Tabcorp Holdings (ASX:TAH) 2025 AGM Presentation Summary

October 2025 | Website: https://www.tabcorp.com.au

Overall Report Tone

Tabcorp Holdings (ASX: TAH) delivered a substantial turnaround in FY25, showing strong revenue and earnings growth, improved operational efficiency, and a clear execution strategy to become a structurally profitable omnichannel wagering business. Management expressed confidence and momentum heading into FY26, driven by strategic reforms, leadership renewal, and continued investment in digital and customer safety capabilities.

📊 Financial Results Summary (FY25 vs FY24)

Metric	FY25	FY24	% Change
💰 Revenue	$2,614.6M	$2,338.9M	+11.8%
📈 Variable Contribution	$1,088.7M	$931.7M	+16.9%
💸 Operating Expenses (Opex)	($697.2M)	($614.0M)	-13.6%
💼 EBITDA	$391.5M	$317.7M	+23.2%
🧮 EBIT	$188.7M	$97.4M	+93.7%
🧾 NPAT (before significant items)	$49.5M	$28.0M	+76.8%
📉 Statutory NPAT	$36.6M	($1,359.7M)	Turnaround
💵 Adjusted EPS	3.9 cps	Not disclosed	>100%
💰 Dividend (unfranked)	2.0 cps	1.3 cps	+54%
📉 Net Debt to EBITDA	1.6x	Not disclosed	✅ Below 2.5x target

🆕 New Information Disclosed

🐎 Successful transition to new Victorian Wagering Licence, contributing ~$84M in EBITDA uplift over 10.5 months.
🧠 New AI-powered player monitoring tool to be deployed in FY26 to enhance real-time intervention and customer safety.
🧱 Restructuring implemented: 230 roles removed, vertical integration applied, tighter P&L accountability introduced.
🧑‍💼 New leadership team onboarded with capability in wagering, digital, legal, operations, and compliance.
🏇 TAB Takeover and TAB Time delivering brand impact across racing carnivals and Saturday venues.
📺 Strategic focus on retail innovation, Sky Media, and the MAX network, targeting an integrated omnichannel experience.

✅ Positive Surprises or Potential Concerns

📈 NPAT grew 77% and EBIT nearly doubled, showing strong operational leverage.
🧠 Cost discipline resulted in opex down 2.4%, ahead of target — margin-accretive execution.
💡 New strategic clarity: Five-pillar framework offers structured growth roadmap with stakeholder alignment.
⚠️ Transformation costs ($27.1M) and lack of franking capacity (due to tax refund) could weigh on short-term perceptions.

📉 Results vs Market Expectations

🎯 Earnings well above prior year and likely ahead of market expectations post-restructure and demerger impact.
✅ FY25 marks a clear pivot from turnaround to execution, with FY26 now expected to reflect full Victorian Licence benefit.
🔍 Investor focus shifting from survival to scalability and profitability, helped by strong media and digital assets.
❗ Franking credit absence (due to FY24 ATO refunds) limits full income yield for some investors.

🔮 Outlook and Guidance Statements

🔄 FY26 to focus on operationalising strategy and delivering full-year uplift from Victorian licence.
🔄 Continued investment in AI and customer protection, with new monitoring tools and enhanced Safer Gambling team.
🧭 Long-term goal to deliver structural profitability in retail and leadership in national tote reform.
💼 Media growth and asset integration (Sky, Tote, MAX) set to differentiate offering in sports and racing entertainment.

Tabcorp Holdings (ASX:TAH) 2025 AGM Presentation Summary - 12 month share price chart with 3EMA and volume indicators

Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.