Good morning, and thanks for joining us today for the Betr Entertainment Limited FY26 full year results investor presentation for the 12-month period ended 30 June 2026. I'm Andrew Menz, CEO of the company, and I'm joined today by our Chief Operating Officer Bill Richmond and Chief Financial Officer Blake Matthews.

Starting on slide two. FY26 was a year of deliberate investment followed by disciplined execution.

In the first half, we strengthened our brand, product, and ability to monetize our high-quality customer base, relaunching Betr under the GOAT, launching Sky Racing ahead of the spring racing carnival, and delivering a category-first live tracker. That investment landed alongside a circa $7 million impact from industry-wide, customer-friendly results over the spring carnival, leaving 1H FY26 normalized EBITDA at a loss of $13.2 million.

In the second half, and consistent with the guidance we outlined to the market, our earnings model inflected. Wagering margins returned to historical levels.

We delivered additional integration synergies, and our improved brand drove stronger engagement and better customer economics. We closed 2H FY26 with normalized EBITDA of $6.1 million, within our $5 million to $8 million guidance range, and an improvement of $19.3 million from the first to the second half.

Critically, that earnings turnaround is now showing up in cash. Q4 operating cash flow was $2.6 million, a $3.6 million improvement on the PCP and the first quarter of operating cash generation since 2021.

That is a decisive turnaround in both earnings and operating cash generation, and is the platform we carry into FY27, as we outline on slide three. Our confidence in our FY27 normalized EBITDA guidance of $13 to $19 million is underpinned by five key areas, which we will take you through today.

Firstly, the second-half FY26 turnaround, our fast start to '27, strengthening customer economics, our product edge, and finally, our readiness for regulatory reform. Today, we also announced that we expect to be operating cash flow positive for the full year, with normalized operating cash flow expected to broadly mirror our normalized EBITDA, again weighted to the second half.

As with our FY27 EBITDA target range, our guidance is a full-year measure. On your screen, you can see our expectations of operating cash generation with customer investment is weighted to the first half and earnings and operating cash flow expected to be weighting to the second half of the year, which is consistent with this business historically and the broader Australian wagering industry.

Turning to slide four. We're pleased to see that momentum already playing out as we open FY27.

In the seven weeks since year-end, turnover is up more than 20% on the PCP, and first-time bettors have almost doubled against the PCP. While gross win margin is currently tracking slightly below our target range, continued improvement in customer activity metrics, bet frequency, and same-game multi turnover give us confidence that we're engaging the right customers on the right product, and will convert this activity into meaningful value as we head into the peak wagering period and that we'll continue to see net win margin in our 10% plus range.

Importantly, we have achieved these results at the same time as making material efficiency gains, with cost per acquisition and customer promotion costs each coming down versus the PCP. It's an early signal, but a genuinely fast start, and it gives us real confidence heading into our most important season with footy finals and the spring racing carnival getting underway.

Turning to slide five, where we show how our focus on customer economics is translating to outsized market share gains. Average net win per user, our best measure of customer value, grew 6% in FY26, despite the well-publicized customer-friendly results across the industry in the first half.

Net win per cash active customer increased 6%, despite those results, and in 2H, Betr net win grew 5.3%, nearly twice the estimated 2.8% growth of the digital market. Together with stronger frequency and turnover per customer, these measures demonstrate improving economics alongside critical market share gains.

On slide six, we are very excited to introduce Wildcard, our first-to-market live same-game multi product, which will be available to customers uh on tomorrow night's AFL game between the Dogs and the Pies. Wildcard is genuinely a first-to-market product that gives customers greater control as a live event unfolds, creating a distinctive, interactive experience.

It's built to extend. Wildcard brand and mechanic can move beyond same-game multi into racing and other multi products, and it's designed around our priority customer segments, creating shareable moments and cross-sell opportunities that sh- that that support share growth in our highest contribution products.

This is innovation that has been devised, designed, and developed in-house onto our own proprietary technology. It follows our launch of live tracker, another first to category, as significant developments in our desire to differentiate our offering, by giving customers products and experiences they love, and also decreasing our exposure to commercial and regulatory headwinds.

Before I hand to Blake, a word on the Federal Government's recently announced advertising reforms. Betr supports effective, evidence-based measures that promote safer gambling and protect children and vulnerable people from exposure to wagering advertising.

