Aristocrat Leisure (ALL) H1 2025 earnings summary

Executive summary

• Achieved revenue growth of 9% (8.7%–9%) to $3.0bn for HY25, with all segments contributing and NeoGames inclusion driving gains.

• NPATA increased 6% to $733m (5.6%–6%), supported by operating leverage, cost management, and resilient operations.

• Completed Plarium divestiture in February 2025, refocusing mobile operations and generating significant gain.

• Returned $533m to shareholders via dividends and share buy-backs; completed $1.85bn buy-back and launched new $750m program.

• Acquired NeoGames, accelerating Interactive segment growth and expanding iLottery and content reach.

Financial highlights

• EBITDA rose 13% to $1.25bn, with margin expansion to 41.1%.

• Operating cash flow increased 18% to $773m, supporting capex and shareholder returns.

• Interim dividend of 44c per share, up 22% year-over-year.

• Net debt at $425m (0.2x EBITDA), with $2.2bn liquidity.

• EPSA up 8% to 116.3c; fully diluted EPS up 2.5% to 105.6c.

Outlook and guidance

• Expects NPATA growth for FY25 (to 30 Sep 2025) on a constant currency basis, with improved H2 performance.

• Anticipates strong 2H25 revenue and profit growth in Gaming, disciplined execution in Product Madness, and scaling in Interactive.

• D&D investment expected at 12.5–13.5% of revenue; Product Madness UA spend at 18–21% of revenue.

• Normalised effective tax rate forecast at 26–28%, reflecting regional mix and acquisitions.