Good morning. 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. 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 present on their respective areas, with Trevor presenting on gaming, as you can see on the agenda, as our Gaming CEO, Craig Toner, is away on annual leave. We'll 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 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 five strategic advantages that continue to set us apart. You'll hear how AI is strengthening these differentiators. Aristocrat continues to win share in the most attractive and fastest-growing parts of our markets and will demonstrate why we believe this will continue into the future. Dylan has been leading Interactive for almost eight 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. Finally, disciplined capital allocation and sharper operating leverage will remain central to our strategic delivery. With that, I'll hand over to Trevor. Thanks, James. Good morning, everyone. Before I go to group strategy, let me touch on our outlook for FY 2026. 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 NPAT growth and divisional outlook statements for FY 2026, 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 and accelerate the next phase of growth. We'll highlight the scale of 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. Spend some time talking about the significant strategic advantages that underpin our success and strong financial track record. 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 three scaled and complementary verticals with leading market positions, large and growing markets, and global reach. These businesses reinforce and complement one 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 disciplined 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. Since acquiring Product Madness in 2012, Aristocrat's scale has increased substantially, growing revenue at 17% CAGR, increasing by almost 8x, while EBITDA has grown at 24% CAGR, generating attractive shareholder returns. This reflects the strong growth across all three 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 under-penetrated 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 four 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. We'll outline its significance for our interactive $1 billion revenue target later today. Delivering operating leverage and consistently improving EBITDA margins are also critical outputs 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 appointments 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 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 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 leaderboards for many years. We have carefully nurtured and extended these game families throughout the years, from Class III into Class II, from SSP to MSP, to adjacent markets and across channels. At the same time, 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. There is more to come. We continue to launch our proven land-based and social titles in iGaming and iLottery. We rigorously 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 three 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's evolved to maximize player reach across channels and ultimately optimize returns. Multi-channel distribution represents a critical advantage which many of our digital competitors don't have. Our multi-channel 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. 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. Our proven compliance capabilities, governance standards, and most of all, 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 have built longstanding partnerships with a diversified base of customers, including commercial operators, tribal operators, governments, and more recently, with digital native operators. These relationships are anchored in our content leadership and amplify 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 three 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 operation scale, which is enhanced by AI. In closing, our priorities remain 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 and 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 and 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 footprints and we focus on areas where we are under-penetrated. In gaming operations, this includes destination markets like Las Vegas and Atlantic City, where our unit share is under-penetrated 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 AUD 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. 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 and 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. 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 two 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 and 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 under-penetrated 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. Moving on to our cross-channel strategy and how we optimize our position across three verticals. Just as we leveraged our leading land-based brands to become number one 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 in 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. 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 multi-channel 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 refine the portfolio. Collectively, this cross-channel approach increases customer touchpoints and ultimately extends the player life cycle. Our digital-first content enables us to reach new demographics and 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 content streaming 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 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. 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 our 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 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 re-engineered 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 deployment. 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's 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%, an 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 and generate compounding gains that strengthen our company's strategic advantages? Aristocrat is focused in three 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. 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. We are 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 three 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. While AI amplifies our creative engine, it does not dilute the strength of our IP or commoditize the player understanding or 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. 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 into 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 they are 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 and capabilities. This allows us to create high-quality, immersive cinematic storytelling in around six to eight 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 Link games significantly faster in the future. Finally, on the regulatory front, we're using AI to compare regulatory requirements across jurisdictions, 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 timelines 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 eliminating 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. 