Slides
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YEAR ENDED 30 JUNE 2026 FY26 RESULTS ABN 66 063 780 709
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FY26 RESULT COST & CAPITAL DISCIPLINE HIGHLIGHTS FY26 Note: EBITDA, EBIT, NPAT before significant items and net debt referred to throughout this presentation are non -IFRS financial information, exclude significant items, and are not subject to audit. 1. ROIC is calculated using last 12-months (LTM) EBIT (before significant items) divided by average invested capital. 2. Reported leverage is calculated as net debt / LTM EBITDA. Net debt is gross debt (Australian Dollar equivalent repayable at matu rity), including lease liabilities, less cash. 3. Statistics shown for the entire 2026 FWC tournament, which was held across June -July, with approximately half the tournament fal ling into FY27. Figures are relative to 2022 FWC tournament. 4. Subject to remaining regulatory approvals. 5. Based on FY26 venue turnover. 6. Subject to certain conditions as set out in Tabcorp's ASX announcement dated 10 August 2026. FOCUS ON EXECUTION Cost control delivering positive operating leverage with a 140bps improvement in EBITDA margin to 16.4% Capex of $140m, in-line with guidance and reflecting investment in strategic initiatives ROIC1 improvement of 240bps to 12.0% Reduction in reported leverage2 to 1.2x STRATEGIC DELIVERY Strong execution of our strategy – connecting Digital, Retail and Media assets to deliver differentiated wagering products and promotions. E.g. FIFA World Cup with digital active customers +26% and retail turnover +57% (versus 2022 FWC)3 Domestic wagering turnover +0.9% in FY26 (Cash +1.0%, Digital +0.8%), with Sport turnover +8.3% and Digital-in-Venue turnover +9.1% Domestic wagering revenue +0.9% with below average gross yields in 1H26 normalising in 2H26 Agreement reached with the industry in July 2026 on a National Tote. Targeting launch during Spring Racing Carnival 20264 New retail commercial model delivered. >3,300 venues operational, representing 97% of turnover5 Continued investment in retail, commenced roll-out of new EBTs and TAB LIVE Announced the strategic acquisition of BetMakers. Targeting completion during 3Q FY276 Group Revenue Group EBITDA Group EBIT Group NPAT (before significant items) $2,636.3M up 0.8% $431.7M up 10.3% $218.7M up 15.9% $71.1M up 43.6% 2Tabcorp FY26 Results |
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RESULT SUMMARY FY26 $M FY26 FY25 CHANGE (%) Revenue 2,636.3 2,614.6 0.8% Variable Contribution 1,132.4 1,088.7 4.0% Opex (700.7) (697.2) (0.5%) EBITDA 431.7 391.5 10.3% EBIT 218.7 188.7 15.9% NPAT before significant items1 71.1 49.5 43.6% Statutory NPAT 46.3 36.6 26.5% Note: Opex, EBITDA, EBIT, NPAT before significant items and net debt referred to throughout this presentation are non -IFRS financial information, exclude significant items, and are not subject to audit. Refer to the reconciliation on slide 35 for further information. 1. Significant items (after tax) totalling ($24.8m) comprises Victorian Licence (increased race fields fees and remeasurement of the funding support liability of ($12.1m)), transformation costs ($7.6m) and transaction costs ($5.1m). Refer slide 34 for deta ils. 2. Adjusted EPS is calculated as NPAT before significant items, Victorian Licence amortisation (FY26: $44.3m) and equity accounted investment result. 3. The unfranked nature of the dividend reflects the impact of $126.3m of tax refunds received in FY24 on the franking account balance. This included the settlement of several tax matte rs with the ATO. The unfranked full year dividend of 3.0cps represents a 58% payout of adjusted EPS. 4. Reported leverage is calculated as net debt / LTM EBITDA. Net debt is gross debt (Australian Dollar equivalent repayable at maturity), includin g lease liabilities, less cash. Adjusted EPS2 FY26 unfranked dividend3 EBITDA Reported leverage4 3.0 CPS 5.2 CPS 1.2x $432M +10% +33% <2.5x THROUGH THE CYCLE +50% 3Tabcorp FY26 Results |
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FOR TABCORP… WHAT’S NEXT High-performance culture Growth from our unique set of assets and differentiated customer offer Financial discipline and operating leverage Strong shareholder returns DELIVER STRATEGIC DIFFERENTIATION Continued cost and capital efficiency Zero-based cost design implemented Operationalised and implemented key strategic initiatives Structural reform of channel profitability is ongoing OPERATIONALISE STRATEGY AUG ‘24 – JUN ‘25 MAR ‘25 – DEC ‘25 2026 – 2028 New leadership structure and capability Cost and capex discipline Strong execution. Successfully transitioned to reformed Victorian Wagering Licence Evolved strategy GETTING OURSELVES FIT 4Tabcorp FY26 Results |
