Flutter Entertainment Reports Fourth Quarter and Full Year 2025 Financial Results

Flutter Entertainment Reports Fourth Quarter and Full Year 2025 Financial Results NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Flutter Entertainment (NYSE:FLUT; LSE:FLTR), the world's leading online sports betting and iGaming operator, announces Q4 and full year 2025 results, and introduces 2026 guidance.

Unparalleled scale advantages and strategic execution

reinforced Flutter’s global leadership in 2025

Key financial highlights:

FY 2025 highlights:

Unparalleled scale and strategic execution reinforced Flutter’s global leadership during the year:

Q4 2025 overview:

Full year 2026 guidance highlights 8,9

US current trading largely reflects the impact on our customer base of the very high gross revenue margins achieved in the second half of Q4, driving lower levels of customer engagement into 2026. This was compounded by less compelling player narratives in the closing stages of the NFL season. Outside of NFL, handle year-over-year trends improved month-on-month in February.

In International, the year is off to a solid start; sports results have been marginally customer-friendly but otherwise trends are tracking in line with expectations.

Full year guidance, including trading through February 22 is introduced as follows:

Group: revenue $18.4bn, adjusted EBITDA $2.97bn guidance midpoints representing year-over-year growth of 12% and 4%, respectively.

US: revenue $7.8bn, adjusted EBITDA $1.05bn guidance midpoints representing year-over-year growth of 12% and 14%, respectively and including (i) a measured view on market trends, (ii) a sequential improvement in FanDuel’s performance during the year, (iii) new state adjusted EBITDA loss of $70m, and (iv) an increase in prediction markets investment 10 with adjusted EBITDA loss expected to be toward the top of previously guided range of $200m - $300m.

International: revenue $10.6bn, adjusted EBITDA $2.23bn guidance midpoints representing year-over-year growth of 13% and 1%, respectively and including (i) increased investment in Brazil to grow our market position, and (ii) the impacts of previously guided UK tax increases 11 and the exit from India.

Peter Jackson, CEO, commented:

“Flutter delivered strong 2025 results. Our unparalleled global scale and ongoing product innovation helped us reach almost 40 million customers across our portfolio of market-leading, local hero brands during the year. We made clear progress against our strategic priorities; maintaining our US leadership position in both sportsbook and iGaming; entering an exciting and incremental new category in the US with the launch of FanDuel Predicts; completing our strategic acquisitions of Snai and NSX; and delivering several important milestones across our International segment’s transformation programs.

Powered by the Flutter Edge, we continue to build on the structural competitive advantages that differentiate Flutter, combining global capabilities with deep local expertise. Our geographic and product diversification and scale allows us to capitalize on opportunities while providing resilience, allowing us to grow consistently through market cycles.

Looking ahead, we have a clear plan in place to navigate recent US trends and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability. With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond."

To our shareholders

Flutter is the world’s leading online sports betting and iGaming company, with unique advantages afforded through our scale, the Flutter Edge and a long, proven track record of delivery. 2025 was another transformative year for the company with revenue growth of 17% and AMP growth of 14%, marked by strategic execution, continued leadership in key markets, and disciplined investment across both segments.

In the US we maintained our clear leadership position in both sports betting and iGaming, while expanding our addressable market through the launch of FanDuel Predicts at the end of Q4. We believe this new product enables us to harness a significant and incremental expansion of the US addressable market ahead of further state regulation - a space where our scale and experience give us a natural advantage.

In our International business we strengthened our portfolio through strategic acquisitions in Italy and Brazil, two large, exciting and fast-growing markets with compelling long-term potential. We delivered meaningful progress across our transformation and efficiency programs in our SEA and UKI regions, improving operational agility and positioning the business for sustained growth. We have navigated the regulatory changes in India well, and remain optimally positioned to successfully manage tax changes in the UK, leveraging the benefits of our scale, diversification, and the durability of our business model.

Flutter delivered a strong Q4 performance with Group revenue up 25% and adjusted EBITDA increasing 27% year-over-year. AMPs increased by 3% and included the impact of the market exit in India. The quarter’s results benefited from the inclusion of the Snai and BetNacional acquisitions, continued expansion of our US sportsbook structural revenue margins, and a year-over-year tailwind from sports results. The Group net income for Q4 was $10m compared to $156m in the prior year, with the movement driven primarily by higher income tax expense, increased interest expenses, and non-cash amortization of acquired intangibles.

