Aristocrat Leisure Limited (ALL) Earnings Call Transcript & Summary

Good morning, and welcome to Aristocrat's 2026 Investor Briefing. We appreciate your participation today. My name is James Coghill, General Manager of Investor Relations. Before we begin, I'd like to acknowledge the traditional owners of the land on which many of our participants in Australia are joining from today. I'd remind everyone that this webcast is being recorded and will be uploaded to the Aristocrat website after the event. I'd also like to draw your attention to the disclaimer statement included in today's presentation materials. Today's discussion will include forward-looking statements, and we encourage everyone to review the disclosures. Let me briefly walk through the agenda for today. Trevor Croker will begin with an overview of group strategy shortly. Various executives will then present on their respective areas with Trevor presenting on gaming, as you can see on the agenda, as our gaming CEO, Craig Turner, is away on annual leave. We'll then take a short-minute break for 10 minutes and restart with Dylan Slaney, who will provide an in-depth review of our progress at Interactive. We'll then go back to Sydney and hear from Sally Denby, our CFO, before we conclude with Q&A. You can submit questions throughout today's session. Just select the messaging icon type your question in the box towards the top of the page and press the send button. Before we get started, I want to highlight the key messages that we'd like you to take away from today's investor briefing. The session will have a deliberate strategic focus and show how the group is tightly aligned around the strategy striving to achieve superior returns for shareholders over the long term. Trevor's session will focus on the 5 strategic advantages that continue to set us apart. And you'll hear how AI is strengthening these differentiators. Aristocrat continues to win share in the most attractive and fastest-growing parts of our market, and we'll demonstrate why we believe this will continue into the future. Dylan has been leading Interactive for almost 8 months now and has a great story to share. Interactive has a refreshed strategy fully aligned with the group and has a clear path to meaningful value creation. And finally, disciplined capital allocation and sharper operating leverage will remain central to our strategic delivery. And with that, I'll hand over to Trevor.

Thanks, James, and good morning, everyone. Before I go to group strategy, let me touch on our outlook for FY '26. Since we last spoke to you in May, we continue to meet our expectations and remain confident in our outlook. I want to reiterate our overarching group NPATA growth and divisional outlook statements for FY '26, modeling inputs that were provided at the time of our half year result presentation. Turning now to our group strategy. We're speaking to you today at a really important juncture in Aristocrat's journey. Over the past decade, we've transformed Aristocrat into a scaled, global content and technology business with diversified growth engines, leading market positions and a highly resilient operating model. Today, we'll share with how we intend to build on that foundation, accelerate the next phase of growth. We'll highlight the scaled positions and significant growth opportunities across the group with a proven long-term growth strategy that is focused on driving sustainable shareholder returns into the future and spend some time talking about the significant strategic advantages that underpin our success and strong financial track record. So let's get started. At Aristocrat, our mission is simple, bringing joy to life through the power of play. This mission is embedded in everything that we do and in every decision we make. Aristocrat is a content and technology company at heart, creating great games to delight players wherever and whenever they play. We have 3 scaled and complementary verticals with leading market positions, large and growing markets and global reach. These businesses reinforce and complement 1 another through shared content, technology, analytics and distribution capabilities, while providing diversification across channels, markets, audiences and regulatory structures. It's a powerful combination with significant opportunity for growth. Our business today is the culmination of a long journey, which has seen an acceleration in transformation over the past decade. That transformation has been driven by a combination of discipline, organic investment and strategic approach to M&A. Not only have we focused on acquiring capabilities, distribution and talent to extend our content and IP footprint, we've also responded to changing market conditions and evolving priorities, refocusing the portfolio as appropriate. Product Madness is an excellent example of this strategy in action. Today, Product Madness is a focused social slots provider following the divestitures of Plarium and Big Fish, which generated double-digit returns for us and is no longer a good strategic fit. Meanwhile, recent acquisitions like Awager and Gaming Analytics add new distribution channels and capabilities while the exit from White Label further demonstrates our focus. And since acquiring Product Madness in 2012, Aristocrat's scale has increased substantially, growing revenue at 17% CAGR and increasing by almost 8x, while EBITDA has grown at 24% CAGR, generating attractive shareholder returns. This reflects the strong growth across all 3 businesses with the group now generating over 70% recurring revenue and strong cash flow conversion for investment in growth and return to shareholders. Aristocrat has a proven execution track record, which has been driven by our long-term growth strategy. This strategy remains focused on delivering sustainable growth and superior shareholder returns into the future. At the heart of this strategy is our passionate approach to content. Aristocrat's content is widely recognized as the industry's best. Investing in D&D to support innovation, maintaining this leadership position and protecting our IP remains our most important priority. Our global studio model takes an enterprise-wide approach to game development and accelerating distribution across channels and markets. This includes a focus on expanding in underpenetrated markets with a particular focus on North American adjacencies and EMEA. Our platform strategy represents a critical enabler of future growth, presenting new distribution opportunities as well as integrating advanced analytics, mobile connectivity and real-time player engagement capabilities. As we grow, we expect to benefit from our ONE Aristocrat operating model which drives greater alignment, scalability and decision-making effectiveness across the group. We've also outlined 4 key performance aspirations that you'll hear us reference throughout the day. First, our relentless ambition to take market share, although we have well-established market positions, we go to market every day to win share. The most important market share opportunity ahead of us today is iGaming and we will outline its significance for our interactive USD 1 billion revenue target later today. Delivering operating leverage and consistently improving EBITDA margins are also a critical output for our strategy. Executing against that strategy requires strong leadership capability. We are clear about the choices we're making to align our resources behind our strategy and to ensure we are well placed to capture our biggest opportunities. Over the past 12 months, we chose to increase leadership skills, deepen our talent pool and grow enterprise capability in priority areas. Notably, over the recent months, we've implemented a significant refresh to our executive leadership team through a mix of outstanding external hires and internal development. Earlier this year, we announced the appointment of Bob Serr as Chief Technology Officer; and Dafne Guisard as Chief Commercial Officer for EMEA. Dafne is also taking over accountability for the Product Madness business from Chief Strategy Officer, Superna Kalle. These appointments build on the recent recruitment of Dylan Slaney as CEO of Interactive and Barry French as Chief Corporate Affairs and Marketing Officer. These new leaders complement the skills and experience of the existing leadership, ensuring our capability and experience enables the delivery of our long-term strategy to build a high-performing culture. We are clearly benefiting from growing in-house expertise in areas highly relevant to our strategy, including AI, emerging technologies, digital and consumer skill sets, specialist iGaming and marketing capability. We are amplifying this through genuine enterprise thinking. For example, the creation of a single marketing function, holistic oversight of the EMEA region and a total business approach to critical customer relationships in our largest market in North America. More broadly, we continue to invest heavily in attracting and developing world-class talent across product, technology and commercial leadership. Our confidence in Aristocrat's sustained growth and strategic execution stems from a set of unique differentiators that form a powerful ecosystem providing resilience across business cycles. This has enabled the group to navigate challenges from COVID to geopolitical volatility while continuing to outperform. Looking ahead, AI deployment represents a significant opportunity to further strengthen each of these differentiators. I'll briefly step through each of these. First, our content. Aristocrat's market-leading portfolio of content, brands and proprietary IP is the foundation of our success. Our portfolio includes some of the most successful and beloved brands and proven game mechanics in the industry and a diversified portfolio of leading cabinets that appeal to customers and players alike. This deep library has been built through its decades of sustained investment in design and development, driving market share gains. This slide shows some of our top-performing franchises and the extraordinary longevity and superior performance of these brand families. These brands have been consistently featured on industry leader boards for many years. We have carefully nurtured and extended these game families throughout the years from Class III to Class II from SSP to MSP to adjacent markets and across channels. At the same time, we've clearly -- we've created new brands like Spooky Link and Bao Zhu Zhao Fu that continue to refresh the portfolio with innovative ideas and new game features and segments. And there is more to come. We continue to launch our proven land-based and social titles in iGaming and iLottery. We regularly defend our IP portfolio to protect the value of our creative and technical innovation further demonstrating our commitment to our creative and technical teams. The source for our leading content, IP and brands is a globally integrated network of world-class creative studios and talent that is increasingly developing games with 3 verticals in mind. Our commitment to consistently invest in D&D provides confidence in our pipeline with annual game innovations, new brands, new licenses, cabinets and improving technology to deliver superior and predictable performance to our customers. This creative ecosystem is further supported by advanced tools and technology, which increasingly utilize AI. This enables our studios to deliver high-performing content efficiently and at scale. Organizational alignment across product and technologies improve cross-channel leverage, enhancing speed to market. Each studio enjoys autonomy and creative freedom while also benefiting from customer insights and collaboration across the group. Aristocrat has evolved to maximize player reach across channels and ultimately optimize returns. Multichannel distribution represents a critical advantage, which many of our digital competitors don't have. Our multichannel operating model starts with a deep understanding of the player, combined with an understanding of our customers' needs. We use this knowledge to evaluate game concepts and assess franchise potential early to focus on opportunities with the biggest scalability and return with a meticulous plan to develop and sequence games across channels, determining the optimal launch channel and expansion pathway. And finally, we execute launching games into the appropriate channel at the appropriate time, capturing learnings each step of the way and iterating to improve. The result is stronger franchise, longer-term scalability, faster speed to market and higher player lifetime value. Aristocrat's deep regulatory expertise also represents a critical advantage. We operate in highly regulated markets, maintaining over 750 company licenses globally, a substantial pillar of the ecosystem, representing a significant investment in both dollars and time. Further, our proven compliance capabilities, governance standards and most of all the trust of regulators, customers and players built up over decades is a meaningful differentiator to reinforce the group's social license to operate. These capabilities you see on the slide cannot easily or quickly be replicated nor displaced by AI. Our customer relationships are another important strategic advantage. We will build long-standing partnerships with a diversified base of customer, including commercial operators, tribal operators, governance and more recently with digital native operators. These relationships are anchored in our content leadership and amplified by our scaled commercialization and sales capabilities, global distribution and an extensive service infrastructure. We see opportunities to continue to deepen these relationships through harnessing our data insights and intelligence capabilities. A deep commitment to sustainability underpins our strategic priorities and informs how we operate as a company. Our strong focus on governance, empowering safer play or ESP and community impact enhances our resilience and reputation and underpins our social license to operate. ESP remains our most important sustainability matter, directly supporting our ability to deliver financial results over the long term to benefit our people, customers and our shareholders. We strive to take an ESP leadership role and uphold high standards of responsible business practices. We continue to invest in ESP, collaborating with our customers, regulators, industry partners and those who share our vision for a vibrant and sustainable industry. Implementation of our long-term growth strategy has led to a consistent and enviable track record with strong performance across all operating metrics and financial aspirations. Growth has been delivered across a range of operating environments despite various macro challenges. We believe this reflects the strength and the resilience of our operating model, the durability of our strategic advantages and consistent execution by our dedicated teams. In summary, Aristocrat has transformed and focused its business around 3 scaled and complementary segments, each with significant growth opportunities. We have a strong track record that has been underpinned by a set of unique strategic advantages. We've delivered consistently through executing against a proven long-term growth strategy, anchored in content leadership and efficient operational scale, which is enhanced by AI. So in closing, our priorities made clear, and our teams are aligned and energized. We believe Aristocrat is exceptionally well positioned to continue to generate sustainable superior total shareholder returns into the future. With that, I'll now hand over to Superna.

