The Lottery Corporation
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The Lottery Corporation (TLC) investor relations material

The Lottery Corporation H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary17 Feb, 2026

Executive summary

  • Delivered resilient financial results despite the weakest jackpot environment since ASX listing, with a $400m turnover impact, supported by strong underlying business fundamentals and a robust balance sheet.

  • Interim dividend of 8.0 cents per share, fully franked, representing a 103% payout ratio, matching the prior period.

  • Strategic focus on accelerating digital transformation, local market growth, and disciplined capital allocation to unlock further value.

  • Leadership transition with new CEO emphasizing digital growth, innovation, and license management.

  • Strong free cash flow and balance sheet support ongoing investment and flexibility for organic growth opportunities.

Financial highlights

  • Group revenue increased 2.0% year-over-year to $1,815.0m, with EBITDA at $367.0m, down 0.7% year-over-year.

  • Net profit after tax was $173.3m, down 1.4% year-over-year; EPS was 7.8 cents, a 1.3% decrease.

  • Free cash flow remained strong, with net cash flows from operating activities at $219.7m.

  • OpEx increased 2.9% to $146m, reflecting product changes and higher employee costs.

  • CapEx for the half was $34m, with a full-year target of $90–100m focused on digital and retail upgrades.

Outlook and guidance

  • FY26 guidance: operating expenses of $310–$320m, D&A of $110–$115m, and CapEx of $90–$100m, with second-half weighting due to advertising, technology, and project costs.

  • Continued disciplined cost management with OpEx growth below inflation.

  • CapEx to ramp up in the second half, aligned with digital and core transformation initiatives.

  • Ongoing investment and flexibility for organic growth opportunities supported by a robust balance sheet.

  • Next game refresh for Set for Life expected in September 2026, subject to regulatory approvals.

What offset the $400m jackpot turnover impact
Digital share growth drivers despite low jackpots
Set for Life refresh: expected impact on revenue
Digital growth faster: What specific initiatives?
What is the outlook for foreign matched lottery regulation?
Beyond jackpots: How to drive entertainment?
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Frequently asked questions

The Lottery Corporation Limited, headquartered in Brisbane, Queensland, Australia, is the nation's premier lottery and keno operator. Established in 1881, the company has a long-standing history in the Australian gaming industry. It operates under well-known brand names such as The Lott and Keno, offering a wide range of lottery and keno games. These brands are synonymous with popular games like Powerball, Oz Lotto, TattsLotto, and more, which are distributed through a vast network of venues across Australia. The company is headquartered in Brisbane, Australia, and its shares are listed on the Australian Securities Exchange.

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