Lottery Corporation Limited · ASX:TLC
Lottery — The Lottery — Investor Day (June 2026)
71 slides from Lottery's investor day presentation, Jun 3, 2026
Slide 1: Investor Day Presentation (ASX announcement)
3 June 2026 ASX Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 INVESTOR DAY PRESENTATION Attached is The Lottery Corporation’s Investor Day presentation. The Investor Day will be webcast live at https://www.thelotterycorporation.com/investors/presentations from 9:30am (AEST
Slide 2: Shaping the Next Chapter of Growth
Shaping the Next Chapter of Growth 2026 Investor Day
Slide 3: Agenda
Agenda TIME TOPIC WHAT YOU WILL HEAR PRESENTER A durable base - long dated licences, stable cash generation and distribution 01 Our Strong Foundations & Growth Wayne Pickup 09:30 – 09:55 strength, and the destination we are building with the three business verticals Runway Managing Director & CEO th
Slide 4: Wayne Pickup, Managing Director & Chief Executive Officer
Wayne Pickup 2025 Appointed Appointed CEO of The Lottery Managing Director & Corporation in November 2025 Leading strategy refresh and operating model reset Chief Executive Officer 25 years in Lotteries Global lottery and digital “TLC starts from a position of operating experience strength, but ther
Slide 5: Strong Foundations
4 Strong Foundations Long-duration licences. National reach. Reliable cash generation. Wayne Pickup – Managing Director & Chief Executive Officer
Slide 6: TLC at a glance
TLC at a glance Scale, stakeholder returns, licence duration and customer growth runway Scale & financial strength $8.4bn $749m $366m c.$12bn Total turnover (FY25) EBITDA (FY25) NPAT (FY25) Market capitalisation Stakeholder $5.3bn $1.7bn $0.7bn returns Total prizes paid (FY25) Paid in state lottery
Slide 7: Our Investment Case
Our Investment Case: Strong infrastructure-like foundations with clear levers for accelerated growth T H E G R O W T H R U N W A Y : Three structural levers to accelerate growth PRODUCT DIGITAL TECHNOLOGY Product renewal Digital experience shift Data & AI-leverage STRONG FOUNDATIONS Licence-backed T
Slide 8: Victorian licence extension strengthens portfolio duration and certainty
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5, Cash Flow & Returns Our Victorian licence extension materially strengthens portfolio duration and certainty Lottery & Keno licence portfolio - renewal profile Landmark 40-year lottery licence Lotteries extens
Slide 9: Licences, regulation and trust reinforce long-duration market position
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5. Cash Flow & Returns Licences, regulation and trust reinforce TLC’s long-duration market position WHAT TRUST ENABLES Permission to operate & grow 03 TRUST • Trusted national brands give customers confidence to
Slide 10: Our brands are permission assets
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5. Cash Flow & Returns Our brands are permission assets - supporting trust, low-friction participation and the evolution to digitally-led entertainment Aided brand Game brand Role in portfolio Why it matters awa
Slide 11: Scaled distribution supports broader participation and stronger returns
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5. Cash Flow & Returns Scaled distribution supports broader participation, larger pooled games and stronger returns for governments, communities & distribution partners – elements that are difficult to replicate
Slide 12: Disciplined pricing and product levers underpin long term turnover growth
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5. Cash Flow & Returns Disciplined management of game pricing and product levers has underpinned long term turnover growth TLC Turnover – Proforma1 Lotteries and Keno (A$bn)2,3 COVID-19 CAGR: FY05 - FY25 Keno 4.
Slide 13: High-margin, capital-light model converts demand into free cash flow
Strong Foundations 1. Licences & Regulation 2. Brands 3. Distribution 4. Pricing & Yield 5. Cash Flow & Returns High-margin and capital-light model converts demand for licence-backed products into strong free cash flow, supporting targeted reinvestment and attractive shareholder returns Why the cash
Slide 14: Our Growth Runway
13 Our Growth Runway Building on our strong foundations to deliver new sources of growth Wayne Pickup – Managing Director & Chief Executive Officer
Slide 15: Where Australia Comes to Play
“Where Australia OUR VISION From a lottery operator to a digitally-led entertainment platform Comes to Play” A trusted home for lottery-style products, in retail and on device Preserving the licence-led, trust-based model that has underpinned our success, modernised for how Australians play today HO
Slide 16: TLC strategy on a page
TLC strategy on a page Three priorities turn the growth runway into an executable strategy CONSUMER PROPOSITION Where Australia Comes to Play PILLAR 1 PILLAR 2 PILLAR 3 Strengthen domestic Lead in digital Build a high-performance market position entertainment enterprise • Renew and grow the core lot
Slide 17: Clear ownership underpins disciplined and efficient execution
Clear ownership underpins disciplined and efficient execution Three distinct businesses supported by three enterprise service units Wayne Pickup Managing Director & Chief Executive Officer LOTTERY DIGITAL KENO ROLE: Building event anticipation at scale ROLE: Deepening the relationship between draws
Slide 18: Proprietary AI assets built on TLC data
Proprietary AI assets built on TLC data - delivering value across every business area AI is being embedded into how we grow customer value TLC AI philosophy: Practical, governed and Product & game optimisation LOTTERY value-led Revenue & innovation lever: Better forecasting, game design, prize struc
Slide 19: Key takeaways: TLC is built on strong foundations
KEY TAKEAWAYS TLC’s foundations The licence base is The growth levers 1 2 materially de-risked 3 are clear are strong TLC is built The business is built on a The Victorian licence Product renewal, digital experience uplift and foundation of long- extension lengthens on strong duration licences, trus
Slide 20: Lottery
19 Lottery Strengthening TLC’s licence-backed, core business Callum Mulvihill – Chief Operating Officer - Lottery
Slide 21: Callum Mulvihill, Chief Operating Officer Lottery
Callum Mulvihill FY27 incoming Chief Operating Officer Appointed Chief Operating Officer, Lottery from FY27 Commenced as Chief Commercial Officer Lottery in 2022 post demerger from Tabcorp. Now incoming COO, Lottery In Lotteries since 2006 Deep lotteries experience built across two decades MANDATE S
Slide 22: Lottery remains TLC's core business with clear value levers
Lottery remains TLC’s core business with clear levers to renew participation and grow customer value Lottery’s role in TLC’s growth story Three value levers Optimise and refresh the product portfolio Lottery supports TLC through: 1 Use pricing, matrix, draw frequency, prize design and targeted new f
Slide 23: Portfolio management has delivered consistent lottery revenue growth
Disciplined portfolio management has delivered consistent lottery revenue growth through jackpot cycles Recent game changes AP R 2 0 1 8 M AR 2 0 2 0 OCT 2020 M AY 2 0 2 2 M AY 2 0 2 3 M AY 2 0 2 4 M AY 2 0 2 5 NOV 2025 Pball MATRI X SFL Sat OZ Pball Wkday Sat Pball KEY MESSAGES ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Port
Slide 24: Opportunity to engage younger adult audiences via new formats
The core proposition remains strong Opportunity to drive growth by engaging younger adult audiences via new formats and experiences Lottery share of Games of Chance (GoC), by age cohort & game type (CY2025)1 % of age cohort participating in GoC in prior 12 months 35 - 65+ Highly engaged cohort, regu
Slide 25: Turnover growth managed through product and pricing levers
Turnover growth and customer engagement is being managed through a broad set of product and pricing levers THE ENGINE Player THE OUTCOME c.50 %1 Portfolio of ➔ products Prize × play style ➔ c.$7bn ➔ motivations Casual ➔ “What would you do if you won $100m?” Australian adult population play Annual li
Slide 26: A defined product roadmap
A defined product roadmap Simplify the portfolio, refresh the core and selectively add new reasons to play SIMPLIFY EVERYDAY FUN CORE PLAY BIG MOMENTS Fast, more frequent, high-engagement Affordable entertainment, attainable wins Creating moments that are unmissable & games that appeal to a broad au
Slide 27: Data and AI enables evidence-led portfolio decisions
Data and AI enables faster and more evidence-led portfolio decisions Building data and insight foundations now is setting up for PRODUCT & GAME OPTIMISATION long-term strategic portfolio optimisation Revenue & innovation lever NOW Optimal sequencing on game / portfolio top prize offers Optimise priz
Slide 28: Driving productivity from broad retail distribution network
Driving enhanced productivity from a very broad retail distribution network, providing customers with 3,862 points of sale Higher outlet density does not translate into higher per capita turnover STRATEGIC RESPONSE EVIDENCE Three moves to lift outlet value without expanding the Retail density vs per
Slide 29: Retail investments converting the unregistered player base
Ongoing retail investments continue our commitment to converting the ~4.3m unregistered player base through convenient digital touchpoints RETAIL AT A GLANCE RETAIL CUSTOMER ENGAGEMENT ~4.3m* unregistered players buying in-store Retail contribution 54% 1 to draw lottery sales Every lottery game driv
Slide 30: Digital enablement turns retail into customer acquisition engine
Digital enablement supports high ROI growth at scale by enabling retail to operate as a customer acquisition engine, not just a distribution channel DIGITAL PRIZE CLAIMING & QR RETAILER INCENTIVE AND ALIGNMENT DIGITAL AND DYNAMIC SIGNAGE CODES ON UNREGISTERED TICKETS ✓ DELIVERED → IN PIPELINE → IN P
Slide 31: Key takeaways: A durable core business
KEY TAKEAWAYS Product renewal Lottery is TLC’s licence- Growth is being 1 2 3 broadens backed core business actively managed participation Long-dated licences, Proven price, prize, A simpler portfolio – A durable trusted brands and broad distribution underpin resilient matrix, draw frequency and por
Slide 32: Digital
31 Digital Scaling TLC’s primary growth engine and innovation platform Loren Somerville – Chief Operating Officer - Digital
Slide 33: Loren Somerville, Chief Operating Officer Digital
Loren Somerville FY27 incoming Appointed Chief Operating Officer, Digital from FY27 Chief Operating Officer Joined as Chief Information Officer in 2022 post demerger from Tabcorp. Now incoming COO, Digital with end-to-end accountability for the Digital digital channel CDIO Youi Experienced technolog
Slide 34: Digital is TLC's primary growth engine and innovation platform
Digital is TLC's primary growth engine and innovation platform Digital’s role in TLC’s growth story Three value levers Grow Digital Revenue Digital is the key differentiator for TLC, enabling a growth profile that complements its stable base 1 Grow our core lottery business through scaling our acqui
Slide 35: Digital has a proven track record of winning share
Digital has a proven track record of winning share. Dedicated ownership accelerates the next phase of growth Digital starts from a position of strength, with material runway still to capture From FY27, Digital becomes a standalone unit that owns its results, and has a dedicated focus and TLC only (e
Slide 36: Headroom to grow digital penetration in Lottery
There is headroom to grow digital penetration in Lottery, with younger adult cohorts under-indexed and representing the most attractive growth segment Total digital sales mix by geography Adult participation in Australian gambling (CY25) Leading global lottery market precedents point to further digi
Slide 37: Competing for attention across the digital entertainment ecosystem
TLC is competing for attention and share of wallet across the broader digital entertainment ecosystem FRICTIONLESS One-tap everything (onboarding, education, purchase, repeat play) Instant gratification Our customer’s home screen is the playing field PERSONALISED Feels tailored and relevant We will
Slide 38: Winning the next generation through responsible product innovation
The next generation of players will be won through responsible product innovation aligned to their needs and evolving entertainment expectations Product innovation is focused on young adult audience (18-34 year olds) 37 | Investor Day 2026 Source: QuantumRun Foresight Research 2025, McCrindle Resear
Slide 39: The path to a best-in-class digital product experience
The path to a best-in-class digital product experience is clear Signature moments will create distinct experiences around the draw; Greenfield App expected within 12-18 months 5 Social Play Creating new ways to play with friends Greenfield App AI-powered personalised entertainment destination 3 Game
Slide 40: 1. Game Play
1. Game Play Transforming selection into play, exploration, and delight • Joy in every tap: excitement, nostalgia, and surprise built into the core flow • Moments worth returning for: memorable interactions that pull players back • Built for everyone: light enough for casual players, rich enough for
Slide 41: 2. The Reveal
Sam to update for Investor Day 2. The Reveal A dynamic, in-app draw moment turns every reveal into something you can feel • A Moment, Not a Notification: A dynamic, in-app draw reveal that builds anticipation and turns results-checking into an event • A New Engagement Surface: The reveal moment open
Slide 42: 3. Social Play
Remove Sam to update for Investor Day Class 1B 3. Social Play New ways to play with friends, turning every player into a network • End-to-End Digital: Create a syndicate, add players, and play together - all in the app • Built-In Virality: Rich invites and re-shares turn every syndicate into an acqu
Slide 43: 4. Auto-Play 2.0
New visual under development 4. 4 Auto-Play 2.0 Building the recurring revenue engine - easier to start, smarter over time. • Easier to Start: A frictionless setup flow that turns one- off players into subscribers in a few taps • Smarter Over Time: Personalised nudges, reminders, and recommendations
Slide 44: AI at the heart of how we build the experience
AI will be at the heart of how we build this experience, enabling us to deliver faster, learn quicker, and continuously raise the bar for our customers F RO N T I E R AI IN THE PRODUCT AI reshapes what we build for ● What we build for customers CUSTOMER RETURN customers and how we build it Intellige
Slide 45: Key takeaways: Digital is primary growth engine
KEY TAKEAWAYS Long growth runway Digital broadens App-driven UX 1 2 participation 3 transformation Digital is TLC’s ahead Significant market Strengthening core lottery Will give customers more reasons to engage, more primary growth headroom, stronger participation and is the relevance with younger g
Slide 46: Q&A Panel #1
45 Q&A Panel #1 Wayne Pickup – Managing Director & Chief Executive Officer Callum Mulvihill – Chief Operating Officer, Lottery Loren Somerville – Chief Operating Officer, Digital 45 | Investor Day 2026
Slide 47: Keno
46 Keno Modernising a licensed venue-led, social play asset Antony Moore – Chief Operating Officer - Keno
Slide 48: Antony Moore, Chief Operating Officer Keno
Antony Moore FY27 Incoming Appointed Chief Operating Officer, Chief Operating Officer Keno from FY27 Commenced as Chief Channel Officer in 2022 post demerger from Tabcorp. Now Keno incoming COO, Keno with accountability for the venue-led growth agenda 2011 Tatts Group Experienced retail and FMCG exe
Slide 49: Keno's growth model rebuilt around licensed venues
Keno’s growth model is being rebuilt around licensed venues, simpler social play, known customer relationships and stronger network economics Keno’s role in TLC’s growth story Four value levers Modernise the platform Keno is TLC’s long duration, venue-led participation asset, now managed by a dedica
Slide 50: Retail keno growth momentum provides a strong base
Retail keno growth momentum provides a strong base from which to build the venue-led model TURNOVER BY CHANNEL ($bn) 1 RETAIL STRENGTH 1.6 Retail continues to hit new turnover highs 1.6 1.5 0.2 Total Keno turnover up 4.6% vs pcp in FY25, with retail up 8.1%. 1.4 0.2 0.2 1H26 results demonstrate the
Slide 51: Keno market opportunity and venue headroom
Market opportunity Keno has headroom in the venues and audiences already within its reach Venue headroom Adjacent venue behaviours demonstrate the audience exists TLC Keno venue network penetration by state (FY25) Current TLC venues vs unserved licensed venue headroom EGMs participants ~4.2m Custome
Slide 52: A modern Keno platform enables faster product change
A modern Keno platform enables faster product change, lower cost-to-serve and known venue customers What modernisation enables Legacy platform limits growth THE ENABLING PLATFORM Keno Gaming System (back-end) + modern digital front ends • Built for a terminal-led model, now reaching end-of-life Lowe
Slide 53: BYOD turns anonymous venue play into known customers
BYOD turns anonymous venue play into known customer relationships The BYOD model* proposes that customers can play on their own device keeping the moment social, while TLC benefits from improved customer engagement which enables stronger retention and enhanced responsible play visibility Elements of
Slide 54: Keno simpler, easier to play and more social
Keno will be simpler to understand, easier to play and more social for in- venue audiences PRODUCT A simpler, more focused portfolio • Rationalise the product set and phase out long tail formats as the new Keno Gaming System comes online BRAND A more social in-venue identity • Refresh the brand, com
Slide 55: Network growth will be disciplined
Network growth will be disciplined: lift venue productivity first, then expand selectively Lift returns from the installed base, match the access model to venue economics, then expand selectively where customer demand supports returns NETWORK 1 Lift venue productivity 2 Lower cost-to-serve 3 Expand
Slide 56: Key takeaways: Keno modernised as venue-led asset
KEY TAKEAWAYS Keno is being Keno remains a valuable 1 licensed venue asset Federal policy reform 2 sharpens the venue-led mandate Known venue customers 3 are the growth model modernised licensed access, long- standing venue Proposed online Keno reform reinforces the BYOD, cashless payments and regis
Slide 57: Finance
56 Finance Disciplined capital allocation funding growth and reliable shareholder returns Adam Newman – Chief Financial Officer
Slide 58: Adam Newman, Chief Financial Officer
2022 at TLC Adam Newman Foundation Chief Financial Officer of The Lottery Corporation Commenced at TLC at the demerger from Chief Financial Officer Tabcorp in 2022; central to standing up the standalone listed entity and finance functions 2019 pre-demerger Played a key role in the demerger and creat
Slide 59: Earnings model benefits from regulated returns and digital mix
TLC’s earnings model benefits from regulated returns underpinned by long-dated licences and digital mix shift Composition of a typical lottery ticket1 Digital mix shift has been a key contributor to Lotteries VC TLC margin margin growth (each 1% lift in digital share = c.$6m in EBITDA) Digital: 20.5
Slide 60: High margin, capital light model with variable cost structure
A high margin, capital light business model with a variable cost structure and high barriers to entry, supporting strong cash generation Group: FY25 ($m) 64% of Turnover 8,381 32% of turnover 713 3,749 4% of (5,345) Turnover 1,056 749 835 (2,693) (307) Turnover Return to Player Commissions Revenue V
Slide 61: New operating model creates opportunity to reinvest
New operating model creates opportunity to reinvest in priority growth investments; target is to limit annual opex growth to below normalised revenue growth over time Operating expenses (FY25) FY26 Guidance People 51% Technology & 18% Opex1 $300 - $310m Communications Previous: $310 - $320m Advertis
Slide 62: Victorian licence extension with a clear debt funding plan
The 40-year Victorian licence extension structurally strengthens the business, with a clear debt funding plan S&P1 BBB+ rating reaffirmed on structural derisking; over 90% of lotteries turnover now licensed until at least 2050 Increase in leverage to Increase in S&P downgrade Business risk profile (
Slide 63: Disciplined capital allocation framework
A disciplined capital allocation framework to fund the business, invest for growth and deliver superior shareholder returns Driving Operating Operating Capital Game Portfolio Updated to reflect impacts of Cash Flow Efficiency Productivity Management Victorian licence extension • Material increase in
Slide 64: Key takeaways: De-risked licence base, high-quality cash flows
KEY TAKEAWAYS A de-risked Core investment The Victorian licence High-quality economics 1 qualities remain 2 extension materially 3 support strong cash licence base, intact de-risks duration generation TLC combines high The 40-year extension Regulated ticket high-quality cash barriers to entry, long-
Slide 65: The Path Ahead
64 The Path Ahead Strong foundations. Clear growth levers. Disciplined execution. Wayne Pickup – Managing Director & Chief Executive Officer
Slide 66: How TLC will seek to compound value
How TLC will seek to compound value 01 02 03 04 05 More known customers Deeper engagement Stronger economics Modernise Keno Strengthen licence value • Bring new digital • Leverage new formats, • Margin expansion from • New technology platform • Active engagement, customers into stronger game mechani
Slide 67: Strong foundations, positioned to grow
Strong foundations, positioned to grow THE FOUNDATION IS STRONGER THE GROWTH LEVERS ARE CLEAR EXECUTION IS UNDERWAY Clear ownership, disciplined Licence backed, reliable cash Product, digital and investment and measurable generation and distribution rich technology-led upside delivery • Victorian li
Slide 68: Q&A Panel #2
Q&A Panel #2 Antony Moore – Chief Operating Officer, Keno Adam Newman – Chief Financial Officer Wayne Pickup – Managing Director & Chief Executive Officer 67 | Investor Day 2026
Slide 69: Glossary
Glossary Term Definition Term Definition 1H/2H Six months ended 31 December/30 June of the relevant financial year Jackpot games Powerball and Oz Lotto A game of chance that is played approximately every three minutes and represents one ACT Australian Capital Territory Keno of the Group’s two report
Slide 70: Disclaimer
Disclaimer This presentation (Presentation) contains summary information about the current activities of The Lottery Corporation Limited (The Lottery Corporation or TLC) and its subsidiaries. It should be read in conjunction with The Lottery Corporation’s other periodic and continuous disclosure ann
Slide 71: The Lottery Corporation
The % Lottery Corporation