Entain Plc · LSE:ENT
Entain — Investor Presentation (February 2026)
19 slides from Entain's investor presentation, Feb 4, 2026
Slide 1: Business Update
BUSINESS UPDATE February 4 th , 2026
Slide 2: Disclaimer
Disclaimer This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdic tion where such offer or sale is not permitted. Any securities referred to herein, if any, have not been, and will not be, registered under the Securities Act of 1
Slide 3: Agenda
Agenda Business Review • Performance & Outlook • iGaming • Online Sports Adam Greenblatt Chief Executive Officer • Omnichannel / Nevada Financials Conclusion Q&A 3
Slide 4: Q4/2025 Financial Highlights and 2026 Full-Year Outlook
Performance & Outlook iGaming Online Sports Omnichannel / Nevada Strong 2025 performance, including a nearly $500M YoY EBITDA improvement, supported by successful strategi 1 1 2026 Full-Year Outlook Q4/2025 Financial Highlights 2025 Net Revenue 2025 EBITDA 2026 Net Revenue $2.80billion $220million $
Slide 5: iGaming: Robust growth driven by player volume and attractive player economics
Performance & Outlook iGaming Online Sports Omnichannel / Nevada iGaming: Robust growth driven by player volume and continued attractive player economics 2025 Year 1,2 -on-Year % Growth Content Library Depth & Quality Player Volume Player Engagement Led by -house in titles, omni offerings, and exclu
Slide 6: Online Sports: Strategic refinement driving improving KPIs
Performance & Outlook iGaming Online Sports Omnichannel / Nevada Online Sports: Strategic refinement driving improving KPIs across player engagement and value 2025 Year 1,2,3 -on-Year % Growth Targeted Acquisition Player Base Player Engagement Player Staking & Value Optimized marketing spend allocat
Slide 7: Omnichannel: Nevada realized its true potential as a differentiator
Performance & Outlook iGaming Online Sports Omnichannel / Nevada Omnichannel: Nevada realized its true potential as a differentiator for BetMGM in 2025 Nevada 2025 Year 1,2 -on-Year % Growth NV Digital – Acquisition & Platform Meaningful marketing + platform improvements, includin NV Performance Acc
Slide 8: Agenda
Agenda Business Review Financials Gary Deutsch • Q4/2025 Highlights Chief Financial Officer • Q4/2025 P&L Summary • Parent Cash Delivery • Beyond 2026 Conclusion Q&A 8
Slide 9: Financial Highlights: Strong Q4 drove 2025 guidance beat
Q4/2025 Highlights Q4/2025 P&L Summary Parent Cash Delivery Beyond 2026 Financial Highlights: Strong Q4 drove 2025 guidance beat BetMGM Q4 and 2025 Net Revenue1Summary $’s in millions Q4 2025 2025 +33% Total Net Revenue 780 2,796 2025 % YoY growth Net RevenueGrowth +39% +33% iGaming Net Revenue 481
Slide 10: BetMGM P&L Summary: Meaningful distributions back to parents
Q4/2025 Highlights Q4/2025 P&L Summary Parent Cash Delivery Beyond 2026 BetMGM P&L Summary: Meaningful distributions back to parents driven by sharp inflection to profitability 1 Q4 and 2025 BetMGM Financial Summary • 2025 EBITDA of $220 million (nearly$500million improvement YoY) $’s in millions Q4
Slide 11: Cash to Parents from 2026 onwards
Q4/2025 Highlights Q4/2025 P&L Summary Parent Cash Delivery Beyond 2026 Cash to Parents from 2026 onwards Parent viaFees and cash distributions of excess cash Cash to Parents 1 1 Parent Fees + 2 Excess Cash • Triggered as BetMGM hit • So long as min unrestricted cash long-term profitability, per JV
Slide 12: On pathway consistent with delivering c$500 million of Adj. EBITDA in 2027
Q4/2025 Highlights Q4/2025 P&L Summary Parent Cash Delivery Beyond 2026 1 On pathway consistent with delivering c$500 million of Adj. EBITDA in 2027 EBITDA “Headline” ‘25 -’26 flowthrough ~30% ‘26-’27 Adjusted EBITDA flowthrough –45%~40 Flow-Through “Normalized”-’26 ‘25 flowthrough –45% ~40 c$500 mi
Slide 13: Conclusion
Successful strategic execution delivered strong FY25 results, ahead of expectations; to profitability delivered FY25 EBITDA of $220 (nearly million YoY)1 $500 million improvement Leading iGaming offer underpinned by strong growth in player volumes and attracti Agenda 1 economics; FY25 Contribution o
Slide 14: Questions & Answers
= BETMGM y, NY) MAKE IT Legendary QUESTIONS & ANSWERS
Slide 15: Appendix
BETMGM ms ©) MAKE IT Legendary APPENDIX
Slide 16: BetMGM Quarterly Net Revenue Summary
BetMGM Quarterly Net Revenue Summary BetMGM 2025 Quarterly Net Revenue Summary $’s in millions Q1 Q2 Q3 Q4 2025 1 Total Net Revenue 657 692 667 780 2,796 % YoY growth 34% 36% 23% 39% 33% iGaming Net Revenue 443 449 454 481 1,827 % YoY growth 27% 29% 21% 18% 24% Online Sports Net Revenue 194 228 202
Slide 17: BetMGM Estimated GGR Share by Product (U.S. and Canada)
BetMGM Estimated GGR Share by Product (U.S. and Canada) Estimated GGRMarket Share (Online Sports and iGaming) 25% 2x Total GGR share nearly that of next ranked competitor 20% 21% 15% 13% 10% 8% 5% - 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 BetMGM OSB GGR Share BetMGM iGaming GGR Share BetMGM Total GGR Sh
Slide 18: BetMGM Estimated NGR Share (U.S. and Canada)
BetMGM Estimated NGR Share (U.S. and Canada) 1 Estimated NGR Market Share By Operator (Online Sports and iGaming) 45% 40% 35% 33% 30% 26% 25% 20% 17% 15% 10% 8% 6% 5% 3% - Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 Competitor 1 Competitor 2 BetMGM Competitor 3 Competitor 4 Competitor 5 1) Estimated total North
Slide 19: BetMGM
= BETMGM NY) MAKE IT Legendary