Thanks, Trevor. Good morning, everyone. I'm Superna Kalle, Chief Strategy Officer at Aristocrat. I'm responsible for driving our group growth strategy, along with leveraging Aristocrat's industry-leading intellectual property across our top North American customers. Before joining Aristocrat, I held senior leadership positions at both Sony Pictures Entertainment and Lionsgate, where I built and managed global businesses, including streaming channels and platforms. I'm looking forward to sharing my perspectives on the significant opportunities we have in front of us to expand our markets, our products and deepen customer relationships. Today, I'll be providing a group perspective on how we are leveraging our strengths as we continue to grow and scale. I will focus on the large and resilient markets that Aristocrat operates in and why we see substantial runway to continue to gain share through winning where we already compete and by extending into new adjacencies, verticals and geographies. We see significant opportunity to leverage our unique portfolio across channels and in so doing better serve our customers. Taken together, these pillars provide a clear disciplined framework for how we grow. Our largest business is land-based gaming, Aristocrat's heritage, where we focus exclusively on the EGM segment. Within this, North America accounts for more than half of the market and represents a strong beachhead for Aristocrat Gaming with leading positions across gaming operations and outright sales. The next largest market is Europe, where we have the opportunity to utilize our IP to scale the business. In ANZ in Asia, we have a strong position, compelling products and see even more growth ahead. Land-based gaming is projected to continue to grow at low single digits through 2030 across geographies. Looking forward, we don't feel constrained by the lower growth rates in these relatively mature markets. We have proven that we will take share and grow revenues ahead of the market. North America has been an excellent example of this in recent years. While the market may have grown at low single digits, Aristocrat has driven the category growth. We've significantly outpaced the market in both gaming operations and outright sales growing at 9% and 10%, respectively, since 2019. As Trevor will discuss shortly, we expect superior performance of our games to continue to drive share as customers optimize their EGM footprint, and we focus on areas where we are underpenetrated. In gaming operations, this includes destination markets like Las Vegas and Atlantic City, where our unit share is underpenetrated relative to our performance share. In outright sales, we see upside in adjacent markets and newer geographies. As we are recent entrants, we have opportunity to increase our penetration as well as participate in new openings and expansions. We also see additional growth in new gaming markets such as the UAE. Turning to Social Casino, where Aristocrat focuses exclusively on social slots, a $4 billion market, of which approximately 70% comes from North America. The segment is relatively mature with a well-established competitor set and no recent notable new entrants. Scaled operators such as Aristocrat benefit from established land-based brands, a loyal player base, sophisticated retention frameworks and disciplined UA capabilities. In recent years, gray market sweepstakes operators have expanded revenue, negatively impacting the market. However, 20 states in the U.S. have issued cease-and-desist orders or announced outright bans on sweepstakes operators with more likely to follow. Finally, the migration to direct-to-consumer platforms has been a margin tailwind for the industry and for Aristocrat's Product Madness. Following significant growth in the COVID years, the social slots category slowed and in the near term is expected to continue to contract marginally. Despite these broader market issues, Product Madness has continued to grow and take share. By creating engaging player experiences, increasing personalization and further capitalizing on competitor disruption, we're confident this can continue. We also see opportunities to expand in adjacent markets in select geographies within EMEA where our exposure is limited. Our growth strategy will continue to leverage AI and data insights as we have done so effectively during the past few years. And underpinning the strategy are the ongoing deliberate UA investment choices to bring in new players, retain loyal cohorts and drive profitability. Dafne will certainly elaborate on this later today. Turning to Interactive. The online RMG market is an exciting opportunity for us, and we're looking forward to Dylan's deep dive later today. The market GGR is substantial, well developed in certain geographies and at nascent stages in others. We're focused on 2 key growth engines. In iGaming, we're at the early stage of utilizing our strengths of the Aristocrat group, whereas our iLottery business is a leader in North America. Unlike our other businesses, North America is a relatively small contributor to the overall online RMG market today. However, this is changing quickly. We are well positioned to capitalize on this given our land-based strengths in slots content, while also expanding our international penetration in targeted markets. Online RMG is the fastest-growing market that we participate in today with both the iGaming and iLottery markets expected to grow double digits through 2030. While we are significantly underpenetrated in our content market share today, we expect a consistent rollout of leading Aristocrat land-based titles online to drive meaningful share gains. Within iLottery, we are well positioned to compete for upcoming renewals and new business opportunities with several states currently discussing legalization. We see further opportunity to expand and differentiate our iLottery portfolio by leveraging our leading Aristocrat brands a future opportunity. Combined with our technology platform capabilities, we see considerable potential to optimize customer returns and player experiences. Okay. Moving on to our cross-channel strategy and how we optimize our position across 3 verticals. So just as we leveraged our leading land-based brands to become #1 in social slots, we continue to believe that cross-channel player affinity for our land-based slots games will fuel our growth in online RMG. Recently, our consumer insights team conducted a study of 5,700 U.S. slots players in regulated online states. The results showed a significant conversion of players across segments with online players having an affinity for land-based titles, which they increasingly expect to find online. These findings give us confidence that our cross-channel strategy resonates with players and ultimately, in our ability to gain share and Interactive as we launch leading land-based titles like Lightning Link high-stakes slots, the strong pipeline of other top-performing Aristocrat games and franchises expected to launch in due course. Let's take a look at how we scale our content. So we've worked really hard to craft a streamlined, focused slots content operating model that drives our leading brands across multiple and expanding channels. Furthermore, the alignment of our product and tech teams have evolved the way we develop and distribute that content with games now designed with multichannel distribution in mind from the start. Digital channels provide platforms to expand the reach of proven land-based franchises and to iterate at speed. This keeps games fresh and enables us to efficiently test and/or refine the portfolio. Collectively, this cross-channel approach increases customer touch points and ultimately extends the player life cycle. Our digital-first content enables us to reach new demographics in markets with tailored products, further extending our reach in new geographies and channels. While we see strong expansion options across our core markets, we also see potential to offer new products and services to our existing customers. During the past year, we've executed a deliberate M&A strategy to expand our position from a leading content provider to a broader data and platform-driven partner for casino operators. The acquisitions highlighted on this slide span cardless loyalty through MTS, cashless wallet through BitBoss and advanced analytics through Gaming Analytics. We've also acquired an additional channel for live EGM contents driven through Awager. These acquisitions are being integrated to enable real-time engagement with players across land-based and online channels, while providing operators with a more unified and actionable view of their businesses using the power of AI to help customers drive value. This positions us at the center of the industry shift toward AI-driven operations and, more importantly, expands our total addressable market beyond content into high-value services and scalable revenue opportunities. We are effectively leveraging our own internal AI expertise on behalf of our customers, helping operators optimize capital allocation, increase player engagement and loyalty and ultimately drive higher profitability. In doing so, we enable the casino of the near future. As you will hear throughout today, we believe we are ideally positioned to grow our business into the future. We continue to take share in both current markets and through entering new verticals and adjacencies that define the market -- and define the markets that we operate in. We are doing this by capitalizing on our leading brands and technology to accelerate distribution across channels and delighting players. We support our long-term customer partnerships to drive growth and further success and when our customers win, we win. I'll now turn it over to Bob to discuss our AI strategy.

Thanks, Superna, and good morning, everyone. I am Bob Serr, and I recently joined the team as Aristocrat's Chief Technology Officer. Prior to joining Aristocrat, I held senior technology roles, most recently at Microsoft, Amazon and IGT. My experiences have given me deep expertise in AI and global cloud platforms, capabilities that I look forward to further embedding at Aristocrat. Today, I'd like to share how Aristocrat is approaching AI, what we've achieved so far and most importantly, why we believe AI can strengthen the strategic advantages that already differentiate our business. I will also go through a few case studies on how we're enhancing creativity, improving velocity to market and advancing our AI-powered insights. Simply put, AI is not our strategy. It's an accelerator of our strategy. By applying AI to the unique assets that already make Aristocrat successful, our content, brands, talent, proprietary data and customer relationships, we believe we can continue to grow market share and revenues improving operating leverage and deliver sustainable shareholder value. Like many companies, our AI journey began with experimentation. Following the public release of ChatGPT in late 2022, we started exploring how generative AI -- how gen AI could best be used to create value across the enterprise. From the beginning, our focus was disciplined adoption, combined with appropriate risk management. To this end, in 2023, we established an enterprise AI steering committee and introduced formal governance, policies and accountability structures across Aristocrat. This allowed us to embrace AI with an appropriate governance structure to protect our valuable IP and safeguard the privacy of our players -- our customers and our players. During 2024, we expanded the use of AI tools across the enterprise. Beginning with our software development teams, we adopted technologies such as Google Gemini, GitHub and Copilot and established a number of programs focused on improved productivity and accelerated development. By 2025, we began moving past simple deployment of tools to fully embracing AI. Processes were challenged and reengineered with autonomous agent-based workflows executing increasingly sophisticated tasks, achieving significant and measurable productivity gains and allowing our talent to focus on higher value areas. Today, we're entering the next phase of AI development -- AI deployments, excuse me. As we move forward, we expect to leverage agentic AI to redesign increasingly complex workflows at scale, enabling productivity and efficiency gains across the enterprise. This includes faster and higher quality product and content development, overall enabling teams to deliver significantly greater contributions within their roles. While there is much to do, we've made steady and meaningful AI progress. In a recent industry survey by UNLV International Gaming Institute. Aristocrat's overall AI maturity score was 75% compared to the land-based supplier average of around 50% in early endorsement of our progress. Across virtually every industry, companies are utilizing AI for enterprise efficiency and productivity gains. We see this as table stakes in AI, and we're no different to many companies in this respect. However, the key question extends well beyond these table stakes. We ask, how can AI be deployed to reinforce the generative -- and generate compounding gains that strengthen our company's strategic advantages. Aristocrat is focused in 3 key areas: enhancing creativity, improving velocity to market and advancing insights. In creativity, this means using AI for ideation, asset creation and general productivity. In velocity to market, it means reducing manual effort across development, testing and quality processes and converting games for additional markets. And with insights, it means using AI for analytics and decision support that ultimately support growth and improved player experiences. For Aristocrat, AI becomes more valuable when it's applied to our existing capabilities and strengths and integrated into our current or redesigned workflows to create compounding benefits at scale. For example, today, we're embedding AI into our studio and engineering workflows to increase quantity, quality and speed of content creation. In addition, agentic AI workflows are being deployed to accelerate delivery across channels and markets. And we're applying AI to proprietary data, providing deeper insights with richer context. Over the next few slides, I will take a deeper look at how we are applying AI to truly amplify our advantage across these 3 key areas. Let's start with enhancing creativity. At Aristocrat, AI is amplifying, not replacing human creativity. Our designers, artists and game creators bring the ideas, judgment and craft that define our products. AI enhances that capability by freeing teams to spend more time on the highest value creative work. Today, AI is accelerating concept exploration, helping teams generate, iterate and evaluate creative design elements at speed, which enables more time and creative energy to be focused on the strongest ideas. It is supporting asset production by reducing time spent on repetitive lower-value production tasks such as base artwork, animation refinement and adaptation of creative packages while simultaneously increasing output. Importantly, AI is being embedded directly into studio workflows. Ultimately, this helps organize creative outputs, increases collaboration and improves scalability across teams. We are enhancing creativity in a way that protects our proprietary content, brands and IP with strict governance protocols in place. So while AI amplifies our creative engine, it does not dilute the strength of our IP or commoditize the player understanding or a craft that differentiates Aristocrat. One of the clearest examples of enhancing creativity through AI comes from Product Madness. Between 2021 and 2025, Product Madness increased creative output by roughly 75% from approximately 8,000 creative assets to 14,000 while reducing the number of artists and designers required, and it wasn't just the quantity of content but the quality of content that saw a step change. This was only possible because Product Madness already possessed high-quality creative and other foundational capabilities required for successful deployment, including an engaged player base and the ability to commercialize these assets at scale. Product Madness' creative process has evolved rapidly and is scaling well. As we show on this slide, character-based storytelling previously required either an outsourced agency model or long internal hiring cycle. Agencies deliver highly polished product, but their slow, expensive and capabilities remain external limiting our scalability. Hiring talent builds internal capabilities. However, it requires a long ramp-up period and fixed cost. Today, we're leveraging internal Product Madness talent augmented by gen AI tools, capabilities -- and capabilities. This allows us to create high-quality immersive cinematic storytelling in around 6 to 8 weeks end-to-end which is a substantial productivity improvement while building the capability in-house. Again, attaining this production level at scale is only possible because Product Madness already has a strong foundation required for successful AI deployment, which are proprietary assets, established characters and brands, strong game worlds and teams who understand both creativity and player behavior. It's this creative judgment and product knowledge in partnership with AI that is reinforcing, not undermining our strategic advantages at Product Madness. The second major focus area is velocity to market. In the competitive world of gaming, speed matters. The faster we can move from concept to launch across channels, the more effectively we can capture opportunities and respond to market demand. AI is helping us accelerate multiple stages of the development life cycle, including prototyping, where it is helping us move more quickly from ideation to working concepts, quality and testing, where it's automating test generation and improving code reviews. AI is also facilitating game porting across channels. Through integrating AI workflows, we've been able to automate certain code conversions and standardize our game development kits. For example, our learnings from porting Lightning Link high stakes from social to interactive will allow us to deliver subsequent Lightning Link and other linked games significantly faster in the future. And finally, on the regulatory front, we're using AI to compare regulatory requirements across jurisdictions to identify potential areas of concern, generate technical documentation and support market entry requirements. The impact of AI deployment is clear. We're seeing extraordinary efficiency gains as time lines move from months to weeks and weeks to days, increasing our overall speed to market. An example of this is AI-assisted game porting, our pilot program to accelerate porting of content across channels. With product now being managed at the enterprise level, our studios are creating content for all channels with detailed sequencing plans established early in the process. This allows studios to execute on their cross-channel plans at speed. By automating and adapting code conversion to particular channels and screen sizes, it enables faster conversion. It further identifies reusable components across channels while helping to adapt for the nuances and compliance requirements of each. And then human expertise is applied throughout to ensure quality and consistency is maintained. The end result is more effective utilization of our great content across channels, allowing more players to enjoy more of our games wherever and whenever they want to play. Finally, let's talk about advancing AI-powered insights. The gaming industry produces an enormous amount of data. Those that can better leverage that data to unlock insights at scale can drive significant value for themselves, for their customers and for the player. In Product Madness, which employs a B2C model, our data advantage is clear. While in gaming and interactive, although much of our data is owned by our customers, we still receive data from our leased games and our CXS and PAM platforms. By applying AI to these large data sets, we're able to drive insights that optimize performance in real time. This includes a greater understanding of content performance, which informs product strategy and facilitates iteration. It also improves player engagement by enabling personalization on digital platforms such as through serving the right live ops at the right time or offering personalized recommendations. But the next level of opportunity to unlock is applying our AI-powered insights to optimize performance for our customers, giving them the power to optimize their slot floors and improve their overall players' experience to drive value for all. A great example is our recently acquired Gaming Analytics business. Gaming Analytics analyzes data and delivers actionable recommendations in real time. This enables operators to optimize their slot floor performance, marketing campaigns, player transactions, including promotions and responsible gameplay efforts and even informs host activities. The result is improved productivity and efficiency, greater return on investment and an overall improved player experience, which supports greater lifetime value. And most of all, it enables us to capture a greater slice of revenue across the gaming ecosystem and build on our strong long-term partnerships with our customers. So in summary, while AI has been a part of our journey for a few years now, there is so much more to come. We're now deploying agentic AI to redesign complex workflows, achieving impressive productivity and efficiency gains and also strengthening our strategic advantages. Our largest areas of benefit are enhancing our creativity, increasing our velocity to market and advancing insights that benefit Aristocrat and our customers. And the benefits do not stop here. AI initiatives are now being rolled out across the organization with the potential to improve almost every aspect of how we run the business. And we're really just getting started. With that, I'll turn it back to Trevor.

