Core Viewpoint - Flutter Entertainment plc has announced a share repurchase program with a maximum consideration of up to $245 million, aimed at reducing its share capital [1][2]. Group 1: Buyback Details - The buyback will commence on October 1, 2025, and conclude no later than December 31, 2025 [2]. - This buyback represents the fourth tranche of a multi-year share repurchase program totaling up to $5 billion, with an expected return of approximately $1 billion to shareholders in 2025 [2]. - Davy Securities UC will execute the buyback independently, with a maximum acquisition of 17,674,003 ordinary shares, adjusted for previous tranches [3]. Group 2: Regulatory Compliance - The buyback will adhere to U.S. Securities Exchange Act rules and EU Market Abuse Regulation, ensuring compliance with legal standards [4]. Group 3: Future Considerations - Future buyback decisions will depend on the ongoing assessment of the company's capital needs and market conditions [5]. Group 4: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a diverse portfolio of brands including FanDuel, PokerStars, and Paddy Power [7][8].

Core Insights - Flutter Entertainment reported $4.19 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 16% and an EPS of $2.95 compared to $2.61 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $4.22 billion, resulting in a surprise of -0.78%, while the EPS exceeded expectations with a surprise of +15.69% against a consensus estimate of $2.55 [1] Financial Performance - The company’s shares have returned +7.2% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change, and currently holds a Zacks Rank 3 (Hold) [3] - Geographic revenue breakdown includes: - International: $2.4 billion, slightly below the five-analyst average estimate of $2.43 billion - U.S.: $1.79 billion, slightly above the $1.78 billion average estimate [4] - iGaming (U.S.): $507 million, exceeding the three-analyst average estimate of $486.35 million - Other (U.S.): $65 million, slightly above the $64.97 million estimate [4] - Sportsbook (U.S.): $1.22 billion, slightly below the three-analyst average estimate of $1.24 billion - International Sportsbook: $1.04 billion, below the two-analyst average estimate of $1.11 billion [4] - UK and Ireland: $936 million, below the $976.07 million average estimate [4] - Asia Pacific: $402 million, above the two-analyst average estimate of $350.95 million [4] - Central and Eastern Europe: $138 million, below the $146.94 million estimate [4] - Brazil: $44 million, above the $37.57 million estimate [4] - Other International: $87 million, below the $96.29 million average estimate [4] - Other regions: $219 million, in line with the two-analyst average estimate [4]

Core Insights - Flutter Entertainment reported quarterly earnings of $2.95 per share, exceeding the Zacks Consensus Estimate of $2.55 per share, and showing an increase from $2.61 per share a year ago, resulting in an earnings surprise of +15.69% [1] - The company generated revenues of $4.19 billion for the quarter ended June 2025, which was slightly below the Zacks Consensus Estimate by 0.78%, but an increase from $3.61 billion year-over-year [2] - Flutter's stock has increased approximately 18.8% since the beginning of the year, outperforming the S&P 500's gain of 7.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.03 on revenues of $4.07 billion, and for the current fiscal year, it is $9.59 on revenues of $17.23 billion [7] - The estimate revisions trend for Flutter was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Gaming industry, to which Flutter belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting that the industry's outlook could significantly impact the stock's performance [8]

Financial Data and Key Metrics Changes - Group revenue increased by 16% year over year, with adjusted EBITDA growing by 25% [24][6] - Net income decreased by 88% year over year due to increased non-cash charges, while cash from operating activities rose by $36 million [6][25] - Adjusted earnings per share grew by 45%, while earnings per share fell from $1.45 to $0.59 [25] Business Line Data and Key Metrics Changes - In the U.S., revenue grew by 17%, with sportsbook growth of 11% and exceptional iGaming growth of 42% [26] - International revenue reached $2.4 billion, reflecting a 15% year-over-year growth, driven by the SNAI and NSX acquisitions [20][28] - iGaming performance showed a 27% growth in the international division, with strong performances in UKI, APAC, and CEE [28] Market Data and Key Metrics Changes - The U.S. maintained its position as the number one online operator in both sportsbook and iGaming, with a record gross revenue margin month in June [16] - The company achieved over 30% share of the online market in Italy following the SNAI acquisition [14] - The Brazilian market is expected to present significant opportunities, with a focus on product and marketing improvements [14] Company Strategy and Development Direction - The company is focused on expanding its U.S. market presence and has made significant progress in regulatory matters [12][9] - Strategic acquisitions, such as SNAI and NSX, are aimed at enhancing market leadership in Italy and Brazil [14][10] - The company is committed to returning capital to shareholders while maintaining flexibility for organic and inorganic investments [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and strategic objectives for the remainder of 2025, particularly with upcoming sports seasons [22][23] - The company is monitoring regulatory developments closely, especially in Illinois, where a new wager fee was introduced [12][46] - Management believes that the U.S. market's scale will help mitigate potential tax changes and maintain competitive advantages [12][32] Other Important Information - The company has extended its market access agreement with Boyd, expecting approximately $65 million in annual cost savings [30] - The company is on track to achieve $300 million in savings from its cost transformation program by 2027 [29] - Available cash increased to $1.7 billion, while net debt stood at $8.5 billion, with a leverage ratio of three times adjusted EBITDA [30] Q&A Session Summary Question: U.S. Marketing and Contribution - The company noted efficiencies in marketing spend, with a reallocation of approximately £20 million to £25 million into Q4 to prepare for the NFL and NBA seasons [42][43] Question: Prediction Markets - Management is evaluating opportunities in prediction markets, leveraging their experience with the Betfair exchange [40] Question: Illinois Surcharge - The Illinois surcharge was introduced as a response to state tax changes, with management expressing disappointment over its impact on recreational customers [46][47] Question: California Sports Betting - Management is monitoring developments in California, particularly regarding tribal interests and the recent AG opinion on DFS [53] Question: iGaming Growth - Management believes there is significant potential for iGaming growth, focusing on acquiring direct casino customers [65] Question: Boyd Deal and Market Access - The Boyd deal is seen as a long-term opportunity for renegotiating other access agreements, but these will take time to materialize [72] Question: iGaming Content Mix - Currently, all content for FanDuel is sourced from third parties, with plans to introduce in-house content in the future [101] Question: Brazil Market Expansion - The company is considering further opportunities in Latin America, leveraging its recent successes in Brazil [112]