US update

In the US, 2025 saw us deliver robust revenue growth of 20% and strong adjusted EBITDA growth of 82% year-over-year to $922m. Growth in Q4 was particularly strong, with revenue and adjusted EBITDA growth of 33% and 90%, respectively. We exited the year maintaining our clear leadership position in both sports betting and iGaming, and we are very proud of the highly profitable, structurally advantaged business we have built since the repeal of PASPA in 2018.

Q4 performance and market trends:

FanDuel Casino concluded a successful year with Q4 revenue growth of 33% year-over-year and 28% of the iGaming GGR market in the fourth quarter. Clear execution of our strategy delivered a market-leading product to our customers. We continued our roll out of exclusive content with our fourth exclusive Huff N Puff title, beating all previous records for engagement in the first 30 days post launch. We expanded our site-wide jackpot proposition with the “Double Your Bet” feature and introduced FanDuel Casino rewards earlier in the year - both have resonated well with customers and driven strong engagement. All of these initiatives helped contribute to strong AMP growth of 18% in the quarter and a step up in player frequency which underpinned the strength of our business in Q4, and throughout 2025. We begin 2026 in a position of strength to capitalize on the continued strong growth we expect to see in the iGaming market.

While FanDuel sportsbook Q4 revenue growth of 35% was also strong, Q4 sportsbook trends across the market diverged from expectations, with high gross revenue growth offset by moderating customer and handle growth. A key driver was an unfavorable “recycling” impact, where persistently high gross revenue margins, particularly for NFL, adversely impacted customer activity and handle volumes in the market. In addition, the second half the 2025/2026 NFL season saw less compelling content with fewer favorites making the playoffs and fewer player narratives capturing the imagination of bettors.

The moderation in customer activity and handle trends was more pronounced for FanDuel than others in the market. We believe this was driven by two factors: (i) The unfavorable recycling impact was greater for us given our structural margin revenue advantage. FanDuel recorded above-average NFL gross revenue margins in ten of the eleven weeks to the end of the quarter, including several, consecutively high weeks, with our gross revenue margin 470bps higher than the rest of the market in December. Overall, we finished the NFL season 100bps ahead of our expected margin, and (ii) Our standard generosity playbook proved less effective in Q4. Our investment phasing did not sufficiently align with the pattern of sports results during this period, with lower spend levels coinciding with periods of bookmaker friendly results. This resulted in less effective spend against a backdrop of improved competitor product offerings and continued elevated levels of market generosity. As a result we saw higher churn within our customer base and a resultant loss of market share.

We undertook a comprehensive review of potential cannibalization from prediction markets and we have not identified any evidence of any meaningful impact. The review combined industry channel checks, third party data analysis of deposits, actives, and app download trends, and detailed analysis of FanDuel customer trends. Based on this robust analysis, we estimate the potential handle growth impact to be in the low single digits percentage points and we are confident that the prediction markets have not been a significant driver of the moderating customer and handle trends we have observed. This finding is reinforced by our Missouri launch, where customer acquisition trends were well ahead of expectations, reaching 5% of the population within the first 30 days, making Missouri one of our best state launches to date. We do, however, believe prediction market operators may be attracting some new, incremental entertainment-first recreational customer cohorts.

Moderated market handle trends have continued into 2026. We believe these trends reflect the factors evidenced in Q4, including recycling. At this point, however, it is difficult to be definitive as to when market handle growth rates will recover from the impact of Q4 recycling, and we continue to monitor trends closely.

FanDuel sports-betting strategy:

The drivers of our market-leading, highly profitable position in the US are product superiority, enabled by our exceptional pricing capabilities, combined with a highly disciplined approach to customer acquisition. This has allowed FanDuel to deliver an estimated 70% share of market EBITDA 12. However, recent trends have led us to take additional actions to strengthen our capabilities and reinforce our leadership position.

