• Revenue up 1% to $1,344.9m
• EBITDA up 9.3% to $199.9m
• NPAT down 14.2% to $21.7m due to higher tax expense

Tabcorp Holdings Limited has reported its financial results for the half year ended 31 December 2025 (1H26). The Group recorded revenue of $1,344.9m, up 1.0% on the prior corresponding period (pcp), reflecting the full six-month benefit of the reformed Victorian Wagering and Betting Licence, partially offset by the impact of below average wagering yields. EBITDA was $199.9m, up 9.3% on the pcp, and EBIT was $92.7m, up 8.5% on the pcp. The growth in EBITDA and EBIT was driven by a modestly improving wagering turnover environment, strong cost discipline, and earnings growth in Integrity Services. NPAT was $21.7m, down 14.2% on the pcp, impacted by an increase in tax expense to $23.5m. Significant items included a $5.7m expense related to the Victorian Licence transitional arrangements, and costs to implement a long-term strategic technology transformation program. The Group's balance sheet remains strong, with net debt of $631.2m and leverage of 1.5 times. Wagering and Media revenue was $1,253.2m, up 0.8%, with EBITDA of $181.4m, up 15.8%, reflecting improved trading conditions and the commencement of the reformed Victorian Licence.