Good morning, and welcome to Entain's 2026 interim results presentation. 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. 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 Curry Sloan, who both will discuss how Entain is winning in the market 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. Finally, I will conclude with a few closing remarks before we open to take your questions.

Turning to the headlines. Entain has delivered a strong first half performance.

Our underlying momentum has continued, with both online and retail performing ahead of expectations. This now marks online's ninth consecutive quarter of growth, and that's despite tough prior year comparators.

The UK, Spain, Canada, and Australia, New Zealand were particular highlights, each continuing to deliver double-digit growth. Our focused execution and strengthening operations are enhancing both our product and player experiences across the group.

The business also performed well during the recent World Cup, a key customer acquisition opportunity for us, and I'm delighted that our first-time deposits were double those seen in the previous World Cup. Alongside this strong performance, we're also continuing to make good strategic progress, getting sharper and fitter to enable us to digest tax headwinds whilst also becoming more agile in an increasingly better connected global business.

We're improving the way that we work and leveraging our scale more effectively. This delivers increasing benefits for our customers, colleagues, and cost base.

Our optimization initiatives are well underway, and our dynamic yet disciplined approach ensures flexibility to invest where we see the best returns. Similarly, this disciplined focus supported our decision to launch our phased exit of Entain CEE.

The initial 20% divestment for €425 million represents an important step in unlocking value created within our portfolio. In summary, we are making strong progress and continue to see good momentum across our business.

As a result, we remain confident with our guidance for online growth and group EBITDA in financial year 2026. Supported by our confidence in our growth trajectory and continuing operational efficiencies, we remain well-positioned to deliver £500 million of adjusted cash flow by 2028 and to create long-term value for shareholders.

On that note, let me now hand over to Mike on the H1 financials and trading performance in more detail.

Thank you, Stella. Good morning, everybody.

I'm delighted to be presenting my first interim set of results for Entain. As you've already heard, we've had a strong start to 2026, let's begin with the key financial highlights.

As a reminder, growth rates I refer to are in constant currency unless stated otherwise. Our reported numbers now exclude CEE since we announced our 20% divestment and planned exit, though we have included figures including it for clarity as we transition.

I'm pleased with our strong start to 2026 and the growth we delivered in half one. On a continuing basis, group NGR was up 5%, with both online and retail performing ahead of expectations.

Online was up 7%, with strong volume growth of 9%, sports margins normalizing during Q2 following the player-friendly results in Q1 and April. Our iGaming momentum continued, and sports also performed well, with strong player engagement across our portfolio during the World Cup.

Group EBITDA came in at £479 million, including £7 million of parent fees from BetMGM. On a reported basis, this was down 2% versus last year, as anticipated given the increased UK gaming tax, but ahead of expectations given our stronger growth than planned in H1, with our mitigating actions on track.

EPS excluding CEE was 20.3 pence, with lower EBITDA having a small impact, but largely due to lower JV income from BetMGM, as well as our ETR increasing. Adjusted cash flow was £43 million, up £38 million year-on-year despite the lower EBITDA, due to lower CapEx and interest costs, more on that shortly, as well as lower separately disclosed items due to the phasing of our transformation program.

Net debt remained broadly stable at £3.6 billion, ahead of the receipt from our announced 20% sale of CEE. Reported leverage flat at 3.1 times, whilst leverage including the DPA slightly improved to 3.3 times, given our ongoing payments.

Finally, we've declared an interim dividend of 10.3 pence per share, an increase of 5%, which is consistent with prior years. In terms of segmental performance, with the move of CEE to discontinued operations, we'll continue to report UK and Ireland Online, International Online, and Group Retail.

Let's start with the UK and Ireland. Our biggest online market delivered yet another knockout performance this half as we continue to enhance our proposition.

We're continuing to take market share, with NGR and volume growth both up 13%, and that's double-digit growth from both gaming and sports. We're particularly pleased that our momentum accelerated through the half, despite lapping strong prior year comparators and adjusting to the higher tax environment and mitigation plans required.

This growth is being driven by the ongoing operational improvements, enhancing our product proposition and player experience, alongside continuing optimization of bonusing. These combined are driving stronger engagement and retention, and more profitable growth.

