Entain ADR (6GI0) Q2 2026 Earnings Report

The call presented a positive operational and commercial momentum—notably online growth, market-share gains in several markets, cash-flow improvement and a clear cost optimization plan—while acknowledging meaningful headwinds from a stepped-up U.K. gaming tax, regional margin volatility (notably Brazil and Italy), higher marketing phasing and elevated leverage. Management reiterated guidance and set explicit targets (GBP 500m adjusted cash flow by 2028, GBP 100m cost savings by end-2027) and actions (CEE divestment, role reductions and capital reallocation) to address the challenges.

Entain reiterated FY‑26 guidance for online NGR growth of 5–7% (constant currency) and an online margin of 21–22%, said it is comfortable with EBITDA consensus, and reconfirmed its goal to deliver GBP 500m of adjusted cash flow by 2028 (including BetMGM and the remaining 47.5% of CEE). In H1 the group reported continuing NGR +5% CC (online +7% with volume +9%), group EBITDA GBP 479m (including GBP 7m BetMGM parent fees; reported -2% y/y), EPS excl. CEE 20.3p, an interim dividend of 10.3p (+5%), adjusted cash flow of GBP 43m (GBP 77m including net cash from 67.5% CEE), net debt broadly stable at GBP 3.6bn and reported leverage 3.1x (3.3x incl. the DPA). Management expects to offset the GBP 56m H1 EBITDA headwind from the UK tax increase (21%→40%) via GBP 100m net annualized run‑rate savings by end‑2027 (has removed ~500 roles), is progressing the 20% CEE sale for EUR 425m (Q4) with proceeds to reduce debt, and aims to finish the year with net debt below 2025 levels and reported leverage below 3x.