Light & Wonder, Inc. · ASX:LNW
Light & Wonder — Q4 2025 Earnings Presentation
36 slides from Light & Wonder's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings Presentation
Fourth Quarter and Full Year 2025 Earnings Presentation February 24, 2026 © 2026 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 stateme
Slide 3: Achieved 2025 Guidance on Strong Earnings & Cash Flows Growth
Achieved 2025 Guidance on Strong Earnings & Cash Flows Growth Full Year 2025 Highlights Consolidated Consolidated Adjusted NPATA(1) EPSa(1)(2) Revenue AEBITDA(1) $567M $6.69 $3,314M $1,443M +18% YoY +27% YoY +4% YoY +16% YoY N.A. Installed Recurring Capital returned Revenue(4) Free Cash Flow(1) Base
Slide 4: 4Q25 & FY25 Segment Results Summary
4Q25 & FY25 Segment Results Summary $ Millions, Unaudited Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Revenue by Segment Highlights Gaming $602 $515 17% $2,183 $2,068 6% SciPlay 195 204 (4%) 794 821 (3%) iGaming 94 78 21% 337 299 13% • 4th quarter and FY25 Consolidated Revenue growth driven by Gam
Slide 5: Artificial Intelligence – A Light & Wonder Growth Enabler
Artificial Intelligence – A Light & Wonder Growth Enabler L&W is taking a leadership role in leveraging its strong gaming traits and leaning into AI as part of ways of working. We look at AI in two ways: Attack: By Growth and Productivity Defend: We have a strong Moat built around L&W is deploying a
Slide 6: Segment Results & Highlights
Segment Results & Highlights © 2026 LIGHT & WONDER 6
Slide 7: Gaming Performance Driven by Solid Commercial Execution
Gaming Performance Driven by Solid Commercial Execution IN $MILLIONS Revenue AEBITDA Key 4Q25 Gaming Highlights $2,183 $1,162 $2,068 • Gaming Revenue of $602M +17% YoY, led by robust Gaming operations growth inclusive of Grover, and record Gaming machine $1,027 sales, partially offset by lower Gamin
Slide 8: Achieved Record North America Gaming Machine Sales
Achieved Record North America Gaming Machine Sales Gaming Operations KPIs: Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change 4Q25 Gaming KPI Highlights U.S. and Canadian units: Installed base at period end 48,326 34,004 42% 48,326 34,004 42% Average daily revenue per unit(1) $47.00 $45.33 4% $47.06 $46.
Slide 9: Executing on our Global Hardware and Content Roadmap
Executing on our Global Hardware and Content Roadmap Gaming Operations Game Sales LANDMARKTM 7000 COSMICTM DUAL LIGHTWAVETM COSMIC SKYTM JACKPOT WHEEL CosmicTM Family LIGHTWAVE SOLARTM SCREEN Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Key Titles Key Titles Key Titles
Slide 10: Executing on our Hardware and Content Roadmap – ANZ & Asia
Executing on our Hardware and Content Roadmap – ANZ & Asia ANZ ASIA COSMIC DUAL SCREEN KASCADATM DUAL SCREEN COSMIC DUAL/SL KASCADA DUAL SCREEN KASCADA PORTRAIT Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Key Titles Key Titles Key Titles Key Titles Key Titles Launch periods are based
Slide 11: Grover Performance and Integration Update
Grover Performance and Integration Update Grover FY25 Revenue Added Units since Acquisition Entered Contribution(1) Announcement 6th $102M +1,000 Operational State (Indiana) Geographic Footprint Key Highlights • Ended 2025 with over 11,600 units installed; added 345 units sequentially across all cur
Slide 12: SciPlay Driving Profitability Through Direct-to-Consumer Platform
SciPlay Driving Profitability Through Direct-to-Consumer Platform IN $MILLIONS Revenue AEBITDA Key 4Q25 SciPlay Highlights $821 $288 $794 $272 • Revenue of $195M, down 4% YoY, attributed to a decline in average monthly payers at JACKPOT PARTY , $204 $80 partially offset by increase in AMRPPU(5) $195
Slide 13: Delivered Record iGaming Performance Underpinned by First Party Content
Delivered Record iGaming Performance Underpinned by First Party Content IN $MILLIONS Revenue AEBITDA Key 4Q25 iGaming Highlights $337 $125 • Delivered record revenue, up 21% YoY to $94M, on $299 $98 continued strong first-party game performance and expansion in N.A. $94 $36 o 8 out of the top 10 gam
Slide 14: Capitalizing on iGaming Growth Opportunities
Capitalizing on iGaming Growth Opportunities • Elk Studios now live in MI and NJ with PA expected to follow • Maine iGaming legislation positive for industry • Canada: Active in Ontario, now live in Alberta • U.K. tax increase to impact 2Q26 and rest of year • Exploring and actively implementing mit
Slide 15: Financials
Financials © 2026 LIGHT & WONDER 15
Slide 16: 4Q25 & FY25 Group Results
4Q25 & FY25 Group Results $ Millions, Unaudited Q4 2025 Q4 2024 Change Revenue $891 $797 12% FY 2025 $3,314 FY 2024 $3,188 Change 4% 4Q25 Performance Highlights Cost of services and products(1) (239) (230) (885) (931) Selling, general and administrative (224) (216) (869) (872) • Consolidated Revenue
Slide 17: Consolidated AEBITDA & Adjusted NPATA Bridge
Consolidated AEBITDA(1) & Adjusted NPATA(1) Bridge IN $MILLIONS 7 $405 Consolidated AEBITDA(1) Drivers 66 6 11 • Gaming AEBITDA +$66M YoY driven by N.A. Gaming operations growth $315 (N.A. unit and RPD(4) growth), Grover inclusion, and record N.A. Game Sales • SciPlay AEBITDA +$6M YoY on continued D
