DAVY VIEW

Flutter updated on Q3 today. Momentum in US Sports betting was encouraging, with strong handle and player growth offset slightly by unfavourable results. International was impacted by sports results, which had been well flagged by peers. FY26 guidance has been tweaked down, but mostly owing to the impact of sports results and this would have been largely expected. We think the underlying momentum in sports trumps the results impact. The statement references high levels of marketing intensity in FY27 — looking at the blocks outlined, that implies downward pressure on our FY27 forecasts. Detail on this on the call will be the key thing.