Aristocrat Leisure FY2025 Earnings Release

Aristocrat Leisure Limited. ABN: 44 002 818 368 Building A, Pinnacle Office Park, 85 Epping Road, North Ryde NSW 2113

FY25 Results Investor Presentation
Sydney, 12 November 2025
Aristocrat Leisure Limited ( Aristocrat ) today provides the attached Aristocrat Full Year Results Investor
Presentation .

Authorised for lodgement by: Emma Leske, Company Secretary
Further Information :
Investors:

James Coghill
General Manager, Investor Relations
Mobile: (61) 439 957 674
james.coghill@aristocrat.com
Media:

Peter Brookes
Senior Managing Director
Mobile: (61) 407 911 389
peter.brookes@sodali.com

Aristocrat Leisure Limited (ASX: ALL) is a global entertainment and gaming content creation company powered by technology.
Our reporting segments span regulated land -based gaming (Aristocrat Gaming), social casino (Product Madness) and
regulated online rea l money gaming (Aristocrat Interactive). Aristocrat offers a diverse range of products and services including
electronic gaming machines, casino management systems, online real money games, including iLottery, and free -to-play mobile
games, that serve cust omers and entertain millions of players worldwide every day. Our team of over 7, 400 people across the
globe is united by our company mission to bring joy to life through the power of play. For more: www.aristocrat.com

Full – Year
2025 Results
Investor Presentation
12 November 2025
Bringing joy to life through the power of play

Strong 2H25
Delivered
+15% FY25 EPSA growth through
successful enterprise portfolio
realignment & strategic execution
Revenue
$6.3bn +11%
Competitive & aligned portfolio,
investment supporting organic
growth & share gains
Segment Profit
$3.2bn +12%
Disciplined cost management,
effective execution & scale
benefits
NPATA
$1.6bn +12%
Strong operating performance &
NeoGames inclusion, partially
offset by continued investment
Cash returned to
shareholders
$1.4bn
through dividends &
on -market share buy -backs
Outlook
NPATA growth in FY26 1
Competitive portfolio &
confidence in future performance
FY25 result highlights
2
Year -on-year change compared to financial year 2024 . All figures in AUD unless otherwise stated . Refer to the Operating and Financial Review for definitions and explanations of line items.
The normalised result and key performance metrics for the twelve months ended 30 September 2025 present the continuing business including Bi g Fish, and exclude significant items and discontinued operations following the divestment of Plarium . The comparative periods in financial year 2024 have been restated to exclude Plarium in accordance with relevant accounting standards and to provide a consistent basis for comparison, unless otherwise stated.
This page contains forward looking statements and statements of expectation. Please refer to the disclaimer on page 33
1. Aristocrat expects to deliver NPATA growth over the full year to 30 September 2026 on a constant currency basis

Strategy
Overview
Full -Year 2025 Results

Proven growth strategy
4
Investing, Innovating
& Protecting IP
• Unleash & support extraordinary talent
• Invest in D&D, UA & Capex to sustain
innovation & product leadership
• Robust technology & distribution
platforms for speed & efficiency
• Create & protect the world’s greatest
gaming content & brands
• Market share growth wherever we play
• Target organic growth & scale in
attractive adjacencies
• M&A investment to accelerate growth
& enhance customer experience
• Leverage content across multiple
channels, reaching more customers
& players
Differentiating
Enablers
• Leading financial fundamentals
• Outstanding people & engagement
• Deep customer partnerships
• Exceptional commercialisation
capabilities
• Compliance culture with Responsible
Gameplay leadership
Growing &
Distributing
Delivering superior, long -term profit growth
Strategy Overview | FY25 Results
Aristocrat is a global entertainment and gaming content creation leader, powered by technology

80% 72%
Recurring Revenue %
0.5
2.4 2.5 2.6 2.7 1.7 1.8
1.7 2.2 2.8 3.5
3.6 4.0
FY20 FY21 FY22 FY23 FY24 FY25
Aristocrat Gaming Product Madness/Pixel United Aristocrat Interactive
Extending a track record of financial performance
4.1 4.7
5.6 6.3 5.7 6.3
FY20 FY21 FY22 FY23 FY24 FY25
Revenue 1 (A$bn )
+9% CAGR
Revenue diversification 1,3 (A$bn )
NPATA 1 (A$bn )
56.0
120.0
150.2
189.6 203.0 226.5
FY20 FY21 FY22 FY23 FY24 FY25
EPS 1 (A$ cents)
+32 % CAGR
+11% YoY 2
5
+12% YoY 2
1. FY20 to FY23 as previously reported (including Plarium ), FY24 restated to exclude Plarium
2. YoY growth rates reflect continuing operations, excluding Plarium
3. FY20 and FY21 Customer Experience Solutions/ Anaxi revenue included in Gaming as previously reported Strategy Overview | FY25 Results
0.5
0.9
1.1
1.3 1.4 1.6
FY20 FY21 FY22 FY23 FY24 FY25
+12 % YoY 2
+27% CAGR
Consistent growth underpinned by operational breadth and strong execution

Ongoing progress in Sustainability
66 2025 Sustainability Report available from 2 nd December at www.aristocrat.com Strategy Overview | FY25 Results
Empowering
Safer Play
Operational
Sustainability & Climate
Good Governance &
Responsible Business
People &
Community
• Re fined Know Your Max TM campaign
in Gaming
• Redesigned ESP dynamic messaging
in Product Madness
• ESP staff awareness and satisfaction
exceeded >80% target
• Established key research partnerships
with UNLV’s Artificial Intelligence
Research Hub and International Center
for Responsible Gaming
• Flexi Play expanded to over 11,000
machines in ~1,400 NSW venues
• Achieved eNPS score of 53, +15
points above the technology
benchmark
• Expanded our AI -driven safety
monitoring system to the Tulsa
Integration Center
• >15,500 training hours completed
across global team
• Contributed US$3.9m in community
impact initiatives
• On track to comply with mandatory
climate reporting standards from
FY26
• Refreshed Sustainability Governance
Framework
• Completed integration of NeoGames
into compliance and cyber
frameworks
• Introduced new and updated policies
across compliance, cyber and IP
• Comprehensive refresh of Supplier
Code of Conduct
• >6,400 EGMs refurbished (+7% vs
FY24)
• Obtaining limited assurance over
Scope 1 and Scope 2 emissions, and
climate governance disclosures
• Transitioned Australian head office
and Integration Centre to renewable
electricity
STRATEGIC PILLARS
FY25 HIGHLIGHTS
Our ambition: To uphold high standards of governance and responsibility; to positively impact our people,
customers and communities

