Aristocrat Leisure Limited · ASX:ALL
Aristocrat Leisure — HY25 Earnings Presentation
38 slides from Aristocrat Leisure's earnings presentation, May 14, 2025
Slide 1: Half-Year 2025 Results
Half-Year 2025 Results Investor Presentation 14 May 2025 Bringing joy to life through the power of play
Slide 2: HY25 result highlights
HY25 result highlights Positive Group Revenue Segment Profit Result $3.0bn +9% $1.5bn +12% Successful portfolio realignment Diversification supporting a solid Disciplined cost management & positioning for outcome, with strong continuing to drive growth 2H25 expected operating leverage NPATA Cash ret
Slide 3: Strategy Overview
Strategy Overview Half-Year 2025 Results
Slide 4: Proven growth strategy
Proven growth strategy Aristocrat is a global entertainment and gaming content creation leader, powered by technology Delivering superior, long-term profit growth Investing, Innovating Growing & Differentiating & Protecting IP Distributing Enablers • Create & protect the world’s greatest • Market sh
Slide 5: Building on a track record of financial performance
Building on a track record of financial performance Consistent growth underpinned by operational breadth and strong execution Revenue1 (A$bn) Revenue diversification1,2 (A$bn) +8% CAGR 75% 65% 6.3 6.6 3.5 3.6 5.6 2.8 4.7 +9% YoY 2.6 1.7 2.2 4.4 4.1 3.0 1.9 2.6 2.7 2.6 2.4 2.5 1.8 0.9 FY19 FY20 FY21
Slide 6: Making progress in Sustainability
Making progress in Sustainability Our ambition: To uphold high standards of governance and responsibility, to positively impact our people, customers and communities STRATEGIC PILLARS Good Governance & Empowering Operational People & Responsible Business Safer Play Sustainability & Climate Community
Slide 7: Group Results & Financial Summary
Group Results & Financial Summary Half-Year 2025 Results
Slide 8: Group results summary
Group results summary Revenue growth across all segments, with operating leverage supporting profit performance Six months to Six months to Change A$ million 31 March 2025 31 March 2024 % o Revenue up 9% (5% in constant currency), benefiting from the inclusion of Normalised results NeoGames and the
Slide 9: Profit reconciliation
Profit reconciliation Increased contribution from Interactive, cost optimisation and positive FX offset by increased legal costs and higher tax NPATA BRIDGE (A$m)1 NPATA HY24 694.0 Aristocrat Gaming (6.0) Product Madness 24.8 Aristocrat Interactive 58.6 Corporate Costs & Other (13.6) Group D&D Expen
Slide 10: Cash flow
Cash flow Strong cash generation; Operating cash flow of $773m Six months to Six months to A$ million 31 March 2025 31 March 2024 Change % o Increase in operating cash flow reflecting continued growth EBITDA 1,248.5 1,107.1 12.8 o Other significant items included adjustments related to the gain on s
Slide 11: Capital allocation framework, balance sheet and liquidity
Capital allocation framework, balance sheet and liquidity Capital allocation framework supports Aristocrat’s long-term growth strategy and maximises shareholder returns o Free cash flow funds growth investment (organic and inorganic) o Cash returns to shareholders via: Investment drives future growt
Slide 12: Fully funding strategic organic growth
Fully funding strategic organic growth Ongoing high levels of investment to support growth, with discipline across D&D and UA to optimise returns Total spend as a % of revenue1 25% 29% 27% 26% 26% Investment Spend1 (A$m) 804 792 759 762 654 280 231 248 246 173 126 159 137 131 157 398 374 385 402 324
Slide 13: Design & Development investment
Design & Development investment Industry-leading D&D investment maintained, with disciplined approach D&D as a % of revenue1 12.4% 14.5% 13.4% 13.4% 13.3% D&D spend1 (A$m) 398 402 374 385 67 88 324 50 77 42 124 120 102 108 97 185 207 204 206 206 1H23 2H23 1H24 2H24 1H25 Aristocrat Gaming Product Mad
Slide 14: Operational Performance
Operational Performance Half-Year 2025 Results
Slide 15: Aristocrat Gaming
Aristocrat Gaming Growth driven by continued share gains in Gaming Operations and operational leverage Six months to Six months to o Revenue growth of ~2% driven by expansion of Gaming Operations footprint, Summary Profit or Loss 31 March 2025 31 March 2024 Change % supported by depth and strength o
Slide 16: Gaming Operations Fee Per Day reconciliation
Gaming Operations Fee Per Day reconciliation Market leading FPD impacted by product and channel mix, with revenue growth outpacing US GGR growth Average installed base +10.3% ~72,400 o North America Gaming Operations revenue growth continues to outpace Slot GGR across the US1 ~65,600 o Product mix –
Slide 17: Aristocrat Gaming – Macro risk in the US
Aristocrat Gaming – Macro risk in the US US gaming has shown resilience through economic cycles; manageable exposure to tariffs Change in US casino gaming revenue1 and outright sales of EGMs2 Aristocrat is well prepared for a 71% range of tariff scenarios 116 o Resilient and diversified global suppl
Slide 18: Product Madness
Product Madness Momentum in Social Casino with margin improvement; ranked #1 in Social Slots with 21% market share1 Six months to Six months to Summary Profit or Loss 31 March 2025 31 March 2024 Change % Product Madness o A transformational period for Product Madness, with a refreshed Bookings US$m
Slide 19: Scalable global presence in attractive adjacent businesses
