H1 FY25 Results & Investor Presentation

• EBITDA positive in 1H25, ahead of schedule, driven by accelerated synergy gains and strong trading performance
• Cost synergies were more than 20% ($2.9m) higher and realised on a more aggressive timetable than initially anticipated
• Accelerating Turnover, Net Win and Active Customer momentum post-migration including record Gross Win and Net Win rates

BlueBet Holdings Ltd (ASX: BBT) has reported a strong H1 FY25 performance, delivering EBITDA profitability ahead of schedule. The company's results were driven by accelerated synergy gains, strong trading performance, and improved Net Win Margin. Key highlights include:- Rapid rebrand and migration of betr customers to the BlueBet platform, establishing a repeatable model for further inorganic growth- EBITDA positive in 1H25, ahead of schedule, driven by accelerated synergy gains and strong trading performance- Cost synergies were more than 20% ($2.9m) higher and realised on a more aggressive timetable than initially anticipated- Accelerating Turnover, Net Win and Active Customer momentum post-migration, including record Gross Win and Net Win rates- Normalised EBITDA positive for the half with the strategic reactivation of the betr database and personalised promotions contributing to an attractive normalised Net Win margin of 10.8%- 144,697 Cash Active clients, a 20% increase from the previous quarter, affirming continued opportunity from ongoing Actives growth while preserving Net Win marginThe company also announced the strategic acquisition of TopSport, a material acquisition that is expected to drive over 30% EPS accretion in FY26 and FY27. The acquisition will significantly increase BlueBet's scale, with TopSport's H1 FY25 turnover representing around 30% of betr's turnover. The transaction is a 'bolt-on' acquisition, with BlueBet only acquiring the assets it requires to maintain and grow Net Win from TopSport customers, resulting in a very high conversion of Net Gaming Revenue to EBITDA.

The company expects H2 marketing expense to be in line with H1 FY25 levels.

BlueBet is well-positioned to accelerate its profitable growth, leveraging its differentiators such as market-leading data models, personalization engine, CRM, and account management capabilities. The company is ready to execute further M&A opportunities, with a proven 'playbook' to drive consolidation in the fragmented wagering market.