Alongside gaming's 13% growth, sportsbook was up 11%, benefiting from our upgraded BetBuilder and a good World Cup. Overall, the UK business is in great shape.

Profits have inevitably been impacted by the UK tax increase, but we are executing well. We remain highly disciplined, and our cost mitigations are firmly on track for offsetting the 25% guided to for this year.

Moving to International Online, we have many success stories, but also some challenges, reinforcing the benefits of a diversified portfolio. Overall, NGR grew 4%, with strong volume growth of 7%, but against tough margin comparatives from last year as well as customer-friendly results this year, particularly in February and April.

Encouragingly, growth improved through Q2, as normalizing sports margins supported double-digit growth in May and June on a reported basis. In terms of winning markets, Australia was a clear standout performer, up 13%, reflecting the successful reinvigoration of the business, with refreshed brands and improved proposition supporting stronger customer engagement and market share gains.

Spain, New Zealand, and Canada were also all up double-digit. More on this later from Andy and Curry.

As I mentioned, sports margin was a drag, and this was most pronounced in Brazil and Italy. In Italy, our continued double-digit gaming growth partially offset this, and we're confident we'll see a stronger second half.

In Brazil, we're facing an intense and challenging regulatory and competitive environment, and we're taking a highly disciplined approach to investment, with a clear focus on returns rather than growth for growth's sake. Although overall growth rates were disappointing, that approach has seen us hold market share, and our player metrics improved through Q2, with H1 sports wagers up 10%, supported by Sportingbet brand strength and targeted marketing campaigns.

We've included the CEE segment here for completeness; however, it is now reported as a discontinued operation. Online was up 7%, including a strong rebound to 16% in Q2, as Croatia and Poland benefited from a stronger-than-expected volume and margin uplift during the World Cup.

SuperSport and STS remain number one in their markets, and the business is well-placed to grow under Emma Capital's leadership, and continue to contribute to our cash flow for as long as we retain our remaining stake in the business. Finishing on Retail to complete the picture, the business continues to perform strongly, with half one at 1%, which was better than planned.

Our UK estate remains the best on the high street. NGR was up 3% on a like-for-like basis, and we continue to grow our leadership market share.

This is underpinned by our strong brands, leading in-shop cabinets and experiences, as well as our strengthened multi-channel proposition. In Italy, the volume-driven growth in retail gives us real confidence in our future potential in this attractive market as we continue to revitalize our Eurobet brand.

Moving on to EBITDA for continued operations, EBITDA including BetMGM parent fee came in at £479 million, down year-on-year as anticipated, but ahead of expectations. FX rates did give us a £16 million tailwind; however, the increase in UK tax from 21% to 40% in April was a £56 million negative impact to EBITDA in the half.

Our strong online performance still added £22 million, despite a £32 million year-on-year increase in half one marketing due to World Cup phasing and targeted investments where we see strong returns. This was also net of £18 million BAU tax increases across our other international markets.

Retail added £7 million year-on-year, whilst corporate costs were up £5 million due to phasing. The resilience of our EBITDA demonstrates our structural benefits of a globally scaled and diverse portfolio.

Actions we are taking to mitigate 25% of increase in the UK tax this year are firmly on track. Mitigation efforts aside, across the group, there is far more we can do on our cost base to improve operational leverage.

Let's talk about cash flow. Growth is only valuable if it converts to cash.

We see a significant opportunity to step up our cash conversion and target the levers directly within our control: driving down complexity, eliminating cost inefficiencies, and demanding strict returns-based hurdles on every pound we spend. On CapEx, our lower half one spend is not just phasing.

It reflects a permanent, returns-led approach to how we allocate capital, allowing us to tighten our FY 2026 CapEx guidance today. Separately disclosable items were £21 million favorable year-on-year, relating to restructuring timing.

We do expect this to reverse in half two as we progress with our transformation and optimize our cost base as we look ahead to 2027 and beyond. In total for half one, our adjusted cash flow improved to £77 million, which included the net cash flow from our current 67.5% share of CEE.

As well as adjusted cash flow, you will see this table highlights underlying operating cash flow, the continuing consolidated earnings after CapEx, lease payments, and TAB NZ revenue share. I believe this metric gives a clearer, simpler view of how our actions are improving Entain's cash conversion, and as such, going forward, I will talk to this more.

