Good morning, and thanks for joining us today for the Betr Entertainment Limited quarterly business update for Q3 FY26. I'm Andrew Menz, CEO of the company, and today I'm joined by our acting Chief Financial Officer, Blake Matthews, and our Chief Operating Officer, Phil Richmond.

After a first half of FY26 that included additional strategic investment in brand and customer experience, as well as the well-publicized customer-friendly results over the Spring Racing Carnival, our third quarter marked a strong start to the second half. Strong customer activity metrics and improved acquisition and retention rates were complemented by a net win margin returning to our target range, as racing and sports results returned towards long-running averages.

Importantly, today we reaffirm our earnings targets of $5 to $8 million of normalized EBITDA in FY26 — in H2 FY26 — and $13 to $19 million in FY27, driven by our improved earnings profile and our streamlined operating cost base. At the heart of our H1 investment was the attraction of new customers and improved monetization of our existing base.

That investment has carried strong momentum into Q3. Consideration is the critical bridge between awareness and acquisition, and an 8-point uplift puts us in the same conversation as top-tier operators, which is exactly where we need to be.

Our investment and increasing consideration drove an increase in new customers of 25— 35% versus the prior corresponding period, and was supported by our high-quality marketing assets around the AFL and NRL. Critically, in an acquisition phase, customer quality continues to improve meaningfully.

Following the brand relaunch, we have seen sustained improvements in acquisition quality, translating directly into a lower CPA and stronger initial monetization. From an existing customer perspective, we saw a step change in H1 in our customer retention rates, working the investment we made into our database smarter and harder.

We saw positive momentum in customer stickiness into Q3, with our customers being more predictable, more profitable, and supporting a more consistent and sustainable margin profile into the future. Product remains a core differentiator for Betr, and our investment in the Same Game Multi product continues to deliver results.

We saw SGM turnover increase 33% against the PCP. Our focus in Q4 is bringing to market a revolutionary customer experience across Same Game Multis, offering us a clear point of difference as we head towards the pointy end of the AFL and NRL seasons.

At the same time, ongoing innovation across live tracker and our Sky Racing integration is driving deeper engagement in racing, particularly among higher-value customer segments. In Q3, we enhanced our racing live tracker, which now alerts customers that their race has started and allows them to launch live racing vision from their iPhone lock screen.

This is only available at Betr, and take-up rates are highly encouraging, driving deeper engagement and a higher bet frequency. Those customers that engage with Sky Racing have increased their activity at materially higher rates than the wider customer base.

Since launch, greyhound bet propensity among Sky viewers has increased by more than 30%, and this clearly demonstrates Sky's effectiveness in stimulating incremental wagering activity and monetizing existing customer demand. Collectively, our product initiatives are driving growth in higher contribution activity, enabling us to deliver a premium, tightly integrated experience through a strong brand presence, embedded content, and real-time odds integration.

The depth of our integration allows us to remain highly competitive against other top-tier operators, while maximizing our returns from our racing-focused audiences. Operational efficiency is a key area of focus as we seek to target value and minimize waste.

Continued enhancements in customer data and intelligence has strengthened our ability to generate actionable insights, which enable us to more precisely target our promotional activity. As a result, we have been able to redirect promotional generosity towards higher-yielding customer segments, which has improved our overall effectiveness and reduced inefficiencies.

This more disciplined, data-led approach contributed to a 10.7% reduction in promotion costs compared to the prior corresponding period. At the same time, the one-off strategic investments made earlier in the year have now largely tapered, allowing the benefits of a more streamlined operating model to come through.

This model is designed to enhance productivity while maintaining service quality, and from Q4 onwards is expected to deliver approximately $6 million in annualized run-rate savings. These efficiencies reflect both structural cost improvements and a more focused allocation of resources across the business.

Importantly, we have achieved these outcomes while preserving balance sheet flexibility and maintaining capacity to pursue inorganic growth opportunities. This ensures we remain well positioned to act on those value-accretive opportunities as they arise, without compromising the discipline and efficiency gains that we have established.

I'm very pleased with our progress in Q3, but there's a lot more to do. We remain highly confident in delivering our guidance targets in H2 FY26, and we are well positioned to carry strong customer, brand, and product momentum into FY27.

With a valuable and highly strategic investment in PointsBet, and a business on track to be cash-flow accretive from FY27 and beyond, the company is incredibly well positioned to pursue its aggressive growth agenda, both via organic and inorganic means. With that, I'll now hand over to Blake to discuss the company's key trading metrics.

