Light & Wonder, Inc. · ASX:LNW
Light & Wonder — Q3 2025 Earnings Presentation
36 slides from Light & Wonder's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation November 5, 2025 © 2025 LIGHT & WONDER
Slide 2: Forward-Looking Statements
SECTION TITLE, 10PT Forward-Looking Statements Forward-Looking Statements In this presentation and the oral remarks made in connection herewith, Light & Wonder makes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statemen
Slide 3: 3Q25 Result Highlights
3Q25 Result Highlights Robust Profitable Earnings Growth; Scaling Free Cash Flows(1); FY2025 Guidance Reiterated(2) Consolidated Consolidated Adjusted EPSa(1)(3) Revenue AEBITDA(1) NPATA(1) +35% YoY +3% YoY +18% YoY +25% YoY $1.81 $841M $375M $153M Combined N.A. Recurring Transition to primary Capit
Slide 4: Grover Performance and Integration Update
Grover Performance and Integration Update Grover 3Q25 Revenue Expected to Enter Added Units since 2Q25 Contribution +229 6th $40M Operational State (Indiana) Geographic Footprint Integration Update • Raleigh, NC Headquarter soft opened late October with complete build-out expected in 4Q25 • Indiana
Slide 5: Leading Cross-Platform Global Games Company
Leading Cross-Platform Global Games Company Leveraging our robust R&D engine across complementary gaming platforms to deliver engaging experiences while maintaining disciplined capital allocation and operational excellence Attractive Streamlined Unique among High- financial profile business peers in
Slide 6: Segment Results & Highlights
Segment Results & Highlights © 2025 LIGHT & WONDER 6
Slide 7: 3Q25 Segment Results Summary
3Q25 Segment Results Summary $ Millions, Unaudited Q3 2025 Q3 2024 Change Business Segment Highlights Revenue by Segment Gaming $558 $537 4% • Gaming revenue +4% YoY to $558M, primarily driven by Gaming SciPlay 197 206 (4%) operations (inclusive of Grover) and Table products, partially offset by iGa
Slide 8: Gaming Performance Driven By Gaming Operations Business
Gaming Performance Driven By Gaming Operations Business IN $MILLIONS Revenue AEBITDA Key 3Q25 Gaming Highlights $1,581 $839 $1,552 • Gaming Revenue of $558M was +4% YoY, primarily driven by $771 Gaming operations; inclusive of Grover, Tables products, and Gaming systems, partially offset by lower Ga
Slide 9: Delivered on Key Gaming Operations Performance Metrics
Delivered on Key Gaming Operations Performance Metrics Gaming Operations KPIs: Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change 3Q25 Gaming KPI Highlights U.S. and Canadian units: Installed base at period end 47,240 33,151 42% 47,240 33,151 42% • N.A. installed base increased 42% or ~14,000 units YoY,
Slide 10: Executing on our Hardware and Content Roadmap
Executing on our Hardware and Content Roadmap Gaming Operations Game Sales COSMICTM LIGHTWAVETM HORIZONTM COSMICTM UPRIGHT LANDMARKTM 7000 KASCADATM Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Key Titles Key Titles Key Titles Key Titles Key Titles Key Ti
Slide 11: Continued Progress on SciPlay Direct-to-Consumer Platform
Continued Progress on SciPlay Direct-to-Consumer Platform IN $MILLIONS Key 3Q25 SciPlay Highlights Revenue AEBITDA $617 $209 $599 $198 • Revenue of $197M, down 4% YoY, attributed to JACKPOT PARTY softness partially offset by record $206 $71 revenue at QUICK HIT Slots and 88 FORTUNES , $197 which ach
Slide 12: Refining our Acquisition, Engagement and Monetization Flywheel
Refining our Acquisition, Engagement and Monetization Flywheel Return to Growth Initiatives Acquisition • Deploy UA(1) across high ROI channels and opportunities • Marketing innovation via celebrity & influencer efforts and TM real-world product & partnership tie-ins Engagement • Increase player eng
Slide 13: Achieved Record Performance Underpinned by First Party Content
Achieved Record Performance Underpinned by First Party Content IN $MILLIONS Key 3Q25 iGaming Highlights Revenue AEBITDA $244 $89 $222 $73 • Delivered another quarter of record revenue of $86M reflecting continued strong momentum in North America, underpinned by first-party content proliferation in t
Slide 14: Capitalizing on our Expansive iGaming Product Roadmap
Capitalizing on our Expansive iGaming Product Roadmap 3Q25 Standout Performers Key 3Q25 iGaming Strategic Initiatives • Proliferation of 1PP (first party) content driven by player affinity for our proven land-based franchises o Pirots 4 was the #1 ranked game(1) on GGR(2) volumes o HUFF N’ MORE PUFF
Slide 15: Financials
Financials © 2025 LIGHT & WONDER 15
Slide 16: 3Q25 Group Results
3Q25 Group Results $ Millions, Unaudited Q3 2025 Q3 2024 Change Total Revenue $841 $817 3% Performance Highlights Cost of services and products(1) (217) (246) Selling, general and administrative (219) (220) Research and development (62) (66) • Consolidated revenue +3% YoY to $841M, primarily driven
Slide 17: Consolidated AEBITDA & Adjusted NPATA Bridge
Consolidated AEBITDA(1) & Adjusted NPATA(1) Bridge IN $MILLIONS Consolidated AEBITDA(1) Drivers • Gaming AEBITDA +$38M YoY driven by North America Gaming operations 10 3 $375 growth (higher units coupled with RPD(4) uplift on broad-based game 5 performance), Grover inclusion, and lower Game Sales 38
Slide 18: Generated Strong Free Cash Flow
Generated Strong Free Cash Flow(1) Key 3Q25 Highlights $ Millions, Unaudited Q3 2025 Q3 2024 9M 2025 9M 2024 Operating cash Net cash provided by operating activities $184 $119 $475 $430 Less: Capital expenditures (79) (71) (218) (224) • Free Cash Flow(1)(2) was $136M in the quarter, Add: Payments on
