<p>Flutter Entertainment Plc ((FLUT)) 已召开其 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Flutter Entertainment 财报电话会议在强劲增长与盈利担忧之间取得平衡</p>
<p>财报电话会议整体语气乐观，管理层强调了强劲的收入增长势头和健康的客户参与度，尽管盈利能力有所滞后。高管们指出，iGaming 和体育博彩的增长、成功的产品发布以及国际市场的执行抵消了短期内的利润率、现金流和杠杆压力。他们将 2026 年视为过渡之年，预计成本节约和美国市场的修复将重建盈利能力。</p>
<h2>强劲的集团收入增长</h2>
<p>Flutter 报告称，2026 年第一季度集团收入同比增长 17%，凸显了其投资组合中强劲的客户需求。管理层归功于近期交易的贡献，包括意大利的 Snai 和巴西的 Betnacional，以及与去年相比体育结果的有利变化，提升了体育博彩的表现。</p>
<h2>强劲的 iGaming 表现</h2>
<p>iGaming 的总收入同比增长 28%，成为本季度的主要增长引擎之一。FanDuel 的 iGaming 平均月活跃用户增长了 10%，而收入增长了 19%，得益于吸引了更多直接赌场玩家以及高价值用户更频繁地参与游戏。</p>
<h2>体育博彩收入增长</h2>
<p>体育博彩收入同比增长 10%，管理层指出本季度关键绩效指标的改善。公司在平均月活跃用户、投注额和结构性收入利润率方面实现了环比增长，尽管一些体育结果不利，但表明投注活动的货币化效果更佳。</p>
<h2>美国产品与忠诚度势头</h2>
<p>在美国，Flutter 依靠产品创新和忠诚度来重新点燃客户参与度，推出了早期胜利促销、改进的忠诚度计划和新的 Bet Protect+ 安全工具。Bet Protect+ 的采用率大约是内部预期的两倍，而首批忠诚度用户表现出令人鼓舞的行为，给管理层带来了对长期客户价值的信心。</p>
<h2>意大利和巴西国际市场的强劲表现</h2>
<p>意大利依然表现突出，Flutter 现在是领先的在线运营商，并在 4 月底前完成了约 200 万个 Snai 账户的迁移。Sisal 的 MyCombo 产品推动了串关投注的使用，复合投注占据了约一半的赛前足球投注额，超过 30% 的投注至少包含五个投注项，而在巴西，Betnacional 的平均月活跃用户同比增长超过 40%。</p>
<h2>预测市场的早期成功与做市</h2>
<p>Flutter 强调了预测市场的早期进展，提到推出了同时服务于体育博彩和预测用户的 One App。在 4 月，集团还在一个主要的第三方平台上开始做市，并报告了积极的早期迹象，计划在未来几个月推出自己的做市系统，随着该类别逐渐扩大。</p>
<h2>经营现金流改善</h2>
<p>经营活动产生的净现金同比增长 76%，本季度增加了 1.42 亿美元，尽管整体盈利压力依然存在。主要驱动因素是与 Sisal 彩票支付时间相关的玩家资金变动带来的约 1.53 亿美元的顺风，改善了与去年同期相比的营运资金。</p>
<h2>资本配置与股票回购</h2>
<p>管理层重申了严格的资本配置立场，平衡投资需求与股东回报及去杠杆目标。截至 5 月 1 日，Flutter 已通过回购返还了 1.9 亿美元，朝着计划的 2.5 亿美元上半年回购计划迈进，尽管短期指标仍然混合，但这表明了对长期价值的信心。</p>
<h2>成本转型进展</h2>
<p>公司的国际成本效率计划仍在按计划推进，预计到年底将实现 3 亿美元的年化收益，这是其盈利重建故事的基石。高管们表示，他们已经开始识别 2027 年以后的下一个转型阶段，旨在结构性降低成本基础，并支持在持续增长投资的同时保持利润率。</p>
<h2>盈利能力与每股收益承压</h2>
<p>尽管收入表现强劲，但调整后的 EBITDA 本季度仅增长 2%，突显了业务部分的利润率压缩。净收入下降了 1.26 亿美元，降至 2.09 亿美元，报告的每股收益降至 1.23 美元，调整后的每股收益降至 1.22 美元，进一步强调了在成本和结构改善方面的执行需求。</p>
<h2>自由现金流减少</h2>
<p>自由现金流（在融资和资本支出后计算，但不包括玩家资金）同比下降 46%。管理层指出，资本支出的增加和其他现金流出是主要因素，并提到这种现金软弱与强劲的收入增长形成对比，仍然是投资者关注的重点。</p>
<h2>更高的利息和折旧成本</h2>
<p>更高的融资和投资成本也对报告的收益造成了压力，利息支出同比增加了 7100 万美元。折旧和摊销增加了 1.22 亿美元，因为公司吸收了近期收购和平台投资的影响，尽管基础业务扩展，但净收入受到压缩。</p>
<h2>美国体育博彩玩家基础和 AMPs 压力</h2>
<p>在美国体育博彩中，平均月活跃用户比去年下降了 1%，Flutter 在 2026 年初的活跃用户基础较小，因为第四季度 NFL 利润率异常强劲抑制了客户活动。管理层正在推出补救措施，但承认在这一关键市场重建规模和参与度可能会在短期内拖累增长和盈利转化。</p>
<h2>杠杆状况与资产负债表压力</h2>
<p>杠杆在本季度结束时为 3.7 倍，高于许多同行，短期内留给冲击的空间较小。公司预计杠杆将在第二和第三季度再次上升，然后在最后一个季度下降，并重申中期目标范围为 2.0 到 2.5 倍，因为成本节约和盈利增长开始显现。</p>
<h2>预测市场与监管不确定性</h2>
<p>尽管预测市场早期显示出潜力，但管理层强调收入仍然温和，监管环境仍在不断演变。法律解释的变化在某些地区减缓了产品推出，增加了执行风险，并强化了 Flutter 在这一新兴领域采取谨慎、以选择权为驱动的资本部署策略。</p>
<h2>Sky Bet 在英国和爱尔兰的迁移后拖累</h2>
<p>在英国和爱尔兰，Sky Bet 在一次重大产品迁移后表现不及预期，导致该地区的体育投注额在本季度下降约 5%。尽管 3 月份的势头有所改善，但管理层强调，恢复 Sky Bet 的全面实力仍然是一个积极的工作流程，并且在整体稳健的国际投资组合中构成了地方性阻力。</p>
<h2>不利的体育结果与指导调整</h2>
<p>第一季度的表现反映了体育结果的混合，一些强劲的 NBA 投注额被其他领域的不利结果所抵消，影响了持有率。管理层指出，全年指导包括技术调整，以反映这些不利结果和阿肯色州的启动成本，但强调第二季度的基本运营预期保持不变。</p>
<h2>更高的资本支出阶段</h2>