Thanks, Andrew. Moving to slide 7.

In the quarter, Betr delivered turnover of $383 million, up 2% on the PCP, generating a net win of $38.2 million. Net win margin returned to target range through ongoing generosity efficiency improvements and wagering results returning to long-term trends.

The customer base continues to grow, with 157,000 active customers at the end of Q3, and an increased share of activity driven by genuine, high-quality customers, and translating into more sustainable and lower volatility revenue. Looking at slide 8, which summarizes our quarterly cash flows.

At 31 March 2026, the company's cash balance was $28.7 million, including $12.7 million of client balances. The March quarter reflected a number of material cash outflows associated with simplifying the business and improving its cost base.

During Q3, we incurred cash costs to remove legacy operating expenses and better position the business for Q4 and into FY27. Net cash outflow from operating activities was $8.9 million.

This included a number of significant non-recurring items, most notably residual outflows from the marketing-heavy December quarter, $2 million relating to discontinued US operations, and $0.9 million of restructuring and cost-reduction initiatives. Excluding these items, underlying operating cash flows were materially lower, reflecting improving operating leverage across the business.

Importantly, the full benefit of these initiatives is expected to be realized in Q4 and continue into FY27. With a lower cost base and assuming net win margins remain above 10% through Q4, the business is expected to be operating cash flow neutral to positive in Q4.

Given our confidence in the forward cash flow profile, we intend to continue the on-market buyback through Q4. I'll now hand back over to Andrew to outline what we have ahead of us.

Thanks, Blake. Looking ahead, our priorities remain consistent: disciplined execution across every part of the business.

We are focused on continuing to deliver products and platforms that resonate with and retain our high-quality customers, while strengthening the value that we offer to them over time. Our customer focus, combined with the operational cost discipline embedded throughout the business, provides a strong foundation for ongoing sustainable performance.

It enables us not only to execute effectively in the near term, but to continue to adapt as market and regulatory conditions evolve. As a result, we are well positioned to deliver on our H2 and FY27 targets.

More broadly, we believe our approach will support the ongoing strategy of achieving profitable, scalable growth in this market, while maintaining a clear emphasis on efficiency, resilience, and long-term value creation. April trading to date is in line with our assumptions, as net win margin remains at or above 10%, supported by quality, efficient engagement with our customer base.

The on-market buyback of up to 10% of issued share capital remains in place, as announced in January 2026, while we continue to assess consolidation opportunities emerging from current market conditions. As I alluded to earlier, we are pleased to reaffirm our guidance of H2 FY26 normalized EBITDA of $5 to $8 million, and FY27 normalized EBITDA of $13 to $19 million.

This guidance is based solely on the existing Betr business, and assumes modest industry turnover growth, and without relying on any further step-change assumptions or M&A. As you're well aware, the company is focused on and is well positioned to capitalize on those inorganic growth opportunities, and we remain in ongoing, active discussions with both existing market participants and potential new entrants.

We believe the business is well positioned to deliver profitable scale and long-term value for our shareholders, and we thank our shareholders for their ongoing support. Thank you, and we'll now open the line to questions.

Thank you. If you wish to ask a question via the phone, please press star one on your telephone and wait for your name to be announced.

If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question.

If you wish to ask a question via the webcast, please type it into the Ask a Question box and click submit.

Hi, guys. Nice result.

I'm just curious how you're seeing generosity levels across the industry currently, and as a secondary follow-up, do you expect to see any change in that post-implementation of advertising restrictions potentially starting at the start of calendar year '27? Thanks.

Thanks, Andy. Appreciate it.

I think what we saw at the outset of Q3 was an increasing competitiveness right across the set. A lot of operators increased their generosity rates to levels of turnover that were above where they had been.

It was relatively short-lived though, and since then we've seen generosity levels across the industry return to normal. We didn't play in that game.

We continue to focus on that efficient deployment of generosity and the focus on high-quality customers, and not chasing those customers where we don't see a return in. In terms of whether we expect further increases in generosity prior to any advertising restrictions changing, it's not something that we're planning for or really expect to happen.

I think all operators are in a position where the regulatory and tax position in this market now is such that all operators are focusing on monetizing their existing bases and the profitability of their customers. We would continue to expect to see a highly rational market for generosity for customers despite those changes that are upcoming.