Group Results
& Financial
Summary
Full -Year 2025 Results

o Revenue up 11% (8% in constant currency), with organic growth and market
share gains across the portfolio, and the inclusion of NeoGames for the full
12 month period
o Gaming Outright Sales revenue growth of 11%, driven by growth in units in
North America and ANZ
o Gaming Operations grew by ~4,100 units, increasing market share to 43% 2
o Product Madness revenue growth driven by market outperformance in
Social Casino franchises, with revenue growth of 5%, compared to a Social
Slots market decline of 9% 3
o Interactive revenue benefitted from organic growth in iLottery and continued
scaling of Content across North America and Europe
o EBITDA up 16%, reflecting margin expansion across the Group from
favourable mix and improved operating leverage
o Corporate costs include a $28 million gain on property sale and elevated
legal costs, including costs associated with protecting Aristocrat’s
intellectual property, with ~$21 million in legal costs related to the ongoing
litigation against a competitor
o Interest income decreased by $34 million primarily due to lower average
cash balances following the NeoGames acquisition, and interest expense
includes a one -off expense of ~$9 million
o Increase in the effective tax rate relates primarily to changes in the regional
earnings mix and acquisition related transitional changes
o The Directors have authorised a final unfranked dividend of 49.0 cents per
share for the half -year ended 30 September 2025
8
Group results summary
Revenue growth across all segments, with operating leverage supporting profit performance
8 Group Results & Financial Summary | FY25 Results
1. Balance sheet and cash flow as previously reported (including Plarium)
2. Eilers Gaming Supplier KPI Model 2Q25 and internal analysis across the five largest participants in North America
3. Sensor Tower data, public company reports and Aristocrat estimates
Note : Refer to the Operating and Financial Review for definitions and explanations of line items
A$ million 2025 2024
Change
%
Normalised results
Revenue 6,297.0 5,673.4  11.0
EBITDA 2,628.9 2,274.4  15.6
EBITDA margin 41.7% 40.1%  1.6 pts
EBITA 2,234.3 1,940.0  15.2
NPAT 1,421.2 1,299.4  9.4
NPATA 1,550.7 1,382.0  12.2
Earnings per share (fully diluted) 226.5c 203.0c  11.6
EPSA (fully diluted) 247.2c 215.9c  14.5
Total dividend per share 93.0c 78.0c  19.2
Reported results from continuing operations
Revenue 6,297.0 5,673.4  11.0
Profit after tax 1,184.1 1,150.8  2.9
NPATA 1,313.6 1,233.4  6.5
Balance sheet and cash flow 1
Net working capital / revenue from continuing operations 5.8% 3.7%  2.1 pts
Operating cash flow 1,933.7 1,765.2  9.5
Net debt 423.3 1,139.8  (62.9)
Net debt to EBITDA 0.2x 0.4x  0.2x

Profit reconciliation
NPATA BRIDGE ( A$m )1
9
NPATA FY24 1,382.0
Aristocrat Gaming 52.3
Product Madness 60.5
Aristocrat Interactive 69.7
Corporate Costs & Other 13.8
Group D&D Expenses (13.1)
Net Interest (28.7)
Change in ETR (19.3)
Foreign Exchange 33.5
NPATA FY25 1,550.7 NPATA FY24 NPATA FY25
9 1. Movements above are reported on a constant currency basis and are tax effected at the prior year effective tax rate. Numbers hav e been normalised to exclude significant items and discontinued operations outlined in the Operating and Financial Review Group Results & Financial Summary | FY25 Results
Profit uplift driven by Gaming and Product Madness, and full year of NeoGames contribution in Interactive

Cash flow
o Increase in operating cash flow reflects continued business growth
o Change in net working capital reflects an increase in receivables from
revenue growth in Gaming partly offset by an increase in payables due to
timing
o Other cash and non -cash movements include the results of Plarium as a
discontinued operation, non -cash expenses including share -based
payments and foreign exchange movements
o Net capital expenditure driven by investment to support continued
growth in the North America Gaming Operations installed base, partly
offset by proceeds on the sale of properties
o Acquisitions and divestments largely driven by the sale of Plarium in
February 2025 (net of Plarium cash)
o $1.4 billion returned to shareholders through dividends and on -market
share buy -backs in FY25
o Prior $1.85 billion on -market share buy -back program completed , with
~$584 million returned to shareholders under the new up to $750 million
on -market share buy -back program announced in February 2025
o Repayment in full of US$250 million Term Loan B debt facility
1010
Note : Refer to the Operating and Financial Review for definitions and explanations of line items
Group Results & Financial Summary | FY25 Results
A$ million 2025 2024 Change %
EBITDA from continuing operations 1 2,628.9 2,274.4 15.6
Change in net working capital 1 (136.3) (109.5) (24.5)
Interest and tax (625.6) (606.3) (3.2)
Other cash and non -cash movements 1 66.7 206.6 (67.7)
Operating cash flow 1,933.7 1,765.2 9.5
Net capital expenditure (423.5) (494.1) 14.3
Acquisitions and divestments 864.8 (1,513.1) n/a
Investing cash flow 441.3 (2,007.2) n/a
Dividends and cash returned to shareholders (1,391.9) (1,285.1) (8.3)
Payments for shares acquired by the
employee share trust (123.5) (93.5) (32.1)
Repayments of borrowings (512.7) (440.5) (16.4)
Other financing activities (44.8) (47.0) 4.7
Financing cash flow (2,072.9) (1,866.1) (11.1)
Net increase / (decrease) in cash 302.1 (2,108.1) n/a
1. Comparative results have been restated to exclude discontinued operations, to align with the current period presentation in accordance with relevant accounting standards and to provide a consistent basis for comparison
Strong cash generation; Operating cash flow of $1.9 billion

