#1FLUTTER ENTERTAINMENT PLC INTERIM RESULTS 2023 9 August 2023 Flutter#2"Our ambition is to transform global gaming and betting, to deliver long-term growth and a positive, sustainable future for our sector. We are Changing the Game" AGENDA Introduction Financial Review Business Update Conclusion 3 7 21 37 II. F 2#3Peter Jackson, Group CEO INTRODUCTION A betr sportsbet Start a Group. Bet together. MATES 22 FANDUEL 22 HOWZAT PADOYPOWIE tombolo II. 3#4Introduction Executive summary: Earnings transformation with US now profitable Group: Delivery against strategic goals drove strong H1 performance AMPS +28%, Revenue +38%, Adjusted EBITDA +72% Excellent pro forma¹ performance, revenue +24% and Adjusted EBITDA +37% 42% Play Well tool usage, +7ppt YOY US: Now structurally profitable with £49m H1 EBITDA (FanDuel $100m) Platform to further consolidate no 1 sportsbook position, market share 47% in Q2 Sustainable product leadership extending gross win margin advantage Improved gaming proposition delivering Q2 market share gains to 23% Group Ex-US: Pro forma revenue +8% and EBITDA +4% despite regulatory impacts UK&I: Product and generosity enhancements growing market share Australia: Strong customer retention offset by Covid spend reversion International: Growth inflection point, driven by Consolidate and Invest markets ¹ All references to pro forma throughout this presentation include Sisal which was acquired in August 2022 as though the business was part of the Group for the entire 6-month period in the prior year II. 4#5Introduction Flutter well positioned to deliver sustainable future growth 1 Significant market opportunity 2030 US TAM of $40bn Ex-US 2022 TAM of £263bn 2 Diversified product and geographic portfolio at scale #1 share of US, UK&I, Australia, Italy markets and podium share in International markets 3 The "Flutter Edge" Access to the scale of a leader and the mindset of a challenger across product, technology, people and capital 4 Optimal strategy to deliver success Track record of setting and delivering against the right strategic priorities Power the Flutter growth engine and long term value creation LO 5 Clear vision on sustainability Ensuring we build a sustainable foundation for long term growth via our Positive Impact Plan II. LO 5#6Introduction US listing update Strategic and capital markets benefits 1. Enhanced US profile for Flutter and FanDuel 2. Recruitment and retention of key US talent 3. Access to deeper capital markets and new US investors 4. Greater liquidity in Flutter shares 5. Potential to pursue primary US listing and access US indices Overwhelming support; 99.99% shareholder approval received Process and next steps Working toward additional US listing in late Q4 or early Q1 2024 ● . ● Potential to move primary listing from LSE to the US in second phase Update to be provided on additional listing plans and potential primary listing change in due course II. 6#7Paul Tymms - Director of Investor Relations on behalf of: Paul Edgecliffe -Johnson, Group CFO FINANCIAL REVIEW II.#8Financial Review Flutter's growth engine . ● Overview Sustainable revenue growth Expanding recreational customer base (slides 11-16) Growing player value through product innovation and generosity efficiency Strong US revenue growth 5-10% ex-US revenue growth net of regulation ● . Margin benefits Scale and leadership benefits Flutter Edge driving Flywheel and operating leverage Increasing marketing efficiency over time US transforming Group margin potential US and ex-US combine to deliver high and accretive Group margins Cashflow generation (slides 17-18) Low capital intensity spend, targeted on high growth markets and products Positive working capital as business expands High cash conversion Rapid deleveraging EPS growth and long-term value creation ● . Capital allocation opportunities (slide 19) Highly disciplined organic investment in player acquisition and product innovation Value creative M&A Returns to shareholders lı. 8#9Financial Review Financial highlights demonstrate power of Flutter's growth engine Average Monthly Players Group US Ex-US Overview 12.3m HI AMPS +18% Group +43% +12% US All metrics on a constant currency basis Ex-US Pro forma Revenue +24% +63% +8% £4.8bn H1 revenue Group US Ex-US EBITDA +37% First profit +4% £0.8bn H1 adj EBITDA Cashflow +100% H1 2022 H1 2023 Reported £0.3bn H1 adj free cash flow H1 2022 Strong US growth and ex-US growth through regulation underpin performance EPS +144% Hồ 2023 237.5p adj basic EPS F II.