Entain believes it can generate at least £500m of annual adjusted cashflow in 2028
Entain has heralded a strong performance in 2025 with underlying EBITDA ahead of expectations allowing it to reiterate confidence in generating at least £500m adjusted cashflow from 2028.
It reported group loss after tax of £681m after charging separately disclosed items, including a £488m impairment related to UK Gambling tax increases, finance charges, exchange differences and tax.
Revenue, including its 50 per cent share of BetMGM, was up seven per cent, with Entain up three per cent and BetMGM up 33 per cent. UK & Ireland revenue, which includes Ladbrokes and Coral, was up six per cent, ahead of expectations, with online up 15 per cent with continued double-digit volume growth supporting further market share gains and retail down two per cent with market share gains and stable volumes. Brazil was down one per cent with stable market share and strong volume growth offset by sports margins falling by 3.3 per cent during the second half of the year.
Australia was down six per cent with positive year-on-year volume growth in the second half of the year offset by customer-friendly sports results. Italy was up six per cent with retail up seven and online up five.
Entain experienced double-digit online growth in Georgia, Spain, Canada, Greece and New Zealand, as well as significant recovery in online trends in Belgium & Netherlands during the second half.
Stella David, CEO of Entain, commented: “2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of our strategic and operational progress and the results it is delivering.
“Entain’s diverse and globally scaled portfolio of podium positions, is more important than ever to ensure we are a long-term winner in our industry. The business has never been in better shape and is well positioned to not only navigate the tax and regulatory challenges facing our industry, but to seize them as opportunities.
“I am excited about the future as we evolve our strategic priorities, accelerate our performance, and maintain our focus on sustainable growth and cash generation. I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow from 2028.”
Entain expects full year online growth of five to seven per cent in 2026, excluding BetMGM.
In 2026, online underlying EBITDA margin is expected to be in the range of 23 to 24 per cent, which includes its unchanged expectation to mitigate approximately 25 per cent of the impact of the increased UK online gambling tax being implemented from 1 April 2026. From 2027, Entain has upgraded its expectations to offset over 50 per cent of this incremental UK tax burden through group-wide optimisation initiatives, returning underlying EBITDA to its upward trajectory year-on-year.
Entain added: “The group’s global scale, diversity and strong UK market position sees us well placed to navigate regulatory and tax changes, with short-term challenges providing strategic opportunities. Supported by revenue growth and the Group’s intensified focus on cash generation, Entain reaffirms its confidence in generating at least £500m of annual adjusted cashflow in 2028, despite the increase in UK online gambling tax.”
As previously announced, in FY26 BetMGM expects to deliver revenue of $3.1bn to 3.2bn and Adjusted EBITDA of $300 to 350m, with confidence in its pathway to delivering $500m Adjusted EBITDA in 2027.
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Entain believes it can generate at least £500m of annual adjusted cashflow in 2028 Entain has heralded a strong performance in 2025 with underlying EBITDA ahead of expectations allowing it to reiterate confidence in generating at least £500m adjusted cashflow from 2028. It reported group loss after tax of £681m after charging separately disclosed items, including…
The post Entain blames plateauing of results on tax increases in the UK appeared first on G3 Newswire.