That has been our longstanding position, and that was the basis upon which we engaged with the Federal Government on these reforms. In that sense, we see the reforms as a missed opportunity to address the real issue causing concern in our community, and that is broadcast advertising in and around live sports where no opt-out or age gating mechanism can be applied.

Notwithstanding that there remain some final regulatory and implementation details that is yet to be settled, Betr is well-placed to operationalize the proposed changes that will commence from the 1st of January. Our existing compliance controls across safer gambling and advertising are deeply embedded across the business.

Our advanced data and AI capability already supports customer-level marketing controls, monitoring, and reporting. As you will have seen through our relentless focus on innovation, our strategy is built on differentiated products and a genuinely compelling customer experience.

This supports These reforms support our product-led model and reduce reliance on advertising and inducements where many of our competitors have historically played. Against this backdrop, we are well-placed to support an orderly transition to the new regulatory settings and will continue to engage constructively with policymakers and remaining implementation details as it is finalized.

I'll now hand over to Blake to take you through the financials.

Thanks, Andrew. Turning to slide nine and our key trading metrics for the full year.

Turnover grew 12.3% to $1.594 billion, up from 1.42 uh $1 billion uh $1,420 million in FY25. Gross win increased 10.1% to $215 million, while net win margin was of 9.9% was down 0.5 percentage points on FY25.

That margin outcome reflects the impact of industry-wide, customer-friendly results in the first half, which reduced EBITDA by approximately $7 million. Importantly, our added scale offset that impact and net win still grew to $158 million for the full year, despite those one-off results in 1H.

We closed the year with 156,000 active customers, with a greater representation of repeat, high-quality recreational customers in that base than in any prior year, as Andrew outlined earlier. 2H FY26 normalized EBITDA of $6.1 million delivered against our guidance and underpins our confidence in the FY27 guidance of $13 to $19 million and positive operating cash flow for the year.

Turning to slide 10. FY26 delivered a normalized EBITDA loss of $7.1 million.

Gross profit of $60.5 million was down 1% on the PCP, representing 42% of wagering revenue, compared with 45% in FY25. This reflects our investment in the introduction of Sky Racing partway through the year, together with customer-friendly spring racing carnival results.

Advertising and marketing expense for the year was $28.2 million, up 45% on the PCP, reflecting increased investment in the Betr brand, the spring brand relaunch, and customer acquisition. That was a deliberate, largely nonrecurring step-up to build the brand, and we'd expect it to normalize as a share of revenue as we move through FY27, consistent with our disciplined approach to capital allocation.

Employee benefits spend expense of $22 million was up 7% on the PCP, reflecting business integrations ahead of synergy realization. We've delivered $5 to $6 million since of annualized cost out through those integration synergies, and we exit the year with a leaner, more sustainable organization.

Turning to slide 11. Turning to the balance sheet.

At 30 June 2026, we held cash and cash equivalents of $27.6 million, down from $104.9 million at 30 June '25. This reflects investments made through the year, including $41 million in share buybacks.

Our balance sheet also carries our strategic equity interest in PointsBet Holdings, a 27.7% stake, carried at $19.1 million at year-end, which continues to give us meaningful strategic optionality. Net assets closed the year at $133.2 million.

We remain well-positioned to capitalize on the investments made through FY26, and to fund profitable organic growth in the year ahead. Turning to slide 12 on cash flows.

Net cash used in operating activities was $25.7 million for the year, compared to $19.3 million in FY25, reflecting the investment phase of FY26. Net cash used in financing activities was $42.6 million, primarily the 40 point or $41.3 million in share buybacks completed during the year, compared with net cash generated from financing of $169.6 million in FY25, which included proceeds from our capital raise.

Cash and cash equivalents closed the year at $27.6 million, down from $100 point $4.9 million at the start of the financial year. As Andrew set out, that trajectory has turned.

We exited FY26 with positive operating cash flow in Q4, and we now expect to be operating cash flow positive in FY27, with cash generation weighted to the second half. I'll now hand back to Andrew.

Thanks, Blake. We're entering FY27 from a genuine position of strength across the five components I flagged at the outset: our 2H FY26 turnaround, with guidance delivered, positive normalized EBITDA in 2H, and positive operating cash flow in Q4; our FY27 momentum, the fast start that I described earlier, with strong early growth in turnover, engagement, and customer acquisition, alongside more efficient promo and acquisition costs; improving customer economics, our frequency, engagement, and net win per customer continue to strengthen, translating directly into market share gains at the net win line; our product edge, with the example of Wildcard today, which extends our proprietary product advantage into high-contribution same-game multi products; and regulatory readiness, the established controls and advanced data capability within this organization support a transition to the new regulatory settings.