We have a clear product roadmap in place focused on strengthening our leadership by accelerating meaningful differentiation, elevating the core experience, and transforming how we reward customers. We are leveraging our scale, proprietary technology, and data advantages to deliver differentiated experiences competitors cannot easily replicate, including more intuitive bet building, smarter personalization, and richer live engagement. We are also continuing to invest in making every interaction — from login and payments to live betting and cash out — faster, simpler, and more reliable, because excellence in the fundamentals compounds into retention and lifetime value. In addition, we are enhancing how customers feel recognized and rewarded, with more engaging reward experiences including the launch of a new loyalty program. The experience gained from our new rewards program on FanDuel Casino, alongside insights from markets such as Australia where the team have long been pioneering new generosity initiatives will guide our approach and ensure FanDuel invests at levels that remain effective, disciplined and competitive.

We are confident that the ongoing improvements to our sportsbook product and our generosity strategy will harness our scale and structural advantages, driving a sequential improvement throughout 2026, and deliver market share gains.

Prediction market opportunity:

Prediction markets are a significant incremental growth opportunity for FanDuel. We believe the emergence of prediction markets will accelerate the path to state regulation of online sports betting and iGaming. This, in our view, is the most valuable long-term opportunity in the US. In the meantime, the additional near to medium-term growth potential for FanDuel is significant. We believe prediction markets will be TAM expansive; broadening reach by bringing sports markets to the approximately 40% of the US population who cannot currently access online regulated sportsbooks, and through the acquisition of new sports and “entertainment first” customers into the FanDuel ecosystem.

We are exceptionally well positioned to harness this opportunity given the nationwide strength of the FanDuel brand and our sports betting expertise, our deep understanding of this space gained through operating the Betfair Exchange, and our powerful strategic partnership with CME Group.

We launched FanDuel Predicts as planned in late Q4, providing customers nationwide access to financial, economic and commodity contracts, alongside sports contracts in 18 states including California, Florida and Texas. Early engagement has been encouraging, with the vast majority of the activity focused on sports, and average volume per customer in line with expectations. The trajectory of product development is expected to increase significantly in the coming months ahead of the FIFA World Cup and particularly in advance of the commencement of the 2026/27 NFL season.

We are also actively pursuing options to leverage our world-class, proprietary pricing capabilities for market-making services. Flutter is uniquely positioned to price complex, correlated markets in real-time through our outcome-based pricing capability, and we will share further details of our plans here in due course.

Guidance for 2026 reflects adjusted EBITDA investment toward the high end of our previously stated range of between $200m and $300m. Consistent with our product roadmap, we expect customer engagement and activity to be heavily skewed to the second half of 2026 and our investment will therefore reflect a similar profile. Our priority is to build value for the future, while also maintaining the flexibility to accelerate investment. We believe this will position FanDuel to deliver future growth and harness the long-term opportunities for our business.

International update

International revenue grew 14% in 2025 and adjusted EBITDA increased 7% to $2.2bn reflecting another year of strong, broad-based progress. 2025 was a transformative year for the business, strengthening our competitive positions in key regulated markets, and demonstrating the resilience of our scaled diversified portfolio. Despite the regulatory changes in India where the sudden legislative change forced a cessation of real-money gaming, and the announcement of higher gaming taxes in the UK from April 2026, our swift and disciplined responses underscored the agility of the business and ensured we entered 2026 in strong position.

We are making excellent progress on our strategic transformations and integrations, building a strong platform for future revenue growth, and ensuring we remain firmly on track to achieve the $300 million cost savings by 2027, as outlined at our Investor Day in 2024. During the year, we successfully migrated our Sky Bet business onto the Flutter proprietary sportsbook platform, moved our MaxBet business in Montenegro onto our shared CEE infrastructure, and in Italy, we integrated tombola bingo onto the SEA platform and delivered the first of our planned PokerStars migrations.

The integration program will continue at pace into 2026, with the remaining PokerStars migrations expected to drive further growth and deliver planned cost savings. The integration of the Snai business is also progressing well. We plan to migrate Snai’s online customers to the SEA platform in the first half of 2026, giving us confidence in achieving our targeted cost and revenue synergies targets. Beyond these specific programs, we continue to embed rigorous cost discipline across the International business, identifying new efficiencies and optimization opportunities that will protect margins and fund strategic growth investments.

Q4 highlights

International demonstrated a resilient Q4 performance with revenue up 19% and adjusted EBITDA up 6%. Strong regional growth in SEA and CEE offset headwinds from adverse sports results and the India market exit.

