Tabcorp Holdings Limited · ASX:TAH
Tabcorp — FY2025 Earnings Presentation
40 slides from Tabcorp's earnings presentation, Aug 27, 2025
Slide 1: FY25 Results
FY25 RESULTS YEAR ENDED 30 JUNE 2025 ABN 66 063 780 709
Slide 2: The Lineup
THE LINEUP SECTION 1 SECTION 2 SECTION 3 SECTION 4 SECTION 5 SECTION 6 A FITTER FINANCIAL WAGERING INTEGRITY SUMMARY APPENDICES COMPANY RESULTS & MEDIA SERVICES & OUTLOOK SLIDE SLIDE SLIDE SLIDE SLIDE SLIDE 05 16 25 29 32 34 Tabcorp FY25 Results | 2
Slide 3: FY25 Highlights
FY25 HIGHLIGHTS FY25 RESULT COST & CAPITAL DISCIPLINE VIC LICENCE BENEFITS Group Revenue of $2,614.6m, up 11.8% Opex savings of $39m delivered in FY25, Reformed Victorian Wagering and Betting ahead of upgraded guidance given in February. Licence benefitting earnings and margins Group EBITDA of $391.
Slide 4: FY25 Result Summary
FY25 RESULT SUMMARY $M FY25 FY24 CHANGE (%) EBITDA $392M +23% 3.9 CPS Revenue 2,614.6 2,338.9 11.8% Variable Contribution 1,088.7 931.7 16.9% Adjusted EPS2 >100% Opex (697.2) (614.0) (13.6%) 2.0 CPS FY25 EBITDA 391.5 317.7 23.2% unfranked3 +54% dividend EBIT 188.7 97.4 93.7% 1.6X <2.5X NPAT before s
Slide 5: A Fitter Company
SECTION 1 A FITTER COMPANY Tabcorp FY25 Results | 5
Slide 6: A Fitter Company
A FITTER COMPANY WHAT WE'VE DELIVERED.... New ELT structure. Six of eight direct reports new WHAT WE SAID to role. Appointment of Chief Wagering Officer and Chief Commercial and Media Officer WE WOULD DO... Opex savings of $39m delivered. Zero-based design implemented. ~230 roles removed in FY251 Ne
Slide 7: 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 Continued cost and capital efficiency differentiated customer offer Financial dis
Slide 8: 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 Unriva
Slide 9: Clarity, Commitment, Capability
PILLAR 1 CLARITY, COMMITMENT, CAPABILITY LEADERSHIP STRUCTURE GILLON McLACHLAN Managing Director & Chief Executive Officer SHARON KAYELENE ROBERT MICHAEL MARK NARELLE PAUL JARROD BROADLEY SNOWDEN FRASER FITZSIMONS HOWELL McKENZIE O’ROURKE VILLANI Chief People Chief Operating Chief Technology Chief W
Slide 10: Growth for Industry and Ourselves
PILLAR 2 GROWTH FOR INDUSTRY AND OURSELVES TOTE REFORM INTEGRITY SERVICES Reinvigorate and innovate the tote for the NSW reform remains an important strategic Leading provider of integrity services and benefit of customers and the racing industry initiative to create a sustainable NSW technology to
Slide 11: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES ELEVATING DIGITAL-IN- FY25 EXECUTION FOCUS: VENUE EXCLUSIVE OFFERS & PROMOTIONS THE CUSTOMER VENUE (DIV) PROPOSITION TURNOVER IN RETAIL TAB TIME IN-VENUE EXPERIENCE +7% Integrated execution across all channels: Boosted price offer Digital, Retail, Media ev
Slide 12: Unrivalled Omnichannel Experiences
PILLAR 3 UNRIVALLED OMNICHANNEL EXPERIENCES DIGITALLY INTEGRATED IN-PLAY BETTING IN RETAIL BET LIVE ON SPORT IN-VENUE FOR THE FIRST TIME WITH TAP IN-PLAY1 To date, in-play betting has only been available via: TAB self-service terminals Over the counter with a TAB Operator Contacting the call centre
Slide 13: Structurally Profitable Retail
PILLAR 4 STRUCTURALLY PROFITABLE RETAIL COMMERCIAL MODERN BRAND & TECHNOLOGY MODEL Uplift venues Phase 1 New technology to uplift experience and compliance Model established, effective 1 July 2025 Phase 2 NEXTGEN TAP-IN-PLAY PERSONALISED Long-term commercial RETAIL STATIONS2 EXPERIENCES model progre
Slide 14: Standalone Racing & Sports Media Business
