Slide 1: H1 2026 Results
=ntain Hi 2026 RESULTS 13th August 2026 > DETERMINATION AT PLAY
Slide 2: Disclaimer
2 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION W HERE 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”) solely for
Slide 3: Stella David, Chief Executive Officer
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Slide 4: Agenda
4 Introduction & overview H1 2026 Financial review & outlook Business performance – Why We Win Strategic update Summary Q&A
Slide 5: Strong start to FY26 - continuing focused execution & strengthening operations
5 Strong start to FY26 - continuing focused execution & strengthening operations – Online and Retail performing ahead of expectations – Enhanced product and player experiences – Strong player engagement throughout World Cup Strategic progress - building better connected, sharper & more agile bus
Slide 6: Michael Snape, Chief Financial Officer
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Slide 7: H1 2026 key financial metrics
7 Grey - inc. CEE, reported as discontinued1 Group NGR Online NGR Group EBITDA2 Online EBITDA £2.5bn £1.8bn £479m £395m +5%cc +7%cc -2% 21.4% margin £2.8bn +5%cc £2.1bn +7%cc £574m -2% £490m 23.5% margin EPS adj. diluted3 Adjusted cashflow4 Net debt Interim dividend 20.3p £43m £3.6bn 10.3p/share -19
Slide 8: Double digit growth and market share gains
8 Double digit growth and market share gains Outperforming the market and gaining share Double digit growth in Gaming & Sports – Lapping tough prior year comps & digesting increased UK remote gaming tax in Q2 Ongoing product and player experience enhancements – Combined with bonus optimisation
Slide 9: Strong volume growth and improving trends through Q2
9 Strong volume growth and improving trends through Q2 Volume growth offset by customer friendly margins Australia ahead of expectations (NGR +13%) – Reinvigorated business continues to gain market share Brazil (NGR -25%) reflects highly competitive market & customer friendly sports margins –
Slide 10: Discontinued operations following announced phased-exit
10 Discontinued operations following announced phased-exit Reported as discontinued operations Agreed 20% divestment, expected to close Q4-26 Continues to perform well, returned to double digit growth in Q2 SuperSport & STS remain #1 in market £m H1-26 H1-25 YoY Net Gaming Revenue1 235 211 +
Slide 11: Outperforming underlying markets
11 Outperforming underlying markets Continued strong performance, H1 ahead of expectations UK&I estate remains best on High street – H1 NGR +3% on LFL2 basis outperformed market – Strong brands, cabinets and experience – Strengthened multi-channel proposition Italy, volume driven growth £m H1-
Slide 12: Group EBITDA
12 Group EBITDA Group EBITDA £479m (inc. £7m parent fees) – Excludes £95m from CEE1 (stable YoY) YoY £-9m (-2%) £16m Group EBITDA down YoY as anticipated, although better than expected due to strong H1 performance £7m £7m FX benefit £+16m £22m (£5m) UK Tax increase impact £-56m (£56m) Onli
Slide 13: Stronger cash generation underpinned by resilient EBITDA and disciplined investment
13 Stronger cash generation underpinned by resilient EBITDA and disciplined investment Operating cashflow (exc. CEE) £274m, £+8m YoY £m H1-26 H1-25 YoY – Reflects controllable levers to improve efficiency EBITDA exc. Parent Fees 473 489 (16) – Tracks cash conversion progress Tab NZ rev share (35)
Slide 14: Reducing leverage and improving balance sheet flexibility are priorities
14 Reducing leverage and improving balance sheet flexibility are priorities Leverage profile Stable Adjusted Net Debt of £3.6bn – Despite UK gambling tax increases – Improvement in cashflow Leverage Leverage inc. DPA1 inc. DPA1 Reported leverage1 stable at 3.1x – 3.3x inc. DPA, improved vs FY25,
Slide 15: Guidance 2026
