Tabcorp Holdings Limited (ASX:TAH)

Tabcorp Holdings Limited reported its half-year financial results for the period ending 31 December 2025. The company achieved a modest revenue increase of 1.0% to $1,344.9 million and a significant improvement in underlying earnings, with EBITDA rising by 14.3% to $217.4 million and EBIT increasing by 18.9% to $110.2 million. This performance was driven by strong execution, cost control, and capital discipline. The reformed Victorian Wagering and Betting Licence positively impacted results, along with changes in the retail model. Digital and cash wagering revenues showed mixed trends, with digital revenue slightly declining, while cash revenue grew. Tabcorp continued to focus on strategic initiatives, including the development of a National Tote and the expansion of its media rights portfolio. The company maintained a strong financial position with leverage at 1.5 times EBITDA, and it successfully issued $300 million in medium-term notes. Tabcorp anticipates similar wagering turnover conditions in the second half of FY26, with ongoing investment in customer engagement and cost management.