Lottery Corporation Limited · ASX:TLC
Lottery — 1H26 Earnings Presentation
31 slides from Lottery's earnings presentation, Feb 18, 2026
Slide 1: 2026 Half Year Results Investor Presentation
18 February 2026 ASX Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 2026 HALF YEAR RESULTS INVESTOR PRESENTATION Attached is a copy of the slides that will be presented at The Lottery Corporation’s 2026 Half Year Results Briefing today. The Briefing will commence at 10:30am
Slide 2: 1H26 Half Year Results Presentation
1H26 Half Year Results Presentation Half Year ended 31 December 2025 18 February 2026
Slide 3: A high quality business
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Slide 4: Table of Contents
3 Table of Contents 4 - 6 Initial CEO Perspectives 8 - 10 Group Overview 12 - 18 Business Results 20 - 21 Strategy & Conclusion 23 - 28 Appendices 3
Slide 5: CEO initial observations
CEO initial observations Strong cornerstones in place in the highly attractive Australian market Long history of growth through jackpot and economic cycles An unmatched portfolio of long-dated licences, with staggered maturities Powerful and well-managed portfolio of brands that millions of Australi
Slide 6: Strategic focus areas to unlock further value
Strategic focus areas to unlock further value Digital entertainment Local market Focused execution Accelerating our evolution Concentrating our focus on Clearer prioritisation and as a digital entertainment local market growth accountability to drive better company and faster decision making Create
Slide 7: 1H26 Results Overview
1H26 Results Overview Resilient underlying performance Resilient underlying performance in the least favourable half for jackpot outcomes since demerger (turnover impact of c.$400m) Interim dividend 8.0 cps, in line with pcp, payout ratio of 103%; free cash flow remains strong Successful Saturday lo
Slide 8: Table of Contents
7 Table of Contents 4 - 6 Initial CEO Perspectives 8 - 10 Group Overview 12 - 18 Business Results 20 - 21 Strategy & Conclusion 23 - 28 Appendices 7
Slide 9: 1H26 Group Results
1H26 Group Results ® $m Change 1H26 1H25 $ % Revenue1 1,815.0 1,779.2 35.8 2.0% Variable contribution 513.0 511.6 1.4 0.3% Operating expenses (146.0) (141.9) (4.1) (2.9%) EBITDA 367.0 369.7 (2.7) (0.7%) D&A (54.0) (53.5) (0.5) (0.9%) EBIT 313.0 316.2 (3.2) (1.0%) Interest (62.0) (60.6) (1.4) (2.3%)
Slide 10: Group EBITDA
Group EBITDA ® Lotteries Keno -$6.1m +$3.4m 369.7 9.9 3.4 367.0 13.2 (3.2) (26) • In-venue initiatives, local • Growth in Lucky Lotteries and Instant Scratch-Its area marketing leveraged • Increased digital share strong footfall • Cost growth below inflation • Increased Saturday lotto turnover • Unf
Slide 11: Capital, Opex and Other Metrics
Capital, Opex and Other Metrics ® Maintaining capital and cost discipline alongside balance sheet flexibility Dividend (fully franked) Opex 1H26 Ordinary $146m 8.0 cps Guidance: FY26 Opex $310 - $320m (1H25: 8.0 cps ) Target: 80-100% of full year NPAT (before significant items) D&A Payout Ratio 103%
Slide 12: Table of Contents
Table of Contents 4 - 6 Initial CEO Perspectives 8 - 10 Group Overview 12 - 18 Business Results 20 - 21 Strategy & Conclusion 23 - 28 Appendices 11
Slide 13: Lotteries: Result Summary
Lotteries: Result Summary ® Resilient underlying performance in the least favourable period for jackpot outcomes since demerger $m 1H26 1H25 Change Positive impact of game changes and active portfolio management Revenue 1,615.7 1,631.1 (0.9%) Variable contribution 432.9 435.8 (0.7%) Successful Satur
Slide 14: Lotteries: KPIs – Customers & Channel
Lotteries: KPIs – Customers & Channel ® Participation levels impacted by modest jackpot offers Number of Active Registered Customers – last 52 weeks1 (000’s) Turnover by Channel ($m) Estimated total active customers2 of c.8.6m (1H25: c.10.3m) Continued digital share growth vs pcp despite Reduction s
Slide 15: Lotteries: KPIs – Product
Lotteries: KPIs – Product ® Benefits of a diversified portfolio evident with base game growth largely offsetting reduction in jackpot games; robust like-for-like outcomes Turnover by Product Type ($m) Turnover Growth -1.0% 3,898 vs pcp 1H26 (vs 1H25) 3,449 3,497 Actual1 Like-for-like1,2 3,262 3,231
Slide 16: Lotteries: KPIs – Jackpot Games
Lotteries: KPIs – Jackpot Games ® Powerball and Oz Lotto jackpot outcomes were both very unlikely events - c.$400m1,2 unfavourable turnover impact (vs c.$200m1,2 in 1H25) Cumulative Jackpot Value Offered ($m) Powerball and Oz Lotto Major Jackpots Includes Oz Lotto jackpots 1,516 Includes Powerball j
