betr Entertainmen (BBT) H1 2026 earnings summary

Executive summary

• Achieved 25% turnover growth in H1 FY26, significantly outpacing the market by over 4x on underlying business growth, excluding TopSport acquisition.

• H1 EBITDA loss of AUD 13.2 million, driven by customer-friendly results during peak wagering and front-weighted strategic investments in brand, product, and technology.

• Net loss after tax was AUD 32.2 million for the half-year, compared to a AUD 0.5 million loss in the prior period.

• Active customer base expanded, with strong engagement from higher value and recreational customers; active cash clients reached 163,504.

• Major investments in brand, product, and technology are largely complete, positioning the business for improved efficiency and profitability in H2.

Financial highlights

• H1 turnover reached AUD 807.3 million, up 25.2% year-over-year; underlying turnover growth (excluding Top Sport) was about 13%, four times estimated market growth.

• Net Wagering Revenue grew to AUD 68.9 million; Net Win for the half was AUD 75.8 million, up 12.5% year-over-year.

• Normalized EBITDA loss of AUD 13.2 million, impacted by AUD 7 million in customer-favorable results and front-weighted marketing investment.

• Statutory loss after tax: AUD 32.2 million; total comprehensive loss: AUD 54.3 million, including a AUD 21.4 million fair value loss on PointsBet investment.

• Cash and cash equivalents at period end: AUD 40.8 million, down from AUD 104.9 million at June 30, 2025.

Outlook and guidance

• H2 FY26 normalized EBITDA expected between AUD 5 million and AUD 8 million; FY27 guidance of AUD 13–19 million, based on existing business and modest industry growth.

• Guidance does not rely on further M&A, but company retains optionality for inorganic growth in a consolidating market.

• Marketing spend in H2 will be materially lower as benefits from H1 investments are realized.

• Directors consider the PointsBet investment strategically attractive and intend to hold it for the long term.

• The extension of the NAB loan facility maturity to July 2027 supports ongoing liquidity.