Aristocrat Leisure (ALL) H2 2025 earnings summary

Executive summary

• Achieved double-digit growth across all key metrics for FY 2025, including 15% EPSA growth and 11% revenue increase, with strong second-half performance and market share gains in every market entered.

• Completed divestitures of Plarium and Big Fish Games, focusing mobile operations on Social Casino from FY 2026.

• Strategic investments in technology, talent, and product innovation underpin long-term growth and operational resilience.

• $1.4bn was returned to shareholders via dividends and share buy-backs.

• Successful integration of NeoGames contributed to Interactive segment growth.

Financial highlights

• Group revenue increased 11% to AUD 6.3 billion, segment profit up 12%, and MPADA/NPATA up 12% to AUD 1.6 billion year-over-year.

• EPSA rose 15% to 24.7%; EBITDA grew 16% to $2.63bn with margin expansion to 41.7%.

• Final unfranked dividend of AUD 0.49 per share, full-year dividend up 19% to AUD 0.93 per share.

• Operating cash flow increased 9.5% to $1.93bn, supporting continued investment and shareholder returns.

• Net debt to EBITDA at 0.2x, reflecting strong cash generation and balance sheet strength.

Outlook and guidance

• Expects continued MPADA/NPATA growth for FY 2026 on a constant currency basis, with performance weighted to the second half.

• Interactive segment targeting AUD 1 billion/US$1bn revenue by FY 2029, with investments in iLottery and content scaling.

• D&D investment to grow mid-single digits in FY 2026, shifting guidance to growth expectations rather than percentage of revenue.

• Product Madness UA spend projected at 18–21% of revenue.