Light & Wonder FY2025 Q4 Earnings Release

February 24, 2026
Fourth Quarter and
Full Year 2025
Earnings Presentation
© 2026 LIGHT & WONDER

Forward – Looking Statements
S E C T I O N T I T L E , 1 0 P T
In this presentation, and the oral remarks made in connection herewith, Light & W onder makes “forward -looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward -looking statements describe future expectatio ns, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “contin ue,” “believe,” “expect,” “anticipate,” “target,” “guidance,” “should,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company management (“Management”) expectations, assumptions and estimates and are not guarantees of timing, futu re results or performance. Therefore, you should not rely on any of these forward -looking statements as predictions of future event s. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other facto rs, including, among other things: our inability to successfully execute our strategy; slow growth of new gaming jurisdictions, s low addition of casinos in existing jurisdictions and declines in the replacement cycle of gaming machines; risks relating to foreign operations, includ ing anti -corruption laws, fluctuations in currency rates, restrictions on the payment of dividends from earnings, restrictions on t he import of products and financial instability; difficulty predicting what impact new or increased tariffs imposed by and other trade actions taken by the U.S. and foreign jurisdictions could have on our business; U.S. and international economic and industry conditions, includi ng changes in consumer sentiment and discretionary spending, increases in benchmark interest rates and the effects of inflation; public perception o f our response to environmental, social and governance issues; the effects of health epidemics, contagious disease outbreaks and public perception thereof; changes in, progress under, or the elimination of our share repurchase program; level of our indebtedness, higher interest ra tes, availability or adequacy of cash flows and liquidity to satisfy indebtedness, other obligations or future cash needs; inabi lity to further reduce or refinance our indebtedness; restrictions and covenants in debt agreements, including those that could result in acceleration of the mat urity of our indebtedness; competition; inability to win, retain or renew, or unfavorable revisions of, existing contracts, and the inability to enter into new contracts; risks and uncertainties of ongoing changes in U.K. gaming legislation, including any new or revised licensing and taxation regimes, responsible gambling requirements and/or sanctions on unlicensed providers; inability to adapt to, and offer p roducts that keep pace with, evolving technology, including any failure of our investment of significant resources in our R&D efforts; failure to retain k ey Management and employees; unpredictability and severity of catastrophic events, including but not limited to acts of terroris m, war, armed conflicts or hostilities, the impact such events may have on our customers, suppliers, employees, consultants, business partners or operat ions, as well as Management’s response to any of the aforementioned factors; changes in demand for our products and services; de pen dence on suppliers and manufacturers; SciPlay’s dependence on certain key providers; ownership changes and consolidation in the gaming industry; fluctuations in our results due to seasonality and other factors; the risk that any potential disruptions from the Grover acquisition will harm relationships with customers, employees and suppliers; the possibility that the Company may be unable to achieve expected fin anc ial, operational and strategic benefits of the Grover acquisition and may not be able to successfully integrate Grover into t he Company’s operations; risks relating to delisting our securities from Nasdaq and transitioning to a sole primary listing on the ASX, which could ne gatively affect the liquidity and trading prices of our common stock or CDIs, impacts our investors’ ability to trade in our sec urities and our access to the capital markets and could lead to price variations and other impacts on holders of our common stock, CDIs and other securities; risks associated with having a sole primary listing on the ASX and remaining an SEC registrant, including significant compliance cost s and risks of noncompliance; security and integrity of our products and systems, including the impact of any security breaches or cyber -attack s; protection of our intellectual property, inability to license third -party intellectual property and the intellectual property rights of others; reliance on or failures in information technology and other systems; litigation and other liabilities relating to our business, including li tigation and liabilities relating to our contracts and licenses, our products and systems, our employees (including labor disput es), intellectual property, environmental laws and our strategic relationships; reliance on technological blocking systems; challenges or disruptions relating to the c omp letion of the domestic migration to our enterprise resource planning system; laws, government regulations and new or increase d trade tariffs, both foreign and domestic, including those relating to gaming, data privacy and security, including with respect to the collection, storag e, use, transmission and protection of personal information and other consumer data, and environmental laws, and those laws and regulations that affect companies conducting business on the Internet, including online gambling; legislative interpretation and enforcement, regulat ory perception and regulatory risks with respect to gaming, including Internet wagering, social gaming and sweep -stakes; changes in tax laws or tax rulings, or the examination of our tax positions; opposition to legalized gaming or the expansion of such opposition and potential res trictions on Internet wagering; significant opposition in some jurisdictions to interactive social gaming, including social casi no gaming and how such opposition could lead these jurisdictions to adopt legislation or impose a regulatory framework to govern interactive social gaming or s ocial casino gaming specifically, and how this could result in a prohibition on interactive social gaming or social casino gamin g altogether, restrict our ability to advertise our games, or substantially increase our costs to comply with these regulations; expectations of the shift to regul ated digital gaming; inability to develop successful products and services and capitalize on trends and changes in our industrie s, including the expansion of Internet and other forms of digital gaming; the continuing evolution of the scope of data privacy and security regulations, a nd our belief that the adoption of increasingly restrictive regulations in this area is likely within the U.S. and other jurisdi ctions; incurrence of restructuring costs; goodwill impairment charges including changes in estimates or judgments related to our impairment analysis of goodwill or oth er intangible assets; stock price volatility; failure to maintain adequate internal control over financial reporting; dependence on key executives; natural events, including natural disasters, extreme weather and other natural events related to climate change, that disrupt our ope rations, or those of our customers, suppliers or regulators; and expectations of growth in total consumer spending on social cas ino gaming.
Additional information regarding risks and uncertainties and other factors that could cause actual results to differ material ly from those contemplated in forward -looking statements is included from time to time in our filings with the SEC and the ASX, inc luding the Company’s current reports on Form 8 -K, quarterly reports on Form 10 -Q and its latest annual report on Form 10 -K filed with the SEC for the year en ded December 31, 2025 on February 24, 2026 (including under the headings “Forward -Looking Statements” and “Risk Factors”). Forwa rd-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities law s and ASX Listing Rules obligations, we undertake no and expressly disclaim any obligation to publicly update any forward -lookin g statements whether as a result of new information, future events or otherwise.
You should also note that this presentation may contain references to industry market data and certain industry forecasts. In dus try market data and industry forecasts are obtained from publicly available information and industry publications. Industry p ublications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completen ess of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verif ied by us, and we do not make any representation as to the accuracy of that information. In general, we believe there is less publicly available infor mat ion concerning the international gaming, charitable gaming, social and digital gaming industries than the same industries in the U.S.
Due to rounding, certain numbers presented herein may not precisely recalculate.
Unless otherwise stated, ‘$’ denotes U.S. dollars.
2
Forward – Looking Statements
© 2026 LIGHT & WONDER

