Light & Wonder, Inc. · ASX:LNW
Light & Wonder — Investor Day (May 2025)
105 slides from Light & Wonder's investor day presentation, May 21, 2025
Slide 1: Investor Day, New York City, May 20, 2025
LNW L I S T E D NASDAQ • ASX For personal use only INVESTOR DAY New York City • May 20, 2025 INVESTOR DAY 2025
Slide 2: Welcome
LNW L I S T E D NASDAQ • ASX For personal use only WEL C OME 2 INVESTOR DAY 2025
Slide 3: Agenda
LNW Agenda L I S T E D NASDAQ • ASX For personal use only Introduction Business Overview and Strategy Products, Business Verticals, Our Unique Business Model and Leading & Cross-Platform Positions Expert Panel Differentiation Among Gaming Industry Robust Foundation and Opportunity for Financials Con
Slide 4: Forward-Looking Statements
LNW L I S T E D NASDAQ • ASX Forward-Looking Statements In this presentation, Light & Wonder makes “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and c
Slide 5: Business Overview & Strategy
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 1 Business Overview & Strategy Matt Wilson President & Chief Executive Officer 5 INVESTOR DAY 2025
Slide 6: Content Driven Games Company with Global Presence & Scale
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Content Driven Games Company with Global Presence & Scale NASDAQ • ASX For personal use only Headquartered in 2024 Consolidated Revenue Las Vegas, NV with presence on $3.19B 6 Continents +13% CAGR(1) 2024 Trades under LNW Consolidated AEBITDA(2)
Slide 7: A Transformational Journey
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D A Transformational Journey NASDAQ • ASX CHAPTER 5 PRE-2020 For personal use only CHAPTER 4 Compounder of Growth Building Momentum CHAPTER 3 • New Financial Targets • Execution of $1.4B CHAPTER 2 Continued Targeted • Integration of Foundational W
Slide 8: Robust R&D Engine Leveraged Across Highly Complementary Portfolio
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Robust R&D Engine Leveraged Across Highly Complementary Portfolio NASDAQ • ASX For personal use only Social Charitable Gaming Gaming R&D ENGINE iGaming Land-Based Gaming WILLY WONKA & THE CHOCOLATE FACTORY and all related characters and elements
Slide 9: Talent is the Driving Force Behind Our R&D Engine
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Talent is the Driving Force Behind Our R&D Engine NASDAQ • ASX For personal use only TED KIMBERLY SHAWN YANIS MICHAEL JACK QIN KELSY NATE HASE COHN SOONG TSOMBANIDIS MASTROPIETRO CHESWORTH YOU FOSTER McGREGOR STUDIO X BRAINSAW SPINCRAFT STUDIO X
Slide 10: Performance Driven by Increased & Targeted Investments
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Performance Driven by Increased & Targeted Investments NASDAQ • ASX INCREASED INTERNAL INVESTMENT INDUSTRY RECOGNIZED ACHIEVEMENTS For personal use only $556M HUFF N’ EVEN MORE PUFFTM +28% Top Performing New Core Video Game R&D DOUBLE BLAZING 77
Slide 11: Releasing More Top Performing Content Across Key Markets
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Releasing More Top Performing Content Across Key Markets NASDAQ • ASX Percent of Top NEW Core Games(1) Percent of Top NEW Premium Leased & WAP Games(1) For personal use only 55% 60% L&W #1 with 28% L&W #1 with 40% 55% 45% 50% 45% 35% 31% 31% 40%
Slide 12: Our KPIs Reflect Disciplined Execution of an Effective Strategy
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Our KPIs Reflect Disciplined Execution of an Effective Strategy NASDAQ • ASX For personal use only +13% +17% +28% 3.0x $1.2B Consolidated Consolidated Net debt Organic Returned to Revenue AEBITDA(2) Investments(4) Leverage(2) shareholders CAGR f
Slide 13: Building Blocks to Targeted $1.4B Consolidated AEBITDA for 2025
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Building Blocks to Targeted $1.4B Consolidated AEBITDA(1) for the Remainder of 2025 NASDAQ • ASX • Continued N.A Install Base and RPD growth • Continued expansion • Significant International of 1PP content For personal use only NoE, N.A. NoE, ET
Slide 14: Execution Towards our 2025 Financial Targets