Together, these factors underpin our confidence in our normalized EBITDA of $13 to $19 million and positive operating cash flow for FY27. FY26 was out about proving the model: deliberate investment followed by disciplined execution, converting into a decisive turnaround in earnings and cash generation.

The scale we've now built, together with a strong exit rate from FY26, has moved Betr through a critical inflection point. We're now building toward sustainably self-funded profitable growth, and the board and management team are focused on converting that momentum into sustainable returns for our shareholders.

Thank you for your continued support. We'll now open the line for questions.

good morning, gentlemen. Thanks for your time.

A couple of questions. Just uh on slide three, you've given a really useful um sort of guide on the operating cash outlook uh indicating that operating cash in the first half for '27 should be positive, albeit, a a more modest contribution and then the second half weighted.

Um is that uh again should should that basically match up with the EBITDA profile for for '27 as well?

Thanks, Phil. Blake here.

Um it it should, Phil. As uh as we work through that EBITDA guidance range, um the modeling in cash flow suggests that it's going to track that.

Um we've obviously got a a range out there that's um uh that that varies and as such we expect cash flow to to move in line with that. Um yeah, as we move up through that range and management's certainly targeting the top end of that, um we expect cash flow um from an operating standpoint to to largely track that.

Thanks. Um just in terms of uh investment required for '27, I think your investing cash flow for the last 12 months was about $9 million.

What does that number sort of look like for '27? Is it sort of a a similar level of investment required?

We're we're acutely aware, as you'd expect, Phil, of our cash investment um in in our product development. Um the Wildcard launch that we've made recently um uh has been a big carry by the team and an and an excellent product that we're excited about.

We're acutely aware of cash, um our expectation of investment into product for the year ahead is marginally ahead of where we were in '25, um largely offset by that um uh operating cash flow that we expect to generate. It's that investment, Phil, into the product that we think gives us the long-term sustainable competitive advantage.

It allows us to move away from that higher cost generosity uh line, uh increasing our net win margin. It also sets us up for success in a world where regulatory reforms are really going to make this a product-led game.

Uh and investment in product, reusable product on our proprietary technology stack, really should be where our investment is is going to be focused to continue that differentiation strategy and set us up for long-term profitability.

Yep, understood. Just on that that product you mentioned, Wildcard, um can you just talk a about what uh what you're expecting to see in terms of key metrics on the back end of this?

Presumably, it's an engagement um uh you'll see levels of engagement rise. It's obviously in the same-game multi-channel, I imagine the margins are quite quite reasonable.

Um so, yeah, I'd just be interested to see what what you're expecting to see on the on the back end in terms of outcomes here. Then, another question is sort of, how did this product come about?

Um maybe you can talk a little bit about the genesis, and without giving away too much of your secret sauce.

Do it's really interesting, Phil, and I'm really happy to talk about it, that the the genesis of the Wildcard idea actually came from uh one of our Hack Days, which is where we get the entire organization in a room and spend two days working out of our day jobs and into what great new experiences for our customers can look like. This was a a winning entry from our Hack Day last year.

I think it's a really important staff engagement tool to say that we take the products that that our people come up with, who understand our customers really well. We take those ideas really seriously, such that we made this the hero product for our fo- for launch for um for this calendar year.

We're incredibly excited by it. Um and the team did a great job in in bringing it to life, and I think you'll see uh when you have a go at it over the next few days, it is a highly engaging product.

Uh and it allows customers to engage much more deeply uh with the Betr app uh during a uh a game. Obviously, there's a prohibition on on live betting in the app, uh but this is a really unique engagement tool that can increase time in-app uh and increase engagement uh during a same-game multi.

We think it's very shareable, very talkable, very easy to, ask your mates which leg of your your same-game multi you should be playing the Wildcard on. Really what we're going after here is same-game multi share of wallet.

Then, uh ensuing gains we think uh through cross-sell opportunities into racing, leveraging the live tracker, leveraging the Sky feed that we've got, and and using that uh in-app engagement time as a way to to increase frequency from those target segments. Um we're really excited about it.

Uh we hope our customers are as well, and we're we're, genuinely looking forward to seeing how it goes over the AFL and NRL finals into the US sports, and then a racing version to be launched uh prior to the spring racing carnival as well.

