[Management View]
Flutter's management emphasized strong operational performance and strategic progress, including achieving 100% ownership of FanDuel, reshaping US market access agreements, and integrating international assets. Key metrics included 16% YoY group revenue growth and 25% YoY adjusted EBITDA growth.

[Outlook]
Management upgraded full-year 2025 guidance, expecting group revenue of $17.26 billion and adjusted EBITDA of $3.295 billion, representing 23% and 40% YoY growth, respectively. US revenue is projected at $7.58 billion with adjusted EBITDA of $1.245 billion, reflecting 31% and 146% YoY growth. International revenue is expected at $9.68 billion with adjusted EBITDA of $2.3 billion, reflecting 17% and 11% YoY growth.

[Financial Performance]
- Group revenue increased by 16% YoY.
- Adjusted EBITDA grew by 25% YoY.
- Net income reduced by 88% YoY due to non-cash charges.
- US revenue grew by 17% YoY, with Sportsbook revenue up 11% and iGaming revenue up 42%.
- International revenue grew by 15% YoY, with adjusted EBITDA up 13%.

[Q&A Highlights]
Question 1: Did Apple Intelligence drive sales of the iPhone 16 series? Which features are most popular with users?
Answer: In markets where Apple Intelligence was introduced, the iPhone 16 series outperformed markets where the feature was not introduced. Users used features such as ‘Writing Tools,’ ‘Image Playground,’ and ‘Genmoji’ extensively, especially the ‘Clean Up’ feature. The ‘Clean Up’ feature received a lot of attention in Apple Store demos. Apple Intelligence is also continuing to expand language support, which is expected to further enhance user experience and demand.

Question 2: Your gross profit was better than expected, but your marketing contribution was significantly better. Can you discuss the drivers of these efficiencies and the impact of reallocating marketing spend to Q4?
Answer: The efficiencies were driven by a maturing state profile and the North Carolina launch in Q2 last year. Additionally, marketing spend was proactively phased into H2 to prepare for the NFL and NBA seasons. The reallocation amounted to approximately $20-25 million.

Question 3: How do you underwrite the risk of significant capital outlay in prediction markets given potential political changes in the US?
Answer: We are evaluating regulatory developments and assessing potential opportunities for FanDuel. We are cautious about speculating on costs and benefits at this time. Regarding the Illinois surcharge, we believe it is an outlier and do not expect similar measures elsewhere.

Question 4: Is the Illinois transaction fee mitigation taxable, and could it change your strategy?
Answer: The fee is not assumed to be taxable. We chose a transaction fee for simplicity and alignment with the legislature. We are monitoring the situation and will adjust if necessary.

Question 5: Can you provide an update on sports betting in California and the impact of the AG's opinion on DFS?
Answer: We respect the tribes in California and are following developments closely. We aim to work collaboratively with stakeholders in the state.

Question 6: Can you discuss early July handle trends and the performance of the Your Way parlay feature during the NBA playoffs?
Answer: We are not commenting on current trading. The Your Way parlay feature saw significant engagement, particularly with same-game parlays. We have exciting plans for the NFL season.

Question 7: How are you pushing players to try same-game parlay live, and what are the retention rates?
Answer: Live betting is a core part of our offering, and we focus on reducing friction for consumers. Our same-game parlay live feature has been well-received, and we expect strong engagement in the upcoming NFL season.

Question 8: What are the biggest deltas versus peers in iGaming, and how durable are these advantages?
Answer: We are the market leader in iGaming due to our continuous execution on strategy, exclusive content, and leveraging the Flutter Edge. We have significant growth potential and exciting plans for further innovation.

Question 9: How much of FanDuel's iGaming handle is driven by in-house versus third-party content?
Answer: Currently, all content is from third parties, with some exclusivity provisions. We may introduce in-house content in the future to optimize costs.

Question 10: Does not winning the Italian lottery tender free up capital for other opportunities?
Answer: We remain disciplined in capital allocation, focusing on deleveraging and investing in high-return opportunities. We continue to explore accretive M&A and share buybacks.

Question 11: Is your strong performance in Brazil influencing expansion into other Latin American markets?
Answer: We evaluate opportunities globally, including Latin America. Our focus is on deploying capital where we see the best returns.

Question 12: Can you discuss the biggest countries of outperformance and underperformance in the international segment?
Answer: Southern Europe and Africa have outperformed, particularly Italy and Turkey. Australia has seen slower growth but performed well in Q2.

Question 13: How does your state launch cost compare to peers, and have you changed your approach?
Answer: Our approach remains consistent, with a contribution loss of approximately $35 million per 1% of the population. We are confident in our cost estimates.

[Sentiment Analysis]
Analysts were generally positive, focusing on strong financial performance and strategic progress. Management maintained a confident and optimistic tone, emphasizing growth opportunities and cost efficiencies.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|-------------------------|---------------|---------------|------------|
| Group Revenue | $4.2 billion | $3.62 billion | +16% |
| Adjusted EBITDA | $1.05 billion | $840 million | +25% |
| Net Income | $50 million | $420 million | -88% |
| US Revenue | $1.7 billion | $1.45 billion | +17% |
| International Revenue | $2.4 billion | $2.09 billion | +15% |

[Risks and Concerns]
- Illinois wager fee impacting operating costs.
- Increased non-cash charges affecting net income.
- Potential regulatory changes in the US and other markets.

[Final Takeaway]
Flutter delivered strong Q2 2025 results, driven by robust performance in the US and international markets. Strategic acquisitions and cost efficiencies contributed to significant growth in revenue and adjusted EBITDA. Management remains confident in achieving full-year guidance and continues to focus on capital allocation, market expansion, and product innovation. Despite some regulatory challenges, Flutter is well-positioned for sustained growth and market leadership.