DAVY VIEW

Flutter reported another quarter of good growth despite the headwind from US sports results in March. Group Q1 revenue and EBITDA were broadly in line with our expectations. It has updated its full year guidance with group revenue now expected to be $17.08bn and group EBITDA of $3.18bn, both broadly in line with our forecasts and representing 22% and 35% year-on-year (yoy) growth. The guidance for the US has been reduced solely to reflect sports results, with International offsetting this headwind (helped by FX). Excluding FX tailwinds and sports results headwinds, the underlying group guidance is unchanged. The CEO notes that he remains “extremely confident” in the long-term fundamentals of the business and outlined that the business has proven resilient in periods of consumer pressure in the past.