Thanks uh thanks for that, Andrew. Thanks, Blake.

I'll jump back in the queue.

just given I've got the opportunity, why not? Um can you just give us a sense of uh current activity levels in the market uh in Australia?

Clearly, we've seen, some some commentary from some others uh in the space in recent times, and I'd just be interested in sort of what you're seeing on the ground at the moment, particularly in the lead-up to Spring Carnival.

Good question, and one we're obviously monitoring very closely. I think as we get to the end of of August, and the first Group 1 was on last week, and and footy finals, either this week if you believe that a Wildcard match is a final, or next week if if you don't, um there really is uh that peak wagering period that we're heading right into now.

What we've seen is uh below-the-line targeted aggression uh from a number of competitors. Generosity spend and and uh chasing down customers is becoming much more targeted than we've previously seen.

Um and so the market is much more rational, particularly from an above-the-line perspective in how it's putting generosity uh and marketing out there to customers. We'd expect that to continue as all operators try and uh get a hold of that uh that generosity cost line, which is which is expensive.

Uh and will, I think, largely continue to compete on brand and product over the coming months. We'd expect a rational market uh over spring and and and the um footy finals.

Uh but, look, what we will do is continue to deploy generosity to target segments uh in a disciplined way just to make sure that we're maximizing engagement, reactivating the base, which we've spoken about before, and try to hold those customers through from the end of August to to post Melbourne Cup week.

Thanks, guys. Appreciate your time.

Thanks, Phil.

Thank you. There's one from Leah Partridge from Morgans.

Um uh, "If we can just talk about the strong start we've had to FY27, and how we should be extrapolating that for the full year."

Absolutely. Uh I think that the fast start to '27 was built off that momentum that we carried out of the second half.

We're also buoyed by uh the World Cup, um which our our um enhanced soccer product really did win share of wallet from customers over that period. That's decreased decreased our acquisition costs, decreased our reactivation costs, and allowed us to hold some customers through to that first quarter.

We feel very confident um in where we're sitting from a from an activity metrics perspective. Uh I I don't see that we're going to continue to grow turnover at the rate that it would be after the fast start, but we're certainly looking to outpace the market as we have in 2H and extend that um that outsized growth over the balance of FY27.

Looking from a an activity perspective that we need to be sort of mid to high single digits growth from a turnover perspective to to be in our guidance range, we're very confident that we've got the underlying activity in this business to do so. Uh and we also think there's further upside as we roll out this Wildcard product suite over the coming months.

One more question we've got is from Andy Allback from Taylor Collison, and it's just around expectations for marketing spend moving forward, given the brand relaunch last year.

Of course. As we've as we've outlined in in the last couple of quarterly calls that we've had and presentations that we've put out to the market, we did make a heightened marketing investment in the first half.

We thought it was important to refresh the brand um un- under that GOAT brand, which has really resonated with target segments uh and really created a level of awareness and consideration that we didn't have prior to the relaunch of the brand. That's allowing now more efficient acquisition, uh as I say, brand consideration well up, and I think it's driving share of wallet gains as well.

We also opportunit- opportunistically uh took uh some media assets on a one-off basis, for example, The Ashes, um Fox Cricket sponsorship that we took last year, what was an attractive uh property, given the interest that was in that series. A range of one-off opportunistic investments in 1H in '26.

From a '27 perspective, we sort of take out um that increased investment there and come back to closer to historical levels um in in marketing, uh looking at FY25 as a guide in the range of sort of $22 to $25 million. What we will see from that is not a material reduction in advertising that's direct to customers.

We are being much more disciplined and efficient in some of that back-of-house marketing spend that goes into that line, and making sure that every dollar is working harder, making sure that it's in in the uh eyeballs of our target segments, really focusing in that digital and social space where we have the Triple Lock um technology in place uh and will will be able to continue to advertise there post those regulatory reforms. Much more efficient, but certainly as much direct-to-consumer advertising as you've seen previously.

There are no further questions. Uh so

we do head into FY27 with real momentum as a stronger, leaner business with a clear focus on profitable growth. Thank you to all of our shareholders for your continued support.

Thank you for taking the time to join us today. Thank you also to our team, who's worked so hard to get us to this position uh as we embark on a profitable year in FY27.

That concludes today's presentation. Thanks again, and we look forward to speaking with you when we release our Q1 results in October.

Good morning.