DAVY VIEW

At the time of its H1 equity placing, Flutter Entertainment stated that a changing sector landscape was likely to generate significant long-term opportunities for the group. Its performance since, including in Q3, confirms that it is now capitalising on several of these. Revenue advanced by 30% in Q3 (well ahead of major peers), with global customer actives growing by an exceptional 41%. Significant investment across the group, funded by the equity raise, is strengthening positions in key markets, including the US, Australia and even the UK. We continue to believe that Flutter is the best positioned operator in our gaming universe.