Flutter Entertainment plc

Ladies and gentlemen, good afternoon. I would like to welcome everyone to Flutter Entertainment's third quarter 2025 update call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. And I would now like to turn the conference over to Paul Tims, Group Director of Investor Relations. You may begin.

Hi everyone and welcome to Flutter's Q3 update call. With me today are Flutter's CEO Peter Jackson and CFO Rob Coldrake. After this short intro, Peter will open with a summary of our operational progress and then Rob will go through the Q3 financials and updated guidance for 2025. We will then open the lines for Q&A. Some of the information we are providing today, including our 2025 guidance, constitutes forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings. In addition, all forward-looking statements are based on current expectations and we undertake no obligation to update any forward-looking statement except as required by law. Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures Reconciliations are included in the results materials we have released today available in the investors section of our website. And I will now hand you over to Peter. Thank you, Paul.

I'm pleased to report a good third quarter, the continued momentum in both our US and international businesses. During Q3, we saw over 14 million average monthly players engaging with our products, driving revenues 17% ahead year over year and adjusted EBITDA 6% higher. While we reported a net loss for the quarter, this is driven by the non-cash impairment charge following the regulatory changes in India and the previously communicated payments to Boyd for improved U.S. market access terms. Customer-friendly sports results in September and October, which, as we've previously outlined, are transitory in nature, mean we are reducing our full-year outlook for 2025 by $280 million in adjusted EBITDA. But the underlying business is performing well. And I'm really pleased with the strong positioning of Flutter's core business as we continue to execute in the final quarter of the year. Before I provide an update on the Q3 performance of the US and international businesses, I'd like to share how we're strategically positioning Fangio to capture the emerging prediction markets opportunity. I'm very excited to announce our expansion into this market with the launch of Fangio Predicts in December. We will immediately unlock the significant incremental addressable market by offering a compelling sports product to the vast majority of the U.S. adult population in those states currently without sports betting. Entertainment and financial prediction markets will also be available. Flutter is exceptionally well positioned to capitalize on this opportunity. Through our strategic partnership with CME Group, combined with FanDuel's nationwide brand presence, market-leading sports betting expertise, and two decades of our own experience operating the Betfair exchange. Fangio Predicts will also accelerate acquisition of customers into the Fangio ecosystem ahead of the state legalization of sports betting. Furthermore, the strength of our world-class pricing and risk management capabilities present market-making opportunities, which we continue to assess. We believe the sports prediction market opportunity lies solely in those states currently without sports betting access, and we can clearly see prediction markets are having a negligible impact in the states where Fangio Sportsbook is already available to customers. The opportunity to extend the Fangio footprint into these new states is significant, and our aspiration is to be the clear market leader. Our investment will therefore be meaningful by maintaining the disciplined approach that has served us so well since the inception of sports betting in the US. In summary, We believe this is a hugely exciting opportunity for FanDuel and one that we will seize. We have successfully demonstrated that we have the capabilities to win in sports betting and iGaming, and I firmly believe this will also be the case for prediction markets. This is all in addition to our existing regulated business. In the long term, we firmly believe that it is state-regulated sports betting and iGaming that remains the most valuable long-term opportunity in the US. The importance of having the best quality sports betting product combined with the ability to price increasingly complex sports products accurately cannot be overstated. These are both areas where Flutter and FanDuel excel. As demonstrated by international precedent, long-term success in the U.S. gaming sector will be achieved by those operators with scale positions and the highest quality sports betting product. Turning now to our existing business in the U.S. We maintained our clear position as the number one online operator in both Sportsbook and iGaming. AMP growth of 8% year-over-year is encouraging, driven by strong iGaming AMP growth of 30% and accelerating Sportsbook AMP growth of 5%. From a revenue perspective, we delivered growth of 9%, led by exceptional iGaming performance, where our revenue was up 44% year-over-year, delivering 27% GGR market share in Q3. We added over 500 new slots titles during the quarter, with our proprietary Flutter gaming platform enabling faster content delivery. Exclusive content continues to drive customer engagement, including new Wonka and Samurai titles, and the latest Huff & Puff installment, Huff & Lots of Puff, with