#10Financial Review Statutory Group Income Statement¹ £m Revenue Gross profit EBITDA Overview Depreciation & amortisation Amortisation of acquired intangibles Gain on disposal Operating profit Net interest expense Profit/(loss) before tax Taxation Profit/(loss) after tax H1 2023 4,809 2,801 765 (238) (314) 214 (131) 83 45 128 H1 2022 3,388 2,036 434 (145) (286) 2 5 (57) (51) (61) (112) YOY +42% +38% +76% +64% +10% +3,865% +131% ¹ Variances between statutory P&L and metrics on slide 9 relate to adjusting (i) for Sisal on a pro forma basis, (ii) to reflect growth rates in constant currency terms and (iii) to include SDIS 2 SDIS relate to separately disclosed items, not considered part of the normal business activity of the Group EBITDA includes SDI costs² of £58m primarily due to technology-driven efficiency projects, Sisal integration and US listing costs Depreciation and amortisation increase relates to addition of Sisal in August 2022 Operating profit includes £314m of SDIS relating to amortisation of acquired intangibles Interest cost increase driven by both the increase in debt relating to acquisition of Sisal and increased cost of debt Tax credit of £45m primarily due to recognition of a deferred tax asset on previously unrecognised US tax losses II. 10#11Sustainable revenue growth + margin benefits US now structurally profitable; H1 profit $63m (£49m) Financial Review Proportion of cumulative players acquired at each period end FY 2022 H1 2023 DC New players acquired during period Existing players I Back book of players... 681 213 894 Pre-2023 Other FanDuel sportsbook products contribution customers pre-2023 cohort T 1 1 II IT I T ...now funding cost of player acquisition and opex (373) (421) 2023 new FanDuel sportsbook Opex customers 100 FanDuel EBITDA (37) FOX Bet EBITDA H1'23, $'m 63 Flutter US EBITDA Expansion of player base to drive significant future profit growth and margin accretion "1 I I I I I I I I I I I I I I I II. 11#12Financial Review Existing state growth and new state launches combine to drive long term growth I I I 1 I I I Sustainable revenue growth + margin benefits 1 Existing business Significant market growth projected in existing live states This growth will drive operating leverage benefits for FanDuel 1 1 I I 1 + Future state launches Timing of new state launches are a key, but uncontrollable, variable to forecasting near-term profitability Upfront customer acquisition investment alters margin profile of overall business I 1 I I 1 I I 1 1 I I Total US division Confidence remains in 25% - 30% EBITDA margin in 2030 F II. 12#13Sustainable revenue growth + margin benefits Existing business: Live states provide significant near term growth Existing business Financial Review I I I 1 I I I J I I I I I I I I I I Strong runway of market growth in existing states... % of Flutter US FY22 Market growth projections: CAGR 2022-25 revenue Sportsbook and iGaming¹: Pre-2022 states 2022-23 states Other revenue² 71% 16% 13% 15-20% 60-70% Mid-single digit declines ...provides leverage opportunity once market growth achieved ³ Potential '24 and '25 reduction vs H1 2023 Cost of sales % Sales and Marketing % Other Operating Costs % 2030 Target 47.5% - 52.5% c. 12.5% c. 10.0% Hồ 2023 Actual 50% 27% 20% Currently within range c. 5.5-6.5 ppt per annum c.1ppt per annum ¹US pre-2022 states include AZ, CO, CT, IL, IN, IA, MI, NJ, PA, TN, VA and WV for sportsbook and CT, MI, NJ, PA and WV for iGaming. Canada is included in this revenue category. US state launches in 2022 and 2023 include KS, LA, NY, OH, MA, MD, WY and Kentucky which is expected to launch in September 2023 2 Other revenue includes daily fantasy sports, online racing, PokerStars US and FOX Bet 3 Percentages are relevant for total revenue only and cannot be applied to each revenue category. Costs are based on the current regulatory and tax environment and therefore do not allow for any potential changes to either in the coming years. II. 13#14Sustainable revenue growth + margin benefits Future states add in-year variability, but drive larger profit pool Future state launches Total US division Financial Review + New state launch: materially loss making in first twelve months before turning contribution positive in months 13-24 Ohio (c. 3.4% of US population) launched on 1 Jan, contribution loss of c. $120m to 30 June¹. Not expected to incur significant losses in second six months Ohio launch is good template for future states Currently estimate increases in access to sports betting of c. 4% and 5% of the population in 2024 and 2025 respectively T Combination of existing states and Ohio template a good framework for near-term modelling Timing of new state launches affect the combined business margin profile Temporary effect of a new state launch on P&L Suppressed by customer acquisition generosity investment Net revenue Cost of i sales % Sales and marketing % ¹Ohio loss includes pre-live investment incurred in Q4 2022 and has been adjusted