Morning and welcome to Tabcorp Holdings Limited's FY 25 Full-Year Results. I'm Gillon McLachlan and I'm joined on our call by CFO Mark Howell. I'll talk you through the highlights before handing over to Mark for the financials. Can I refer you to these slides for you first off? This year we present a very different set of numbers. We feel we've come a long way. We have double-digit growth in revenue, EBITDA, and EBIT. We've delivered offset savings of AUD 39 million ahead of our updated guidance in February. We have a stronger balance sheet, average net debt reduced by AUD 251 million, with a reported leverage of 1.6 x. We've had a smooth transition to the new Victorian wagering licence, delivering an EBITDA uplift of AUD 83.7 million for 10.5 months of the agreement. For these, the results of a fitter company. A company with a simpler operating model, uplifted capability, improved cost and capital discipline, and an evolved strategy that is being executed quickly. We're going to be relentless in executing the plans that I'm talking to you through now. Let's go to slide six. The new team are on board and settled into their roles. I'm pleased with the functional capabilities and the culture we're building. I'm seeing operational improvement every day. I look forward to that coming through in performance. Together, we've created a leaner organization. We've removed 230 roles in FY 25 and implemented a vertical structure that allows us to move faster with clear P&L accountability. This is dangerously improved execution. We have new customer offerings like the TAP Takeover, TAP Time, and AFL Missed By One. I'm optimistic this will be the start of changes you will see in FY 26. I'll now push you to slide eight. This is our game plan, our strategy on a page. You'll see this slide a lot. It's in every presentation. Every member of our team knows where they fit into the strategy, their role, and what they are accountable for. I speak to this in every meeting we have at Tabcorp Holdings Limited, and I'll do the same with investors. This is the plan you should be measuring us against. The strategy unlocks value across various high asset bases. I'll spend the next couple of minutes providing an update on each of the pillars. I've already spoken about the first pillar with the uplifting capability and change to the operating model. The right people are the foundation of the strategy and anchor everything we do. A relentless focus on people, plan, culture, team. Can I push you to slide ten now on our second pillar, growth for industry and ourselves? There are three call-outs on this slide. The first is making a national TOTE a reality. We are committed to this. A national TOTE will increase liquidity, attract new customers, and allow product innovation. We'll be working closely with the racing bodies and regulators. New technology is being developed. There's still work to be done, but the team knows we are going to create a national TOTE and it will be good for the industry. Industry reform in New South Wales remains a priority. Our position has evolved over the last year, and we are working more closely and collaboratively with the New South Wales industry on a joint long-term solution. We need to do this together, and I thank Racing New South Wales and the broader industry for their collaboration. Finally, MAPs. There's been a lot of chat about MAPs. Our focus is growing the business. We've appointed a new General Manager who started a few weeks ago, and we'll look at expanding our footprint. We want to grow earnings and make it an even more structurally profitable business. You'll hear more about our plans for MAPs as the year goes on. Slides 11 to 13 are our third and fourth pillars, which have retail at the heart. We are focused on creating a true omnichannel sport and racing entertainment experience that integrates our digital, retail, and media business. We now have a weekly calendar of integrated retail offers headlined by TAP Time. It's an example of a true omnichannel offering. The offer is promoted on Sky, available only in retail, and the bet is placed on our digital app. TAP Time provides a reason to use the green app in venue, as we are creating retail-only generosity offers across the week. I announced TAP Takeover at the Macquarie Conference, and trials are now well underway in 20 New South Wales venues. In-play betting makes up over 50% of the international market. It's underutilized in Australia. We're continuing to modernize the look and feel of our retail offering with new screens, the end of teletext, and refreshed branding. We can also control screens in our venues to ensure customers are receiving the right offers at the right times. Work is advanced in the creation of new betting terminals that will modernize the customer experience and deliver important safer gambling enhancements. Our new betting terminals will mirror using the app. Phase one of our new commercial model came into effect last month. Benefits in the first phase were expected to be reinvested into enhancing the customer experience and growing the value of the network. Everything good is green, and funders are seeing that in venue. To slide 14, our standalone sports and media business. Our media business is changing. We are focused on closing distribution gaps, looking internationally, evolving our business model, and projecting better. New challenge, different presentation, better integration. We will look and feel different for spring. Our media business is one of our strongest assets, and I look forward to sharing with you its evolution during FY 26. I'll now hand over to Mark. Thanks, Gill. Morning everyone. As Gill mentioned, we have