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NPATA: $800 million, an increase of 8% or 16% in constant currency. Revenue Growth: Increased by 6% in constant currency. EPSA Growth: 19% in constant currency. EBITDA Margin Uplift: 220 basis points. Share Buyback: Almost $680 million of shares bought back. Dividend: Unfranked interim dividend of $0.50 per share, payout ratio of 38.8%. Gaming Revenue Growth: Increased by 12% in constant currency. Product Madness Revenue Growth: Social Casino revenue increased by 5%. Interactive Revenue Growth: Total revenue increased by 7%. iLottery Growth: 14% growth, including the JV. Operating Cash Flow: Strong, reflecting continued operating momentum. D&D Expense: Increased by 7% in constant currency. Net Interest Expense: Benefited from lower average debt balances. Effective Tax Rate: 27%. Market Share Gains: Achieved in all key regions for Gaming. Ship Share in North America: Reached 31%, up 260 basis points year over year. Gaming Operations Market Share: Increased to over 43%, up 70 basis points sequentially. User Acquisition Investment: Increased from 18% to 20% of revenue. Direct-to-Consumer Penetration: Reached 24% of Social Casino revenue. CapEx: Reflects expansion of Gaming operations installed base. Debt Refinancing: New USD1 billion revolving credit facility. Cost Savings Target: $100 million expected during FY27.

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Release Date: May 13, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Aristocrat Leisure Ltd (ARLUF) delivered a strong first-half performance, achieving 19% EPSA growth and 16% NPATA growth in constant currency. The company announced a $1 billion increase to its share buyback program, extending it through May 2027, demonstrating strong capital management. Aristocrat Leisure Ltd (ARLUF) achieved market share gains in all key regions, with exceptional performances in North America and ANZ. The company is focused on delivering operating leverage and scale benefits, expecting to realize $100 million in annualized savings during FY27. Aristocrat Leisure Ltd (ARLUF) is leveraging AI to enhance creativity, improve velocity to market, and advance AI-powered insights and optimization, positioning itself for future growth.

Negative Points

The Interactive segment was impacted by the decision to exit the White Label business, resulting in a decline in revenue growth. Margins in the Interactive segment declined by 530 basis points year over year due to acquisition-related investments and reclassification of costs. The macro environment remains volatile, with some softness observed in destination markets sensitive to discretionary travel and high-end spending. The company is behind its USD1 billion Interactive revenue target for FY29, acknowledging slower progress than anticipated. Legal costs are expected to remain somewhat elevated in the near term due to ongoing settlement matters, despite a recent cost recovery.

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Q & A Highlights

Q: Can you provide more details on the full-year guidance and the expected performance in the second half? A: Trevor Croker, CEO, explained that the momentum in the Gaming business, particularly with the launch of new games like Spooky Link Grand and Monopoly Big Board Bucks, supports a strong second half. The Interactive segment is also expected to benefit from the launch of Lightning Link in July and the scaling of the Massachusetts and Michigan lotteries. Overall, the company is confident in its operational momentum and product pipeline for the second half.

Q: How should we think about the $100 million cost savings from the One Aristocrat program? A: Sally Denby, CFO, clarified that the cost savings are focused on cost optimization across segment profit, D&D, and corporate costs. The savings will be reinvested to support organic growth, emphasizing efficiency and scaling the organization rather than impacting specific areas like DTC.

Q: Are there any new programs to drive operating efficiency targets, or is it a continuation of existing efforts? A: Sally Denby stated that it is a continuation with a specific focus on driving efficiency across the organization. The company is ramping up efforts to leverage the One Aristocrat operating model for greater scale and efficiency.

Q: What was the impact of recently divested or exited businesses on Product Madness and Interactive? A: Sally Denby noted that the bottom-line contribution from the exits of Big Fish and White Label was negligible, primarily affecting revenue rather than earnings.

Q: Can you elaborate on the decision to exit the White Label business in iGaming? A: Trevor Croker explained that the decision was based on capital allocation and returns profiles. Changes in the White Label market, particularly in the UK, made it a less attractive investment. The company is refocusing investment on areas with better opportunities for growth and leadership.

Q: How do you view the threat of AI, given competitors are also investing in it? A: Trevor Croker emphasized that Aristocrat sees AI as an opportunity to enhance its competitive edge rather than a threat. The company is leveraging AI to improve creativity, speed to market, and insights, reinforcing its leadership in the gaming industry.

Q: What is the outlook for Gaming margins, particularly in North America? A: Trevor Croker mentioned that the strong outright sales performance impacted margins, but the company is comfortable maintaining profit margins in the 56-58% range. The focus remains on growing the business while maintaining healthy margins.

Q: Can you provide more details on the international outright sales cadence and expectations for the second half? A: Trevor Croker noted that international sales are more volatile and driven by new openings. The first half saw no new openings, but the company expects some activity in the second half, particularly in Asia, and is prepared for potential opportunities in Europe in FY27.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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