• Group revenue up 10.1% to $1,331.3m, EBITDA up 12.0% to $190.2m
• Wagering & Media EBITDA up 16.9% driven by Victorian Licence reforms
• Continued focus on cost discipline, with $30m in FY25 opex savings targeted
• Strong cash flow generation, with leverage reduced to 2.2x

Tabcorp has reported strong financial results for the first half of FY25, with group revenue up 10.1% to $1,331.3m and EBITDA up 12.0% to $190.2m. The Wagering & Media segment was the key driver, with EBITDA increasing 16.9% to $156.7m, benefiting from the reforms to the Victorian Wagering and Betting Licence that came into effect on 16 August 2024. The company continues to focus on cost discipline, with $30m in FY25 opex savings targeted, up from the previous guidance of $20m. This includes a review of all capital expenditure, a zero-based cost design review, and optimisation of discretionary spend and procurement. Capex guidance for FY25 has been reduced to $110m-$120m.Tabcorp also delivered strong cash flow generation in 1H25, with operating cash conversion of 108% (88% on an underlying basis). This has allowed the company to reduce its leverage to 2.2x net debt/EBITDA, providing flexibility to pursue growth opportunities.The company's strategic evolution continues, with a focus on unlocking the potential of its unique set of assets across digital, retail, media, and the tote business. Key priorities include omnichannel integration, personalised customer offers, modernising retail, and growing the value of the company's media assets globally.Overall, Tabcorp has delivered a strong 1H25 performance, demonstrating the benefits of its strategic initiatives and the resilience of its business model.

Tabcorp remains focused on executing its strategic priorities, including delivering operational efficiencies, driving growth from its unique set of assets, and maintaining financial discipline. The company is well-positioned to navigate the current soft trading environment and capitalise on opportunities as the Australian wagering market evolves.