• Group Revenue of $1,344.9m, up 1.0% on 1H25
• Group EBITDA of $217.4m, up 14.3% on 1H25
• Domestic wagering turnover increased by 0.3%, including Sport turnover up 6.9% and Digital-In-Venue (DIV) turnover up 12.3%
• Underlying cost reduction of 3.7%, delivering positive operating leverage and a 190bps improvement in EBITDA margin to 16.2%

Tabcorp Holdings Limited (Tabcorp or the Company) has reported its 1H26 results, highlighting that it is a more consistent company with greater capability. Group Revenue of $1,344.9m was up 1.0% on 1H25, and Group EBITDA of $217.4m was up 14.3% on 1H25. The growth in earnings was driven by a modestly improving turnover environment, cost and capital discipline, and a full period of benefits from the reformed Victorian Wagering and Betting Licence. Domestic wagering turnover increased by 0.3%, including Sport turnover up 6.9% and Digital-In-Venue (DIV) turnover up 12.3%. Underlying operating expenses reduced 3.7% when compared to 1H25, delivering positive operating leverage and a 190bps improvement in EBITDA margin to 16.2%. The Company's digital, retail and media assets are more closely connected, creating a genuine omnichannel experience for customers. Key strategic initiatives progressed in 1H26 include the development of a new retail commercial model, a unique in-play product offering, and a National Tote. Tabcorp's balance sheet is in a strong position, with reported leverage of 1.5x and improved diversity of funding following a successful $300m 5.5 year AMTN issuance.

Tabcorp expects the wagering turnover environment in the second half of FY26 to be similar to the first half. Capex is expected to be in the range of $120m-$140m, and Depreciation and amortisation is expected to be in the range of $210m-$220m. Due to its current franking credit balance, Tabcorp is unlikely to be in a position to frank dividends in the near term.

Tabcorp's focus remains on executing against its evolved strategy, including delivery of unrivalled omnichannel experiences for customers. The Phase 1 changes to the retail commercial model are expected to yield some benefit in FY26, however these benefits are expected to be largely reinvested into venues to drive increased customer engagement. The Company will maintain its heightened focus on cost management in FY26 to partially offset inflationary pressures. In 2H26, the Company expects to incur additional operating expenses of approximately $5m in relation to advertising and promotion investment for the 2026 FIFA World Cup.