Alongside cash conversion, reducing leverage and improving balance sheet flexibility are critical priorities. Our net debt for half one was £3.6 billion, which sees us maintain a broadly stable position despite the increase in UK taxes, supported by our cash flow improvements.

Our reported leverage also remained broadly stable at 3.1 times, or 3.3 times including the DPA; however, we are laser-focused on our plans to reduce this. As evidenced by our plan to exit Entain CEE, alongside that disciplined approach to investment, we are now taking more decisive corporate actions to improve balance sheet flexibility, both to delever and to unlock the potential to return capital to shareholders.

Finally, on to our guidance for this year. Despite the step-up impact of the UK tax increase, where we'll see the full six months in H2, and the challenges in Brazil, I'm pleased to confirm our previous guidance, adjusted for CEE.

Having delivered 7% constant currency growth in half one, and with half two starting well, we're confident to reiterate our expectation of this year's online NGR growth growing 5% to 7% on a constant currency basis. Our online margin guidance of 21% to 22% is unchanged, and we remain comfortable with EBITDA consensus.

We're also maintaining our guidance on adjusted cash flow, including the remaining 47.5% of CEE, targeting £500 million by 2028, including the contribution from BetMGM, despite the recent change to their medium-term outlook. Finally, on net debt, we expect to end the year below 2025 levels, supported by the proceeds from the 20% CEE stake sale, which remains on track to complete in Q4.

Now to add some flavor to the numbers, let's hear from Andy and Curry on how we're executing to drive profitable growth and why Entain can win not only in each market, but also as a group.

Let's start with the UK, Entain's largest business, which with digital and retail combined generates approximately 40% of the group's revenue. I'm delighted that both channels are performing strongly and continue to gain market share.

Our digital mix illustrates Entain's strong gaming heritage, whilst also highlighting the opportunity we have ahead of us in sports. Now gaming represents approximately 75% of the UK digital revenue, and we are performing really well.

Our coin economy strategy is resonating strongly with customers, driving improved engagement, loyalty, and value. In sportsbook, we've improved our BetBuilder proposition, we've redesigned the Ladbrokes app, resulting in a step change in customer experience and usability.

Now whilst our digital business continues to outperform and take market share in the UK, we remain highly disciplined in our approach to profitability, which is particularly important as our sector digests the increased UK gambling taxes. Our AI-supported bonus optimization reflects this, ensuring our customer generosity is deployed more effectively.

All of this helps us generate stronger returns. Retail has outperformed the wider market now for eight consecutive quarters.

We have the strongest gaming proposition on the high street, the best cabinets, the best content, and for the customers, the very best value. On sports, our proprietary BetStation product continues to exceed expectations and now accounts for over 50% of total sports NGR.

In addition, we strengthen our multi-channel proposition, offering an increasingly seamless experience between retail and digital. Looking ahead, I remain highly confident in the prospects for the UK business.

Turning to Australia, this is a high-quality business undergoing significant transformation in an established and attractive market. With the resulting outperformance and recent market share gains, clear evidence that the actions we're taking there are working.

We have a renewed proposition, broadening our appeal beyond racing, improving our relevance to sports fans, enhancing our BetBuilder, and upgrading our native app experience, and our customers are really responding well. The team has successfully applied a similar playbook in New Zealand, where our partnership with TAB continues to go from strength to strength.

With more clearly defined positioning, betcha as a brand is delivering strong double-digit growth, whilst also complementing TAB's established racing heritage. Now looking ahead, the prospect of regulation of the online casino market presents a unique and sizeable opportunity.

I am encouraged by the momentum we are building in many of our most important markets. Where we are already market leader, we are extending our advantage; where we're not yet winning, we are bringing renewed energy, sharper focus, and clear plans to improve our position.

Across Americas and Southern Europe, Entain operates in some of the largest and fastest growing regulated markets, including Brazil, Italy, Canada, and Spain. The opportunity across our markets is significant, and we have a clear formula to capture it: building distinctive, data-led local brands powered by Entain's global technology, insights, and scale.

Spain shows what that can unlock. Two years ago, bwin was well-known, but losing relevance.

