Good morning, and thank you for joining today's call on The Lottery Corporation's 2026 financial results. I'm Wayne Pickup, the company's MD and CEO, and I'm joined by our CFO, Adam Newman.

We'll walk through the investor presentation lodged with the ASX this morning, then open the line for questions. Since I joined The Lottery Corporation nine months ago now, you may have heard me say that it operates from a position of strength, with a privileged market position and strong fundamentals.

While that's true, we need to position the business for the next chapter of growth, to evolve from being a lottery operator to a digitally led entertainment platform. To achieve that, we've refreshed the strategy and implemented a new operating model.

New teams are in place, and we're moving at pace to execute. We're preserving what's been successful over many, many years, but modernizing it for how Australians want to play and engage today as customers move online and demand more.

That creates a clear opportunity underpinned by a simple vision: to be the place where Australia comes to play. Looking back on the first year, three things stand out.

Firstly, the core is strong. That's the benefit of strong infrastructure-like foundations through our long licenses, operational scale, and well-known brands.

Secondly, FY26 was a really soft year for big jackpots, a 1 in 45-year outcome. A good one for our customers, as more Australians won $1 million prizes, but it was the first time in five years that Powerball didn't jackpot to $100 million.

Oz Lotto, our other jackpot game, didn't get to $50 million for the first time in nine years. As the math tells you jackpot runs even out over time.

The momentum in pricing, base game participation, and digital share matters more to the long-term trajectory than what happens in any single period. When we evaluate our business, we see through the variations and think that's the right way to look at it.

Thirdly, we're executing the new strategy well. Structural changes to our cost base are giving us room to invest in areas where we can get better returns, like digital, AI, product, and the customer experience in retail.

Slide 4 outlines the investment case. Let's be clear: this is a great business that has trusted partnerships with governments to sell products that Australians love.

Our license-backed market positions would be the envy of lottery operators around the world. Our scale is significant.

That enables investment and provides the liquidity to fund the prizes that customers want. It's delivered steady turnover growth and reliable returns over many years, but more growth sits inside our existing customer base, in addition to new customers we attract.

We'll pull the structural levers to accelerate that growth over the medium to long term beyond the 4% historical turnover growth rate. Slide 5 shows how we will turn strategy into shareholder value.

What's common to these initiatives is our intention to modernize the business and be more focused on entertainment, not just jackpots. We want people to come back more often, be engaged more often, and not just participate when there's large jackpots.

We need to fill the entertainment portfolio with more reasons to come back and engage, and really build on these in-between moments. This will grow our base of active customers playing more often.

What we're targeting is to combine accelerated revenue growth, expanded margins, and strong cash generation to deliver compounding earnings. We have the ingredients in this business to deliver it.

Now it's about execution. Turning to the year in detail on slides 7 and 8, if you wanted just one example of how resilient and reliable this business is, it's the fact we've held the dividend at 16.5 cents.

That also reflects our confidence in the business's health and growth outlook. The Victorian license extension to 2068 supports that growth outlook in three ways: it secures our position as the national lottery operator; it's materially reduced the business's risk profile, our next major renewal is New South Wales in 2050; it keeps us part of the Victorian community as we have been for decades, and supports a vibrant newsagent and lottery agent network.

The Victorian license was always a bit of an outlier historically granted on 10-year terms, but the extension brings it broadly in line with other licenses: New South Wales and South Australia have 40-year terms, and Queensland runs for 65 years. We had a very good year in terms of execution.

Slide 8 outlines several initiatives. The biggest pieces were the strategy refresh and new operating model.

At an operational level, both lotteries and Keno delivered initiatives to strengthen the customer proposition. Now I'll hand over to Adam for the group results in more detail.

Good morning. Thanks, Wayne.

Good morning, everyone, and thank you for joining us. FY26 jackpot offers ran 21% down versus the PCP.

Despite that, the group delivered a resilient result, confirming the strength of our overall business model. Group revenue reached $3.6 billion, a diversified portfolio cushioned short-term jackpot swings.

Opex fell, and EBITDA before significant items was $736 million, down just 1.8%. Net interest expense rose 4% or $5 million, and this was driven by higher debt levels.

