Tabcorp Holdings Limited · ASX:TAH
Tabcorp — FY2026 Earnings Presentation
39 slides from Tabcorp's earnings presentation, Aug 25, 2026
Slide 1: FY26 Results
FY26 RESULTS YEAR ENDED 30 JUNE 2026 ABN 66 063 780 709
Slide 2: FY26 Highlights
FY26 HIGHLIGHTS FY26 RESULT FOCUS ON EXECUTION Group Group Group Group NPAT Strong execution of our strategy – connecting Digital, Retail and Media assets to deliver differentiated wagering products and promotions. E.g. FIFA World Cup with Revenue EBITDA EBIT (before significant digital active custo
Slide 3: FY26 Result Summary
FY26 RESULT SUMMARY $M FY26 FY25 CHANGE (%) EBITDA $432M +10% Revenue 2,636.3 2,614.6 0.8% Variable Contribution 1,132.4 1,088.7 4.0% Adjusted EPS2 5.2 CPS +33% Opex (700.7) (697.2) (0.5%) 3.0 CPS FY26 EBITDA 431.7 391.5 10.3% unfranked +50% dividend3 EBIT 218.7 188.7 15.9% 1.2x <2.5x NPAT before si
Slide 4: What's Next for Tabcorp
WHAT’S NEXT FOR TABCORP… AUG ‘24 – MAR ‘25 – 2026 – JUN ‘25 DEC ‘25 2028 DELIVER STRATEGIC DIFFERENTIATION OPERATIONALISE STRATEGY GETTING High-performance culture OURSELVES FIT Growth from our unique set of assets and Continued cost and capital efficiency differentiated customer offer Zero-based co
Slide 5: Our Game Plan: How We Will Win
OUR GAME PLAN Vision Purpose Our Values HOW WE WILL WIN Taking entertainment to the world To live a more exciting life Trust. Team. Fun. Win. OUR CORE ASSETS DIGITAL RETAIL TOTE MEDIA MAX OUR EXECUTION PLAN PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5 Clarity, commitment Growth for industry Unrivall
Slide 6: Clarity, Commitment and Capability
PILLAR 1 CLARITY, COMMITMENT AND CAPABILITY CAPABILITY CULTURE Appointment of Chief Financial Crime Officer Paul Jevtovic and Chief Risk Officer Joel Williams to the Executive Team TABW program launched to develop emerging and continued investment in specialist financial crime female leaders in the
Slide 7: Growth for Industry and Ourselves: National Tote
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE KEY BENEFITS: BIGGER POOLS GLOBAL LIQUIDITY JACKPOT-STYLE PRODUCTS THE TOTE OF THE FUTURE WILL SIMPLER ODDS DISPLAY DELIVER BETTER LIQUIDITY, BROADER UNIQUE BET TYPES PROPOSITIONS & BIGGER MOMENTS REINVIGORATED & INNOVATIVE Tabcorp FY26 Result
Slide 8: National Tote Launch
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE LAUNCH LAUNCH OF NATIONAL TOTE TARGETED FOR SRC26 KEY LAUNCH ACTIVITIES Marketing campaign: September 2026 Launch date: Spring Racing Carnival 2026 Daily tote digital promotional offers TAB exotics exclusives, e.g. Megapot Additional retail in
Slide 9: National Tote Execution
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE EXECUTION REINVIGORATION FOCUS AREAS: FIRST 12 MONTHS OF THE TOTE Single pool and dividend – domestic and international Digital & Retail UX uplift and generosity strategy Product development – including Megapot and other pool jackpot mechanics
Slide 10: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES TAB LIVE NEXT-GEN TERMINALS ROLLOUT UPDATE ROLLOUT PLAN FWC 2026 IN-VENUE PROMOTIONS Investment in technology to deliver a modern, compliant Clearance now received from ACMA, NSW, VIC and QLD retail environment Rollout of hardware progressing, operating in
Slide 11: Structurally Profitable Retail: Retail Commercial Model
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL RETAIL COMMERCIAL MODEL 97% OF THE NETWORK BY TURNOVER IS OPERATIONAL1 GREATER RETAIL STRATEGIC ALIGNMENT NETWORK INVESTMENT Increased alignment with venue partners to attract customers and grow turnover for the New retail commercial model delivered Venue excl