Flutter SEA achieved overall Q4 online market leadership in Italy, with Sisal extending its lead to six percentage points 13, through a strong product offering and the effective use of Flutter Edge capabilities. Our market-leading SGP offering, ‘myCombo,’ was used by one-third of Sisal’s monthly active sports customers in Q4. Sisal also consolidated its leadership position in Italy’s fast-growing iGaming market, supported by the integration of Flutter’s in-house casino content and the migrations of PokerStars and tombola, as discussed above.

The migration of the PokerStars Italy platform delivered very encouraging results, with revenue growth of 13% and new customer volumes more than doubling in Q4 year-over-year, as customers benefit from the combination of the Sisal and PokerStars’ liquidity pools, with more benefit to come from the addition of Snai in time. The success of this migration bodes very well for the remaining planned PokerStars migrations.

The integration of the Snai business is also progressing well. Customer acquisition initiatives, including Sisal’s retail sign-up model and restructured generosity to boost cross-sell and reactivations, drove all-time record iGaming AMPs and ensured Snai finished the year in revenue growth. The planned platform migration will enable rapid product expansion for the Snai brand, leveraging the full suite of Flutter Edge products and capabilities. SEA Türkiye continues to demonstrate strong momentum, with 63% revenue growth in Q4 and a strong roadmap of new products and distribution channels planned for 2026.

In UKI, the Sky Bet migration to the Flutter proprietary platform delivered the expected cost savings and positions the brand for stronger long‑term growth. Following the planned pre‑migration development freeze and post‑migration bedding‑in period, we are now accelerating customer‑facing investment to restore momentum. Early initiatives, including the new SuperSpins free‑to‑play mechanic, our popular SuperSub feature, and the innovative Squad Bet proposition powered by next‑generation pricing, are already driving improved engagement. Paddy Power achieved record Q4 iGaming revenue through strong content rollout, while the World Darts Championship drove high levels of engagement and also saw us donate a record $1.7m for Prostate Cancer UK. The first phase of UK gambling tax increases will see iGaming rates almost double to 40 percent from April 2026, and we are already executing robust first-order mitigation plans, while leveraging our scale advantages will capture regulated market share over time.

Brazil represents a significant growth opportunity for Flutter, combining a large regulated market with strong medium-term growth prospects and our clear competitive advantages. BetNacional's local market expertise, enhanced by Flutter's broader capabilities, is already delivering results with customer volumes up 51% since the start of the year, driven by improved Casino offerings and digital marketing integration.

Our strategic plan in Brazil brings together proven Flutter Edge capabilities, including in‑house pricing, our proprietary Bet Builder product, and enhanced generosity tools. This will be combined with an increase in our investment plan designed to maximize the customer‑acquisition opportunity presented by the 2026 FIFA World Cup in a soccer-obsessed market, and grow our market position. This approach is informed by other successful strategies across our global portfolio to accelerate share gains in a scaling, regulated market. While increasing our investment will extend our investment timeline and shift the phasing of profitability, we have strong conviction that disciplined near‑term investment will build a larger, more profitable and sustainable business over the long term.

In APAC, encouraging underlying momentum helped offset adverse sports results, returning Australia to Q4 revenue growth. The Spring Carnival, Australia’s premier horse racing festival, delivered 6% active customer growth, with momentum continuing into 2026. Thoroughbred horse racing, which is the largest part of our Australian business has now stabilized and sports performance remains strong.

Our Australian business is a key innovation hub for the Group, and has pioneered our model-driven approach to generosity, currently being scaled across the International portfolio. In India, our teams have transformed the disappointing market exit into opportunity, swiftly pivoting to develop cross-Flutter products and explore new markets with remarkable agility, the benefits of which will be felt across the broader Group via Flutter Edge.

CEE delivered robust double-digit growth supported by consistent market share gains and our advantaged products. In Georgia, we achieved record market share exceeding 33%, extending our market leadership. Completing our CEE platform strategy in the second half of 2026, with Serbia’s migration, will unlock further value in the region.

Final thoughts and outlook

We enter 2026 confidently, as the largest sports betting and iGaming operator globally with unparalleled scale and diversification.

Looking forward, the 2026 FIFA World Cup presents a great opportunity for Flutter. The expanded tournament serves as a critical global focal point for customer acquisition and deploying innovative products, this time across more fixtures than ever before. Our global footprint, including the US where the tournament is primarily being held, means we are the best-placed operator to capitalize on this global opportunity.

