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Tabcorp (TAH) investor relations material
Tabcorp H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for 1H26 rose 1.0% year-over-year to AUD 1.34 billion, reflecting the full benefit of the reformed Victorian Wagering Licence and improved omni-channel execution.
EBITDA before significant items increased 14.3% to AUD 217.4 million; EBIT before significant items rose 18.9% to AUD 110.2 million, driven by cost control and strategic initiatives.
NPAT before significant items grew 61.5% to AUD 35.7 million, while statutory NPAT declined 14.2% due to significant items and higher tax expense.
Strategic initiatives included the rollout of a National Tote, new product launches, refreshed brand targeting younger audiences, and acquisition of VIC & SA thoroughbred media rights.
Technology upgrades and regulatory milestones, such as ACMA clearance for TAB Live, position the business for further growth.
Financial highlights
Group EBITDA margin improved by 190bps to 16.2% before significant items.
Operating expenses decreased 1.1% year-over-year; underlying opex reduced 3.7% adjusting for the Victorian Licence.
Interim unfranked dividend of AUD 0.015 per share declared, up 50% on PCP, with a 56% payout ratio.
CapEx was AUD 50.8 million in H1, down from AUD 57.4 million in H1 FY25, with 71% allocated to growth and transformation.
ROIC improved by 360bps to 10.5%.
Outlook and guidance
Wagering turnover environment expected to remain similar in the second half, with modest growth anticipated.
FY26 CapEx forecast unchanged at AUD 120–140 million, with increased spend in H2 for modernized betting terminals and TAB Live rollout.
Full-year cash conversion expected between 90% and 100%; D&A expected at AUD 210–220 million.
Phase 1 retail model benefits to be reinvested to drive customer engagement; additional AUD 5 million opex for FIFA World Cup advertising in H2.
No debt maturities until FY28; dividends unlikely to be franked in the near term.
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