Thanks, Bob. I'd now like to discuss our market-leading Aristocrat gaming business and why we continue to see exceptional growth opportunities ahead. I'll focus on our unparalleled portfolio of content, award-winning talent and commercialization capabilities that are driving superior product performance and sustained share gains across major markets. We'll also cover our customer partnerships and growth opportunities and how we're investing to build scale and drive operating leverage. Gaming remains the largest contributor to Aristocrat's revenue and profit, reflecting the strength of our content and customer relationships and consistent effective execution over time. Over the past decade, we've transformed our competitive position, particularly in North America and established leadership across both gaming operations and outright sales segments. In doing so, we have grown our revenues at 7% CAGR over the past 6 years, inclusive of the COVID years. This is a remarkable track record. Importantly, we still believe we have substantial runway in this dynamic business. While we're confident that we'll continue to win in land-based gaming, we see significant opportunities for market share gains across our portfolio in both our core segments and also in adjacent markets new openings and through geographic expansion as markets regulate, and we focus on where we are currently underrepresented. Our strategy is clear and compelling and effective. We will continue to innovate across content and hardware to drive performance while deepening customer partnerships. We'll leverage technology to facilitate fast porting of content to adjacencies and new markets also driving scale efficiencies and operating leverage. In short, we believe we continue to win by taking market share and delivering growth above annual GGR through harnessing our full range of capabilities underpinned by the strategic advantages that we've built to support this business. Looking at content first. We have a tremendous breadth and depth of our product portfolio with our games spanning all major gaming segments and designed to serve the full spectrum of our diverse customers' needs. As you can see, we have maintained leading performance across all key segments over the time notwithstanding the significant increase in our footprint. In premium lease gaming, we continue to leverage and extend iconic franchises such as Buffalo, Lightning Link and Dragon Link as well as newer innovations that have demonstrated exceptional player appeal. For example, Spooky Link started as a core game and has now begun extending gaming -- it's now being extended to gaming operations through Spectacle brand with encouraging early results at 2.6x house average with further channel extensions planned. Premium licenses represent brands with proven relevance that appeal to both current and new slot players. The latest example is Monopoly. It's already bringing players back to the board. demonstrating strong early success as the top-ranked new premium lease game performing at 3.5x house average and with significant customer demand and player excitement. In Class II gaming, we continue to build on our legacy of BGT portfolio of games that players love while also leveraging leading Aristocrat brands to serve this important market. 24 of the top 25 performing Class II mechanical reel games are ours, delivering 1.3x house average in the latest Eilers report. And in our core outright sales business, we maintain a balanced portfolio that delivers value to customers across a broad range of investment profiles. Our successful Spooky Link franchise dominated the top 3 positions of performance leaderboards over the past year. It is the depth of our portfolio across numerous brands, mechanics and hardware configurations combined with consistent high game performance that truly differentiates Aristocrat. Producing this amazing content is our dedicated team of highly talented creatives. Our studios are empowered with generous creative freedom and autonomy and have access to advanced tools and technologies, our proprietary math models and leading brands with consistent and leading D&D investment. At the same time, they all embrace a disciplined development framework, encompassing a multiyear product planning process. From early in the development process, our commercial teams work with our product teams and customers to develop detailed commercial and marketing strategies to optimize placements and drive success. Throughout the process, results are tracked, insights are captured and strategies to refine, driving further demand and sustainable growth. A great example of this strategy in action was the recent release of Buffalo Mega Stampede. Launched only 10 months ago, this title has quickly grown its installed base to over 1,500 units, and demand continues to remain strong. Today, we've penetrated almost 60% of our targeted accounts and generated over 10 million digital media impressions. And we have plans to extend the successful game franchise to more markets, adjacencies and channels. While each game is nuanced and tailored, our commercialization strategy is repeatable and scalable yielding consistently strong results. Strong brand and content execution will be on show in the second half of 2026 with our land-based business set up well for a second half and into FY '27. We launched many new titles that are consistently ranked at the top end of Eilers performance reports such as Buffalo Mega Stampede and Bao Zhu Zhao Fu Firecracker Express, and we have an exceptionally strong pipeline for the second half of the year. We expect recent launch titles such as Lightning year tenured -- Lightning 10-year Storm. Spooky Link Grand and the highly anticipated Monopoly Big Board Boost to hit their stride in the second half of '26, contributing meaningfully. We have several other exciting proven franchise launches planned for the remainder of the year and into FY '27. It is the strength of this pipeline that underpinned our confidence to increase our gaming operations, net unit additions guidance at the top of our 4,000 to 5,000 range in May. Our visibility into the sales pipeline and strong game performance gives us confidence that we'll continue to grow our gaming operations revenue. Taking a closer look at gaming operations. Our recurring revenue segment has been a major driver of shareholder value over time. Over the last decade, Aristocrat has driven the premiumization of the casino floor. We did this by steadily investing in D&D, which has delivered consistent superior performance. Our game performance is currently indexing around 40% above our nearest competitor. With this game performance leadership, we added over 25,000 premium units over the 7-year period shown -- representing 80% of the net unit additions amongst the top 3 players and taking our installed base to over 77,000 units. That is almost a 50% increase. Today, our gaming operations footprint is larger than our nearest 2 competitors combined, and our revenue share is even greater. This is a strategic advantage that has taken years to build through disciplined investment of the long -- and the strong cash flow generated by this business, and we firmly believe we have room to grow. Turning to outright sales. Our investments in content, hardware and commercialization have also generated significant share gains in outright sales with Aristocrat achieving its highest North American ship share and revenue share ever in the first half of the year and ranking as the #1 indexing supplier. We expect a significant contribution in the second half of '26 from the highly successful Australian franchise, Thunder Empire, which is off to a strong start in the U.S. The combination of compelling games and differentiated cabinet configuration creates a powerful value proposition for operators. As a result, we continue to gain share whilst generating attractive returns to customers while maintaining ASP. Notwithstanding our leadership position, we see potential for further share gains across both gaming operations and outright sales. Today, our share of the top-performing leased and core games well exceeds our market share of the EGM footprint across both segments and play a significant headroom for growth should operators continue to optimize floors around game performance. We remain focused on extending our leadership position across these priority segments. The ANZ market is an excellent example of our ability to execute. Following increased competitive pressure, we implemented a disciplined strategy with renewed investment behind innovative content and hardware, customer engagement and commercial execution. The result has been a meaningful recovery in market share from 30% to 49% in the first quarter of '26. We expect this momentum to continue with new exciting titles to be highlighted at AGE including Phoenix Link, which will soon be launching in New South Wales. In the services business, we see increased potential to grow our ANZ footprint and recurring revenues as a partner with our customers. This outcome demonstrates the strength of our capability and resolve and reinforces that when Aristocrat focuses resources behind a strategic objective, we have the ability and track record to execute and win. Another key differentiator and strategic focus of Aristocrat is the strength of our customer relationships. Nowhere is this more evident than in tribal gaming. Tribal gaming represents around half of the North American gaming landscape with over 530 casinos and 400,000 EGMs. The tribes generate significant economic benefit in the state where they are present, supporting their communities. Aristocrat's tribal relationships have been built over decades, and we've invested in tailored Class II content and beloved brands and features that resonate with local players. We're extending this commitment online through iGaming, Class II mobile and Awager. Our commitment extends beyond products to support a community engagement, workforce development and tribal sovereignty issues. The trust we have established represents a meaningful strategic advantage that supports the strong recurring revenue portion of our portfolio and ultimately, the long-term growth. Strongest validation of our customer strategy comes directly from our partners. Aristocrat has been recognized as a leading supplier for 8 consecutive years, and our Net Promoter Scores remain exceptionally strong across geographies and customer segments. Specifically, our customers consistently highlighted our product performance, innovation and partnership quality as differentiators. The feedback reinforces our belief that success comes from creating value for customers rather than simply selling products and that when our customers win, we win. Beyond share gains in our core business, adjacencies represent an exciting growth opportunity in markets where we are underpenetrated. We are disciplined in the entry and scaling of adjacency markets, ensuring product hardware and route to market are well understood and planned. Adjacencies are markets where we have no market share are growing or expanding through regulation and where we have the capability to create compelling product solutions. Individually and collectively, these segments represent a significant unit TAM and meaningful revenue opportunity. While adjacency growth can vary across periods and have lower ASPs, they represent attractive incremental growth with strong ROI. It's important to note that Aristocrat only recently added adjacencies. While we have achieved early success in several of these segments with an average of 16% share across adjacencies where we participate, there is potential share upside in the existing markets compared to our significantly higher market shares in gaming operations and outright sales across our gaming plus new markets where we are yet to enter. Moreover, and as additional jurisdictions' regulatory frameworks evolve, we think attractive market opportunities will emerge. We see additional opportunities to gain share through new openings and expansion. Given our superior game performance across markets, Aristocrat tends to achieve a greater floor allocation of new openings than existing floors reflecting our strong contemporary portfolio as operators seek to optimize performance. With several key expansions expected through FY '27 across the UAE, EMEA and Asia and the usual expansion in the North American market, we see strong share gain potential. As our business continues to scale, we remain focused on profitable growth with a focus on various levers to achieve operating leverage. The simplification of organizational structures across geographies is improving execution and efficiency as we grow while optimizing our growth, optimizing our supply chain is lowering our manufacturing costs while building resiliency. Meanwhile, we're using AI to digitize manual tasks, restructure our workflows and drive productivity, and this should yield increasing savings over time. We also remain focused on optimizing our investment behind priority growth initiatives and enhancing our productivity -- commercial productivity through joint customer planning and execution across gaming and Interactive, improving the experience for our highest-value customers. In conclusion, I'd like to leave you with the following takeaways. Aristocrat Gaming is a leader in a large, attractive and growing market. We are focused and committed to winning in land-based gaming with leading content, brands and IP. Our outstanding creative talent and proven commercialization capabilities continue to outpace the industry. Our long-term customer partnerships are also a strategic differentiator, and we see potential to better serve our customers and expand services. We are a growth business with deep foundations built over the last decade and are exceptionally well positioned for our next phase of growth. And with that, I'll turn it over to Dafne to discuss Product Madness.