spent much of the last 12 months getting fit and evolving our strategy. From a financial perspective, getting fit has meant embedding cost and capital disciplines into the business, as well as strengthening the balance sheet. Overall, we think this is a pleasing financial result. We've delivered satisfactory and relative revenue performance given the soft wagering conditions and demonstrated good cost control and cash flow conversion, which has led to improved operating leverage and a reduction in financial leverage, 1.6x net debt to EBITDA at year-end. There is still much work to do as we look to embed the next Chief of Strategy. Before I run you through the results in detail, there are four key messages that I want to leave with you. First, the reform-fit wagering licence broadly provided the expected uplift in revenue, VC, and earnings, allowing for the soft market conditions where volume remained negative for much of the year. We estimate that this licence has delivered an uplift of AUD 84 million for the 10.5 months it's in place. Second, removing the benefit of this licence, we achieved broadly flat wagering revenue growth for the year. Within that, SIFTOS revenue growth was up 2.2%, SIFTOS sports revenue growth was up 8.9%, and cash revenue was up 2.4%. Third, we've embedded improved cost disciplines across the business and have taken action on headcount, improving the execution of zero-day design program. These measures have led to an in-year cost out of AUD 39 million and some of the benefits from annualizing to F3Cs. Lastly, we've had strong underlying operating cash flow conversion of 99%, and earnings began to grow, and we've reprioritized capital spend. FY 25 CapEx landed at AUD115 million, a reduction of 24% on the prior year, which assisted our free cash flows and debt reduction. Our leverage ratio landed at 1.6 x, providing us with significant balance sheet flexibility as we move into strategy execution. Now moving on to the result. Slide 17 sets out the FY 25 group financial result. The first thing I would say is the reform-fit licence makes a comparison with the prior year difficult. Group revenue grew 11.8% to AUD 2.6 billion. EBITDA grew 23% to AUD 392 million. D&A benefits from the prior year impairments, and these factors combined contributed to an increase in EBIT of 94%. Net interest increased as a result of the increased borrowing to fund the upfront payments of the BIC licence, as well as the impact on the interest discount unwind of AUD 25 million. As previously flagged, the high effective tax rate was driven by the non-deductible BIC licence amortization and the interest discount unwind. Finally, NPAC forfeit items grew at 77%. A final dividend of AUD 0.01 per share brings the full-year dividend to AUD 0.02 per share, a 54% increase on the prior year, reflecting the earnings growth we've had. For the remainder of the presentation, I'll provide an overview of three areas: the drivers of EBITDA growth, cost control to deliver operating leverage, and the strengthened balance sheet. Turning to slide 19, we can see the drivers of EBITDA growth. The incremental EBIT earnings uplift from the reformed Victorian wagering licence was the major contributor to EBITDA growth, providing AUD 158 million VC uplift, which was offset by AUD 74 million of cost to deliver AUD 84 million of incremental EBITDA for the 10.5 months it was in place. Improved yield in international wagering activity also provided an uplift of approximately AUD 12 million, while increased Sky rebates of AUD 12 million were the headwind. The improved BIC licence terms are reflected in the 250 basis point improvement in wagering and media VC margin to 37.6%. Other benefits to earnings included increases in recovery services VC as a result of the annual CPI increase, as well as increased project work. Underlying costs improved by AUD 16.6 million. AUD30 million in other cost headwinds include AUD 10 million of demanding facilities, with the balance being an accrual for staff incentives that was nil in the prior year. Slide 20 provides an overview of how to interpret the headline OpEx increase of 13.6% and demonstrates a significant focus on cost over the last 12 months. On slide 20, you can see the delivery of cost savings for both structural cost out and tighter control of discretionary costs has led to a 2% reduction on an OpEx base on an underlying basis across the year, despite persistent inflation and regulatory cost headwinds. We've rebased FY 24 for items such as the changing of BIC JV, the merger to Synergy, and the direct costs associated with the MGS business, which we exited in the first half of FY 24. With the conclusion of the incentive accrual, OpEx grew by only 50 basis points across the year, which is a pretty good outcome. Slide 21 provides more detail on actions taken across FY25 to achieve a AUD39 million cost reduction for the year. To provide a bit more color, around 85% of these cost savings were structural in nature, including headcount reduction, the implementation of zero-based design, and outsourcing, while the remaining 15% was being tighter on discretionary costs such as advertising and promotion in travel and entertainment. As I said, a reasonable portion of these cost actions were taken in FY 25 and annualized into FY 26, and there remains an opportunity for further cost benefit. However, we expect these savings to help offset inflationary headwinds and to support investment in the strategy to drive growth. OpEx in FY 26 will also be impacted by the additional one and a half months of the BIC license. Slide 22 demonstrates the greater focus on capital discipline with CapEx for FY 25 landing at AUD 115 