Slide 1: 2025 Interim Results
2025 Interim Results 12" August 2025
Slide 2: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. This presentation has been prepared by Entain PLC (“Entain”) so
Slide 3: Stella David, Chief Executive Officer
Stella David Chief Executive Officer
Slide 4: Agenda
Introduction & overview 1H 2025 Financial review Agenda Strategic performance & outlook Product & technology achievements and roadmap Summary Q&A
Slide 5: H1 2025 Overview
H1 2025 Overview H1 outperformance reflects strengthening of underlying business • Strong growth delivered across Online markets Clear strategic priorities, delivering results • Growth at least in line with markets; expanding EBITDA margins Transformation journey well underway and gathering pace • S
Slide 6: Rob Wood, CFO & Deputy CEO
Rob Wood CFO & Deputy CEO
Slide 7: 1H25 Key financial highlights
1H25 - Key financial highlights Net Gaming Revenue (NGR) EBITDA Group Group Online Group Group (inc. US) (exc. US) (exc. US) (inc. US) (exc. US) £3.1bn £2.6bn £1.9bn £625m £583m +7%, +10%cc +3%, +6%cc +5%, +8%cc +32%, +40%cc +11%, +18%cc EPS1 Adjusted Leverage Dividend cash flow2 3.1x adj. diluted i
Slide 8: Online is delivering consistent quarterly growth
Online is delivering consistent quarterly growth Online Net Gaming Revenue (exc. US) Delivering consistent growth • Four consecutive quarters of strong growth 13% 11% • Stable trend supported by diversification 9% 9% 10% across product and geography 7% 5% The portfolio is performing • Key markets in
Slide 9: 1H25 NGR segmental performance - portfolio in growth
1H25 NGR segmental performance - portfolio in growth Segmental Net Gaming Revenue Online1 % of NGR YoY Growth Online NGR +13% (inc. US), +8% (exc. US) UK&I UK & Ireland 23% 21% Intl Australia 8% (7%) • UK&I +21% outperformance delivered market share gains Italy 7% 5% Brazil 5% 21% • International +3
Slide 10: 1H25 EBITDA bridge - strong growth inc. and exc. US
1H25 EBITDA bridge - strong growth inc. and exc. US Group EBITDA (exc. US) Group EBITDA (inc. US) EBITDA (exc. US) £583m, £+60m, +11% YoY £+60m YoY (+11%) £+150m YoY (+32%) • £+88m, +18% on a constant currency basis £90m £625m FX EBITDA £-28m • Reflecting strengthening of GBP £113m £1m £2m £583m Bra
Slide 11: 1H25 Cashflow and net debt
1H25 Cashflow and net debt As at 30 June Adjusted cashflow of £80m Key metrics 2025 2024 • Expected to be broadly flat FY 2025 EBITDA1 £583m £524m Leverage of 3.1x (3.4x inc. DPA) Adjusted cashflow2 £80m (£35m) • YoY improvement driven by EBITDA growth Net debt £3,550m £3,288m Available cash of c.£1
Slide 12: 2025 Outlook upgraded
2025 Outlook upgraded Guidance Updated Previous c.7% growth (cc); Mid-single-digit% growth Online Net Gaming Revenue mid-single-digit% reported (cc) Online EBITDA margin 25-26% c.25% Retail EBITDA Broadly flat year-on-year Group EBITDA £1100 - £1150m - At least $2.6bn (Jun 25)1 BetMGM Net Revenue At
Slide 13: Medium term outlook
Medium term outlook >£0.5bn cash generation target reiterated Pathway to >£0.5bn BetMGM has reached inflection Three clear drivers Significant cash generation BetMGM EBITDA since inception Organic business growth (exc. US) £0.8bn $0.8bn • Market CAGR +5-8% • EBITDA margin expansion $0.6bn £0.6bn $50
Slide 14: Stella David, Chief Executive Officer
Stella David Chief Executive Officer
Slide 15: Strategy remains on track to deliver shareholder value
Strategy remains on track to deliver shareholder value Vision A leading player in the global sports betting & gaming sector Purpose To deliver the most entertaining customer experience supported by market-leading player protection Strategic Pillars Organic Margin Market revenue expansion share gains