Thanks, Trevor, and good morning, everyone. I'm Dafne Guisard. I'm the Chief Commercial Officer for EMEA, and I also oversee Product Madness, and I'm pleased to be here today to talk about the business. As I'm relatively new to Aristocrat, let me briefly introduce myself. Before joining early this year, I spent more than 2 decades leading growth, transformation, digital innovation and large-scale operations across global consumer businesses, mostly in highly regulated and fast-moving industries. Most recently, I served as the COO at Entain helping drive operational excellence across more than 30 regulated markets. Before that, I held senior leadership roles at BeammWave and Kraft Heinz, where I led large-scale digital data, AI transformations across commercial, product, supply chain and customer-facing organizations. What attracted me to Aristocrat was the combination of exceptional talent, strong creative capabilities and a culture that constantly embraces innovation. Have now spent some time with the business, I'm even more excited about the opportunity ahead. Today, I would like to show how Product Madness unique strengths have helped us outperform market and why this still position the business for sustainable long-term growth. There are 4 key messages I would like you to take it away. First, content. Content remains our most important competitive advantage and is our primary growth engine. Second, Product Madness operating model is the winning formula that sets us apart. Third, AI is helping us move faster and create richer player experiences at scale. And fourth, disciplined user acquisitions, combined with direct consumer migration is supporting both growth and profitability. Let's start with the business itself. Product Madness is one of the world's leading free-to-play mobile gaming businesses. We focus exclusively on social slots, and we are a significant contributor to Aristocrat's revenue and profit. Importantly, we operate a business-to-consumer model and the direct relationship with our players gives us a powerful first-party data capability, one that we can leverage across content, live ops, user acquisition, direct commerce and AI. Today, we are the clear leader in social slots globally with almost 24% market share. And while the category is mature, we've consistently grown share and delivered around 5% growth in bookings over recent years. And that goes up to 9%, including the boost from the COVID years, and that's a strong track record in any market. We've consistently grown faster than the category even when the broader social slots market has declined. And that performance reflects 4 things: strong content, deep player understanding operational discipline and the agility to operate at scale. And what gives me confidence is that this is not a one-off result. It is a repeatable model, and one that continues to create opportunity for us to grow and take share. While others see category pressure, we see opportunity, opportunity to take share, opportunity to grow revenue and opportunity to further strengthen our leadership position. In our core markets, we see potential to drive stronger engagement but we also see additional growth prospects across EMEA. And while D2C has already grown to 24% of revenues at half year '26, we believe there is still runway ahead. And we are pursuing these opportunities from a position of strength with access to award-winning land-based content with scale, with focus and leading apps and increasingly with AI embedded across the product life cycle. Our operating model is built around 3 drivers: content, continuous improvement and disciplined UA. First, we leverage Aristocrat's iconic land base across our proprietary to first brands. This gives us access to market-leading IP, beloved brands and proven mechanics. This multichannel advantage is difficult to replicate in our category. Our commitment to continuous improvement starts with a simple principle. Every decision begins with the player and the player's journey across the product life cycle. Our model is also built around disciplined UA investment, not as a simple growth lever, but as a long-term driver of player value and sustainable returns. And finally, AI is enhancing every part of the operating model. It is improving the quantity and quality of content and enabling more impactful insights. Content remains the simple -- the single most important driver of our success. In the first half of 2026, delivered several outstanding examples of that leadership. Lightning Link extended its position as the #1 gross in social casino app globally. And in February, it achieved its highest ever daily average revenue. For the first time, Cashman Casino surpassed $1 million revenues in a single day. And today, it ranks as the #3 social casino app worldwide. Heart of Vegas delivered 20 consecutive months of year-on-year growth, alongside record high customer satisfaction scores in February. And finally, Mighty Fu Casino delivered approximately 90% growth. Taken together, these achievements culminated in Product Madness being named the Social Casino operator of the Year by Eilers, reflecting creativity, the commitment and the hard work of our talented team. Content leadership is about much more than launching successful games. It is about continuous innovation, keeping our games fresh, keeping them exciting and keeping them relevant. So our players return time and time again. We are using data and customer insights to deliver live ops experiences, mini games, franchise-based events and meta progression systems at scale, and there are several examples of that in action. The use of a replicable mini game framework in delivering live ops, including reskins to Mo Mummy and Treasure Hunt features to Heart of Vegas. But we are also very proud of our bespoke experiences we create such as combining existing apps with our beloved land-based characters as we did with the Yo Yeti takeover. We also create experiences with richer player engagement and emotional connection with our players. A great example is Cashman Casino, where we used the meta layers to enhance the player experience. It's our ability to learn, cross-pollinate and personalize experiences at scale that is central to raising the bar. It is how we gain share. It is how we win. Another important contributor to our success is the strength of our platform's partnerships. Historically, many global publishers who view platform relationships as largely transactional, but we take a different approach. For us, these are strategic partners. They are critical to supporting our growth, our execution and economics. Our joint business planning with our partners such as Apple, Google, Meta, we gained access to better tools, deeper insights and increased technical support. These benefits are quite tangible. In the first half of 2026, substantial increases in partner rebates compared to the same period last year, helped us maintain the investment levels elsewhere. These relationships also provide access to technical expertise to regulatory roundtables to data to insights and that support our critical projects. And this gives us greater visibility and helps us support best-in-class execution. AI is a significant growth enabler and Product Madness was an early adopter and our direct payer relationships created a stronger foundation for practical adoption. First, we are deploying AI in player analytics. Machine learn help us serve the right experiences at the right time. Next, our creative and engineering teams are using AI to increase productivity and efficiency across all facets of development, all the way from concept to go live. This enables our teams to produce better content at a greater speed and scale allowing our people to focus on higher-value work. We are creating significant more output with the same number of staff. It's more output. It is higher quality without scaling resources. And we are also building a knowledge base across product development and operations. This provides the foundation for AI agents to learn, to build and to operate alongside our team. And these AI engines will continue to evolve, benefiting our game development and operations. User acquisition remains one of our most important growth investments. And it is about much more than acquiring players. The return on UA comes from combined efficient acquisition with great content and strong engagement. When those elements come together, the players we acquired today continue creating value for the years to come. That's why we view UA as a long-term investment, not simply as a market expensive. Direct to consumer is equally important. The strategic value goes beyond the economics of lower platform fees. As more players engage directly with us, we deepen our understanding of behaviors and preferences, and that allow us to deliver more personalized experiences, which drives long-term value. Together, disciplined UA and D2C expansions are supporting both growth and profitability. In summary, our strategy is clear. Our opportunities are significant, and we believe Product Madness is uniquely positioned to extend its leadership in social slots. We will continue to innovate at scale and build richer player experiences. We will also utilize AI to improve speed to market and supercharge capabilities. We have a strong track record and our strategy is fully focused on continuing to outperform the category. And with that, I'll turn back to James. Thank you.

Thanks, Dafne. We're running well on time. So we'll take a short 10-minute break now. When we resume, and that will be approximately 20 minutes past the hour, Dylan will share in-depth review of our progress at Interactive. So just before we go, a reminder, you can submit questions throughout today's session. Just select that messaging icon that you can see on the screen, type your question into the inbox, and send it to us. And thanks for those who have already submitted questions. [Break]

