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betr Entertainmen (BBT) investor relations material
betr Entertainmen H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 25% turnover growth in H1 FY26, significantly outpacing the market by over 4x on underlying business growth, excluding TopSport acquisition.
Major investments in brand, product, and technology are largely complete, positioning the business for improved efficiency and profitability in H2.
Active customer base continued to expand, with product innovation focused on Same Game Multi offerings to attract younger demographics.
H1 EBITDA loss of $13.2 million driven by customer-friendly results during peak wagering and one-off strategic investments.
Net win margins normalized by December and January, returning to historical trends, but February was slightly behind due to customer-friendly Group 1 racing results.
Financial highlights
Overall turnover reached AUD 807.3 million, up 25.2% year-over-year; underlying turnover growth (excluding Top Sport) was approximately 13%.
Net Wagering Revenue grew 8% to AUD 68.9 million; Net Win for the half was AUD 75.8 million, up 12.5% year-over-year.
Gross profit was $25.9 million, down 13% due to lower win margins and higher cost of sales.
Normalized EBITDA loss of AUD 13.2 million for the half, compared to a $1.7 million profit in the prior period.
Statutory loss after tax was $32.2 million, compared to $0.5 million in H1 FY25.
Cash and cash equivalents at period end were $40.8 million, down from $104.9 million at June 30, 2025.
Net operating cash outflow was $18.5 million, including $3.5 million in transaction costs.
Outlook and guidance
H2 FY26 normalized EBITDA expected between AUD 5 million and AUD 8 million, assuming historical net win margins and no material regulatory or cost changes.
FY27 normalized EBITDA guidance in the range of AUD 13 million to AUD 19 million, based on existing business and modest industry turnover growth.
Guidance does not rely on further step change assumptions or M&A, but company retains optionality for inorganic growth and value-accretive M&A.
Marketing spend in H2 will be materially lower as benefits of front-weighted investment are realized.
Directors consider the PointsBet investment strategically attractive and intend to hold it for the long term.
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