Financial Data and Key Metrics Changes - Group revenue increased by 16% year over year, while adjusted EBITDA grew by 25% [22][5] - Net income decreased by 88% year over year due to increased non-cash charges, primarily related to FOX option valuation [23][6] - Cash from operating activities increased by $36 million year over year, while free cash flow reduced by 9% [6][26] Business Line Data and Key Metrics Changes - In the U.S., revenue grew by 17%, with sportsbook growth of 11% and exceptional iGaming growth of 42% [24][14] - International revenue increased by 15% year over year, driven by the SNAI and NSX acquisitions [17][24] - Adjusted EBITDA for international markets was £591 million, reflecting a 13% year-over-year increase [25] Market Data and Key Metrics Changes - The U.S. market maintained its position as the number one online operator in both sportsbook and iGaming [14][12] - The company achieved over 30% share of the online market in Italy following the SNAI acquisition [12] - In Brazil, the company is optimistic about significant market opportunities and is focusing on product and marketing improvements [12][13] Company Strategy and Development Direction - The company is focused on expanding its U.S. market presence and has made significant progress in regulatory matters [10][6] - Strategic acquisitions, such as SNAI and NSX, are aimed at enhancing market leadership in Italy and Brazil [12][24] - The company is committed to returning capital to shareholders while maintaining flexibility for organic and inorganic investments [29][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and strategic objectives for the remainder of 2025 [20][21] - The company is monitoring regulatory developments closely, particularly in relation to tax changes in various states [10][44] - Management highlighted the importance of maintaining a balanced tax strategy to promote market growth and investment [10][9] Other Important Information - The company has extended its market access agreement with Boyd, which is expected to deliver approximately $65 million in annual cost savings [27][29] - The company is targeting $300 million in savings from its cost transformation program, with the majority expected to arise in 2027 [26][25] Q&A Session Summary Question: U.S. Marketing and Efficiency Drivers - Management noted that U.S. marketing expenses are lower year over year due to a maturing stake profile and proactive marketing phasing into H2 [40][41] Question: Prediction Markets Investment - Management is evaluating regulatory developments in prediction markets and assessing potential opportunities for Fanjul [38][39] Question: Illinois Surcharge and Future Strategy - Management expressed disappointment over the Illinois wager fee and introduced a fee to mitigate its impact, viewing Illinois as an outlier [44][43] Question: California Sports Betting Update - Management is monitoring developments in California, particularly regarding the AG's opinion on DFS and the importance of working with tribal stakeholders [49][48] Question: iGaming Growth and Market Penetration - Management believes there is significant potential for iGaming growth, focusing on acquiring direct casino customers [59][60] Question: International Business Performance - Management highlighted strong performance in Southern Europe and Africa, particularly following the SNAI acquisition [111][112]