Good morning, and welcome back for the second part of today's investor briefing. I'm Dylan Slaney, CEO of Aristocrat Interactive, and I started with the business back in November '25. As I genuinely believe this is one of the most exciting opportunities for growth in iGaming globally. And we are still in the early stages of unlocking the full potential of this amazing business. During my career, I've had the opportunity to lead and scale businesses across data-driven consumer-led industries and most recently within iGaming, where I've had a front row seat experiencing the growth of this amazing industry. As I've learned more about the Aristocrat business and spend time with the team, I'm even more excited about the opportunity and what we can deliver together by building high-quality digital capabilities, aligning talent behind a clear vision, using data intelligently, but doing it with discipline, pace and ambition. What really stood out to me with Interactive is the strength of the foundation in place, the technology, the talent, but most importantly, the backing of the Aristocrat ecosystem. And it's clear that this is a business with real momentum, and it's my role to help focus that energy as we move into the next phase of growth. So today is about clarity and confidence. We want to show you how we're thinking about the opportunity, how we're prioritizing investment and how this -- we will begin by outlining how Interactive has progressed since the last Investor Day and step through the market dynamics and the pathway we see to scale growth, including how we see Interactive contributing to long-term value creation within Aristocrat. We'll outline that the core of our strategy is anchored in 2 growth engines: content and iLottery, where we believe Aristocrat has a huge opportunity with real momentum building. We will also cover our connected digital capabilities and talk about why we are confident that these will enhance our strengths. Let's start with a quick look at the business today. Most of you will be familiar with our relative size, where Aristocrat's smallest division contributing around 10% of revenues. It's the business that has the most potential to scale. While today, revenue contributions are currently weighted towards our platform business, I'll be sharing why we expect content and iLottery to scale over time. I think before that, it's important to spend time reflecting on Interactive's journey over the last 2 years. You'll recall the last Investor Day in June '24, we outlined a clear ambition to build a scaled Interactive business. The investment case was anchored in 3 core areas: content distribution expansion, iLottery leadership and growth and platform and systems integration. These still hold true today, and we have achieved many important along the journey. However, as we have unified the Interactive business, we recognized we needed a more cohesive strategy to position us more aggressively for growth. And along that journey, there's been many valuable lessons over the last 2 years that has helped shape this more focused strategy. Consolidating a number of diverse businesses into a unified framework was a and the need for portfolio focus and prioritization became clear as we integrated. That's why we made the disciplined decision to exit the white label business, which didn't meet our internal return and scalability hurdles. The scale of content has been more measured than expected and as we've navigated slower market access, longer time lines and also technology integration challenges. But guided by these learnings, we've shifted our approach to ensure that every resource is aligned to the highest priority and highest value opportunities. We're confident this sharper discipline positions us to navigate complexity with more intent and purpose, allowing us to respond to changing dynamics and more agility. But also as we've adapted, the external landscape has also been evolving. Historically, industry growth was driven by rapid geographic and unregulated expansion, new market openings and quickly scaling of distribution. Today, growth is more nuanced. Mature markets are expanding at a more measured pace with tight growth. Consequently, operator and supplier consolidation is reshaping the competitive landscape. There's also been an increased focus on adjacent and emerging models, including prediction markets and sweet states, where regulatory dynamics are continually evolving. In this environment, sustainable iGaming growth is no longer just about breadth. It's about depth, differentiation, execution and strong digital capability. While iLottery also continues to expand, driven by increased digital penetration and new jurisdictions moving into digital, player expectations for digital content are also evolving. And within land-based gaming, digital transformation is accelerating from things like cashless payments to multichannel engagement. And it's connected digital experience that present multiple opportunities to help customers and players navigate this transition. So as you've heard, we now have some strong foundations in place. We've simplified the lower return activities, consolidate the platforms and prioritize key markets and core growth areas. At the same time, we strengthened the business, adding targeted leadership and deepened our digital capabilities. But what has fundamentally changed is our ability to execute. We now have a clearer strategy and have established a stronger execution discipline. And as we look, this is a business that has largely completed its reset and is now ready to accelerate its execution. So let's take a deeper look at the Interactive strategy. At the heart are 2 primary growth engines. In content, the priority is to scale our proven land-based franchises online, where we already have strong and leading positions. We are building a pipeline of leading brands with launches sequenced to maximize player impact and build enduring brand franchises. This shifts the business from opportunistic output to deliberate brand-led growth. iLottery represents a structurally attractive long-term growth opportunity, combining the strength of our technology platforms, content and managed services. Customer engagement and increasing digital adoption, iLottery provides a powerful engine for recurring revenue growth. And these 2 core engines are complemented by a set of platforms and technology-led growth initiatives, including Game & Player IQ, tribal gaming digital expansion through our Class II mobile offering, cashless capabilities and invested in our content distribution platform, first and third-party content, and I'll expand on these later in the presentation. But let's now take a deeper look at these 2 core growth engines. It's fair to say our content growth has been slower than initially anticipated. This has been driven by a combination of market timing, regulatory change and also the need to modernize parts of our technology stack. is unwavering and relentless. We remain focused on many opportunities in regulated markets where we believe we have the capabilities to win, capitalizing on our leading positions in land-based and in social casino. And the size of the content prize in the U.S. is substantial. The regulated U.S. iSlots market is projected to expand to by 2029, around a 10% CAGR from 2025 with further growth anticipated should more states regulate. And our current content share stands just below 4%. This is significantly below what we believe to be our rightful share. And this alone represents a substantial growth opportunity to replicate share gains we are -- there are also market shifts occurring that play to our strengths. The 3 largest iGaming U.S. states are moving from expansion to optimization, where returns are driven by content quality, content differentiation and strong player engagement. So how we will achieve our content strategy. on unlocking the potential of our proven land-based brands online. We will deliver this through focused distribution via our Content Hub and Awager. We will localize based on market preferences and regulatory requirements and maximize franchise value by creating brand extensions and variations to keep games fresh and players -- we believe we will win because our proven land-based content already resonates performance data to further derisk launches. In addition, we are utilizing AI to accelerate the porting of our content from land to digital. And we now have a commercial team of industry-leading talent with significant iGaming experience. This combination that turns market opportunity into repeatable, predictable growth. And confidence in our strategy stems from ownership of the most powerful franchises in global gaming with proven demand, proven mechanics and proven engagement. These brands hold top positions in land-based and social casino channels with deep player loyalty A great example is the soon to launch Lightning Link. It's the #1 grossing social casino app globally and the third top grossing land-based parent family. Dragon Link has also consistently ranked as the top index in land-based parent game year in and year out, and Spooky Link has led its core segment since launch. These examples are not single games. with multiple variants and extensions we can bring online. We'll do this in a sequenced manner to maximize player engagement and franchise value. We have an exceptional world-leading library of leading brands and games across both Class II and Class III, which gives us a long runway for future growth. Phoenix Link is another great example of this potential. Now one of the best-performing games within the Social Casino Lightning Link app. of these top ranking land-based brands that lowers execution risks and accelerates our path to scale. We now have clarity in our content strategy and confidence in how we scale. A core driver of this strategy is our one-to-many approach for maximizing franchise value, whereby we systematically scale titles across the ecosystem. For example, we start by utilizing a brand in Awager to enable remote slot play, providing a true land-based slots experience for digital players. This requires minimal new game investment. We then extend each franchise directly into iGaming, first through the core game and then through clones, derivatives and seasonal variance. This keeps games fresh, deepens player engagement and value and ultimately turns a successful land-based game into a scalable multichannel online franchise. This is a repeatable, scalable and profitable model. Moving now to iLottery, where Interactive is uniquely positioned to deliver high-quality growth in a rapidly expanding iLottery market with strong structural tailwinds. Today, we operate from a position of strength with almost 70% share of U.S. iLottery gross wages being generated through our platform, giving us scale and data and insight advantages. The U.S. market is expected to grow at around 13% CAGR through to 2029, driven by increased digital penetration and continued product innovation. New jurisdictions move incremental key driver of future market growth. Multiple states are currently in discussion to regulate iLottery, and we expect several RFPs to be announced in the coming years. States will continue to look for new sources of revenue, but also to create connected experiences for their players across land and online. And looking forward, we believe we are well positioned given our execution track record and planned innovation strategy. So why are we confident? Let's look at our footprint first. We today operate in 5 of the 10 regulated iLottery states, soon to be 6 with Massachusetts going live later this month. Three of these contracts operate through the Neopolard Interactive joint venture. But these are not simply transactional contracts. Relationships sit at the core, and we are deeply embedded in our customers' digital operations, their and increasingly in their player engagement strategies. These long-term trusted partnerships drive recurring revenue. The embedded nature of these contracts, combined with our years of success, strongly position us to win, scale and retain programs. And while the JV has been a success, what you are now seeing is a clear progression towards Interactive winning contracts outright as we own the technology and have built even deeper relationships. Hampshire, Michigan and Massachusetts are great examples of this shift. That transition improves the economics and is expected to contribute to growth in future years. And our iLottery growth strategy leverages strategic assets and advantages across the Aristocrat Group as we scale this long-duration technology and services business. Our strategy is existing programs and winning RFPs for new business. The expertise of our industry-leading talent, combined with our proven technology are expected to drive our success. We also have plans to deliver Aristocrat's leading brands into the iLottery space. And we believe we will win because we have trusted long-term partnerships, a factor not to be underestimated. Our leading performance strong differentiator. As a strategic partner to our iLottery operators, we sit at the heart of our customers' digital platforms and operating model. This level of connection is not easily replicated, supporting a durable business that delivers profit visibility and strong cash flow resilience. And recently, we've had a lot of questions about Massachusetts trajectory once it goes live. So I'd like to share a case study to demonstrate how a typical contract can scale. New Hampshire was Interactive's first major iLottery win in the U.S. And as you can see, performance has been very strong, generating the vast majority of total lottery growth. The program increased penetration to roughly 45% in just 7 years. This rapid scaling delivered a 40% CAGR over the period, while retail continued to grow at -- this is strong proof that digital complements rather than cannibalizes traditional sales with increased accessibility, expanding the overall target audience. And whilst each market will have its own nuances, New Hampshire provides an illustration of the potential for our new iLottery contracts. With respect to Massachusetts, it has a population over 6x the size of New Hampshire and a per capita lottery spend that is almost double, making it the highest per capita lottery market in the U.S. and the third largest globally. significantly contribute to Interactive's growth over time with potential to scale successful contracts. And our iLottery performance versus our peers is another factor that gives us confidence in our growth ambitions. Aristocrat powered programs have consistently delivered stronger growth, generating more than double and several times that of others. Moreover, U.S. lotteries using Aristocrat's digital platform and content have delivered 46% per capita gross sales growth since 2021 compared to just 4% for lotteries on competitors' platforms. This level of outperformance demonstrates an advantage that compounds as we capture learnings and increasingly leverage data teams enhance our capabilities and innovate across our platforms and content, all in a tightly integrated operating model with a partnership and growth mindset. For lotteries choosing a digital partner, the evidence is clear. Aristocrat powered programs have demonstrated superior performance over an extended period of time. Performance scales, engagement deepens and returns accelerate. And beyond our content and iLottery growth engines, we are investing in digital capabilities that connect our land-based and digital networks and deepen our existing relationships with operators and players. These are not stand-alone bets, but rather think about it as an integrated ecosystem. Each one has the potential to extend an existing strength, expand our revenue pool and create connected experience-led Game Player IQ builds on our leading CXS land-based casino systems footprint and the recent gaming analytics acquisition. It leverages data and AI to analyze EGM performance in real time to help operators make sharper venue and player decisions. This includes slot for optimization, marketing, loyalty, compliance and many other parts of the player journey. And in time, we expect this to extend into digital, enabling a connected player experience across multiple channels. Class II mobile enables tribal partners to efficiently offer mobile Class II on Trust land. As sovereign nations, these customers are not dependent on state legalization time lines. Moreover, our leading Class II content will be a cornerstone for any tribal market launch. Cashless Wallet modernizes venue operations, increases loyalty and deepens engagement through enabling a more connected patron experience, whilst also supporting regulatory agendas. And finally, Content Hub supports our customers' broader content growth strategies through providing one access point for operators to manage both Aristocrat and third-party content. our initiatives have the potential to extend our existing customer relationships and content into new accretive recurring revenue streams. So as I've outlined, we've done a lot of the heavy lifting and now have the foundations in place to execute at scale. This started with strengthening our leadership team, bringing in experienced operational, commercial and technology talent and better enabling our team. We've also to enable a more consistent delivery and drive operating leverage. We've adopted a strategic approach to capital allocation decisions, ensuring resources are focused on the highest value opportunities and our customers and players are at the center of everything that we do. Together, this enables increased coordination and tighter alignment across our content, platform and commercial teams, improving speed to market and players. So how does this all translate into revenues and profits for Interactive? We've shared the more significant take rates on this page before. And I won't go into the detail on each one. However, there are some important points to make. A fundamental strength is that we participate in the core areas of the value chain, focusing on areas where we have real capability and strategic advantage a healthy share of margin across the RMG ecosystem. In content, this includes in first-party, where we believe we can leverage our leading brands to capture a greater portion of NGR towards the higher end of the range shown and through third-party content, which leverages our existing game serving technology. Within iLottery, we bring our content and platforms together in a more integrated, higher-value model. The overall result is a resilient, higher-quality revenue base that doesn't depend on any single driver or any change in consumer sentiment. This is a privileged vantage point to benefit from the structural growth across core areas of the online RMG market. And as we approach the finishing line to date, let's round this out and focus on the USD 1 billion revenue target. We presented an indicative pathway to achieve this target on the slide. This includes meaningful contributions from each of our segments. While there is still much work to be done, we are confident in the drivers and in our ability to execute. In content, we intend to accelerate delivery of Aristocrat's proven IP to gain share in U.S. markets and priority international markets with plans to quickly launch in regulated geographies as they open up. These franchises and mechanics already over-index in land and social, and we believe will have strong player demand and resonance in iGaming with Lightning Link probably the most anticipated launch in the industry today. In iLottery, we expect to increase penetration and scale existing programs and leverage our superior track record to win new RFPs. We anticipate further increasing wallet share through penetration of managed services across our content offering, ultimately, introducing our scrap brands to the iLottery ecosystem. And in platforms, we expect to further monetize our platform capabilities, Game & Player IQ, Mobile Class II and cashless by selling new high-value services into our existing and strong customer base. These are revenue opportunities that expand our share of the economics, deepen our customer relationships and ultimately enable more connected digital experience across the gaming ecosystem. The growth ranges we've shared reflect the variability of outcomes that we can't control entirely, including the pace of new market legalizations and any changes in broader macro conditions. By definition, we don't confident that we have a well-considered strategy to build Interactive over time as the business scales and as opportunities emerge. So to recap, Interactive has undertaken a deliberate reset that was necessary and intentional. We have emerged a more focused and execution-ready organization, well positioned to deliver sustainable, higher-quality value creation. We have 2 phenomenal growth engines in content and iLottery with deep expertise, strong relationships and considerable potential and headroom to scale. We expect these to be supplemented by new connected digital capabilities that further embed us into our customers' operating model, adding value to operators and ultimately players. Today, Interactive is ready to capture share and deliver quality growth through focus and operational discipline. We're at the start of an exciting journey that we believe will deliver for shareholders for many years to come. And thank you. With that, I will turn it over to Sally.

