Stock Analysis

• ABARES forecasts a 12% lift in east coast winter crop production, with favourable growing weather in New South Wales and Victoria and drier conditions in Queensland.

• Gaming, the largest segment, hadRevenueof US$554 million, up 5%, and AEBITDA of US$307 million, up 10%, at a 55% margin.

• Outdoor advertising, which covers billboards and digital street furniture, contributed about $55 million of EBITDA in its first three months within the group, according to the summary.

• Wagering and Media, which includes TAB retail and digital wagering, Sky Racing and international operations, generatedRevenueof $2,454.7m (up 0.7%) and EBITDA of $361.8m (up 9.9%).

• From FY27, theDividendpolicy will move to a payout of 80% to 100% of net profit after tax beforeAmortisationof acquired intangibles (NPATA).

• Net salesRevenuerose 12.8% to A$2.6 billion and EBITS rose to A$492.3 million, above the A$480 million to A$490 million guidance.

• Group replacement cost operating profit (RCOP) EBITDA was about $1,600 million, compared with $649 million in the first half of 2025.