Entain plc (ENT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everybody and welcome to Entain's 2025 results presentation. I'm delighted to be here to present a strong set of results. I'm joined this morning on stage by Rob Wood, our CFO and Deputy CFO and I also have members, by the way can you hear me? Good, good. OK. Always helps in a presentation to be heard, I think. Anyway, I'm also joined by the IR team here in the audience. We also have senior members of the executive team in the audience as well. And we have our new CFO designate, Michael Snape, who's in the front row as well. So welcome to everybody. And now onto the agenda. I'm going to start with the headlines and some of the highlights of our strong progress. After that, Rob will then take you through the financials and provide you with the guidelines for 2026. And then it's going to be back to me to discuss our strategic delivery, how our priorities are evolving to further accelerate our performance, and why we have confidence in our pathway to earnings growth, margin expansion, and cash generation, including our conviction that we are going to hit at least $500 million of annual adjusted cash flow from 2028. And then finally, I will briefly wrap up before we open everything to your questions. But before I actually do move on to 2025 financial performance, this is the first time that I have spoken publicly since the UK budget back in November. The UK government's decision to dramatically increase taxes on the gambling sector was extremely disappointing. It opens the door to the illegal black market who pay no tax, do not have a license, and offer no player protections. However, During this period of turmoil, we will invest wisely in the UK and we will seize the opportunity to gain share from the long tail of subscale operators who quite frankly are il...