I do note that we still don't have the full detail of what advertising restrictions will look like. We do have the Prime Minister's announcement, but there's a lot more detail that we're working on achieving and understanding in the background as we put in place our strategies to make sure that our business is insulated from and continues to grow despite the changing market conditions.

Gotcha. All right.

Thank you very much.

good morning, guys. Thanks for your time.

Firstly, just in terms of those cost reductions you've announced, can you just tell us which areas of your business saw those changes?

Thanks, Phil. In Q3, we've streamlined our operations in a few key areas.

A portion of that was labor, and really overall optimized our cost base. We've obviously had three business combinations over the past 3 years, and it's been a rightsizing of that cost base.

Importantly, they were done in a manner that ensures we're well placed to continue to grow and execute on any M&A opportunity that comes up. Ultimately, as we work to guidance and our cash flow targets for the second half and FY27, they've been really important to help us execute there.

Okay. Just in terms of the $6 million of annualized benefit to the cost base, does Q4 benefit from that full run rate, it sort of benefits a one 1.5 mil?

The benefit in Q4 will be between $5 and $6 million. Almost all of them are in effect now, and there's a couple that are phasing out over this last quarter, but I would say $5 million in this quarter and $6 million from 1 July 27 — 26 rather, for FY27.

Great. Just in terms of the outlook, your comment in the Q4 trading to date indicates that trading sort of is in line with your momentum assumptions.

I want to sort of talk about that in the context of FY27. Clearly, you've reiterated your EBITDA guidance, and presumably you're targeting net win margins of sort of 10% or better.

What else can you tell us in terms of the underlying assumptions in terms of that FY27 outlook, please?

We're confident that we grow in FY27 at mid to high single digits at the top line, and as we've touched on, we continue to optimize our generosity, we expect that to flow and some more through to net win, coupled with obviously the operating base changes, that converts into a far sharper bottom line. The headline, Phil, is we expect, yeah, mid to high single digits for FY27 top-line growth.

Great. Thanks.

That's all from me.

Hi, guys. Thanks for taking my question.

Just two for me. First question is just on that guidance range you provided, specifically in the second half.

We've got 2 months remaining in the period. That EBITDA guidance range is rather wide.

What are the key variables that kind of determine where you land within that range? Then just my follow-up question, just on the macro and consumer resilience at the moment.

Obviously there's been some cost of living pressures. Can you just talk to us about how resilient your customer base has been to the backdrop historically, and are you seeing any changes in terms of bet frequency, bet size, or any deposit behavior given that backdrop?

Thanks, Leo. Obviously, for the half-two range, we're 1 month into a 3-month period, and April has been really strong.

It's remained at our long-term run rate above 10%, and with 2 months to go, we're tracking well within that guidance range. Ultimately, the variables for exactly where we land are just activity and margin over the next 8 and a half weeks.

At long-term run rates, we're comfortable that we're well within that range. Ultimately, the exact position where landing within that is going to be contingent on that activity in the next 8 weeks.

In terms of the macroeconomic conditions, Leo, that you refer to, I think all industries, including the online wagering industry, has seen some changes in consumer behavior as a result of the ongoing pressures that individuals are under. What we're not seeing is a reduction in customers or in active user days.

We have seen, in small cohorts of customers, either a reduction in frequency or a reduction in bet size. Interestingly, when you have a reduction in bet size, it often translates to higher-margin activity, the impact on revenue has been really negligible in that respect with how the customers have continued to engage with us.

This industry, like many others, is not immune to the broader macroeconomic pressures that we're seeing.

Awesome. Thanks, guys.

There is one question online, just seeking to understand how the company would fund future inorganic growth.

Of course. Look, we've got a number of options in front of us in terms of what that inorganic growth looks like.

Some of it is on the smaller end, some of it is on the much larger end. Depending on which path we take, that would determine what funding could look like.

We obviously have an incredibly strong relationship with our bankers who are very close to our business and the opportunities in front of us. You've already seen the participation of NAB in funding the PointsBet stake that we have in place at the moment, and we also have a number of other potential financiers as we look to really aggressively go after some of these opportunities.

There are a range of opportunities and a range of financing options available to us, all of which we're continuing to assess as we look at these paths in front of us.

There are no further questions online.

Again, thank you for joining us all this morning for our Q3 update. Thanks for your time and appreciate it.