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Execution Towards our 2025 Financial Targets NASDAQ • ASX C O N S O L I D AT E D For personal use only (1) AEBITDA Targeted Adjusted NPATA Range(1)(2) $565M – $635M Grover +15% CAGR Targeted(2) 2025 $1.4B 2022 $913M CAGR – Compounded Annual Grow
Slide 15: Goal #1: The Next Chapter of Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Goal #1: The Next Chapter of Growth NASDAQ • ASX TA R G E T E D (1)(2) C O N S O L I D AT E D For personal use only (1) AEBITDA 2028 Targeted (1)(2) 2025 $1.4B (1) Denotes a non-GAAP financial measure and is reconciled to the most directly compa
Slide 16: Goal #2: The Next Chapter of Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Goal #2: The Next Chapter of Growth NASDAQ • ASX TA R G E T E D ( 2 ) For personal use only 2028 ~2X ADJUSTED (1) NPATA/Share 2024 $5.27 (or EPSa) (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP me
Slide 17: Well-positioned to Fuel Further Growth Across Complementary Verticals
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Well-positioned to Fuel Further Growth Across Complementary Verticals NASDAQ • ASX For personal use only Gaming SciPlay iGaming Charitable • Grow North America Premium • Grow all existing core games • Increase global 1st party content • Expand s
Slide 18: Experienced Management Team
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Experienced Management Team NASDAQ • ASX For personal use only MATT WILSON OLIVER CHOW SIOBHAN LANE JOSH WILSON SIMON JOHNSON President & CEO Chief Financial Officer CEO, Gaming CEO, SciPlay CEO, iGaming 21 yr Industry, 5 yr L&W 8 yr Industry, 3
Slide 19: Experienced and Independent Board
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Experienced and Independent Board NASDAQ • ASX For personal use only JAMIE TONI MATT HAMISH STEPHEN ODELL KORSANOS WILSON McLENNAN MORRO Chair President, CEO, & Vice Chair Director Director Director VIRGINIA TIM MICHAEL KNEELAND SHANKS THROSBY M
Slide 20: Capitalizing on a Compelling Value Proposition
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Capitalizing on a Compelling Value Proposition NASDAQ • ASX 1 2 3 4 For personal use only Attractive Unique Streamlined financial High- among peers business profile with performance in structure supported by disciplined culture and robust R&D ca
Slide 21: Culture & CSR
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 2 Culture & CSR Roxane Lukas James Sottile Executive Vice President & Executive Vice President & Chief People Capability Officer Chief Legal Officer 21 INVESTOR DAY 2025
Slide 22: Grover Charitable Gaming
LNW L I S T E D NASDAQ • ASX SECTION 3 For personal use only Grover Charitable Gaming Matt Wilson President & Chief Executive Officer 22 INVESTOR DAY 2025
Slide 23: Grover Acquisition Strategic Rationale
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Grover Acquisition Strategic Rationale NASDAQ • ASX For personal use only A leader in fast Value creation Loyal Mission, vision, Attractive growing leveraging customer and values- financial profile adjacency L&W’s content base driven culture (1)
Slide 24: Combination of Elite Content with Established Distribution Network
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Combination of Elite Content with Established Distribution Network NASDAQ • ASX Vertically integrated to maximize profitability and operational excellence For personal use only Captive Distributors Company Owned Suppliers Retail Customers & Oper
Slide 25: Deployment of L&W Content into Charitable Gaming
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Deployment of L&W Content into Charitable Gaming NASDAQ • ASX Key Tenants For personal use only Merge Grover and L&W’s best features for enhanced entity Remain nimble and incorporate market findings Utilize proven Bring Chart-topping Maximize ch
Slide 26: Seamless Integration of Robust Grover Infrastructure