3
Achieved 2025 Guidance on Strong Earnings & Cash Flows Growth
Completed Grover acquisition and transition to sole ASX listing
Consolidated
Revenue
$3,314M
+4% YoY
Consolidated
AEBITDA (1)
$1,443M
+16% YoY
Adjusted NPATA (1)
$567M
+18% YoY
N.A. Installed
Base Net Adds (3)
+2,688 Units
YoY
Capital returned
to shareholders
through share repurchases
$877M
Recurring
Revenue (4)
$ 2,214 M
~67 % of 2025 Consolidated
Revenue and + 9% YoY

N.A. – North America. (1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Adjusted Earnings per Share ( EPSa ) calculation reflects 84.7 million shares (based on a weighted -average share count inclusive of approximately 1.5 million dilut ive shares). As of December 31, 2025, we had approximately 77.1 million shares outstanding. The difference between the period -end share count and the higher weighted -average diluted shares is supplementally provided to help investors understand how share count dynamics impacts per -share performance presented herein. (3) Excludes Grover units. (4) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues.
EPSa (1)(2)
$6.69
+27% YoY
Free Cash Flow (1)
$452M
+42% YoY
Full Year 2025 Highlights
© 2026 LIGHT & WONDER

• 4th quarter and FY25 Consolidated Revenue growth driven
by Gaming, inclusive of contribution from Grover, and record
performance at iGaming, partially offset by slight declines at
SciPlay
• Continued focus on profitability led to meaningful
AEBITDA growth across all three businesses in the quarter
and for the year
• Margin enhancement initiatives continue to pay dividends
with notable AEBITDA margin expansion across the
organization for both the quarter and year; identified and
executed on key efficiency projects to further optimize
corporate cost structure
• Our streamlined and complementary businesses enable us
to deliver top and bottom -line growth supported by an efficient
R&D engine
4
4Q25 & FY25 Segment Results Summary
Highlights
(1) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (2) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix.
$ Millions, Unaudited Q4 2025 Q4 2024 Change
Revenue by Segment
Gaming $602 $515 17%
SciPlay 195 204 (4%)
iGaming 94 78 21%
Total Revenue 891 797 12%
AEBITDA by Segment
Gaming 323 257 26%
SciPlay 80 74 8%
iGaming 36 25 44%
Corporate and other (1) (34) (41) 17%
Consolidated AEBITDA (2) 405 315 29%
AEBITDA Margin by Segment
Gaming 54% 50% 400bps
SciPlay 41% 36% 500bps
iGaming 38% 32% 600bps
Consolidated AEBITDA (2) Margin 45% 40% 500bps
FY 2025 FY 2024 Change
$2,183 $2,068 6%
794 821 (3%)
337 299 13%
3,314 3,188 4%
1,162 1,027 13%
288 272 6%
125 98 28%
(132) (153) 14%
1,443 1,244 16%
53% 50% 300bps
36% 33% 300bps
37% 33% 400bps
44% 39% 500bps
© 2026 LIGHT & WONDER

Attack: By Growth and Productivity Defend: We have a strong Moat built around
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:
Artificial Intelligence – A Light & Wonder Growth Enabler
5 © 2026 LIGHT & WONDER
• Strong, Established Market Positions
• Gaming Regulations (over 500 licenses approved worldwide)
• Scale and Incumbency (combined $562M R&D and Capex spend
in FY25)
• Valuable IP and Brands (e.g. long -lived titles HUFF N’ PUFF TM ,
ULTIMATE FIRE LINK TM , DANCING DRUMS TM , JOURNEY TO
THE PLANET MOOLAH TM , etc.)
• Unique Data Sets (e.g. decades of certified math models, OGS
player session data, and A/B testing capabilities at SciPlay )
• Proprietary Platform (e.g. 5-7 proprietary cabinets built annually
that are not easily replicated)
• Strong customer relationships and market leading distribution
(including physical presence across thousands of gaming venues
globally)
L&W is deploying a combination of proven, market -leading AI solutions
alongside proprietary tools purpose -built to address gaming -specific
opportunities:
• Technology – Accelerating new platform development and
technical debt reduction through AI -assisted architecture, code
generation, test automation, and security reviews – with additional
opportunities being actively explored
• Content – Focus on realizing improved quality, hit rate and quantum
of games – targeting improvement in non -creative lead times such
as localization and regulatory adaptation across jurisdictions,
driving more Studio focus on concept to game polish
• Business Operations – Extending AI across sales enablement,
customer support, supply chain optimization, predictive analytics, IT
operations and more – unlocking margin improvement and
operational scalability across the enterprise