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. 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. Most of all, it enables us to capture a greater slice of revenue across the gaming ecosystem and builds on our strong long-term partnerships with our customers. 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. 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. We're only 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 six 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 deployment of content to adjacencies and new markets, while 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 leased 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 it's now being extended to gaming operations through Spooky Link Grand with encouraging early results at 2.6 x 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 leased game, performing at 3.5 x house average and with significant customer demand and player excitement. In Class II gaming, we continue to build on our legacy of VGT 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 1.3 x house average in the latest ILS report. 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 has dominated the top three positions on 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 maths 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 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 are refined, 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 install base to over 1,500 units, and demand continues to remain strong. To date, we've penetrated almost 60% of our target accounts and generated over 10 million digital media impressions. We have plans to extend this 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. Our 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 2027. We launched many new titles that are consistently ranked at the top end of all its performance reports, such as Buffalo Mega Stampede and Bao Zhu Zhao Fu Firecracker Express. We have an exceptionally strong pipeline for the second half of the year. We expect recently launched titles such as Lightning Link 10 Year Storm, Spooky Link Grand, and the highly anticipated Monopoly Big Board Bucks to hit their stride in the second half of 2026, contributing meaningfully. We have several other exciting proven franchise launches planned for the remainder of the year and into FY 2027. 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 4,000-5,000 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 seven-year period shown, representing 80% of net unit additions amongst the top three players and taking our install base to over 77,000 units. That is almost a 50% increase. Today, our gaming operations footprint is larger than our nearest two competitors combined, and our revenue share is even greater. This is a strategic advantage that has taken years to build through disciplined investment and the strong cash flow generated by this business. 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 number one indexing supplier. We expect a significant contribution in the second half of 2026 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, implying 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 2026. 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 at 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 community engagement, workforce development, and tribal sovereignty issues. The trust we have established represents a meaningful strategic advantage that supports this strong recurring revenue portion of our portfolio and ultimately long-term growth. The strongest validation of our customer strategy comes directly from our partners. Aristocrat has been recognized as a leading supplier for eight consecutive years, and our net promoter scores remain exceptionally strong across geographies and customer segments. Specifically, our customers consistently highlight our product performance, innovation, and partnership quality as differentiators. This 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 under-penetrated. 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 adjacencies 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 entered adjacencies. While we've 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, 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 2027 across the UAE, EMEA, and Asia, and the usual expansions 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 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 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. 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. 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 two decades leading growth, transformation, digital innovation in 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 AB InBev 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. Having 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 the market and why these still position the business for sustainable long-term growth. There are four key messages I would like you to take 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 players' experiences at scale. 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, that 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. While the category is mature, we've consistently grown share and deliver around 5% growth in bookings over recent years. That goes up to 9%, including the boost from the COVID years. That's a strong track record in any market. We've consistently grown faster than a category, even when the broader social slots market has declined. That performance reflects four things: strong content, deep player understanding, operational discipline, and the agility to operate at scale. 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 to take share, opportunity to grow revenue, and opportunity to further strengthen our leadership position. In our core markets, we see potential to drive a stronger engagement, but we also see additional growth prospects across EMEA. While D2C has already grown to 24% of revenues at half year 2026, we believe there is still runway ahead. 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 three drivers: content, continuous improvement, and disciplined UA. First, we leverage Aristocrat's iconic land-based across our proprietary digital-first brands. This gives us access to market-leading IP, beloved brands, and proven mechanics. This multi-channel 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. 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 single most important driver of our success, and the first half of 2026 delivered several outstanding examples of that leadership. Lightning Link extended its position as the number one grossing social casino app globally, and in February, it achieved its highest ever daily average revenue. For the first time, Cashman Casino surpassed AUD 1 million revenues in a single day, and today it ranks as the number three social casino app worldwide. Heart of Vegas delivered 20 consecutive months of year-on-year growth, alongside record high customer satisfaction scores in February. 