PILLAR 5 STANDALONE RACING & SPORTS MEDIA BUSINESS PROFITABLE & GROWING MEDIA BUSINESS World-class racing content portfolio, underpinned by extensive domestic and international rights, talent and content creation capability New leadership adding media and distribution capability. Executive Producer
Slide 15: Dabble Investment Rapidly Scaling
DABBLE INVESTMENT RAPIDLY SCALING. POSITIVE EARNINGS BUILT AND Dabble’s technology platform CONTRIBUTION IN FY251 continues to deliver a high level of OWNED TECH performance as the business adds significant volume and active customer growth in Australia, US, and now UK 12 Month Rolling Deposited Act
Slide 16: Financial Results
SECTION 2 FINANCIAL RESULTS Tabcorp FY25 Results | 16
Slide 17: FY25 Group Reported Results
FY25 GROUP REPORTED RESULTS Strong revenue, variable contribution and earnings growth driven by reformed Victorian Wagering and Betting Licence $M FY25 FY24 CHANGE (%) Revenue 2,614.6 2,338.9 11.8% Variable contribution 1,088.7 931.7 16.9% Operating expenses (697.2) (614.0) (13.6%) EBITDA before sig
Slide 18: Group and Business Segment Results
GROUP AND BUSINESS SEGMENT RESULTS1 Strong operating leverage on an underlying basis for each segment delivered in FY25 $M FY25 FY242 CHANGE (%) Revenue Wagering & Media 2,438.8 2,162.8 12.8% Integrity Services - underlying 175.8 163.4 7.6% Group revenue – underlying 2,614.6 2,326.2 12.4% EBITDA Wag
Slide 19: Group EBITDA
GROUP EBITDA UP $73.8M / 23.2% ($M) 170.1 11.1 16.6 (12.4) 391.5 (74.1) 317.7 (30.0) (7.5) Incremental impact SKY venue CPI indexed fee (Refer following FY24 impact of Incentive accrual of reformed VIC subscription increases and slide) VIC JV costs (nil STI in pcp) Licence1 rebates monitored EGM pre
Slide 20: Cost Control to Deliver Operating Leverage
COST CONTROL TO DELIVER OPERATING LEVERAGE UP $3.4M / 0.5% ($16.6M) / 2.4% IMPROVEMENT ($M) 22.5 20.0 697.2 74.1 10.0 693.8 (4.3) (38.8) (0.3) 614.0 FY24 impact of VIC JV costs previously shared 50% with VRI FY24 10.5 months MPS Demerger FY24 Incentive Inflation Cost Other FY25 Opex VIC JV 1 divestm
Slide 21: Financial Discipline: Cost and Capital Reset
FINANCIAL DISCIPLINE COST AND CAPITAL RESET Soft macroeconomic environment impacting wagering market Increased regulatory compliance and associated costs ACTIONS DELIVERED Embed new cost and capital disciplines Delivered $39m FY25 cost savings, Persistent cost inflation and processes ahead of previo
Slide 22: Capital Expenditure Focus on Returns
CAPITAL EXPENDITURE FOCUS ON RETURNS CAPITAL ALLOCATION1 ($M) Continued focus on disciplined investment and returns -24% 151 FY25 CAPEX $115M 15 115 Growth & transformation investment 62% 8 97 (FY24: 64%) 71 Forecast FY26 CAPEX $120M-$140M 36 39 Forecast FY26 D&A $215M-$225M Maintenance FY25 Growth
Slide 23: Cash Flow
CASH FLOW STRONG CASH FLOW GENERATION... Operating cash conversion1 121% On an underlying2 basis 99% Positive working capital movement due to the close out of the Victorian Joint Venture and transition to the ($M) reformed Victorian Wagering and Betting Licence 51.3 Significant items cash flow inclu
Slide 24: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE ...LEADING TO A REDUCTION IN REPORTED LEVERAGE TO 1.6x DEBT MATURITY PROFILE ($M) 600 FUNDING & TARGET LIQUIDITY LEVERAGE USPP (Drawn) 500 SFA (Undrawn) 400 SFA (Drawn) 300 200 100 Tabcorp continues to maintain To provide Tabcorp with the access to diversified funding nece
Slide 25: Wagering & Media
SECTION 3 WAGERING & MEDIA Tabcorp FY25 Results | 25
Slide 26: Wagering & Media EBITDA
WAGERING & MEDIA EBITDA Reformed Victorian Wagering and Betting Licence result is broadly in line with expectations given soft trading conditions ($M) 10.5 MONTHS INCREMENTAL VIC EBITDA $83.7M 157.8 17.1 12.3 329.1 (74.1) (12.4) (22.8) 251.2 Incremental impact FY24 impact of VIC SKY venue Improved y
