TSE HOLDINGS LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101 Reduced Disclosure Framework

Reporting scope

Standalone (parent only)

Auditor

KPMG

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company is in a net current liability position of £1,419m (2023 net current liability: £1,314m) which is primarily attributable to intercompany loans. However, the Company is in a total net asset position of £1,653m (2023: £1,461m) which results mainly from a large balance attributable to investments in subsidiary entities. The Company's ultimate parent undertaking, Flutter Entertainment plc, has indicated that it will guarantee any outstanding intercompany balances between group companies such that no group company will demand repayment such that it would threaten the counterparty's ability to continue as a going concern. On this basis, the Directors have formed the opinion that the Company's financial statements should be prepared on the going concern basis.”

Group structure

1. TSE HOLDINGS LIMITED · parent
   1. Betfair Romania Development SRL 100% · Romania · R&D activities
   2. TSE Data Processing Limited 100% · Ireland · Data centre and support services
   3. TSE Services Limited 100% · Gibraltar · Support Services
   4. TSED Unipessoal LDA 100% · Portugal · R&D activities
   5. Atlas Holdings LLC 100% · Georgia · Holding Company
   6. FanDuel Group Parent LLC 95% · USA · Holding Company
   7. TSG Interactive US Services Limited 100% · USA · Holding Company
   8. Flutter Entertainment Holdings Ireland Limited 100% · Ireland · Holding Company
   9. Tombola Limited 100% · United Kingdom · Provision of support services and IP holding company

Significant events

• “On April 8, 2025, the Company purchased trademarks, domain names and other unregistered intellectual property rights related to the Betfair business in Brazil for £33.4 million.”
• “On May 14, 2025, the Group completed the acquisition of a 56% interest in NSX Brasil S.A. for $678 million.”
• “On April 30, 2025, the Group completed the acquisition of 100% of Pluto (Italia) S.p.A, for approximately $2.6 billion (€2.3 billion).”
• “On June 4, 2025, the Group issued senior secured notes, including $1,000 million USD-denominated 5.875% notes, €550 million EUR-denominated 4.000% notes, and £450 million GBP-denominated 6.125% notes.”
• “In June 2025, as part of a Group restructuring, the Company issued one ordinary share to its parent and fully repaid all outstanding loans owed to Flutter Financing B.V.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  +16.1%

  £1,461,300,000 → £1,696,000,000

• Employees

  —

  Not reported

• Operating profit

  0%

  -£1,336,000 → -£1,336,000

• Profit before tax

  -50.1%

  -£310,601,000 → -£466,082,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers