Slide 1: ASX announcement: Full-year results investor presentation
20 August 2025 ASX Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 INVESTOR PRESENTATION FULL-YEAR RESULTS FOR THE YEAR ENDED 30 JUNE 2025 Attached is an investor presentation that will be delivered at The Lottery Corporation’s 2025 full-year results briefing today. The brie
Slide 2: FY25 Full Year Results Presentation
FY25 Full Year Results Presentation Full Year ended 30 June 2025 20 August 2025
Slide 3: A world-class lotteries business
A world-class lotteries business 2
Slide 4: Table of Contents
3 Table of Contents 4 - 9 Group Overview 11 - 17 Business Results 19 - 23 Strategy & Conclusion 25 - 33 Appendices 3
Slide 5: A track record of sustained industry growth and resilience
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 4.8% Global Financial Crisis p.a. 10.3 9.8 9.5 CAGR: FY
Slide 6: FY25 Highlights
FY25 Highlights ® Portfolio diversification and active management delivered a resilient financial performance • Healthy underlying participation in a period of below-average jackpot outcomes and in a challenging economic environment Resilient • Continued growth in Lotteries’ digital share supported
Slide 7: Key FY25 Priorities: Driving Growth and Operational Excellence
Key FY25 Priorities: Driving Growth and Operational Excellence ® Initiatives supporting sustainable growth, driving shareholder value and future-proofing TLC OUR VISION To be the world’s best lottery operator Responsibly deliver seamless • Uplift customer onboarding processes ID verification rate in
Slide 8: FY25 Group Results
FY25 Group Results ® $m Change FY25 FY24 $ % Revenue 3,748.9 3,996.6 (247.7) (6.2%) Variable contribution 1,056.4 1,126.6 (70.2) (6.2%) Operating expenses (307.1) (299.5) (7.6) (2.5%) EBITDA (before significant items)1 749.3 827.1 (77.8) (9.4%) D&A (105.1) (108.3) 3.2 3.0% Impairment reversal2 5.2 –
Slide 9: Group EBITDA
1 Group EBITDA ® Resilient underlying performance following record jackpot year in FY24 Lotteries Keno -$78.3m +$0.5m $827.1m 20.1 0.5 $749.3m (87.7) (10.7) • Increased technology costs and full-year run-rate impact of final separation • Partially offset by disciplined cost management • Increased di
Slide 10: Capital, Opex and Other Metrics
Capital, Opex and Other Metrics ® Maintaining capital and cost discipline alongside balance sheet flexibility Dividends (fully franked) Opex FY25 Ordinary $307m 16.5cps Target: FY25 Opex $310 - 320m (FY24: 16.0 cps1 ) Target: 80-100% of full year NPAT (before significant items) D&A Payout Ratio 100%
Slide 11: Table of Contents
Table of Contents 4 - 9 Group Overview 11 - 17 Business Results 19 - 23 Strategy & Conclusion 25 - 33 Appendices 10
Slide 12: Lotteries: Result Summary
Lotteries: Result Summary ® Resilient underlying performance following record jackpot year in FY24 $m FY25 FY24 Change Positive impact of new Weekday Windfall draw on Fridays and active portfolio and Revenue 3,374.9 3,708.5 (9.0%) Variable contribution 907.5 975.1 (6.9%) sequence management Operatin
Slide 13: Lotteries: KPIs – Customers & Channel
Lotteries: KPIs – Customers & Channel ® Long-term underlying growth trends continue, with strategic initiatives driving digital share growth Number of Active Registered Customers – last 52 weeks1 (000’s) Turnover by Channel ($m) Estimated total active customers2 of c.9.5m Growth in digital share cam
Slide 14: Lotteries: KPIs – Product
Lotteries: KPIs – Product ® Underlying demand trends remain resilient, with portfolio diversification driving overall stability; reduction in jackpot game turnover consistent with reduction in Division 1 offers Turnover by Product Type ($m) Turnover Growth 7,347 -8.0% vs pcp FY25 (v FY24) 6,716 6,61
Slide 15: Lotteries: KPIs – Jackpot Games
Lotteries: KPIs – Jackpot Games ® Below-average jackpot outcomes impacted FY25 turnover by c.$100m1,2 Cumulative Jackpot Value Offered ($m) Powerball and Oz Lotto Major Jackpots 2,690 Includes Powerball jackpots 32 -12.9% 31 vs pcp 2 x $150m, 1 x $200m 2,343 26 8 7 2,084 932 1,919 +21.4% 5 22 567 1,
Slide 16: Product innovation and game changes driving growth
Product innovation and game changes driving growth ® Effective product design and marketing has driven strong early retention levels for Saturday lotto; Powerball entry price increase targeted for 1H26 launch1 Recent game changes (actual and planned) April Saturday lotto Powerball 2018 March 1 Key C
Slide 17: Keno: Result Summary
Keno: Result Summary ® Strong retail performance; digital impacted by voluntary introduction of digital spend limits NOTE: Presentation of revenue has changed - refer footnote 1 below $m FY25 FY24 Change Keno retail continues to provide an attractive and affordable social occasion, reinforced by Rev
Slide 18: Keno: KPIs
Keno: KPIs ® Accelerated retail growth, including benefit from a strong Keno Classic jackpot run Turnover by Channel ($m) Keno Turnover by Product ($m) +4.6% vs pcp +4.6% vs pcp 1,622 1,622 1,551 1,551 1,499 204 166 -18.6% 1,499 88 +3.5% 209204 (13.2%) vs pcp 85 vs pcp 1,365212 209 (13.9%) (10.2%) 1