We remain materially insulated from rate movements given around 75% of our debt is fixed or hedged against foreign exchange movements, and we earn significant interest income on our cash balances. Following the Victorian license renewal, interest expense will rise materially in FY27.

Net profit after tax pre-significant items declined 6%. As Wayne mentioned, directors held the full-year dividend at 16.5 cents per share.

Significant items, $58 million after tax, are set out in Appendix 1, and these mainly are comprised the ACT license impairment plus reorganization costs. Moving to slide number 10, and our EBITDA result reflects the underlying strength of our overall portfolio.

Jackpot turnover adversely impacted EBITDA by $88 million versus the PCP. Factors we control offset most of that impact, limiting the year-on-year EBITDA decline to $13 million.

Strong pricing changes to our two biggest games, including excellent price retention from the late FY25 Saturday Lotto change and 8 months of the Powerball price increase. Our base games were resilient, with continued momentum in Instant Scratch-Its and Lucky Lotteries.

Keno delivered another record year, with retail visitation and in-venue improvements sustaining growth. Lower opex, reflecting ongoing discipline and overall focus.

In summary, these elements enabled the business to manage the jackpot volatility, with diversification across our game portfolio, channels, and customer segments providing earnings stability. Moving on to slide number 11, and there are a few key points on this slide.

Opex came in at $296 million, below last year. That reflects disciplined cost management, including the benefit of optimization activities which remove structural costs from the business.

This was accompanied by actions taken in a low jackpot environment, with advertising and promotion and incentives approximately $10 million lower. We're expecting opex in FY27 to be between $305 and $315 million, subject to jackpot outcomes.

FY27 will benefit from labor savings tied to the recent operating model changes. We'll reinvest some of these savings to drive long-term top-line growth.

Secondly, the dividend. As Wayne said, we manage the business for the long term and look through jackpot variability.

Holding the full-year dividend reflects the board's confidence in the business. From FY27, we'll move to a payout ratio that's based upon net profit after tax pre-significant items, and adding back license amortization after tax.

This is a more cash-based measure that fully reflects our cash-generative nature and supports the consistent, reliable dividends that are a critical element of our capital management framework. Leverage and interest.

Since the demerger, we've held the leverage near the bottom of our 3 to 4 times target range, thereby preserving capacity for the Victorian license extension. Now the Victorian license has been renewed, leverage is likely to increase above the long-term target range.

Reported leverage was 3.1 times at the 30th of June 2026. Adding in the cost of the Victorian license and normalizing for jackpots, adjusted leverage was 4.2 times.

However, we expect to delever over time and return to the target range, supported by both earnings growth and free cash generation. The new debt will also materially increase interest expense in FY27.

Our average interest rate is currently 5.8%, and new debt is expected to be at higher rates given where base rates are now and likely margins for tenors of anywhere up to 10 years. Finally, Standard & Poor's reaffirmed our BBB+ credit rating after the license extension, reflecting the structural de-risking that it provides.

I'll now hand back to Wayne to cover the lotteries and Keno operational performance and our strategic focus. Thanks, Adam.

Turning to slide 13, Lotteries, the core of our business, showed its resilience in FY26. While the headline turnover figure was down 3.9%, that's largely due to unfavorable jackpot sequences.

As you can see, Powerball turnover was down 10%, while Oz Lotto was down 9%. When normalized for jackpots, total Lotteries turnover was up 0.7%, with non-jackpot base games up 5.9% on the back of active portfolio management.

While

fewer larger jackpots reduced overall customer numbers and turnover, I want to touch on the key distinction between retained and new or reactivated customers here. There are two cohorts that behave differently.

Retained customers are the most valuable group. They typically spend around five times more than new or reactivated customers.

This cohort remains quite resilient and has grown over time, compounding at about 3% a year since FY22 and moving within a very narrow band throughout. This points to a structurally healthy core even through softer jackpot periods.

New and reactivated customers, on the other hand, swing more with the jackpot cycle. Customer is a hero metric: how many we have, how engaged they are, and what they're worth to us.

We've set ourselves a very simple target: more customers playing our games more often. More than 4 million Australians play our games each year who aren't registered today, we're very focused on this opportunity.