In the US, we hold the number one positions in both sportsbook and iGaming, with a 41% sportsbook GGR market share in Q4 and a 28% iGaming GGR market share. Recent market dynamics have created a challenging environment, but we believe these are largely transitory and we have clear plans in place to accelerate growth. We are exceptionally well placed to harness the incremental prediction markets opportunity, and remain highly confident in the long-term trajectory of the US sports and iGaming market, which we believe still has a long runway of future existing state growth and map expansion ahead.

In International, our strengthened market positioning and momentum sets us up very well. We have compelling plans in place to unlock value through strategic transformations, deploy robust UK tax mitigation, and invest decisively in growth markets across CEE, Brazil and Türkiye. We enter the year with high confidence and conviction behind our plans.

Sincerely,

Peter Jackson

Flutter CEO

Group

The Group delivered Q4 AMP growth of 3% and revenue growth of 25%. Excluding M&A, revenue grew 14%. Organic iGaming revenue growth of 16% year-over-year helped to offset the impact of customer friendly sports results.

Net income of $10m for the quarter decreased by $146m from $156m in Q4 2024, primarily due to:

These factors were partly offset by:

Net loss attributable to Flutter shareholders was $8m, with a loss per share for the quarter of $0.05 (Q4 2024: $0.45 earnings per share) driven by the factors above.

Adjusted EBITDA grew 27% year-over-year to $832m, with adjusted EBITDA margin 30bps higher, principally due to our scaling US business. Adjusted earnings per share for the period decreased 41% to $1.74 primarily reflecting the increases in tax expense, adjusted depreciation and amortization and interest, partially offset by the positive adjusted EBITDA performance above.

The Group’s net cash provided by operating activities declined by $224m to $428m, primarily reflecting the cash impact of the increased income tax expense and interest expense, net, noted above. In addition, we saw a year-over-year reduction in player deposit inflows of $128m driven by slower US momentum in Q4 2025 than in the prior year period. Free cash flow declined by $335m to $138m also reflecting the above, and an increase in capital expenditure relating to the impact of M&A, higher Italian concession payments and expenditure to deliver future revenue enhancing and cost efficiency projects, such as our PokerStars transformations.

Q4 AMPs grew 5% to 4.8m year-over-year benefiting from the launch of FanDuel sportsbook in Missouri where we delivered a number one position with 44% share of GGR. (Pre-2025 and pre-2022 state AMPs +4% 16). Revenue grew 33% (sportsbook +35%, iGaming +33%) over the period.

Sportsbook revenue performance was primarily driven by a positive year-over-year swing in sports results, with AMPs +4% and handle growth of 3% reflecting both the trends outlined in our shareholder letter and a net revenue margin that was 220bps higher year-over-year at 8.9%.

The increase in net revenue margin included:

iGaming revenue grew 33%, underpinned by AMP growth of 18% and an increase in player frequency year-over-year. This was driven by further additions to our exclusive content portfolio, and expansion of our site-wide jackpot offering with the “double your bet” feature which has delivered strong engagement since launch.

Cost of sales reduced by 230bps as a percentage of revenue, driven primarily by the reduction in adverse sports results year-over-year, market access savings as a result of our accelerated buyout of FanDuel ownership in Q3, and a rebate of gaming taxes.

Sales and marketing expenses were 29% higher year-over-year in line with plans to spend a greater proportion of our 2025 investment during H2, and including the impact of our launch in Missouri in December. The expenses reduced by 60bps as a percentage of revenue to 19.6% primarily reflecting the year-over-year impact of sports results. Technology, research and development costs were 26% higher year-over-year, similar to last quarter reflecting data storage and processing costs, together with investment in talent. General and administrative costs were 9% higher primarily reflecting increased headcount costs to support business growth.

Adjusted EBITDA was $310m (Q4 2024 $163m), with an increase in adjusted EBITDA margin of 440bps year-over-year driven by the factors detailed above.

International

International revenue was 19% higher year-over year (up 14% on a constant currency 19 basis, "CC"), with AMPs 2% higher. International revenue excluding M&A was 1% lower year-over-year due to an adverse swing in sports results year-over year and the impact of our exit from the Indian market.

Sportsbook revenue was 6% higher year-over-year and down 11% excluding M&A. Sportsbook handle grew 20% year-over-year and was up 2% excluding M&A, with the performance reflecting growth in SEA and CEE, partly offset by APAC.