Thanks, Dylan, and good morning, everyone. I'm Sally Denby, I'm the CFO of Aristocrat. Today, I will talk to how we financially support and help drive the long-term growth of the business, including how we are managing the company's cost structure and balance sheet to enable execution of our strategy. I'll start by recapping our performance aspirations. I will then talk about our ONE Aristocrat operating model and how it facilitates a more collaborative approach and in doing so, creates efficiency gains across the enterprise. Finally, I'll turn to our capital allocation framework and how it both enables our strategy and optimizes long-term shareholder returns. Trevor discussed our growth strategy in depth. I would like to focus on the performance aspirations. You've heard about our plans to continue to take market share across our businesses throughout the day, and Dylan elaborated on our pathway to $1 billion revenue at Interactive. I would like to expand upon our plans to drive disciplined EBITDA margin expansion while also continuing to invest behind key priorities. This includes revenue growth outpacing investment in D&D over the long term and allocating capital in an effective and balanced manner across the portfolio to support sustainable enterprise growth. In 2024, we took an in-depth look at our business and what was required to achieve our financial goals and execute at scale into the future. This included the acquisition of NeoGames to create a scaled player in online RMG. It also included the restructuring of Product Madness, including the divestment of Plarium and Big Fish to become a focused social slots operator fully aligned from a content perspective with our broader portfolio. But to truly realize our vision, harness the full power of our scale, capabilities and customer reach and support the next phase of growth, we also needed to redesign our organization to achieve increased coordination and operating leverage. We call this new operating model ONE Aristocrat, important enabler of both growth and efficiency across the enterprise. First steps we're bringing together the majority of our global products and technology resources from across the businesses into scaled operations spanning the organization. Following this, we applied the same approach to our key corporate support functions, bringing global resources together into their relative relevant executive leader. In doing so, we are driving towards a truly global matrix organization, resulting in strengthened enterprise-wide coordination, decision-making and governance. In particular, ONE Aristocrat enables us to set priorities at an enterprise level, making effective and balanced investment allocations to drive long-term value aligned with our overall strategy, leverage shared capabilities, including content, platforms, customer relationships and corporate functions to drive revenue and operating leverage. simplify, remove duplication in our corporate and legal structures and embed AI into our workflows and operations to drive productivity and sustainable operational improvements. ONE Aristocrat also supports operating leverage, which remains a key focus as we continue to scale the business. Aristocrat has delivered consistent and impressive improvement in both segment profit and portfolio. Continuing to do so requires us to consistently manage the cost base and drive productivity improvements to deliver operating leverage as we scale. We balance this against the need to deploy capital to further our long-term strategic goals. This includes diversifying earnings across the 3 segments, investing in new opportunities and managing -- in the near term, our ongoing cost optimization efforts are expected to achieve approximately $100 million of annualized savings during FY '27, reflecting a consistent approach to cost discipline. This is combined with ongoing scale benefits across the organization. In the end, this is about ensuring growth is delivered with clear financial discipline, balancing short-term performance against long-term investment, such that scale translates into improved margins and returns. In doing so, we create capacity for additional strategic reinvestment to fuel continuous growth. Our capital allocation framework remains disciplined and consistent, balancing organic investment, targeted M&A and returns to shareholders. It is supported by a strong balance sheet and flexible capital reflecting deliberate strategic choices to deliver the best financial outcomes for Aristocrat and its shareholders. It is also supported by consistently strong cash flow conversion across the group. This includes our approach to the refinancing of our debt earlier this year and the resulting benefits achieved for the group. The refinancing achieved attractive rates reflecting our investment-grade profile. We also expanded our revolving credit facility while reducing our fixed term debt. This structure increases our liquidity while providing additional flexibility and capacity to support future opportunities. And with this financing in place, in May, we announced an extension to our existing buyback program, taking the total authorization to $2.5 billion. backs remain an important and ongoing part of our capital allocation framework, reinforcing our commitment to optimizing total shareholder returns. So in summary, we continue to actively manage the company's financial structure to provide operating leverage and support the long-term growth of the business. As you've heard, our ONE Aristocrat operating model is designed to increase and collaboration across the enterprise and actively manage our cost base. In doing so, it provides the fuel to invest behind long-term growth initiatives and allows us to manage D&D more effectively to achieve scale benefits. Our consistent capital allocation framework, supported by active management and optimization of our balance sheet, provides strategic flexibility to support business execution, which ultimately drives sustainable shareholder returns. Overall, we remain confident in the outlook for FY '26 and the longer-term growth trajectory of the business. And with that, I'll turn back to James to start the Q&A. Thank you.

Thanks, Sally. Well, that ends the formal part of our briefing. And thank you to all the speakers for their contributions. Thanks very much for keeping in time. It's freed up a good bit of time for Q&A now. So just a reminder who's on the call in Las Vegas with me. We've got Dylan, Dafne and Superna; Trevor and Sally are in Sydney, and Bob is available remotely as well for questions on AI. And thanks to all the people who have already put questions in, a steady flow coming in. Thanks to all the analysts. And a reminder, there is a button on your screen, so please submit questions, and we'll try and get to all of them. Okay. Well, let's get going. I'll go to Trevor first. There's a pre-submitted question from an investor, and I'll read it. There are so many confusing economic signals currently, especially deteriorating confidence in Australia more recently. Could you or any of your exec please comment on where you're seeing any consumer business?

Yes. Thanks for the question. I think, first of all, we look at consumer confidence against GGR. And at the moment, GGR continues to be above consumer confidence as far as consumer spend goes. And that's consistent across most of our markets globally. Also, if that's consistent for our -- if you break it down -- in the regional or drive markets such as tribal and regional corporate casinos, continue to see strong numbers for GGR, and you would have seen some recent prints around the strength of the regional markets and the drive markets for North America and even some response improvement in the Las Vegas and New Jersey markets, which are quite small in our overall portfolio. If you then think about Australia to be strong despite the headlines that we read. Consumer confidence continues to be there. And we also see across our portfolio, the strength of our slots portfolio, which is delivering above other sectors in gaming, also the iLottery component, which we continue to see strong performance as well and in social casino, which is growing above consumer spend. So we haven't seen any the operators continue to support and report reasonable and strong performance.

Thanks, Trevor. There are unsurprisingly quite a few questions coming through on Interactive, and most of these are focused on the bridge to the $1 billion revenue target. So I'll start with one that goes back to 2023 set that target. So I'll put that one to you, Trevor, and this has come through from Matt Ryan at Barrenjoey. And I'll read it. Since announcing the $1 billion target in June 2024, U.S. iCasino market growth has slowed and new state openings for iCasino and iLottery have been limited. Did you always anticipate these dynamics? Or which areas are you more confident about now to that target?

Yes. Thanks, Matt. Appreciate the question. I think when we came to market in '24, we said that we weren't reliant on market openings for us to be confident around our target. But what we did say is we would improve our penetration both in the customers and our product portfolio. As Dylan outlined in his presentation, a lot of the growth in moving towards the 1 billion lottery target is and iLottery, which are both areas where particularly in the iLottery space have a strong market and the ability to improve performance. If I go back to the second part of the question really about did we anticipate it, it has been slower than we anticipated, but we're now dealing with around 94% of the North American customer base, and we've now got access to Maine coming online. Overall, we feel that expands and markets open that we are actually well positioned for market openings where we'll be able to take content live from day 1 into those new markets as they open and continue to leverage our content share in the existing markets. As far as iLottery goes, continuing to improve the performance of existing contracts, winning new contracts, and we think that both Michigan and Massachusetts will be important contracts this year in new contracts into the next period of time. So we feel confident in our ability to step towards the overall target, largely through taking share and maximizing our penetration in existing markets, but we will ride the openings as well, but we're not reliant on them.

Great. Thanks, Trevor. The next one similar also is focused on that bridge, and I might put this one directly to you, Dylan. And it's from Liam Robertson at Jarden. So the Interactive F '29 bridge effectively brackets around USD 890 million at the low end of your ranges and $1.14 billion at the high end. Can you help us understand what separates the 2? Specifically, is the low end achievable on things within your control? In other words, share gains in existing markets, digital penetration of contracts, you already hold and your platforms initiatives? -- whereas the high end requires external developments to go your way, such as new state legislations and competitive RFP win. Thanks, Liam. That's a very detailed question and I'll have some answers in there. But I'll throw it to you, Dylan, to just share more on that.

Yes. Thanks, Liam. Probably a mixture of all those things. I think when we look at that $1 billion target today, and we take some kind of indicators within content about sort of like just below 4% share, but a market that we know is going to grow to sort of like $12 billion in the U.S. First stage is to ensure that we can capture our fair share of that kind of like existing revenue and growth trend over the next 3 to 4 years. We believe now we've got the content road map, the executional scale to drive that share. When we look at our social casino and our land-based share, obviously way bigger than our Interactive content share today. So we have huge headroom to grow within those existing markets. As Trevor just said, when we can capture new market openings, like Alberta going online within this month, we will be there on day 1, and that will be the first time that Aristocrat branded content has been live in a on day 1. Flip over to iLottery, of course, we've -- we're scaling New Hampshire. We're due to launch Massachusetts and Michigan this month, and we'll see kind of like those revenues kick in. There will be obviously new RFPs coming on board. So essentially, that range is based on the confidence that we have within our ability to execute. within all the constructs that we just talked about within the presentation. So our operational scale, our talent, our digital capabilities, we think the $1 billion is there within our...

