DAVY VIEW

Flutter has delivered a very strong Q2. The combination of excellent growth in the US, the benefit of acquisitions and organic growth in the International business provides further proof of the compelling growth paradigm. It has upgraded FY25 US aEBITDA by 10% and retained guidance for the International business, leading to a c.4% group aEBITDA upgrade. The revised terms with Boyd for market access largely offset the much-debated US tax headwinds and show that management has numerous levers at its disposal. During the quarter it included two significant businesses in Snai and NSX, increased its ownership of FanDuel and continued its buyback. Despite this, we expect leverage to be within its stated range at year-end. With 23% revenue growth and 40% EBITDA growth guided in FY25, Flutter is delivering on multiple fronts.