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 the 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. 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 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 platforms partnerships. Historically, many mobile publishers will view platforms 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, gain 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 help us maintain investment levels elsewhere. These relationships also provide access to technical expertise, to regulatory roundtables, to data, to insights, and that support our critical projects. This gives us greater visibility and helps us support best-in-class execution. AI is a significant growth enabler, and Product Madness was an earlier adopter. Our direct player relationships create a stronger foundation for practical adoption. First, we are deploying AI in player analytics. Machine learning helps 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 significantly more output with the same number of staff. It's more output, it is higher quality, without scaling resources. 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. 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 in UA comes from combined efficient acquisition with great content and strong engagement. When those elements come together, the players we acquire 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 expense. 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 allows 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's fully focused on continuing to outperform the category. With that, I will turn back to James. Thank you. Thanks, Dafne. We're running well on time, we'll take a short 10-minute break now. When we resume, and that'll be at approximately 20 minutes past the hour, Dylan will share an in-depth review of our progress at Interactive. 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. Thanks for those who've 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. I started with the business back in November 2025 as I genuinely believe this is one of the most exciting opportunities for growth in iGaming globally. 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 spent 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, doing it with discipline, pace and ambition. What really stood out to me with Interactive is the strength of the foundations that were already in place, the technology, the talent, most importantly, the backing of the Aristocrat ecosystem. 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. 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 team is positioned to execute. 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 two 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. We're Aristocrat's smallest division, contributing around 10% of revenues. However, 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 our lottery to scale over time. I think before that, it's important to spend time reflecting on Interactive's journey over the last two years. You'll recall at the last Investor Day in June 2024, we outlined a clear ambition to build a scaled, interactive business. The investment case was anchored in three 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 milestones 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. Along that journey, there's been many valuable lessons over the last two years that has helped shape this more focused strategy. Consolidating a number of diverse businesses into a unified framework was a complex undertaking, 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 scaling of content has been more measured than expected as we've navigated slower market access, longer regulatory timelines, and also technology integration challenges. 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 within our industry with more agility. 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 tighter regulatory frameworks impacting U.S. iGaming 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 sweepstakes, 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. Within land-based gaming, digital transformation is accelerating, from things like cashless payments to multi-channel engagement. It's connected digital experience that present multiple opportunities to help customers and players navigate this transition. As you've heard, we now have some strong and firm foundations in place. We've simplified the portfolio and exited lower return activities, consolidated platforms, and prioritized key markets and core growth areas. At the same time, we've strengthened the business, adding targeted leadership and deepened our digital capabilities. What has fundamentally changed is our ability to execute. We now have a clearer strategy and have established a stronger execution discipline. As we look ahead, this is a business that has largely completed its reset and is now ready to accelerate its execution. Let's take a deeper look at the interactive strategy. At the heart are two 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. With strong customer engagement and increasing digital adoption, iLottery provides a powerful engine for recurring revenue growth. These two core engines are complemented by a set of platforms and technology-led growth initiatives, including Game and Player IQ, tribal gaming digital expansion through our Class II mobile offering, cashless capabilities, and invested in our content distribution platform, encompassing both first and third-party content. I'll expand on these later in the presentation. Let's now take a deeper look at these two 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. Our resolve to shift this 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. The size of the content prize in the U.S. is substantial. The regulated U.S. iSlots market is projected to expand to $12 billion by 2029, around a 10% CAGR from 2025, with further growth anticipated should more states regulate iGaming. 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 have already delivered in our land and social channels. There are also market shifts occurring that play to our strengths. The three largest iGaming U.S. states are moving from expansion to optimization, where returns are driven by content quality, content differentiation, and strong player engagement. How will we achieve our content strategy? The primary aim of our strategy is focused 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 engaged. We believe we will win because our proven land-based content already resonates with online players, and we're leveraging our deep performance data to further de-risk launches. In addition, we are utilizing AI to accelerate the porting of our content from land to digital. We now have a commercial team of industry-leading talent with significant iGaming experience. It's this combination that turns market opportunity into repeatable, predictable growth. 