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Seamless Integration of Robust Grover Infrastructure NASDAQ • ASX Substantial Footprint and Vast Content Portfolio For personal use only FOOTPRINT LEADERSHIP 11 CABINETS 5 STATES Offerings 10,000+ 1,500 (1) HARDWARE (1) underpinned by robust DEV
Slide 27: Grover Charitable Gaming
LNW L I S T E D NASDAQ • ASX SECTION 3 Grover For personal use only Charitable Gaming Brian Brown Chief Executive Officer, Grover Gaming 27 INVESTOR DAY 2025
Slide 28: Charitable Gaming Market Overview
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Charitable Gaming Market Overview NASDAQ • ASX Charitable Gaming is an Intricate Market with Multiple Categories and L&W is Primed for Entrance For personal use only Market Description Fund non-profit organizations PAPER PULL TABS E-PULL TABS Va
Slide 29: Market Growth Opportunities in Charitable Gaming
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Market Growth Opportunities in Charitable Gaming NASDAQ • ASX Sizeable Market with Various Tailwinds for Future Growth For personal use only Total Addressable Market (1) Tailwinds for Growth $4.4B (2) 1 2 BROADER CHARITABLE GGR Positive Loyal Cu
Slide 30: Charitable Gaming Geographic Landscape
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Charitable Gaming Geographic Landscape(1) NASDAQ • ASX For personal use only Significant Greenfield Opportunities with Strong Growth and Potentially Favorable Legislative Tailwinds Current Operating Jurisdictions Additional Legalized E-Pull Tab
Slide 31: Charitable Gaming: Indiana Legalization
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Charitable Gaming: Indiana Legalization NASDAQ • ASX INDIANA For personal use only SIGNIFICANT MARKET SIZING INCREASING CHARITABLE REVENUE(2) $100M+ GROSS REVENUE OPPORTUNITY(1) 4,000+ ~1,000 DEVICES(1) LOCATIONS(1) July 1 LEGALIZATION POSSIBLE
Slide 32: Grover Customer Centric Approach
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Grover Customer Centric Approach NASDAQ • ASX For personal use only Customer Centric View for 1 Product Offering centered around attractive revenue sharing model Delivering Results 2 Jurisdiction tailored games ensuring quality customer experien
Slide 33: Impacting Communities in a Positive Way Through Charities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Impacting Communities in a Positive Way Through Charities NASDAQ • ASX Grover Gaming’s Social Impact For personal use only Grover Gaming Electronic Pull Tab Products Have Raised $815+ Million for Charities to Date(1) Grover Gaming’s Impact in Ac
Slide 34: Grover Financial Performance Reflects an Effective Strategy
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Grover Financial Performance Reflects an Effective Strategy NASDAQ • ASX For personal use only ~$135M +29% ~$111M +31% 2024 Revenue(1) Revenue(1) CAGR from 2024 Grover Grover Adjusted FY22 to FY24 Adjusted EBITDA(1)(2) EBITDA(2) CAGR from FY22 t
Slide 35: Robust R&D Engine Fusing into Grover Gaming
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Robust R&D Engine Fusing into Grover Gaming L I S T E D NASDAQ • ASX For personal use only 35 INVESTOR DAY 2025
Slide 36: Grover's Path to Growth into 2028
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Grover’s Path to Growth into 2028 L I S T E D NASDAQ • ASX 2 3 1 For personal use only Expand device Enter more Increase number of profitability jurisdictions devices (RPD) (MD, MN, IN) Combining L&W proven content with Grover customer centric operating mod
Slide 37: Product, R&D, & Cross-Platform
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 4 Product, R&D, & Cross-Platform Nathan Drane Executive Vice President & Chief Product Officer 37 INVESTOR DAY 2025
Slide 38: Executing on our Global Product, R&D, & Cross-Platform Strategy
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Executing on our Global Product, R&D, & Cross-Platform Strategy NASDAQ • ASX For personal use only Social Charitable Gaming Gaming R&D ENGINE Land-Based iGaming Gaming R&D Studios GAMING SCIPLAY iGAMING ~725 People Chicago Sydney ~115 People Iow
Slide 39: Cultivating Industry Best Talent