for the impact of favourable sports results in H1 2023 Inflated as typically charged on gross revenue Inflated by material acquisition investment on state launch F II. 14#15Sustainable revenue growth + margin benefits Ex-US revenue performance driven by strong AMP growth Financial Review AMPS millions, H1'22 - H1'23 CC YOY revenue Drivers 3.7 +10% YOY UK & Ireland 4.1 +13% to £1.2bn Enhanced product and generosity initiatives 1.0 +7% Australia 1.1 -1% to £0.6bn Strong AMP growth despite Covid spend reversion 2.7 +47% +15% pro forma 4.0 International +74% to £1.2bn +8% pro forma Consolidate and Invest revenue growth 19% 7.4 +23% +12% pro forma 9.2 Group ex-US +27% to £3bn +8% pro forma Growth driven by scale and diversification F II. 15#16Sustainable revenue growth + margin benefits Ex-US EBITDA growth despite regulatory impacts Financial Review Pro forma, EBITDA, £'m H1'22 - H1'23 608 H1 2022 reported 120 H12022 Sisal 17 FX +4% growth including 4% tax headwind in Australia 745 H1 2022 rebased EBITDA EBITDA YOY EBITDA margin Margin YOY 75 ¹Corporate costs represented as a % of total Ex-US H1 revenue UK&I (58) Australia 21 Int'l (9) Corporate 774 H1 2023 (£64m) +16% -2.1%¹ 25.7% -10bps -110bps £774m ● +4% ● ● £396m £158m +24% -27% £284m +8% 31.9% 26.4% 24.3% +260bps -950bps Obps Scale and diversification underpin growth and high margins UK & Ireland: marketing and other cost efficiencies offsetting operating cost inflation to deliver increased margin Australia: lower margin primarily driven by POCT increase of £33m and investment in product and marketing, H2 margin expected to be in line with HI International: EBITDA growth with margin flat reflecting continued scaling of key markets Corporate costs: expansion of Group and investment for US listing readiness driving costs £9m higher, broadly in line as % of revenue F II. 16#17Financial Review Low capital intensity helping drive significant cash generation... ● ● ● Capital investment targeted at growth opportunities Pro forma capital expenditure increase of 15% driven by investment in global capabilities Capital spend focused on long-term growth initiatives: Product development to maintain and attain leadership positions, while contributing to the Flutter Edge ● ● ● Cash flow generation ● Investing for long-term efficiencies Common technology platforms Expanding pricing and risk management capabilities ● US state launches International market expansion, e.g. Italian and Turkish concessions ¹ See full cash flow on appendix slide 45 H1 2023, £m¹ ● ● Strong EBITDA growth resulting in FCF expansion 823 Adjusted EBITDA ● (237) (144) (138) Capex Working Tax Capital (52) 253 FCF doubled YoY 127 Leases Adjusted FCF H1 2023 FCF expansion YoY driven by EBITDA growth Adverse working capital movement to unwind in H2 Overall decrease in cash due to share purchases to settle FanDuel incentive scheme in H2 of £131m Adjusted FCF Hồ 2022 II. F 17#18Financial Review ...Providing platform to rapidly delever and expand balance sheet capacity Leverage ratio Net Debt EBITDA Cash flow generation -Leverage US profitability materially reduced leverage in H1 3.9x 4,644 1,182 FY 2022 3.3x 4,634 1,409 H1 20231 I 1 1 1 I T I 11 I T T I I I T I T I 1 I I Guidance implies further reduction before considering H2 cash generated 2.8x FY 2023² ¹ Reflects pro forma Adjusted EBITDA for trailing twelve months to 30 June 2023 2 Based on midpoint of EBITDA guidance range included on slide 20 3 Gross debt reflects that carrying amount of Group borrowings plus associated derivatives. See further detail on slide 46 I I I ● ● ● Strong EBITDA growth reducing leverage Net debt of £4.6bn at 30 June (gross debt of £5.3bn³) H2 weighted average cost of debt expected to be c. 6.7% c. 50% of gross debt facilities fixed to September 2024. Additional c. 20% of floating rate debt offset by Group's interest-bearing cash II. F 18#19Financial Review Capital allocation Significant growth provides capital allocation opportunities Organic investment Highest return Customer acquisition and retention Highly disciplined CAC/LTV¹ model Sophisticated CRM¹ capabilities Increasing use of higher returning targeted and personalised spend Value creative M&A High return Strategic criteria: "Local hero" with podium position e.g. Adjarabet (see slide 35) - Differentiated competitive position Clear opportunities to add Flutter Edge and accelerate growth Financial fit: Revenue/cost synergies EPS accretion Significant opportunity for further M&A in regulated markets with sub scale presence ¹CAC = Customer Acquisition Cost, LTV = Lifetime value, CRM = Customer Relationship Management Returns to shareholders Excess cash where returns < WACC ● EBITDA growth and cash generation will deliver rapid deleveraging Commitment to an efficient balance sheet Significant future balance sheet capacity for investment or returns to shareholders Group will consider appropriate levels of leverage and mechanisms for returning value to shareholders Disciplined allocation of capital driving optimal returns II. 19#20Financial Review Financial guidance Current trading US¹ Group ex-US¹ Other modelling items: ● ● ● Guidance ● ● • H2 trading to date in line with expectations Revenue range of $4.5bn - $4.9bn (£3.6bn-£3.9bn) EBITDA range of $120m - $240m (£90m - £190m) ● ● • EBITDA range of £1.44bn - £1.60bn Interest: c.