Browsing: Said

Flutter cut its 2026 outlook to midpoint estimates of $17.61 billion in revenue and $2.495 billion in adjusted EBITDA, citing unfavorable sports results and the closure of its Brazil operations. Q3 revenue rose 2%, but adjusted EBITDA fell 25%, and an $873 million Brazil impairment contributed to a reported net loss.

Brazil’s online gaming shutdown was the main reason Q3 EBITDA missed consensus, prompting Inspired to lower the bottom end of its full-year guidance to $109 million. If the shutdown persists, management expects the company’s growth trajectory to be delayed by about a year.

Q3 revenue reached $322 million, led by OTT revenue of $227 million, while adjusted OIBDA rose to $44 million. Starz generated $19 million in unlevered free cash flow and reaffirmed its 2026 outlook for mid-single-digit OIBDA growth and $100 million–$120 million in unlevered free cash flow.