betr Entertainmen (BBT) Q1 2027 earnings summary

Executive summary

• Q1 FY27 turnover rose 19.1% YoY to AUD 432.3m; Net Win rose 1.0% to AUD 38.4m despite customer-friendly results.

• October trading rebounded, reversing more than half of the Q1 results-related cash impact.

Financial highlights

• Gross Win was AUD 53.5m, up 3.2% YoY; Net Win was AUD 38.4m, up 1.0%.

• FYTD turnover was AUD 568.5m, up 15.9%; Gross Win was AUD 74.4m and Net Win was AUD 54.1m, up 14.9%.

• Net cash used in operating activities was AUD 6.8m; investing activities used AUD 2.4m, including AUD 2.1m for intangibles.

• Closing cash was AUD 18.5m, including AUD 11.1m in client balances; available cash was AUD 7.4m.

• Supplier and employee payments were AUD 43.9m, including AUD 5.3m in marketing; intangible payments included Wildcards platform development.

Outlook and guidance

• FY27 normalised EBITDA guidance remains AUD 13m–AUD 19m, excluding one-off costs and share-based payments; positive operating cash flow is reaffirmed and weighted to H2.

• Guidance assumes historical Net Win margins above 10% and no material regulatory, tax or cost-of-sales changes.

• To 26 October, turnover was AUD 136.2m, up 6.9% YoY; Net Win was AUD 15.7m, up 73.3%, with an 11.5% margin, up 4.4pp.

• At forecast turnover and margin, operating and total cash are expected to turn positive in Q3 and build through Q4.

• Full-year Net Win margin is expected in the mid-10% range; turnover growth is expected to outpace the market but remain below Q1's 19% rate.