Aristocrat H1 2025 results: EBITDA up 12.8% despite continuing operation declines
Profit after tax from continuing operations was down 21.6%, though overall operating revenue was up 8.7%.
Key Points
- Aristocrat reported H1 revenue of AU$3.03bn (US$1.97bn), up 8.7% year-over-year
- Aristocrat Gaming North America saw profit up 4%, though profit from the rest of the world was down 9%, due to lower unit sales and particular challenges in Australia and New Zealand
Aristocrat has released its financial results for the first half of 2025, in the six months to 31 March 2025.
In total, the supplier recorded an operating revenue of AU$3.03bn (US$1.97bn), up 8.7% year-over-year, while EBITDA reached AU$1.25bn, up 12.8%.
Despite this, net profit after tax adjusted (NPATA) from continuing operations was down a notable 15.1%, coming to AU$578.7m. As such, overall NPATA was unable to keep up with the growth seen in revenue and EBITDA, coming to AU$732.6m, up 5.6%. Indeed, profit after tax from continuing operations was struck with an even harsher decline, down 21.6% to AU$511m.
Aristocrat Gaming
Looking at its Gaming division, North America profit was up 4%, in part due to the supplier’s developing portfolio of titles. It noted that an additional 2,500 net units were installed in H1 amongst its Class III premium and Class II gaming operations, growing its market share to 42%.
Outright sales were down 5% year-over-year, though the supplier suspects this is due to the upcoming launch of its Baron Portrait cabinet in H2, which may result in increased outright sales in the next six-month period. Indeed, unit sales amongst its adjacencies continued to grow, up 31%, with this growth in part due to development of its video lottery terminals (VLTs) in Quebec and coin operated amusement machines (COAMs) in Georgia, as well as its entry into the historical horseracing market in Alabama.
Outside of the US, however, revenue was down 9% year-over-year. Lower unit sales were pinned as a reason for this, particularly in New Zealand and Australia, where ship share dipped 30% due to market competition and reduced spending ahead of H2.
Product Madness
Aristocrat’s social slot product, Product Madness, accounted for 21% of the market share in H1 2025, with bookings up 2% to AU$570m. Of this, social casino was up 4%, though its social casual segment saw a slight decline. Indeed, the performance of social casino was bolstered by Aristocrat’s investment in Live Ops, as well as its investment in new features and slots, and user acquisition investment.
Aristocrat Interactive
Across its Interactive segment, Aristocrat noted growth in its iLottery operations, driven by its NeoPollard Interactive joint venture and particular interest in North Carolina and Virginia. Its partnership with NeoGames was also noted as a particular value driver for the segment during the quarter.
Increased aggregation efforts resulted in further launches with operators in the UK, US and Canada, with Aristocrat’s network including over 150 operators in over 175 territories and three US states. Indeed, growth of Aristocrat’s platforms continued in the US over the half, as well as in New Zealand and Australia.
Comments
On the results, Chief Executive Officer and Managing Director Trevor Croker said, “This was a positive result, illustrating the quality of Aristocrat’s portfolio and ability to grow through different operating environments while also investing for the future…
“Looking ahead, we continue to see strong momentum in our business as we align our portfolio to capture the significant strategic opportunities in front of us. We expect an acceleration in operating momentum in the second half of the year as we capitalise on product rollout and technology initiatives across our portfolio. We remain committed to our capital management strategy and our ongoing on-market share buy-back program.”
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