Gaming, Leisure and Travel: Focusing on what matters into results

Research evidence excerpt

Gaming, Leisure and Travel: Focusing on what matters into results

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Gaming, Leisure and Travel

Focusing on what matters into results

Our Gaming, Leisure and Travel deep dive focuses on why and where our earnings Australia

are different to consensus ahead of the Aug-26 reporting season. With this note,

Emerging Companies

we downgrade TLC to Neutral.

Don Carducci AC

Company Focal Points (61-2) 9003-8379

donald.n.carducci@jpmorgan.com

Trading at a ~51% discount to ALL, a deeper discount than what was observed during the AC George Stewart

LNW Dragon Train litigation uncertainty last year. JPMe/cons at the bottom end of mid-high

single digit FY26 AEBITDA guidance - 2H skew expected. 2Q comping weak (61-2) 9003-8199

george.stewart@jpmorgan.com

Downgrade to Neutral following earnings revisions (-7.8%/-4.3% FY26/FY27 NPATA). J.P. Morgan Securities Australia Limited

TLC Revisions driven by weak jackpot sequence in 2H26, Online keno discontinued from Jan

‘27. TLC multiples trading in-line with historical averages.

FY26 estimates unchanged. Retail earnings uplift (~A$17m JPMe) provides offset to FY27 TAH Investor sentiment vs expected EPS

cost outlook. Proactive AUSTRAC compliance investment (~A$8m opex JPMe) required. revisions

FY26 uEBITDA of A$84.8m within upgraded guidance (A$82m-A$85m); Dream US

JIN upgrade partially offset by Dream UK downgrade. Lottery Retailing headwinds from weak

jackpot activity expected to normalise.

FY26 EBITDA revised +2.6% on improved cinema expectations; JPMe sits 22% below

EVT consensus on Thredbo FY27 on weak snow season start. 525 George Street divestment

(~A$130m) next catalyst.

JPMe FY27 uPBT -10.6% to $312m, -6.4% below consensus, as geopolitical headwinds

FLT