Light & Wonder, Inc. · ASX:LNW

Light & Wonder — Q3 2025 Earnings Presentation

36 slides from Light & Wonder's earnings presentation, Nov 6, 2025

  1. Slide 1: Third Quarter 2025 Earnings Presentation

    For personal use only Third Quarter 2025 Earnings Presentation November 5, 2025 © 2025 LIGHT & WONDER

  2. 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

  3. Slide 3: 3Q25 Result Highlights

    3Q25 Result Highlights Robust Profitable Earnings Growth; Scaling Free Cash Flows(1); FY2025 For personal use only 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 Trans

  4. Slide 4: Grover Performance and Integration Update

    Grover Performance and Integration Update Grover 3Q25 Revenue Expected to Enter Added Units since 2Q25 For personal use only Contribution +229 6th $40M Operational State (Indiana) Geographic Footprint Integration Update • Raleigh, NC Headquarter soft opened late October with complete build-out expec

  5. Slide 5: Leading Cross-Platform Global Games Company

    Leading Cross-Platform Global Games Company For personal use only 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 pro

  6. Slide 6: Segment Results & Highlights

    For personal use only Segment Results & Highlights © 2025 LIGHT & WONDER 6

  7. Slide 7: 3Q25 Segment Results Summary

    3Q25 Segment Results Summary $ Millions, Unaudited Q3 2025 Q3 2024 Change Business Segment Highlights For personal use only 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, p

  8. Slide 8: Gaming Performance Driven By Gaming Operations Business

    Gaming Performance Driven By Gaming Operations Business IN $MILLIONS Revenue AEBITDA Key 3Q25 Gaming Highlights For personal use only $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, partia

  9. 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: For personal use only Installed base at period end 47,240 33,151 42% 47,240 33,151 42% • N.A. installed base increased 42%

  10. Slide 10: Executing on our Hardware and Content Roadmap

    Executing on our Hardware and Content Roadmap Gaming Operations Game Sales COSMICTM For personal use only 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 Ti

  11. 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 For personal use only $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 FOR

  12. Slide 12: Refining our Acquisition, Engagement and Monetization Flywheel

    Refining our Acquisition, Engagement and Monetization Flywheel Return to Growth Initiatives For personal use only 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

  13. 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 For personal use only $244 $89 $222 $73 • Delivered another quarter of record revenue of $86M reflecting continued strong momentum in North America, underpinned by first-party cont

  14. Slide 14: Capitalizing on our Expansive iGaming Product Roadmap

    Capitalizing on our Expansive iGaming Product Roadmap 3Q25 Standout Performers Key 3Q25 iGaming Strategic Initiatives For personal use only • 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) volum

  15. Slide 15: Financials

    For personal use only Financials © 2025 LIGHT & WONDER 15

  16. 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) For personal use only Selling, general and administrative (219) (220) Research and development (62) (66) • Consolidated revenue +3% YoY to $8

  17. Slide 17: Consolidated AEBITDA & Adjusted NPATA Bridge

    Consolidated AEBITDA(1) & Adjusted NPATA(1) Bridge IN $MILLIONS Consolidated AEBITDA(1) Drivers For personal use only • 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, a

  18. 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 For personal use only 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 qua

  19. Slide 19: Optimizing Capital Structure

    Optimizing Capital Structure 3Q25 Key Highlights For personal use only • 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

  20. 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) For personal use only and growth initiatives across all platforms ~17% of Consolidated Revenue • Retain a highly flexible capital st

  21. Slide 21: Strategic Update

    For personal use only Strategic Update © 2025 LIGHT & WONDER 21

  22. Slide 22: Execution towards our FY28 financial targets

    Execution towards our FY28 financial targets For personal use only 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

  23. Slide 23: Positioned to Fuel Growth Across Complementary Verticals

    Positioned to Fuel Growth Across Complementary Verticals For personal use only 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

  24. 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 For personal use only 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

  25. Slide 25: Expected Litigation Timeline Update

    Expected Litigation Timeline Update Key Dates in the USA and Australia(1) For personal use only 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 Lig

  26. Slide 26: Appendix

    For personal use only Appendix © 2025 LIGHT & WONDER 26

  27. 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

  28. 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

  29. 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

  30. Slide 30: Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT

    L&W Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT For personal use only 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 normaliz

  31. Slide 31: Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA

    L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA For personal use only 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

  32. Slide 32: Reconciliation of Adjusted NPATA Per Share

    For personal use only 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

  33. Slide 33: Reconciliation of Debt 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 For personal use only Note: Unaudited, U.S. Dollars in millions. 1. Combined AEBITDA consists of Consolidated AEBITDA and Grover Adjusted EBITDA, as applicable. Refer to the

  34. Slide 34: Reconciliation of Operating Cash Flow to Free Cash Flow

    For personal use only 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 fund

  35. Slide 35: Adjusted NPATA to Free Cash Flow Conversion Illustration

    For personal use only 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

  36. Slide 36: Reconciliation of Consolidated AEBITDA Margin

    For personal use only 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

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