Scalable global presence in attractive adjacent businesses iLottery Content Platforms Best in class Creation, distribution & Systems infrastructure iLottery solutions aggregation of content supporting high value segments US iLottery leader1 Content creation Land-based casino systems Complete offerin
Slide 20: Aristocrat Interactive
Aristocrat Interactive Strong overall profit result with the inclusion of NeoGames; Interactive continues to accelerate Six months to Six months to Summary Profit or Loss 31 March 2025 31 March 2024 Change % Aristocrat Interactive o Total revenue and profit growth reflects the inclusion of NeoGames,
Slide 21: Outlook
Outlook Half-Year 2025 Results
Slide 22: Outlook
Outlook Aristocrat expects to deliver NPATA growth over the full year to 30 September 2025 on a constant currency basis, for its continuing operations excluding Plarium, reflecting: Continued market share gains from Aristocrat Gaming, with strong revenue and profit growth in 2H25, based on current e
Slide 23: Q&A
Q&A n 2 S D ® a fe) N ro) N - © ® > = © =
Slide 24: Appendices
Appendices Half-Year 2025 Results
Slide 25: FY25 modelling inputs
FY25 modelling inputs Operating items: • D&D investment expected to be in the range of 12.5 - 13.5% of revenue, returning to 11 - 12% over the medium-term • Product Madness UA spend expected to be in the range of 18 - 21% of revenue Non-operating items: • Net Interest Expense to include interest pai
Slide 26: Group results summary
Group results summary Group Performance Reconciliation of statutory profit to NPATA Reported Constant Six months to Six months to Reported Currency Currency Currency A$ million 31 March 2025 31 March 2024 Six months to Six months to Variance Variance Profit after tax from continuing operations 511.0
Slide 27: Group results summary – FY24 results from continuing operations
Group results summary – FY24 results from continuing operations FY24 Group performance from continuing operations Reconciliation of statutory profit to NPATA Reported A$ million 2024 Currency Profit after tax from continuing operations 1,150.8 Profit after tax from discontinued operations 152.6 A$ m
Slide 28: Aristocrat Gaming
Aristocrat Gaming Aristocrat Gaming (A$m) North America (US$m) Rest of World (A$m) Summary of Performance 31 March 2025 31 March 2024 31 March 2025 31 March 2024 31 March 2025 31 March 2024 Revenue 1,869.9 1,826.1 963.8 950.2 341.2 376.7 EBITDA 1,186.9 1,120.6 653.5 612.8 150.9 186.2 Depreciation an
Slide 29: Product Madness (including FY24 results from continuing operations)
Product Madness (including FY24 results from continuing operations) Product Madness (US$m) Product Madness (US$m) 30 September 30 September Summary of Performance 31 March 2025 31 March 2024 20242 Bookings 31 March 2025 31 March 2024 20242 Bookings 569.8 560.8 1,129.7 Bookings by Genre Revenue 569.6
Slide 30: Aristocrat Interactive
Aristocrat Interactive Interactive (US$m) Interactive (US$m) Summary of Performance 31 March 2025 31 March 2024 Summary of Performance 31 March 2025 31 March 2024 1 Reported Revenue 166.7 71.9 Revenue Total Revenue (incl. share of NPI JV revenue) 216.3 71.9 iLottery 26.6 - EBITDA 73.6 20.4 Content 4
Slide 31: Investment proposition
Investment proposition Established and trusted industry leader with proven ability to deliver sustainable, long-term profit growth Large & Growing Markets TAM US$291bn1 TAM US$8bn2 TAM US$141bn1 Defensive Growth Stable Growth High Growth Content & Creativity World-class content that resonates across
Slide 32: Aristocrat Gaming - Overview
Aristocrat Gaming - Overview A leader in North America Gaming Operations with market-leading FPD; Strong diversified game portfolio A$1.9bn 2.4% A$1.0bn 3.0% 55.2% 0.4 pts HY25 Revenue HY25 Profit HY25 Margin Largest footprint in North America Gaming Operations 73,603 US$52.73 #1 overall supplier Re
Slide 33: Product Madness - Overview
Product Madness - Overview Global publisher with strong & diversified portfolio; Exposed to attractive segments and market-leading share in Social Slots; Targeted investment in Live Ops, features, content and UA to drive long-term, profitable growth US$570m 1.5% US$244m 9.4% 42.9% 3.1 pts HY25 Reven
Slide 34: Aristocrat Interactive - Overview
Aristocrat Interactive - Overview Content and technology solutions provider for online RMG and land-based casino systems; Strong momentum across all areas of the business, with the integration of NeoGames progressing well US$216m 200.8% US$72m 259.5% 33.2% 5.4 pts HY25 Total Revenue1 HY25 Profit1 HY
Slide 35: Glossary of terms
Glossary of terms Gaming Mobile Gaming Established, regulated markets outside traditional markets where Aristocrat Average bookings per Daily Active User. Total bookings in each period, divided by Adjacencies ABPDAU competes to take share by bringing innovation in games and technology the number of
Slide 36: Glossary of terms
Glossary of terms Online Real Money Gaming Financial & Other Amortisation of Amortisation of acquired intangibles arises from acquisitions of controlled Aristocrat Interactive Aristocrat’s online RMG business acquired intangibles entities and joint ventures Business-to-Business. That is, business ac
Slide 37: Disclaimer
Disclaimer This document and any oral presentation subsequent forecasts, will not vary significantly Disclosures in this document, the accompanying accompanying it has been prepared in good faith, from such forecasts, forward looking statements presentation or any Other Materials are not however, no
Slide 38: ARSTOCENT
ARSTOCENT life through the pow