We reinvigorated this iconic brand, we sharpened our content strategy, our rewards experience, transforming the customer journey. The results: over the past two years, we've improved our brand presence four-fold, doubled annual player acquisition, and gained market share with strong double-digit revenue growth.

We have a proven, successful playbook, which we are scaling across our markets. In Canada, our data highlighted a clear opportunity to diversify sports interaction beyond its hockey-first legacy.

By securing marquee partnerships across the Premier League, Champions League, and tennis Grand Slams, we are expanding our reach and relevance across customer segments, which generate the greatest returns. This momentum continues into 2026, delivering double-digit revenue growth in the first half.

Our returns-focused, analytical approach to marketing and bonus optimization means we win by leveraging data, not by outspending the competition. In Brazil, while new entrants spend aggressively, we are combining high-resonance creatives with comprehensive diagnostics to inform our assets and channel mix.

This delivers a more dynamic, more accountable investment approach, focusing on returns and not simply share of voice. Italy is another key market where we're deploying this shared playbook.

We are revitalizing Eurobet, spearheaded by our multi-year AS Roma sponsorship, the first step in a broader omnichannel transformation to reinforce our position. We are excited about the opportunities in this attractive market.

Importantly, across Entain's diverse portfolio, we can dynamically flex investment to prioritize different channels and assets where we're seeing the best returns, ensuring we get the best bang for our buck. Similarly, we continue to develop, share, and scale capabilities to better reward and engage with players across our portfolio.

Our successful new loyalty program, piloted in Canada, was then launched in Brazil during Q2 before the World Cup, and is showing tremendous traction. Our dynamic generative AI video platform creates real-time, moments-specific creative, delivering more relevant content at lower cost with faster test-and-learn cycles.

On bonusing, we're producing predictive churn models for automated ROI-led optimization, which means we are delivering the right offer at the right generosity to the right players, which is incredibly powerful. Our launch of always-on acca insurance is just another of the many ways we continue to give back to our players.

These are just a few examples of our successful formula: localized expertise backed by global scale and supercharged by disciplined, data-driven execution.

You've heard from Andy and Curry about how we're strengthening our local brands through better use of data, AI, and shared capabilities. That's helping us improve the customer experience, whilst also unlocking efficiencies and future opportunities.

Entain is becoming an increasingly better connected global business. Strengthening and building those connections means ideas and expertise move faster and further.

When something is successful in one market, it can be easily rolled out across many more. This creates a powerful multiplier effect as we continue to execute more efficiently.

The World Cup is a really good example. Ahead of the tournament, we expanded our BetBuilder features across multiple markets.

With our widest-ever offering, the percentage share of BetBuilder stakes during the World Cup has more than doubled those previously seen. We've also built on the success of Sportingbot in Brazil, adding more sports and starting to introduce our AI-powered personal betting assistant across many more markets.

A social media initiative developed by our team in Belgium is now being used across multiple markets. Better sharing of assets and content has removed duplication whilst also improving efficiency.

Entain's power as a group is just as important in gaming. Our scale and leading positions helps us secure exclusive content.

Combined with insights gained from millions of customer interactions, we can offer a more relevant, more engaging experience. Similarly with marketing.

We have continued to focus on centralizing data-driven performance marketing, directing investment to customers and markets that generate the best returns: strong local brands, shared capability, scaled execution. That's where the power of Entain as a group really comes into its own.

This is why we can win.

Thanks, Stella. As you've just heard, across the group, we're improving our ways of working, making our business stronger, sharper, and more efficient.

Scale alone will not win in this industry. What wins is operating leverage, aggressive cost optimization, relentless margin expansion, and strict capital discipline.

Our mandates are non-negotiable: lower our costs, maximize free cash flow, rapidly deleverage, and extract maximum value from our portfolio. At the full year in March, we were clear that optimization is a key focus for us, and our initiatives are well underway.

Optimizing our cost base is the first stage. Our group-wide initiatives will deliver £100 million in net annualized run rate savings by the end of 2027 to offset at least 50% of the EBITDA impact from the UK tax increase.

These initiatives fall broadly into three groups: cost of sales, marketing, and operating costs, the largest bucket of opportunity. The lion's share of savings will come through EBITDA, but we do expect additional CapEx benefits from our product and tech initiatives to also benefit cash flow.