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Cultivating Industry Best Talent NASDAQ • ASX The Industry’s Best Talent For personal use only where People & Culture are at the heart of all we do We are highly focused on creating a culture of collaboration that enables our creators to produce
Slide 40: Leveraging our Unique Tools Allowing for Quality Products
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Leveraging our Unique Tools Allowing for Quality Products NASDAQ • ASX PRODUCTION HARDWARE(1) A/B TESTING For personal use only L7T Premium COSMICTM Dual 2Q25 1Q26 A B DATA LIGHTWAVETM COSMICTM Sky 3Q25 1Q26 (1) Expected releases are subject to
Slide 41: Unique Tools for Game Design
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Product, R&D, & Cross-Platform: Unique Tools for Game Design L I S T E D NASDAQ • ASX Prize First Prizes that Matter Action Events Free Features For personal use only 41 INVESTOR DAY 2025 © 2025 LIGHT & WONDER | CONFIDENTIAL
Slide 42: Enhanced Value through Cross-Platform Ecosystem
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Enhanced Value through Cross-Platform Ecosystem NASDAQ • ASX LAND-BASED CHARITABLE SCIPLAY IGAMING For personal use only A B R&D ENGINE CARBON Frankenstein is a trademark and copyright of Universal Studios. 42 INVESTOR DAY 2025 MONOPOLY is a tra
Slide 43: Technology & Systems
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 5 Technology & Systems Victor Blanco Jon Wolfe Executive Vice President President Global Systems & Chief Technology Officer & Services 43 INVESTOR DAY 2025
Slide 44: Gaming
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 6 Gaming Siobhan Lane Executive Vice President & Chief Executive Officer, Gaming 44 INVESTOR DAY 2025
Slide 45: Differentiated Approach Driving Performance in a Resilient Gaming Industry
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Differentiated Approach Driving Performance in a Resilient Gaming Industry L I S T E D NASDAQ • ASX $ IN MILLIONS Global Gross Gaming Revenue(1) For personal use only Global supplier with scale and diverse portfolio as end-to-end gaming $300,000 solutions p
Slide 46: Meaningful Share Growth in 2024 Off the Back of R&D Investment
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Meaningful Share Growth in 2024 Off the Back of R&D Investment L I S T E D NASDAQ • ASX LARGE SCALE, DIVERSE BUSINESS OPERATING IN ALL GLOBAL LAND-BASED REGULATED MARKETS, PARTICIPATING IN AN $8B TOTAL ADDRESSABLE MARKET For personal use only GAMING OPERATI
Slide 47: Strong Installed Base and RPD Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Strong Installed Base and RPD Growth Fueled by Investment in Talent, L I S T E D NASDAQ • ASX Hardware and Game Franchises North American Install Base Cabinet and Content Drivers For personal use only +3,374 units $ 48.65 +10% MURALTM 2022-2024 $ 47.86 34,0
Slide 48: Achieved #1 Global Games Ship Share in 2024
INTRODUCTION PRODUCTS PANEL FINANCIALS (1) LNW L I S T E D Achieved #1 Global Games Ship Share in 2024 NASDAQ • ASX Global Annual Unit Ship Share(1) Global Scale Core & Adjacency Expansion For personal use only North America Class II 27% Market Share Australia & Video Lottery Terminal +800 New Zeala
Slide 49: Strong Content Powered by Differentiated Hardware and Clear Commercial Strategy
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Strong Content Powered by Differentiated Hardware and Clear Commercial L I S T E D NASDAQ • ASX Strategy Delivering Consistent Wins on Eilers-Fantini Charts For personal use only SUPER HOT #1 #1 WAP FLAMING Top Performing NEW WAP in Q1’25(2) POTSTM Top 5 Pe
Slide 50: Introducing Top-of-Line Next Generation Hardware
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Introducing Top-of-Line Next Generation Hardware LIGHTWAVETM NASDAQ • ASX COSMICTM SKY COSMICTM DUAL For personal use only 50 INVESTOR DAY 2025
Slide 51: For personal use only
LNW L I S T E D NASDAQ • ASX For personal use only 51 INVESTOR DAY 2025 Frankenstein is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved.