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HOW WE WILL WIN OUR GAME PLAN OUR EXECUTION PLAN OUR CORE ASSETS DIGITAL RETAIL MEDIA TOTE MAX P I L L A R 1 P I L L A R 3 P I L L A R 4 P I L L A R 5 Attract talented people and partners who want to succeed and deliver for our shareholders Build culture which strives to be the best while being fun Aligned structures and clear accountability Deliver the best racing media content in the world A new destination for sports wagering entertainment and content Globally integrated media platform serving multiple markets Lead industry reform with our stakeholders Disciplined focus on growth, efficiency, and margin Reinvigorate and innovate the tote Expand markets and diversify revenue streams Integrated execution across all channels: Digital, Retail, and Media Delivering our commitment to player safety and compliance Personalised experiences and unique products Trusted brand synonymous with the best wagering entertainment products and promotions Grow the value of our extensive network of venue partners Innovate retail as an exclusive channel for engagement Modernise our retail technology and media footprint Contemporary and compliant retail operations Vision Taking entertainment to the world Purpose To live a more exciting life Our Values Trust. Team. Fun. Win. P I L L A R 2 Growth for industry and ourselves Clarity, commitment and capability Unrivalled omnichannel experiences Structurally profitable retail business Standalone racing & sports media business 5Tabcorp FY26 Results |
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CULTURE STRUCTURE & ACCOUNTABILITY CAPABILITY COMMITMENT AND CAPABILITY CLARITY, P I L L A R 1 TABW program launched to develop emerging female leaders in the business TAB Champions Awards to acknowledge high- performing individuals and teams Investment in leadership development through the TAB Kick Off Incentives more broadly distributed Employee engagement score uplift of 4 percentage points in FY26 Appointment of Chief Financial Crime Officer Paul Jevtovic and Chief Risk Officer Joel Williams to the Executive Team and continued investment in specialist financial crime capability Appointment of new General Managers in Wagering, Retail, Risk, Marketing, MAX, Strategy, and Cyber Security Vertical structure delivering clearer accountability and faster decision making Cost disciplines embedded – new hires require joint CFO/CPO approval 360-degree reviews of all Executives and Senior Leaders Regular performance and talent roundtables, supporting capability development and succession planning 6Tabcorp FY26 Results |
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P I L L A R 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE THE TOTE OF THE FUTURE WILL DELIVER BETTER LIQUIDITY, BROADER PROPOSITIONS & BIGGER MOMENTS REINVIGORATED & INNOVATIVE 7Tabcorp FY26 Results | KEY BENEFITS: BIGGER POOLS GLOBAL LIQUIDITY JACKPOT-STYLE PRODUCTS SIMPLER ODDS DISPLAY UNIQUE BET TYPES Note: National Tote launch is subject to remaining regulatory approvals
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KEY LAUNCH ACTIVITIES NATIONAL TOTE LAUNCH GROWTH FOR INDUSTRY AND OURSELVES LAUNCH OF NATIONAL TOTE TARGETED FOR SRC26 P I L L A R 2 Launch date: Spring Racing Carnival 2026 Daily tote digital promotional offers Additional retail in-venue tote incentives Marketing campaign: September 2026 8Tabcorp FY26 Results | TAB exotics exclusives, e.g. Megapot Customer UX: simpler single tote odds display with refreshed SKY presentation Note: National Tote launch is subject to remaining regulatory approvals Note: SKY graphics shown above are illustrative only
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FOCUS AREAS: FIRST 12 MONTHS NATIONAL TOTE EXECUTION GROWTH FOR INDUSTRY AND OURSELVES P I L L A R 2 Single pool and dividend – domestic and international Digital & Retail UX uplift and generosity strategy International comingling growth Expansion – International Racing Product development – including Megapot and other pool jackpot mechanics 9Tabcorp FY26 Results | REINVIGORATION OF THE TOTE Note: National Tote launch is subject to remaining regulatory approvals
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TAB LIVE ROLLOUT UPDATE OMNICHANNEL EXPERIENCES UNRIVALLED P I L L A R 3 Clearance now received from ACMA, NSW, VIC and QLD Rollout of hardware progressing, operating in over 100 retail venues in August Broad advertising and promotion launch planned once critical mass of hardware deployed through the venue network 1. All figures are 2026 FWC versus 2022 FWC. Statistics shown are for the entire 2026 FWC tournament, which was held across June -July. Approximately half of the wagering activity occurred in FY26. DIGITAL-IN-VENUE (DIV) TURNOVER +9% +25% +23% (FY26 – TOTAL) (FY26 – SPORT) (FY26 – 18-34YRS) FIFA WORLD CUP 2026 (FWC) EXECUTION1 +26% +53% +57% (DIGITAL ACTIVES) (DIGITAL TURNOVER) (RETAIL TURNOVER) NEXT-GEN TERMINALS ROLLOUT PLAN Investment in technology to deliver a modern, compliant retail environment Rollout program to be completed over the next ~2 years Significant uplift in customer experience including TAB LIVE functionality FWC 2026 IN-VENUE PROMOTIONS 10Tabcorp FY26 Results |