Sportsbook net revenue margin decreased by 160bps year-over-year to 12.4% due to:

iGaming revenue was 31% higher year-over-year and increased by 9% excluding M&A. Organic growth was driven by SEA (Italy online and Türkiye), UKI and CEE, offsetting the impact of exiting India in APAC.

Revenue performance across our International regions year-over-year was as follows:

Adjusted EBITDA increased by 6% year-over-year to $588m and was down 7% year-over-year excluding M&A. Adjusted EBITDA margin was 22.7%, a 280bps reduction, reflective of our investment phase in Brazil.

Cost of sales as a percentage of revenue increased by 640bps to 48.3%, with the acquisition of Snai and BetNacional contributing 240bps of the increase. The remaining 400bps organic increase was primarily driven by the 250bps adverse swing in sports results, increased taxes in CEE and in Betfair Brazil, and a continued shift in revenue mix in favor of iGaming, which incurs higher third party costs than sportsbook.

Sales and marketing expenses increased by 13% year-over-year and decreased by 6% excluding M&A. As a percentage of revenue, sales and marketing reduced by 80bps to 16.3%, driven by savings in APAC and Other regions.

Technology, research and development costs were 6% higher year-over-year but decreased by 1% excluding M&A primarily driven by the UKI efficiency program. General and administrative costs were 5% lower and decreased by 14% excluding M&A driven by savings in UKI and Other regions.

Unallocated corporate overhead increased by 2% year-over-year driven by continued investment in shared technology and capabilities.

Capital structure

Available cash increased $297m year-over-year to approximately $1.8bn. The change in total debt from $6,736m at December 31, 2024 to $12,266m at December 31, 2025 reflects financing secured at attractive terms for the Snai and BetNacional acquisitions, and the purchase of Boyd's 5% interest in FanDuel. Net debt was $10,591m at the end of Q4 2025, with a leverage ratio of 3.7x at December 31, 2025 (2.2x at December 31, 2024). The leverage ratio would be 3.6x based on adjusted EBITDA including Snai. The share repurchase program continued in Q4 2025 with 1.02 million shares repurchased in the quarter for a consideration of $245m. This brings the total cash returned to shareholders since the beginning of the share repurchase program to $1.12bn, of a total of up to $5bn expected to be returned over the coming years.

Our disciplined capital allocation policy provides the flexibility to respond effectively to evolving market conditions and emerging opportunities. In 2026, we will prioritize significant capital deployment across both organic investment in our core business and strategic investment in the newly emerging prediction markets opportunity. We remain committed to returning capital to shareholders in line with our longer-term policy. In the near-term, we are adopting a more flexible approach to accommodate these strategic investment priorities. We now expect to commence returning the $250 million previously guided for Q1 in H1 2026, and in line with this flexible approach, we will provide guidance updates on future buyback cadence as the year progresses.

Profit growth and cash generation will continue to drive leverage reduction throughout 2026. Given the Group's robust growth profile, we expect to return to our target range in the medium-term, consistent with our stated policy, with the exact timing dependent upon the cadence of our strategic investments and share repurchases.

Guidance and current trading

In International, the year is off to a solid start; sports results have been customer-friendly but otherwise trends are tracking in line with expectations.

Group: full year guidance is introduced with revenue of $18.4bn and adjusted EBITDA of $2.97bn at the midpoint representing year-over-year growth of 12% and 4% respectively. Guidance reflects the following trends and assumptions for the US, International and unallocated corporate overhead:

US: 2026 US guidance of $7.8bn revenue and $1.05bn adjusted EBITDA including:

This results in 2026 US revenue and adjusted EBITDA year-over-year growth of 12% and 14%, respectively, at the midpoints.

We expect approximately 22% of total full year revenue and approximately 13% of total full year adjusted EBITDA to arise in Q1.

International: 2026 International guidance of $10.6bn revenue and $2.23bn adjusted EBITDA including:

This results in 2026 International revenue and adjusted EBITDA year-over-year growth of 13% and 1%, respectively, at the midpoint.

We expect approximately 49% of full year revenue and approximately 47% of full year adjusted EBITDA to arise in H1, with revenue evenly split between Q1 and Q2 and EBITDA skewed towards Q1.

Unallocated corporate overhead: Guidance of $310m reflects continued investment in shared technology and capabilities to enhance the Flutter Edge, and the annualization of incremental costs during 2025 associated with being a US listed company.