Slide 52: Australia Case Study: Emulating Success from Bellwether Market
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Australia Case Study: Emulating Success from Bellwether Market L I S T E D NASDAQ • ASX ANZ Game Portfolio Strategy ANZ Ship Share(2) For personal use only • Making our best games even better: 45% leveraging our best game brands of the last two years 40% 39
Slide 53: Expanding Our Systems Offering through Enhanced Capabilities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Expanding Our Systems Offering through Enhanced Capabilities L I S T E D NASDAQ • ASX Global Systems Market Share(1) Empowering Cross Channel Player Experiences For personal use only 46% 1 Modernization of Legacy Systems Platform 45% 2 Accelerated Software
Slide 54: Implementing a Play-to-Win Table Products Strategy
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Implementing a Play-to-Win Table Products Strategy Underpinned by Intensive L I S T E D NASDAQ • ASX R&D and Expansive Industry Knowledge Play to Win strategy For personal use only Build best-in-class team, developing market-leading product OBSIDIAN LUMEN A
Slide 55: Continued Supply Chain Optimization to Minimize Potential Headwinds
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Continued Supply Chain Optimization to Minimize Potential Headwinds NASDAQ • ASX MANAGING GLOBAL SUPPLY CHAIN RISK For personal use only EU China Korea Mexico Taiwan Vietnam Mitigation Initiatives Indonesia Evaluate “Made in Requalify products t
Slide 56: Executing on our Gaming Strategy to Capitalize on Future Opportunities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Executing on our Gaming Strategy to Capitalize on Future Opportunities L I S T E D NASDAQ • ASX 1 2 3 For personal use only +400 bps Market Share Build New and Existing Gains in N.A. Premium Translate L&W Share Business through Install Base and Global acros
Slide 57: SciPlay
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 7 SciPlay Josh Wilson Executive Vice President & Chief Executive Officer, SciPlay 57 INVESTOR DAY 2025
Slide 58: SciPlay's Best-in-Class Portfolio of Games in a Large Addressable Market
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D SciPlay’s Best-in-Class Portfolio of Games in a Large Addressable Market NASDAQ • ASX MOBILE GAMES INDUSTRY TAM SNAPSHOT For personal use only Free-To-Play Social Casino & Casual Games In-App-Purchase (IAP) & In-App-Advertising (IAA) Monetizatio
Slide 59: Delivered Significant Growth & Outpaced the Market
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Delivered Significant Growth & Outpaced the Market NASDAQ • ASX Strong Historical Revenue Growth Accomplishments For personal use only $ IN MILLIONS (1) 3 Consecutive Years of Outpacing 19% CAGR $821 Social Casino Market(2) VS $777 4 Games with
Slide 60: Growth Strategy – Scale Current Games
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Growth Strategy – Scale Current Games NASDAQ • ASX Grow Current Games in a Sustainable Fashion & Scale High-Potential New Games/IP For personal use only (2) DTC UA(1) Spend Efficiency Meta International Expansion LiveOps MA &A R Channel Expansio
Slide 61: Combining Best-in-Class SciPlay Engine with L&W Proven Land-Based Content
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Combining Best-in-Class SciPlay Engine with L&W Proven Land-Based L I S T E D NASDAQ • ASX Content For personal use only 61 INVESTOR DAY 2025
Slide 62: VIP Hub: Enhancing the Player Experience to Drive Further Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D VIP Hub: Enhancing the Player Experience to Drive Further Growth NASDAQ • ASX • Personalization to each customer For personal use only Engagement • Bring players to the portal and then back to the game • Collection of a uniquely available daily
Slide 63: SciPlay Strategy – SciAlgo to Cross-Pollinate Players
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW SciPlay Strategy – SciAlgo to Cross-Pollinate Players L I S T E D NASDAQ • ASX SciAlgo: Innovative Data-Driven Mechanism to Acquire New Players via our Ad-Monetized Games at a Lower Cost & Subsequently Cross Promote Them into our Higher Value Games For pers
Slide 64: Executing on our SciPlay Strategy to Capitalize on Future Opportunities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Executing on our SciPlay Strategy to Capitalize on Future Opportunities L I S T E D NASDAQ • ASX 1 2 3 For personal use only Scale Current Games Increase UA(4) above Market Growth Efficiency Rate driven by Increase DTC(3) to 30% and ARPDAU growth of of Reve