15 Excluding Entain CEE, as reported as discontinued operations Reiterating FY26 Online NGR guidance (5-7%cc growth) Guidance 2026 5-7% growth, Remain comfortable with market expectations for FY26 Online Net Gaming Revenue EBITDA (exc. CEE) constant currency – Marketing phasing HoH less pronounc
Slide 16: Why We Win
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Slide 17: Strong momentum in Australia, New Zealand and the UK&I
17 Strong momentum in Australia, New Zealand and the UK&I – Entain’s largest market UK Online & Retail performing strongly & gaining market UK&I Online share – Gaming strength maintained, Sportsbook opportunity supported by product upgrades – Coin economy strategy increasing customer engagement, l
Slide 18: Largest, fastest growing regulated markets in Americas & Southern Europe
18 We operate in many of the largest, fastest growing, regulated markets in Americas & Southern Europe inc. Brazil, Italy, Canada & Spain Distinctive local brands powered by Entain’s global Proven growth playbook technology, insights and scale Entain Spain Net Gaming Revenue Spain, turnaround & ma
Slide 19: Data, AI and shared capabilities
19 Data, AI and shared capabilities Product enhancements Proven growth playbook – Enhancing customer experience and efficiency driving engagement across the Group Increasingly connected and agile business – Enabling successful initiatives to scale rapidly across markets World Cup product enhan
Slide 20: Making our business stronger, sharper and more efficient
20 Making our business stronger, sharper and more efficient Organic growth WHY WE Engaging experiences and best-in-class content for our players WIN Unlocking Entain's advantage Margin expansion Disciplined execution and improving operating leverage leveraging scaled data Cash generation & capabilit
Slide 21: Unlocking efficiencies to amplify operating leverage
21 Unlocking efficiencies to amplify operating leverage and accelerate future growth Focus area Key initiatives TOTAL EBITDA benefit Cost of sales – Supplier & royalty renegotiation (exc. gambling taxes) – Payment Service Provider optimisation – Performance marketing led strategy Marketing & – Brand
Slide 22: Margin expansion & cash generation provide capital structure flexibility
22 Focus on margin expansion & cash generation provides capital structure flexibility to deliver shareholder value Strategic Organic Margin Cash Priorities growth expansion generation – Disciplined approach with ROI lens Returns-led investment – Reinvestment to drive organic growth – Dynamic approac
Slide 23: Stella David, Chief Executive Officer
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Slide 24: Strong start to FY26 reflecting focused execution
24 Strong start to FY26 reflecting focused execution & strengthening operations Building stronger, sharper, more efficient and better-connected business Global, scaled and diverse portfolio operating in structural growth industry Strategic focus on cash generation through disciplined capital
Slide 25: Q&A
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Slide 26: Thank you
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Slide 27: Detailed financial guidance
27 Group EBITDA Cashflow Entain Group EBITDA range £910-£960m Working capital inflow (partial reversal of 2025 outflow) - Comfortable with market expectations1 Capex c£290m, including licence costs Retail EBITDA to be flat YoY (exc. CEE) Cash interest c£220m, plus c£15m IFRS 16 DPA settl
Slide 28: Group income statement summary
28 20262 20252 Change2 CC1,2 Six months to 30 June £m £m % % Group NGR +7%2 (5%cc1,2): Online NGR +7%cc1,2, Retail +1%cc1,2 Net gaming revenue (NGR) 2,545 2,373 7% 5% – UK NGR +8%cc1 with Online +13%cc1 and Retail +2%cc1 EU VAT/GST (38) (31) (21%) (17%) – International NGR +3%cc1 with Online +4%cc
Slide 29: Group results by segment, continuing operations