<p>资本支出明显高于去年同期，主要是因为去年的支出在后期集中，而第一季度则较为温和。尽管这种早期的高支出导致自由现金流较弱，但 Flutter 保持了全年资本支出指导不变，表明投资水平没有结构性上升。</p>
<h2>前瞻性指导与展望</h2>
<p>Flutter 保持了其 2026 年全年基本指导不变，现在预计中值收入约为 183 亿美元，增长约 12%，调整后的 EBITDA 为 28.65 亿美元，约增长 1%。管理层指出，杠杆水平为 3.7 倍，预计在第四季度之前会上升，然后下降，承诺完成 2.5 亿美元的上半年回购，并表示在预测市场上将采取有纪律但逐步增加的投资，同时继续关注成本效率和去杠杆化。</p>
<p>Flutter 最近的财报电话会议描绘了一家快速增长但仍在与盈利能力、现金转换和杠杆作斗争的公司。投资者将密切关注成本节约、美国体育博彩修复和预测市场投资是否能转化为更强劲的盈利，但目前，iGaming、国际市场和产品创新的势头提供了支持的背景。</p>

FLTR

FLUT

视频游戏技术 ETF - ETFMG

电子游戏&电子竞技 ETF - VanEck Vectors

电子游戏&体育 ETF - GlobalX

体育博彩游戏指数 ETF

博彩 ETF - VanEck Vectors

<p>Flutter Entertainment 在 2026 年第一季度报告了 17% 的同比收入增长，得益于强劲的在线游戏和体育博彩表现。尽管增长强劲，盈利能力面临压力，净收入下降至 2.09 亿美元，调整后的每股收益为 1.22 美元。公司专注于成本转型，并通过回购股票回馈了 1.9 亿美元。管理层预计 2026 年将是一个过渡年，旨在通过节省成本和产品创新来改善收益，同时自由现金流同比下降了 46%</p>

<p>Flutter Entertainment Plc ((FLUT)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Flutter Entertainment Plc ((FLUT)) 已召开其 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Flutter Entertainment Earnings Call Balances Strong Growth With Profit Concerns</p>
<div class="lb-trans"><p>Flutter Entertainment 财报电话会议在强劲增长与盈利担忧之间取得平衡</p>
</div><p>The earnings call struck an overall upbeat tone, with management highlighting strong top-line momentum and healthy customer engagement even as profitability lagged. Executives stressed that iGaming and sportsbook growth, successful product launches and international execution offset near-term pressure on margins, cash flow and leverage. They framed 2026 as a year of transition, with cost savings and U.S. fixes expected to rebuild earnings power.</p>
<div class="lb-trans"><p>财报电话会议整体语气乐观，管理层强调了强劲的收入增长势头和健康的客户参与度，尽管盈利能力有所滞后。高管们指出，iGaming 和体育博彩的增长、成功的产品发布以及国际市场的执行抵消了短期内的利润率、现金流和杠杆压力。他们将 2026 年视为过渡之年，预计成本节约和美国市场的修复将重建盈利能力。</p>
</div><h2>Strong Group Revenue Growth</h2>
<div class="lb-trans"><h2>强劲的集团收入增长</h2>
</div><p>Flutter reported group revenue up 17% year over year in the first quarter of 2026, underscoring robust customer demand across its portfolio. Management credited the contribution from recent deals, including Snai in Italy and Betnacional in Brazil, as well as a favorable swing in sports results versus last year that boosted sportsbook performance.</p>
<div class="lb-trans"><p>Flutter 报告称，2026 年第一季度集团收入同比增长 17%，凸显了其投资组合中强劲的客户需求。管理层归功于近期交易的贡献，包括意大利的 Snai 和巴西的 Betnacional，以及与去年相比体育结果的有利变化，提升了体育博彩的表现。</p>
</div><h2>Robust iGaming Performance</h2>
<div class="lb-trans"><h2>强劲的 iGaming 表现</h2>
</div><p>Total iGaming revenue climbed 28% year over year, making it one of the key growth engines in the quarter. FanDuel’s iGaming average monthly players rose 10% while revenue advanced 19%, helped by attracting more direct casino players and getting higher-value cohorts to play more frequently.</p>
<div class="lb-trans"><p>iGaming 的总收入同比增长 28%，成为本季度的主要增长引擎之一。FanDuel 的 iGaming 平均月活跃用户增长了 10%，而收入增长了 19%，得益于吸引了更多直接赌场玩家以及高价值用户更频繁地参与游戏。</p>