Slide 16: Strategy in action
Strategy in action UK Brazil BetMGM Customer values have recovered Successful transition to new regime Approaching product-parity • Simplified customer journeys • Day 1 launch • Best-in-class iGaming offering • ARPU1 back in line with peer • Minimised customer disruption • Sportsbook development at
Slide 17: Performance marketing spend
Reinvigorated & refined marketing approach is seeing results Brand consideration - Local Performance marketing - Central Customer-led brand marketing in local markets 11%1 improvement in payback periods, whilst increasing spend 16%2 Performance marketing spend (£m)2 Payback period (months)1 Q3 Q4 Q1
Slide 18: Good inputs are delivering good outputs
Good inputs are delivering good outputs NRR (Retention KPI)1,2 NCC (Acquisition KPI)1,3 Entain approximate annual trailing twelve months trailing twelve months NGR by cohort, in a flat year 100% 30% New players Acquired 15% in-year 95% 25% 93%4 90% 20% 110%4 Existing 16%4 players 85% Acquired in 85%
Slide 19: High quality portfolio of sustainable growth markets
High quality portfolio of sustainable growth markets % of Entain’s NGR from markets: Stable regulatory footprint 100% 98% of NGR from markets where 98% 98% we are already locally licenced 93% 85-90%1 80% Leadership positions 85-90%1 of NGR from markets 60% with podium position 40% Attractive growth
Slide 20: Entain - stronger, fitter, faster
Entain - stronger, fitter, faster Global scale with best of both Learning culture Learning from… Scale - global proprietary platforms …our customers and evolving behaviours • Combination of central and regional platforms • Front-end autonomy & back-end scale … across our business - embracing experti
Slide 21: Satty Bhens, Chief Product & Technology Officer
Satty Bhens Chief Product & Technology Officer
Slide 22: Achievements and pipeline - for the customer
Achievements and pipeline - for the customer Brilliant basics Product and experience Improved c.40% Expanded c.80% Product navigation Pre-match parlay app speeds improvement sportsbook turnover increase Fluid >90% payments Of withdrawals c.150 completed within 1 min new games a month Unique gaming e
Slide 23: Achievements and pipeline - behind the scenes
Achievements and pipeline - behind the scenes Organisation Technology Rebuilt Frontend org-structure modernisation Deployed Deployment local squads velocity Accelerated core Improved internal modernisation via customer relationships automation 23
Slide 24: Platform strategy - building for future optionality
Platform strategy - building for future optionality Central platform roadmap Central platform evolution Ability for both strategic integration and/or decoupling Next Frontend first, then platform components • Localisation at scale New Locally based, dedicated product & tech squads • Modular capabili
Slide 25: Stella David, Chief Executive Officer
Stella David Chief Executive Officer
Slide 26: Summary
Summary High quality portfolio with podium positions in attractive markets Clear strategic priorities - H1 outperformance evidence of successful delivery Customer focus is driving greater retention and revenue growth BetMGM positioned to return cash to parents for first time since inception Technolo
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Slide 28: Appendix
Appendix
Slide 29: 2025 Q2 trading
2025 Q2 trading NGR (cc1) 1Q25 2Q25 1H25 Group inc. 11% 8% 10% 50% of BetMGM Group exc. US 8% 4% 6% • Group NGR growth, +4%cc in Q2, and +8%cc including the Groups 50% share of BetMGM NGR Online 10% 7% 8% • Underlying volume growth in all Online segments in UK & Ireland 23% 20% 21% the half, support
Slide 30: 2025 Guidance