Some of the recent initiatives the team's implemented have cut friction and make it easier for customers to sign up for us to reach them. In terms of channel, we continue to benefit from the shift to digital, with digital share growing 90 basis points.

That's notable given jackpots, which skew stronger to digital, had lower turnover this year. Slide 15 covers Keno.

Really pleasing performance, up 5.6% on the past year. Saturday Lotto was where the unfavorability occurred.

By coverage, we mean how many of a draw's possible combinations are covered by tickets sold, and allowing for the fact that some players have the same numbers. To illustrate, take the Oz Lotto draws between $15 and $40 million, where the average coverage was just 27%.

This means there should theoretically be a winner only 27% of the time. The actual rate was double that: 54% or 13 of 24 draws had winners.

A similar story for Powerball. As a result, we didn't reach the very large offers, $100 million-plus for Powerball or $50 million-plus for Oz Lotto, where turnover grows the fastest.

As we've said, this is variability, and we expect it to even out over time. In fact, since the business listing, the aggregate variation over those five years nets out at zero.

In other words, outcomes tend to regress to the mean over time. Now, if we turn to slide 18, one of the things this business has done really well over time and is a key strategic differentiator for us is optimization through price.

It's a proven and repeatable playbook where we change a game's subscription price and lift prizes at the same time. Our recent price changes on Saturday Lotto and Powerball are working as planned.

Coming up, Set for Life relaunches next month, subject to regulatory approvals. It's already a strong product, and we're going to make it even stronger.

We're now going to give winners an extra $200,000 upfront and a further $20,000 a month for 20 years. That is a substantial increase to the Division 1 prize.

That's funded through a 50-cent increase in subscription price and the removal of the 8th prize tier. On to Keno, where the focus is on expanding our digital footprint and refreshing the retail experience.

Looking ahead to FY27, there are a number of exciting initiatives. We're launching in-venue digital ticketing, which allows customers to use digital wallets while playing in venues, bridging retail and digital.

We're also expanding our digital presence through digital signage in pubs and clubs, and trials of bring-your-own-device functionality to let customers play Keno in-venue through their own mobile devices. The strategy outlined on slide 21 is about building an agile, high-performing entertainment platform.

The three pillars are to accelerate, modernise, and sustain. We'll accelerate growth through a sharper customer focus, modernize our technology and operations, and sustain our business by maintaining strong capital discipline and building trust.

Four capabilities support these pillars and make the strategy executable. Slide 23 lists this year's priorities.

In lotteries, it's investing in product and marketing to drive participation and know more of our customers. It's also about continuing to invest in retail and that critical connection between the retailer and customer.

In digital, we have a strong pipeline of initiatives backed by a new team. One of our biggest opportunities is social play, turning a solo experience into something people want to share.

Syndicates, digital gifting, etc., there's a lot we can build here. There's two features about to go live on the Lot app, in line with being more about entertainment.

The first is The Reveal. It turns checking the results on the app into a more dynamic event rather than a transactional type of notification that says whether you've won a prize or not.

The second is Playpik, which can make number selection far more engaging. Rather than tapping numbers on a grid or letting a QuickPick decide, customers can pick their numbers through quick, interactive games.

The idea is picking your numbers should feel playful and entertaining, not just functional. We're investing confidently in Keno, rebuilding it around licensed venues to make it more entertaining and deliver really simple social play.

One of our key digital developments, as mentioned, is our planned BYOD model, a customer-led in-venue digital solution which will bring Keno to a customer's phone when they're in a venue. We'll run a trial in Victoria this year.

Slide 24 shows the progress on our new digital platform, Greenfield, built specifically for lotteries and entertainment. This is a massive project for the company, and one that is critical to our future.

Phase 1 is on track to launch in the first half of FY28, with lotteries and Keno moving onto the new platform. Finally, turning to slide 26, our FY27 priorities are focused on execution.

We have a clear roadmap to modernise our games, elevate our customer experience, and invest in our teams to deliver growth. On a final note, I'd like to thank our team for their hard work in contributing to this result, and we will now open up the line for questions.

Hi team, thanks for that. Just the one question, Wayne.