Slide 17: Game changes driving growth
Game changes driving growth ® Successful execution: Strong retention levels for Saturday lotto; Powerball yet to benefit from larger jackpots Recent game changes Saturday lotto Set for Life (actual and planned) August • Subscription price increased from 75 cents to 85 cents (+13.3%) 2015 • Division
Slide 18: Keno: Result Summary
Keno: Result Summary ® Continued strong retail performance; return to digital growth NOTE: Presentation of revenue has changed since 1H25 - refer footnote 1 below $m 1H26 1H25 Change Retail growth reflects focus on successfully implementing recent best practice initiatives Revenue1 199.3 186.2 7.0%
Slide 19: Keno: KPIs
Keno: KPIs ® Return to digital growth post FY25 introduction of spend limits; Keno Mega Millions benefited from strong jackpot run Turnover by Channel ($m) Keno Turnover by Product ($m) +7.1% +7.1% vs pcp vs pcp +6.4% 862 204 +3.5% 862 vs pcp 805 209817 805 817 785212 766 (13.2%) 88 vs pcp 785 766 5
Slide 20: Table of Contents
® Table of Contents 4 - 6 Initial CEO Perspectives 8 - 10 Group Overview 12 - 18 Business Results 20 - 21 Strategy & Conclusion 23 - 28 Appendices 19
Slide 21: Initial priorities for CY26
Initial priorities for CY26 ® Key initiatives to unlock more of the existing businesses' potential Transform digital to elevate the customer experience Review brand architecture and positioning Enhance base game portfolio performance (including FY27 Set for Life game changes1) Explore new product op
Slide 22: Conclusion: High quality business; focus on unlocking further value
Conclusion: High quality business; focus on unlocking further value ® Resilient financial performance in 1H26 • Game changes delivering • Ordinary dividend in line with pcp Building on a track record of sustainable growth • Strong pipeline of product enhancements • Prudent cost management Delivering
Slide 23: Table of Contents
22 Table of Contents 4 - 6 Initial CEO Perspectives 8 - 10 Group Overview 12 - 18 Business Results 20 - 21 Strategy & Conclusion 23 - 28 Appendices 22
Slide 24: Appendix 1: Group & Business Results
Appendix 1: Group & Business Results1 ® Lotteries Keno Group $m 1H26 1H25 Change 1H26 1H25 Change 1H26 1H25 Change Revenue 1,615.7 1,631.1 (0.9%) 199.3 186.2 7.0% 1,815.0 1,779.2 2.0% Variable contribution 432.9 435.8 (0.7%) 80.1 75.8 5.7% 513.0 511.6 0.3% Operating expenses (124.3) (121.1) (2.6%) (
Slide 25: Appendix 2: Lotteries – Turnover by product
Appendix 2: Lotteries – Turnover1 by product ® Turnover by Game ($m) 1H26 Turnover by Game Change 1H26 1H25 Game $m % 2% 3% 8% Powerball 1,101 1,209 (108) (8.9%) Oz Lotto 486 521 (35) (6.7%) 5% Powerball Jackpot Games 1,587 1,730 (143) (8.3%) 34% Oz Lotto Saturday lotto 839 755 84 11.1% 7% Saturday
Slide 26: Appendix 3: Balance Sheet and Debt
Appendix 3: Balance Sheet and Debt ® Balance Sheet Debt $m Dec-25 $m Dec-25 Total current assets 818.1 Gross debt - excluding lease liabilities (at spot)1 2,449.3 Licences 629.8 Less: Benefit of FX hedges on USPP principal2 (241.1) Other intangible assets 2,248.2 Gross debt - excluding lease liabili
Slide 27: Appendix 4: Cash Flow, Capex and Debt
Appendix 4: Cash Flow, Capex and Debt ® Cash flow Debt Structure & Maturities ($m) $m Dec-25 800 Interest margins/rates Net operating cash flows 374.4 700 • Average hedged USPP rate: 5.7% Net interest paid (56.6) 600 • Bank facility margin over BBSY Income tax paid (98.1) 500 o 3 year 110 bps Paymen
Slide 28: Appendix 5: A track record of sustained industry growth and resilience
Appendix 5: A track record of sustained industry growth ® and resilience Positive growth in the 3-year average turnover, notwithstanding short-term fluctuations due to jackpot variability Australian Industry Turnover – Lotteries and Keno (A$bn)1,2 COVID-19 5.0% Global Financial Crisis p.a. 10.4 9.8
Slide 29: Appendix 6: Glossary
Appendix 6: Glossary ® Term Definition Term Definition 1H/2H Six months ended 31 December/30 June of the relevant financial year IFRS International Financial Reporting Standards AAS Australian Accounting Standards Jackpot games Powerball and Oz Lotto A game of chance that is played approximately eve
Slide 30: Disclaimer
Disclaimer ® This presentation (Presentation) contains summary information about the current activities of The Lottery Corporation Limited (The Lottery Corporation) and its subsidiaries. It should be read in conjunction with The Lottery Corporation’s other periodic and continuous disclosure announce
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