Slide 12: New Retail Commercial Model
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL NEW RETAIL COMMERCIAL MODEL 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
Slide 13: Investment in Next-Gen Betting Terminals
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL INVESTMENT IN NEXT-GEN BETTING TERMINALS INVESTMENT & TARGET RETURNS CAPEX FY26-FY28 COMPLIANCE BENEFITS | Enabled through technology TARGET RETURN (ROIC) COMMERCIAL BENEFITS | Improved customer experience ~$130-140M >25%1 TAB LIVE (IN-PLAY) | Functionality on
Slide 14: Media: Strong Foundations for Growth
PILLAR 5 MEDIA STRONG FOUNDATIONS FOR GROWTH KEY DOMESTIC KEY INTERNATIONAL DISTRIBUTION PRODUCT & RIGHTS SECURED RIGHTS SECURED GROWTH PRESENTATION Victorian and South Australian New Zealand Thoroughbreds and Expansion of Domestic and TAB Time and TAB Takeover Thoroughbred Racing Harness Racing Int
Slide 15: BetMakers Transaction Overview
BETMAKERS TRANSACTION OVERVIEW 01 ACCELERATES OUR TECHNOLOGY MODERNISATION Transition to a modern, cloud-native wagering technology stack 02 ESTABLISHES A GLOBAL B2B GROWTH ENGINE Complementary assets create a compelling B2B wagering and media services offering 03 GREATER SPEED AND EFFICIENCY Faster
Slide 16: Financial Results
SECTION 2 FINANCIAL RESULTS Tabcorp FY26 Results | 16
Slide 17: FY26 Results: Group Performance
FY26 RESULTS GROUP PERFORMANCE CHANGE $M FY26 FY25 NPATA3 before significant items (%) Revenue 2,636.3 2,614.6 0.8% CHANGE $M FY26 FY25 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% NPAT before significant i
Slide 18: FY26 Results: Segment Overview
FY26 RESULTS SEGMENT OVERVIEW $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.
Slide 19: FY26 Results: Group EBITDA
FY26 RESULTS GROUP EBITDA UP $40.2M / 10.3% ($M) 37.3 6.4 6.0 431.7 391.5 (9.5) Phase 1 retail CPI indexed Refer next slide FY25 impact of VIC commercial model monitoring fee and JV costs previously benefits monitored EGM shared with VRI increases Incremental impact of reformed VIC Licence1 Increase
Slide 20: Cost Control to Deliver Operating Leverage
COST CONTROL TO DELIVER OPERATING LEVERAGE DOWN $6.0M / (0.8%) ($M) 9.5 706.7 21.3 700.7 697.2 (18.0) (9.3) FY25 impact of VIC Reorganisation and Other JV costs previously cost program miscellaneous shared 50% with VRI benefits cost savings FY25 1.5 months FY25 Inflation Cost Other FY26 Opex VIC JV
Slide 21: Capital Expenditure: Focus on Returns
CAPITAL EXPENDITURE FOCUS ON RETURNS CAPITAL ALLOCATION ($M) CONTINUED FOCUS ON DISCIPLINED INVESTMENT AND RETURNS +21.7% FY26 CAPEX1 FY27 CAPEX3 140 $140M UP TO $160M 12 115 8 FY26 Growth & Transformation FY27 D&A $225M-$235M investment1 100 71% 71 (FY25: 62%) FY26 ROIC2 36 12.0% 28 FY26 FY25 (FY25
Slide 22: Cash Flow
CASH FLOW TIGHT WORKING CAPITAL MANAGEMENT DRIVING CASH FLOW GENERATION Operating cash Significant items cash flow includes ($M) conversion 93%1 costs related to transformation, race fields, TVAC and transaction costs (not Underlying cash adjusted in underlying cash conversion conversion 98%2 calcul
Slide 23: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE REDUCTION IN REPORTED LEVERAGE TO 1.2x DEBT MATURITY PROFILE ($M) FUNDING & LIQUIDITY USPP (Drawn) 600 SFA (Undrawn) Tabcorp priced $300m of 5.5-year notes under a new Australian Medium-Term Note 500 AMTN (Drawn) (AMTN) Programme. Investor interest was strong, reflective o
Slide 24: Wagering & Media
SECTION 3 WAGERING & MEDIA Tabcorp FY26 Results | 24
Slide 25: Wagering & Media EBITDA