Slide 27: FY25 Results Wagering & Media
FY25 RESULTS WAGERING & MEDIA $M FY25 FY24 CHANGE (%) Digital domestic wagering revenue 1,069.7 922.0 16.0% Total wagering revenue Media revenue up 2.7% driven Cash domestic wagering revenue 965.7 821.8 17.5% up 15.9% benefitting from by growth in distribution, partly changes to the Victorian offset
Slide 28: FY25 Domestic Wagering Revenue and KPIs
FY25 DOMESTIC WAGERING REVENUE AND KPIs DOMESTIC WAGERING REVENUE ($M) FY25 FY24 CHANGE (%) DOMESTIC WAGERING TURNOVER2 ($M) Digital 1H25 1H24 % 2H25 2H24 % FY25 FY24 % Active users (‘000)1 792 798 (0.8%) Racing 5,798 6,120 (5.3%) 5,105 5,241 (2.6%) 10,903 11,361 (4.0%) Digital turnover2 8,381.9 8,8
Slide 29: Integrity Services
SECTION 4 INTEGRITY SERVICES Tabcorp FY25 Results | 29
Slide 30: Integrity Services EBITDA
INTEGRITY SERVICES EBITDA Integrity Services is growing strongly on an underlying basis (ex MPS) ($M) 66.5 11.1 59.0 (0.5) 62.4 (7.5) (7.2) CPI indexed fee Incentive accrual increases and (nil STI in pcp) monitored EGM increases Demerger technology cost Increased dis-synergy project work FY24 MPS FY
Slide 31: FY25 Results Integrity Services
FY25 RESULTS INTEGRITY SERVICES $M FY25 FY24 CHANGE (%) MONITORED EGMs JUN 25 JUN 24 CHANGE (%) Integrity Services – Reported NSW 93,510 92,820 0.7% Revenue 175.8 176.1 (0.2%) QLD 29,620 29,510 0.4% EBITDA 62.4 66.5 (6.2%) TAS 2,260 2,250 0.4% EBIT 20.5 27.1 (24.4%) NT 1,580 1,570 0.6% Capex 17.0 25
Slide 32: Summary & Outlook
SECTION 5 SUMMARY & OUTLOOK Tabcorp FY25 Results | 32
Slide 33: Summary and Outlook
SUMMARY AND OUTLOOK SUMMARY Tabcorp’s performance in FY25 demonstrates that Tabcorp is a fitter company Our improved earnings reflect the benefits of the reformed Victorian Licence, cost and capital discipline, and strong execution during the year OUTLOOK In FY26 Tabcorp expects modest growth in the
Slide 34: Appendices
SECTION 6 APPENDICES Tabcorp FY25 Results | 34
Slide 35: Significant Items
SIGNIFICANT ITEMS PRE-TAX TAX POST-TAX TRANSFORMATION Costs to implement long term strategic cost reduction program initiatives, COSTS including one-off redundancies and other transformation initiatives. (38.7) 11.6 (27.1) DEMERGER Costs incurred to separate Tabcorp and The Lottery Corporation (TLC)
Slide 36: FY25 Group Results Reconciliation
FY25 GROUP RESULTS RECONCILIATION CONSOLIDATED ($M) TRANSFORMATION DEMERGER VICTORIAN BEFORE STATUTORY OTHER CONTINUING OPERATIONS COSTS COSTS LICENCE SIGNIFICANT ITEMS Revenue 2,614.6 - - - - 2,614.6 Taxes, levies, commissions and fees (1,504.4) - - (18.5) (3.0) (1,525.9) Net operating expenses (74
Slide 37: Group and Business Reported Results
GROUP AND BUSINESS REPORTED RESULTS WAGERING & MEDIA INTEGRITY SERVICES GROUP $M FY25 FY24 CHANGE (%) FY25 FY241 CHANGE (%) FY25 FY24 CHANGE (%) Revenue 2,438.8 2,162.8 12.8% 175.8 176.1 (0.2%) 2,614.6 2,338.9 11.8% Variable contribution 915.9 758.2 20.8% 172.8 173.5 (0.4%) 1,088.7 931.7 16.9% Opera
Slide 38: Media: The Value of Vision
MEDIA: THE VALUE OF VISION DIVERSIFIED MARKET LEADER FY25 Media revenue sources ($m) INTERNATIONAL DIGITAL $127M (34%) DISTRIBUTION Export revenue (% of turnover) to $109M (30%) overseas countries, including Revenue (% of turnover) generated through SKY Racing World from supplying SKY vision to book
Slide 39: 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 MPS Max Performance Solutions ACT Australian Capital Territory NM Not meaningful ASIC A
Slide 40: 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