Segment
Results &
Highlights
6 © 2026 LIGHT & WONDER

• Gaming Revenue of $602M +17% YoY, led by robust Gaming
operations growth inclusive of Grover, and record Gaming machine
sales, partially offset by lower Gaming systems and Table products
o Gaming operations +35% YoY, driven by 12% increase, or
$21M, in base Gaming operations revenue supported by
growth in Premium and Class II installs, and an incremental
$41M contribution from Grover
o Gaming machine sales +20% YoY, primarily driven by
record 7,000 N.A. unit shipments, a 17% increase YoY, and
an order of ~2,000 SSBT (1) in EMEA to a single operator
o Gaming systems revenue -13% YoY, adversely impacted by
higher hardware sales in the prior year period
o Table products revenue -5% YoY, on decreased utility sales
in Asia partially offset by increased utility sales in N.A.
• AEBITDA +26% YoY to $323M primarily driven by record Game
sales and strong Gaming operations revenue growth (including
Grover)
• AEBITDA Margins +400 bps YoY to 54% largely on higher mix of
Gaming Operations units and cost efficiency
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Gaming Performance Driven by Solid Commercial Execution
Key 4Q25 Gaming Highlights
N.A. – North America.
Revenue AEBITDA
$602
4Q25 4Q24
$2,183
FY25 FY24
$515
$2,068
6% 17%
$323
4Q25 4Q24
$1,162
FY25 FY24
$257
$1,027
13% 26%
Gaming Line of Business
Revenue:
Q4
2025
Q4
2024 Change FY
2025
FY
2024 Change
Gaming operations $237 $175 35% $860 $690 25%
Gaming machine sales 234 195 20% 821 865 (5%)
Gaming systems 77 88 (13%) 285 302 (6%)
Table products 54 57 (5%) 217 211 3%
I N $ M I L L I O N S
N.A. – North America. (1) Self -Service Betting Terminals.
© 2026 LIGHT & WONDER

Gaming Operations KPIs: Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
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 $46.79 1%
International units (2)
Installed base at period end 18,898 20,165 (6%) 18,898 20,165 (6%)
Average daily revenue per unit $15.49 $17.06 (9%) $16.00 $15.82 1%
Gaming Machine Sales KPIs: Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
U.S. and Canadian new unit shipments
Replacement units 6,396 5,505 16% 22,506 20,742 9%
Casino opening and expansion units 604 475 27% 1,738 1,578 10%
Total unit shipments 7,000 5,980 17% 24,244 22,320 9%
International new unit shipments:
Replacement units 5,361 3,418 57% 14,420 19,342 (25%)
Casino opening and expansion units – 191 (100%) 1,114 1,996 (44%)
Total unit shipments 5,361 3,609 49% 15,534 21,338 (27 %)
Global new unit shipments 12,361 9,589 29% 39,778 43,658 (9%)
Average sales price per new unit (4) $17,168 $18,666 (8%) $18,797 $18,438 2%
• N.A. installed base increased 42% or ~14,300 units YoY,
inclusive of Grover Gaming of over 11,600 units, to over
48,300 units
o Excluding Grover, N.A. installed base grew over
700 units sequentially approaching 36,700 units ,
driven by premium units experiencing its 22 nd
consecutive quarter of growth. Premium now 53% of
N.A. install base, excluding Grover
o Strong game performance, with 11 out of the top 25
indexing New Premium Leased and Wide -Area –
Progressive games (3)
• N.A. average daily revenue per unit (1) was $47.00, up 4%
YoY, driven by stronger product mix, partially offset by
inclusion of Grover units. Excluding Grover, N.A. average
daily revenue per unit grew 9% YoY
• Global Game Sales shipments up ~29% YoY , driven by
record N.A. unit shipments, up over 1,000 units from 4Q24
• ASP (4) of $17,168 down ~8% YoY , driven by product mix
8
Achieved Record North America Gaming Machine Sales
4Q25 Gaming KPI Highlights
N.A. – North America. (1) Inclusive of Grover charitable gaming active devices. During the current period, we revised the calculation of U.S. and Canad a Average Daily Revenue per Unit (“ADRPU”) and updated the definition of our Grover installed base to fully align the methodology used across Grover and our legacy Gaming operations. The revision also incorporates a transition to presenting ADRPU on a net basis for w ide-area progressive (“WAP”) jackpots. Prior -period amounts have been revised to conform to the current presentation. These revisions did not have a material impact on underlying historical trends in the business.
(2) Units exclude those related to game content licensing. (3) Eilers -Krejcik U.S. & Canada Game Performance Report (January 2026). (4) Gaming machine sales cabinet average sales price. © 2026 LIGHT & WONDER

