Tabcorp Holdings Limited · ASX:TAH
Tabcorp — 1H26 Earnings Presentation
39 slides from Tabcorp's earnings presentation, Feb 25, 2026
Slide 1: ASX Announcement: Tabcorp half year results presentation
ASX ANNOUNCEMENT 25 February 2026 ASX Market Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 Tabcorp half year results presentation Attached is the presentation regarding Tabcorp Holdings Limited’s (Tabcorp’s) results for the half year ended 31 December 2025. This prese
Slide 2: 1H26 Results for the six months ended 31 December 2025
1H26 RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 ABN 66 063 780 709
Slide 3: 1H26 Highlights
1H26 HIGHLIGHTS 1H26 RESULT FOCUS ON EXECUTION Continued to unlock additional value in unique asset base. Group Group Group Group NPAT Greater connection between Digital, Retail and Media assets delivering Revenue EBITDA EBIT (before significant differentiated wagering product and promotions, includ
Slide 4: 1H26 Result Summary
1H26 RESULT SUMMARY $M 1H26 1H25 CHANGE (%) EBITDA $217M +14% Revenue 1,344.9 1,331.3 1.0% Variable Contribution 567.6 544.4 4.3% Adjusted EPS2 2.7 CPS +42% Opex (350.2) (354.2) 1.1% 1.5 CPS 1H26 EBITDA 217.4 190.2 14.3% unfranked +50% dividend3 EBIT 110.2 92.7 18.9% 1.5x <2.5x NPAT before significa
Slide 5: 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 High-performance culture GETTING Growth from our unique set of assets and OURSELVES FIT differentiated customer offer Continued cost and capital efficiency Financial dis
Slide 6: 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 7: Pillar: Clarity, Commitment and Capability
PILLAR 1 CLARITY, COMMITMENT AND CAPABILITY CAPABILITY CULTURE Continued to uplift wagering, media and commercial Focus on building a high-performance culture capability at senior management levels Launched TABW program to develop emerging female leaders in the business Launched new company values a
Slide 8: Pillar: Growth for Industry and Ourselves
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES TOTE MODERNISATION INTEGRITY SERVICES Committed to delivering a National Tote. Creating a sustainable NSW Racing Industry Leading provider of integrity services and Targeting end of FY26 funding model remains an important strategic technology to government
Slide 9: Pillar: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES STRONG EXECUTION THROUGH SPRING CARNIVAL & FOOTY FINALS IN-VENUE ON-COURSE SPORT Launched in July 2025. Offers typically Boosted price offer advertised on- Innovative jackpot offer during NRL TAB TIME NRL FINALS sell out within 20 minutes. TAB course, inte
Slide 10: Pillar: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES THE TAB BRAND LIV GOLF SUPERBOWL IS BECOMING MORE YOUTHFUL SPORTS ORIENTED EXPERIENTIAL DIGITAL TURNOVER AMONG 18-24 YEAR OLDS UP +14% IN 1H26 Tabcorp 1H26 Results | 9
Slide 11: Elevating the Customer Proposition in Retail
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES ELEVATING THE CUSTOMER DIGITAL-IN-VENUE (DIV) TAB LIVE PROPOSITION IN RETAIL TURNOVER UPDATE Integrated execution across all channels: +12% Digitally integrated in-play betting in retail Digital, Retail, Media (1H26 – TOTAL) NSW technical trial completed P
Slide 12: Structurally Profitable Retail: New Retail Model
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL NEW RETAIL MODEL COMMERCIAL STRATEGIC EVOLUTION OF INVESTMENT IN MODEL ROLLOUT VENUE PARTNERSHIP CUSTOMER EXPERIENCE NEXT-GEN RETAIL PERSONALISED NEW PRODUCTS PHASE 1 Invest in the retail channel to attract customers and grow INVEST turnover for the benefit of
Slide 13: Media: Modernising Vision and Driving Engagement