Capital allocation framework, balance sheet and liquidity
o Free cash flow funds growth investment (organic and inorganic)
• Post year end, Aristocrat completed the acquisition of Awager
o Cash returns to shareholders via:
• Dividends (discretionary dividend policy with periodic review)
• On -market share buy -back dependent on leverage profile and market conditions
o Targeting net debt leverage ratio of 1.0 – 2.0x over the medium -term. Given strong
operating cash flow generation, balance sheet gearing will not fall within the target
leverage range without material strategic M&A, which remains a key focus
Portfolio growth and performance
Strong balance sheet to provide full strategic optionality
Free cash flow
Capex / growth
capabilities User Acquisition
On -market share
buy -back Dividends
Investment drives future growth
11
Medium -term debt leverage
2025 2024
D&D Investment 1
as % of revenue
$800m
12.7%
$759m
13.4%
UA Investment
as % of Product Madness revenue
US$197m
17.1%
US$178m
15.7%
Total Capex 2 $458m $494m
30 Sep 2025 30 Sep 2024
Total Debt $1,705m $2,084m
Net Debt $423m $1,140m
Net Debt to EBITDA 0.2x 0.4x
Liquidity $2.0bn $1.7bn
Cash returned to shareholders $1,392m $1,285m
11 Group Results & Financial Summary | FY25 Results 1. ~$35 million of Interactive operating costs, previously included in D&D, reclassified to segment profit during the period
2. Capex largely driven by investment to support continued growth in the North America Gaming Operations installed base
Design &
Development
Inorganic growth /
M&A
Capital allocation framework supports long -term growth strategy and maximises shareholder returns
KEY METRICS

Fully funding strategic organic growth
12
528 667 722 759 800
696
676
283 268 308
228
269
453 494 458
FY21 FY22 FY23 FY24 FY25
D&D UA Capex
Investment Spend 1 (A$m )
Total spend as a % of revenue YoY 1
12
31%
Group Results & Financial Summary | FY25 Results
1,452
1,612
1,458 1,521 1,566
29% 27% 25 %
Note : UA Spend has been converted to A$m based on reporting currency
1. FY23 and FY24 restated to exclude Plarium from Revenue, D&D and UA
27 %
Ongoing investment to support growth, with discipline across D&D and UA to optimise returns

185 207 204 206 206 220
97
124 120 102 108 105
42
67 50 77 88 73
1H23 2H23 1H24 2H24 1H25 2H25
Aristocrat Gaming Product Madness Aristocrat Interactive
Design & Development investment
1313
12.4%
Group Results & Financial Summary | FY25 Results
398 385
324
374
402
13.4% 14.5% 13.3%
D&D spend 1 (A$m )
D&D as a % of revenue 1
1. Restated to exclude Plarium 2. Full year growth rate compared to the PCP in reporting currency
13.4%
398
12.2%
Proforma
Product Technology
Future disclosure approach
Industry -leading Design & Development investment maintained
FY25
+5.4% 2
FY24
+5.1% 2

Operational
Performance
Full -Year 2025 Results

Aristocrat Gaming
o Revenue growth of ~9% led by strong performance in global Outright Sales,
supported by the depth and strength of the portfolio
o Profit Margin reduced 1% to 55% driven by revenue mix
Gaming Operations (North America):
o Total installed base 75,225 units after ~4,100 net additions, growing market
share to 43% 1
o Maintained market -leading FPD of US$53.23, with 2H25 up 2% sequentially
o Launches of Phoenix Link TM , House of the Dragon TM , Cash Express Legend TM ,
and Millioni$er TM , along with continued demand for Buffalo Ultimate
Stampede TM , Dragon Link TM , and Lightning Dollar Link TM , drove momentum
Outright Sales:
o Revenue increased 11% due to strong unit growth, underpinned by ship share
gains in 2H25 enabled by the Baron TM launch in key markets
o Clear revenue leadership was maintained in North America, given the
combination of strong ASPs and 31% 1 ship share
o Strong game performance, led by the successful debut of Spooky Link TM ,
achieving the fastest ramp of any game sales in Aristocrat history, Mo Mo Mo
Mummy TM , and Bao Zhu Zhao Fu Ignite TM
o Adjacencies units increased 29%, driven by continued expansion into Georgia
COAM, Historical Horse Racing and Quebec VLT markets
o Ship share in ANZ increased to 43% for the full year and 52% for the second
half 2, driven by the successful launch of the Baron Upright TM cabinet and
strong game performance in 2H25
o RoW incl. ANZ units up 4%, with increased ASP in FY25 due to a one -off sale
of aged recurring revenue units in South Africa in the PCP
1515 1. Eilers Gaming Supplier KPI Model 2Q25 and internal analysis across the five largest participants in North America
2. Based on NSW regulator data, QLD Max Gaming data and internal analysis Operational Performance | FY25 Results
Summary Profit or Loss 2025 2024 Change %
Aristocrat Gaming
Revenue A$m 3,960.0 3,628.6  9.1
EBITDA A$m 2,476.7 2,275.5  8.8
Profit A$m 2,161.1 2,021.6  6.9
Profit Margin % 54.6 55.7  (1.1) pts
North America
Revenue US$m 2,017.7 1,918.2  5.2
Profit US$m 1,165.6 1,130.6  3.1
Profit Margin % 57.8 58.9  (1.1) pts
Rest of World
Revenue A$m 813.7 731.6  11.2
Profit A$m 343.5 316.3  8.6
Profit Margin % 42.2 43.2  (1.0) pts
North America
Outright Sales
Units
ASP US$
Units
ASP A$
ANZ
Outright Sales
FY25
24,821
20,762
FY24
23,109
20,616
5,71
2
FY25
9,725
23,857
6,06
2
FY24
7,357
23,883
North America
Gaming Operations
Units
FPD US$
FY25
75,225
53.23
FY24
71,131
55.41
Growth driven by strong performance in global Outright Sales and continued share gains across the portfolio

