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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tabcorp
Tabcorp (TAH) investor relations material
Tabcorp H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary26 Aug, 2026
Executive summary
Group revenue grew 0.8% year-over-year to $2,636.3M, with EBITDA up 10.3% to $431.7M and NPAT before significant items up 43.6% to $71.1M, reflecting strong cost control and execution of strategic initiatives.
Strategic milestones included the launch of new products, agreement on a National Tote, rollout of Next-Gen betting terminals, and the launch of TAB LIVE, positioning for future growth.
Announced acquisition of BetMakers to modernize technology and drive global B2B growth, targeting completion in 3Q FY27 and $30M in cost synergies by Year 2.
Maintained strong cost discipline, reducing underlying operating expenses by 0.8% and improving EBITDA margin by 140bps to 16.4%.
Continued focus on culture, leadership, compliance, and uplift in financial crime and cybersecurity capabilities, including ongoing AUSTRAC investigation.
Financial highlights
Revenue increased 0.8% to $2,636.3M; EBITDA up 10.3% to $431.7M; EBIT before significant items up 15.9% to $218.7M; statutory NPAT up 26.5% to $46.3M.
Adjusted EPS grew 33% to 5.2cps; full year dividend increased 50% to 3.0cps, representing a 58% payout ratio.
Operating cash conversion at 93%, with underlying cash conversion at 98%.
Capex of $140M in FY26, with 71% allocated to growth and transformation; further increase to up to $160M expected in FY27.
ROIC improved by 240bps to 12.0%; leverage reduced to 1.2x; liquidity at $1,161M; average debt maturity extended to 4.9 years.
Outlook and guidance
Domestic wagering turnover growth in FY27 expected to be broadly consistent with FY26, excluding FIFA World Cup impact.
FY27 EBITDA anticipated to benefit from Next-Gen terminal rollout and Phase 2 retail model changes.
Opex growth guided at 3%-3.5% for FY27, with about half related to regulatory/risk uplift and loyalty programs.
Capex expected to increase up to $160M in FY27; D&A forecast at $225M–$235M.
BetMakers acquisition completion targeted for 3Q FY27, subject to regulatory and other conditions.
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Latest events from Tabcorp
- Acquisition accelerates tech modernization, global B2B growth, and targets $30m cost synergies.TAH
M&A announcement - EBITDA up 14.3% and NPAT before significant items up 61.5% on 1.0% revenue growth.TAHH1 2026
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- Tabcorp drives growth through digital, retail, and media innovation under new leadership.TAHCompany Presentation
- Double-digit revenue and EBITDA growth, led by Victorian Licence and cost savings.TAHH1 2025
Next Tabcorp earnings date
AGM 202629 Oct, 2026
Tabcorp
Next Tabcorp earnings date
AGM 202629 Oct, 2026
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Frequently asked questions
Tabcorp Holdings Limited is an Australia-based company specializing in gambling entertainment. It operates across various segments, including Wagering and Media, and Gaming Services. The Wagering and Media segment is responsible for totalizator and fixed odds betting, managing a retail wagering network, and overseeing global racing media businesses. Tabcorp Holdings Limited is headquartered in Melbourne, Victoria, Australia, and its shares are listed on the Australian Securities Exchange (ASX).