Many of these initiatives have already begun, including our recent decision to remove 500 roles. As you heard from me earlier, actions already taken enable us to reduce our CapEx guidance for this year.

This isn't defensive cost cutting or a reduction in investment. It's capital reallocation.

We're freeing up cash to reallocate exclusively into high-returning growth opportunities. Finally, I want to be very clear on our capital allocation framework.

Our objective is to maximize value for our shareholders by delivering against our three strategic priorities. Our decision to pursue a phased CEE exit rather than take on significantly more debt to acquire the remaining stake is a clear example of this decisive action and how we're putting shareholders first.

Reducing debt remains a priority. Bringing reported leverage below three times will strengthen the balance sheet and increase our financial flexibility.

As that leverage reduces and cash generation improves, we will continue with a progressive approach to shareholder returns, with our full exit of CEE providing an opportunity to return capital to shareholders in an efficient manner. As I touched on earlier, I believe there is so much more that Entain can do to accelerate this journey, and we have a significant transformation ahead.

We've already made a strong start, and I look forward to updating you with further detail as we progress. With that, I'll hand back to Stella to wrap up.

Thank you, Mike. To wrap up, our strong first half performance shows continued momentum and clear strategic progress.

We are becoming a stronger, sharper, more efficient, and better connected business. Our globally scaled and diverse portfolio operates in an industry with attractive structural dynamics, and this underpins the resilience and sustainability of our earnings.

I am confident in our continued strategic focus on cash generation and disciplined capital allocation, which will see Entain well-positioned to unlock value with a clear pathway for shareholder returns. Thank you for your time this morning, and I would now like to open to your questions.

Hello. Good morning.

Thank you so much for taking my questions. You reiterated the 500 adjusted EBITDA [cash?]

, adjusted cash flow target by 2028 despite the planned exit from CEE and a more cautious BetMGM mid-term outlook. Can you bridge the key contributors from 2026 expected cash flow to the 2028 target?

I'll let the IR team pick up with you on the detail, but I think the main point is that the disposal that we've announced of CEE is broadly cash neutral when you factor in reduced interest and so on. The move out of BetMGM's medium-term outlook, we still think that we can get to the 500.

We're very confident in our abilities to generate cash.

Thank you. Do you want your next question?

I think you've got a second one.

Got it. Perfect.

Sorry, did you have a—

Yes. In Brazil, you have—

Sorry, we can't hear you, I'm afraid. Is it worth just putting that call on hold and coming back to it?

Oh, you're there. Okay.

Thanks, Ricardo. If you could carry on.

No. Okay.

Thank you so much. In Brazil, you have [emphasized?]

[unclear] in pursuing market share at any cost. What market share have you

[unclear] pieces

would you need to increase your investment? Thank you.

We didn't quite get your question, but we have maintained market share in Brazil. As I think we all know, Brazil is a complicated market going through the teething problems of regulation that is quite fluid and quite challenging.

We are, and I'll let Mike talk to it in a second, we're taking a disciplined approach to profitability, but we are putting in significant improvements into player journeys, and we will see how that goes in the future. We are being responsible in the way that we build our business there.

On the upside, I think there's a few things that we can say. We've got a great sponsorship with Palmeiras.

We've got a sponsorship with Vasco. We are doing things for player enjoyment, for example, loyalty programs.

We'll see how they pan out whilst still taking a responsible approach. Mike?

I think disciplined is the right word. Unlike some others in that market, we're not chasing growth for growth's sake.

We still make profit contribution in Brazil. We want to keep it that way.

Despite the fact that we've really managed investment tightly, we're really pleased that we managed to maintain market share. There's lots of opportunity in the second half for a recovery in Brazil, but it remains a really difficult environment, both from a competitive point of view, where people are throwing a lot of money at the problem, perhaps without a focus on returns like us, but also that regulatory environment, which is still very unpredictable.

We've got the election in October, we think we'll be some more noise around then. Until then, we're going to keep doing what we're doing, which is really, really disciplined focus.

As Stella said, really proud of the brand there.

Thank you.

Morning, Ed.

Good morning. Two questions, please.