Slide 65: iGaming
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 8 iGaming Simon Johnson Executive Vice President & Chief Executive Officer, iGaming 65 INVESTOR DAY 2025
Slide 66: Experienced Team with Best-in-Class Offerings in a Fast-Growing Global Market
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Experienced Team with Best-in-Class Offerings in a Fast-Growing Global Market NASDAQ • ASX REGULATED GLOBAL IGAMING GGR(1) $BN 2022–2025F Market leading content For personal use only New Markets* US International 25–28 Cross-platform offering CA
Slide 67: Well-Positioned as Expansive Solutions Provider across Significant Domains
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Well-Positioned as Expansive Solutions Provider across Significant Domains NASDAQ • ASX OPERATING MARKETS SCALE OF THE INFINITY NETWORK For personal use only 6B 7,750+ ALL REGULATED Monthly Game Network Games CANADIAN PROVINCES EURO MARKETS Roun
Slide 68: Extending Our Momentum through Execution on Strategic Initiatives
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Extending Our Momentum through Execution on Strategic Initiatives NASDAQ • ASX ACHIEVEMENTS 2025 AND BEYOND For personal use only Record Gross New Markets and Gaming Revenue Expanded Features Robust Gaming Production & More Franchises & Performa
Slide 69: Deep Pool of 1PP Content from Digital Native to Land-Based Tested Titles
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Deep Pool of 1PP Content from Digital Native to Land-Based Tested Titles NASDAQ • ASX DIGITAL FIRST CONTENT LAND-BASED For personal use only CROSS-PLATFORM KEY SUCCESS CASE STUDY “HUFF N’ PUFFTM was a record-breaking launch for us, and it’s rank
Slide 70: Light & Wonder is One of the Leading iGaming Ecosystems Globally
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Light & Wonder is One of the Leading iGaming Ecosystems Globally NASDAQ • ASX L&W STUDIOS PARTNER STUDIOS For personal use only (1) OPS PLATFORM Player Account Wallets & Responsible Player-facing Marketing & Reporting & Game Server Management Pa
Slide 71: Enhanced Capabilities Offer Monetization Opportunities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Enhanced Capabilities Offer Monetization Opportunities NASDAQ • ASX For personal use only Enhanced Player Experiences Free Rounds Seamless Access To Services & Functionality SELF-SERVICES TOOLS CUSTOM GAMES PLAYER-FACING MARKETING SERVICES Infin
Slide 72: Executing on Our iGaming Strategy to Capitalize on Future Opportunities
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Executing on Our iGaming Strategy to Capitalize on Future Opportunities L I S T E D NASDAQ • ASX 1 2 3 For personal use only Increase 1PP(1) Expand Service Content share by Enter and translate offering and 300 basis points market share in platform capabilit
Slide 73: Break
LNW L I S T E D NASDAQ • ASX For personal use only BREAK
Slide 74: Panel Discussion
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 9 Panel Discussion Todd Eilers Principal, Head of Gaming Equipment Vertical Eilers & Krejcik Gaming, LLC 74 INVESTOR DAY 2025
Slide 75: Financials
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 10 Financials Oliver Chow Executive Vice President & Chief Financial Officer 75 INVESTOR DAY 2025
Slide 76: Seamless Execution on Our Value Creation Framework
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Seamless Execution on Our Value Creation Framework NASDAQ • ASX For personal use only Optimized Capital Creation Business Operations & Deployment Enhanced Shareholder Value Enviable Strong Balance and Durable Sheet Financial Profile 76 INVESTOR
Slide 77: Execution on a Well-founded Financial Profile
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Execution on a Well-founded Financial Profile L I S T E D NASDAQ • ASX LTM CONSOLIDATED REVENUE AND CONSOLIDATED AEBITDA(1) CONTRIBUTION For personal use only $100M $302M 36% 7% 9% Non- Recurring $274M 19% $817M 25% $3.21B $1.27B $3.21B CONSOLIDATED CONSOLI
Slide 78: Margin Enhancement Key Focus and an Ongoing Opportunity
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Margin Enhancement Key Focus and an Ongoing Opportunity NASDAQ • ASX SCALING PROFITABILITY FASTER THAN REVENUE ON OPERATIONAL EFFICIENCY For personal use only L&W Consolidated AEBITDA MARGIN(1) • Focus on sustainable operational improvements wit