million for a year-on-year reduction of AUD 36 million. Together with the earnings increase, this has driven an improvement in return on invested capital across the year. For FY 26, we expect CapEx to be in the range of AUD 120 to AUD 130 million as we set aside funding for new strategy initiatives such as the retail commercial model. We are also providing notice on FY 26 D&A of between AUD 215 and AUD 225 million, with a step up from FY 25 being largely driven by an investment in shorter life digital assets. Slide 23 shows a strong cash flow generated by the business for the year. A negative working capital balance of the business means that as the business grows, it materializes into cash flow, which in turn can be used to fund CapEx, reduce debt, fund dividends, or be used for other investment purposes. After moving the working capital left and the BIC JV unwind, underlying cash conversion was 99% for the year, an excellent result. Unlimited free cash flow of AUD 356 million has allowed us to reduce net debt meaningfully across the year. This strong cash flow generation has allowed us to strengthen the balance sheet in FY 25, as can be seen on slide 24, with reported leverage at year-end of 1.6 x, well within our leverage target range of less than 2.5x through the cycle. Net debt reduced at year-end to AUD 609 million. At 30 June, we had AUD 803 million of undrawn facilities and unrestricted cash and maintained access to diversified funding sources with no debt maturities until FY 28. The strengthening of our balance sheet across the year provides significantly greater flexibility as we move into strategy execution and is a highlight for the year from a financial perspective. As I said at the outset, overall this is a very pleasing result and we're getting the business back on track. I'll now hand you back to Gill for some closing remarks. Thanks, Mark. I believe we've become a much improved company over the last 12 months. We're already judged by our plan, people, and culture, and the change this year has been significant. There is a big agenda in FY 26 and we're going to be relentless in executing. I'm pleased to present results that show earnings have increased double digits. We've delivered cost savings ahead of guidance, and our balance sheet is in better shape. We've seen modest growth in the wagering market in the year ahead. I'm pleased with the progress and happy to take your questions. We will now begin the question and answer session. To ask questions on the phone, please press star 11 and wait for a name to be announced. To cancel your request, you can press star 11 again. One moment for the first question. Our first question comes from the line of Andre Fromyhr from UBS. Please go ahead. Thank you. Good morning. I just want to start with the cost savings. You've called out AUD 39 million saved in the year gone. That compares with about AUD 20 million that you'd recognized in the first half. What I'm trying to understand is what's the run rate of things that you've delivered so far, and does that imply that there's further room to show up in cost savings next year, or to what extent are you already reinvesting that in strategic initiatives? Yeah, thanks, Andre, it's Mark. We obviously aren't giving a cost out number next year. We've been delivered in that. As I said in my presentation, a reasonable portion of that run rate will be annualized into next year, but we expect it to largely offset inflationary headwinds and to reinvest into strategy, which we're already on that pathway. Yes, there are obviously cost savings. There are other things that we're focused on, including catching the tight reins on discretionary costs. That's where we're sort of headed for FY 26. Maybe an expansion to that though, like are you still active in taking costs out? I guess one of the reasons I'm asking is just keeping an eye on the one-off restructure costs, you know, some that sort of showed up again in the second half. Are we sort of done on that program now or will that be a recurring feature? No, we're going to continue. The main area for this year that we're focused on is around technology. There's still temporary installation going on. As I sort of said, any sort of cost savings, we're largely just expecting that to offset inflation and then reinvest. Sure. If I could just ask one more, Dabble looks like a bit of a highlight in this result. If I'm right, it was a loss contributor in the first half, but it was profitable over the full year. I'm wondering if you could talk through the exit run rate, shall we say, for the year on how Dabble's going? As part of that, as Dabble scales up, is there any more investment required in that business that would require Tabcorp to contribute more capital? My name's Gill. No, I don't think so. The numbers are in there, that business is performing well. We're happy with our investment and we don't think there's going to be any more capital required from us. Obviously, the run rate. Yeah, look, obviously it's the first time since we've invested that we've actually had a share of profits, which is obviously just testament to where the business is at and how quickly it's growing. We are pleased with our investment in Dabble. You know, I think since we've invested, revenue growth is, you know, north of five times from where we originally were. We're, you know, obviously pleased with how that investment is going. Okay, thank you. Thank you for the questions. Our next question comes from Matt Ryan from Barrenjoey. Please go ahead. Thank you. I was wanting to ask about the retail revamp and phase one of the new commercial model, and just hoping if you can sort of share what we should