PILLAR 5 MEDIA MODERNISING VISION & DRIVING ENGAGEMENT UPGRADED LIVE RACEDAY NEW INNOVATIONS REFRESHED EDITORIAL MAGAZINE AMPLIFICATION Upgraded presentation and graphics Live Streaming – 'Gogglebox' style The Bet Slip – hosted by Gerard broadcast where hosts watch the Middleton with fresh talent Gr
Slide 14: Media: Consolidating and Broadening Media Rights
PILLAR 5 MEDIA CONSOLIDATING & BROADENING MEDIA RIGHTS RECENT RIGHTS RENEWALS CONTENT AND DISTRIBUTION World-class racing Extensive domestic and Rights Domestic International Digital content portfolio international rights underpinned by: VIC Thoroughbreds Talent SA Thoroughbreds Content creation cap
Slide 15: Financial Results
SECTION 2 FINANCIAL RESULTS Tabcorp 1H26 Results | 14
Slide 16: 1H26 Group Results
1H26 GROUP RESULTS Earnings growth driven by cost control, reformed Victorian Wagering and Betting Licence and phase one retail model changes $M 1H26 1H25 CHANGE (%) Revenue 1,344.9 1,331.3 1.0% Variable contribution 567.6 544.4 4.3% Operating expenses (350.2) (354.2) 1.1% EBITDA before significant
Slide 17: Group and Business Segment Results
GROUP AND BUSINESS SEGMENT RESULTS Historically low yields at football finals and Spring Racing Carnival, partly offset by strong yields in late November and December $M 1H26 1H25 CHANGE (%) Revenue Wagering & Media 1,253.2 1,243.2 0.8% Integrity Services 91.7 88.1 4.1% Group revenue 1,344.9 1,331.3
Slide 18: Group EBITDA
GROUP EBITDA UP $27.2M / 14.3% ($M) 13.5 217.4 19.3 3.9 190.2 (9.5) Incremental impact of CPI indexed Refer next slide Impact of VIC JV reformed VIC monitoring fee and costs previously Licence1 monitored EGM shared with VRI increases Phase one retail commercial model Increased benefits project work
Slide 19: Cost Control to Deliver Operating Leverage
COST CONTROL TO DELIVER OPERATING LEVERAGE DOWN $13.5M / (3.7%) ($M) 10.9 9.5 363.7 354.2 350.2 (13.9) 1H25 impact of VIC (10.5) JV costs previously shared 50% with VRI Timing of advertising and promotion spend Other miscellaneous cost savings 1H25 1.5 months 1H25 Inflation Cost Other 1H26 Opex VIC
Slide 20: Capital Expenditure: Focus on Returns
CAPITAL EXPENDITURE FOCUS ON RETURNS FY26 capex forecast unchanged, 2H26 to include investment in Next-Gen retail terminals under new retail commercial model CONTINUED FOCUS ON DISCIPLINED CAPITAL ALLOCATION ($M) INVESTMENT AND RETURNS 11% REDUCTION 1H26 CAPEX $51M 57 51 4 Growth & Transformation in
Slide 21: Cash Flow
CASH FLOW TIMING OF OUTFLOWS IMPACTING 1H CASH FLOW GENERATION ($M) Operating cash Significant items cash flow conversion 70%1 includes costs related to transformation, race fields and 217.4 Underlying cash TVAC (not adjusted in underlying conversion 86%2 cash conversion calculation) (45.5) 54.6 (19
Slide 22: Australian Medium Term Notes
AUSTRALIAN MEDIUM TERM NOTES INCREASING LIQUIDITY AND DIVERSIFYING FUNDING SOURCES KEY TERMS HIGHLIGHTS SETTLEMENT COMPLETED Successfully priced $300m of 5.5 year notes under a new wholesale Australian Medium Term Note Programme 01 ON 28 NOVEMBER 2025 Strong interest from investors, reflecting recog
Slide 23: Balance Sheet: Strong Financial Position, Leverage at 1.5x
BALANCE SHEET STRONG FINANCIAL POSITION – LEVERAGE AT 1.5x DEBT MATURITY PROFILE ($M) 600 FUNDING & TARGET LIQUIDITY USPP (Drawn) 500 SFA (Undrawn) LEVERAGE 400 AMTN (Drawn) 300 Tabcorp continues to maintain To provide Tabcorp with the access to diversified funding necessary flexibility and funding
Slide 24: Wagering & Media
SECTION 3 WAGERING & MEDIA Tabcorp 1H26 Results | 23
Slide 25: Wagering & Media EBITDA
WAGERING & MEDIA EBITDA UP $24.7M / 15.8% ($M) 1.5 MONTHS INCREMENTAL VIC EBITDA $12.2M 21.7 14.9 181.4 156.7 (9.5) (2.4) Reorganisation & cost program benefits Incremental impact 1H25 impact of Phase one retail of reformed VIC VIC JV costs commercial model Timing of Licence conditions previously sh