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97% OF THE NETWORK BY TURNOVER IS OPERATIONAL1 GREATER ALIGNMENT RETAIL NETWORK STRATEGIC INVESTMENT Tabcorp Macquarie Australia Conference | RETAIL COMMERCIAL MODEL STRUCTURALLY PROFITABLE RETAIL P I L L A R 4 Increased alignment with venue partners to attract customers and grow turnover for the benefit of TAB and venues More venue exclusive experiences, including promotions, TAB LIVE and next-gen betting terminals Simplified, variable and progressive commission structures to incentivise turnover growth . New retail commercial model delivered >3,300 venues operational, representing 97% of turnover from the prior network1 Pipeline of additional venues looking to enter the network from FY27 including greenfield sites Venue exclusive 7-day generosity calendar, increasing retail only offers through the redirection of promotional spend Roll-out of modernised Next-Gen betting terminals to the retail venue network over the next ~2 years Investment in technology to deliver modern, compliant retail environment 11Tabcorp FY26 Results |1. Based on FY26 venue turnover
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KEY CHANGES TO THE COMMERCIAL MODEL New all-inclusive subscription Weekly Fee Removal of the previous EBT rental fee related to legacy terminals Progressive commission structure creating better alignment of incentives Investment in a new loyalty scheme and enhanced venue activation support Ongoing product development and $50m of retail exclusive generosity, delivering unique omnichannel customer experience NEW RETAIL COMMERCIAL MODEL STRUCTURALLY PROFITABLE RETAIL P I L L A R 4 12Tabcorp FY26 Results |
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INVESTMENT IN NEXT-GEN BETTING TERMINALS STRUCTURALLY PROFITABLE RETAIL P I L L A R 4 13Tabcorp FY26 Results | 1. Target ROIC calculated as incremental EBIT from changes to the retail commercial model expressed as a percentage of terminal capex investment. The EBIT uplift is post incremental costs of $5 -10m for venue activation support. D&A of new terminals is expected to be ~$13m pa. Of the total incremental EBITDA, $22m has been realised in FY26. COMMERCIAL BENEFITS COMPLIANCE BENEFITS TAB LIVE (IN-PLAY) INVESTMENT & TARGET RETURNS CAPEX FY26-FY28 | Enabled through technology | Improved customer experience | Functionality on all units TARGET RETURN (ROIC) >25%1~$130-140M
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STRONG FOUNDATIONS FOR GROWTH MEDIA P I L L A R 5 Tabcorp FY26 Results | 14 KEY DOMESTIC RIGHTS SECURED Victorian and South Australian Thoroughbred Racing Western Australian Thoroughbred Racing Tasmanian Thoroughbreds, Greyhounds and Harness Racing New South Wales Harness Racing Canberra Thoroughbred Racing South Australian Harness Racing KEY INTERNATIONAL RIGHTS SECURED New Zealand Thoroughbreds and Harness Racing Nagoya Thoroughbred Racing (Japan) UK and Irish Greyhound Racing Turkish, Middle East and Chilean Racing DISTRIBUTION GROWTH Expansion of Domestic and International Melbourne Cup Carnival Distribution SKY Racing Extended Hours – 20,000+ Races Singapore Pools Content Export Partnership Selangor Turf Club (Malaysia) Export Partnership PRODUCT & PRESENTATION TAB Time and TAB Takeover New Magazine Shows – The Bet Slip, Racing Xtra, All In Product Innovation – Watchalongs, Talent and Tips Integration, Graphics Uplift World Play – World Cup Magazine Show produced in English and Spanish for DAZN QR code integration, allowing viewers to scan and receive pre- filled TAB bet slips based on presenter selections
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TRANSACTION OVERVIEW BETMAKERS ACCELERATES OUR TECHNOLOGY MODERNISATION Transition to a modern, cloud-native wagering technology stack ESTABLISHES A GLOBAL B2B GROWTH ENGINE Complementary assets create a compelling B2B wagering and media services offering GREATER SPEED AND EFFICIENCY Faster speed to market at a lower cost TARGETING $30M OF COST SYNERGIES With further potential revenue growth opportunities ATTRACTIVE FINANCIAL RETURNS Double-digit EPS accretion expected from Year 3 COMPLETION EXPECTED DURING 3Q FY27 Proposed transaction is subject to certain conditions2 03 02 01 04 05 06 15Tabcorp FY26 Results |1. Leverage refers to the pro forma Net Debt to LTM EBITDA ratio as at Jun -26PF, assuming 25% scrip take-up, and excluding synergies. 2. See conditions set out in Tabcorp's ASX announcement dated 10 August 2026. Maintaining a strong balance sheet with 1.6x PF leverage at Jun-261
