Flutter Entertainment plc

There have been no material changes to the risk factors disclosed in “Part I, Item 1A. Risk Factors” in our 2025 Annual Report other than those listed in this section.

The risks described in our 2025 Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Our restructuring and cost-saving initiatives may not achieve their anticipated benefits and could adversely affect our business, financial condition and results of operations.

We have undertaken, and expect to continue to undertake, a range of restructuring and cost-transformation initiatives intended to reduce our operating cost base and align resource allocation with our strategic priorities, including in response to regulatory changes, such as tax increases, implementation of anti-gambling legislation, and other macroeconomic factors. These initiatives involve, among other things, workforce reductions, cessation of targeted operations, technology platform migrations, consolidation of duplicative functions and increased use of automation and artificial intelligence (“AI”) to drive efficiencies. There can be no assurance that these initiatives will achieve their intended objectives within the expected timeframe, or at all, and the costs of implementation, including severance and other restructuring charges, technology investments and transition as well as consultation costs, may exceed anticipated savings.

Execution of these initiatives carries operational risk. Workforce reductions and reorganizations may result in loss of institutional knowledge and increased workload for remaining employees, potentially affecting productivity, service levels and talent retention. These actions could increase the risk of operational disruptions, service interruptions, control failures or other significant events, particularly during transition periods, as responsibilities are reassigned and processes are adjusted. Technology platform migrations, such as the PokerStars migration, involve risk of customer disruption, data migration errors and regulatory notification obligations across licensed jurisdictions. Our increasing reliance on AI and automation to deliver cost efficiencies introduces additional risk, including the potential for erroneous outputs, algorithmic bias, data privacy or security incidents, and inadequate human oversight of automated decisions, any of which could undermine anticipated savings, create regulatory exposure, or cause reputational or operational harm. If anticipated savings and efficiencies from any of these initiatives are not realized, whether due to implementation delays, labor relations matters, technology or AI-related failures, or other unforeseen difficulties, our results of operations, cash generation and financial condition could be materially and adversely affected.