</div><h2>Sportsbook Revenue Growth</h2>
<div class="lb-trans"><h2>体育博彩收入增长</h2>
</div><p>Sportsbook revenue increased 10% year over year, with management pointing to improving headline key performance indicators through the quarter. The company saw sequential gains in average monthly players, handle and structural revenue margin, suggesting better monetization of betting activity despite some unfavorable sports outcomes.</p>
<div class="lb-trans"><p>体育博彩收入同比增长 10%，管理层指出本季度关键绩效指标的改善。公司在平均月活跃用户、投注额和结构性收入利润率方面实现了环比增长，尽管一些体育结果不利，但表明投注活动的货币化效果更佳。</p>
</div><h2>U.S. Product &amp; Loyalty Momentum</h2>
<div class="lb-trans"><h2>美国产品与忠诚度势头</h2>
</div><p>In the U.S., Flutter leaned heavily on product innovation and loyalty to reignite engagement, rolling out early win promotions, a revamped loyalty program and its new Bet Protect+ safety tool. Bet Protect+ adoption ran at roughly double internal expectations, while the first loyalty cohorts showed encouraging behavior, giving management confidence in longer-term customer value.</p>
<div class="lb-trans"><p>在美国，Flutter 依靠产品创新和忠诚度来重新点燃客户参与度，推出了早期胜利促销、改进的忠诚度计划和新的 Bet Protect+ 安全工具。Bet Protect+ 的采用率大约是内部预期的两倍，而首批忠诚度用户表现出令人鼓舞的行为，给管理层带来了对长期客户价值的信心。</p>
</div><h2>International Market Strength in Italy and Brazil</h2>
<div class="lb-trans"><h2>意大利和巴西国际市场的强劲表现</h2>
</div><p>Italy remained a standout, where Flutter is now the leading online operator and completed the migration of about two million Snai accounts by late April. Sisal’s MyCombo product pushed parlay usage higher, with multi-leg bets making up roughly half of prematch soccer handle and more than 30% of bets carrying at least five legs, while in Brazil Betnacional’s average monthly players rose over 40% year on year.</p>
<div class="lb-trans"><p>意大利依然表现突出，Flutter 现在是领先的在线运营商，并在 4 月底前完成了约 200 万个 Snai 账户的迁移。Sisal 的 MyCombo 产品推动了串关投注的使用，复合投注占据了约一半的赛前足球投注额，超过 30% 的投注至少包含五个投注项，而在巴西，Betnacional 的平均月活跃用户同比增长超过 40%。</p>
</div><h2>Prediction Market Early Wins and Market-Making</h2>
<div class="lb-trans"><h2>预测市场的早期成功与做市</h2>
</div><p>Flutter highlighted early traction in prediction markets, noting the launch of its One App serving both sportsbook and prediction users. In April, the group also began market-making on a major third-party platform and reported positive early signs, with plans to launch its own market-making stack in the coming months as the category gradually scales.</p>
<div class="lb-trans"><p>Flutter 强调了预测市场的早期进展，提到推出了同时服务于体育博彩和预测用户的 One App。在 4 月，集团还在一个主要的第三方平台上开始做市，并报告了积极的早期迹象，计划在未来几个月推出自己的做市系统，随着该类别逐渐扩大。</p>
</div><h2>Operating Cash Flow Improvement</h2>
<div class="lb-trans"><h2>经营现金流改善</h2>