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FINANCIAL RESULTS SECTION 2 16Tabcorp FY26 Results |
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NOTE: Opex, EBITDA, EBIT, NPAT before significant items and net debt referred to throughout this presentation are non -IFRS financial information, exclude significant items, and are not subject to audit. Refer to the reconciliation on slide 35 for further information. 1. Significant items (after tax) totalling ($24.8m) comprises Victorian Licence (increased race fields fee protection and remeasurement of the funding support liability of ( $12.1m)), transformation costs ($7.6m) and transaction costs ($5.1m). Refer slide 34 for details. 2. Adjusted EPS is calculated as NPAT before significant items, Victorian Licence amortisation ( FY26: $44.3m, FY25: $43.1m) and equity accounted investment result. 3. NPATA is Net Profit After Tax (NPAT) before significant items adding back certain non -cash amortisation amounts as a measure of underlying earnings given the large amortisation expense for licences and customer contracts. NPATA is non -IFRS financial information, excludes significant items, and is not subject to audit. $M FY26 FY25 CHANGE (%) Revenue 2,636.3 2,614.6 0.8% Variable contribution 1,132.4 1,088.7 4.0% Operating expenses (700.7) (697.2) (0.5%) EBITDA before significant items 431.7 391.5 10.3% Depreciation and amortisation (213.0) (202.8) (5.0%) EBIT before significant items 218.7 188.7 15.9% Equity accounted (loss) / profit (3.0) 3.8 NM Net interest (86.2) (91.5) 5.8% Tax expense (58.4) (51.5) (13.4%) NPAT before significant items 71.1 49.5 43.6% Significant items (after tax)1 (24.8) (12.9) (92.2%) Statutory NPAT 46.3 36.6 26.5% Statutory EPS 2.0 CPS 1.6 CPS 25.0% Adjusted EPS2 5.2 CPS 3.9 CPS 33.3% DPS 3.0 CPS 2.0 CPS 50.0% GROUP PERFORMANCE FY26 RESULTS $M FY26 FY25 CHANGE (%) NPAT before significant items 71.1 49.5 43.6% Add back certain non-cash items: Licence amortisation 59.9 58.6 2.2% Customer contracts amortisation 13.8 13.8 - NPATA before significant items 144.8 121.9 18.8% NPATA3 before significant items 17Tabcorp FY26 Results |
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SEGMENT OVERVIEW FY26 RESULTS $M FY26 FY25 CHANGE (%) Revenue Wagering & Media 2,454.7 2,438.8 0.7% Integrity Services 181.6 175.8 3.3% Group revenue 2,636.3 2,614.6 0.8% EBITDA Wagering & Media 361.8 329.1 9.9% Integrity Services 69.9 62.4 12.0% Group EBITDA 431.7 391.5 10.3% EBITDA / revenue % 16.4% 15.0% 1.4% EBIT Wagering & Media 191.2 168.2 13.7% Integrity Services 27.5 20.5 34.1% Group EBIT 218.7 188.7 15.9% EBIT / revenue % 8.3% 7.2% 1.1% Note: All amounts are before significant items, non-IFRS and are not subject to audit. 18Tabcorp FY26 Results |
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391.5 37.3 6.4 6.0 (9.5) 431.7 FY25 EBITDA Wagering & Media VC Integrity Services VC Opex 1.5 months VIC JV opex FY26 EBITDA GROUP EBITDA FY26 RESULTS ($M) CPI indexed monitoring fee and monitored EGM increases Increased project work FY25 impact of VIC JV costs previously shared with VRI 1. The Victorian Licence impact has been calculated by making adjustments for the changes in licence conditions under the ref ormed Victorian Wagering and Betting Licence that applied from 16 August 2024. UP $40.2M / 10.3% Refer next slide 1 Phase 1 retail commercial model benefits Incremental impact of reformed VIC Licence1 Partly offset by soft wagering yields and increasing Media rights costs 19Tabcorp FY26 Results |
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9.5 706.7 21.3 (18.0) (9.3) 700.7697.2 FY25 Opex 1.5 months VIC JV FY25 Rebase Inflation Cost reductions Other FY26 Opex TO DELIVER OPERATING LEVERAGE COST CONTROL ($M) 1. The Victorian Licence impact has been calculated by making adjustments for the changes in licence conditions under the reform ed Victorian Wagering and Betting Licence that applied from 16 August 2024. DOWN $6.0M / (0.8%) FY25 impact of VIC JV costs previously shared 50% with VRI 1 20Tabcorp FY26 Results | Other miscellaneous cost savings Reorganisation and cost program benefits
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FOCUS ON RETURNS CAPITAL EXPENDITURE CONTINUED FOCUS ON DISCIPLINED INVESTMENT AND RETURNS FY26 CAPEX1 $140M FY26 Growth & Transformation investment1 71% (FY25: 62%) FY26 ROIC2 12.0% (FY25: 9.6%) CAPITAL ALLOCATION ($M) +21.7% 115 140 1. FY26 capex includes ~$26m for Next-Gen retail terminals. 2. ROIC is calculated using LTM EBIT (before significant items) divided by average invested capital . 3. FY27 capex includes ~$65m for Next-Gen retail terminals. 28 36 100 71 12 8 FY26 FY25 Maintenance Growth & Transformation Sustainability & Risk FY27 CAPEX3 UP TO $160M FY27 D&A $225M-$235M 21Tabcorp FY26 Results |
