Light & Wonder, Inc. · ASX:LNW

Light & Wonder — FY2025 Earnings Presentation

36 slides from Light & Wonder's earnings presentation, Feb 25, 2026

  1. Slide 1: Fourth Quarter and Full Year 2025 Earnings Presentation

    For personal use only Fourth Quarter and Full Year 2025 Earnings Presentation February 24, 2026 © 2026 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 stateme

  3. Slide 3: Full Year 2025 Highlights

    Achieved 2025 Guidance on Strong Earnings & Cash Flows Growth Full Year 2025 Highlights For personal use only 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)

  4. 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 For personal use only 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 Revenu

  5. 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: For personal use only Attack: By Growth and Productivity Defend: We have a strong Moat built aro

  6. Slide 6: Segment Results & Highlights

    For personal use only Segment Results & Highlights © 2026 LIGHT & WONDER 6

  7. Slide 7: Gaming Performance Driven by Solid Commercial Execution

    Gaming Performance Driven by Solid Commercial Execution IN $MILLIONS Revenue AEBITDA Key 4Q25 Gaming Highlights For personal use only $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

  8. 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: For personal use only Installed base at period end 48,326 34,004 42% 48,326 34,004 42% Average daily revenue per unit(1) $47.00

  9. 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 For personal use only LIGHTWAVETM COSMIC SKYTM JACKPOT WHEEL CosmicTM Family LIGHTWAVE SOLARTM SCREEN Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Cosmic Upright Key Titles

  10. Slide 10: Executing on our Hardware and Content Roadmap – ANZ & Asia

    Executing on our Hardware and Content Roadmap – ANZ & Asia ANZ ASIA For personal use only 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 La

  11. Slide 11: Grover Performance and Integration Update

    Grover Performance and Integration Update Grover FY25 Revenue Added Units since Acquisition Entered For personal use only 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 seque

  12. 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 For personal use only $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 incr

  13. 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 For personal use only $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

  14. Slide 14: Capitalizing on iGaming Growth Opportunities

    Capitalizing on iGaming Growth Opportunities • Elk Studios now live in MI and NJ with PA expected For personal use only 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 act

  15. Slide 15: Financials

    For personal use only Financials © 2026 LIGHT & WONDER 15

  16. 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) • Consolidated Revenue +12% YoY to $891M for the For personal use only Selling, ge

  17. 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 For personal use only • 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 +

  18. 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 For personal use only 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

  19. Slide 19: Optimizing Capital Structure

    Optimizing Capital Structure 4Q25 Key Highlights For personal use only • 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

  20. 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 For personal use only and growth initiatives across all platforms • Ongoing investments to drive

  21. Slide 21: Outlook

    For personal use only Outlook © 2026 LIGHT & WONDER 21

  22. 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

  23. Slide 23: Appendix

    For personal use only Appendix © 2026 LIGHT & WONDER 23

  24. Slide 24: Deliver Growth Through Content & Complementary Verticals

    Deliver Growth Through Content & Complementary Verticals For personal use only 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 s

  25. Slide 25: 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

  26. 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) For personal use only 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 conse

  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: 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

  28. 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

  29. 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

  30. Slide 30: Reconciliation of Consolidated AEBITDA, Normalized EBITDA, EBITA, Adjusted NPATA and 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, For personal use only 2025 2024 2025 2024 Reconciliation of Net (Loss) Income to Consolidated AEBITDA Net (loss) income $ (15) $ 1

  31. Slide 31: Reconciliation of Adjusted NPATA Per Share

    L&W Reconciliation of Adjusted NPATA Per Share For personal use only 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

  32. Slide 32: 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, For personal use only 2024 2024 2024 2024 2025 2025 2025 2025 Reconciliation of Net Income Attributa

  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 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

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

    L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow For personal use only 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:

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

    L&W Adjusted NPATA to Free Cash Flow Conversion Illustration For personal use only 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 i

  36. Slide 36: Reconciliation of Consolidated AEBITDA Margin

    L&W Reconciliation of Consolidated AEBITDA Margin For personal use only 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 %

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