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 that drives sustained performance over time. A great example is the soon-to-launch Lightning Link. It's the number one grossing social casino app globally and the third top grossing land-based parent family. Dragon Link has also consistently ranked as the top indexing 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. They are leading franchises 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. It's the strength 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 our digital ecosystem. For example, we start by utilizing a brand in Awager to enable remote slot play, providing a true land-based slots experience to 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 variants. This keeps games fresh, deepens player engagement and lifetime value, and ultimately turns a successful land-based game into a scalable, multi-channel 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 wagers being generated through our platform, giving us scale and data and insight advantages. The U.S. market is expected to grow at around 30% CAGR, through to 2029, driven by increased digital penetration and continued product innovation. New jurisdictions moving online is an 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. Looking forward, we believe we are well-positioned given our execution track record, superior technology platforms, and planned innovation strategy. So why are we confident? Let's look at our footprint first. We today operate in five of the 10 regulated iLottery states, soon to be six, with Massachusetts going live later this month. Three of these contracts operate through the NeoPollard Interactive joint venture. These are not simply transactional contracts. Relationships sit at the core, and we are deeply embedded in our customers' digital operations, their technology stack, 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. 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. New 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. 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 multi-pronged, focusing on 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. We believe we will win because we have trusted long-term partnerships, a factor not to be underestimated. Our leading performance is also a 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. 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. 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 seven years. This rapid scaling delivered a 40% CAGR over the period, while retail continued to grow at a steady 4%. This is strong proof that digital complements rather than cannibalizes traditional sales, with increased accessibility expanding the overall target audience. 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. We expect Massachusetts to significantly contribute to Interactive's growth over time, with potential to scale into one of our most successful contracts. 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 the per capita sales of the nearest competitor 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 to support our experienced 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. 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 standalone 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 digital capabilities. To start, Game and 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 floor optimization, marketing, loyalty, compliance, and many other parts of the player journey. In time, we expect this to extend into digital, enabling a connected player experience across multiple channels. Class II Mobile enables our longstanding tribal partners to efficiently offer mobile Class II on tribal land. As sovereign nations, these customers are not dependent on state legalization timelines. 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. 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. Together, these four initiatives have the potential to extend our existing customer relationships and content into new, accretive, recurring revenue streams. 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 materially upgraded our technology foundations, making it more robust and scalable 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 that 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, consistency of execution, and overall delivery quality for our customers and players. 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 advantages. This enables us to capture 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. As we approach the finishing line today, let's round this out and focus on the $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 leading brands and 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 our gaming. 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 and innovating across our content offering, ultimately introducing Aristocrat brands to the iLottery ecosystem. In platforms, we expect to further monetize our platform capabilities, Game and 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 anticipate that growth will be linear. However, we are confident that we have a well-considered strategy to build Interactive over time as the business scales and as opportunities emerge. 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 two 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. Thank you. With that, I will turn it over to Sally. Hey. Thanks, Dylan, and good morning, everyone. I'm Sally Denby, I'm the CFO at 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 the enterprise 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. 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 a 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. 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. It is an important enabler of both growth and efficiency across the enterprise. The first steps were bringing together the majority of our global product 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 under their 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, and reduce complexity across our global footprint, including our corporate and legal structures. 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 EBITDA margins over the time across the 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 three segments, investing in new opportunities, and managing risk across the portfolio. In the near term, our ongoing cost optimization efforts are expected to achieve approximately AUD 100 million of annualized savings during FY 2027. 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 structure, 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 early this year and the resulting benefits achieved for the group. The refinancing achieved attractive rates, reflecting our investment-grade profile. It 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. With this financing in place, in May, we announced an extension to our existing buyback program, taking the total authorization to AUD 2.5 billion. Buybacks remain an important and ongoing part of our capital allocation framework, reinforcing our commitment to optimizing total shareholder returns. 