Core Insights - Flutter Entertainment reported strong Q2 2025 results, with adjusted EPS at $2.95, exceeding the $2.24 consensus, and GAAP revenue at $4.187 billion, surpassing the $4.13 billion estimate [1][2] - The company upgraded its full-year 2025 guidance for revenue and adjusted EBITDA, reflecting robust growth, particularly in the U.S. and key international markets [1][11] Financial Performance - Adjusted EPS (Non-GAAP) was $2.95, a 45% increase year-over-year from $2.04 [2] - GAAP revenue reached $4.19 billion, a 16% increase from $3.61 billion in Q2 2024 [2] - Adjusted EBITDA was $919 million, up 24.5% from $738 million [2] - Free Cash Flow (Non-GAAP) was $156 million, down 9% compared to Q2 2024 [2][10] Market Expansion and Strategic Focus - Flutter operates leading brands in online sports betting and gaming across over 100 countries, focusing on scale, geographic reach, and proprietary technology [3] - The company has prioritized market expansion, regulatory compliance, and technological innovation, completing significant acquisitions in Italy and Brazil [4] U.S. Market Performance - U.S. revenue increased by 17%, with segment revenues from sports betting operations at $1.79 billion [5] - U.S. adjusted EBITDA rose 54% to $400 million, driven by a 42% increase in iGaming revenue [5] International Operations - International segment revenue grew by 15%, with Flutter holding a 30.2% share of the online market in Italy and a 144% revenue increase in Brazil [6] - iGaming revenues rose 27% internationally [6] Challenges and Regulatory Environment - GAAP net income dropped 88% year-over-year due to non-cash charges and higher tax expenses [7] - The company faces regulatory challenges, including a new wager fee in Illinois and evolving gambling laws in the U.K., Ireland, Brazil, and India [9] Future Outlook - Management raised FY2025 revenue guidance to $17.26 billion and adjusted EBITDA to $3.295 billion, with U.S. revenue expected to reach $7.58 billion [11] - Investors will monitor the integration of recent acquisitions, regulatory impacts, and the company's balance sheet leverage [12]

Core Insights - Flutter reported second-quarter earnings that exceeded Wall Street expectations, with adjusted earnings of $2.95 per share compared to an estimated $2.08, and revenue of $4.19 billion against a consensus of $4.13 billion [1] - The U.S. revenue for the quarter reached $1.79 billion, slightly above expectations, and adjusted EBITDA was nearly $100 million higher than analyst consensus [2] - Flutter raised its full-year guidance, attributing this to favorable U.S. sports results and tax changes [2] Performance Highlights - FanDuel, owned by Flutter, achieved a record gross revenue margin of 16.3% in June, benefiting from positive sports outcomes [2] - The company’s strong performance in the U.S. market is a key driver of its overall revenue growth [2] Regulatory Concerns - CEO Peter Jackson expressed concerns about state taxes potentially driving gamblers to offshore illegal sportsbooks, citing Illinois as a specific example where tax changes could negatively impact casual users [3]

Table of Contents Ireland 98-1782229 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37403 Flutter Entertainment plc (Exact name of registrant as specified in its charter) (State or Other ...

New York, August 7, 2025: Flutter Entertainment (NYSE: FLUT; LSE: FLTR) ("Flutter") the world's leading online sports betting and iGaming operator today announces Q2 results, and increased 2025 guidance. Key financial highlights: Exhibit 99.1 | In $ millions except where stated otherwise | | Three months ended June 30, | | | --- | --- | --- | --- | | | 2025 | 2024 | YOY | | Average monthly players (AMPs) ('000s)1 | 15,978 | 14,344 | +11% | | Revenue | 4,187 | 3,611 | +16% | | Net income | 37 | 297 | (88)% | ...

Core Insights - Flutter Entertainment reported strong Q2 2025 results with a 16% year-over-year revenue growth and a 25% increase in adjusted EBITDA, despite an 88% decline in net income due to non-cash charges [2][5][32] Financial Performance - Average monthly players (AMPs) increased by 11% to 15,978, while revenue reached $4,187 million, up from $3,611 million in Q2 2024 [2][32] - Net income fell to $37 million from $297 million, resulting in a net income margin of 0.9%, down 730 basis points year-over-year [2][32] - Adjusted EBITDA rose to $919 million, with an adjusted EBITDA margin of 21.9%, reflecting a 150 basis point improvement [2][32] - Earnings per share decreased to $0.59, while adjusted earnings per share increased by 45% to $2.95 [2][33] US Market Performance - US revenue grew by 17%, driven by a 42% increase in iGaming revenue and an 11% rise in sportsbook revenue [5][16] - Flutter maintained its leading position in the US market with a sportsbook gross gaming revenue (GGR) market share of 41% and a record 27% iGaming GGR market share [16][35] - The company reported a favorable gross revenue margin of 16.3% in June, the highest on record [16] International Market Performance - International revenue increased by 15%, with the Snai and NSX acquisitions contributing significantly to growth [22][40] - iGaming revenue in international markets grew by 27%, with notable performance in Turkey and Italy [45][46] - The company achieved a 21.7% overall market share in Italy, with 30.2% of the online market [14][46] Strategic Initiatives - Flutter's acquisition of Snai and NSX has positioned it as the largest operator in Italy and established a significant presence in Brazil [6][12] - The company extended its US market access partnership with Boyd to 2038, enhancing its market access efficiency [9] - Flutter's focus on innovation is evident with the launch of new features and products, including the FanDuel Rewards Club and Same Game Parlay+ [17][20] Updated Guidance - The company raised its full-year 2025 guidance, expecting group revenue and adjusted EBITDA of $17.26 billion and $3.295 billion, representing year-over-year growth of 23% and 40%, respectively [4][56] - The updated guidance reflects the impact of favorable US sports results, tax changes, and renegotiated market access savings [4][56]