FY26 RESULTS WAGERING & MEDIA EBITDA UP $32.7M / 9.9% ($M) 1.5 MONTHS INCREMENTAL VIC EBITDA $12.2M 21.7 15.6 4.9 361.8 329.1 (9.5) Reorganisation and cost program benefits Other miscellaneous cost savings Incremental impact FY25 impact of VIC Phase 1 retail Partly offset by of reformed VIC JV costs
Slide 26: Wagering & Media Performance
FY26 RESULTS WAGERING & MEDIA PERFORMANCE $M FY26 FY25 CHANGE (%) Digital domestic wagering revenue 1,072.8 1,069.7 0.3% Cash domestic wagering revenue 981.2 965.7 1.6% Media revenue up 1.9% Total wagering revenue Domestic wagering revenue 2,054.0 2,035.4 0.9% driven by strong international up 0.4%
Slide 27: Domestic Wagering Revenue and KPIs
FY26 DOMESTIC WAGERING REVENUE AND KPIs DOMESTIC WAGERING REVENUE ($M) FY26 FY25 CHANGE (%) DOMESTIC WAGERING TURNOVER2 ($M) Digital 1H26 1H25 % 2H26 2H25 % FY26 FY25 % Active users (‘000)1 786 792 (0.8%) Racing 5,728 5,798 (1.2%) 5,057 5,105 (0.9%) 10,785 10,903 (1.1%) Digital turnover2 8,446.3 8,3
Slide 28: Integrity Services
SECTION 4 INTEGRITY SERVICES Tabcorp FY26 Results | 28
Slide 29: Integrity Services EBITDA
FY26 RESULTS INTEGRITY SERVICES EBITDA ($M) UP $7.5M / 12.0% 6.4 1.1 69.9 62.4 CPI indexed fee Cost out benefits increases and partially offset by monitored EGM inflation increases Increased project work FY25 VC Opex FY26 EBITDA EBITDA Tabcorp FY26 Results | 29
Slide 30: Integrity Services Performance
FY26 RESULTS INTEGRITY SERVICES PERFORMANCE $M FY26 FY25 CHANGE (%) Revenue 181.6 175.8 3.3% FY26 Variable contribution 179.2 172.8 3.7% MONITORED EGMs Opex (109.3) (110.4) 1.0% BY STATE 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 - TAS NT VC / Revenue % 98.7% 98
Slide 31: Summary & Outlook
SECTION 5 SUMMARY & OUTLOOK Tabcorp FY26 Results | 31
Slide 32: Summary and Outlook
SUMMARY AND OUTLOOK 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 reta
Slide 33: Appendix
SECTION 6 APPENDIX
Slide 34: Significant Items
SIGNIFICANT ITEMS PRE-TAX TAX2 POST-TAX TAB Value Add Contribution1: VICTORIAN LICENCE Incremental race field fee protection ($8.8m) (14.7) 2.6 (12.1) Remeasurement of future funding support liability ($5.9m) TRANSFORMATION Costs to implement long term strategic transformation programs, including on
Slide 35: FY26 Group Results Reconciliation
FY26 GROUP RESULTS RECONCILIATION VICTORIAN TRANSFORMATION TRANSACTION BEFORE CONSOLIDATED ($M) STATUTORY OTHER LICENCE COSTS COSTS 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 (
Slide 36: Group and Business Results
GROUP AND BUSINESS RESULTS WAGERING & MEDIA INTEGRITY SERVICES GROUP $M FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) Revenue 2,454.7 2,438.8 0.7% 181.6 175.8 3.3% 2,636.3 2,614.6 0.8% Variable contribution 953.2 915.9 4.1% 179.2 172.8 3.7% 1,132.4 1,088.7 4.0% Operating expenses (5
Slide 37: Media: The Value of Vision
MEDIA: THE VALUE OF VISION DIVERSIFIED MARKET LEADER FY26 Media Revenue Sources ($m) INTERNATIONAL DIGITAL $139M (37%) DISTRIBUTION $112M (29%) DIG ITA Export revenue (% of turnover) to LD overseas countries, including M I Revenue (% of turnover) generated 9 ST 13 through SKY Racing World from suppl
Slide 38: Glossary
GLOSSARY 1H/2H Six months ended 31 December/30 June of the relevant financial year MAX The Group’s Integrity Services brand A&P Advertising and Promotion NM Not meaningful AAS Australian Accounting Standards NPAT Net profit after tax ACMA Australian Communications & Media Authority NPATA NPAT before
Slide 39: Disclaimer
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 Australi