Morning. First is on cash.

Your commentary there and what you highlighted as significant opportunities is obviously very welcome. Can you help us understand a bit more the balance of internal action across OpEx and CapEx and also your posture, how you think about additional actions on the portfolio to bring down leverage?

Then my second question, can we talk about the 5% to 7% online growth guidance, particularly as it pertains to International into next year? Obviously you've flagged Australia and New Zealand in particular as having strong momentum.

On the other hand, the Austrian government's now submitted its reform to the EU. It's under a three-month standstill, and under those rules, bwin would be frozen out of the market for a minimum nine months.

Do you anticipate significant interventions on that during the TRIS procedure, is there a chance of it shortening? If not, you combine it with the Spain cross-operator limits next year, I guess the punchline is, do you think International can still deliver in the 5% to 7% range for growth next year?

Thanks, Ed. I think I'll take the second question, and Mike will take the first question on cash.

I think if you look at our portfolio, we have made significant progress in terms of the growth that we're getting across the portfolio. If you take Australia, we're in healthy double-digit growth because of changes that we've made to the way that we operate.

We think that is sustainable, based on good inputs, focusing on more broad sports, less exclusive focus on racing, for example, streamlining the way that we operate to focus in on the things that really move the dial. If you go to New Zealand, which is in double-digit growth at the moment, it's very exciting that we're going to get the casino regulation start at the beginning of 2027, which is a new opportunity for us.

In places like Canada, we're in double-digit growth. Yes, we're in great growth in Spain, and that there are the cross limits coming in, but we have great momentum there.

We've got a great brand with bwin, and so we think that the inputs are gonna continue to generate market share growth. You talked about Austria.

Long term, I think Austria is an opportunity for us because we've been playing there all the way through, we've been paying our player claims, and we have a strong brand. Now, yes, there might be a little bit of a hiccup in terms of timeline of when people might have to have some hiatus, but it's got to take it into context of the scale of Austria versus the scale of some of our other businesses.

When you actually put it into the aggregate, I think that in combination with some of the improvements we're making in terms of the product and the features which are starting to hit the market now, and I think you can see that we've made some really good strides with our BetBuilder product, for example, coming out of the World Cup, there are some real momentum points that we've got that gives the confidence to those growth rates. Definitely we're committed to those.

Moving to cash?

On cash, obviously the best way for us to generate cash is to grow, and we think we've got a really good model to do that. There's also a huge cost optimization opportunity.

You've already seen in the first half we announced 500 roles out of the business. That's not cost cutting, that's changing our model, and we're going to continue to do that.

We see a big opportunity to optimize our model, drive synergies across the portfolio, remove duplication, simplify. Then in terms of CapEx, we've already revised our guidance for this year in a very short space of time.

That's not a reduction in investment, that's actually changing the way that we invest. If you think about a huge component of our capital expenditure is on technology.

AI offers the opportunity to do that in a much more cost-efficient way and faster, importantly. We think that all those things together mean that we can recommit to that 500 million target.

The only thing I would add to that is that on marketing, the point on AI is very relevant. As we go forward, the percentage of money we spend on non-working marketing dollars versus working marketing dollars is definitely shifting.

What customers want is entertaining communications that are fast and relevant, and AI is a brilliant facilitator of that. That's actually some of the upside that we're starting to see in places like Australia, where they're fully integrated into doing that.

That's obviously a large line of our discretionary expenditure, getting more value from that as well.

Thank you. One small follow-up before I jump back in the queue, but on the posture towards further portfolio action, can you just give any broad view on that?

We're very firmly focused on shareholder value and unlocking value from the portfolio. We're very happy with the businesses that we have and we can grow those businesses, and they can generate money for us, but we're not beholden to the shape and size of it as it is.

I think that's actually consistent with what we've been saying for the last year or so anyway. We always said that if there's an opportunity to add value, then we would look at it seriously.

There's no fire sales taking place here. We have really good value businesses that we continue to invest and grow in, but the CEE deal is a good example of adding value.

Yeah.

Thank you.

Thanks.

Hi, Ben.

Hi, good morning, and thanks for taking my questions. I wanted to ask on EBITDA for FY 2026.