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 coordination 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 and structure to support business execution, which ultimately drives sustainable shareholder returns. Overall, we remain confident in the outlook for FY 2026 and the longer-term growth trajectory of the business. With that, I'll turn back to James to start the Q&A. Thank you. Thanks, Sally. That ends the more 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. 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. Thanks to all the people who've already put questions in. Steady flow coming in. Thanks to all the analysts. A reminder, there is a button on your screen, so please submit questions and we'll try and get to all of them. 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 softness across the business? Yeah. Thanks for the question. I think, first of all, we look at consumer confidence against GGR. 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. That's consistent for our, if you break it down to the gaming business, in the regional or drive markets, such as tribal and regional corporate casinos, continue to see strong numbers for GGR. 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 the Australian market continues to be strong despite the headlines that we read. Consumer confidence continues to be there. We also see across our portfolio the strength of our slots portfolio, which is delivering above other sectors in gaming. The iLottery component, which we continue to see strong performance as well, in social casino, which is growing above consumer spend. We haven't seen anything to date. The operators continue to support and report reasonable and strong performance. Thanks, Trevor. There are, unsurprisingly, quite a few questions coming through on Interactive. Most of these are focused on the bridge to the $1 billion revenue target. I'll start with one that goes back to 2024 when we first set that target. I'll put that one to you, Trevor. This has come through from Matt Ryan at Barrenjoey. I'll read it. Since announcing the $1 billion target in June 2024, U.S. iCasino market growth has slowed. 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, which will get you to that target? Yeah. Thanks, Matt. Appreciate the question. I think when we came to market in 2024, we said that we weren't reliant on market openings for us to be confident around our target. What we did say is that 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 iLottery $1 billion lottery target is coming from content and in iLottery, which are both areas where, particularly in the iLottery space, have a strong market position and the ability to improve performance. If we go back to the second part of the question really about did we anticipate it? It has been slower than we anticipated, 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 as the market expands and markets open, that we are actually well-positioned for market openings, where we'll be able to take content live from day one 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, and obviously participating in new contracts into the next period of time. We feel confident in our ability to step towards the overall target, largely through taking share and maximizing our penetration of existing markets, but we will ride the openings as well. We're not reliant on them. Great. Thanks, Trevor. The next one is similar. Also is focused on that bridge, and I might put this one directly to you, Dylan. It's from Liam Robertson at Jarden. The interactive FY 2029 bridge effectively brackets around $890 million at the low end of your pillar ranges and $1.14 billion at the high end. Can you help us understand what separates the two? 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 platform's initiatives, whereas the high end requires external developments to go your way, such as new state legislations and competitive RFP wins. Thanks, Liam. It's a very detailed question, and there are perhaps some answers in there. I'll throw to you, Dylan, to just share more on that. Yeah. Thanks, Liam. Probably a mixture of all those things. I think when we look at that $1 billion target today, we take some kind of indicators within content, we're at sort of just below 4% share, but a market that we know is going to grow to sort of $12 billion in the U.S. First stage is to ensure that we can capture our fair share of that kind of existing revenue and growth trend over the next three to four years. We believe now we've got the content roadmap, 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. 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, that will be the first time that Aristocrat-branded content has been live in a new market opening on day one. We're scaling New Hampshire. We're due to launch Massachusetts and Michigan this month, and we'll see those revenues kick in. There will be obviously new RFPs coming on board. Essentially, that range is based on the confidence that we have within our ability to execute within all the constructs that we've just talked about within the presentation. Our operational scale, our talent, our digital capabilities, we think that the $1 billion is there within our sights. Great. Thanks, Dylan. 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. It was useful presentation from Bob only seemed to focus on how AI was positive, I'm left wondering whether Aristocrat is missing something here. You must surely have concerns about where AI agents could replicate content IP. Land-based seems secure, should we worry more about iGaming or social casino? Bob, over to you. Thank you. This is a good question. When we 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. We view AI as an enabler that will maintain and extend our strategic advantages 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. Ultimately, we think that we need to have a good view on this, AI will continue to strengthen our advantage because we can apply it to all these structural advantages that we have. Great. Thanks, Bob. I'll come back to Vegas now. There's a question that's come through on Gaming Analytics. 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 casino-owned games versus lease, conversion suggestions? Secondly, will you be able to access anonymized player session data through Gaming Analytics? I was hoping to understand where there will be any benefits for game development. I'll put that directly to you, Superna, if that's okay. Sure. Gaming Analytics allows our casino partners to make faster, smarter, more personalized decisions across marketing, player development, slot operations, and definitely floor optimization as well. That's one of the key theses for it. The anonymized, very anonymized real-time insights adhere to the very, very robust data governance policies at Aristocrat. As we stitch together MTS/ BitBoss with Gaming Analytics, we believe that we have a very connected cross-channel offering that competitors we feel would find very difficult to replicate. That's great. We've got a few financial-related questions that have also come through. I might push these across to Sydney. Sally, the first one comes through from Adrian Lemme 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 Madness 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 expansion over the next one to two years? 