Product Madness
16
o A transformational year for Product Madness, with refreshed leadership
and more effective integration into the enterprise
o Product Madness Social Casino franchises outperformed the market, with
bookings growth of 5% 2 compared to a Social Slots market decline of 9% 1,
demonstrating effective player engagement and resilience
o Social Casino performance supported by successful investment in Live
Ops, features and new slot content, and focused UA investment
o Margin expansion reflects operational efficiency and an increase in direct
to consumer sales, resulting in lower overhead and platform costs
o Continued success of key franchises Lightning Link TM , Cashman Casino TM
and Heart of Vegas TM
o UA spend increased from 16% to 17% of revenue with targeted investment
to support bookings growth and the launch of the new NFL themed game
o NFL launch showing good early indications
o Direct to consumer revenue increased from 7% to 16% of Social Casino
revenue
o Post year end, Aristocrat entered into agreements to divest Big Fish
Games
UA Spend DTC Revenues 3
2H25 1H25
1.53
16
1. Sensor Tower data, public company reports and Aristocrat estimates
2. Total bookings, including Social Casual, increased 2%
3. Direct to Consumer ; In App revenues generated outside the core digital ecosystem (e.g. Apple, Google, Meta, Amazon) . The consumer must leave the core platform and make their In-App Purchase “off -platform” using a third -party website and payment option Operational Performance | FY25 Results
Summary Profit or Loss 2025 2024 Change %
Product Madness
Bookings US$m 1,153.9 1,129.7  2.1
Revenue US$m 1,154.3 1,130.3  2.1
EBITDA US$m 522.7 475.3  10.0
Depreciation and Amortisation US$m (6.5) (12.6)  (48.4)
Profit US$m 516.2 462.7  11.6
Profit Margin % 44.7 40.9  3.8 pts
Amortisation of acquired intangibles US$m (8.7) (9.5)  (8.4)
Profit after amort of acq. Intangibles US$m 507.5 453.2  12.0
87.0 100.0 97.3
2H24
% of revenue 17.6% 16.6% 15.3%
US$m
2H25 1H25
43.5
68.6
97.6
2H24
% of revenue 13.3% 18.2% 8.5%
US$m
Momentum in Social Casino with margin improvement; ranked #1 in Social Slots with 21% market share 1

44.3 42.4
50.5 68.6 76.2 77.6
97.8 97.7 97.8
Content
Aristocrat Interactive
17
o Total revenue and profit growth reflects the inclusion of NeoGames for the
full year, organic growth in iLottery and the continued scaling of Content
o During 2H25, Interactive operating costs of US$23 million (A$35 million),
previously included in D&D, reclassified to segment profit, impacting the
profit margin. Excluding this full year reallocation, FY25 profit margin would
have been around 35% (1H25 reported 33.2%)
iLottery :
o iLottery remains a market leader in the US, with 72% share of gross wager 5
o Strong growth with major turnkey contracts in North Carolina and Virginia
Content:
o The consolidation of remote game server technology has enabled growth in
Content in 2H25, with 74 unique games launched over the year
o Increase in iCasino market share from 1.8% in March 2025 to 3.5% in
September 2025 6, with ~92% 7 US market access
o Three games in the Top 25 new slot game ranks , with Aristocrat ranked as
a top ten slot supplier 8
o Continued organic growth in aggregation, with 19,100+ games aggregated
Platforms:
o Solid performance from CXS in the US and ANZ markets, supported by
hardware innovation, installation expansion and software sales
2H25
17
1. Reported Revenue excludes share of the NPI JV revenues
2. Profit includes share of profit from the NPI JV
3. 2H24 grossed up for 6 months for NeoGames . 1H25 and 2H25 actual reported
4. iLottery revenue includes share of NPI JV revenue Operational Performance | FY25 Results
Summary Profit or Loss 2025 2024 Change %
Aristocrat Interactive
Reported Revenue 1 US$m 344.3 223.9  53.8
Total Revenue (incl. share of NPI JV revenue) US$m 442.2 258.8  70.9
EBITDA US$m 134.0 71.5  87.4
Depreciation and Amortisation US$m (3.3) (1.6)  106.3
Profit 2 US$m 130.7 69.9  87.0
Profit Margin as a % of Total Revenue % 29.6 27.0  2.6 pts
Amortisation of acquired intangibles US$m (64.7) (28.5)  127.0
Profit after amort of acq . intangibles US$m 66.0 41.4  59.4
Proforma Revenue 3 (US$m )
iLottery 4 Platforms
5. Eilers US iLottery Tracker 2Q25 Report
6. Eilers Online Game Performance data and Aristocrat estimates
7. Eilers All States Premium Online Casino By Brand – September 2025
8. Eilers U.S. Online Game Performance Report – October 2025 , Overall (Supplier > 2% GGR)
2H24 1H25 2H25 2H24 1H25 2H25 2H24 1H25
Interactive continues to accelerate, with positive momentum in iLottery and Content

Outlook
Full -Year 2025 Results

Outlook
1919 Outlook | FY25 Results
Continued revenue and market share growth from Aristocrat
Gaming, supported by resilient underlying GGR growth in key
markets
Accelerating performance at Aristocrat Interactive toward our
FY29 US$1 billion Revenue Target 1 through further scaling of
Content and investing in iLottery to support broader market
access in North America and Europe
Continued market share growth from Product Madness, with
an increasing contribution from DTC
Note: Additional detail for FY26 modelling inputs is included in the first page of the Appendices
This page contains forward looking statements and statements of expectation. Please refer to the disclaimer on page 33
1. Revenue Target includes Interactive’s share of revenues from the NPI JV
Aristocrat expects to deliver NPATA growth over the full year to
30 September 2026 on a constant currency basis, reflecting:

Q&A
Full -Year 2025 Results

Appendices
Full -Year 2025 Results

FY26 modelling inputs
2222 Appendices | FY25 Results
Operating items:
• D&D investment expected to increase at mid -single digits compared to FY25 on a
constant currency basis
• Product Madness UA spend expected to be in the range of 18 – 21% of revenue
Non -operating items:
• Net interest expense to include interest paid on US dollar borrowings, hedging costs,
hedging benefits and other finance fees, with an all -in rate of approximately 6 – 7% of
US dollar borrowings
• Amortisation of acquired intangibles – Circa US$100 million pre -tax relating to assets
previously acquired
• Income tax expense – Normalised ETR of approximately 26 – 28% reflective of
regional earnings mix and acquisition -related transitional changes, which are
expected to moderate over time

A$ million 2025 2024
Statutory profit before tax excluding discontinued operations 1,818.8 1,565.6
Add back interest 101.4 60.0
Add back net loss from significant items before tax excluding discontinued operations 147.3 206.3
Profit before interest and tax (EBIT) 2,067.5 1,831.9
Add back depreciation and amortisation 561.4 442.5
EBITDA 2,628.9 2,274.4
2025 2024
A$ million Before tax After tax Before tax After tax
Transaction, integration and tax expenses arising from acquisitions (37.9) (47.8) (44.8) (40.3)
Impairment of assets and net costs associated with the Big Fish restructure (109.4) (100.6) (161.5) (161.5)
Gain on sale of Plarium net of transaction costs 390.6 390.6 – –
Changes in deferred tax asset relating to the Group structure changes in a prior year – (88.7) – 53.2
Net gain/(loss) from significant items 243.3 153.5 (206.3) (148.6)
Group results summary
23
EBITDA Reconciliation
Group performance: Normalised results are statutory profit (before and after tax), excluding the impact of certain significant items and discontinued operations detailed above.
The financial information presented for FY24 has been restated to reflect the continuing business and exclude discontinued op erations following the divestment of Plarium.
1. Segment profit throughout this report is stated before amortisation of acquired intangibles. Amortisation of acquired intangibles arises from acquisitions of controlled entities and joint ventures
2. Average of monthly exchange rates only. No weighting applied 23 Appendices | FY25 Results
Foreign exchange rates
A$ million 2025 2024
Profit after tax from continuing operations 1,184.1 1,150.8
Profit after tax from discontinued operations 456.2 152.6
Statutory profit as reported in the financial statements 1,640.3 1,303.4
Amortisation of acquired intangibles (tax effected) 129.5 82.6
Reported profit after tax before amortisation of acquired intangibles (reported NPATA) 1,769.8 1,386.0
(Less) / add net (gain) / loss from significant items after tax (153.5) 148.6
(Less) net profit from discontinued operations after tax (65.6) (152.6)
Normalised profit after tax before amortisation of acquired intangibles (normalised NPATA) 1,550.7 1,382.0
A$ 30 Sep 2025 31 Mar 2025 30 Sep 2024 2025 Average 2 2024 Average 2
USD 0.6616 0.6250 0.6917 0.6414 0.6615
Reported Currency
Reported
Currency
Constant
Currency
A$ million 2025 2024 Variance % Variance %
Segment revenue
Gaming 3,960.0 3,628.6 9.1 5.9
Product Madness 1,800.3 1,709.1 5.3 2.1
Interactive 536.7 335.7 59.9 54.2
Total segment revenue 6,297.0 5,673.4 11.0 7.6
Segment profit 1
Gaming 2,161.1 2,021.6 6.9 3.5
Product Madness 804.4 699.8 14.9 11.8
Interactive 204.6 104.4 96.0 91.1
Total segment profit 3,170.1 2,825.8 12.2 8.8
Unallocated expenses
Group D&D expense (799.6) (758.7) (5.4) (2.4)
Corporate, foreign exchange and other (136.2) (127.1) (7.2) (2.5)
Total unallocated expenses (935.8) (885.8) (5.6) (2.4)
EBIT before amortisation of acq. intangibles (EBITA) 2,234.3 1,940.0 15.2 11.8
Amortisation of acquired intangibles 1 (166.8) (108.1) (54.3) (49.6)
EBIT 2,067.5 1,831.9 12.9 9.5
Interest income 62.3 96.4 (35.4) (37.1)
Interest expense (163.7) (156.4) (4.7) (2.1)
Profit before tax 1,966.1 1,771.9 11.0 7.6
Income tax (544.9) (472.5) (15.3) (11.9)
Net profit after tax (NPAT) 1,421.2 1,299.4 9.4 6.1
Amortisation of acquired intangibles after tax 1 129.5 82.6 56.8 51.9
Net profit after tax and before amortisation of acq. intangibles (NPATA) 1,550.7 1,382.0 12.2 8.8
Group Performance Reconciliation of statutory profit to NPATA
Significant Items

24
Aristocrat Gaming
Appendices | FY25 Results
Aristocrat Gaming ( A$m ) North America (US$m) Rest of World (A$m)
Summary of Performance 2025 2024 2025 2024 2025 2024
Revenue 3,960.0 3,628.6 2,017.7 1,918.2 813.7 731.6
EBITDA 2,476.7 2,275.5 1,358.2 1,289.2 358.7 330.6
Depreciation and Amortisation (315.6) (253.9) (192.6) (158.6) (15.2) (14.3)
Profit 2,161.1 2,021.6 1,165.6 1,130.6 343.5 316.3
Profit Margin % 54.6 55.7 57.8 58.9 42.2 43.2
Amortisation of acquired intangibles (52.1) (50.5) (33.4) (33.4) – –
Profit after amortisation of acquired intangibles 2,109.0 1,971.1 1,132.2 1,097.2 343.5 316.3
Other Operational Metrics
D&D expense (426.0) (410.4)
Gaming Operations
Revenue 2,215.5 2,058.2 1,421.1 1,361.5
Class III Premium Units 45,333 41,402 45,333 41,402
Class II Units 29,892 29,729 29,892 29,729
Total units Units 75,225 71,131 75,225 71,131
Total average fee per day US$/unit 53.23 55.41 53.23 55.41
Outright Sales & Other
Revenue 1,744.5 1,570.4 596.6 556.7 813.7 731.6
Revenue – ANZ only 408.2 360.0
Units Units 41,488 39,147 24,821 23,109 16,667 16,038
North America excluding Adjacencies Units 18,373 18,105
North America Adjacencies Units 6,448 5,004
RoW excluding ANZ Units 6,942 8,681
ANZ Units 9,725 7,357
ASP $/unit
North America US$/unit 20,762 20,616
RoW excluding ANZ US$/unit 22,054 17,341
ANZ A$/unit 23,857 23,883

