DAVY VIEW

Flutter has reported Q2 results a little ahead of our forecasts and also notes that early Q3 trading is ahead of expectations. On guidance, the range for the International business has been retained, but it has reduced guidance for the US at revenue and EBITDA by 5% and 22% respectively. This leads to a group revenue downgrade of 2% and an aEBITDA downgrade of 7%. It has also been announced that Dan Taylor will take over as CEO on October 1st, succeeding Peter Jackson. Dan Taylor is an exceptionally experienced operator who has led the successful International business and has, more recently, served as President of Flutter. Peter Jackson notes that after nine years this is the right time to hand over and “having worked closely with Dan for many years, I know he is the right leader to guide Flutter into its next chapter. He has a deep understanding of our business, an outstanding track record of leadership and a relentless focus on our customers”.