Aristocrat Leisure (ALL) H2 2026 earnings summary

Executive summary

• FY26 normalized revenue grew 3.8%, EBITA 7.9% and NPATA 9.7% in constant currency, with share gains across Gaming, Social Casino and Interactive.

• Recurring revenue was 70%; product launches and market-share gains supported momentum into FY27.

• Trevor Croker plans to retire in April 2027; Dafne Guisard was named CEO-elect, subject to regulatory pre-approvals, and Croker will support the transition for 12 months.

Financial highlights

• Normalized revenue was A$6,092.4m, down 3.2% reported and up 3.8% in constant currency; EBITA was A$2,236.1m, up 7.9%, and EBIT A$2,071.1m, up 8.0% in constant currency.

• Normalized NPAT was A$1,450.4m, up 9.9% in constant currency; normalized NPATA was A$1,578.5m, up 9.7%. Reported continuing-operations NPATA was A$1,492.5m, up 13.6%.

• Diluted EPSA was 259.3c, up 4.9% reported and 13.0% in constant currency; underlying highlights cited 30% constant-currency EPSA growth.

• EBITDA was A$2,638.7m, up 5.9% in constant currency; operating cash flow was A$1,889.1m, down 2.3% reported.

• Effective tax rate was 27.4%, in line with guidance; net interest expense benefited from lower average debt, partly offset by lower interest income.

Outlook and guidance

• FY27 NPATA is expected to grow on a constant-currency basis, supported by Gaming revenue and share growth, Product Madness share gains and increasing DTC contribution.

• Interactive targets US$1bn revenue by FY29, including its share of NPI JV revenue, through Content and iLottery growth; new markets could accelerate iLottery growth but are not essential.

• A FY27 cost-savings program of A$100m is planned to support operating leverage and reinvestment in strategic priorities.

• Expanded Gaming Operations installs, Interactive content and iLottery launches, new hardware configurations and Dragon Link planned for early 2027 underpin growth momentum.