Share repurchases: We are adopting a more flexible approach to share repurchase guidance. We expect to commence returning $250m in H1 2026, and will provide guidance updates on future buyback cadence as the year progresses.

Guidance is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at current foreign exchange rates and (iii) on the basis of a consistent regulatory and tax framework except where otherwise stated.

A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.

Conference call:

Flutter management will host a conference call today at 4:30 p.m. ET (9:30 p.m. GMT) to review the results and be available for questions, with access via webcast and telephone.

A public audio webcast of management’s call and the related Q&A can be accessed by registering here or via www.flutter.com/investors. For those unable to listen to the live broadcast, a replay will be available approximately one hour after the conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.

Analysts and investors who wish to participate in the live conference call must do so by dialing any of the numbers below and using conference ID 12768. Please dial in 10 minutes before the conference call begins.

+1 800 715 9871 (North America)

+44 800 358 0970 (United Kingdom)

+353 1800 943 926 (Ireland)

+61 1800 519 630 (Australia)

+1 646 307 1963 (International)

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements related to our expectations regarding our share repurchase program, our competitive position, the impact of new entrants to the market, new and enhanced product offerings, macroeconomics conditions, the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy and potential. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” ”expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “goal,” “target,” “aspire,” “will likely result,” and or the negative version of these words or other comparable words of a future or forward looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: Flutter’s ability to effectively compete in, and market trends impacting, the global entertainment and gaming industries; Adverse changes to, and uncertainty regarding, the regulation (including taxation) of online betting and iGaming; Flutter’s ability to retain existing customers and to successfully acquire new customers; Flutter’s ability to accurately determine the odds in relation to any particular event exposes us to trading, liability management and pricing risk; Variability in win rates, jackpot payouts and the scheduling of major sporting events; Flutter’s ability to develop new product offerings; Flutter’s ability to successfully acquire and integrate new businesses; Flutter’s ability to maintain relationships with third-parties; Flutter’s ability to maintain its reputation; Public sentiment towards online betting and iGaming generally; The potential impact of general economic conditions, including recessions, economic slowdowns, inflation, tariffs and/or trade disputes, fluctuating interest rates and instability in the banking system, on Flutter’s liquidity, operations and personnel and ability to raise financing in future; Flutter’s ability to obtain and maintain licenses with gaming authorities; The failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter’s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter’s success in retaining or recruiting officers, key employees or directors; Litigation and the ability to adequately protect Flutter’s intellectual property rights; The impact of data security breaches or cyber-attacks on Flutter’s systems; and Flutter’s ability to prevent and remediate material weaknesses in its internal control over financial reporting.

Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2026 and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Flutter Entertainment plc

Flutter is the world’s leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our size and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global advantages of the Flutter Edge, which gives our brands access to group-wide benefits, as well as our clear vision for sustainability through our Positive Impact Plan.

Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and BetNacional. We are the industry leader with $16,383m of revenue globally for fiscal 2025, up 17% YoY, and $4,737m of revenue globally for the quarter ended December 31, 2025.

Contacts:

Notes

Definitions of non-GAAP financial measures

This press release includes adjusted EBITDA, adjusted EBITDA margin, adjusted net income, net income (loss) including Snai, adjusted net income (loss) including Snai, adjusted net income attributable to Flutter shareholders, adjusted Earnings Per Share (“adjusted EPS”), leverage ratio, leverage ratio including Snai, net debt, free cash flow, adjusted depreciation and amortization and constant currency which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial institutional and investors as measures of performance. These non-GAAP measures are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

Constant currency reflects certain operating results on a constant-currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refer to the exchange rates used to translate our operating results for all countries where the functional currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global company, foreign currency exchange rates used for translation may have a significant effect on our reported results. In general, our financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar. References to operating results on a constant-currency basis mean operating results without the impact of foreign currency exchange rate fluctuations. We believe the disclosure of constant-currency results is helpful to investors because it facilitates period-to-period comparisons of our results by increasing the transparency of our underlying performance by excluding the impact of fluctuating foreign currency exchange rates. We calculate constant currency revenue, adjusted EBITDA and segment adjusted EBITDA by translating prior-period revenue, adjusted EBITDA and segment adjusted EBITDA, as applicable, using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period.