£285m Depreciation: c.£495m Tax: Group ex-US tax rate of 25-27% partly offset by US deferred tax asset recognised of £166m Capex: c.£500m H2 additional cash costs: c.£155m; primarily relating to Junglee buyout², US incentive scheme and US listing costs Expect to report full year 2023 in US GAAP and US dollars, further information to follow in due course ¹ All guidance assumes sports results in line with expected margin. US assumes launch in Kentucky in September 2023 2 Buyout of additional 32.5% of Junglee in July as expected, bringing Flutter's ownership to 84.8% II. F 20#21Peter Jackson, Group CEO BUSINESS UPDATE II. 21#22Business update Strategic overview Group strategy will ensure we deliver long term shareholder value US Invest to win in the US Build on our sustainable competitive advantages and extend our leadership position, continuing to win as new states regulate #1 sportsbook share of 47% • Growing iGaming share to 23% in Q2 Structurally profitable with HI EBITDA of £49m ● Focusing on growing recreational customer base efficiently, using local scale to unlock benefits across core markets ● Group ex - US Grow our gold medal positions in our core markets H1 progress Growing UK & Ireland gold medal position Strong recreational customer growth with AMPS up 9% to over 5m (UK&I and Australia combined) Build on our network and invest for leadership positions across International markets Combine global scale and local presence to deliver sustainable growth across our International markets • Consolidate and Invest markets up 5 ppt to 77% of division with growth of 19% • No unregulated market represents >0.4% of H1 Group contribution F II. 22#23Business update Strategic overview Underpinned by progress on sustainability through our Positive Impact Plan Customers Helping customers to play well >75% of customers using a safer gambling ('SG') tool by 2030 42.1% % of customers using an SG tool (+7ppts vs H1 2022) Colleagues Empowering colleagues to work better Our teams will be representative of where we live and work by 2030 Targets Communities Working with communities to do more Improve the lives of 10m people by 2030 Progress in 2023 34% 458k Female representation in leadership (+3ppt vs H1 2022) Lives improved since launch of programme Progress delivered greater sustainability Environment Reducing our impact through Go Zero strategy Comprehensive strategy to reduce impact and 2035 NetZero transition plan NetZero Target and roadmap to 2035 in place F II. 23#24Business update Strategic overview Continued progress on Play Well safer gambling strategy Tool usage metric part of bonus plan for all divisions in 2023 and on target at H1 US Multi-million dollar Play Well tool usage campaigns with safer gambling ambassadors Substantial progress across the Group in H1 2023 Safer gambling marketing +51% vs H1 2022 Analytic and Insights group established Underpinned by proactive and bespoke initiatives across our divisions ● UK&I Enhanced account closure process to make customer journey smoother Australia Group tool usage of 42.1% +7 ppt versus H1 2022 Preparations for National Self Exclusion program go live in H2 progressing Delivering real results for our customers Regular colleague and stakeholder engagement International Continued enhancement of Sisal's "always on" monitoring algorithms Play Well investment of £45m +31% vs. H1 2022 II. F 24#25US update Invest to win FanDuel's US strategy delivering share gains and profitability FANDUEL Advantage 1. Acquiring customers more effectively 2. Retaining customers for longer 3. Growing customer value Extend #1 US sportsbook position 47% Q2 2023 Online sportsbook market share ¹ FanDuel Casino only 2 3 Grow iGaming proposition¹ +52% Casino AMPS _ H12022 +48% Casino Revenue TH12023 Flutter Edge Leveraging the combined power of the Group Strengthen and leverage the Flywheel Revenue Other Opex % Sales & Marketing% Cost of Sales % +50% 23% 38% 52% H12022 Provides clear platform to continue to make customer acquisition investment +63% 20% 27% 50% H12023 II. 25#26US update ● Invest to win 'FanDuel Advantage' providing a sustainable leadership position... 