Tabcorp Holdings Limited · ASX:TAH
Tabcorp — FY2026 Earnings Presentation
40 slides from Tabcorp's earnings presentation, Aug 26, 2026
Slide 1: Tabcorp full year results presentation (ASX announcement)
ASX ANNOUNCEMENT 26 August 2026 ASX Market Announcements Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 For personal use only Tabcorp full year results presentation Attached is the presentation regarding Tabcorp Holdings Limited’s (Tabcorp) results for the financial year ended 30 Ju
Slide 2: FY26 Results
For personal use only FY26 RESULTS YEAR ENDED 30 JUNE 2026 ABN 66 063 780 709
Slide 3: FY26 Highlights
FY26 HIGHLIGHTS FY26 RESULT FOCUS ON EXECUTION For personal use only 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 significan
Slide 4: FY26 Result Summary
FY26 RESULT SUMMARY EBITDA $432M +10% For personal use only $M FY26 FY25 CHANGE (%) 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% 1.2
Slide 5: What's Next for Tabcorp
WHAT’S NEXT FOR TABCORP… AUG ‘24 – MAR ‘25 – 2026 – For personal use only 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 custom
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 For personal use only DIGITAL RETAIL TOTE MEDIA MAX OUR EXECUTION PLAN PILLAR 1 PILLAR 2 PILLAR 3 PILLAR 4 PILLAR 5 Clarity, commitment Growth
Slide 7: Pillar: Clarity, Commitment and Capability
PILLAR 1 CLARITY, COMMITMENT AND CAPABILITY For personal use only 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
Slide 8: Pillar: Growth for Industry and Ourselves - National Tote
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE For personal use only 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 & INNOVATI
Slide 9: National Tote Launch
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE LAUNCH For personal use only 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. Megapo
Slide 10: National Tote Execution
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES NATIONAL TOTE EXECUTION For personal use only 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
Slide 11: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES For personal use only 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 pro
Slide 12: Structurally Profitable Retail: Retail Commercial Model
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL RETAIL COMMERCIAL MODEL For personal use only 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 mode
Slide 13: New Retail Commercial Model
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL NEW RETAIL COMMERCIAL MODEL For personal use only 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 inc
Slide 14: Investment in Next-Gen Betting Terminals
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL INVESTMENT IN NEXT-GEN BETTING TERMINALS For personal use only 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-PL
Slide 15: Media: Strong Foundations for Growth
PILLAR 5 MEDIA STRONG FOUNDATIONS FOR GROWTH For personal use only 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 Rac
Slide 16: BetMakers Transaction Overview
BETMAKERS TRANSACTION OVERVIEW For personal use only 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
Slide 17: Financial Results
For personal use only SECTION 2 FINANCIAL RESULTS Tabcorp FY26 Results | 16
Slide 18: Group Performance
FY26 RESULTS GROUP PERFORMANCE CHANGE $M FY26 FY25 NPATA3 before significant items For personal use only (%) 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% NPA
Slide 19: Segment Overview
FY26 RESULTS SEGMENT OVERVIEW $M FY26 FY25 CHANGE (%) For personal use only 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%
Slide 20: Group EBITDA up $40.2M / 10.3%
FY26 RESULTS GROUP EBITDA UP $40.2M / 10.3% For personal use only ($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
Slide 21: Cost Control to Deliver Operating Leverage
COST CONTROL TO DELIVER OPERATING LEVERAGE For personal use only 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 O
Slide 22: Capital Expenditure: Focus on Returns
CAPITAL EXPENDITURE FOCUS ON RETURNS For personal use only 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-$235M investment1 100 71% 71 (FY25: 62%) FY26 ROIC2 36 12
Slide 23: Cash Flow
CASH FLOW TIGHT WORKING CAPITAL MANAGEMENT DRIVING CASH FLOW GENERATION Operating cash Significant items cash flow includes ($M) For personal use only conversion 93%1 costs related to transformation, race fields, TVAC and transaction costs (not Underlying cash adjusted in underlying cash conversion
Slide 24: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE REDUCTION IN REPORTED LEVERAGE TO 1.2x FUNDING & LIQUIDITY For personal use only DEBT MATURITY PROFILE ($M) 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 wa
Slide 25: Wagering & Media
For personal use only SECTION 3 WAGERING & MEDIA Tabcorp FY26 Results | 24
Slide 26: Wagering & Media EBITDA
FY26 RESULTS WAGERING & MEDIA EBITDA UP $32.7M / 9.9% For personal use only ($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
Slide 27: Wagering & Media Performance
FY26 RESULTS WAGERING & MEDIA PERFORMANCE For personal use only $M FY26 FY25 CHANGE (%) Digital domestic wagering revenue 1,072.8 1,069.7 0.3% Cash domestic wagering revenue 981.2 965.7 1.6% Media revenue up 1.9% Total wagering revenue Domestic wagering revenue 2,054.0 2,035.4 0.9% driven by strong
Slide 28: FY26 Domestic Wagering Revenue and KPIs
FY26 DOMESTIC WAGERING REVENUE AND KPIs For personal use only DOMESTIC WAGERING REVENUE ($M) FY26 FY25 CHANGE (%) DOMESTIC WAGERING TURNOVER2 ($M) Digital 1H26 1H25 % 2H26 2H25 % FY26 FY25 % Active users (‘000)1 786 792 (0.8%) Racing 5,728 5,798 (1.2%) 5,057 5,105 (0.9%) 10,785 10,903 (1.1%) Digital
Slide 29: Integrity Services
For personal use only SECTION 4 INTEGRITY SERVICES Tabcorp FY26 Results | 28
Slide 30: Integrity Services EBITDA
FY26 RESULTS INTEGRITY SERVICES EBITDA For personal use only ($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 31: Integrity Services Performance
FY26 RESULTS INTEGRITY SERVICES PERFORMANCE $M FY26 FY25 CHANGE (%) For personal use only 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 V
Slide 32: Summary & Outlook
For personal use only SECTION 5 SUMMARY & OUTLOOK Tabcorp FY26 Results | 31
Slide 33: Summary and Outlook
SUMMARY AND OUTLOOK For personal use only 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 P
Slide 34: Appendix
For personal use only SECTION 6 APPENDIX
Slide 35: Significant Items
SIGNIFICANT ITEMS PRE-TAX TAX2 POST-TAX For personal use only 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 ($5.9m) TRANSFORMATION Costs to implement long term strategic transformation
Slide 36: FY26 Group Results Reconciliation
FY26 GROUP RESULTS RECONCILIATION For personal use only VICTORIAN TRANSFORMATION TRANSACTION BEFORE CONSOLIDATED ($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 (7
Slide 37: Group and Business Results
GROUP AND BUSINESS RESULTS WAGERING & MEDIA INTEGRITY SERVICES GROUP For personal use only $M FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) FY26 FY25 CHANGE (%) Revenue 2,454.7 2,438.8 0.7% 181.6 175.8 3.3% 2,636.3 2,614.6 0.8% Variable contribution 953.2 915.9 4.1% 179.2 172.8 3.7% 1,132.4 1,088.7 4.0%
Slide 38: Media: The Value of Vision
MEDIA: THE VALUE OF VISION DIVERSIFIED MARKET LEADER FY26 Media Revenue Sources ($m) For personal use only 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 R
Slide 39: 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 40: Disclaimer
DISCLAIMER For personal use only 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 lo