Flutter cuts FY2026 guidance after Brazil shutdown and weaker sports results

Flutter Entertainment has reduced its FY2026 guidance, citing unfavourable sports results and the ban on betting in Brazil. The company lowered the midpoint of its full-year revenue guidance by $300m to $17.61bn. Its full-year adjusted EBITDA guidance was reduced by $160m to $2.495bn.

Flutter posted a net loss of $1.15bn for the three months ending 30 September. Revenue rose 2% to $3.87bn. Non-cash impairment charges of $873m relating to its Brazilian business led to a loss higher than the $789m posted in Q3 2025. Adjusted EBITDA fell 25% in Q3 to $360m. Flutter said the guidance cut reflects the Brazil market shutdown and unfavourable sports results in its US and International segments.

President Lula shut down Brazil’s regulated market in late September. Flutter attributed $537 million of its post-tax impairment charge to its 56% holding in Flutter Brazil. The business was formed last year when the Paddy Power owner paid $356 million to NSX Group, which owns Betnacional. After the ban, Flutter shut its Betfair operation in Brazil, leaving Betnacional as the only brand it has there.

Dan Taylor, who took over from Peter Jackson as CEO on 1 October, told shareholders in a letter that the company was “very disappointed” by the provisional measure banning betting in Brazil. Taylor said the company had acted decisively, with operations currently closed and all discretionary and uncommitted spend paused. The company said that with proper regulation Brazil could still be an attractive market, but that it would stay disciplined in deploying capital as the rules evolve.