Half Year 2026 Entain PLC Earnings Call Transcript
Key Points
- Entain PLC (GMVHF) delivered a strong first half with online NGR up 7% and retail ahead of expectations, marking the ninth consecutive quarter of online growth.
- The UK and Ireland online business achieved 13% NGR growth, gaining market share despite higher taxes and tough comparators.
- Australia, Spain, Canada, and New Zealand each delivered double-digit growth, with Australia up 13% due to successful brand reinvigoration.
- The World Cup drove strong customer acquisition, with first-time deposits double those of the previous World Cup and BetBuilder stakes more than doubling.
- The company reaffirmed its 2026 guidance and $500 million adjusted cash flow target by 2028, supported by cost optimization and disciplined capital allocation.
- Group EBITDA declined 2% year-on-year due to the UK gaming tax increase, which had a $56 million negative impact in H1.
- Brazil faces an intense and challenging regulatory and competitive environment, with disappointing growth rates and a disciplined investment approach limiting top-line expansion.
- Sports margins were a drag in international online, particularly in Brazil and Italy, due to customer-friendly results and tough comparatives.
- Italy is losing online market share, with sports underperforming despite double-digit iGaming growth, requiring revitalization efforts.
- The phased exit from Entain CEE and a more cautious BetMGM outlook create uncertainty, though the company remains confident in its cash flow target.
Good morning and welcome to Entain's 2026 interim results presentation. And I'm delighted to be speaking to you again and sharing another strong set of Entain results.
It's been a busy first half with lots of progress across the business.
So I will begin with an overview of our first half, touching on the highlights of our performance and strategic progress delivered so far this year.
I will then hand over to our CFO, Mike Snape, who will provide greater detail on our financial performance and outlook for 2026.
Next, you will hear from our Chief Commercial Officers, Andy Hicks and Kerry Sloan, who both will discuss how Entain is winning in the markets and driving growth across the group.
Mike will then return to outline the actions we're taking to support this growth, to accelerate operational excellence and deliver shareholder value.
And finally, I will conclude with a few closing remarks before we open to take your questions.
So, turning to the headlines.
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