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    Paul Ruddy • Davy Group

    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership

    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Paul Ruddy from Davy asked for more detail on the increased conviction in synergy targets for the Snai acquisition and its platform migration timeline. He also asked if it's sensible to assume the Boyd deal savings will offset known U.S. tax increases next year.

    Answer

    CEO Peter Jackson confirmed the Snai migration onto the Sisal platform is planned for H1 2026, which will unlock the full product suite and underpins confidence in synergies. CFO Rob Coldrake stated the $65M in annual Boyd savings will cover a significant portion of next year's tax hikes, supplemented by other first and second-order mitigation effects.

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    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Paul Ruddy inquired about Flutter's response to increased competitor investment in iCasino and how the company plans to maintain its sports product advantage heading into the NFL season.

    Answer

    CEO Peter Jackson affirmed a 'robust posture' on customer acquisition and highlighted significant investment in product capabilities, not just marketing. He pointed to successes in MLB parlays and live betting as evidence of their product strength and mentioned a 'stack load' of new features planned for the upcoming football season to stay ahead of competitors.

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    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Paul Ruddy questioned whether Flutter needs to respond to increased iCasino investment from competitors and how it will retain its product advantage into the new NFL season.

    Answer

    CEO Peter Jackson asserted that Flutter maintains a 'robust posture' on customer acquisition and invests heavily in product, not just marketing. He highlighted recent successes in MLB parlays and live betting and stated the company has a 'stack load' of new features ready for the football season to keep it 'a long way ahead' of competitors.

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    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Paul Ruddy sought to confirm the U.S. H1/H2 EBITDA split and asked about the market dynamics in Italy that are driving recent market share gains for the Sisal brand.

    Answer

    CFO Paul Edgecliffe-Johnson confirmed the U.S. EBITDA split will be slightly more back-end weighted than the previously guided 30/70 due to Q1 sports results and the North Carolina launch. CEO Peter Jackson attributed the Italian market share gains to product improvements, including a new sports betting app, and effective cross-sell from their lottery operations.

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    Paul Ruddy's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Paul Ruddy from Davy asked for an update on the expected H1 vs. H2 split for U.S. EBITDA and inquired about the market dynamics driving Flutter's recent market share gains in Italy.

    Answer

    CFO Paul Edgecliffe-Johnson stated that the U.S. EBITDA split, previously guided at 30/70, will now be slightly more back-end weighted due to Q1 sports results and the North Carolina launch investment. CEO Peter Jackson attributed the success in Italy to product improvements, including a new sports betting app, and effective cross-sell from their lottery operations.

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