I take on board your comments, but how would you describe the consumer environment at present? I appreciate the underlyings look quite solid.

I ask with regards to the 4% reduction in retained customers. Just wondering is there a luck or a jackpot aspect to that, or how much of that would you actually attribute to macro, and how hard you have to work

to Yeah. It's a good question, Rohan.

We haven't seen anything in our data anyway that would sort of give us cause for concern. Some of those retained customers obviously they're not completely jackpot immune.

One of the things that gives us confidence in current trading performance is the smaller games. When we look at Instant Scratch-Its in particular, they're still doing very, very well.

As you guys probably know, lotteries are traditionally resilient through economic downturns. We haven't seen anything in our data, but we're obviously cognizant of it where I'm out visiting retailers.

It's tough out there in general, but nothing of concern in what we're seeing coming through. We'd just like a few more jackpots, Rohan.

That's all. Yeah.

Cheers, Wayne. Thanks.

hi, Wayne. Hi, Adam.

Just wanted to focus on costs, actually. You've done a great job on costs and appreciate the guidance.

I'm just curious, does the FY27 guidance have the full run rate of the recent cost initiatives? Will some of that flow into FY28?

Then in addition to that, should we expect any net benefits from AI flowing through? I guess I'm trying to figure out whether that call it $300 to $315 mil range is the kind of zone we should be thinking about beyond '27 with some of those moving parts.

Yeah. Hi, David.

It's Adam here. Thanks for your question.

With regards to the op model changes, they've sort of benefited a little bit in this year. We'll have benefits flowing into next year and a bit basically flowing back into FY28 as well.

They're taken into account with the overall range. Effectively, we've talked about it before, and talked at the Investor Day, that some of those savings get reinvested back into the business.

It's not just the op model. We've obviously had a program of optimization looking at our opportunities within the business over a period of time as well.

That's all kind of reflected in that overall range that we've provided there, too. Don't want to get into looking out beyond FY27 at this point.

You probably just need to take into account that the range also reflects the fact that not only did we remove structural costs out of the business, but we did have some jackpot-related actions that we took for this year called out there between advertising and promotion and incentives that, in a model where you go back to mean reversion, they'll come back into the picture as well.

Got it. Okay.

Whilst I've got you, Adam, just on the Vic license payment, are you able to give us any indicative range to consider for the debt cost? Obviously, you've suggested it's going to be above that average of 5.8% currently, but any range might be helpful, because obviously that's going to have an impact on our net interest costs in our forecasting.

Thanks, Dave. Another good question.

At the moment, it's a bit dependent upon markets and timing of takeout of these existing facilities within that. We're not really giving a range other than saying given where base rates have moved and for periods over and above up to that 10 years, it'll be north of the 5.8.

I can't be any more specific at this point.

No, understood. Just my final question, just on Keno, appreciate you've reiterated the $25 mil EBITDA impact from exiting the online business.

Obviously, you've got the refresh of the retail products and offering going on, like the new terminals and BYOD. In the coming years, do you think that these initiatives can cover that impact, or should we be thinking about Keno being kind of below the adjusted run rate once you take out online Keno?

I think it's too early to say, David. We're going to be launching or trialing, rather, BYOD in Victoria in November.

We'll provide sort of updates as we go. As I've said in the past, we've now got a focused team on Keno, right?

Just improving the visibility and the product presence in-venue, we think we'll do a lot. We've got great relationships with clubs and pubs around the country.

We'll provide more data as we can in terms of how those initiatives are rolling out, but I wouldn't want to go beyond that at this stage.

No, perfect. Appreciate the insights.

Thank you very much.

Hi, Wayne. Hi, Adam.

In your FY27 key priorities for lotteries, you talk about the review or extension of draw times for Powerball, Oz Lotto, and Set for Life. I was just wondering if you could expand on that point a little bit for us, please.

They currently 7:30, and we're looking to push them out by about an hour and a half to 9:00. So

Yep.

Yeah. It's not much more complicated than giving people another 90 minutes to get their ticket.

We've heard from customers that they didn't get into the draw because they're picking the kids up from water polo or something, or rushing around or trying to get dinner ready. It's really just listening to customers and giving them another 90 minutes to buy a Powerball, Oz Lotto ticket.