Great. Thanks, Dylan. And we might change momentum a little bit here and go to a question on AI that's come through for Bob. This is also an anonymous question. presentation from Bob that only seemed to focus on how AI was positive. And I'm therefore wondering whether Aristocrat is missing something here. You must surely have concerns about where AI agents could replicate content IP. Land base seems secure, but should we worry more about iGaming or social casino. Bob, over to you.

Yes. Thank you. Think about the specifics of the question, a successful game is not just an asset or a prototype. It requires a number of elements to be successful, like the differentiators and the structural advantages that Trevor spoke about earlier. So we view AI as an enabler that will maintain and extend our strategic advantages because of the strategic -- because of the structural advantage that we have, such as our brands and IP, our creative studios and talent, the long-term customer relationships that we have, the distribution networks and the deep regulatory expertise. So ultimately, we think that we need to have a good view on this, but AI will continue to strengthen our advantage because we can apply it to all the structural advantages that we have.

Bob. I'll come back to Vegas now. There's a question that's come through on gaming analytics. Okay. And this is from David Fabris at Macquarie. Can you walk through the thesis for the Gaming Analytics acquisition? Will you be providing any suggestive initiatives to the operators to optimize their floors like allocation of versus lease conversion suggestions and be able to access anonymized player session data through gaming analytics. I was hoping to understand whether there will be any benefits for game development. So I'll put that directly to you, Superna, if that's okay.

Sure. Okay. So gaming analytics allows our casino partners to make faster, smarter, more personalized decisions across marketing, player development, player slot operations and definitely floor optimization as well. That's one of the key thesis for it. The anonymized, very anonymized real-time insights adhere to the very, very robust data governance policies at Aristocrat. And so as we stitch together MTS BitBoss with gaming analytics, we believe that we have connected cross-channel offering that competitors would find -- we feel would find very difficult to replicate.

Okay. That's great. We've got a few finance-related questions that have also come through. So I might push these across to Sydney. Sally, the first one comes through from Adrian Lam at Citi. It was previously guided that the EBITDA margin in Interactive would fall somewhere between digital. I think that's referring to Pixel United, the old business, product maintenance today and gaming over the long term. Can you update where you see it getting to at the $1 billion revenue level? And should we expect much margin...

Thanks, James, and thanks, Adrian, for the question. When we made that statement a couple of years ago, Pixel United included both Plarium and Big Fish, which we've since divested. The margin on the product madness was always the highest margin of the 3. So I think that statement itself is somewhat outdated. We do see opportunity for margin growth within Interactive -- but to manage expectations, we don't anticipate I'll get to the gaming level of margins, but we do expect growth over the next couple of years as we continue to scale our business.

Okay. That's great. Thank you, Sally. And while we are in Sydney, there's another question relating to financial matters, Sally. So I'll push this one to through from Mark Wilson at RBC. And he's actually addressed the question to Trevor, but I'll just put it directly to you. Do you still maintain the $100 million operating efficiency target?

The simple answer is yes, we do still maintain that $100 million efficiency target '27. There's work underway and managing the cost base is an ongoing focus of the organization. And I think as we said at the half, this is as much about ways of working, looking at process, eliminating waste simplification and really trying to drive leverage out of the scale of the organization going forward. So Mark, yes, the $100 million still holds as our FY '27 target.

Thanks, Sally. And there are a couple of questions that have come through on Product Madness. So we'll direct back to Las Vegas. And Dafne, I'll ask these directly to you. The first question comes through from Andre, the UBS analyst. Why should investors believe that the social slots market will event Otherwise, you depend on gaining share indefinitely.

I would say a very interesting question. Thank you for the question. And I'm relatively new in learning as well, just completed about 120 days with the business. But one of the aspects that with the teams was, look, we have to focus on what we can control. And from what I've learned, we can really continue to grow in the industry and take share. We have a very robust model with Product Madness. We have been increasingly focused on the discipline that we have with UA, with engaging of our players, and we've seen very positive results. I know that the industry more complex and it is under pressure. And I think now there are other opportunities for us to continue to strengthen our position. I'm going to be focused on learning and there is aspects of even increasing penetration in underpenetrated markets such as EMEA. So I'm positive for the future, and I think we can continue to expand markets and take share.

Thanks, Dafne. I think we'll stay in Las Vegas and focus on Interactive because there are still a few other questions coming through on Interactive. So I'll take Matt Ryan's question first here from Barrenjoey, and it's relating to iLottery. Dylan, when will we hear more about contract renewals in Virginia and North Aristocrat ownership in the $1 billion revenue target?

Thanks for the question. Virginia is now out or react from an RFP point of view. So the responses for that are due in late September. North Carolina, we anticipate coming probably in the next like 12 to 18 months. And obviously, a number of other jurisdictions are looking at iLottery legislation. So yes, within the numbers that we've shared, the scaling of New Hampshire, Michigan and Massachusetts are all part of the...

And another question on Interactive from Liam Robertson, which I'll cover now given we're in Vegas, content pricing. Your disclosed content take rate has narrowed from 18% to 18% of net revenue in 2024 to 8% to 12% now. What's behind that drop? And can you competition pushing rates further degradation to take rates in your bridge FY '29?

Again, thanks for the question. The difference between the numbers shown at the last Investor Day to now are just indicative of obviously the changing competitive market dynamics that we see in the U.S. Our premium content does command a premium in the marketplace. And that's shown in -- again, in the numbers that we've put through today. The competitive nature of the iGaming landscape has obviously changed over the last 18 months to 2 years as well. But again, going back to what I said in the presentation, we believe with our land-based IP now coming into the iGaming Interactive space that we can take our of the growth expectations that we can see within the U.S. iGaming space.

Thanks, Dylan. And we'll go back to Sydney with a few. This is a question for Trevor, again, pre-submitted by an investor. how things are changing with one large competitor being run by private equity and another now listed on the ASX. How would you -- and as part of that question, how would you characterize the current level of staff attrition?

Yes. Thanks for the question. I assume it's all relating to gaming given the context of it, but I'll make some broader comments generally as a whole. We continue to see that at the end of the day, content and technology differentiate companies and a pipeline hardware and good execution is what differentiates. And if you look at the performance portfolio versus our competitors, it still continues to be the leading portfolio in the market. Yes, there are lots of moving parts from competitors in the market, but we also look at the whole market. And I think there are emerging competitors that continue to be making small headway, and we continue to focus on all competitors as far as competitiveness goes. We haven't seen a significant amount of what I would consider coming from our competitors. And we feel that our competitive positions, particularly in the North American market, the Australian market, the Asian market in the gaming space are appropriate with a strong pipeline and good commercialization. Talent does flow across this industry on a regular basis. We continue to be a net intake of talent from competitors. We are attracting more talent than we are losing and we're comfortable that both the culture and the high-performance nature of our organization focused on customers, content, distribution and technology does make a difference, and it makes an attractive place for people in our industry that want to work in our industry.

Thanks, Trevor. And while we focused on gaming and in Sydney, a couple of other questions on gaming that have come in. These are. The first one relates to adjacencies. You'll recall, we quantified that average 16% share. His question is, why are you under-indexing on market share in adjacent markets?

Yes. Thanks, Andre. I think, first of all, we have only entered some of those markets in more recent times. And if you actually look at our ship share that we have entered in places like Illinois, BLT, Georgia Co, we're actually indexing above that share. installed base and continue to build that, and that will take us time to do that. We're still very -- we're very confident in both the product options and the hardware to actually make and continue to take share. So I'd expect to see the overall adjacency shares from that 16% track towards our more traditional share. It's just that we've only been in these markets, in some cases, a couple of years. In other cases, we've been there slightly longer, and these are new markets. So the progress could be better. I acknowledge that, but I also see what we're shipping in an annual basis and believe that we're shipping well ahead of our ship share.

And there's another question from Andre relating to gaming. So thanks for all the questions. Andre, I appreciate it. And this I'll put to you again, Trevor. How do you get the balance right between growing volume -- in other words, your ops installed and yield/pricing. Is there a time in the cycle where is more important?

Thanks, Andre. When we look at gaming operations, gaming operations revenue. So we continue to target above GGR growth in gaming operations, and we think that will be done through both yield and through installed base. Whilst you've got a portfolio of strong games like we have at the moment, we continue to see our installed base growing strongly. And we have reiterated today that we'll 5,000 units on in the FY '26 period. And we have confidence around that given the performance of the games and the visibility of our pipeline. There are times where there is yield and some of those changes come in, particularly in, say, MSP when we're doing more MSP or in Class II, which is not as high yield perspective. And this is really around portfolio choices around what are the segments we're choosing to compete and challenge in a period of time. So it's not a case of one or the other that we look at growing our gaming operations revenue on an annual basis, and we'll continue to grow it above the GGR and continue to provide great solutions to our operators, whether it's in Class II, Class III, compelling product, whether it's licensed proprietary brands, hardware, we feel very comfortable in our ability to grow GGR -- grow gaming ops revenue above GGR in the future.

Thanks, Trevor. And I'll stick with gaming while you've got the mic, so to speak. Kai Erman from Jefferies. He's asked a couple of questions here. So I'll just cover the gaming one first. Trevor, you mentioned plans to capture more market share in destination-driven markets like Las Vegas and Atlantic City. Are you targeting anything specific for this other than leveraging the market-leading content that you have? Your content has been market-leading for some time. So what do you think will change the market share dynamic in those markets?

Yes. Thanks, Kai. You're absolutely right. The content is market-leading. I guess what we would say, particularly in the Las Vegas environment is there are a number of new properties which are opening up or have opened up the Las Vegas strip. And as we referenced, where new properties open, we tend to have a higher share of those properties than we have from an base point of view. So with properties opening, we see an opportunity to get a better share from day 1 as opposed to converting or churning floors. So that's part of why we believe that will happen. As I said, it's a small percentage of our business. The majority of our business is actually regional casinos, both tribal and commercial, and we continue to have very strong shares there and see opportunity to grow in those markets as well.

Good. I think we'll come back to Vegas because there are a lot of questions on Interactive. -- there's some detailed ones that I think are relevant to cover here. So Dylan, we'll come back to you. And the first couple are from Sam Bradshaw, the Evans and Partners analyst. Thanks for the question, Sam. So firstly, you mentioned that you have further opportunities to leverage existing brands in iLottery. But on Slide 14, none of those key land-based franchises have iLottery on the road map. Trevor's strategy slide on our brand families. Wondering if you can clarify that.

Yes. So thanks. We're just in the process of obviously putting together the road map for iLottery that extends into fiscal year '27, calendar year '27. We've obviously started by coming upstream into the making sure that we've got the right road map to execute against our strategic initiatives, growth ambitions for content, and that will now start to flow through into iLottery. So we'll share more details on that as the road map is concerned.

Great. Thanks, Dylan. And there's another one also from Sam, so I'll ask that as well. Just wondering if you can give some context around the recent RFP that was won by Pollard and the Virginia RFP that is open to tender. I think you made a comment...

Yes. So obviously, disappointed to not win the Colorado RFP. When you actually look at the scoring, we lost it by a very, very small margin. We're obviously very confident and also executing against the contractual delivery dates of Massachusetts and Michigan, both launching in July. We're confident as we move forward in our execution capability in our teams and also in a very, very strong innovation pipeline that we have for our iLottery digital capabilities, our products content online as well. So we're -- yes, we're very, very confident as we move forward to look at RFPs. As I said earlier, Virginia is now back out responses due by end of September.

