Half year results presentation

• Cost control delivering positive operating leverage with a 190bps improvement in EBITDA margin to 16.2%
• Capex of $51m, down from $57m in 1H25
• ROIC improvement of 360bps to 10.5%

Tabcorp has reported a strong set of results for the first half of FY26, with cost control driving positive operating leverage, reduced capital expenditure, and improved return on invested capital. Group revenue increased 1.0% to $1,344.9m, while EBITDA was up 14.3% to $217.4m and EBIT rose 18.9% to $110.2m. NPAT before significant items increased 61.5% to $35.7m. The company's focus on cost and capital discipline has delivered a 190bps improvement in EBITDA margin to 16.2%, with capex reduced from $57m in 1H25 to $51m in 1H26. ROIC improved by 360bps to 10.5%. Tabcorp continues to execute on its strategic initiatives, with strong performance in its digital, retail, and media businesses. The company has made progress on key projects such as TAB Live, the new retail commercial model, and the development of a National Tote. Tabcorp remains focused on building a high-performance culture, delivering unrivalled omnichannel experiences, and maintaining a structurally profitable retail business.

Tabcorp expects FY26 capex to be in the range of $120m to $140m, with depreciation and amortisation forecast to be $210m to $220m.

Tabcorp is focused on continuing to execute its strategic initiatives, with a strong emphasis on cost and capital discipline, driving growth from its unique set of assets, and delivering unrivalled omnichannel experiences for customers.