Entain PLC Phased exit of Entain CEE initiated: Sale of 20% stake agreed

研报英文原文证据摘录

Entain PLC Phased exit of Entain CEE initiated: Sale of 20% stake agreed

C A Z E N O V E Europe Equity Research

25 June 2026

Entain PLC Overweight

ENT.L, ENT LN

Phased exit of Entain CEE initiated: Sale of 20% stake Price (24 Jun 26):554p

agreed Price Target (Dec-27):1,040p

Entain today announced it has entered into an agreement to sell a 20% interest European Leisure, Hotels & Gaming

ACin Entain CEE to its JV partner EMMA Capital, marking the first step in a Estelle Weingrod

phased exit from the CEE business. We see today’s news as supportive, gradually (44-20) 7742-8502

simplifying the story and improving balance-sheet flexibility through estelle.weingrod@jpmorgan.com

deleveraging, while crystallising value after strong growth in the CEE assets since J.P. Morgan Securities plc

acquisition. Karan Puri

(44-20) 7742-8342

Total cash consideration is approximately €425m (~£366m), comprising €395m karan.puri@jpmorgan.com

J.P. Morgan Securities plc

payable on completion plus an additional payment in early 2027 reflecting FY 26

Avni Garg

financial performance. The transaction implies an enterprise value of €2.1bn (~

(91-22) 6157-3431

£1.9bn) for Entain CEE, equating to roughly a 10x EBITDA multiple (slightly avni.garg@jpmchase.com

above the average 9x at acquisition). Completion is expected in Q4 2026, subject J.P. Morgan India Private Limited

to regulatory approvals.

Specialist Sales contact details:

• Entain CEE snapshot: Entain CEE comprises STS (Poland) and SuperSport Olivia Petronilho - Specialist Sales -

(Croatia), which delivered FY 25 NGR of £522m (+7% YoY) and EBITDA of European Consumer

£184m (+7% YoY), with Entain highlighting continued #1 market positions (44-20) 3493-3709

and strong online growth on a pro forma basis. olivia.b.petronilho@jpmorgan.com