Tabcorp reported a 1% year-on-year (YoY) revenue increase for the first half of 2025-26, with the operator pointing to the new licence in Victoria and “below average wagering yields” for the flat growth.
Revenue stood at A$1.3bn (£681.6m), a slight increase from last year’s reported figure. Despite the revenue small increase, shares spiked 23.5% following the results release to A$1.05.
Group EBITDA before significant items increased 14.3% YoY to A$217.41m, as group EBIT grew 18.9% YoY to A$110.2m for the period ending 31 December 2025.
The significant items of the period were costs to implement its long-term strategic technology transformation programme, including one-off redundancies, and a A$5.7m expense as part of the Victorian licence bid’s transitional arrangements.
The Australian operator’s group wagering and media revenue saw a minimal increase, 0.8% YoY to A$1.3bn. EBITDA stood at A$181.4m, growing 15.8% YoY.
Domestic wagering turnover also saw a small increase, 0.3% YoY, while revenue grew 1.1% YoY.
Reviewing performance domestically, the operator said: “Domestic wagering revenue was impacted by below average gross yields through September to mid-November 2025.
“Gross yields were strong in late November and December 2025, which helped to partially offset the softness earlier in the period.”
International wagering revenue grew 6.6% YoY thanks to new customers, while media revenue saw a slight increase of 0.2% YoY to A$192.4m, with the firm noting the figure was reflective of international export performance.
On expectations for the rest of the year, Tabcorp said wagering turnover will be similar to H1 and expects to see a A$5m increase in operating expenses due to advertising and promotion investment for the 2026 FIFA World Cup.
Tabcorp also pointed to the repositioning of the Tab brand, with digital turnover among 18 to 24-year-olds up 14% in H1.
Commenting on the results, managing director and CEO Gillon McLachlan said: “Our results highlight that we are a more consistent company, with greater capability.
“We’re executing on our game plan while delivering ongoing cost and capital discipline.
“There’s greater depth in our business. I’m proud we’ve delivered double-digit earnings growth in a half where wagering operators were impacted by a run of low yields during the footy finals and Spring Racing Carnival.
“We have been able to absorb this through strong execution by the team, particularly on the cost side, and through the diversity in our business.”
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The post Tabcorp shares surge 24% as H1 2025-26 revenue hits A$1.3bn first appeared on EGR Intel.
Australian operator says A$1.3bn figure is reflective of the full six months of the reformed Victorian licence, as Tab brand repositioning begins to attract younger demographic
The post Tabcorp shares surge 24% as H1 2025-26 revenue hits A$1.3bn first appeared on EGR Intel.