Product Madness
2525 Appendices | FY25 Results
Product Madness ( US$m )
Summary of Performance 2025 2024
Bookings 1,153.9 1,129.7
Revenue 1,154.3 1,130.3
EBITDA 522.7 475.3
Depreciation and Amortisation (6.5) (12.6)
Profit 516.2 462.7
Profit Margin % 44.7 40.9
Amortisation of acquired intangibles (8.7) (9.5)
Profit after amortisation of acquired intangibles 507.5 453.2
Other Operational Metrics
D&D expense (133.0) (150.7)
UA spend (197.3) (177.5)
% of Revenue 17.1 15.7
Direct to Consumer Revenues 1
Product Madness Revenue 166.2 70.8
% of Social Casino Revenue 15.8 7.0
Active Users
DAU by genre (period end): Millions 1.9 2.1
Social Casino 1.3 1.3
Social Casual 0.6 0.8
ABPDAU US$ 1.53 1.31
Product Madness ( US$m )
Bookings 2025 2024
Bookings by Genre
Social Casino 1,054.0 1,008.2
Social Casual 99.9 121.5
Total 1,153.9 1,129.7
Bookings by Game
Lightning Link TM 343.2 319.8
Cashman Casino TM 248.8 240.0
Heart of Vegas TM 178.7 166.5
Big Fish Casino TM 159.3 168.1
Jackpot Magic Slots TM 92.1 95.4
Gummy Drop! TM 43.9 47.9
EverMerge TM 27.1 39.3
Mighty Fu Casino TM 30.3 18.4
Other Games 30.5 34.3
Total 1,153.9 1,129.7
The financial information presented for FY24 has been restated, to reflect the continuing business and exclude discontinued o perations following the divestment of Plarium .
1. In-app revenues generated outside the core digital ecosystem (e.g. Apple, Google, Meta, Amazon). The consumer must leave the cor e platform and make their In -app purchase “off -platform” using a third -party website and payment option

Aristocrat Interactive
2626 Appendices | FY25 Results
Interactive (US$m)
Summary of Performance 2025 2024
Reported Revenue 1 344.3 223.9
Total Revenue (incl. share of NPI JV revenue) 442.2 258.8
EBITDA 134.0 71.5
Depreciation and Amortisation (3.3) (1.6)
Profit 2 130.7 69.9
Profit Margin as a % of Total Revenue % 29.6 27.0
Amortisation of acquired intangibles (64.7) (28.5)
Profit after amortisation of acquired intangibles 66.0 41.4
Other Operational Metrics
D&D expense (103.0) (84.1)
Interactive (US$m)
Summary of Performance 2025 2024
Revenue
iLottery 55.9 22.3
Content 92.9 48.7
Platforms 195.5 152.9
Total Revenue (excl. share of NPI JV revenue) 344.3 223.9
iLottery share of NPI JV revenue 97.9 34.9
Total Revenue (incl. share of NPI JV revenue) 442.2 258.8
Profit
Profit (excl. share of NPI JV profit) 70.7 50.0
Share of NPI JV profit 60.0 19.9
Total Profit 130.7 69.9
1. Reported Revenue excludes share of the NPI JV revenues
2. Profit includes share of profit from the NPI JV

Investment proposition
Relationships with customers & regulators
Content library & global studio network
World -class content that resonates across all three verticals
Defensive Growth
Cash flow conversion, balance sheet optionality supporting investment
High
Quality,
Sustainable
NPATA
Growth
Stable Growth High Growth
#1 Gaming Ops 1
Top 3 Game Sales 1
#1 Social Slots 2
Building out DTC
#1 iLottery 3
Scaling in iGaming
Premiumisation
of the casino floor Profit optimisation NeoGames integration
Adjacencies growth
Share gains
Leverage content
through Social Slots
Share gains
Market legalisation
Core Strengths
Large & Growing Markets
Growth Opportunities
Competitive Advantages
Content & Creativity
Financial Strength
Leadership & Scale
Execution Track Record
2727
1. Eilers Fantini Slot Survey – 3Q25
2. Sensor Tower data, public company reports and Aristocrat estimates
3. Eilers US iLottery Tracker 2Q25 Report
This page contains forward looking statements and statements of expectation .
Please refer to the disclaimer on page 33
Established and trusted industry leader with proven ability to deliver sustainable, long -term profit growth
Appendices | FY25 Results

Aristocrat Gaming – Overview
A leader in North America Gaming Operations with market -leading FPD; Strong diversified game portfolio
A$ 4.0 bn
FY25 Revenue
A$ 2.2bn
FY2 5 Profit
6.9 % 54.6 %
FY25 Margin
(1.1) pts 9.1 %
1
Largest footprint in North America Gaming Operations
75,225
Gaming Operations
installed units
US$53.23
market -leading
FPD in North America 1
#1 overall supplier
1.4x
house performance 2
41,488
Outright Sales
NA – US$20,762
ANZ – A$23,857
RoW excl. ANZ – US$22,054
strong ASP maintained
Land -Based
Supplier of the Year
Class II & Class III 3
18 Out Of 25
Top Premium Leased
games 4
12
global studios
~2,000
employees 5
A global leader in Outright Sales
Strong, diversified portfolio & platform
2828
% change is year on year. Details above are rounded numbers for the twelve months ended 30 September 2025
1. Eilers Gaming Supplier KPIs – 2Q25 Report
2. Average theoretical win index vs house (> 2,000 units), October 2025 Eilers Game Performance Database
3. Global Gaming Awards 2025
4. Average performance per Eilers Game Performance reports for the 12 months to September 2025 (October 2025 report)
5. Employees assigned to reporting business unit, excluding CTO, CPO and Corporate functions
North America 79%
Rest of World 21%
Revenue
Revenue
Gaming Operations 56%
Outright Sales 44%
Appendices | FY25 Results