Slide 18: Generated Strong Free Cash Flow
Generated Strong Free Cash Flow(1) Key Highlights $ Millions, Unaudited Q4 2025 Q4 2024 FY 2025 FY 2024 Operating cash Net cash provided by operating activities $319 $202 $794 $632 Less: Capital expenditures (93) (70) (310) (294) • Free Cash Flow(1) was up 138% YoY to $176M Add: Payments on continge
Slide 19: Optimizing Capital Structure
Optimizing Capital Structure 4Q25 Key Highlights • Average tenor: ~4.4 years, with outstanding bonds extended from • Principal face value of debt(1) outstanding: $5.2B 2028 to 2033, while reducing interest rate • Net debt leverage ratio(2) 3.5x; Combined net debt leverage ratio(2) • Effective Intere
Slide 20: Prioritizing Our Capital Allocation Initiatives
Prioritizing Our Capital Allocation Initiatives Investment in business for growth • Targeted R&D and CapEx Investment(3) at ~17% of Consolidated Strategic investments in R&D, content development, Revenue and growth initiatives across all platforms • Ongoing investments to drive key growth initiative
Slide 21: Outlook
Outlook © 2026 LIGHT & WONDER 21
Slide 22: FY26 Outlook
FY26 Outlook We continue to work towards our 2028 financial targets of >$10.55/share (>A$15.07/share) EPSa(1)(2) and $2.0B Consolidated AEBITDA(1) For FY26 Light & Wonder forecasts another year of strong Adjusted NPATA(1) and EPSa(1)(2) growth. We anticipate the shape of earnings to be broadly simil
Slide 23: Appendix
Appendix © 2026 LIGHT & WONDER 23
Slide 24: Deliver Growth Through Content & Complementary Verticals
Deliver Growth Through Content & Complementary Verticals Gaming SciPlay iGaming Charitable • Expect to grow N.A. Premium • Drive above category revenue • Increase global 1st party • Drive organic install unit growth Gaming Operations(1) growth by turning around content market share by across existin
Slide 25: 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 26: Progression Towards 2028 Targets
Progression Towards 2028 Targets Financial Measures / KPIs 2024 2028 Target 2025 Update Status Consolidated AEBITDA(1) of $2.0B $1.24B $2.0B $1,443M (+16% YoY) Corporate EPSa(1)(2) >$10.55 $5.27 >$10.55 $6.69 (+27% YoY) Market Share gains in N.A. Premium Grew for the 22nd consecutive quarter, now 53
Slide 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management uses the following non-GAAP financial measures in conjunction with GAAP financial measures: Management also believes that Free cash flow is useful for investors because it provides investors with important Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share
Slide 28: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Normalized EBITA and Normalized EBITDA target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depe
Slide 29: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Free Cash Flow and Free Cash Flow Conversion Free cash flow, as used herein, represents net cash provided by operating activities less total capital expenditures, less payments on license obligations, plus payments on contingent acquisition considerations and
Slide 30: L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT
L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of Net (Loss) Income to Consolidated AEBITDA Net (loss) income $ (15) $ 107 $ 276 $ 336 (1) Res
Slide 31: L&W Reconciliation of Adjusted NPATA Per Share
L&W Reconciliation of Adjusted NPATA Per Share Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of Net (Loss) Income Per Share to Adjusted NPATA Per Share Net (loss) income per share - Diluted $ (0.19) $ 1.20 $ 3.26 $ 3.68 Amortization of acquired intangible
Slide 32: L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA
L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA Twelve Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2024 2024 2025 2025 2025 2025 Reconciliation of Net Income Attributable to L&W to Consolid
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 As of March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2024 2024 2025 2025 2025 2025 Consolidated AEBITDA $ 1,150 $ 1,19
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 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 319 $ 202 $ 794 $ 632 Less: Capital expenditures (93) (70) (310) (294) Add: Payments on contingent
Slide 35: L&W Adjusted NPATA to Free Cash Flow Conversion Illustration
L&W Adjusted NPATA to Free Cash Flow Conversion Illustration Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (1) Free cash flow $ 176 $ 74 $ 452 $ 318 Restructuring and other 177 18 219 94 Capital expenditures and licenses payments in excess of D&A impacting Adjusted NPAT
Slide 36: L&W Reconciliation of Consolidated AEBITDA Margin
L&W Reconciliation of Consolidated AEBITDA Margin Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net (loss) income $ (15) $ 107 $ 276 $ 336 (1) Consolidated AEBITDA 405 315 1,443 1,244 Revenue 891 797 3,314 3,188 Net (loss) income margin (2) % 13 % 8 % 11 % (2) Consolida