and amortisation⁶ and share-based payments, operating profit⁶ was £182.0m, £28.4m lower than 2024.

After separately disclosed items of £108.2m (2024: £96.2m), the operating profit was £73.8m (2024: £114.2m).

CEE (Croatia and Poland)