Slide 1: 2025 Full Year Results
=ntain 2025 FULL YEAR RESULTS 5 March 2026
Slide 2: Disclaimer
Disclaimer 2 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE This presentation includes statements that are, or may be deemed to be, “forward-looking OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE statements”, including with respect to Ent
Slide 3: Stella David, Chief Executive Officer
3 4 Stella David Chief Executive Officer
Slide 4: Agenda
4 AGENDA 4Introduction & overview 4FY25 Financial review & FY26 outlook 4Strategic performance 4Summary 4Q&A
Slide 5: FY 2025 Overview
FY 2025 OVERVIEW 5 Strong FY25 performance reflects underlying momentum & operational delivery 4 Consistent, broad-based growth across Group including BetMGM transformational year 4 EBITDA ahead of expectations with meaningful improvement in adjusted cashflow Accelerating improvement journey; streng
Slide 6: Rob Wood, CFO & Deputy CEO
6 4 Rob Wood CFO & Deputy CEO
Slide 7: FY25 Key Financial Highlights
FY25 KEY FINANCIAL HIGHLIGHTS 7 Net Gaming Revenue (NGR) EBITDA Group Group Online Group Group Online Margin (inc. US) (exc. US) (exc. US) (inc. US) (exc. US) (exc. US) £6.4bn £5.3bn £3.9bn £1,244m £1,160m 25.7% +7%, +8%cc +3%, +4%cc +5%, +6%cc +25%, +28%cc +7%, +8%cc +0.4pp Other key financial metr
Slide 8: FY25 Online Growth
FY25 ONLINE GROWTH 8 Consistent strong growth in Net Gaming Revenue and Volume Online Net Gaming Revenue & Volume1 (exc. US) Delivering consistent growth 4 Seven consecutive quarters of growth 4 Reflects operational execution across a high quality and diverse portfolio 13% 10% 9% 9% 7% 7% 5% 8% 8% T
Slide 9: FY25 NGR Segmental Performance
FY25 NGR SEGMENTAL PERFORMANCE 9 Broad based Online growth across our portfolio Segmental Net Gaming Revenue Online NGR +11% (inc. US), +6% (exc. US) 4 UK&I +15% % of NGR YoY Growth Double digit volume growth and market share gains Online1 UK&I UK & Ireland 23% 15% 4 International +2% Intl Australia
Slide 10: FY25 EBITDA Bridge
FY25 EBITDA BRIDGE 10 Ahead of expectations, with strong EBITDA growth across the Total Group Group EBITDA (exc. US) Total Group EBITDA (inc. US) EBITDA (exc. US) £1,160m, £+71m, +7% YoY – £+90m, +8% on a constant currency basis £+71m YoY +7% £+249m YoY +25% 4 FX EBITDA £-19m £178m £1,244m – Stronge
Slide 11: FY25 Cashflow and Net Debt
FY25 CASHFLOW AND NET DEBT 11 Stronger than expected adjusted cashflow and improving look-through leverage Adjusted cashflow4 of £151m, £+173m YoY Cashflow and net debt 4 Stronger than anticipated Entain and BetMGM EBITDA 4 BetMGM commenced distribution of Cash to Parents As at 31 December Key metri
Slide 12: BetMGM Is Delivering
BETMGM IS DELIVERING 12 Continued Revenue growth, expanding Adjusted EBITDA1 and Cash to Parents1 BetMGM Net Revenue and EBITDA 2025 ahead of upgraded expectations Guidance2 4 Successful ongoing execution of refined strategy 4 Strong and profitable growth across Online Sports and iGaming $3.1-3.2bn
Slide 13: 2026 Outlook
2026 OUTLOOK 13 Confidence in our ability to deliver, despite evolving regulatory landscape Comfortable with FY26 market expectations3 Guidance 4 Online NGR growth in line with markets 4 Marketing H1 weighted reflects tournament year 4 Higher UK gambling taxes from April 2026 Entain 2026 Online Net
Slide 14: Stella David, Chief Executive Officer
14 4 Stella David Chief Executive Officer
Slide 15: Strategy
STRATEGY 15 Evolved priorities reflect progress, elevated ambitions & emboldened mindset Vision A Tier 1 operator in the global betting and gaming sector Mission To deliver the most entertaining customer experience supported by in-market-leading player protection Organic Margin Cash Growth Expansion