</div><p>Net cash from operating activities rose 76% year over year, adding $142 million in the quarter, despite broader profit pressures. The main driver was a roughly $153 million tailwind from player funds movements tied to the timing of Sisal lottery payouts, which improved working capital versus the prior-year period.</p>
<div class="lb-trans"><p>经营活动产生的净现金同比增长 76%，本季度增加了 1.42 亿美元，尽管整体盈利压力依然存在。主要驱动因素是与 Sisal 彩票支付时间相关的玩家资金变动带来的约 1.53 亿美元的顺风，改善了与去年同期相比的营运资金。</p>
</div><h2>Capital Allocation and Share Buybacks</h2>
<div class="lb-trans"><h2>资本配置与股票回购</h2>
</div><p>Management reaffirmed a disciplined capital allocation stance, balancing investment needs with shareholder returns and deleveraging aims. By May 1, Flutter had already returned $190 million via buybacks toward its planned $250 million first-half program, signaling confidence in long-term value even as near-term metrics remain mixed.</p>
<div class="lb-trans"><p>管理层重申了严格的资本配置立场，平衡投资需求与股东回报及去杠杆目标。截至 5 月 1 日，Flutter 已通过回购返还了 1.9 亿美元，朝着计划的 2.5 亿美元上半年回购计划迈进，尽管短期指标仍然混合，但这表明了对长期价值的信心。</p>
</div><h2>Cost Transformation Progress</h2>
<div class="lb-trans"><h2>成本转型进展</h2>
</div><p>The company’s international cost-efficiency plan remains on track to deliver a $300 million run-rate benefit by year-end, a cornerstone of its earnings rebuild story. Executives said they are already identifying a next phase of transformation beyond 2027, aiming to structurally lower the cost base and support margins as growth investments continue.</p>
<div class="lb-trans"><p>公司的国际成本效率计划仍在按计划推进，预计到年底将实现 3 亿美元的年化收益，这是其盈利重建故事的基石。高管们表示，他们已经开始识别 2027 年以后的下一个转型阶段，旨在结构性降低成本基础，并支持在持续增长投资的同时保持利润率。</p>
</div><h2>Profitability and EPS Under Pressure</h2>
<div class="lb-trans"><h2>盈利能力与每股收益承压</h2>
</div><p>Despite the strong revenue print, adjusted EBITDA increased just 2% in the quarter, underlining margin compression across parts of the business. Net income fell by $126 million to $209 million, pulling reported earnings per share down to $1.23 and adjusted EPS to $1.22, and reinforcing the need for execution on cost and mix improvements.</p>
<div class="lb-trans"><p>尽管收入表现强劲，但调整后的 EBITDA 本季度仅增长 2%，突显了业务部分的利润率压缩。净收入下降了 1.26 亿美元，降至 2.09 亿美元，报告的每股收益降至 1.23 美元，调整后的每股收益降至 1.22 美元，进一步强调了在成本和结构改善方面的执行需求。</p>
</div><h2>Free Cash Flow Reduction</h2>
<div class="lb-trans"><h2>自由现金流减少</h2>
</div><p>Free cash flow, measured after financing and capital expenditure but excluding player funds, declined by 46% year over year. Management cited higher capital expenditure phasing and other cash outflows as key factors, noting that this cash softness contrasts with the robust revenue growth and remains a watch point for investors.</p>
<div class="lb-trans"><p>自由现金流（在融资和资本支出后计算，但不包括玩家资金）同比下降 46%。管理层指出，资本支出的增加和其他现金流出是主要因素，并提到这种现金软弱与强劲的收入增长形成对比，仍然是投资者关注的重点。</p>
</div><h2>Higher Interest and Depreciation Costs</h2>
<div class="lb-trans"><h2>更高的利息和折旧成本</h2>
