ALL +13.28%: delivered a good 1H result, with earnings and margins ahead of expectations despite revenue coming in slightly light. The key positive was continued market share gains in Gaming alongside another major increase to the buyback program.
- Normalized operating revenue: $3.03bn, -0.2% y/y
- Normalized NPATA: $794m, +8.4% y/y
- Normalized EBITDA: $1.32bn, +5.6% y/y
- EBITDA margin: 43.5% vs 41.1% y/y
- Interim dividend: $0.50 vs $0.44 y/y
The Gaming business continued to perform strongly, supported by market share gains and unit growth, while Product Madness and Interactive were softer. Management also expanded the on-market buyback by a further $1bn and extended it through to May 2027, reinforcing confidence in cash generation.
- They reaffirmed FY26 guidance for growth this year, which the market had been very skeptical of
The result highlights a business still executing well operationally, with margins and capital returns continuing to support the investment case despite mixed conditions across parts of the digital portfolio.
MM is bullish toward ALL
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