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 three. I think that statement itself is somewhat outdated. We do see opportunity for margin growth within Interactive. To manage expectations, we don't anticipate it'll get to the gaming level of margins. We do expect growth over the next couple of years as we continue to scale that business. That's great. Thank you, Sally. While we are in Sydney, there's another question relating to financial matters, Sally, so I'll push this one to you again. This comes through from Mark Wilson at RBC. He's actually addressed the question to Trevor, but I'll just put it directly to you. Do you still maintain the AUD 100 million operating efficiency target? The simple answer is yes, we do still maintain that AUD 100 million efficiency target across FY 2027. There's work underway. Managing the cost base is an ongoing focus of the organization. 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. In answer to your question, Mark, yes, the AUD 100 million still holds as our FY 2027 target. Thanks, Sally. There are a couple of questions that have come through on Product Madness. We'll direct back to Las Vegas. Dafne, I'll ask these directly to you. The first question comes through from Andre Fromyhr, the UBS analyst. I'll read it to you. Why should investors believe that the social slots market will eventually return to growth? Otherwise, you depend on gaining share indefinitely. Dafne? I would say very interesting question. Thank you for the question. I'm relatively new and learning as well. Just completed about 120 days with the business. One of the aspects that I've spent a lot of time learning with the teams was, look, we have to focus on what we can control. 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 the UA, with engaging of our players, and we've seen very positive results. I know that the industry becoming more complex, and it is under pressure. I think now there are other opportunities for us to continue to strengthen our position. I'm going to be focused on learning, there is aspects of even increasing penetration in under-penetrated markets such as EMEA. I'm positive for the future, 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. 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 Carolina? Is a change to 100% Aristocrat ownership in the $1 billion revenue target? Thanks for the question. Virginia is now out, or re-out from an RFP point of view. The responses for that are due in late September. North Carolina, yeah, we anticipate coming probably in the next 12-18 months. Obviously a number of other jurisdictions are looking at iLottery legislation. Yes, within the numbers that we've shared, the scaling of New Hampshire, Michigan, and Massachusetts are all part of the numbers that we've shared today. Another question on Interactive from Liam Robertson, which I'll cover now, given that we're in Vegas. Content pricing. Your disclosed content take rate has narrowed from 18%-18% of net revenue in 2024 to 8%-12% now. What's behind that drop, and can you still charge a premium for flagship games online, or is competition pushing rates down? Have you assumed a further degradation to take rates in your bridge to FY 2029? Again, thanks for the question. The difference between the numbers shown at the last investor date to now are just indicative of obviously the changing competitive market dynamics that we're seeing in the U.S. Our premium land-based content does command a premium in the marketplace. That's shown, 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 two years as well, again, going back to what I said in the presentation. We believe with our land-based social casino brands, franchises, IP, now coming into the iGaming Interactive space, that we can take our fair share, both fair share of the growth expectations that we can see within the U.S. iGaming space. Thanks, Dylan, we'll go back to Sydney. This is a question for Trevor, again, pre-submitted by an investor. Could Trevor provide some color on the competitive landscape and how things are changing with one large competitor being run by private equity and another now listed on the ASX? As part of that question, how would you characterize the current level of staff attrition? Thanks for the question. I assume it's all relating to gaming, given the context of it, I'll make some broader comments generally as a whole. We continue to see that at the end of the day, excuse me, content and technology differentiate companies and a pipeline of successful games, hardware, and good execution is what differentiates. If you look at the performance portfolio of Aristocrat 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, we also look at the whole market, I think there are emerging competitors that continue to be making small headway, we continue to focus on all competitors as far as competitiveness goes. We haven't seen a significant amount of what I would consider different activity coming from our competitors. 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 it an attractive place for people in our industry that want to work in our industry. Thanks, Trevor. While we focused on gaming and in Sydney, a couple of other questions on gaming that have come in. These are from Andre Fromyhr at UBS. 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? Thanks, Andre. I think, first of all, we have only entered some of those markets in more recent times. If you actually look at our ship share that we have entered in places like Illinois VLT, Georgia COAM, we're actually indexing above that share. The fact is we started with a zero install base and continue to build that, and that will take us time to do that. We're very confident in both product options, the commercial options, and the hardware to actually make and continue to take share. 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. The progress could be better, I acknowledge that. I also see what we're shipping in an annual basis and believe that we're shipping well ahead of our ship share. There's another question from Andre relating to gaming. Thanks for all the questions, Andre. Appreciate it. This, I'll put to you again, Trevor. How do you get the balance right between growing volume, in other words, your ops installs, and yield/pricing? Is there a time in the cycle where building the install base is more important? Thanks, Andre. We look at gaming operations as growing gaming operations revenue. We continue to target above GGR growth in gaming operations, and we think that will be done through both yield and through install base. Whilst you've got a portfolio of strong games like we have at the moment, we continue to see our install base growing strongly and we have reiterated today that we'll be at the top end of the 4,000-5,000 units in the FY 2026 period. We have confidence around that given the performance of the games and the visibility of our pipeline. There are times where there is yield. Some of those changes come in, particularly in, say, MSP, when we're doing more MSP or often Class II, which is not as high a yield perspective. This is really around portfolio choices, around what are the segments we're choosing to compete and challenge in a period of time. It's not a case of one or the other. From our perspective, we look at growing our gaming operations revenue on an annual basis. We'll continue to grow it above the GGR and continue to provide great solutions to our operators, whether it's in Class II or Class III, compelling product, whether it's licensed proprietary brands, hardware. We feel very comfortable in our ability to grow gaming ops revenue above GGR future. Thanks, Trevor. 