</div><p>Higher funding and investment costs also weighed on reported earnings, with interest expense up $71 million versus the prior year. Depreciation and amortization increased $122 million as the company absorbed impacts from recent acquisitions and platform investments, compressing net income even as underlying operations expanded.</p>
<div class="lb-trans"><p>更高的融资和投资成本也对报告的收益造成了压力，利息支出同比增加了 7100 万美元。折旧和摊销增加了 1.22 亿美元，因为公司吸收了近期收购和平台投资的影响，尽管基础业务扩展，但净收入受到压缩。</p>
</div><h2>U.S. Sportsbook Player Base and AMPs Pressure</h2>
<div class="lb-trans"><h2>美国体育博彩玩家基础和 AMPs 压力</h2>
</div><p>In the U.S. sportsbook, average monthly players were 1% below last year and Flutter entered 2026 with a smaller active base, after unusually strong NFL margins in the fourth quarter dampened customer activity. Management is rolling out remedial actions, but acknowledged that rebuilding scale and engagement in this key market is likely to be a near-term drag on growth and profit conversion.</p>
<div class="lb-trans"><p>在美国体育博彩中，平均月活跃用户比去年下降了 1%，Flutter 在 2026 年初的活跃用户基础较小，因为第四季度 NFL 利润率异常强劲抑制了客户活动。管理层正在推出补救措施，但承认在这一关键市场重建规模和参与度可能会在短期内拖累增长和盈利转化。</p>
</div><h2>Leverage Profile and Balance-Sheet Pressure</h2>
<div class="lb-trans"><h2>杠杆状况与资产负债表压力</h2>
</div><p>Leverage closed the quarter at 3.7 times, higher than many peers and leaving less room for shocks in the short term. The company expects leverage to rise again through the second and third quarters before falling in the final quarter, and reiterated a medium-term target range of 2.0 to 2.5 times as cost savings and earnings growth kick in.</p>
<div class="lb-trans"><p>杠杆在本季度结束时为 3.7 倍，高于许多同行，短期内留给冲击的空间较小。公司预计杠杆将在第二和第三季度再次上升，然后在最后一个季度下降，并重申中期目标范围为 2.0 到 2.5 倍，因为成本节约和盈利增长开始显现。</p>
</div><h2>Prediction Markets and Regulatory Uncertainty</h2>
<div class="lb-trans"><h2>预测市场与监管不确定性</h2>
</div><p>While prediction markets showed early promise, management stressed that revenues remain modest and the regulatory backdrop is still evolving. Shifting legal interpretations have slowed product roll-outs in some jurisdictions, introducing execution risk and reinforcing Flutter’s cautious, option-driven approach to deploying capital in this nascent category.</p>
<div class="lb-trans"><p>尽管预测市场早期显示出潜力，但管理层强调收入仍然温和，监管环境仍在不断演变。法律解释的变化在某些地区减缓了产品推出，增加了执行风险，并强化了 Flutter 在这一新兴领域采取谨慎、以选择权为驱动的资本部署策略。</p>
</div><h2>Sky Bet Post-Migration Drag in UK and Ireland</h2>
<div class="lb-trans"><h2>Sky Bet 在英国和爱尔兰的迁移后拖累</h2>
</div><p>In the U.K. and Ireland, Sky Bet underperformed expectations following a significant product migration, dragging regional sports handle down by about 5% in the quarter. Momentum improved in March, but management stressed that returning Sky Bet to full strength remains an active workstream and a localized headwind within an otherwise solid international portfolio.</p>