Okay. Good. And another question relating to iLottery that's come through from David Favs at Macquarie. With iLottery, I know Pennsylvania is not your license, but it has struggled in recent years when we look at monthly data. And one of the attributing factors is negative growth given competition from other online products like iGaming and sports betting. as a precedent into unique.

Great question. Obviously, there's nuances, unique dynamics in every state. We've seen definitely a slowdown within Michigan as obviously their players -- but again, with Michigan transferring now over into a full Aristocrat Interactive stack, we believe that there's headroom for growth within that state. Again, as we bring new product capabilities, stronger innovation, both from the product player engagement side, also from the content side and also expect in Massachusetts, obviously to be a strong contributor of growth within the Aristocrat iLottery ecosystem as well. So yes, different nuances and dynamics, but I think we're very, very confident in our ability to grow share, grow penetration in the markets where Aristocrat Interactive is contracts.

Thanks, Dylan. There are a few more financial-related operating leverage and margins. So I'll put these to Sally, if we can go back to Sydney for a couple, and these have come through from investors. The first one is from Matt Williams at Airlie Funds Management. Operating leverage in Aristocrat Gaming has been relatively anemic given the growth in gaming ops. Will we ever see operating leverage in this most important division?

Thanks for the question, Mark. The answer is yes. We are looking at operating leverage across all of our business. So the 3 segments, T&D and C. I think we do have to acknowledge that gaming has very healthy margins. So our opportunity in gaming is not as big as our opportunity in, say, Interactive. But yes, we are looking to drive operating leverage across the whole organization.

And Sally, a related question, which is a little bit more specific. So I'd like to ask it comes from Philip Wensley at Paradise. And it covers some of the issues that have been in the previous question. So I'll just -- I get to the crux of what he's asking here. At what point should investors expect investments to translate into margin expansion, specifically for Interactive? Should we expect operating leverage to become more visible before the financial year '29 revenue target is achieved? Or is that largely story?

I think the answer is yes. We're not going to wait until FY '29 to try and drive the leverage. we want to grow, but we want to grow at the right rate, focus on driving the scale, but keep a focus on the returns. So yes, if you didn't see any operating leverage out of Interactive until FY '29, I think we would be disappointed internally as well. That's not how we operate. We operate constantly trying to manage an effective cost base to support the ongoing growth and diversification of the portfolio.

Great. Okay. That's good. And we've got a number of questions that are relating to other parts of the business. So I'll come back to Dafne in Vegas for this one. And this comes from -- this is a pre-submitted question from an investor. What are you doing to incentivize direct-to-consumer migration? And is there a cap to the percentage of bookings that could ultimately be transitioned to direct-to-consumer and Product Madness?

That's a good question, especially after some of the numbers that I shared. So to part one, we are doing quite a few things to incentivize migration. So we offer a series of unique deals. We have a strong value proposition that helps players coming in into D2C. And for us, it's really all about us creating that seamless -- so if I look through the second part of the question, it is a question about setting a goal and a target for that percentage. And we are now at 24%. It is a healthy number, and we continue to see that number growing, and we're going to be monitoring that very close. So we do not have the specific we wanted to learn and make sure that, that balance of D2C and in-app is a good balance for us because in the end, it's really all about maximizing the portfolio and about maximizing the player experience and the profitability and growth that we have.

Thanks, Dafne, and we'll stay in Vegas. A question from Rohan Sundram at MST Turner Ray Interactive, how is Awager investment and repositioning progressing? And what are your long-term market share expectations for Awager in the U.S. online?

Thanks for the question. So Awager is something we're very, very excited about, and we're very confident in the growth trajectory of Awager throughout North America. The casino and casino experience is just a fantastic customers for operators where people can interact with the physical machines on the floor in real time on their mobile phones. And in New Jersey, they can actually interact and enjoy that experience with the sites and the sounds of the real casino floor with a real machine. It's proving to be something that we're very, very confident in. Customers have been very excited about the product as well. And as we continue to expand, customers seem to really take to the offerings.

Okay. Right. I think we've covered most of the Interactive questions. There's one more on the Interactive revenue just covered here, and it's again from David Fabris at Macquarie. Within the $1 billion Interactive revenue target, my understanding was that the original guidance was scaling to your fair share in those markets that are legally opened with new markets providing upside. It now looks like the guidance includes expectations of new market openings. Can you please clarify?

Yes, great question. Inside the indicative numbers that we've shared, obviously, there are regulated markets today where we are not live that are already open that we want to be. If you take places to kind of Europe, places like Philippines, South Africa, even in Latin America, our aggregation business is in some of those markets today, but isn't. So we have included in that indicative view rollout into more regulated markets. We focused first on I guess, fixing the distribution gaps that we had in the U.S., as Travis shared earlier, now have virtually full penetration within the U.S. marketplace and then starting to move into new markets on day 1. Alberta, as I said, a great example. So yes, there are regulated markets that are already open that are part of our strategic growth plan moving forward.

Okay. That's great. And then while we've got you there, we've got another question here. Noted on 2 different slides that you intend to take Dragon Link and Spooky Link to iGaming. Could you comment on the timing and discuss the factors that you take into account in how you time launches of these land-based franchises?

Yes, great question. The team have been obviously working very, very hard to build a very compelling road map that really starts to bring all those great brands, well-known brands, well-loved brands that already exist in the land-based and social worlds. Dragon Link and Spooky Link are great examples of that. They are on our road map. We're discussing obviously launches with our operating partners. We look at a number of factors, whether that's kind of like seasonal events to put certain content behind to drive additional player engagement. But we are absolutely now in tune with our key operating partners working on the best time to launch some of our key brands and franchises, but not just as a single game. As we said in the presentation, that kind of like one-to-many strategy to build clones derivatives, even go after seasonal events like Christmas with some of our core brands and our core games. You'll see a lot more of that coming on the A road map during our fiscal year '27.

Great. And a related question, Dylan, why are we on the land-based brands coming through to iGaming. It's a question -- what market share in U.S. iGaming for Lightning Link would validate the time, effort and investment in this game? I think it's a very specific question. We would normally answer specific market share, but perhaps you could just talk more broadly about how success looks with Lightning Link.

Yes. No, look, it's a great question. Lightning Link is due to launch this month. I think when you see the appetite the operators and players ultimately have for this brand, I think that's a very strong leading indicator that we expect this to be a very strong success within iGaming. It has been for a while, one of the most anticipated launches within iGaming. And for us, it's the start of not just Lightning Link, but bringing more of the Link family to our operators and players. And we know that brand has had resonance for 10 years with the launch of Lightning Link 10 years within gaming recently. We know it's one of the top-performing games within sort of like or apps within social casino. And we expect that sort of like same resonance to come to play digital ecosystem.

Great. Thanks, Dylan. I think we've covered most of the Interactive questions. So we might give you a pause there and go back to Sydney because there are a few questions that I'll put to both Trevor and Sally. In fact, Sally, this one is one for you that's just come through. Sally, why has Aristocrat been so light on the buyback since the result? You were doing close to 20% of volumes before the 31st of March close. Sally, do you want to make a comment on the buyback there, please?

Yes. Look, there's a couple of things. When we do buybacks, we are constantly monitoring -- and given the share price movement over the last months, that has caused us to be out of the market on a few occasions because of the VWAP. We were in yesterday, we're in today. We continue to see buybacks as a key element of our capital allocation. And we are committed to the program, but we do work within certain boundaries as to how we still believe there's value, and so we will continue executing on buybacks at a pace that's appropriate based on all of those other considerations that we have to take into play.

Thanks, Sally. And we've covered a lot of ground in the questions. So if there are any more that any analysts want to lodge or investors want to lodge, please go ahead. We've probably got 2 or 3 left. I think we've done well. We said we'd do around 45 minutes of Q&A, and we're approaching that point. So we won't -- we'll be finishing well before 12, so we can give some time back to you in your day. A couple of high-level questions, actually one high level, one detailed for you, Trevor. Firstly, we saw Phoenix Link launch in New South Wales mentioned. What are the plans for Phoenix Link in other states in Australia?

Yes. Thanks for the question. Yes, we are very excited by Phoenix Link launching this quarter in New South Wales. So great opportunity for that product to be brought to the Australian marketplace. There are some regulatory requirements that doesn't allow games to necessarily be distributed across all markets. We're continuing to work through those. We do have a plan to release Phoenix Link in other states later in the year -- later in next year.

Thanks, Trevor. And one other high-level question that has come through. What is Aristocrat's view on the threat from prediction markets?

Yes. So thanks for that question. First of all, I mean, we stand with the Nevada Gaming Control Board, the AGA, the AGM and our tribal and state regulators. And we believe that the current prediction markets where sports betting is enabled through the prediction markets is gambling, and therefore, it is illegal or should be regulated and legislated -- regulated and taxed at a state level. We continue to see opportunity for us to work with both our customers, our regulators to provide great solutions for on-premise consumption and also, as Dylan has talked about, the iGaming solutions, which will be out there in the marketplace. We haven't seen any impact in our business at this point in time. It does largely relate to sports contracts. And I would argue that a lot of that sports contract is new revenue to the sector as opposed to necessarily moving revenue from the traditional land for online customers.

Okay. That's great. We've got one last question, and then I'll hand over to Trevor to make some closing remarks. And this comes from Liam Robertson at Jarden. And the question seems to have disappeared, but I'll -- it was a question about acquisitions, and I'll put it to Sally. How has your position on acquisitions changed large cash balance?

It doesn't change our position on acquisitions. They are part of our capital allocation framework and obviously, our focus is on organic growth. We do look at other opportunities and things that we feel would fit within our strategy and what we need to do. And any excess cash we look to return to shareholders through the buybacks and the dividends. I think just because we're sat on cash doesn't mean to say that we have a higher appetite for M&A. We're going to do what sits with us and what fits with our strategy. And that's not driven by any balance that we have around cash or our capability. I think on making sure we've got the flexibility to do what we need, but it doesn't mean to say we're going to do it just because we can...

Thanks, Sally. I think we'll call it to a close there, and I'll hand back to Trevor to make some closing remarks. Thanks, everyone, for the questions.

Yes. Thanks for the questions, and thanks for the interest in Aristocrat. I'll just come back to the key messages that we were talking to you about today, which is really about scale positions and opportunities in markets, strong positions in those markets, but also adjacencies in new markets like iLottery and content being great opportunities for growth for our company in the future. We've obviously got a proven track record of delivering that, and that comes from having a strong product and technology organization that is focused on innovating, but at the same time, multichannel distribution. As you can see, we're now talking about taking games across our organization and across our various channels. Strong track record of execution, as I mentioned, with a real focus on the recurring revenue sector and our ability to continue to expand our growth in recurring revenue and our focus on operational metrics such as generating operating leverage, cost-out program that we're focused on as a company as a whole. And these really support the strategic priorities or strategic advantage that we spoke to at the start around leading content studios and talent that differentiate us, the multichannel distribution, deep regulatory experience and capability and then the long-standing customer partnerships. So we thank you for your time and your interest in Aristocrat. We have -- we appreciate your interest and your questions, and we thank you for joining us today. So thanks to everyone involved. Thanks for presenters, and thanks for those that ask questions on the line. And if the questions, James [indiscernible] from the IR team will certainly be open to responding to you. But thanks again for your time, and we appreciate your interest in Aristocrat.