Slide 26: 1H26 Results Wagering & Media
1H26 RESULTS WAGERING & MEDIA $M 1H26 1H25 CHANGE (%) Digital domestic wagering revenue 536.9 539.6 (0.5%) Cash domestic wagering revenue 511.1 497.1 2.8% Domestic wagering revenue Media revenue up 0.2% Domestic wagering revenue 1,048.0 1,036.7 1.1% up 1.1% benefitting from driven by international c
Slide 27: 1H26 Domestic Wagering Revenue and KPIs
1H26 DOMESTIC WAGERING REVENUE AND KPIs Yields below long-term averages driven by results through AFL/NRL Finals and Spring Racing Carnival, partially offset during December DOMESTIC WAGERING REVENUE ($M) 1H26 1H25 CHANGE (%) DOMESTIC WAGERING TURNOVER2 ($M) Digital 1H26 1H25 CHANGE (%) Active users
Slide 28: Integrity Services
SECTION 4 INTEGRITY SERVICES Tabcorp 1H26 Results | 27
Slide 29: Integrity Services EBITDA
INTEGRITY SERVICES EBITDA Project work and inflation-indexed fee increases offsetting cost inflation ($M) UP $2.5M / 7.5% 3.9 36.0 33.5 (1.4) CPI indexed fee Inflation partially increases & monitored offset by cost out EGM increases benefits Increased project work 1H25 VC Opex 1H26 EBITDA EBITDA Tab
Slide 30: 1H26 Results Integrity Services
1H26 RESULTS INTEGRITY SERVICES $M 1H26 1H25 CHANGE (%) MONITORED EGMs DEC 25 DEC 24 CHANGE (%) Revenue 91.7 88.1 4.1% NSW 94,050 93,000 1.1% Variable contribution 90.2 86.3 4.5% QLD 29,450 29,470 (0.1%) Operating expenses (54.2) (52.8) (2.7%) TAS 2,270 2,210 2.7% EBITDA 36.0 33.5 7.5% NT 1,570 1,57
Slide 31: Summary & Outlook
SECTION 5 SUMMARY & OUTLOOK Tabcorp 1H26 Results | 30
Slide 32: Summary and Outlook
SUMMARY AND OUTLOOK Tabcorp continues to deliver against its strategic plan with strong progress SUMMARY on key initiatives in 1H26 The growth in underlying earnings in 1H26 reflects a modestly improving turnover environment, strong execution and cost and capital discipline Tabcorp expects the wager
Slide 33: Appendices
SECTION 6 APPENDICES Tabcorp 1H26 Results | 32
Slide 34: Significant Items
SIGNIFICANT ITEMS PRE-TAX TAX POST-TAX TAB Value Add Contribution1: VICTORIAN LICENCE Incremental race field fee protection ($2.7m) (8.4) 0.82 (7.6) Remeasurement of future funding support liability ($5.7m) TRANSFORMATION Costs to implement long term strategic technology transformation program, COST
Slide 35: 1H26 Group Results Reconciliation
1H26 GROUP RESULTS RECONCILIATION VICTORIAN TRANSFORMATION BEFORE CONSOLIDATED ($M) STATUTORY OTHER LICENCE COSTS SIGNIFICANT ITEMS Revenue 1,344.9 - - - 1,344.9 Taxes, levies, commissions and fees (784.2) 8.4 - (1.5) (777.3) Net operating expenses (360.8) - 9.1 1.5 (350.2) EBITDA 199.9 8.4 9.1 - 21
Slide 36: Group and Business Results
GROUP AND BUSINESS RESULTS WAGERING & MEDIA INTEGRITY SERVICES GROUP $M 1H26 1H25 CHANGE (%) 1H26 1H25 CHANGE (%) 1H26 1H25 CHANGE (%) Revenue 1,253.2 1,243.2 0.8% 91.7 88.1 4.1% 1,344.9 1,331.3 1.0% Variable contribution 477.4 458.1 4.2% 90.2 86.3 4.5% 567.6 544.4 4.3% Operating expenses (296.0) (3
Slide 37: Media: The Value of Vision, Diversified Market Leader
MEDIA: THE VALUE OF VISION DIVERSIFIED MARKET LEADER 1H26 Media Revenue Sources ($m) INTERNATIONAL DIGITAL $68M (35%) DISTRIBUTION Export revenue (% of turnover) to DIG ITA LD $60M (31%) overseas countries, including M IS Revenue (% of turnover) generated 8 $6 through SKY Racing World from supplying
Slide 38: Glossary
GLOSSARY 1H/2H Six months ended 31 December/30 June of the relevant financial year LTM Last twelve months A&P Advertising and Promotion MAX The Group’s Integrity Services brand AAS Australian Accounting Standards NM Not meaningful ACMA Australian Communications & Media Authority NPAT Net profit afte
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