You've delivered ahead of expectations at H1, but basically reiterated guidance. Can you expand more on the thinking behind that?

Is this just marketing phasing or conservatism? My second question is on online NGR growth, which is tracking at the top end of your reiterated FY 2026 guidance at 7% constant currency.

I think from memory, you have some favorable sports margin comps in the back half, is there something we need to be mindful of in H2 or is this baking in some conservatism also?

In terms of the EBITDA, I wouldn't call it conservatism. I think it's balanced.

We've had a really good first half and we're definitely ahead of expectations, but there's no hubris. We know that we've got to earn it again in the second half of the year.

Marketing phasing definitely plays a part, we spent less in the first half than we originally anticipated, the weighting is far less pronounced than we guided to at the start of the year. We are overall increasing marketing spend in this year, and we want to make sure that we really exit 2026 into 2027 with velocity.

The tax obviously steps up in the second half of the year, and that's created a huge amount of disruption in the UK market, which we've been taking advantage of. We're gaining market share.

We're growing really nicely. You can't predict what that competitive environment looks like in the second half of the year.

That's why we've taken a more balanced view. We don't think we're being overly conservative.

We think that represents our best estimate about where we're going to come in.

I think taking the online growth question, look, we've started well and I think we've continued well into Q3, which is very encouraging. Obviously, the end of the World Cup was in July, so that was a very positive tailwind.

As we look forward, just to build on the point that Mike has said there, we want to make sure that we can invest in marketing

and

we don't have one of those terrible situations where you get to November, December and your margins go down because we know the volatility is in there. Now, on average, you come back to theor margin, but we have a lot more of our volume today in BetBuilder than we used to have, and that is more volatile.

It's good because it helps margins in the long term, but what we want to do is have that consistency and repeatability, that what we say we're going to deliver, we're going to deliver, and we're going to deliver it while still investing in the customer, because that's the way that we win in the long term. That's kind of how we put our numbers together, but I am confident we are building into that solid online growth that you're talking about there.

Yeah. Okay?

Thanks very much, guys. Very clear.

Thank you.

Hello. Afternoon.

Thank you for taking my questions. The first question I had was just on Brazil.

I'm conscious that the Brazilian comps get, I think, about 40 percentage points easier in the second half versus the first half. In that context, do you think that Brazilian growth will improve as we go into the second half, conscious that there are also the elections and the competitive dynamics you mentioned?

Any insight you could give us there would be very helpful. Then the second question, sort of coming back to Ben's question on the online NGR, I guess what I'm trying to understand is in the first half, you delivered 7% constant currency.

From what I can work out, there's about a 2 percentage point drag there, though, from Brazil. Let's say that would have been 9.

The Brazilian comps, as we say, get a lot easier. Presumably, the World Cup benefit in the first half is similar to the second half benefit.

If anything, the second half benefit, I would have thought, is even bigger. What are going to be the drags that have led you to not at least increase the guidance from 5% to 7% up to 7% now?

Okay. Do you want to have a go or do you want me to go?

I think on Brazil, I'd say we very much hope that we'll see some recovery in the second half. You're absolutely right in terms of the comps, but that market environment remains incredibly difficult and unpredictable: the regulatory environment in particular, and with the election, we don't want to kind of bet that it's all going to get better.

We think the team are doing the right thing. We're being very careful about how we invest.

We're very focused on maintaining the profit contribution that Brazil gives us as opposed to just trying to drive for a top-line number. We want to build a sustainable business there, and so we will compete, but we won't compete at any cost.

We will make sure that we invest really wisely. In terms of how that plays into the overall growth, again, I'll go back to what I said before.

I don't think we're taking a conservative view. I think we're taking a balanced view.

Some of our markets have absolutely knocked it out of the park in the first half. I think it would be wrong of us to assume that that just naturally carries on into the second half.

You have to earn it. We do operate in a really, really competitive environment.

We think we're doing all the right things, but it's a mixed bag across the piece. Some of those markets will continue to perform really strongly.

Some of them might come off a bit, but we think that we've got the right guidance out there.

I think the only thing to add, and it's a success story, but what our first half results has had a great growth in the UK. I think our online was plus 13%.

