Jumbo Interactive (JIN) H1 2025 earnings summary

Executive summary

• First half of 2025 saw subdued jackpot activity, leading to declines in group TTV, revenue, and earnings, but new initiatives like the Daily Winners loyalty program and cost management supported engagement and retention.

• SaaS segment delivered strong TTV growth (up to 20%) with new partnerships, high customer advocacy, and record charity TTV growth.

• Managed Services in the U.K. and Canada performed in line with expectations, providing a strategic foothold despite being a smaller earnings contributor.

• Accelerated on-market share buy-back and interim fully-franked dividend of 24 cps declared, reflecting strong capital management.

• The Group maintained strong liquidity with available funds of up to $65.4m and no debt facility breaches.

Financial highlights

• Group TTV was $453.4m, down 6.4% year-over-year; revenue declined 10.5% to $66.1m.

• Underlying EBITDA fell 12.9% to $30.6m; NPAT-A/NPATA down up to 11.4%; group cash flow dropped 64%.

• Dividend declared at 24.0 cps, fully franked, with payout ratio at 84.2% of statutory NPAT.

• Share buyback totaled up to $7.9m in the half, with cumulative spend reaching $8m.

• Free cash flow was $11.6m, down 63.6% year-over-year; cash conversion ratio at 66%.

Outlook and guidance

• FY25 margin guidance reaffirmed: Group underlying EBITDA margin expected at 46%-48%; cost base remains flexible to absorb jackpot cycle volatility.

• Early second half trading shows improved jackpot environment, with TTV up 45% sequentially from the first half.

• Focus shifting to B2C M&A opportunities for higher growth, while maintaining discipline on acquisition economics.

• Assumptions include a return to historical jackpot levels, flat TLC service fee, and low-teens SaaS TTV growth.