Slide 16: Quality Portfolio, Podium Positions
QUALITY PORTFOLIO, PODIUM POSITIONS 16 Entain’s largest 16 Online markets1 13 Market2 Rank 1 Rank 2 Rank 3 Rank 4 US Competitor 1 BetMGM UK Competitor 1 Entain Competitor 2 ENTAIN IT Competitor 1 Entain Podium positions BR Competitor 2 Entain CA Entain / BetMGM AU 94% Competitor 1 Entain DE Entain C
Slide 17: Quality Portfolio, Diversified and Growing
QUALITY PORTFOLIO, DIVERSIFIED 17 AND GROWING % of Entain (inc. US) NGR from markets: Podium positions (Entain top 16 markets1) Product and Geographic diversity Entain (inc. US) NGR - channel & product 98% Gaming 100% 97% Gaming 13 Online Retail 75% Sports Sports 50% Entain (inc. US) Online NGR - ge
Slide 18: Strategy in Action
STRATEGY IN ACTION 18 Improving operational execution and scale benefits leveraged across the portfolio UK ES CA Online: +4pp EBITDA margin Bwin brand relaunch Marketing optimisation 4 Marketing (2pp) & CoS (0.5pp)1 Award winning bwin brand campaign Optimised performance marketing 4 Segmentation of
Slide 19: Online Retention & Acquisition
ONLINE RETENTION & ACQUISITION 19 Net Revenue Retention remains over 90%, an important threshold for maintaining strong growth Entain approximate annual NGR Online NRR (Retention KPI)1,2 Online NCC (Acquisition KPI)1,3 by cohort, in a flat year trailing twelve months trailing twelve months New playe
Slide 20: Optimising - Operational Excellence
OPTIMISING - OPERATIONAL EXCELLENCE 20 Enhanced efficiency and agility for Entain to maximise opportunities in next phase of journey Cost of Sales Marketing ROI Operating Costs 4 Gaming Royalties 4 Performance marketing 4 Product & Technology 4 Payment Service Providers 4 Brand marketing 4 Corporate
Slide 21: EBITDA & Cash Outlook Is Strong
EBITDA & CASH OUTLOOK IS STRONG 21 Over the medium term we will deliver EBITDA growth, £500m+ annual adjusted cashflow1 and improve leverage Group EBITDA (inc. US) and Adjusted cashflow1 Adjusted cashflow1 Look-through leverage2 c.50% CAGR £1,244m c.20% CAGR £1,089m £500m+ £1,008m 4.3x £500m+ 3.6x 2
Slide 22: Summary
SUMMARY 22 Strong FY25 performance reflects successful strategic improvement More to do… evolved strategic priorities to accelerate through next phase Optimisation initiatives drive upgraded expectation to offset >50% incremental UK taxes from 2027 High quality diversified portfolio of podium positi
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Slide 24: Appendix
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Slide 25: 2025 Q4 Trading
2025 Q4 TRADING 25 NGR (cc1) 4Q25 FY25 Group inc. 6% 8% 50% of BetMGM 4 Group NGR growth, +1%cc1 in Q4, and +4%cc1 including the Group's 50% share of BetMGM NGR Group exc. US 1% 4% 4 Strong underlying volume2 growth in all Online Online 3% 6% segments in the final quarter, offset by customer UK & Ir
Slide 26: 2026 Detailed Guidance
2026 DETAILED GUIDANCE 26 Group EBITDA Cashflow 4 Total Group EBITDA (inc. US) stable year-on-year 4 Working capital inflow (partial reversal of 2025 outflow) 4 Entain Group EBITDA comfortable with market expectations1 4 Capex c£320m, including licence costs Online 4 Cash interest c£220m, plus c£15m
Slide 27: FY26 Deferred Tax Asset (DTA)
FY26 DEFERRED TAX ASSET (DTA) 27 Entain expects to meet accounting requirements to recognise a DTA in FY26, relating to historic BetMGM losses 2018-2025 2026 2027 - onwards Entain P&L Entain P&L Entain P&L 4 Effective Tax Rate (ETR) shown pre-FX, 4 ETR c.30% pre-FX, inc. BetMGM (exc. 4 ETR pre-FX, i
Slide 28: Financials: Group Income Statement
