betr Entertainmen (BBT) Q3 2026 earnings summary

Executive summary

• Q3 FY 2026 saw strong customer activity, improved acquisition and retention, and a net win margin returning to target range as results normalized after a strategic investment-heavy H1.

• Brand relaunch and product innovation, especially in Same Game Multi and Sky Racing integration, drove higher engagement and bet frequency among high-value customers.

• Operational efficiency initiatives and data-driven promotional targeting led to a 10.7% reduction in promotion costs year-over-year.

• Operational leverage and cost actions are expected to deliver AUD 6 million in annualized run rate savings from Q4 onwards.

• Receipts from customers totaled $136.5M for the quarter, with net cash used in operating activities at $(8.9)M.

Financial highlights

• Q3 turnover reached AUD 383 million, up 2% year-over-year, with a net win of AUD 38.2 million.

• Gross Win for Q3 was $50.3m, down 2.7% year-over-year; YTD Gross Win up 11.2% to $158.6m.

• Active customers grew to 157,264 by quarter-end, with a higher share of activity from high-quality customers.

• Cash balance at March 31, 2026, was $28.7M, including $12.7M of client balances.

• Net cash outflow from operating activities was $(8.9)M, including significant non-recurring items.

Outlook and guidance

• Reaffirmed normalized EBITDA guidance: AUD 5–8 million for H2 FY 2026 and AUD 13–19 million for FY 2027.

• FY 2027 top-line growth expected in the mid to high single digits, with net win margins targeted at or above 10%.

• April trading in Q4 is in line with assumptions, supporting guidance.

• Business expected to be cash flow neutral to positive in Q4, assuming net win margins remain above 10%.

• Continued focus on high-quality customers and operational discipline to support profitable scale.