Financial Data and Key Metrics Changes - The company recorded normalized EBITDA of $11.2 million, a $13 million improvement compared to the previous corresponding period (PCP) [10] - Group revenue increased by 6% to $261.4 million, with gross profit rising to $137 million, up from $126 million, resulting in a gross profit margin of 52.4% [18][19] - The gross profit margin decreased by 0.4 percentage points compared to the PCP [19] Business Line Data and Key Metrics Changes - In Australia, revenue reached a record $218.5 million, up 3% from the PCP, with gross profit also at a record $114.5 million, up 2% [11] - The Australian gross win margin improved by 1.8 percentage points to 13.6%, while the net win margin increased by 1 percentage point to 10.4% [12] - In Canada, net win grew by 26% to $43 million, with sports betting net win at $17 million, up 11%, and iGaming net win at $26 million, up 39% [15][16] Market Data and Key Metrics Changes - The Australian wagering market experienced a material decline, estimated at around 7% for the year, despite PointsBet gaining market share [26] - The Canadian market showed strong turnover growth, maintaining PointsBet's net win market share [15] Company Strategy and Development Direction - PointsBet aims to diversify its revenue base by focusing on mass market recreational segments in both Australia and Canada [10] - The company is actively encouraging reforms in the wagering industry regarding advertising to leverage digital and social media platforms [14] Management Comments on Operating Environment and Future Outlook - Management noted that the Australian market has not grown at a net win level, but there are signs of improvement in the last quarter [26] - The company expects continued market growth tailwinds in the regulated Canadian market [17] Other Important Information - PointsBet paid $115.3 million in taxes and fees to Australian governments and racing bodies, representing 47.9% of its net win for the year [14] - The company had $22.7 million in corporate cash and net assets of $6 million as of June 30, 2025 [21] Q&A Session Summary Question: What is the estimated decline in the Australian wagering market for FY 2025? - Management agreed with estimates of around 7% decline, noting that the last quarter showed some positive margins for operators [26] Question: What are the next steps if MiXi increases above 50.1%? - If MiXi goes through 50.1% before the offer closes, it would trigger a two-week extension for the offer [28][29]

For personal use only FY25 : RESULTS PRESENTATION | August 29 2025 N B C U N I V E R S A L M E D I A P A R T N E R S H I P & F Y 2 0 R E S U L T S P R E S E N T A T I O N │ A U G U S T 2 0 2 0 FY25 RESULTS PRESENTATION AUG 2025 IMPORTANT NOTICE AND DISCLAIMER This document and any oral presentation accompanying it has been prepared in good faith, however, no express or implied representation or warranty is given as to the accuracy or completeness of the information in this document, in any accompanying pres ...

Group 1 - Churchill Downs Incorporated (NASDAQ: CHDN) is initiated with a Strong Buy rating and a price target of $131, highlighting its position as a leading U.S. racing, online wagering, and gaming operator across three fast-growing segments: Live and Historical Racing, TwinSpires, and Gaming [1] - The Strong Buy rating is based on a structured, repeatable framework that identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation [1] - Moretus Research emphasizes rigorous fundamental analysis combined with a high-signal, judgment-driven process, focusing on underappreciated companies undergoing structural change or temporary dislocation [1] Group 2 - Valuation methods used by Moretus Research are based on pragmatic, sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability, simplicity, and relevance [1] - The research aims to provide professional-grade insights, actionable valuation, and a strong filter for what truly matters in modern equity analysis, reflecting a deep respect for capital, discipline, and long-term compounding [1]