'Efficient acquisition' delivering a significant customer base... FanDuel new sportsbook and casino players acquired, per six-month period H2 2018 +18% YOY H1 2023 Largest customer acquisition period to date Payback periods remain between 12-18 months 9:41 28-14 9:38 B. Griffin blocks J. Butler's 3 pointer (R. Adebayo rebound) MIAHeat BOS Celtics. Live NBA 12 games available A. Edwards scored a 3 pointer for t... 02-9:30 ( Home 68 64 03-9:38 Quick Bets 34 30 64 30 38 68 Jimmy Butler to score 13+ points in Q3 Q All Sports Jimmy Butler to score 30+ points and MIA Heat to win Number Of Made Threes - Live Player Points Blake Griffin to score 3+ dunks in next 10 mins Show all H My Bets - - ا... LIVE D Casino 3rd Quarter Play -160 +120 -110 $150.50 Account ...with 'strong retention' from category product leadership ● ● ● New NBA markets launched Simple, quick duration, player prop markets Distinct proprietary product exclusively available on FanDuel Selected by 33% of customers during NBA playoffs Driving increased margin II. F 26#27US update ...combined with Flutter Edge, to 'grow customer value' and expand our margin advantage... Investor Day Reminder more choice Invest to win more parlays with more legs bets at higher odds ¹ Based on state filings ● Global pricing and risk management capabilities continue to add product innovations Enhanced NBA offering driving parlay as a % of handle 6ppt higher during NBA playoffs In-play SGP coverage expanded for 2023 MLB season Strong pipeline of further margin accretive markets US online gross revenue margin¹ 6.7% 5.9% 2019 7.3% 6.4% 2020 9.1% +2.3ppt FanDuel 6.8% 2021 +3.6ppt Expected gross win margin 11.3%, +170bps YOY 12.2% 10.6% Well on track to deliver expected gross win margin target of 12% 7.0% 2022 Rest of market +4.1ppt 8.1% Н1 2023 II. 27#28US update ...resulting in similar cohort dynamics to our most successful global brands Invest to win FanDuel revenue by year of customer acquisition, 12 months to June ¹,2 2019 Year of acquisition 2023 2019 2020 2021 2022 2023 Sportsbet revenue by year of customer acquisition¹ 2015 ¹Gross revenue. Sportsbet customers only and excludes any impact from BetEasy migration 2 Note charts are not to a matching scale Year of acquisition <= 2015 2018 I I Covid impact 2016 2019 2022 2017 2020 Dynamic underpinned by core aspects of FanDuel Advantage: Efficient acquisition Strong retention Growth in customer value II. F 28#29US update Delivering on our iGaming strategy and taking share ● Invest to win Grow the FanDuel Casino brand New casino first players +38% YOY¹ Improve breadth of product offering Launched FanDuel Casino branded live casino in New Jersey Personalised game suggestions Develop engaging promotional tools First to the US market with daily jackpots ¹ FanDuel Casino players only 2 Based on state filings FANDUEL CASINO HUNDREDS OF GAMES, FROM THE #1 RATED CASINO APP LIVE DEALER BLACKJACKE FANDUEL CASINO Daily JACKPOT $7,459.71 Must Win By 12:51:22 Online iGaming market share² 19% July 22 +4ppt 23% June 23 F II. 29#30Grow our gold medal positions Enhanced recreational customer offering driving revenue momentum UK & Ireland update ● Delivered through focus on product and generosity Leveraging the Flutter Edge: Unique betting options drove Bet Builder penetration levels 3x year on year Greater emphasis on personalisation Expanded gaming content on slots and Live Casino delivered enhanced customer experience H1 progress 90% 220bp.13% Q4 World Cup customers still betting with us in HI reduction in Q2 generosity as % of normalised GGR¹ Gaming AMP growth versus Hồ 2022 Strong growth across sports and gaming Flutter UK&I Online pro forma revenue growth vs UK top operators² ● Q3 2022 -4% -13% Q4 2022 Flutter UKI +14% -8% GC data ex Flutter Q1 2023 +17% -1% Taking share in sports and gaming as well as retail No cost of living impact observed Delivering on UK&I strategy to grow our gold medal position ¹ Normalised GGR refers to gross gaming revenue adjusted for the gross impact of sports results in both periods being the difference between expected and actual gross win margin 2Gambling Commission data reflects published data of top UK operators covering 80% of the market excluding Flutter. Data available here. Flutter UK&I comparable includes tombola, B2B and non-UK markets which represent immaterial variances to UK growth II. 30#31Grow our gold medal positions Scale and product leadership to drive medium term progress Australia update Tax increases and Covid reversion disrupting the market Pre mitigation cost of Point of Consumption ('POC') tax increases £'m Victoria New South Wales Other states 22 73 87 100 2022 2023 2024 2025 Relative size, indexed to H1 2019 1.9 1.7 1.5 1.3 1.1 