9
Cosmic Upright
COSMIC SKY TM
Key Titles
LANDMARK TM 7000
JACKPOT WHEEL
Cosmic Upright
Key Titles
LIGHTWAVE TM
Cosmic Upright
Key Titles
COSMIC TM DUAL
SCREEN
Cosmic Upright Cosmic Upright
Key Titles
Gaming Operations Game Sales
Executing on our Global Hardware and Content Roadmap
Monsters x3
Cash spin trifecta
Super bang bam
boom
Cosmic TM Family
Key Titles
Launch periods are based on current estimates and may be subject to change.The Universal Studios Monsters are trademarks and copyrights of Universal Studios. Licensed by Universal. All Rights Reserved . Frankenstein & the Mummy are a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved.W ILLY W ONKAW ILLY W ONKA & THE CHOCOLATE FACTORY and all related characters and elements © & W arner Bros. Entertainment Inc. (s25) © 2026 LIGHT & WONDER
LIGHTWAVE SOLAR TM
Key Titles

10
Cosmic Upright
Key Titles
KASCADA TM DUAL SCREEN
Key Titles
COSMIC DUAL SCREEN
Cosmic Upright
Key Titles
COSMIC DUAL/SL
Cosmic Upright Cosmic Upright
Key Titles
KASCADA PORTRAIT
ANZ ASIA
Executing on our Hardware and Content Roadmap – ANZ & Asia
KASCADA DUAL SCREEN
Key Titles
© 2026 LIGHT & WONDER
Launch periods are based on current estimates and may be subject to change.

11
• Ended 2025 with over 11,600 units installed; added 345
units sequentially across all current operating markets in the
quarter
• Successful launch in Indiana on December 30th, 2025; high
performing L&W KASCADA TM cabinets ready to fulfill
demand
• Optimizing game floors with L&W game mechanics,
hardware and brands
• Continued investments to drive best -in -class service and
market share when entering approved (MD) and pending
market openings (NY)
Grover Performance and Integration Update
Key Highlights Geographic Footprint
Grover FY 25 Revenue
Contribution (1)
$ 102 M
Current Grover Operating Jurisdictions
Additional Legalized E-Pull Tab States
Paper Pull Tab Legal States
Added Units since Acquisition
Announcement
+ 1,000
Entered
6 th
Operational State (Indiana)
(1) Since acquisition in May 2025.
© 2026 LIGHT & WONDER

• Revenue of $195M, down 4% YoY, attributed to a decline
in average monthly payers at JACKPOT PARTY ,
partially offset by increase in AMRPPU (5)
• Achieved revenue growth at QUICK HIT Slots and 88
FORTUNES , which achieved their 16 th and 6 th
consecutive quarters of record revenues, respectively
• DTC (7) platform grew to record 25% of 4Q25 SciPlay
revenue, or $48M, up from 13% a year ago
• Continued strong momentum on player monetization
supported by SciPlay Engine
o Grew AMRPPU (5) 14% YoY to $133.24
o Increased ARPDAU (3) 4% YoY to record $1.10
• AEBITDA increased 8% YoY, on scaling DTC and
prudent UA (8) spend
12
SciPlay Driving Profitability Through Direct -to -Consumer Platform
Key 4Q25 SciPlay Highlights
(1)Monthly Active Users in millions. (2) Daily Active Users in millions.(3)Average Revenue Per Daily Active User.(4) Monthly Paying Users in thousands.
(5)Average Monthly Revenue Per Paying User. (6) Calculated by dividing average MPU for the period by the average MAU for the same period. (7) Direct -to-consumer. (8) User Acquisition.
SciPlay KPIs: Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
Average MAU (1) 4.9 5.3 (8%) 5.2 5.5 (5%)
Average DAU (2) 1.9 2.1 (10%) 2.0 2.1 (5%)
ARPDAU (3) $1.10 $1.06 4% $1.08 $1.04 4%
Average MPU (4) 483 576 (16%) 520 586 (11%)
AMRPPU (5) $133.24 $117.15 14% $125.95 $115.34 9%
Payer conversion rate (6) 9.9% 10.9% (1.0) pp 10.0% 10.6% (0.6) pp
Revenue AEBITDA
$195
4Q25 4Q24
$794
$204
$821
-3% -4%
$80
4Q25 4Q24
$288
$74
$272
6% 8%
I N $ M I L L I O N S
FY25 FY24 FY25 FY24
© 2026 LIGHT & WONDER

