Flutter (FLUT) Q4 2025 Earnings Call Transcript

Image source: The Motley Fool.

Feb. 26, 2026 astatine 4:30 p.m. ET

• Chief Executive Officer — Peter Jackson

• Chief Financial Officer — Rob Coldrake

• Operator

Peter Jackson: Thank you, Paul. I americium pleased to stock our beardown 4th fourth results and bespeak connected our strategical advancement successful 2025. Flutter Entertainment plc is the world's starring online sports betting and iGaming company. With unsocial advantages delivered done the Flutter Edge and a proven way grounds of delivery, 2025 was different transformative twelvemonth for the company, marked by our strategical execution, continued marketplace leadership, and disciplined investment, delivering radical gross up 17% and adjusted EBITDA 21% higher. In the U.S., we maintained our wide enactment presumption successful some online sports betting and iGaming. We besides launched FanDuel Predicts successful Q4 to capitalize connected the emerging prediction markets opportunity.

In our planetary business, we strengthened our portfolio with strategical acquisitions successful Brazil and Italy, extending our positions successful precocious maturation and breathtaking markets. We made important advancement connected our translation ratio programs, and we are good connected way to present the anticipated gross maturation and outgo efficiencies. Our swift, disciplined responses to regulatory changes successful India wherever abrupt legislative alteration forced the cessation of existent wealth gaming, and to higher U.K. gaming taxes underscored our standard benefits and concern agility. We entered 2026 successful a beardown position, and I person ne'er had much condemnation successful our quality to capitalize connected the agelong maturation runway ahead.

Turning to the 4th quarter, our Q4 radical show was strong, with gross up 25% and adjusted EBITDA up 27%. In the U.S., gross maturation was 33% with adjusted EBITDA 90% higher, lapping the importantly unfavorable sports effect successful the anterior year. We delivered different superb iGaming quarter. Revenue grew 33% driven by 18% AMP maturation and an summation successful subordinate frequency, arsenic our palmy contented strategy and reward strategy resonated good with our customers. FanDuel Sportsbook Q4 gross maturation was 35%. However, Q4 Sportsbook trends crossed the marketplace diverged from expectations. High gross gross margins were offset by moderating grip performance. As a business, we ever see nett gross arsenic our halfway gross KPI.

We truthful ever see gross and grip trends unneurotic successful conjunction with lawsuit enactment levels. This was peculiarly important this 4th arsenic adverse recycling was a cardinal operator of the little grip growth, with persistently precocious gross gross margins starring to little levels of lawsuit engagement. In addition, the 2nd fractional of the NFL play saw little compelling contented with less fashionable teams and favourite players making the playoffs this season, adversely impacting lawsuit engagement.