<div class="lb-trans"><p>在英国和爱尔兰，Sky Bet 在一次重大产品迁移后表现不及预期，导致该地区的体育投注额在本季度下降约 5%。尽管 3 月份的势头有所改善，但管理层强调，恢复 Sky Bet 的全面实力仍然是一个积极的工作流程，并且在整体稳健的国际投资组合中构成了地方性阻力。</p>
</div><h2>Unfavorable Sports Results and Guidance Adjustments</h2>
<div class="lb-trans"><h2>不利的体育结果与指导调整</h2>
</div><p>Q1 performance reflected mixed sports outcomes, with some strong NBA handle offset by unfavorable results in other areas that hit hold rates. Management noted that full-year guidance includes technical adjustments to reflect those unfavorable results and launch costs in Arkansas, but emphasized that underlying operational expectations for the second quarter remain unchanged.</p>
<div class="lb-trans"><p>第一季度的表现反映了体育结果的混合，一些强劲的 NBA 投注额被其他领域的不利结果所抵消，影响了持有率。管理层指出，全年指导包括技术调整，以反映这些不利结果和阿肯色州的启动成本，但强调第二季度的基本运营预期保持不变。</p>
</div><h2>Higher Capital Spend Phasing</h2>
<div class="lb-trans"><h2>更高的资本支出阶段</h2>
</div><p>Capital expenditure was meaningfully higher than in the prior-year quarter, largely because last year’s spend was back-end loaded and more muted in the first quarter. While this heavier early spend contributed to weaker free cash flow, Flutter left its full-year capex guidance intact, suggesting no structural escalation in investment levels.</p>
<div class="lb-trans"><p>资本支出明显高于去年同期，主要是因为去年的支出在后期集中，而第一季度则较为温和。尽管这种早期的高支出导致自由现金流较弱，但 Flutter 保持了全年资本支出指导不变，表明投资水平没有结构性上升。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导与展望</h2>
</div><p>Flutter kept its underlying full-year 2026 guidance intact, now expecting around $18.3 billion in revenue at the midpoint, up about 12%, and adjusted EBITDA of $2.865 billion, roughly 1% growth. Management flagged a 3.7 times leverage position that should rise before falling in the fourth quarter, committed to completing its $250 million first-half buyback, and signaled disciplined yet ramping investment in prediction markets alongside a continued focus on cost efficiency and deleveraging.</p>
<div class="lb-trans"><p>Flutter 保持了其 2026 年全年基本指导不变，现在预计中值收入约为 183 亿美元，增长约 12%，调整后的 EBITDA 为 28.65 亿美元，约增长 1%。管理层指出，杠杆水平为 3.7 倍，预计在第四季度之前会上升，然后下降，承诺完成 2.5 亿美元的上半年回购，并表示在预测市场上将采取有纪律但逐步增加的投资，同时继续关注成本效率和去杠杆化。</p>
</div><p>Flutter’s latest earnings call painted a picture of a company growing quickly but still wrestling with profitability, cash conversion and leverage. Investors will be watching closely to see whether cost savings, U.S. sportsbook repairs and prediction market bets translate into stronger earnings, but for now, momentum in iGaming, international markets and product innovation provides a supportive backdrop.</p>
<div class="lb-trans"><p>Flutter 最近的财报电话会议描绘了一家快速增长但仍在与盈利能力、现金转换和杠杆作斗争的公司。投资者将密切关注成本节约、美国体育博彩修复和预测市场投资是否能转化为更强劲的盈利，但目前，iGaming、国际市场和产品创新的势头提供了支持的背景。</p>
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Flutter Entertainment 在增长与利润压力之间寻求平衡