0.9 Н1 2019 AMPS Revenue per player Н1 2023 MATES (TS BET WITH Mike's Group Your Share (25%): $23.75 All Pending Won Lost Product innovation key to market leadership Post something to the group... LAST 5 BETS You Laura Andy $95.00 € See all members Group Feed You placed a bet Utah Jazz @ 1.50€ Utah Jazz V Miami Heat Match Betting Stake $2,00 $3.00 Bonus View in Our Bets M Sports 100% Our Bets 2 4 Bet Slip 0 LIVE Bet Live O wwwww WWLWW WLWLL 2 mins. Pending ● Scaled up product and technology resources to drive innovation Expanded 'Same Game Multi Tracker' to NRL Launched chat and stats on 'Bet With Mates' aiding a 32% increase in engagement Strategic focus on recreational players delivered AMP growth of 7% II. 31#32International update Strategy has delivered strong foundation Consolidate #1 position and Invest for leadership Optimise returns Buy and build podiums and Maintain presence Markets 0+ KERSTA M % International Revenue Cont'n 77% 71% I YOY growth Revenue +19% 23% 29% -17% (Q2:-9%) Cont'n ¹Regulated market definition also includes markets which are currently regulating, Brazil and Canada +19% -3% ● Strong growth in key markets with revenue and contribution +19% Regulated markets 97% of Q2 Group revenue • No unregulated market >0.4% of Group contribution All previously guided regulatory impacts fully lapped from Q2 Well positioned to navigate proposed tax changes in India Positions us to capitalise on growth trajectory in key markets F II. 32#33International update Consolidate and Invest revenue growth highlights Armenia 4% Spain 5% Georgia 5% India 5% Buy and build podiums Turkey 6% Markets >1% of H1 Int'l revenue Markets less than 1% 14% Italy 47% Strong performance across key markets: Italy +17%: #1 operator, strong cross-sell via market leading Sisal product Georgia +10%: Generosity step up driving performance and leadership Spain +15%: Taking share via generosity proposition and margin benefits Turkey +109%: Leading product and improved customer experience driving retail and online growth ● ● ● ● ● ● India +54%: Flutter Edge driving strong customer acquisition and retention Brazil +1%: Strong performance by Betfair offsetting challenging competitive environment for PokerStars *Brazil 4%, Canada 3%, UK 2%, Germany 2%, Romania 1%, France 1%, VR 1% Expect Flutter's key markets to benefit from projected 44% GDP growth over next 5 years¹ ¹Source: International Monetary Fund, 2022-2027 for Consolidate and Invest markets II. 33#34International update Buy and build podiums Flutter Edge empowers our brands *Sisal POKERSTARS POKER | CASINO | SPORTS betfair adjarabet.com JUNGLEE Product Proprietary pricing and risk capabilities Proprietary iGaming content and platforms Poker platform Technology Group betting platform : Exchange platform I:DO> People Sharing expertise, talent mobility Capital Disciplined investment guided by capital allocation policy F II. 34#35International update Adjarabet case study: example of value creative M&A Strategic criteria Enhanced competitive position "Local hero" with market leadership Clear opportunities Buy and build podiums to add Flutter Edge and accelerate growth ● . ● ● ● ● adjarabet.com Case study in action Primarily a cash deposit industry via local terminals High brand awareness of incumbent brands Competitive moat to non-local operators #1 operator, 86% spontaneous brand awareness Exclusive partnership with #1 Georgian website Adjaranet 600 employees with strong local relationships and network Marketing and generosity expertise improved acquisition and retention Talent mobility to enhance local skill set Proprietary Flutter pricing capabilities delivered differentiated sports product In-house casino content 1 Based on full acquisition cost of £305m in two tranches (2019 and 2022) 2 EBITDA multiple calculated by reference to 2022 EBITDA. Effective EBITDA multiple of 6.4x when calculated using 2018 and 2021 referable profits and price Financial fit 2018-2022 £305m Purchase price¹ 5x EBITDA multiple² >3x 2018 revenue 3x 2018 EBITDA Growing Georgia and Armenia market share II. 35#36International update Clear pathway to replicate and capitalise on growth opportunity ● Ex-US TAM of £263bn in 2022, just 30% online 9% CAGR over next 5 years • Rest of World ('ROW') TAM of £227bn £120bn regulated today ● Buy and build podiums ● Significant market size £227bn TAM UK&I Australia Rest of world £120bn Regulated TAM today 4X US 2030 TAM ● Consolidate and Invest just 20% of total ROW regulated market Huge untapped regulated market for Flutter to expand into • Significant TAM and opportunities for bolt on M&A Well positioned for future regulatory expansion ● With significant runway of growth for Flutter Europe Latin America Africa Regulated