Slide 79: Multi-year Margin and Cash Flow Enhancement Journey
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Multi-year Margin and Cash Flow Enhancement Journey L I S T E D NASDAQ • ASX 1 For personal use only End-to-End Quote to Cash Enhancement 2 Scale High-quality Recurring Revenue(1) Streams 3 Continued Optimization of Manufacturing Operations and Supply Chain
Slide 80: Executing on Capital Allocation Blueprint to Unlock Sustainable Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Executing on Capital Allocation Blueprint to Unlock Sustainable Growth NASDAQ • ASX For personal use only Optimized Capital Structure Capital Return Disciplined Investment in on Debt Reduction to Shareholders Key Growth Opportunities Lowered ann
Slide 81: Emerging from Transformation with High Quality Balance Sheet
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Emerging from Transformation with High Quality Balance Sheet NASDAQ • ASX Focus on Maintaining Pristine Credit Profile Post Grover Funding For personal use only DEBT COMPOSITION(1)(2) MATURITY SCHEDULE(2) $3,000 35% 49% 51% $2,500 65% $2,000 Uns
Slide 82: Enhancing Shareholder Value through Share Repurchases
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Enhancing Shareholder Value through Share Repurchases L I S T E D NASDAQ • ASX For personal use only Since 2022 – 1Q25 $1.75B 16.1M $74.66 ~17% Authorized in 2 Shares Purchased Average Price of Shares Repurchase Outstanding(2) Programs(1) (1) First share re
Slide 83: Quality Investments Fueling Sustainable Growth
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Quality Investments Fueling Sustainable Growth NASDAQ • ASX Organic Investment Inorganic Investment For personal use only Complementary 17% 1.5x Targeted Organic Investment(2) R&D and CapEx Growth Investment(1) since 2020 Accretive Highly Accret
Slide 84: Optimizing our Capital Markets Structure
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW L I S T E D Optimizing our Capital Markets Structure NASDAQ • ASX RATIONALE For personal use only Ranging Limited Public Valuation Investor Outreach American Peers Methodologies 52.6M 31.8M Shares CDIs(1) DESIRED OUTCOME Market Attuned Investors Expansive C
Slide 85: Executing on Key Growth and Financial Initiatives
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Executing on Key Growth and Financial Initiatives L I S T E D NASDAQ • ASX 1 2 3 4 For personal use only Expand Gaming Leverage SciPlay Focusing market share engine across Leverage L&W resources on through existing games hardware and high margin optimized a
Slide 86: Cultivating a Culture of Excellence Driving Performance to 2028 Targets
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Cultivating a Culture of Excellence Driving Performance to 2028 Targets L I S T E D NASDAQ • ASX For personal use only EXECUTE INVEST OPTIMIZE ENHANCE on our growth pillars in our people, operations and existing high- platforms, and processes performance cu
Slide 87: Journey Recap
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW Journey Recap L I S T E D NASDAQ • ASX For personal use only Executing towards Onboarded ASX Dual Delivered on $1.4B Divested non- Listing team with KPI and Consolidated core proven track financial AEBITDA Target (1) businesses record performance and aspira
Slide 88: Recap: Gaming
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW RECAP L I S T E D NASDAQ • ASX Gaming 24% For personal use only (1) 19 #1 in N.A. and Consecutive 39% Global Game (2) Quarters Sales of N.A. Premium Ship share 2024 Installed base growth in Australia in 2024 GOALS FOR 2028 +400 bps market share Translate L&
Slide 89: Recap: SciPlay
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW RECAP L I S T E D NASDAQ • ASX SciPlay For personal use only 3 11% RECORD (1) Consecutive ARPDAU Years of Revenue in 2024 Outpacing social From DTC in 2024 casino market GOALS FOR 2028 +30%+ ARPDAU 30% of revenue from Increase UA growth from 2024 to DTC eff
Slide 90: Recap: iGaming
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW RECAP L I S T E D NASDAQ • ASX iGaming For personal use only $91B Record performance 1,000+ Record from 1PP Games launched wagers land-based launches on OGS Platform in 2024 Processed in 2024 GOALS FOR 2028 +300 bps increase in Enter and translate Expand Se
Slide 91: Recap: Grover Acquisition
