DAVY VIEW

Flutter Entertainment’s guidance suggests our current year EBITDA expectations will remain effectively unchanged. Its Q3 revenue performance was in line with our expectations for both the ex-US and US businesses. As ever, continued momentum in the US (its performance was materially ahead of consensus forecasts) is the standout feature of the results – it is also likely to result in another top-line upgrade (US revenue guidance suggests a 2% increase to group revenue alone). Strong top-line momentum alongside best-in-class customer economics continue to underpin the superior US profit opportunity for the group – this will be showcased at its FanDuel investor day on November 16th.