Slide 19: Table of Contents
® Table of Contents 4 - 9 Group Overview 11 - 17 Business Results 19 - 23 Strategy & Conclusion 25 - 33 Appendices 18
Slide 20: The Lottery Corporation
The Lottery Corporation ® The leader in Australia’s lotteries and Keno market and one of the highest performing lotteries businesses globally Exclusive and/or long dated licences1 Low-spend, mass participation model underpins wide community acceptance Diversified and balanced portfolio of high-profi
Slide 21: Our strategy is designed to deliver on our vision
Our strategy is designed to deliver on our vision ® OUR VISION To be the world’s best lottery operator OUR PURPOSE To create positive impacts STRATEGIC PILLARS DRIVE DEVELOP DISCOVER Immediate priorities aligned to our Strategic footings central to our long- Complementary new earnings vision term su
Slide 22: Key Priorities for FY26
Key Priorities for FY26 ® Initiatives to support sustainable growth and drive shareholder value • Implement Powerball subscription price change - Targeting November 20251 • Dynamic product portfolio optimisation - prize offers, brand positioning • Launch new brand marketing campaigns – The Lott, Oz
Slide 23: Strategic technology investment to drive scalable growth and efficiencies
Strategic technology investment to drive scalable growth and efficiencies ® A three-year program to unlock long-term value through digital transformation and ecosystem modernisation Investment rationale Strategic Investment Pillars • Rapid digital adoption • Enhanced customer experience • Modernisat
Slide 24: Conclusion: A resilient, world-class lotteries business
Conclusion: A resilient, world-class lotteries business ® Resilient financial performance in FY25; ordinary dividend increased Started FY26 with good momentum in the business Strategy focused on maximising digitalisation opportunities and registered customer growth Ongoing portfolio innovation drivi
Slide 25: Table of Contents
24 Table of Contents 4 - 9 Group Overview 11 - 17 Business Results 19 - 23 Strategy & Conclusion 25 - 33 Appendices 24
Slide 26: Appendix 1: Significant Items
1 Appendix 1: Significant Items ® Settlement of pre-demerger tax litigation matters Significant items ($m) FY25 FY24 • On 11 September 2023 The Lottery Corporation Limited (TLC) and Tabcorp Holdings Limited resolved a dispute with the Australian Tax Office relating to the income tax Settlement of pr
Slide 27: Appendix 2A: Group Results
Appendix 2A: Group Results ® $m 1H25 1H24 Change 2H25 2H24 Change FY25 FY24 Change Revenue 1,779.2 1,884.9 (5.6%) 1,969.7 2,111.7 (6.7%) 3,748.9 3,996.6 (6.2%) Variable contribution 511.6 534.3 (4.2%) 544.8 592.3 (8.0%) 1,056.4 1,126.6 (6.2%) Operating expenses (141.9) (135.2) (5.0%) (165.2) (164.3)
Slide 28: Appendix 2B: Lotteries Results
Appendix 2B: Lotteries Results ® $m 1H25 1H24 Change 2H25 2H24 Change FY25 FY24 Change Revenue 1,631.1 1,738.3 (6.2%) 1,743.8 1,970.2 (11.5%) 3,374.9 3,708.5 (9.0%) Variable contribution 435.8 456.6 (4.6%) 471.7 518.5 (9.0%) 907.5 975.1 (6.9%) Operating expenses (121.1) (113.5) (6.7%) (140.2) (137.1
Slide 29: Appendix 2C: Keno Results
Appendix 2C: Keno Results ® $m 1H25 1H24 Change 2H25 2H24 Change FY25 FY24 Change Revenue1 186.2 183.2 1.6% 187.8 179.5 4.6% 374.0 362.7 3.1% Variable contribution 75.8 77.7 (2.4%) 73.1 73.8 (0.9%) 148.9 151.5 (1.7%) Operating expenses (20.8) (21.7) 4.1% (25.0) (27.2) 8.1% (45.8) (48.9) 6.3% EBITDA2
Slide 30: Appendix 3: Lotteries – Turnover by product
1 Appendix 3: Lotteries – Turnover by product ® Turnover by Game ($m) FY25 Turnover by Game Change FY25 FY24 Game % % 2% 2% Powerball 2,296 3,098 (802) (25.9%) 6% Oz Lotto 1,344 1,165 179 15.4% 5% Powerball Jackpot Games 3,640 4,263 (623) (14.6%) 34% 7% Oz Lotto 2 Saturday lotto 1,592 1,652 (60) (3.
Slide 31: Appendix 4: Balance Sheet and Debt
Appendix 4: Balance Sheet and Debt ® Balance Sheet Debt $m Jun-25 $m Jun-25 Total current assets 768.7 Gross debt - excluding lease liabilities (at spot)1 2,420.3 Licences 647.1 Less: Benefit of FX hedges on USPP principal2 (281.9) Other intangible assets 2,258.3 Gross debt - excluding lease liabili
Slide 32: Appendix 5: Cash Flow, Capex and Debt
Appendix 5: Cash Flow, Capex and Debt ® Cash flow Debt Structure & Maturities ($m) $m Jun-25 800 • USPP (A$1,821m drawn) Interest margins/rates Net operating cash flows 835.2 700 • Bank Facility (A$320m drawn) • Average hedged USPP rate: 5.7% Net interest paid (113.4) 600 • Bank facility margin over
Slide 33: Appendix 6: Capital Allocation Framework
Appendix 6: Capital Allocation Framework ® A long-term framework to underpin a disciplined approach to the allocation of shareholders’ capital A disciplined approach to Driving Operating Game Portfolio capital allocation Operating Efficiency Capital Productivity Cash Flow Management • Commitment to
Slide 34: Appendix 7: Glossary
Appendix 7: 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 35: 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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