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54 TIGHT WORKING CAPITAL MANAGEMENT DRIVING CASH FLOW GENERATION CASH FLOW 1. Operating cash conversion is calculated as net cash flows from operating activities adding back interest and tax, as a percentage of EBITDA. 2. Underlying operating cash conversion neutralises the impact of a non-recurring prepayment of $25m. 3. Cash significant items includes increased race field fees of $8.8m, annual TVAC payment of $8.1m, transformation costs of $10 .9m and transaction costs of $5.1m. 4. Includes $24.9m of interest associated with the discount unwind of the Victorian Wagering and Betting Licence annual payment of $30m (the remaining $5.1m is financing cashflow). 5. Tax paid comprises Franking Deficit Tax paid of $1.6m and Sky Racing World paid $1.3m to the US Revenue Authority. ($M) Operating cash conversion 93%1 Underlying cash conversion 98%2 Significant items cash flow includes costs related to transformation, race fields, TVAC and transaction costs (not adjusted in underlying cash conversion calculation) 22Tabcorp FY26 Results | 3 431.7 0.4 (32.9) (87.0) (2.9) 309.3 87.0 (140.1) 256.2 FY26 EBITDA Working capital Significant items Net interest Tax Net cash flows from operating activities Add back net interest Less CAPEX Unlevered free cash flow
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TARGET LEVERAGE FUNDING & LIQUIDITY REDUCTION IN REPORTED LEVERAGE TO 1.2x BALANCE SHEET AND LEVERAGE DEBT MATURITY PROFILE ($M) Tabcorp priced $300m of 5.5-year notes under a new Australian Medium-Term Note (AMTN) Programme. Investor interest was strong, reflective of the positive changes that have been made across the business The Group extended its existing A$980m syndicated term loan facility on improved pricing terms. Under the extension, the maturity date of Tranche B (A$550m) was extended from July 2027 to June 2029, and Tranche A (A$430m) from June 2029 to October 2031 Net debt of $533m as at 30 June 20261. Undrawn facilities and unrestricted cash of $1,161m, providing significant headroom Weighted average drawn debt maturity 4.9 years, up from 4.3 years through extended tenor of the AMTN and re-terming of the syndicated term loan facility Target leverage1 Reported leverage1 Weighted average drawn debt maturity 1.2x 4.9YRS 0 100 200 300 400 500 600 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 USPP (Drawn) SFA (Undrawn) AMTN (Drawn) To provide Tabcorp with the necessary flexibility and funding capacity to pursue growth opportunities, a target of <2.5x reported leverage1 through the cycle is considered to be appropriate and consistent with investment grade credit characteristics 1. Reported leverage is calculated as net debt / LTM EBITDA. Net debt is gross debt (Australian Dollar equivalent repayable at maturity), including lease liabilities, less cash. EBITDA and net debt are non-IFRS financial information and not subject to audit. <2.5x THROUGH THE CYCLE 23Tabcorp FY26 Results |
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WAGERING & MEDIA SECTION 3 24Tabcorp FY26 Results |
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FY25 impact of VIC JV costs previously shared 50% with VRI Incremental impact of reformed VIC Licence conditions had licence been in place for the same period in FY25 WAGERING & MEDIA EBITDA FY26 RESULTS 1. The Victorian Licence impact has been calculated by making adjustments for the changes in licence conditions under the reform ed Victorian Wagering and Betting Licence that applied from 16 August 2024. 2. Phase 1 retail commercial model contributed $22m of incremental EBITDA in FY26 Reorganisation and cost program benefits Other miscellaneous cost savings Partly offset by inflation and higher consulting and other costs (regulatory and risk management) Phase 1 retail commercial model changes partly offset by lower yields 1.5 MONTHS INCREMENTAL VIC EBITDA $12.2M ($M) 1 1 UP $32.7M / 9.9% 25Tabcorp FY26 Results | 2 329.1 21.7 (9.5) 15.6 4.9 361.8 FY25 EBITDA VIC Licence VC 1.5 months VIC JV opex Other VC Opex FY26 EBITDA
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WAGERING & MEDIA PERFORMANCE FY26 RESULTS $M FY26 FY25 CHANGE (%) Digital domestic wagering revenue 1,072.8 1,069.7 0.3% Cash domestic wagering revenue 981.2 965.7 1.6% Domestic wagering revenue 2,054.0 2,035.4 0.9% International wagering revenue 223.7 232.2 (3.7%) Total wagering revenue 2,277.7 2,267.6 0.4% Media revenue 377.8 370.6 1.9% Intra segment eliminations (200.8) (199.4) (0.7%) Wagering & Media revenue 2,454.7 2,438.8 0.7% Wagering & Media VC 953.2 915.9 4.1% Operating expenses (591.4) (586.8) (0.8%) EBITDA 361.8 329.1 9.9% D&A (170.6) (160.9) (6.0%) EBIT 191.2 168.2 13.7% Capex 123 98 25.5% VC / Revenue % 38.8% 37.6% 1.2% Opex / Revenue % 24.1% 24.1% - EBITDA / Revenue % 14.7% 13.5% 1.2% Total wagering revenue up 0.4% benefitting from changes to the Victorian Wagering and Betting Licence from 16 August 2024 Domestic wagering turnover up 0.9% with the decline in Racing offset by growth in Sport International wagering revenue down 3.7% due to softer trading in international markets, predominately in Hong Kong Media revenue up 1.9% driven by strong international export performance, partially offset by softer domestic digital revenue VC margin improvement from additional 1.5 months of the reformed Victorian Wagering and Betting Licence and Phase 1 retail commercial model changes 26Tabcorp FY26 Results |