be expecting this year from that, and also the products that you talked about within the CapEx spend being allocated to that program? Thanks, Lance. It's Gill, I think what I'd say is it's, you know, broadly speaking, the new commercial model is about getting greater alignment with retail. The changes in the FY 26 model will be reinvested back in the customer experience. The key change this year is removing the commissions for venues under AUD 10,000 of turnover. Clearly, we're in constant dialogue with FY 26 about venues and how CapEx plays into the overall commercial model for FY 27 and beyond is in discussion right now. Thank you. I was just interested in your comments on the wagering market. Maybe you could talk about what you saw of the second half and what's sort of, I guess, feeding into your expectations for modest growth moving forward? I guess what I'd say is it's stabilisation in both the growth of it. We're down still in the second half. Modest is modest of a market that got better through FY 25, but it was still down through to the end of the financial year. We're not, we're staying bottom about it, but it's travelling okay or a bit off of base where we were coming, sort of tracking down a couple of dollars coming into the full year. Thank you. Thank you for the questions. Our next question comes from the line of Kai Erman from Jefferies. Please go ahead. Hey guys, just keen to dig into the balance sheet outcome. You're sort of deleveraging faster than expectations, and you sort of flagged some investment into retail initiatives. I'd be keen to hear about how you guys are thinking about investment opportunities and your balance sheet optionality as you continue to deleverage, particularly given you're somewhat below that under 2.5x net debt to EBITDA target. Thank you, it's Sky. Thanks, Kai. It's Gill. Our focus at the moment is on executing on this plan. I do feel the improvement in the balance sheet strict is a significant call out in these results. It clearly gives us optionality. At the moment, our focus is on the plan ahead of us, working with the assets we have, reinvesting in our retail network and our partnerships and our business. At some point, I'm sure there will be other options. At the moment, we're focusing on the plan as presented today. You mentioned some upcoming changes to Sky. Is there any detail you can give us on what these changes will look like from a product perspective? You mentioned that they're upcoming for the spring carnival. I think that'll be the way you view it at the moment. We're obviously working within business. We're reporting to the board on a broad-based plan and in the September strategy meeting. I'm referencing that hopefully we'll start showing up differently in the first half of this financial year. The more structured stuff will come back to you over time. Perfect. Thank you. I'll pass it on there. Thank you for the questions. Our next question comes from the line of David Fabris from Macquarie. Please go ahead. Oh, hi Gill. Hi Mark. I was wondering if you could share some insights on the in-play betting trials in New South Wales, maybe what's working, what's not working, and just thinking about the ability to expand beyond the 20 venues and further thoughts about expanding into other states. Yeah, the data is with the regulator now. We've been pleased with the trial. We've been pleased with the way the technology worked, the way the product was able to show up. I won't go into all of the data because we're in a review process at the moment. It was, from a technology perspective, seamless. How it plays out, we'll wait on the working through with the New South Wales regulator. We were pleased with the trial. At the right time, we'll come back to you guys with the right regarding information, which is, yeah, some time in the next couple of months. Okay, got it. Just thinking about the retail network, I guess the pubs and clubs, you've made some pretty big changes around their commercial model. You're talking about the improved customer experience. I mean, broadly, are they on board and agree, or is there some caution around whether this strategy is going to work for them? We have to prove the evolution out to our customers. We believe we come with a strong proposition with retail wagering licenses, free Sky in venue, and the customization and now the new product. We've got new product going into spend, TOTE is strong. You've got good digital offerings. We've got TAP Time launching, and the numbers in there, the take-up of that has been strong, and we're only really just testing the water on that. We've got in-play coming down the pipe. We're going to be focusing our marketing and just generosities to retail. We believe strongly that at some point we'll share the numbers, but the FY 26 numbers are very encouraging. The technology has worked, our ability to control the screens. We believe we can push people into retail in a safe environment and an inclusive environment where they stay longer for our partners. That model, that evolution is ongoing. Everyone understands change is always challenging, and we're communicating regularly and often with all of our retail partners and listening both ways. That's the journey we're on to change the model where we can reinvest back in the network significantly, but hopefully do it on more aligned terms. Yeah, got it. Understood. Just one last question from me. You've been pretty clear on the OpEx piece. With the wagering VC margin into FY 2026, if we ignore the benefit from the big globalisation, is there anything we need to consider around race field fees or sport product fees impacts to the VC margin? No, not immediately, David. The