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW RECAP L I S T E D NASDAQ • ASX Grover Acquisition For personal use only Pioneer into akin to some new of the most adjacency with significant successful growth in industry that’s opportunities core to our strategy GOALS FOR 2028 Increase number of devices, e
Slide 92: Recap: Financials
INTRODUCTION PRODUCTS PANEL FINANCIALS LNW RECAP L I S T E D NASDAQ • ASX Financials 13% 3.0x For personal use only $1.24B Consolidated Revenue CAGR Net Debt Leverage growth and Ratio(1) reduction of 7.5x from peak 17% 10.5x in 2020 Consolidated AEBITDA(1) in 2024; Consolidated AEBITDA(1) CAGR growt
Slide 93: Q&A
LNW L I S T E D NASDAQ • ASX For personal use only SECTION 11 Q&A 93 INVESTOR DAY 2025
Slide 94: Appendix
LNW L I S T E D NASDAQ • ASX For personal use only APPENDIX 94 INVESTOR DAY 2025
Slide 95: Non-GAAP Financial Measures
LNW L I S T E D NASDAQ • ASX Non-GAAP Financial Measures The Company’s management (“Management”) uses the following non-GAAP financial measures in conjunction with GAAP financial attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integra
Slide 96: Non-GAAP Financial Measures
LNW L I S T E D NASDAQ • ASX Non-GAAP Financial Measures of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP, and should be read in expense, depreciation and amortization expense, interest expense, net, and other non-cash and unusual items
Slide 97: Reconciliation of Consolidated AEBITDA, Discontinued Operations AEBITDA and Combined AEBITDA
LNW L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued L I S T E D NASDAQ • ASX Operations and Combined AEBITDA For personal use only 97 INVESTOR DAY 2025 Note: Unaudited, U.S. Dollars in millions. 1. EBITDA from equity investments is a non-GAAP financial measure reconciled to Ear
Slide 98: Reconciliation of Adjusted NPATA and Adjusted NPATA Per Share
LNW L I S T E D NASDAQ • ASX L&W Reconciliation of Adjusted NPATA and Adjusted NPATA Per Share For personal use only Note: Unaudited, U.S. Dollars in millions. 98 INVESTOR DAY 2025 (1) Refer to the Adjusted NPATA definition above for a description of items included in restructuring and other.
Slide 99: Reconciliation of Principal Face Value of Debt to Net Debt Leverage Ratio
LNW L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt L I S T E D NASDAQ • ASX Leverage Ratio For personal use only Note: Unaudited, U.S. Dollars in millions. 99 INVESTOR DAY 2025 1. Combined AEBITDA consists of Consolidated AEBITDA, AEBITDA from discontinued operations and
Slide 100: Reconciliation of Net Cash from Operating Activities to Free Cash Flow
LNW L I S T E D NASDAQ • ASX L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow For personal use only 100 INVESTOR DAY 2025
Slide 101: Adjusted NPATA to Free Cash Flow Conversion Illustration
LNW L I S T E D NASDAQ • ASX L&W Adjusted NPATA to Free Cash Flow Conversion Illustration For personal use only Note: Unaudited, U.S. Dollars in millions. 101 INVESTOR DAY 2025 1. Represents a non-GAAP measure reconciled to Net cash provided by operating activities on slide 100. 2. Represents a non-
Slide 102: Adjusted NPATA to Free Cash Flow Conversion Illustration
LNW L I S T E D NASDAQ • ASX L&W Adjusted NPATA to Free Cash Flow Conversion Illustration For personal use only FY2024 Adjusted NPATA to Free Cash Flow -$94M -$9M -$169M +$110M $480M $318M Change in Working Capital Adj. Restructuring Stock Based Free Cash CapEx and Change Impact & NPATA(1) and Other
Slide 103: Reconciliation of Consolidated AEBITDA Margin
LNW L I S T E D NASDAQ • ASX L&W Reconciliation of Consolidated AEBITDA Margin For personal use only Note: Unaudited, U.S. Dollars in millions. 103 INVESTOR DAY 2025 1. Refer to the reconciliation of Consolidated AEBITDA included in the table titled "L&W Reconciliation of Consolidated AEBITDA, AEBIT
Slide 104: Reconciliation of Earnings from Equity Investments to EBITDA from Equity Investments
LNW L&W Reconciliation of Earnings from Equity Investments to EBITDA from Equity L I S T E D NASDAQ • ASX Investments For personal use only 104 INVESTOR DAY 2025 Note: Unaudited, U.S. Dollars in millions. (1) Combined EBITDA from equity investments consists of EBITDA from both discontinued and conti
Slide 105: Grover Reconciliation of Operating Income to Grover Adjusted EBITDA
LNW L I S T E D NASDAQ • ASX Grover Reconciliation of Operating Income to Grover Adjusted EBITDA Preliminary and Unaudited For personal use only 105 INVESTOR DAY 2025 Note: Unaudited, U.S. Dollars in millions. (1) Primarily represents certain non-recurring distribution costs expected to be eliminate