**Summary of Entain PLCs Final Results for FY25:**
Entain PLC, a global sports betting and gaming group, reported strong financial results for the year ended December 31, 2025 (FY25), with key highlights as follows
1. **Financial Performance**
**Net Gaming Revenue (NGR)** Total Group NGR, including a 50% share of BetMGM, increased by 7% (8% on a constant currency basis) to £5,325.4 million. Excluding BetMGM, Group NGR grew by 3% (4% cc).
**Underlying EBITDA** Group Underlying EBITDA rose by 8% (cc) to £1,160.1 million, ahead of guidance. Including BetMGM, total Underlying EBITDA was £1,244 million, up 28% (cc).
**BetMGM** BetMGMs net revenue grew by 33% (cc) to $2,796 million, with EBITDA of $220 million, reflecting its inflection to profitability.
**Adjusted Cashflow** Adjusted cashflow was £151 million, ahead of expectations, supported by stronger-than-anticipated BetMGM cash distribution and Entain Underlying EBITDA.
**Statutory Loss** The Group reported a statutory loss after tax of £681 million, primarily due to a £488 million impairment charge related to UK gambling tax increases.
2. **Operational Highlights**
**Online Performance** Online NGR (excluding the US) grew by 5% (6% cc), driven by strong volumes and underlying momentum. Online Underlying EBITDA margin expanded to 25.7%.
**Retail Performance** Retail NGR (excluding the US) declined by 1% (cc), with a focus on market share gains and stable volumes.
**Regional Performance** Strong growth was seen in the UK & Ireland (+6% cc), International (+2% cc), and CEE (+5% cc) regions. Notable markets included Brazil, Italy, and New Zealand.
3. **Strategic Progress**
**BetMGM** BetMGMs profitability supported a $270 million cash distribution to parents and reinforced its pathway to $500 million Adjusted EBITDA by 2027.
**UK Tax Impact** The Group upgraded its expectations to offset over 50% of the incremental UK tax burden from 2027 through optimization initiatives.
**Cash Generation** Entain reaffirmed its confidence in generating at least £500 million of annual adjusted cashflow from 2028.
4. **Outlook**
**FY26 Guidance** Online NGR (excluding the US) is expected to grow by 5-7% (cc), and the Group remains comfortable with market expectations for FY26 Group Underlying EBITDA.
**Margin Expectations** Online Underlying EBITDA margin is projected to be 23-24% in FY26, with a focus on mitigating the impact of UK tax increases.
**BetMGM** BetMGM expects revenue of $3.1-3.2 billion and Adjusted EBITDA of $300-350 million in FY26, with a continued pathway to $500 million Adjusted EBITDA by 2027.
5. **Sustainability and Governance**
**ESG Initiatives** Entain made progress in sustainability, including environmental targets, player protection, and diversity initiatives, maintaining its leadership in ESG ratings.
6. **Corporate Developments**
**CFO Succession** Michael Snape was appointed as Group CFO, succeeding Rob Wood, effective March 6, 2026.
**Dividend** A final dividend of 9.8p per share was declared, representing a 5% increase year-on-year.
**CEO Commentary**
Stella David, CEO of Entain, emphasized the Groups strong underlying momentum, strategic progress, and confidence in delivering sustainable growth and cash generation, despite industry challenges such as tax increases and regulatory changes.
**Conclusion**
Entain PLC demonstrated resilient financial and operational performance in FY25, with strong growth across key segments and regions. The Group remains focused on strategic priorities, including organic growth, margin expansion, and cash generation, while navigating regulatory and tax challenges. The outlook for FY26 is positive, with continued growth expected in online NGR and Underlying EBITDA, supported by BetMGMs strong performance and the Groups optimization initiatives.
| Metric | 2024 (£m) | 2025 (£m) | Change (£m) | Change (%) |
|---|---|---|---|---|
| Net Gaming Revenue (NGR) | 5,161.9 | 5,325.4 | 163.5 | 3% |
| Revenue | 5,089.2 | 5,259.4 | 170.2 | 3% |
| Gross Profit | 3,118.1 | 3,200.1 | 82.0 | 3% |
| Underlying EBITDA | 1,088.8 | 1,160.1 | 71.3 | 7% |
| Underlying Operating Profit | 616.6 | 861.2 | 244.6 | 40% |
| Profit/(Loss) After Tax | (461.0) | (680.5) | (219.5) | N/A |
| Net Debt | 3,042.3 | 3,118.4 | 76.1 | 3% |
| Adjusted Net Debt | 3,339.1 | 3,644.2 | 305.1 | 9% |