only thing is there was a race field impact in Victoria that is going against a significant item because we had protection in the transition arrangements with the Victorian racing industry for about AUD 30 million. That race field impact won't impact the P&L until FY 28. Understood. Thank you very much. Thank you for the questions. Our next question comes from Justin Barratt from CLSE. Please go ahead. Hi guys, thanks very much for your time today. First one, Gill, clearly New South Wales reform and unifying the TOTE are key aspects of your strategy forward. I appreciate that timing right now is a little bit unknown, but I just wanted to try and sort of see, you know, are these aspects that you can expect a material update on within the next 12 months, or is it going to be something a little bit more longer dated than that? Thanks, Justin. It's part of the product board now, I suppose, and they may well be related. The New South Wales piece, you know, I think I've been quite assertive in my language on that today and that I'm aware of the accountability delivering that. We are well advanced in a big sense. We have a regulatory plan. You know, obviously, we're dealing with third parties there. The commercial model is a big challenge for those of you who have left at the base. I'm optimistic the national TOTE will see we'll eventually land in this financial year. There's a bit to happen, but there's a clear plan that I'm getting weekly updates on. New South Wales reform is a journey, but we've got a good relationship with the industry of New South Wales and we've got a broad plan that requires, you know, it requires the best of the industry. We're determined to get there and that may take some time. Understood. I just wanted to ask again about your outlook statement. Back in the first half FY 25 results, you called out what you thought you'd seen as a modest improvement in the consumer in the last couple of months at that point in time. We still saw some negative turnover in that second half. You've announced what you think you've seen as a modest improvement again in the consumer. Is the consumer in a better position now than it was back in February? Do you think that can translate into positive growth in turnover across FY 26? First of all, just on the TOTE, we're doing a modest improvement. I think numbers are more challenging, and we're seeing though some level of improvement in that. I don't think we're saying we're going into year-on-year growth, but we're seeing improvement through the last weeks and months, and that's what we wanted to call out. Okay, thank you. Thank you for the questions. As a reminder, if you'd like to ask questions, please dial *11 and wait for a name to be announced. Our next question comes from Sam Bradshaw from Evans & Partners. Please go ahead. Hey, good morning, Gill and Mark. I just wonder if you can give a quick comment on how you're seeing the wagering market in terms of the level of competition and promotions ongoing at the moment. Thanks. I think it continues to be a competitive landscape with widespread competition, strong multinationals who are experts at what they do. At the moment, we're just working hard within that framework to focus on our points of competitive advantage and be a better business. Yep. Just on the Dabble business, I wonder if there's any strategic benefits or insights that you're able to get to Tabcorp, or at this stage, is it more just a financial investment? At the moment, it's just a passive financial investment. Obviously, I understand the theories of that question, but at the moment, it's an investment that was made a few years ago. It's been turned out, I think it's going to end up being a good investment for Tabcorp, but that's how we're looking at it. Great. Thank you. Thank you for the questions. One moment for the next questions. We have a follow-up question from Andre Fromyhr from UBS. Please go ahead. Hi, thank you. Gillon, you've previously been pretty optimistic about conducting the TOTE consolidation. There are some comments in the presentations today. I was just wondering if you could share around expected timing around that and how investors should expect to see the benefits from that. Is it more of a cost-saving opportunity or are there some revenue opportunities as well? Thanks, Andrea. To add a bit of color to what I said before, I think we're targeting this financial year to get to a national TOTE with four pieces to that, which is working with the PRAs for their approval, regulatory approval, technology platform, and getting the commercial models aligned. I think we're making good progress up and down on that. The advantages and the benefits, it's about reinvigorating parimutuel wagering. You do get cost benefits for that. Also, the greater liquidity provides a platform for a whole season of pools, things including product development, makes it more competitive against fixed products. We believe there's some cost upside, but also liquidity creating competitive product and product development and potential international opportunities as well. It's a priority and I think broad-based benefit. Okay, thank you. Thank you for the questions. At this time, there are no further questions on the line. I would like to hand the call back to management for closing. I just want to thank everyone for dialing in. Thank you, hopefully, for your support. Hopefully we're delivering a track record of doing what we say. We know that we have a long way to go, and we're focused on delivering the plan that was presented. I look forward to engaging with you going forward. Thanks very much. That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.