1) Management Changes & Strategic Focus - Amy Howe is leaving Flutter, with Daniel Taylor and Christian Genetski taking on expanded roles to enhance leadership in the U.S. market. - The management changes aim to sharpen focus on the U.S. sportsbook and strengthen connections between U.S. and international divisions. - The leadership transition is positioned as a strategic move to capitalize on growth opportunities in the U.S. market, particularly for FanDuel.

2) Financial Performance & Segment Results - Group revenue grew 17% YoY in Q1 2026, with adjusted EBITDA up 2%. - U.S. sportsbook revenue grew 10%, while iGaming revenue surged 28%, driven by a 19% increase in revenue from the direct casino player base. - Net income declined to $209 million, impacted by increased interest expenses and depreciation, despite a positive swing in sports results.

3) Operational Improvements & Product Plans - FanDuel launched several initiatives, including a loyalty program and Bet Protect+, which have seen positive customer engagement. - The company is focused on enhancing the sportsbook experience with new features and product improvements, including personalized betting options and full-screen streaming. - The integration of PokerStars customers into the FanDuel platform is expected to enhance product offerings and cross-state liquidity.

4) Challenges & Market Dynamics - The U.S. sportsbook faced headwinds from a smaller player base entering 2026, influenced by previous NFL trends. - Regulatory challenges in prediction markets are impacting product rollout timelines, although Flutter remains committed to investing in this area. - The competitive landscape in the U.K. has seen Sky Bet underperform, but Flutter is optimistic about recovery as customer acquisition improves post-migration.

5) Guidance & Outlook - Full-year 2026 revenue guidance remains unchanged at $18.3 billion, with adjusted EBITDA expected at $2.865 billion, reflecting 12% and 1% YoY growth, respectively. - Flutter anticipates sequential improvement in performance through 2026, driven by the rollout of new products and enhancements in customer engagement strategies. - The company is evaluating its London Stock Exchange listing, with a review expected to conclude in Q2.

Bottom line: Flutter is strategically positioning itself for growth in the U.S. market through management changes and product enhancements, while navigating challenges in customer acquisition and regulatory environments. The company remains confident in its long-term growth trajectory and shareholder value creation.