Slide 19: Optimizing Capital Structure
Optimizing Capital Structure 3Q25 Key Highlights • Average tenor: ~5.0 years, with outstanding bonds extended from • Principal face value of debt(1) outstanding: $5.0B 2028 to 2033, while reducing interest rate • Net debt leverage ratio(2) 3.5x; Combined net debt leverage ratio(2) • Effective net in
Slide 20: Executing on Our Capital Allocation Framework
Executing on Our Capital Allocation Framework Investment in business for growth Targeted R&D and CapEx Strategic investments in R&D, content development, Investment(2) and growth initiatives across all platforms ~17% of Consolidated Revenue • Retain a highly flexible capital structure which enables
Slide 21: Strategic Update
Strategic Update © 2025 LIGHT & WONDER 21
Slide 22: Execution towards our FY28 financial targets
Execution towards our FY28 financial targets EXECUTE INVEST OPTIMIZE ENHANCE on our growth in our people, operations and existing high- pillars platforms, and processes performance technology culture ~ 2X 2024 EPSa to $2.0B Targeted 2028 Consolidated AEBITDA(1) >$10.55 Targeted 2028 EPSa(1) (1) Deno
Slide 23: Positioned to Fuel Growth Across Complementary Verticals
Positioned to Fuel Growth Across Complementary Verticals Gaming SciPlay iGaming Charitable • Grow North America Premium • Grow all existing core games • Increase global 1st party • Expand share in existing Installed Base and RPD(1) above market content market share 6 markets(10) • Expand Global Ship
Slide 24: Timeline of Delisting from NASDAQ and Standard Listing on the ASX
Timeline of Delisting from NASDAQ and Standard Listing on the ASX(1) Key Points Expected Timetable Decision made after thorough review Event Date (U.S.) Date (AUS) Filing of Form 25 notice Monday, November 3 Tuesday, November 4 of delisting with SEC Aligns with long-term growth plans and a large par
Slide 25: Expected Litigation Timeline Update
Expected Litigation Timeline Update Key Dates in the USA and Australia(1) USA AUS Aristocrat lawsuit filed in Nevada federal Aristocrat lawsuit filed in Australian federal court Monday, February 26, 2024 district court against Light & Wonder. Friday, October 4, 2024 against Light & Wonder, including
Slide 26: Appendix
Appendix © 2025 LIGHT & WONDER 26
Slide 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management uses the following non-GAAP financial measures in conjunction with GAAP financial measures: and are better evaluated separately. Management believes that Free cash flow provides useful information Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (on a di
Slide 28: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Adjusted NPATA Per Share – Diluted (EPSa) Consolidated AEBITDA Adjusted NPATA per share (EPSa), as used herein, is a non-GAAP financial measure that is presented as a Consolidated AEBITDA, as used herein, is a non-GAAP financial measure that is presented as a
Slide 29: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Grover Adjusted EBITDA is reconciled to Grover Charitable Gaming’s operating income, and includes the following Net Debt, Net Debt Leverage Ratio and Combined Net Debt Leverage Ratio adjustments, as applicable: (1) depreciation and amortization; (2) other inco
Slide 30: L&W Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT
L&W Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT Note: Unaudited, U.S. Dollars in millions. 1. Refer to the Consolidated AEBITDA definition above for a description of items included in restructuring and other. 2. Represents normalized earnings before int
Slide 31: L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA
L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA Note: Unaudited, U.S. Dollars in millions. 1. Grover Adjusted EBITDA is unaudited and based on preliminary estimates and assumptions. Refer to the Grover Adjusted EBITDA definition above for further description a
Slide 32: L&W Reconciliation of Adjusted NPATA Per Share
L&W Reconciliation of Adjusted NPATA Per Share Note: Unaudited, U.S. Dollars in millions. 1. Refer to the Adjusted NPATA definition above for a description of items included in restructuring and other. © 2025 LIGHT & WONDER 32
Slide 33: L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt Leverage Ratio
L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt Leverage Ratio and Combined Net Debt Leverage Ratio Note: Unaudited, U.S. Dollars in millions. 1. Combined AEBITDA consists of Consolidated AEBITDA and Grover Adjusted EBITDA, as applicable. Refer to the reconciliation of Com
Slide 34: L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Note: Unaudited, U.S. Dollars in millions. 1. Includes $5 million and $25 million collected for the three and nine months ended September 30, 2025, related to Management designated restricted funds associated with cert
Slide 35: L&W Adjusted NPATA to Free Cash Flow Conversion Illustration
L&W Adjusted NPATA to Free Cash Flow Conversion Illustration Note: Unaudited, U.S. Dollars in millions. 1. Represents a non-GAAP measure reconciled to Net cash provided by operating activities on slide 34. 2. Represents a non-GAAP measure reconciled to Net income on slide 30. 3. Free cash flow conve
Slide 36: L&W Reconciliation of Consolidated AEBITDA Margin
L&W Reconciliation of Consolidated AEBITDA Margin Note: Unaudited, U.S. Dollars in millions. 1. Refer to the reconciliation of Consolidated AEBITDA included in the table titled "L&W Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT” for the periods presented