FINANCIALS: GROUP INCOME STATEMENT 28 Group NGR +4%cc1 with Online NGR +6%cc1 and Retail NGR -1%cc1 YoY 20254 20244 Change CC1 Year ended 31 December £m £m % % Group NGR +3% (4%cc1). Online NGR +6%cc1, Retail -1%cc1 Net Gaming Revenue 5,325 5,162 3% 4% 4 UK NGR +6%cc1 with Online +15%cc1 and Retail
Slide 29: UK & Ireland
UK & IRELAND 29 NGR up +6%cc1 with Online +15%cc1 and Retail -2%cc1 Year ended 31 December Total Online Retail NGR +6%cc1 with Online +15%cc1 and Retail 20252 20242 Change 20252 20242 Change 20252 20242 Change -2%cc1 £m £m % £m £m % £m £m % 4 Online NGR +15%cc1 following the Sports wagers 5,151 4,92
Slide 30: International
INTERNATIONAL 30 NGR up +2%cc1 reflecting volume growth offset by lower sport margin Year ended 31 December Total Online Retail NGR in line YoY (+2%cc1) with Online in line 20252 20242 Change 20252 20242 Change 20252 20242 Change (2%cc1) and Retail +3% (+3%cc1) £m £m % £m £m % £m £m % 4 Online NGR +
Slide 31: CEE
CEE (Croatia and Poland) 31 NGR up +5%cc1 reflecting good underlying performance in both Croatia (SuperSport) and Poland (STS) Year ended 31 December Total Online Retail NGR +7% (+5%cc1) with Online +8% (+6%cc1) 20252 20242 Change 20252 20242 Change 20252 20242 Change and Retail +1% (in line cc1) £m
Slide 32: Financials: Statutory Income Statement
FINANCIALS: STATUTORY 32 INCOME STATEMENT 2025¹ 2024¹ Change Year ended 31 December £m £m % Underlying depreciation and amortisation £353m Underlying EBITDA 1,160 1,089 7% 4 Increase driven by investment in product & technology and offices Share based payments (12) (13) (9%) Share of JV income £66m
Slide 33: Financials: Separately Disclosed Items
FINANCIALS: SEPARATELY 33 DISCLOSED ITEMS Profit & Loss1 Cashflow Cashflow 2025 2024 2025 Year ended 31 December £m £m £m Restructuring costs (£54m) Provision for civil penalty (54) – (4) 4 Ongoing costs associated with the Group’s restructuring program, Project Romer Other total (165) (113) (228) R
Slide 34: Financials: Cashflow
FINANCIALS: CASHFLOW 34 Adjusted cashflow was £+151m in the year ended 2025 (2024: £-22m) Year ended 31 December 2025 £m 2024 £m Movement Working capital outflow of £60m EBITDA 1,160 1,089 71 4 Outflow in line with guidance due to an unwind against the materially Adjusted net working capital1 (60) 1
Slide 35: Financials: Net Debt
FINANCIALS: NET DEBT 35 Closing leverage of 3.1x with sufficient liquidity to support the Group’s strategy and obligations Issue costs/ Net debt £3,644m or 3.1x Par value Premium Total Total available cash2 of over £900m, including RCF £m £m £m £m's Term loans (3,722) 51 (3,670) 1,602 1,600 Interest
Slide 36: Additional Information
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Slide 37: Channel Split
CHANNEL SPLIT 37 Online Retail Year ended 20253 20243 Change CC1 Year ended 20253 20243 Change CC1 31 December £m £m % % 31 December £m £m % % Sports wagers 14,635 14,393 2% 4% Sports wagers 4,485 4,493 -% -% Sports margin 14.4% 14.7% (0.3pp) (0.3pp) Sports margin 19.7% 19.5% 0.2pp 0.2pp Sports NGR
Slide 38: BetMGM Cash to Parents
BETMGM 38 ‘Cash to Parents’ impact on Entain accounts From 2026 ‘Cash to Parents’ consists of two components, and impacts Entain’s P&L and cashflow statements This change does not impact total underlying operating profit or total cashflow, and has no impact on prior periods Entain P&L Entain P&L Ent
Slide 39: FY25 Online Growth
FY25 ONLINE GROWTH 39 Historic view of Online NGR, including normalised data points Online Net Gaming Revenue (exc. US) 13% 11% 10% 10% 9% 9% 7% 6% 6% 5% 3% (2)% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 YoY proforma, constant currency YoY normalised¹ Note: all numbers presented on proforma, constant curren