• Delivered record revenue, up 21% YoY to $94M, on
continued strong first -party game performance and
expansion in N.A.
o 8 out of the top 10 games across the OGS (1)(2)
network in 4Q25 were 1PP (first party) titles,
including HUFF N’ PUFF and PIROTS
franchise games
o 4th and 13 th sequential quarter of 1PP and
3PP (third party) GGR (3) growth, respectively,
driven by strong game performance in N.A. and
Europe
• Achieved record quarterly AEBITDA of $36M,
+44% YoY largely on first -party content proliferation
• AEBITDA margin of 38% , + 600 bps YoY increase on
higher 1PP content, resulting in increased revenue,
operating leverage and discontinuation of Live Casino
• Wagers processed through OGS (1) grew 22% YoY to
$29.2B with record volumes across all regions and
content types
13
Delivered Record iGaming Performance Underpinned by First Party Content
Key 4Q25 iGaming Highlights
iGaming KPI (in billions): Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change
Wagers processed through OGS (1) $29.2 $24.0 22% $109.0 $91.0 20%
Revenue AEBITDA
I N $ M I L L I O N S
$94
4Q25 4Q24
$337
$78
$299
13% 21%
$36
4Q25 4Q24
$125
$25
$98
28% 44%
FY25 FY24 FY25 FY24
N.A. – North America. (1) OGS – Light & W onder iGaming platform OPENGAMING TM (or game aggregation) System. (2) Based on OGS Gross Gaming Revenue volumes. (3) Gross Gaming Revenue. © 2026 LIGHT & WONDER

14
Capitalizing on iGaming Growth Opportunities
1Q26
Roadmap
• 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
• Launched in Philippines with market leading
operator
• Exploring partnerships with land -based integrated
resorts to support their expansion into online
• Preparing to go live in UAE as one of the 1 st licensed
suppliers and land -based slot suppliers
• U.K. tax increase to impact 2Q26 and rest of year
• Exploring and actively implementing mitigation
initiatives with key operator partners
© 2026 LIGHT & WONDER

