Full Year Results - Investor Presentation

• New leadership team and structure driving improved execution and outcomes
• Reformed Victorian Wagering and Betting Licence delivering $83.7m EBITDA uplift
• Continued focus on cost and capital discipline, with $39m in opex savings delivered

Tabcorp has delivered a strong set of financial results for the 2025 financial year, with Group revenue up 11.8% to $2,614.6m, EBITDA up 23.2% to $391.5m, and EBIT up 93.7% to $188.7m. The company's new leadership team and structure, along with the benefits of the reformed Victorian Wagering and Betting Licence, have been key drivers of the improved performance. Opex savings of $39m were delivered in FY25, ahead of previous guidance, through a zero-based cost design approach. Capex was reduced from $151m in FY24 to $115m in FY25, demonstrating the company's focus on disciplined capital allocation. Tabcorp's strategy has continued to evolve, with key initiatives being implemented including Phase 1 of the Retail commercial model, a Tap-In-Play trial in NSW, and the development of a National Tote. The company's Integrity Services business also delivered a strong performance, with EBITDA up 5.8% to $62.4m. Tabcorp's investment in Dabble Sports has performed strongly, contributing $3.8m in equity accounted profit in FY25. Overall, Tabcorp has demonstrated its ability to execute on its strategic priorities and deliver improved financial and operational outcomes.

Tabcorp expects to deliver EBITDA of around $406.5m in FY26, with capital expenditure forecast to be in the range of $120m to $140m and depreciation and amortisation in the range of $215m to $225m.

Tabcorp is focused on continuing to drive growth, efficiency, and margin improvement across its business. The company's evolved strategy, including the implementation of key initiatives, is expected to support further value creation for shareholders.