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DIGITAL YIELD REVENUE AND KPIs FY26 DOMESTIC WAGERING DOMESTIC WAGERING REVENUE ($M) FY26 FY25 CHANGE (%) Digital Active users (‘000)1 786 792 (0.8%) Digital turnover2 8,446.3 8,381.9 0.8% Gross yield 16.6% 17.0% (0.4%) Net yield 12.6% 12.9% (0.3%) Net digital revenue pre VRI share2 1,063.6 1,081.2 (1.6%) Other3 9.2 (11.5) >100% Digital revenue 1,072.8 1,069.7 0.3% Cash Cash turnover2 5,415.1 5,361.0 1.0% Gross / Net yield 17.0% 17.1% (0.1%) Net cash revenue pre VRI share2 921.0 917.4 0.4% Other3 60.2 48.3 24.6% Cash revenue 981.2 965.7 1.6% Total domestic wagering turnover2 13,861.4 13,742.9 0.9% Total domestic wagering revenue pre VRI share2 1,984.6 1,998.6 (0.7%) Total domestic wagering revenue 2,054.0 2,035.4 0.9% DOMESTIC WAGERING TURNOVER2 ($M) 1H26 1H25 % 2H26 2H25 % FY26 FY25 % Racing 5,728 5,798 (1.2%) 5,057 5,105 (0.9%) 10,785 10,903 (1.1%) Sport 1,440 1,347 6.9% 1,636 1,492 9.7% 3,076 2,840 8.3% Total 7,168 7,145 0.3% 6,693 6,597 1.5% 13,861 13,743 0.9% 1. Rolling 12-month basis. 2. For comparative purposes, includes Victorian Racing Industry (VRI) interest until 15 August 2024 when the Joint Venture (JV) ended. The reformed Victorian Wagering and Betting Licence commenced on 16 August 2024. 3. Includes non-betting revenues and eliminates VRI interest until 15 August 2024 when the JV ended. Includes EBT rental fee income of $20.7m in FY26. 12.1% 13.3% 12.8% 13.0% 12.3% 12.9% 4.4% 3.9% 4.2% 3.9% 4.0% 3.9% 16.5% 17.2% 17.0% 16.9% 16.3% 16.8% 1H24 2H24 1H25 2H25 1H26 2H26 Net yield Generosity 27Tabcorp FY26 Results |
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INTEGRITY SERVICES SECTION 4 28Tabcorp FY26 Results |
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62.4 6.4 1.1 69.9 FY25 EBITDA VC Opex FY26 EBITDA INTEGRITY SERVICES EBITDA FY26 RESULTS ($M) CPI indexed fee increases and monitored EGM increases Increased project work Cost out benefits partially offset by inflation UP $7.5M / 12.0% 29Tabcorp FY26 Results |
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FY26 MONITORED EGMs BY STATE NT 1% TAS 2% NSW 74% QLD 23% INTEGRITY SERVICES PERFORMANCE FY26 RESULTS $M FY26 FY25 CHANGE (%) Revenue 181.6 175.8 3.3% Variable contribution 179.2 172.8 3.7% Opex (109.3) (110.4) 1.0% EBITDA 69.9 62.4 12.0% D&A (42.4) (41.9) (1.2%) EBIT 27.5 20.5 34.1% Capex 17 17 - VC / Revenue % 98.7% 98.3% 0.4% Opex / Revenue % 60.2% 62.8% 2.6% EBITDA / Revenue % 38.5% 35.5% 3.0% MONITORED EGMs JUN 26 JUN 25 CHANGE (%) NSW 94,390 93,510 0.9% QLD 29,380 29,620 (0.8%) TAS 2,270 2,260 0.4% NT 1,560 1,580 (1.3%) Total 127,600 126,970 0.5% 30Tabcorp FY26 Results |
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SUMMARY & OUTLOOK SECTION 5 31Tabcorp FY26 Results |
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OUTLOOK Tabcorp expects domestic wagering turnover growth in FY27 to be broadly consistent with FY26, excluding the FWC Tabcorp continues to invest in the retail channel, including the rollout of Next-Gen terminals. FY27 EBITDA is expected to benefit from this investment and the Phase 2 changes to the commercial model Ongoing cost control is expected to limit opex growth to be in line with general inflation (3.0-3.5%), including continued investment in strategic growth initiatives and regulatory and risk uplift programs OTHER ITEMS FY27 Capex is expected to be up to $160m D&A is expected to be in the range of $225-235m Tax expense will continue to be impacted by non-deductible items of approximately $67m in FY27 in relation to Victorian Licence amortisation and discount unwind on annual licence payments The acquisition of BetMakers is subject to conditions1. Completion is targeted during the 3Q of FY27 AND OUTLOOK SUMMARY SUMMARY Tabcorp continues to deliver against its strategic plan with strong progress on key initiatives in FY26 The growth in underlying earnings in FY26 reflects a modestly improving turnover environment, strong execution, cost and capital discipline, and Phase 1 of the new retail model 32Tabcorp FY26 Results | 1. See conditions set out in the Tabcorp ASX announcement dated 10 August 2026.
