PointsBet (PBH) H2 2025 earnings summary

Executive summary

• Achieved record group net revenue of $261.4 million, up 6% year-over-year, and first-ever normalized EBITDA profitability of $11.2 million, within guidance range.

• Board unanimously recommends Mixi Australia's unconditional all-cash takeover offer of $1.25 per share, representing a 50.6% premium to pre-announcement price, with payments to accepting shareholders commencing immediately.

• Betar's hostile, all-scrip offer is not recommended due to lack of control, questionable synergies, inferior business fundamentals, and low liquidity of Betar shares.

• Mixi Australia holds a 47.34% interest, making Betar's bid unlikely to succeed.

Financial highlights

• Group revenue reached $261.4 million, up 6% year-over-year; gross profit was $137 million at a 52.4% margin.

• Normalized EBITDA for FY25 was $11.2 million, a $13 million improvement year-over-year, marking the first full-year gross profitability.

• Group net win rose 6% to $283.6 million; sports betting net win up 4%, iGaming net win up 39% year-over-year.

• Net operating cash flows (excluding player cash) were $13.6 million, up from $6.6 million in the prior year.

• Statutory loss for the year narrowed to $18.2 million from $39.6 million; basic loss per share improved to (5.5)c from (12.5)c.

Outlook and guidance

• Alberta is expected to go live in Q4 FY26, providing further growth opportunities in Canada.

• The regulated Canadian market is anticipated to continue delivering market growth tailwinds.

• Board expects Mixi Australia to gain effective control post-offer, with share price likely to fall if no superior proposal emerges.