our most successful game launch to date, setting record engagement in GGR levels. With population penetration currently well below long-term expectations, we see significant runway for growth in existing states, with further state legalization of further incremental opportunities. In Sportsbook, while September and October have been impacted by customer-friendly NFL sports results, we are clear that this is just the normal ebb and flow of sports outcomes, and we maintain our absolute conviction in our pricing accuracy. The NFL has a very concentrated schedule, and this drives intense customer engagements and a small number of events. Average handle on an NFL game is typically five times that of an NBA game, increasing to more than 10 times for standalone games. This can result in greater variability in the short term, as it was seen in recent history. But we are confident that our reported margin will revert to expectations in the longer term. The start of the NFL season consistently sees heightened levels of competition in the market. And Q3 this year was even more pronounced than in previous years, with September characterized by exceptionally high levels of competitor generosity. These dynamics temporarily impacted Fangio's NFL handle growth and same-game parlay penetration in the opening weeks of the season, as we deliberately chose to not match these uneconomic offers. This disciplined approach helped deliver an NGR market share of 47% in September. While market competitive intensity has moderated from the NFL season start, it still remains at elevated levels. Fangio's scale as the number one operator in the U.S. has subsequently enabled us to take action to strengthen our market leadership. We responded in a strong but disciplined way at the start of Q4, with increased investment in customer acquisition and retention, and we've been very pleased with the momentum that this has driven. The NBA season launched in late October, and we off to a good start. Customer engagement, handle, and same-game parlay penetration are all tracking strongly in the early weeks of the season, giving us confidence that growth this season is shaping up well. We're also excited to see what our new strategic MBA partnership Amazon Prime can unlock, including a range of merchandising and product integrations. Our international division delivered a good performance, with revenue 21% higher year over year, including the benefit of our SNAI and BetNational acquisitions. We delivered organic iGaming growth of 10% with strong performance in Turkey and C-SAL's Italian online business. Organic sportsbook performance was encouraging against the strong prior year sportsbook performance, which benefited from the Euros and more favourable sports results. In Italy, we launched MyCombo and C-SAL, the only four same-game parlay products available in the market, in time for the start of the Italian soccer season. Customer engagement has been strong. with over half of sports customers placing a My Combo bet during the first seven rounds of the season. The integration of Flutter Studios into the SEA Italian online platform has enabled in-house content to be offered to our Italian customers with a strong pipeline of future content. The SNI integration has also been progressing well. We've enhanced the iGaming proposition, optimized retail gaming machines and commission structures, and increased customer acquisition volumes by deploying CSAIL's proven retail signup program. The migration of SNAI online customers to the SEA online platform remains on track for H1 2026, keeping us well on course to deliver our synergy targets while bringing our leading platform capabilities to SNAI customers. In the UK and Ireland, the successful migration of Skybet onto our shared Flutter UK platform has enabled delivery of new products and improvements for our SkyBet customers. This included the launch of our highly popular SuperServe offering and the new SquadBet proposition, powered by our next-generation pricing capability. There's been much speculation around potential gaming tax increases in the upcoming UK budget. We remain engaged with policymakers and expect decisions to be based on economic merit, taking into account the industry's substantial contribution to UK tax revenues and employment. We await the outcome in the budget later this month. However, should taxes increase, Flutter's unmatched scale and market-leading position will help to mitigate the impact, as we have demonstrated historically. In Brazil, an expanding portfolio of games and improved generosity delivered record iGaming revenues. On Sportsbook, we remain focused on integrating Flutter's in-house pricing capabilities and generosity functionality to materially elevate the overall customer proposition ahead of the World Cup next year. Outside of performance during the quarter, the sudden regulatory change in India was extremely disappointing. Flutter has invested significantly in India over the last number of years, responsibly delivering innovative skill-based games to Indian customers. Junglee will now only offer free-to-play content as we assess our medium-term options in the market. Looking ahead, I'm extremely excited about expanding our US portfolio to include Fangio Predicts, and I'm confident that our market leadership and diversified international business positions as well for the remainder of the year and into 2026. I'll now hand you over to Rob to take you through the financials.