market podium position! Regulated market podium position! Regulated market without podium position² ¹ UK and Ireland market leadership positions attained by the UK&I division. Morocco and Tunisia lottery concessions represent monopoly position, launching in the coming year 2 Includes all regulated or regulating markets, where Flutter may have a subscale position or not operate at all India International expansion potential, powered by Flutter Edge, creates significant future opportunity II. 36#37Conclusion Flutter positioned well to deliver sustainable future growth 1 Significant market opportunity 2030 US TAM of $40bn Ex-US 2022 TAM of £263bn 2 Diversified product and geographic portfolio at scale #1 share of US, UK&I, Australia, Italy markets and podium share in International markets 3 The "Flutter Edge" Access to the scale of a leader and the mindset of a challenger across product, technology, people and capital 4 Optimal strategy to deliver success Track record of setting and delivering against the right strategic priorities Power the Flutter growth engine and long term value creation LO 5 Clear vision on sustainability Ensuring we build a sustainable foundation for long term growth via our Positive Impact Plan II. 37#38APPENDICES II. 38#39Appendices Average monthly players Average Monthly Players¹ ('000s) Reported 2023 Group US UK & Ireland Australia International 2022 Group US UK & Ireland Australia International YOY % Group US UK & Ireland Australia International Q1 12,349 3,449 4,024 993 3,884 Q1 9,522 2,359 3,627 915 2,622 Q1 +30% +46% +11% +9% +48% Q2 12,222 2,789 4,108 1,139 4,186 Q2 9,747 2,016 3,781 1,072 2,878 Q2 +25% +38% +9% +6% +45% Н1 12,285 3,119 4,066 1,066 4,035 Н1 9,635 2,188 3,704 993 2,750 Н1 +28% +43% +10% +7% +47% ¹ Totals are not de-duped i.e. a customer that is active on more than one brand will be counted more than once based on the number of brands they are active with in a quarter F II. 39#40Appendices US Sports revenue +70%, driven by sportsbook: Four new US states versus H1 2022 Revenue +51% in pre-2022 states Net revenue margin growth of 210bps due to structural margin improvements and favourable sports results Gaming revenue +44% driven by +48% AMP growth as we take share COS % decrease due to reduction in New York proportion of business where tax rates are higher Marketing as % of revenue reduced 11 ppt driven by leverage in existing states Other operating costs +45% reflecting expansion while delivering leverage £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit H1 2023 3,119 15,547 8.1% 1,371 425 1,797 (899) 50.0% 897 (484) 413 (364) 49 2.7% (53) H12022 2,188 10,911 6.0% 770 281 1,051 (544) 51.8% 507 (399) 108 (240) (132) (12.5%) (31) (162) YOY +43% +42% +210bps +78% +52% +71% +65% -170bps +77% +21% +282% +52% +1,530bps +74% +97% YOY CC +35% +210bps +70% +44% +63% +57% -180bps +69% +15% +284% +45% +1,570bps +66% +98% F II. 40#41Appendices Online Sports revenue +11% driven by AMPs +10% reflecting: Strong retention of World Cup customers ● UK&I Structural margin improvements with increasingly recreational customer base preference for high margin products Accelerated generosity strategy delivering more efficient promo spend COS % lower due to product mix Retail Sales and marketing 160 basis points lower as a % of revenue driven by efficiency improvements Other operating cost efficiencies more than offsetting cost inflation, pay cost expected to continue to rise Revenue +11% reflecting market share gains across UK and Ireland EBTIDA +44% reflects disciplined cost control despite pay and utility cost pressures £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit H12023 4,066 4,581 11.6% ONLINE Hồ 2022 749 (203) 3,704 4,494 10.6% 602 538 487 418 956 1,089 (340) (304) 31.2% 31.8% 652 (194) 458 (155) 303 546 (177) 369 33.9% 31.6% (39) (44) 329 259 YOY CC +10% +2% +100bps +11% +16% +14% +11% -60bps +15% +4% +19% +12% +22% +240bps -10% +28% Hồ 2023 698 15.3% 106 47 153 (34) 22.1% 119 (3) 116 (89) 27 17.7% (20) 8 RETAIL H12022 691 13.2% 92 44 136 (31) 22.8% 105 (3) 101 (83) 18 13.5% (19) (1) YOY CC -1% +210bps +14% +6% +11% +8% -70bps +12% -5% +13% +6% +44% +400bps +1% II. 41#42● ● Appendices Australia Strong player momentum with AMPS+7% Revenue -1% as player growth and favourable sports results offset by lower revenue per customer Lower spend most evident versus COVID- boosted peak in H1 2022 COS % increase due to POC tax increases from July 2022 Sales and marketing +23% to defend leadership position with key strategic partnerships £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit H1 2023 1,066 4,953 12.1% 601 (317) 52.8% 284 (64) 219 (61) 158 26.4% (16) 142 H1 2022 993 5,209 11.8% 612 (290) 47.3% 322 (54) 269 (50) 219 35.8% (14) 