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SECTION 6 APPENDIX
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PRE-TAX TAX2 POST-TAX VICTORIAN LICENCE TAB Value Add Contribution1: Incremental race field fee protection ($8.8m) Remeasurement of future funding support liability ($5.9m) (14.7) 2.6 (12.1) TRANSFORMATION COSTS Costs to implement long term strategic transformation programs, including one-off redundancies (10.9) 3.3 (7.6) TRANSACTION COSTS Costs related to entering a binding Scheme Implementation Deed with BetMakers (5.1) - (5.1) TOTAL SIGNIFICANT ITEMS (30.7) 5.9 (24.8) ITEMS SIGNIFICANT 1. As part of the Victorian Licence transitional arrangements, Tabcorp entered into the TAB Value Add Contribution (TVAC) with t he Victorian Racing Industry to provide funding support of $15.0m p.a. for 3 years. Tabcorp obtained commercial protection again st any Victorian race field fee increases until FY27. Following the October 2024 Victorian race field fee increase, the annual funding support amou nt is now calculated as the difference between $15.0m and the incremental race field fee protection for the year (FY26: $8.8m). The liability for the remaining top-up payments is carried on balance sheet and is remeasured based on forward -looking estimates of incremental Victor ian race field fees. In FY26, a $5.9m significant item expense was incurred. This reflects a reduction in the estimate of fut ure incremental Victorian race field fees in comparison to the previous expectation. 2. Funding support liability (Victorian Licence) and transaction costs are non-deductible for tax purposes. 34Tabcorp FY26 Results |
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RESULTS RECONCILIATION FY26 GROUP Note: Reconciliation of statutory profit after tax to profit after tax before significant items. Results before significant items are non-IFRS financial information, exclude significant items, and are not subject to audit. CONSOLIDATED ($M) STATUTORY VICTORIAN LICENCE TRANSFORMATION COSTS TRANSACTION COSTS OTHER BEFORE SIGNIFICANT ITEMS Revenue 2,636.3 - - - - 2,636.3 Taxes, levies, commissions and fees (1,516.2) 14.7 - - (2.4) (1,503.9) Net operating expenses (719.1) - 10.9 5.1 2.4 (700.7) EBITDA 401.0 14.7 10.9 5.1 - 431.7 Depreciation and amortisation (213.0) - - - - (213.0) EBIT 188.0 14.7 10.9 5.1 - 218.7 Equity accounted loss (3.0) - - - - (3.0) Net finance costs (86.2) - - - - (86.2) Profit before tax 98.8 14.7 10.9 5.1 - 129.5 Income tax (52.5) (2.6) (3.3) - - (58.4) Net profit after tax 46.3 12.1 7.6 5.1 - 71.1 35Tabcorp FY26 Results |
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RESULTS GROUP AND BUSINESS Note: All amounts are before significant items, non -IFRS and are not subject to audit. WAGERING & MEDIA INTEGRITY SERVICES GROUP $M FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) Revenue 2,454.7 2,438.8 0.7% 181.6 175.8 3.3% 2,636.3 2,614.6 0.8% Variable contribution 953.2 915.9 4.1% 179.2 172.8 3.7% 1,132.4 1,088.7 4.0% Operating expenses (591.4) (586.8) (0.8%) (109.3) (110.4) 1.0% (700.7) (697.2) (0.5%) EBITDA 361.8 329.1 9.9% 69.9 62.4 12.0% 431.7 391.5 10.3% D&A (170.6) (160.9) (6.0%) (42.4) (41.9) (1.2%) (213.0) (202.8) (5.0%) EBIT 191.2 168.2 13.7% 27.5 20.5 34.1% 218.7 188.7 15.9% VC / Revenue % 38.8% 37.6% 1.2% 98.7% 98.3% 0.4% 43.0% 41.6% 1.4% Opex / Revenue % 24.1% 24.1% - 60.2% 62.8% 2.6% 26.6% 26.7% 0.1% EBITDA / Revenue % 14.7% 13.5% 1.2% 38.5% 35.5% 3.0% 16.4% 15.0% 1.4% EBIT / Revenue % 7.8% 6.9% 0.9% 15.1% 11.7% 3.4% 8.3% 7.2% 1.1% Capex 123 98 25.5% 17 17 - 140 115 21.7% 36Tabcorp FY26 Results |
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DIGITALDISTRIBUTION$112M ADVERTISING$44M INTERNATIONAL$139M VENUE SUBSCRIPTIONS $83M VENUE SUBSCRIPTIONS $83M (22%) Purchase of SKY racing vision and other sports vision across licenced venues and TAB Agencies DIGITAL DISTRIBUTION $112M (29%) Revenue (% of turnover) generated from supplying SKY vision to bookmakers, including TAB INTERNATIONAL $139M (37%) Export revenue (% of turnover) to overseas countries, including through SKY Racing World DIVERSIFIED MARKET LEADER MEDIA: THE VALUE OF VISION 1. TAB revenue represents charges between SKY and other Tabcorp entities. These are eliminated at consolidation. 2. External venue subscriptions reflect the net position of SKY revenue received and Wagering rebates provided to venues. FY26 Media Revenue Sources ($m) TAB1 $37M EXTERNAL $75M TAB1 $69M EXTERNAL2 $14M TAB1 $38M EXTERNAL $101M TAB1 $42M EXTERNAL $2M ADVERTISING REVENUE $44M (12%) TV and radio ad sales. TAB is currently the exclusive bookmaker integrated into SKY 37Tabcorp FY26 Results |
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1H/2H Six months ended 31 December/30 June of the relevant financial year A&P Advertising and Promotion AAS Australian Accounting Standards ACMA Australian Communications & Media Authority ACT Australian Capital Territory ASIC Australian Securities and Investments Commission AMTN Australian Medium Term Note ASX Australian Securities Exchange ATO Australian Tax Office CAPEX Capital expenditure COMPANY OR TABCORP Tabcorp Holdings Limited (ABN 66 063 780 709) CPI Consumer Price Index CPS Cents per share CY Calendar Year D&A Depreciation, Amortisation and impairment DPS Dividends Per Share EBIT Earnings before interest, tax and equity accounted result (before significant items) EBITDA Earnings before interest, tax, depreciation, amortisation, equity accounted result and