PointsBet (PBH) H1 2026 earnings summary

Executive summary

• MIXI Australia Pty Ltd acquired a 66.4% controlling stake, resulting in board reconstitution and integration of financial reporting and compliance with MIXI from October 2025.

• Group revenue for H1 FY26 rose 4% year-over-year to $129.3m, driven by iGaming growth.

• Normalised EBITDA loss was $(3.3)m, flat year-over-year, as revenue gains were offset by increased product fees and taxes.

• Net loss after tax widened to $22.2m from $17.2m in the prior period, reflecting higher expenses and significant one-off costs.

Financial highlights

• Gross profit was $64.2m, down 1% year-over-year, with gross profit margin declining to 49.6% from 52.2%, impacted by higher product fees and taxes in Australia and increased data feed costs in Canada.

• Cash and cash equivalents at 31 December 2025 were $26.1m, with $8.9m in corporate cash.

• Net loss for the period was $22.2m, a 29% increase from the prior year.

• Total assets decreased to $62.0m from $73.2m at June 2025.

• Basic and diluted loss per share was 6.4 cents, compared to 5.2 cents in the prior period.

Outlook and guidance

• Preparation underway for a change in financial year end to 31 March to align with MIXI.

• Registration process in Alberta, Canada commenced, with go-live expected in H2 CY26; upgraded iGaming platform due H1 CY26.

• Existing cash reserves deemed sufficient to support operations for at least 12 months; additional funding options available if needed.