Product Madness – Overview
Global publisher with strong & diversified portfolio; Market -leading share in Social Slots; Targeted investment in Live Ops, fea tures, content and UA to drive
long -term, profitable growth
2929
Maintaining leadership in Social Slots
21%
Social Slots
market share 1
8,100+
Live Ops in Social Casino
6.3x higher than FY20
US$1.53
ABPDAU
1.9m
DAU
16%
Direct to consumer
revenues
US$197m
User acquisition
17.1% of revenue
11
global studios
~350
employees 2
Portfolio focused on Social Slots, which continues to scale
Continuing to invest while focusing on returns
% change is year on year . All figures in US$ unless otherwise stated . Details above are rounded numbers for the twelve months ended 30 September 2025
1. Sensor Tower data, public company reports and Aristocrat estimates
2. Employees assigned to reporting business unit, excluding CTO, CPO and Corporate functions
US$1.2bn
FY25 Revenue
US$0.5bn
FY25 Profit
11.6 % 44.7 %
FY25 Margin
3.8 pts 2.1%
Social Casino 91%
Social Casual 9%
Bookings
Bookings
Top 8 games 97%
Other 3%
Appendices | FY25 Results
US$1.1bn
Social Casino
bookings

Aristocrat Interactive – Overview
3030
iLottery remains the market leader in the US
#1
performance in US 2
~72%
wager market share in US 2
32
customers globally
74
unique games launched
in FY25
3.5%
iCasino
market share 3
19,100+
games
aggregated 4
~76%
Platforms
recurring revenues
4
global studios
~750
employees 5
Ongoing success of Aristocrat land -based titles in Content
Platforms continues to expand in US and ANZ
% change is year on year . All figures in US$ unless otherwise stated . Details above are rounded numbers for the twelve months ended 30 September 2025
1. Total Revenue and Profit includes Aristocrat share of the NPI JV
2. Eilers US iLottery Tracker 2Q25 Report
3. Eilers Online Game Performance data and Aristocrat estimates ; market share in September 2025
4. Includes proprietary and 3rd party content ; excludes games with less than €100 in bets
5. Employees assigned to reporting business unit, excluding CTO, CPO and Corporate functions
US$442m
FY25 Total Revenue 1
US$131m
FY25 Profit 1
87.0% 29.6%
FY25 Margin 1
2.6 pts 70.9%
iLottery 35%
Content 21%
Platforms 44 %
Revenue 1
Profit 1 US$m
69.9
130.7
FY24 FY25
+87%
Appendices | FY25 Results
Content and technology solutions provider for online RMG and land -based casino systems; Strong momentum across the business

Glossary of terms
31
Adjacencies Established, regulated markets outside traditional markets where Aristocrat
competes to take share by bringing innovation in games and technology
ANZ Australia and New Zealand
ASP Average Selling Price (Outright Sales)
COAM Coin Operated Amusement Machine
CDS
Central Determination System. A collection of secured computers located at a
casino that randomises the electronic scratch ticket outcomes (wins/losses)
of a game and delivers them in a predetermined order to the player terminals
on the casino floor
Class II Games of chance based off bingo
Class III Games of chance based off poker, using random number generator software
programs to determine results
EGM Electronic Gaming Machine
FPD Fee Per Day. The amount Aristocrat receives per day for Gaming Operations
EGMs. Often expressed as an average fee per day
Gaming Operations Continued operation and maintenance of leased land -based gaming machines
GGR Gross Gaming Revenues. The difference between gaming wins and losses
before the deduction of casino operating costs and expenses
HHR Historical Horse Racing
MSP / SSP Multi site progressive / Single site progressive
North America US and Canada
NYL New York Lottery
Outright Sales The outright sale of an EGM
Rest of World Markets outside North America (includes ANZ, EMEA, Asia Pacific & LATAM )
Stepper A slot machine with a mechanical reel
Video A slot machine with a video reel
VLT Video Lottery Terminals
Washington CDS Washington (State) Central Determination System
ABPDAU Average bookings per Daily Active User. Total bookings in each period, divided by
the number of days in that period, divided by the DAU during the period
Bookings Amount paid by customers
DAU Daily Active Users or number of individuals who played during a particular day.
‘Active’ means a player had at least one game session during the day
Features Added elements of the game to attract, engage and retain users
IDFA
Identifier for Advertisers on iOS (Apple). Used to measure marketing campaigns,
value ads, find new app users, and segment users, or aggregate access to ads
(Google equivalent is GAID, Google Ad Identifier)
Live Ops
Live game operations. A layer of gameplay which sits on top of the base core
game and is time limited. They usually do not impact the outcomes of the core
game. These can be one -time contests, tournaments, bonuses or social club
events
LTV Lifetime Value. The value of a player over the lifetime of the game
Mobile Mobile Device
Direct to Consumer
(DTC)
In-app revenues generated outside the core digital ecosystem (e.g. Apple,
Google, Meta, Amazon). The consumer must leave the core platform and make
their in -app purchase “off -platform” using a third -party website and payment
option
Product Madness Aristocrat’s Social Casino business
Social Casino
Social digital casino style games that give players free access to content
through downloads. Monetisation typically generated from in -app purchases
and/or advertising revenues
Social Casual
Social digital entertainment style games that give players initial free access to
content through downloads. Monetisation typically generated from in -app
purchases and/or advertising revenues
UA User Acquisition (Digital Marketing Investments)
Mobile Gaming Gaming
Appendices | FY25 Results