impairment (before significant items) EBT Electronic Betting Terminal EGM Electronic Gaming Machine EPS Earnings Per Share FINANCIAL YEAR / FY The Group’s financial year is 1 July to 30 June FTA Free to Air FWC FIFA World Cup (men's soccer tournament) GAAP Generally accepted accounting principles GROUP The Tabcorp group of companies INTEGRITY SERVICES The Group’s business that provides EGM monitoring services under licence, other regulated and approved services, and other services to licensed gaming venues (formerly "Gaming Services") IFRS International Financial Reporting Standards IP Intellectual property JV Joint Venture KPI Key Performance Indicator LTM Last twelve months GLOSSARY MAX The Group’s Integrity Services brand NM Not meaningful NPAT Net profit after tax NPATA NPAT before significant items excluding licence and customer contract amortisation NSW New South Wales NT Northern Territory OPEX Operating expenses net of other income P&L Profit and Loss PCP Prior corresponding period POCT Point of Consumption Tax PRA Principal Racing Authority QLD Queensland ROIC Return on invested capital SA South Australia SFA Syndicated facility agreement SKY RACING, SKY1 & SKY2 Part of the Group’s Media business, Broadcasting racing and sport throughout Australia and internationally SRC Spring Racing Carnival STI Short Term Incentives TAB The Group’s wagering brand TAH The ASX ticker code used to identify Tabcorp TAS Tasmania TVAC TAB Value Add Contribution TURNOVER Turnover is gross amount wagered by customers. It is a non -IFRS measure USPP US Private Placement VC Variable Contribution VIC Victoria Victorian Licence Victorian Wagering and Betting Licence VRC Victorian Racing Club VRI Victorian Racing Industry WAGERING AND MEDIA (W&M) The Group’s business that operates fixed odds and pari -mutuel betting products and services on racing, sport and novelty products, and racing and sports broadcasting WANOS Weighted average number of ordinary shares WSP Wagering Service Provider 38Tabcorp FY26 Results |
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DISCLAIMER This Presentation contains summary information about the current activities of Tabcorp Holdings Limited (Tabcorp) and its subsidiaries (Tabcorp Group). It should be read in conjunction with the Tabcorp Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. The information in this Presentation is current only as at 25 August 2026 and is subject to change without notice. To the maximum extent permitted by law, no member of the Tabcorp Group, nor its representatives (including directors, officers, employees, agents or advisors), give any warranties in relation to the statements or information contained in this Presentation. The information contained in this Presentation is of a general nature and has been prepared by Tabcorp but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information. Third-party information has not been independently verified by Tabcorp. This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. This Presentation is not a recommendation to acquire Tabcorp shares. The information provided in this Presentation is not financial product advice and has been prepared without taking into account any recipient's investment objectives, financial circumstances or particular needs, and should not be considered to be comprehensive or to comprise all the information which recipients may require in order to make an investment decision regarding Tabcorp shares. All dollar values are in Australian dollars (A$) unless otherwise stated. Neither Tabcorp nor any other person warrants or guarantees the future performance of Tabcorp shares or any return on any investment made in Tabcorp shares. This Presentation may contain certain 'forward-looking statements'. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate’, 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forecasts or other forward looking statements contained in this Presentation are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Tabcorp, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward looking statements. Except as required by law or regulation (including the ASX Listing Rules), Tabcorp undertakes no obligation to update these forward-looking statements. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. To the maximum extent permitted by law, no member or representative (including directors, officers, employees, agents or advisors) of the Tabcorp Group accepts any liability for any loss, claim, damage, cost or expense arising from the use of, or reliance on, this Presentation or its contents. Investors should be aware that certain financial measures included in this Presentation are ‘non-IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and ‘non-GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Exchange Act of 1933, as amended, and are not recognised under AAS and IFRS. Non-IFRS financial information in this Presentation includes, without limitation, opex, EBITDA, EBIT, NPAT before significant items, adjusted EPS, net debt and underlying measures which have not been subject to audit. Such non-IFRS financial information does not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Investors are cautioned not to place undue reliance on any non-IFRS financial information included in this Presentation. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United Stat es or in any other jurisdiction in which such an offer would be illegal. 39Tabcorp FY26 Results |