206 YOY +7% -5% +30bps -2% +10% +550bps -12% +20% -18% +23% -28% -950bps +20% -31% YOY CC -4% +30bps -1% +11% +540bps -11% +23% -18% +23% -27% -950bps +22% -30% F II. 42#43● Pro forma ● Appendices ● ● International Revenue +8%: Consolidate and Invest markets +19% Optimise and Maintain markets -17% COS +90bps reflecting higher direct costs in regulated markets Sales and marketing costs -7% due to more targeted investment in key markets - Reported Full six month contribution from Sisal Other operating costs +15% driven by ongoing investment in product and technology Higher increase in sports revenue (+183%) given Sisal's larger sportsbook versus the rest of the International business Cost of sales +660bps reflecting Sisal which has higher directs Marketing costs -2% reflecting advertising restrictions in Italy Operating costs +84% incorporating Sisal £m Average monthly players ('000s) Sportsbook stakes Sportsbook net revenue margin Sports revenue Gaming revenue Total revenue Cost of sales Cost of sales as a % of net revenue Gross profit Sales & marketing costs Contribution Other operating costs Adjusted EBITDA Adjusted EBITDA margin Depreciation and amortisation Adjusted operating profit REPORTED Hồ 2023 H12022 2,750 710 9.0% 106 527 633 4,035 1,979 13.6% 315 854 1,169 (417) 35.7% 752 449 (175) (169) 577 280 (292) (158) 284 24.3% 122 19.3% (107) (33) 177 89 YOY CC H12022 3,515 1,722 12.4% 255 780 +5% 1,035 +8% (363) +11% +90bps 35.1% 672 (175) (180) +7% -7% +12% 492 +660bps 35.7% +58% 752 -2% +93% +84% +103% +350bps +207% (107) (87) +17% 577 (292) (250) 284 24.3% 242 23.4% +15% +8% flat +69% 177 155 +3% Hồ 2023 +47% 4,035 +167% 1,979 +460bps 13.6% +183% 315 +52% 854 +74% 1,169 (184) +114% (417) 29.1% PRO FORMA YOY CC +15% +10% +120bps +18% F II. 43#44● Appendices Separately disclosed items Transaction fees primarily due to proposed US listing of Flutter shares Restructuring and integration costs due to technology-driven efficiency projects and Sisal integration costs Increased amortisation of intangibles from Sisal acquisition in August 2022 Deferred tax credit of £80m primarily reflects the tax effect of acquired intangibles' amortisation and other SDIS £m Transaction fees and associated costs Restructuring and integration costs EBITDA impact of separately disclosed items Amortisation of acquisition related intangible assets Operating loss impact of separately disclosed items Tax credit on separately disclosed items Profit/ (loss) after tax impact of separately disclosed items H1 2023 (16) (42) (58) (314) (372) 80 (292) H12022 (10) (32) (32) (286) (328) 39 (289) F II. 44#45● Appendices - Cash flow Adjusted free cash flow doubled due to: Increased Adjusted EBITDA reflecting US profit inflection Higher capex driven by the acquisition of Sisal in August 2022, and investment in global capabilities Larger working capital outflow relating to operational seasonality Increased lease liability payments SDI outflow relates to the proposed US share listing, efficiency projects and Sisal integration costs Interest £70m higher due to debt funded Sisal acquisition and higher interest rates Other includes £131m paid by the Employee Benefit Trust to acquire shares for settlement of FanDuel incentive schemes £m Adjusted EBITDA Capex Working capital Corporation tax Lease liabilities paid Adjusted free cash flow Cash flow from separately disclosed items Free cash flow Interest and other borrowing costs Acquisitions and disposals Other Net (decrease)/ increase in cash Net debt at start of year Foreign currency exchange translation Change in fair value of hedging derivatives Net debt at 30 June H12023 823 (237) (144) (138) (52) 253 (60) 193 (117) (135) (59) (4,644) 162 (93) (4,634) H1 2022 476 (156) (41) (132) (21) 127 (39) 87 (48) (395) (3) (360) (2,647) (241) 244 (3,004) YOY +73% +52% +249% +4% +148% +100% +52% +121% +142% -100% +3,811% -84% +75% +54% F II. 45#46Appendices Debt profile, cost and maturity dates Facility TLA (USD) TLB (USD) Principal at Jun 2023 $200m $1,800m $1,241m £1,018m €549m TLA (GBP) TLA (EUR) TLB (EUR) TLB (USD) Weighted average cost of debt €507m $1,100m Hedged currency GBP EUR, USD & GBP EUR & GBP Post hedging GBP principal £175m £1,406m £1,084m £1,018m £469m £433m £851m Interest rate SOFR +CSA +2.75% SOFR +CSA +2.25% SOFR + CSA +3.25% SONIA +CAS +1.75% EURIBOR + 2.75% EURIBOR + 2.5% SOFR +CSA +2.25% Forecast H2 2023 interest Debt maturity rates¹ 7.08% 5.29% 6.76% 7.39% 6.49% 6.24% 7.56% 6.71% July 2026 July 2026 July 2028 ¹2023 H2 forecast interest rates are based on August 2023 gross debt position with floating rates derived from market data. Source: Bloomberg May 2025 July 2026 July 2026 July 2026 Fixed: 49% £2.7bn Floating: 51% £2.8bn F II. 46#47Flutter