29 Six months to 30 June Total Online Retail Corporate 20261 20251 Change 20261 20251 Change 20261 20251 Change 20261 20251 Change £m £m % £m £m % £m £m % £m £m % Sports wagers 9,408 8,448 11% 7,167 6,334 13% 2,242 2,114 6% Sports margin 15.0% 15.6% (0.6pp) 13.8% 14.3% (0.5pp) 18.9% 19.4% (0.5pp) Sp
Slide 30: Group results by segment, including discontinued operations
30 Six months to 30 June Total Online Retail Corporate 20261 20251 Change 20261 20251 Change 20261 20251 Change 20261 20251 Change £m £m % £m £m % £m £m % £m £m % Sports wagers 10,246 9,208 11% 7,891 6,970 13% 2,355 2,238 5% Sports margin 15.8% 16.3% (0.5pp) 14.7% 15.2% (0.5pp) 19.3% 19.9% (0.6pp) S
Slide 31: UK & Ireland: NGR up 8%cc
31 NGR up +8%cc¹ with online +13%cc¹ and retail +2%cc¹ Total Online Retail 2026 2025 Change 2026 2025 Change 2026 2025 Change Six months to 30 June £m £m % £m £m % £m £m % Sports wagers 2,761 2,593 6% 1,349 1,247 8% 1,412 1,347 5% Sports margin 16.6% 16.7% (0.1pp) 13.7% 13.5% 0.2pp 19.4% 19.7% (0.3p
Slide 32: International: NGR up 3%cc
32 NGR up +3%cc¹ reflecting volume growth offset by lower sports margin Total Online Retail 2026 2025 Change 2026 2025 Change 2026 2025 Change Six months to 30 June £m £m % £m £m % £m £m % Sports wagers 6,647 5,855 14% 5,818 5,087 14% 829 768 8% Sports margin 14.4% 15.1% (0.7pp) 13.8% 14.5% (0.7pp)
Slide 33: CEE discontinued operations: NGR up 2%cc
33 NGR up +2%cc¹ strong underlying volumes more than offsetting Q1 customer friendly sports results Discontinued Operations Total Online Retail 20262 20252 Change 20262 20252 Change 20262 20252 Change Six months to 30 June £m £m % £m £m % £m £m % Sports wagers 838 760 10% 724 636 14% 113 124 (8%) Sp
Slide 34: Underlying D&A, JV income and finance costs
34 20261 20251 Change Underlying D&A £169m Six months to 30 June £m £m % – £-7m YoY, reflecting continued product investment Underlying EBITDA 479 489 (2%) Share-based payments (11) (8) (39%) Share of JV income £20m – Primarily BetMGM income of £20m Underlying depreciation and amortisation (169)
Slide 35: Separately disclosed items
35 Profit & Loss1 Cashflow 2026 2025 2026 Legal and onerous costs £96m Six months to 30 June £m £m £m Legal and onerous costs (96) (17) (85) – Primarily reflects £80m increase in Germany player claims provision Other total: (57) (141) (13) Restructuring costs 16 35 (16) Other total £57m Movement
Slide 36: Adjusted cashflow
36 Adjusted cashflow3 was £77m in the period ended 30 June 2026 (2025: £59m) 2026 2025 Change Underlying working capital £52m Six months to 30 June £m £m £m – Inflow includes UK gambling tax increase Continuing underlying EBITDA 479 489 (9) Parent fees (7) - (7) Capital expenditure £131m Continu
Slide 37: Reported leverage of 3.1x with sufficient liquidity
37 Reported leverage1 of 3.1x with sufficient liquidity to support the Group’s strategy and obligations Net debt £3,599m or 3.1x reported leverage1 Issue costs/ A Par value Premium Total Total available cash3 of £0.9bn, including RCF As at 30 June 2026 A £m £m £m £m's Term loans and bonds (3,716) 45
Slide 38: Additional Information
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Slide 39: NGR growth by quarter and segment
39 NGR (YoYcc1) Q1 2026 Q2 2026 H1 2026 Group 4% 7% 5% Online 6% 8% 7% Retail (1%) 3% 1% UK & Ireland 6% 9% 8% Online UK&I 13% 14% 13% Retail UK&I (1%) 4% 2% International 1% 5% 3% Online International 2% 5% 4% Retail International (4%) 1% (2%) CEE (discontinued2) (6%) 12% 2% Online CEE (discontinue
Slide 40: Online Net Gaming Revenue & Volume
40 Online Net Gaming Revenue & Volume (exc. discontinued ops) Online Net Gaming Revenue & Volume (inc. discontinued ops) 13% 13% 10% 10% 9% 9% 11% 9% 9% 9% 8% 10% 7% 7% 7% 7% 8% 8% 6% 8% 8% 7% 5% 7% 6% 6% 6% 6% 6% 5% 3% 3% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 2024 2025 2026
Slide 41: 'Cash to Parents' impact on Entain accounts
41 ‘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 Entain Cas