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]