1) Leadership Transition and Strategic Focus - Peter Jackson announced his resignation as CEO, effective end of September, after nearly 9 years in the role. - Dan Taylor will succeed him, with a strong emphasis on long-term value creation for shareholders. - The company is prioritizing investments in U.S. sports betting and iGaming, despite short-term impacts on earnings, to strengthen competitive positioning.

2) Financial Performance and Segment Results - Q2 revenue grew by 3% YoY, driven by M&A and strong engagement during the FIFA World Cup, but U.S. revenue was down 6% YoY due to customer-friendly sports results. - Adjusted EBITDA declined by 45%, with a net loss of $296 million compared to a net income of $37 million in Q2 2025. - Free cash flow decreased by 56% YoY, with a leverage ratio of 4.3x, but expected to improve in H2 2026.

3) Market Dynamics and Challenges - The U.S. sports betting market remains subdued, with a growth rate of approximately 5% in H1 2026, influenced by disappointing NFL performance in Q4 2025. - The introduction of prediction markets is seen as incremental to sports betting, with low single-digit cannibalization impacts. - Increased competition and regulatory changes, such as tax increases in North Carolina, are creating challenges in strategic planning.

4) Operational Plans and Product Development - Flutter is enhancing its sportsbook offerings with new features like BetProtect+ and expanding its loyalty program, which now covers 70% of customers. - The company is also focusing on integrating its prediction market offerings with the launch of the One App, expected to improve customer experience and engagement. - Internationally, Flutter is seeing strong growth in Italy and SEA, with a 10% revenue increase in Italy driven by World Cup engagement.

5) Guidance and Outlook - Full-year revenue guidance has been adjusted to $17.91 billion, reflecting a reduction of $395 million at the midpoint. - Adjusted EBITDA guidance is now $2.655 billion, down by $210 million at the midpoint. - The company expects to generate approximately $50 million in revenue from market making this year, indicating growth potential in this area.

Bottom line: Flutter is navigating a transitional phase with leadership changes and strategic investments aimed at long-term growth, particularly in the U.S. market. While facing short-term profitability challenges, the focus on customer engagement and product innovation positions the company for potential recovery and market share gains in the future.