It seems to be something that customers want and a bit of a no-brainer.

Fantastic. Thanks for that.

Then really appreciate slide 17 of your pack today around these mid-level draws. I guess my question in relation to that is that at those mid-level draws it does have an impact on your Prize Reserve Fund.

Just wanted to ask I guess in relation to Powerball and Oz Lotto, has this jackpot run impacted your Prize Reserve Fund across FY26, and therefore, again, I appreciate working around the edges, but I guess impacted your ability to potentially accelerate jackpots next year? Yeah.

We've been prudent with the Prize Reserve Fund. We haven't got aggressive with sequencing.

The PRF balances are robust. Sort of average over the sort of long period.

We've taken a very sort of prudent approach, we've got no concerns around the Prize Reserve funds. In fact, over the coming months, we may look at deploying some of those PRF balances, maybe different to how we've done it in the past as well.

There's a few levers that we have, but we've just taken a very The business has handled what has been a statistically awful period very, very well. We've taken a very measured approach.

We're focused on execution, and we've really controlled the things that we can control. The direct response to your question is that we've got no issues with the PRFs, and that's partly because we haven't been overly aggressive in terms of the way we've looked at sequencing.

Fantastic. Thanks, guys.

Hi, good morning, Wayne and Adam. I was just hoping you could talk to the progression of like-for-likes for Powerball since the price increase.

From what we can tell, the retention was extremely high in the first few months, but then it's faded, say, in the last six months. Are you able to sort of talk to that progression and where you might see the exit rate, please?

We've got we look at it over a as as you've probably heard me say before, we we don't sort of want to sort of bookend, yeah, you can sort of bookend this business in sort of different periods, we look at it, first and foremost, we look at it over the sort of medium to long term. We need, quite frankly, we need some runs on Powerball to really see how the the the changes have played out.

We are assuming that the statistical gods will shine in our favor at some point, and we'll get some $100 million runs. Over the past few months, there have been weeks where we Oz Lotto, or even Saturday Lotto at some points have outweighed the Powerball jackpot, you you you see that trade down slightly.

We've We have a We have a, as you as you would expect, we have a, a cohort of customers that just choose the biggest jackpot prize on offer during the week. Over the nine-month the the the data that we're giving you is over the nine-month roughly nine-month period.

Any any sort of softness that we've seen in the past few months has typically been on the week week-by-week basis, has typically been because Oz Oz or a Saturday Superdraw have outweighed Powerball.

Thanks, Wayne. Can I just ask a quick follow-up on the Oz Lotto side, because it does seem it was maybe down double-digit in the second half on the like-for-likes, and I do understand it's a tough comp.

Obviously there'd be a lot of registered players would be playing both Powerball and Oz Lotto, I was wondering if you've done any analysis to see whether maybe those players are pulling back a bit on Oz Lotto since the Powerball price increase, or are they kind of managing to a budget, given that price increase, please?

Haven't seen that in the data.

No worries. Thank you.

Thank you, good morning. Maybe a question for Wayne.

On slide 23, FY27 key priorities, there's a reference to reviewing the retailer commission structure.

Yeah.

I'm curious to understand is there any particular pain points that you're seeking to address there at the moment? Is the scope as broad as just changing percentages, or is it something different to that?

No,

thanks, Andre. It's broader than that.

We're in a dialogue with retailers and their respective associations at the moment on it. It's really just the way, and so I don't want to go into too much detail, but just think of it as reflective of strategy.

We want to ensure that we're all rowing in the same direction. For instance, Andre, we've got a stated objective of getting more registered players.

We want people to register. If they win, we want to be able to find them, we want to be able to pay the prizes.

We want to be able to notify someone that their favorite retailer has just sold a, hopefully a $100 million Powerball prize. A lot of our strategy, as you'd know, is around having direct relationships with our customers, and in the broadest possible sense, we just want to make sure our commercial arrangements with our retail partners are commensurate with that.

Okay. Then if I could just stay on that slide, wondering if you could provide a status update on the Greenfield app, the launch for first half '28, that's conceivably a year away.

Just curious to understand where you're up to and sort of what the risks are around especially the timing.