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. 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. What do you think will change the market share dynamic in those markets? Yeah, 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. As we referenced, where new properties open, we tend to have a higher share of those properties than we have from an organic or an install base point of view. With properties opening, we see an opportunity to get a better share from day one as opposed to converting or churning floors. 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. 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. Dylan, we'll come back to you. The first couple are from Sam Bradshaw, the Evans and Partners analyst. Thanks for the question, Sam. Firstly, you mentioned that you have further opportunities to leverage existing brands in iLottery. On slide 14, none of those key land-based franchises have iLottery on the roadmap. This is referencing Trevor's strategy slide on our brand families. Wondering if you can clarify this. Thanks, Sam. We're just in the process of obviously pulling together the roadmap for iLottery that extends into fiscal year 2027, calendar year 2027. We've obviously started by coming upstream into the content space, making sure that we've got the right roadmap to execute against our strategic initiatives, growth ambitions for content, and that will now start to flow through into iLottery. We'll share more details on that as the roadmap is confirmed. Great. Thanks, Dylan. There's another one also from Sam, I'll ask that as well. Just wondering if you can give some context around the recent Colorado RFP that was won by Pollard and the Virginia RFP that is open to tender. I think you made a comment on that already, perhaps just focus on Colorado. Yep. Obviously, disappointed to not win the Colorado RFP. When you actually look at the scoring, we lost it by a very small margin. We're obviously very confident coming off the back of winning New Hampshire, Massachusetts and Michigan. Also executing against the contractual delivery dates of Massachusetts and Michigan, with both launching in July. We're confident as we move forward in our execution capability, in our teams, and also in the very strong innovation pipeline that we have for our iLottery digital capabilities, our product, our platform. Also, as I just mentioned, bringing the Aristocrat branded content online as well. We're very confident as we move forward to look at RFPs. As I said earlier, Virginia's now back out. Response is due by end of September. Okay, good. Thanks. Another question relating to iLottery that's come through from David Fabris at Macquarie. With iLottery, I know Pennsylvania is not your license, but it has struggled in recent years when we look at monthly data. One of the attributing factors is negative growth given competition from other online products like iGaming and sports betting. Should we think about this as a precedent into other lottery states, or is Pennsylvania unique? Great question. Obviously, there's nuances, unique dynamics in every state. We've seen definitely a slowdown within Michigan as obviously their players compete in a broader ecosystem like Pennsylvania. With Michigan transferring now over into a full Aristocrat Interactive stack, we believe that there's headroom for growth within that state. As we bring new product capabilities, stronger innovation, both from the product player engagement side, also from the content side, to bear for players within that market. Expecting Massachusetts, obviously, to be a strong contributor of growth within the Aristocrat iLottery ecosystem as well. Different nuances and dynamics, but I think we're very confident in our ability to grow share, grow penetration in the markets where Aristocrat Interactive is running iLottery contracts. Thanks, Dylan. There are a few more financial-related questions on operating leverage and margins. 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 from financial 2022 to first half 2026 has been relatively anemic given the growth in gaming ops. Will we ever see operating leverage in this most important division? Sally? Thanks for the question, Matt. The answer is yes. We are looking at operating leverage across all of our business. The three segments, D&D and corporate costs. We do have to acknowledge that gaming has very healthy margins, our opportunity in gaming is not as big as our opportunity in, say, Interactive. Yes, we are looking to drive operating leverage across the whole organization. Sally, a related question, which is a little bit more specific, I'd like to ask it. It comes from Philip Wensley at Paradice. It covers some of the issues that have been in the previous questions, I'll just 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 2029 revenue target is achieved, or is that largely a post-scale story? I think the answer is yes. We're not going to wait until FY 2029 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 return. Yes, if you didn't see any operating leverage out of Interactive until FY 2029, 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. We've got a number of questions that are relating to other parts of the business. I'll come back to Dafne in Vegas for this one, and this is a pre-submitted question from an investor. What are you doing to incentivize direct-to-consumer migration? Is there a cap to the percentage of bookings that could ultimately be transitioned to direct-to-consumer in Product Madness? That's a good question, especially after some of the numbers that I shared. To part one, we're doing quite a few things to incentivize migration. We offer a series of unique deals. We have a strong value proposition that helps players coming in into D2C. For us, it's really all about us creating that seamless player experience. We are looking to have, I would say, a healthy mix. If I look through the second part of the question, it is a question about setting a goal and a target for that percentage. We're now at 24%. It is a healthy number. We continue to see that number growing, and we're going to be monitoring that very close. We do not have a specific number, but 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. It's about maximizing the player experience and the profitability and growth that we have. Thanks, Dafne. We'll stay in Vegas. A question from Rohan Sundram at MST, I'll put this one to Superna. "Hi, team. Re: Interactive, how is Awager investment and repositioning progressing? What are your long-term market share expectations for Awager