Lottery H1 Earnings Call Highlights

Lottery executives tout portfolio resilience amid lean jackpot environment

Published on Feb. 20, 2026

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Lottery (ASX:TLC) executives used the company's latest earnings call to highlight the resilience of its portfolio during what management described as the leanest jackpot environment since the group listed in 2022. The company reported revenue of AUD 1.8 billion and EBITDA of AUD 367 million, down 0.7%, with record Keno performance partly offsetting jackpot impacts. Executives outlined a strategy centered on digital evolution, disciplined investment, and protecting its license position in highly regulated local markets.

Why it matters

Lottery's performance during a challenging jackpot environment demonstrates the company's ability to diversify its portfolio and maintain profitability. The focus on digital transformation and license protection also signals Lottery's efforts to adapt to industry changes and regulatory challenges.

The details

Chief executive Wayne Pickup, who joined the business and relocated from Chicago, said Lottery has 'exceptional assets,' household brands, an 'unmatched license portfolio,' a strong balance sheet, and a strong culture and retail network. The company reported a 14% decline in Division One offers for jackpot games, but delivered a 'resilient' performance supported by portfolio diversification. Management highlighted the rollout of digital signage upgrades, changes to Powerball and Saturday Lotto, and strong performance in base games and Keno as key drivers.

  • The first half of fiscal 2026 saw Division One offers for jackpot games fall 14% from the prior corresponding period.
  • The Powerball jackpot reached just over AUD 24 million at the time of the call.

The players

Wayne Pickup

Chief executive officer of Lottery (ASX:TLC) who joined the business and relocated from Chicago.

Adam Newman

Chief financial officer of Lottery (ASX:TLC).

Callum Mulvihill

Chief commercial officer of Lottery (ASX:TLC).

The Lottery Corporation Limited

An Australian company that engages in lottery and keno businesses, operating under the The Lott and Keno brand names.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.