We're working on it. We're sort of with the digital program, attempting to sort of chew gum and walk at the same time, you're going to see a number of drops under the current infrastructure that we have in place.

Next month, in fact, you'll see and we showed you some of these at the Investor Day, the Playpik and draw Reveal. They'll be launched next month.

Second half of the year, under the current digital app, there'll be social play, digital gifting, and auto-play. What we don't want to do, Andre, is just go out and build the same thing that we have today.

A lot of the work at the moment with the team is around looking at what the app ought to be. A lot of people are getting excited because they think they can build an app in 2 weeks with AI.

We want to build something that people want to use, and come back and engage with. The other thing is when we build it, it needs to be AI-ready and have all of those necessary tools sort of embedded in it.

On the app, we will do it well, we will do it efficiently, and I think probably around this time next year, we'll be close to launching it. In the meantime, we're not stopping doing everything else, right?

In the meantime, we've got a I think a very sensible and commercially aggressive list of improvements with the current infrastructure that we have in place today. You may have already, and I know you're a big lotto player, Andre, but you may have already seen some improvements in the app UX already, and this is the benefit of the op model change: we have a very excited, pumped-up, energetic digital team, and we want to create certainly the best app for this product in Australia.

Okay. Thank you.

Morning, Wayne and Adam. Just one from me regarding products.

You've obviously flagged the upcoming Oz Lotto changes you're working through and done some work on Instant Scratch-Its to date, which is seeing success with. Do you see any other opportunities in the portfolio to refresh or improve products, or potentially any new product ideas that could fit within your existing portfolio going forward?

The short answer is yes, but we're probably not in a position to sort of get into them today. Again, based on the op model changes we've made, we have a Lotteries team now, and they are focused in terms of what else.

I think I would like to be able to present a road map that goes beyond just the next 12 months, to speak. There is opportunity to do more with what we've got.

As you've probably heard me speak about before, we sort of try to compartmentalize them into three things: is how do we improve the experience of the products we have today, right? That and that's the examples with the digital experience some of the digital changes that are going to work great for retail players as well.

The draw Reveal and things like that. Moving into changes to existing products, and then NPD.

Our focus at this stage is on those sort of first two buckets, and NPD will follow at some point in the future.

Thanks, Wayne. That makes sense.

Maybe just on the digital penetration piece, you obviously saw pretty strong outcome there this period despite the sort of weaker jackpots. How much of that do you think is driven by some of your recent initiatives you're doing in digital, and then with more initiatives to come, do you have a sort of view on how high that could get to in the next couple of years?

I think what you've seen through FY26 is largely organic. I think it's just more just a preference shift.

I think at the end of this current financial year, I think you'll get a better sense of changes that we're making and the impact on those. Where it gets to is where it gets to.

We're not pushing people one direction or another. A large part of what we do is as marketers, and the biggest job of a marketer is to listen and to listen to customers, and so we'll just try to understand our customers as well as we can, and respond.

There is naturally a digital preference that goes along with that.

Great, thanks, Wayne. I'll leave it there.

Thanks very much. Wayne, just with online Keno, just wondering what your approach is up to the point where you've got to exit that business.

Will there be any sort of major restructuring redundancy costs as a result of exiting that business?

No. No, no.

No, we've we've we've we've factored it in already. I think the current the the current round of restructuring was cognizant of this.

We We assumed We presumed this change. It's also reflected in our investment in that online channel over over recent months as well.

Great. You just run it as per normal up until the end of December?

Let's get through the parliamentary I know it's imminent now, but we'll sort of get through the parliamentary process, and then the working assumption is that we shut it off at or before when we're told to.

Yep, no, thank you. Then just on the opportunities to reinvest in the business, whether it be opex or capex, what are the key items that you are focusing on?

They center around the customer experience. One thing that we're doing just in general terms, very general terms, just improving the customer experience.

We take this vision of where Australia comes to play very seriously. We take the mission of giving people more reasons to come back beyond waiting for a jackpot very, very seriously, we've rolled out digital signage, we're actually trialing a different type of digital signage in stores in the coming months.

Clearly, the app and the digital assets that we have are an essential part of that reinvestment, both in terms of online play, as well as the app being a really, really strong compendium for in-store play as well.

