4Q 2025 Earnings Review February 23, 2026 DISCLAIMERS Forward-Looking Statements Certain statements made in this presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, Super Group's intention to pay a dividend, including the expected timing of such dividend, expectations and projections of market opportunity, growth and profitabili ...

Core Viewpoint - Flutter Entertainment plc (NYSE:FLUT) is identified as one of the best beaten down growth stocks to buy now, despite a recent target price cut by Canaccord [1]. Group 1: Company Overview - Flutter Entertainment plc is an online betting and gaming company primarily operating in the United States, the UK, Ireland, and Australia, founded in 1988 and based in New York [4]. Group 2: Market Sentiment and Performance - Canaccord reduced its target price on Flutter Entertainment by 10% to $270 from $300 but maintained a Buy rating, citing that the market's negative sentiment towards digital gambling stocks was an overreaction [1]. - The decline in total handle (total bets) in December, which was $747 million, represented a 9.3% decrease from the previous year, while revenue increased by 351.6% to $68 million due to an improved hold rate [2]. - US-wide figures showed a total handle of $13.5 billion in December, a 14.4% decline from the previous year, yet revenue rose by 78.4% to $1.7 billion, with the hold rate improving to 12.3% [3].

Financial Performance - Total Group Revenue reached $557 million, a 26% year-over-year increase[12, 16] - Group Adjusted EBITDA was $152 million, reflecting a 65% year-over-year growth and a 27% margin[12, 16] - Ex-U S Adjusted EBITDA increased by 42% year-over-year to $149 million[16] - The company paid out $20 million in dividends during the quarter, with a last twelve months total of $136 million[14] Customer Engagement - Average Unique Monthly Active Customers reached a new all-time high of 55 million, an 18% year-over-year increase, peaking at approximately 6 million in September[14, 16] Revenue Diversification - Net Revenue by geography shows continued global diversification, with Americas contributing 33%, Africa 41%, Europe 20%, and RoW 6% of the $550 million total in 3Q 2025[22] - Online Casino accounted for 84% of Net Revenue, while Sports contributed 16%[27] Operational Expenses - Direct Expenses accounted for 37% of Total Revenue Ex-U S [63] - Marketing Costs represented 21% of Total Revenue Ex-U S [63] - G&A Expenses accounted for 15% of Total Revenue Ex-U S [63] Guidance - The company updated its 2025 guidance, projecting Total Revenue between $217 billion and $227 billion and Adjusted EBITDA between $555 million and $565 million[75]

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]

Financial Highlights - Super Group achieved a record Total Group Revenue of $579 million, a 30% year-over-year increase[13] - The Group's Adjusted EBITDA reached a record $157 million, representing a 78% year-over-year growth and a 27% margin[13] - The company has a debt-free balance sheet with $393 million in unrestricted cash as of June 30, 2025[13,15] - Dividends of $20 million were paid out during the quarter, with a total of $166 million in dividends paid on a trailing twelve-month basis[13] Business Performance - The average unique monthly active customers increased by 21% year-over-year[15] - Net Revenue increased by 30% year-over-year to $570 million[21] - Ex-U S Total Revenue increased 28% year-over-year to $563 million[15,35] - Sportsbook Gross Revenue increased 27% year-over-year, with a margin of 13 9% compared to 12 6% in the same quarter of the previous year[27] - Casino Gross Revenue increased 25% year-over-year, with a margin of 4 44% compared to 4 40% in the same quarter of the previous year[30] Strategic Decisions - Super Group announced a strategic exit from the U S iGaming business[13,49] - The exit from the U S iGaming business will incur one-off costs, including $63 9 million for goodwill and asset impairment, $22 6 million for onerous contracts, and approximately $6 million in cash closing costs[50] Guidance - Ex-U S Adjusted EBITDA guidance was raised from $480 million to a range of $500-$510 million[13] - The company projects total revenue to be greater than $2 04 billion and Adjusted EBITDA to be in the range of $470-$480 million[61]

Core Insights - Meridianbet, a member of Golden Matrix Group, is committed to environmental and social responsibility through impactful green initiatives [1][7] - In 2024, the company organized nearly 300 CSR initiatives, with over 80 projects in Q1 2025 focusing on health, education, community impact, responsible betting, and environmental protection [2] Environmental Initiatives - The Fruška Gora Cleanup, linked to the 32nd Fruška Gora MTB Marathon in Serbia, showcased the company's commitment to environmental care by cleaning forest trails and protecting national parks [3][4] - The success of the Fruška Gora initiative inspired similar environmental efforts in other markets, including Tanzania, promoting ecological awareness across borders [4] Community Engagement - The Epic Trail event, part of the 300 community-focused campaigns in 2024, aimed to promote healthy lifestyles and social inclusion while building brand trust through direct community engagement [5][6] - Meridianbet's initiatives are designed to create measurable social impact, reinforcing its presence in the markets it operates [6] Long-term Sustainability Vision - Meridianbet and Golden Matrix Group view sustainability as a long-term global mandate, with future campaigns targeting greenhouse gas reduction, biodiversity protection, and waste minimization [6][7] - The company's efforts position it as a global role model for environmentally conscious gaming, aligning growth with positive global impact [7] Company Overview - Founded in 2001, Meridianbet is a leading provider of betting and gaming technology, licensed in 18 jurisdictions across Europe, Africa, and South America [8] - The company operates with a strong omnichannel presence, including retail, online desktop, and mobile gaming, as a subsidiary of Golden Matrix Group [8]

Financial Performance - Total Group Revenue reached $517 million, a 25% year-over-year increase[14] - Group Adjusted EBITDA hit a record $111 million for the first quarter, showing a 120% year-over-year growth and a 22% margin[14] - Ex-US Adjusted EBITDA increased by 62% year-over-year to $121 million, with a margin of 24%[50] - US Adjusted EBITDA showed a loss of $9.8 million[18] Customer Base and Operations - Average Unique Monthly Active Customers reached a new high of 5.4 million, a 15% year-over-year increase[16] - The company successfully completed the migration to Spin Palace Casino from Betway in the US[16] - The company maintains a debt-free balance sheet with $351 million in unrestricted cash as of March 31, 2025[16,18] Revenue Breakdown - Net Revenue by geography shows continued global diversification, with Americas at 36%, Africa at 39%, Europe at 19%, and RoW at 6%[24] - Sportsbook Gross Revenue Margin increased by 270bps year-over-year, reaching 138% in 1Q 2025 compared to 111% in 1Q 2024[33] Expenses - Marketing costs accounted for 26% of Net Revenue[61] - G&A Expenses accounted for 16% of Net Revenue[61] Guidance - The company projects Total Revenue to exceed $2014 billion and Adjusted EBITDA to exceed $421 million for 2025[65]