Now, continuing that through, we don't want to bet the farm that we're going to continue with double-digit growth in a market that is so so big, and we're lapping prior comps that were very good. Again, to Mike's point, which is we want to make sure that we have a balanced approach here that means that we can deliver what we say we're going to deliver and continue to invest behind growth into 2027.

Okay. Sorry, one quick follow-up.

The World Cup benefit in the 2H versus the 1H, is it quite similar?

Probably. We had a nice benefit in H1, but the slightly different profile.

You had a lot more games in H1, which was good for volumes. In H2, you've obviously got a lot less games, but the margins were pretty strong in H2 for those games, where we had the luck of the draw, which is there were a lot more nil-nil draws or draws, which is great.

I think the bigger win from the World Cup is the fact that first-time depositors went up. We got twice the number of first-time depositors that we did for the World Cup in 2022.

I think I mentioned earlier, a lot of play was on BetBuilder products, and BetBuilder products intrinsically higher margin, but also intrinsically more volatile.

Thank you.

Thank you.

Morning.

Good morning, Stella. Good morning, Mike.

I hope you can hear me okay?

Yep.

Perfect. Two questions, please.

First in Italy, it seems that you're losing some market share in online. I'm just wondering if you have any takes as to why that is, given you supposedly should have an advantage having some real estate, some retail shops.

Then maybe Mike, just to link up your comment around the huge opportunity around the cost base. Am I right in understanding that your confidence in hitting the £500 million cash flow target precisely stems from that cost point that you made?

Sorry, could you say the last part of your question again?

It's just to link up to the first question in the call about the cash flow target and how we get to the 500. Is that notably coming from what you observe in terms of the possibilities around the cost base, the huge potential that you talked about in your earlier comments?

We're—

Oh, should I take the first question and then you take the second? Okay.

The first question was about Italy and share. I think if we look at our Italian business, our growth have been pretty strong in iGaming, double-digit growth, but we've been less strong in sports in H1.

That is true. I think what we have in Italy, we've got our brand in Eurobet, which we are now revitalizing.

We've also started with the Roma sponsorship and also the partnership with Napoli, which is really leaning into football. We also have a new leadership team there, which I'm very encouraged about the way that they are attacking the challenges that we have in that marketplace.

We also have two other brands there, which is Gioco Digitale and bwin. We do have a lot of plans in terms of driving future growth.

That's one of the areas, coming back to my earlier points, which is having the fuel to drive growth in a market like Italy requires the additional marketing investment, which we have factored into our numbers, such that we can do things like the sponsorships we're talking about, and we can actually have plans that get ourselves back into more competitive growth in 2027. Sorry.

On the cash, it starts with our confidence around being able to grow the business. We need to be able to grow the business, but then obviously we need to convert that growth into cash.

That's where the cost piece comes in. We think we can improve operating leverage.

We see significant opportunities to optimize the cost base across all the different parts of the P&L. Then finally, we see opportunities to optimize CapEx.

You've already seen a glimpse of that this year. We think that we can optimize the amount of investment that we make and the way that we invest, either by using AI or other things as well.

We are confident about that number.

Understood. Thank you.

Thank you. I think we've got one more question,

Oh, hello.

Irina.

Hello, thank you very much for the presentation. I have a question about the capital structure, if you don't mind.

I think you partially already have answered it, but so the proceeds from a sale of the stake in Entain CEE, I understand they will be partially used to reduce the total amount of debt. Are there any particular timelines and maturities you are targeting?

How are you planning to address 2028 debt maturities? Thank you.

The proceeds from the 20% sale will go fully to debt, and then we will look to refinance and improve our maturities. That's all planned for.

When we sell the rest of CEE, we will probably put some of that to debt as well, and then the residual, we would look to return to shareholders.

Great. Thanks for the question, appreciate it.

And—

Thank you. Do you have any particular timeline in mind when this may happen?

Is a 2027 event, or—

Watch this space.

Thanks very much.

Thank you.

We appreciate that. I think we're coming to the end of the call.

I just want to say a big thank you to everybody for dialing in or joining the webcast. Clearly, if there are any questions that we haven't answered or you want to have any more information, then please reach out to the IR team.

They're ready to take those questions. That just leaves me to say thank you very much, and we look forward to speaking to you again soon.

Thank you.