That's great. Thanks very much.

thank you. I saw that base games were up almost 6%, which is a bit more than we'd normally expect.

Just keen on your thoughts on what's driving that.

It's a good question, Matt. I think it reinforces the strength of the franchise we see.

Whilst we haven't had the headline jackpot numbers, yes, people are still It gives us confidence, right, in the core franchise. People still want to engage, spend 15, 20 bucks a week and play the lottery.

There have been some intentional not a lot of intentional work around the Instant Scratch-Its range. I think you've heard me talk about before that I think there's runway there to do more.

Whilst a lot of the airtime is taken up by Oz and Powerball and like-for-likes and the there's an awful lot of people in the business that work on these base games, think about them very hard, and work with our retailer outlets, work with we've got cross-sell going through the digital channels now on them. There's lots of small things that we can do to make the boat go faster.

I think you see that reflected. To the point earlier from the earlier question, this is what also gives us confidence in the underlying strength of the franchise through what is undeniably some volatile consumer sentiment moments.

Great. Then maybe just a question on the next 12 months.

I think you highlighted maybe marketing costs came down a little bit in the past 12 months, presumably on the poorer jackpots. Are there any other costs that might come back with a more jackpot-normal environment?

Oh,

I think it'd mainly be advertising and promotions, nothing, Adam, I don't think there's anything else of materiality.

Yeah. All I would add to that, Matt, we did call out there's a benefit from not only A&P from jackpot-related, but incentives were impacted as a consequence of the jackpot outcomes as well.

Both of those items factor into the guidance that we've given for FY27 opex.

Do those incentives fall in the advertising and promotions line?

No. No, it's

staff. You sort of [laughs]

They're employment costs?

Yeah.

Yep.

Great. Thank you.

Morning, Wayne. Morning, Adam.

Just wondering is there a particular cadence you're working to on game refreshes, just noting you've got Set for Life to come in September and Oz Lotto in the first half '28?

The short answer is no. The longer answer is that we would like it to be not one a year, okay?

Some of the restrictions we have around the regulatory environment we operate in, the legacy tech that we operate, one thing that we haven't spoken of a lot about in the past is we're in the second year of a capex program. Clearly I've spoken a lot about the digital assets, but we're replacing all our terminals, all of those terminals have software on them, we've upgraded our data center, as a lot of our infrastructure.

There's a lot of plumbing in the background that we don't talk a lot about, and a lot of people in the business do a heck of a lot of work on. We've got some things that restrict us, but I wouldn't read too much into sort of once a year.

We would like to be making changes more often than that going forward.

Thanks, Wayne.

good morning, Wayne and Adam. Just wondering if you can give a comment on how you think you're positioned for the ongoing gambling reforms beyond online Keno, which I suppose you've already touched on.

If you have a strategy to capture some of the spend from adjacent lottery categories that's expected to be shut off? Thanks.

As I said earlier, this is going through a parliamentary process. I've sort of put my views in the public domain.

What we've certainly looked for is we favor highly regulated, consistent markets, okay? Since me joining, we've been very consistent about that.

It's in the last throes, we think, of the parliamentary process, and I'm not going to sort of comment on it much further than that. The second part of your question, we're not factoring in anything at this stage in terms of a shift in expenditure other than we've taken a very conservative approach to it.

I think we've flagged the online Keno, which is clear, and we haven't made any other assumptions beyond that.

Then maybe just a little bit following on. There was a one-off cost for Lotteries product development that was flagged due to the future viability.

Given the emerging reforms, are you able to kind of tell us what those product developments were? Oh,

as you'd expect from any company, we have had a number of product ideas that have been worked on. When I started, we've obviously reset strategy, and at the same time, we've looked at where we think the sort of tides are moving in terms of gambling policy in Australia, and we're not going to continue with some of those initiatives.

That's as far as I'm going to go. Yeah.

Great, thanks, Wayne.

All right.

Just look, it's been a tough year in terms of what we were dealt with, but I think solid results. What we're focused on is about the future.

We've got a team that is very engaged and very focused about execution, and thank you for your time today, and I look forward to catching up in the future.