Glossary of terms
32
Amortisation of
acquired intangibles
Amortisation of acquired intangibles arises from acquisitions of controlled
entities and joint ventures
Capex Capital expenditure
D&A Depreciation and amortisation
D&D Design & Development investment
Discontinued
operations
Discontinued operations refers to the 2024 and 2025 results of Plarium and
the 2025 gain on sale net of transaction costs
EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation and Significant
Items
EPS Earnings Per Share
EPSA Earnings Per Share before amortisation of acquired intangibles
ESG Environmental, Social, and Governance
ESP Empowering Safer Play. Aristocrat’s core Responsible Gameplay policy and
commitment encouraging players to make good gaming decisions
Normalised ETR Effective Tax Rate before significant items
FX Foreign Exchange
JV Joint Venture
M&A Mergers and Acquisitions
NPAT Net Profit After Tax
NPATA Net Profit After Tax before amortisation of acquired intangibles (excludes
significant items)
PCP Prior corresponding period
Recurring Revenue
Predictable, stable components of a company’s revenue. For Aristocrat,
includes for example, Gaming Operations, Social Free -to-Play revenues, and
online RMG
RG Responsible Gameplay
SG&A Selling, General and Administrative expenses
TAM Total Addressable Market
Financial & Other
B2B Business -to-Business. That is, business activities carried out between two or
more companies without consumer contact
B2C Business -to-Consumer. That is, businesses carried out with the direct
consumer
CXS
Customer Experience Solutions. A business -to-business software platform
providing casino operators with a customer experience management solution
for players
iGaming
Online gaming; a component of the online RMG business. Ability for a
customer to play their favourite slots/poker or bingo game online, for real
money
iLottery Online lottery, part of online RMG, where individuals can buy state or other
lottery tickets online
LIVE Casino Ability to play online casino games, in real time and with real live dealers, to
imitate experience of actual casino attendance
NPI JV NeoPollard Interactive Joint Venture
OSB Online Sports Betting. Individual wagers on the outcome of racing games and
sports events (including digital games and horse racing)
PAM
Player Account Management system. iGaming technology platform managing
all aspects of player interaction, including tracking, monitoring,
communication and compliance
RMG
Real Money Gaming. Refers to gaming online, including OSB, iGaming (table
games, poker/slots, bingo), LIVE casino. Excludes casino -based gaming and
Social Free to play casino games
White Label A non -branded system available for B2B customers to provide services to
their customers (end -consumers)
Online Real Money Gaming
Appendices | FY25 Results

Investors
James Coghill
General Manager, Investor Relations
+61 439 957 674
james.coghill@aristocrat.com
Media
Peter Brookes
Senior Managing Director
+61 407 911 389
peter.brookes@sodali.com
For further information, contact:
Disclaimer
33
This document and any oral presentation
accompanying it has been prepared in good faith,
however, no express or implied representation or
warranty is given as to the accuracy or
completeness of the information in this document,
in any accompanying presentation or in any other
written or oral communication transmitted or
made available to any investor or potential investor
(collectively, the “Other Materials”). Nothing in this
document, in any accompanying presentation or in
any Other Materials is, or shall be relied upon as, a
promise or representation. All statutory
representations and warranties are excluded, and
any liability in negligence is excluded, in both cases
to the fullest extent permitted by law. No
responsibility is assumed for any reliance on this
document or the accompanying presentation or
any Other Materials.
Without limiting the above, this document, any
accompanying presentation and any Other
Materials may contain forecasts, forward looking
statements or statements as to future affairs
which are based on estimates, assumptions and
expectations of Aristocrat Leisure Limited or its
subsidiaries (collectively, the “Company”) (some or
all of which may not be satisfied or may not occur)
that, while used in good faith, necessarily involve ( i)
subjective judgments; (ii) inherent uncertainties;
and (iii) significant contingencies, many of which
are beyond the Company’s control or reflect future
business decisions which are subject to change.
Therefore, there can be no assurance that such
forecasts, forward looking statements or
statements as to future affairs will be realised or
that the Company’s actual or future results, or
subsequent forecasts, will not vary significantly
from such forecasts, forward looking statements
and statements as to future affairs. The actual
results may vary from the anticipated results and
such variations may be material. Any and all
forecasts and financial information in this
document, in any accompanying presentation and
in any Other Materials are not, and shall not be
relied upon as, a promise or representation as to
future matters. The Company’s results may be
affected by factors including, but not limited to, the
risks and uncertainties in competitive
developments, regulatory actions, litigation and
investigations, business development transactions,
economic conditions, pandemics and changes in
laws and regulations. The Company accepts no
responsibility or liability in relation to the accuracy
or completeness of any forecasts, forward looking
statements or statements as to future affairs, or
whether they are achievable. The Company does
not assume any obligation to revise or update this
document, any accompanying presentation, any
Other Materials or any of the estimates,
assumptions or expectations underlying such
forecasts, forward looking statements and
statements as to future affairs. No representations
or warranties are made as to the accuracy or
reasonableness of such estimates, assumptions or
expectations or the forecasts, forward looking
statements or statements as to future affairs
based thereon. Certain data included herein has
been obtained from alternative external sources
and as such may be inconsistent given differing
underlying assumptions and sources. We have not
independently verified information from these
external sources.
This document makes reference to certain non –
International Financial Reporting Standards (non –
IFRS) financial information. The non -IFRS financial
information is unaudited and has not been
reviewed by the Company’s independent auditor.
Any non -IFRS financial information is clearly
labelled to differentiate it from the statutory/IFRS
financial information, which is presented in
accordance with all relevant accounting standards.
Disclosures in this document, the accompanying
presentation or any Other Materials are not
investment advice and are not intended to be relied
upon as advice to investors or potential investors
and do not take into account the investment
objectives, financial situation or needs of any
particular investor. These should be considered,
with independent professional advice when
deciding if an investment is appropriate. The
information contained in this document (including
tables) has not been audited in accordance with
the Australian Auditing Standards.
This document remains the property of the
Company and the Company reserves the right to
require the return of this document (and any copies
or extracts hereof) at any time. The receipt of this
document by any investor or potential investor
shall constitute such investor’s or potential
investor’s acceptance of the foregoing terms and
conditions. For additional information concerning
the Company, please see the Company’s
announcements released on the Australian
Securities Exchange (ASX:ALL).