2025 Guidance *Items in pink denote changes to 6th March 2025 guidance Group Cashflow • EBITDA £1100-£1150m • Working capital negative (partial reversal of 2024 inflow) • Underlying capex c£290m plus c£20m licenses costs1, and additional Online c£20m office investment2 • NGR growth of c.7% in consta
Slide 31: Project Romer - on track and in-housed
Project Romer - on track and in-housed achieved on track £m 2023 2024 2025 2026 Simplifying Entain’s operating model Operating Expenses 10 35 40 70 focused on customer experience Cost of Sales - - 30 30 Technology at scale redesigned product and tech organisation Net savings 10 35 70 100 On track to
Slide 32: Financials: Group Income Statement
Financials: Group Income Statement Group NGR +6%cc1 with Online NGR +8%cc1 and Retail NGR in line cc YoY4 Half Year ended 20254 20244 Change CC1 Group NGR +3% (+6% cc1). Online NGR +8%cc1, Retail in line cc1 30 June £m £m % % Net gaming revenue 2,627 2,556 3% 6% • UK NGR +9%cc1 with Online +21%cc1 a
Slide 33: UK & Ireland
UK&&Ireland UK Ireland NGR up +9%cc1 with Online +21%cc1 and Retail -2%cc1 Half Year ended NGR +9%cc1 with Online +21%cc1 and Retail - 30 June Total Online Retail 2%cc1 20253 20243 Change 20253 20243 Change 20253 20243 Change • Online NGR +21%cc1 following the levelling of £m £m % £m £m % £m £m % re
Slide 34: International
International International NGR up +3%cc1 with strong underlying performance in key markets Half Year ended NGR -2% (+3%cc1) with Online -2% (+3%cc1) and 30 June Total Online Retail Retail +1% (+4%cc1) 20253 20243 Change 20253 20233 Change 20253 20243 Change • Online NGR +3%cc1 with all major territ
Slide 35: CEE (Croatia and Poland)
CEE (Croatia and Poland) CEE NGR up +7%cc1 reflecting good underlying performance in both Croatia (SuperSport) and Poland (STS) Half Year ended NGR +5% (+7%cc1) with Online +6% (+8%cc1) and 30 June Total Online Retail Retail +1% (+2%cc1), despite a high football 20253 20243 Change 20253 20243 Change
Slide 36: Financials: Statutory Income Statement
Financials: Statutory Income Statement Half year ended 20251 20241 Change Underlying depreciation and amortisation £172m 30 June £m £m % • In line with the previous year Underlying EBITDA 583 524 11% Share based payments (8) (9) 8% Share of JV income £34m Underlying depreciation and amortisation (17
Slide 37: Financials: Separately disclosed items
Financials: Separately disclosed items Profit & Loss1 Cashflow Cashflow Half year ended 2025 2024 2025 Restructuring costs (£38m) 30 June £m £m £m • Ongoing costs associated with the Group’s restructuring program, Project Romer Other total (144) (86) (119) Legal and onerous contract costs (£81m) Res
Slide 38: Financials: Cashflow
Financials: Cashflow Adjusted cash flow was £+80m in H1 2025 (H1 2024 £-35m) Half year ended 2025 2024 Underlying working capital outflow of £35m 30 June £m £m • Reflects 2024 bonus payment EBITDA 583 524 Adjusted net working capital (35) 53 Capital expenditure £162m outflow Tab NZ rev share (33) (2
Slide 39: Financials: Net debt
Financials: Net debt Closing leverage of 3.1x (3.4x inc. DPA liability) with sufficient liquidity to support the Group’s strategy and obligations Half year ended Par Issue costs Total Net debt £3,550m or 3.1x (3.4x incl. DPA liability) 30 June Value £m £m £m Total available cash of c£1bn1 , includin
Slide 40: Additional information
Additional information
Slide 41: Channel split
Channel split Online Retail Half year ended 20253 20243 Change CC1 Half year ended 20253 20243 Change CC1 30 June £m £m % % 30 June £m £m % % Sports wagers 6,970 7,164 (3%) 2% Sports wagers 2,238 2,303 (3%) (2%) Sports margin 15.2% 14.7% 0.5pp 0.5pp Sports margin 19.9% 19.2% 0.7pp 0.7pp Sports NGR 8