Organic growth, or growth rates excluding M&A, reflect certain operating results excluding the relevant contributions from Snai and NSX following their acquisition in 2025, in order to facilitate period-to-period comparisons of our results without regard to the impact of corporate acquisitions. We believe the disclosure of organic growth rates is helpful to investors because it facilitates period-to-period comparisons by increasing the transparency of our underlying performance.

Adjusted net income is defined as net income (loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss (gain) on settlement of long-term debt; impairment of property and equipment, intangible assets, right-of-use assets and goodwill; financing related fees not eligible for capitalization; gain from disposal of businesses, fair value (gain)/loss on derivative instruments, fair value (gain)/loss on contingent consideration, fair value (gain)/loss on Fox Option Liability and fair value (gain)/loss on investment and share-based compensation.

Adjusted net income attributable to Flutter shareholders is defined as adjusted net income, adjusted for net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests, and adjustment of redeemable non-controlling interest to redemption value.

Net income (loss) including Snai is defined on a Group basis as net income plus Snai's net income for the four months ended April 30, 2025 prior to the completion of acquisition. Snai’s historical condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). We have made adjustments to conform Snai’s financial information prepared under IFRS to U.S. GAAP.

Adjusted net income (loss) including Snai is defined on a Group basis as adjusted net income, after adjusting for the following:

Adjusted EBITDA is defined on a Group basis as net income (loss) before income taxes; other income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; impairment of property and equipment, intangible assets, right-of-use assets and goodwill and share based compensation expense.

Adjusted EBITDA including Snai is defined on a Group basis as adjusted net income including Snai before income taxes; other expense, net; interest expense, net; depreciation and amortization; share-based compensation expense; transaction fees and associated costs; and restructuring and integration costs.

Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue, respectively.

Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to Flutter shareholders and Adjusted EPS are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit (loss), net income (loss) measures or earnings per share, or as alternatives to net cash provided by (used in) operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP.

Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business.

Adjusted EBITDA has further limitations as an analytical tool. Some of these limitations are:

Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expense, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.

Leverage ratio is defined as net debt divided by last twelve months adjusted EBITDA. We use this non-GAAP financial measure to evaluate our financial leverage. We present net debt to adjusted EBITDA because we believe it is more representative of our financial position as it is reflective of our ability to cover our net debt obligations with results from our core operations, and is an indicator of our ability to obtain additional capital resources for our future cash needs. We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. The Leverage Ratio is not a substitute for, and should be used in conjunction with, GAAP financial ratios. Other companies may calculate leverage ratios differently.

Leverage ratio including Snai is defined as net debt divided by adjusted EBITDA including Snai.

Free cash flow is defined as net cash provided by (used in) operating activities less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period. This non-GAAP measure may be useful to investors and other users of our financial statements as a supplemental measure of our cash performance, but should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Our calculation of free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as a comparative measure.

Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles.

Consolidated Balance Sheets

Consolidated Statements of Comprehensive Income (Loss) 1

Consolidated Statements of Cash Flows 1

Reconciliations of non-GAAP financial measures

Adjusted EBITDA reconciliation

See below a reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income, the most comparable GAAP measure.

Adjusted net income and adjusted net income attributable to Flutter shareholders

See below a reconciliation of adjusted net income and adjusted net income attributable to Flutter shareholders to net income/ (loss), the most comparable GAAP measure.

Adjusted Earnings Per Share reconciliation

See below a reconciliation of adjusted Earnings Per Share to diluted earnings per share, the most comparable GAAP measure.

Adjusted EBITDA including Snai reconciliation

See below a reconciliation of adjusted EBITDA including Snai to net income. These figures have been adjusted to include the relevant amounts for Snai during the pre-acquisition period as though it formed part of the Group since January 1, 2024.

Net debt reconciliation

See below a reconciliation of net debt to long-term debt, the most comparable GAAP measure.

Free cash flow reconciliation

See below a reconciliation of free cash flow to net cash provided by operating activities, the most comparable GAAP measure.

Constant currency (‘CC') growth rate reconciliation

See below a reconciliation of segment constant currency growth rates to nominal currency growth rates, the most comparable GAAP measure.

See below a reconciliation of other constant currency and organic growth rates to reported nominal growth rates.

Reconciliation of supplementary non GAAP information: Adjusted depreciation and amortization

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