betr Entertainmen (BBT) H2 2026 earnings summary

Executive summary

• Achieved a decisive turnaround in H2 FY26, with normalised EBITDA improving by $19.3 million from H1 to H2 and positive operating cash flow of $2.6 million in Q4 for the first time since 2021.

• FY26 marked by deliberate investment, brand relaunches, product innovation (including Wildcards and Live Tracker), and improved customer economics, driving market share gains and engagement.

• Entered FY27 with strong momentum, increased turnover, customer acquisition, engagement, and a leaner cost base, aiming for positive normalized EBITDA and operating cash flow.

• Positioned for profitable growth and long-term shareholder value, supported by strong controls and advanced data capabilities for regulatory transitions.

Financial highlights

• FY26 turnover grew 12.3% year-over-year to $1,594.7 million; gross win increased to $215.7 million; net win rose to $158.1 million.

• Net win margin was 9.9%, down 0.5 percentage points year-over-year due to industry-wide customer-friendly results in H1, which reduced EBITDA by about $7 million.

• FY26 normalized EBITDA loss was $7.1 million, with H2 delivering a positive $6.1 million normalized EBITDA.

• Gross profit was $60.5 million, down 1% year-over-year, representing 42% of wagering revenue.

• Cash and cash equivalents at year-end were $27.6 million, down from $104.9 million, reflecting investments and share buybacks.

Outlook and guidance

• FY27 normalized EBITDA guidance is $13–$19 million, with positive operating cash flow expected for the full year, weighted to H2.

• Early FY27 trading shows over 20% turnover growth and a 97% increase in new customers versus PCP.

• Marketing spend will normalize to historical levels ($22–$25 million), down from the elevated FY26 investment.