in the U.S. online?" Thanks for the question. Awager is something we're very excited about, we feel confident in the growth trajectory of Awager throughout North America. The casino and casino experience is just a fantastic marketing vehicle for customers, for operators, where people can interact with the physical machines on the floor in real-time on their mobile phones. In New Jersey, they can actually interact and enjoy that experience with the sights and the sounds of the real casino floor with a real machine. It's proving to be something that we're very confident in. Customers have been very excited about the product as well, as we continue to expand, customers seem to really take to the offerings. Okay. Thanks. Right. I think we've covered most of the interactive questions. There's one more on the interactive revenue target, Dylan, that we might just cover here, 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 today includes expectations of new market openings. Can you please clarify? Yeah, 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 through kind of Europe, places like Philippines, South Africa, even in Latin America. Our aggregation business is in some of those markets today. The Aristocrat branded content isn't. We have included in that indicative view, I guess, a rollout into more regulated markets. We focus first on, I guess, fixing the distribution gaps that we had in the U.S., as Trevor shared earlier. Now have virtually full penetration within the U.S. marketplace then starting to move into new markets on day one. Alberta, as I said, a great example. Yes, there are regulated markets that are already open that are part of our strategic growth plan moving forward. Okay. That's great, Dylan. While we've got you there, we've got another question here. You noted on two 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? Yeah, great question. The team have been obviously working very hard to build a very compelling roadmap, 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 roadmap. We're discussing, obviously, launches with our operating partners at the moment. We look at a number of factors, whether that's big kind of like seasonal events to put certain content behind to drive additional player engagement. 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 that allows us 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 Aristocrat roadmap during our fiscal year 2027. Great. A related question, Dylan, while we're on the land-based brands coming through to iGaming. This is a question from James Fuller at QVG Capital. "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 wouldn't normally quantify a specific market share, but perhaps you could just talk more broadly about how success looks with Lightning Link. Yeah, 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. For us, it's the start of not just Lightning Link, but bringing more of the Link family to our operators and players. 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 or apps within social casino, and we expect that same resonance to come to players in the iGaming digital ecosystem. Great. Thanks, Dylan. I think we've covered most of the interactive questions, we might give you a pause there and go back to- Thank you 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? Yeah. Look, there's a couple of things. When we do buybacks, we are constantly monitoring volume, our ability to be in market. Given the share price movement over the last month, that has caused us to be out of the market on a few occasions because of the VWAP rate. We were in yesterday, we're in today. We continue to see buybacks as a key element of our capital allocation. We are committed to the program, but we do work within certain boundaries as to how we can execute on a day-to-day basis. We again still believe there's value. 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. We've covered a lot of ground in the questions. If there are any more that any analysts want to lodge or investors want to lodge, please go ahead. We've probably got two or three left. I think we've done well. We said we'd do around 45 minutes of Q&A. We're approaching that point. We'll be finishing well before 12, so we can give some time back to you in your day. 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 on one of your slides. What are the plans for Phoenix Link in other states in Australia? Yeah. Thanks for the question. Yes, we are very excited by Phoenix Link launching this quarter in New South Wales. 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 next year. Thanks, Trevor. One other high-level question that has come through, what is Aristocrat's view on the threat from prediction markets? Thanks for that question. First of all, we stand with the Nevada Gaming Control Board, the AGA, the AGM, and our tribal and state regulators, 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's 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, 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-based customers or online customers. Okay, that's great. We've got one last question, then I'll hand over to Trevor to make some closing remarks. This comes from Liam Robertson at Jarden. The question seems to have disappeared, but I'll ask it anyway. It was a question about acquisitions, I'll put it to Sally. How has your position on acquisitions changed just given the large cash balance? It doesn't change our position on acquisitions. They are part of our capital allocation framework, 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. Obviously 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 sits with our strategy. That's not driven by any balance that we have around cash or our capability. I think we focus 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. I'll hand back to Trevor to make some closing remarks. Thanks everyone for the questions. Yeah, thanks for the questions and thanks for the interest in Aristocrat. I just come back to the key messages that we were talking to you about today, which is really about scaled positions and opportunities. We see ourselves having large addressable 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. That comes from having a strong product and technology organization that is focused on innovating, at the same time, multi-channel 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. These really support the strategic priorities or strategic advantages we spoke to at the start of the presentation around leading brand content and IP. Content studios and talent that differentiate us, the multi-channel distribution, deep regulatory experience and capability, the long-standing customer partnerships. We thank you for your time and your interest in Aristocrat. We appreciate your interest and your questions, and we thank you for joining us today. Thanks to everyone involved, thanks to presenters, and thanks for those that asked questions on the line. If there's any further questions, James, Marla, or Prashani from the IR team would certainly be open to responding to you. Thanks again for your time, and we appreciate your interest in Aristocrat.