Financials
15 © 2026 LIGHT & WONDER

4Q25 Performance Highlights
16
4Q25 & FY25 Group Results
(1) Excludes depreciation, amortization and impairments. (2) Refer to the Consolidated AEBITDA definition for a description of items included in restructuring and other. (3) Includes $3 million related to a one -time stock -based compensation charge directly related to the ASX transition. (4) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non -GAAP financial measures is available in the appendix.
(5) Includes $1 million and $6 million in impairment charges for the three months and year ended December 31, 2025, respectively, and $3 million in impairment charges for the three months and year ended December 31, 2024. (6) Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Additional information on non -GAAP financial measures is available in the appendix. (7) Adjusted NPATA per share ( EPSa ) is calculated based on weighted average number of diluted shares.
$ Millions, Unaudited Q4 2025 Q4 2024 Change
Revenue $891 $797 12%
Cost of services and products (1) (239) (230)
Selling, general and administrative (224) (216)
Research and development (60) (68)
Depreciation, amortization and impairments (109) (97)
Restructuring and other (2) (177) (18)
Total operating expenses (809) (629) 29%
Operating income 82 168 (51%)
Total other expense, net (85) (36)
Income tax expense (12) (25)
Net (loss) income (15) 107 (114%)
Restructuring and other (2) 177 18
Other expense (income), net (3) 8 (31)
Loss on debt financing transactions – –
Income tax impact on adjustments (36) 8
Adjusted NPAT (4) 134 102 31%
Amortization of acquired intangibles and impairments (5) 35 32
Income tax impact on adjustments (8) (7)
Adjusted NPATA (4) 161 127 27%
Interest expense 84 71
Income tax expense and adjustments 56 24
Normalized EBITA (4)(6) 301 222 36%
Depreciation and amortization expense 73 65
Normalized EBITDA 374 287 30%
Stock -based compensation 31 28
Consolidated AEBITDA (4) $405 $315 29%
• Consolidated Revenue +12% YoY to $891M for the
quarter, primarily driven by a 17% increase in Gaming
revenue, inclusive of $41M from Grover, coupled with
record iGaming revenue , which increased 21% YoY
• Net Loss of $15M , primarily due to a $128M legal
settlement charge coupled with other restructuring and
other charges
o 4Q25 restructuring and other charges include
$128M in legal settlement charges , $25M in
contingent acquisition consideration fair value
adjustments related to Grover, and $18M in costs
related to the ASX transition
• Consolidated AEBITDA (4) +29% YoY to $405M , primarily
driven by revenue growth from Gaming and iGaming
coupled with record AEBITDA margin expansion across all
businesses and contributions by Grover
• Adjusted NPATA (4) +27% YoY to $161M , primarily
benefiting from revenue growth and expanded AEBITDA
margins across all businesses, including Grover
• Adjusted NPATA per share ( EPSa )(4)(7) increased 38%
to $1.96 , compared to $1.42 in the prior year period
FY 2025 FY 2024 Change
$3,314 $3,188 4%
(885) (931)
(869) (872)
(252) (262)
(406) (361)
(219) (94)
(2,631) (2,520) 4%
683 668 2%
(318) (247)
(89) (85)
276 336 (18%)
219 94
16 (37)
5 2
(49) (12)
467 383 22%
128 125
(28) (28)
567 480 18%
314 293
166 125
1,047 898 17%
278 236
1,325 1,134 17%
118 110
$1,443 $1,244 16%
© 2026 LIGHT & WONDER

17
Consolidated AEBITDA (1) & Adjusted NPATA (1) Bridge
• Gaming AEBITDA +$66M YoY driven by N.A. Gaming operations growth
(N.A. unit and RPD (4) growth), Grover inclusion, and record N.A. Game Sales
• SciPlay AEBITDA +$6M YoY on continued DTC expansion and targeted UA
spend, partially offset by revenue decline
• iGaming AEBITDA +$11M YoY on revenue growth supported by increased
1PP content expansion and performance as well as the discontinuation of
Live Casino (~$2M AEBITDA impact vs. prior year)
• Corporate and other (2) +$7M YoY driven by executed margin expansion
initiatives and cost efficiencies
• Consolidated AEBITDA (1) +$90M YoY driven by revenue growth and record
AEBITDA margins across all businesses
• Depreciation and amortization (D&A) -$8M YoY from the inclusion of
Grover units and success -based Gaming operations capital expenditures
• Interest Expense -$13M YoY driven by higher debt levels due to funding
related to Grover acquisition and share buyback activity
• Income Tax -$32M YoY driven by increased earnings and higher effective
tax rate in 4Q25 (~24%)
Adjusted NPATA (1) Drivers
(1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (3) Stock based compensation. (4) Revenue per day.
Consolidated AEBITDA (1) Drivers
I N $ M I L L I O N S
$315
$405
+29%
4Q24
Consolidated
AEBITDA (1)
Gaming SciPlay iGaming Corporate
and other (2) 4Q25
Consolidated
AEBITDA (1)
66 6 11 7
4Q24
Adjusted
NPATA (1)
Consolidated
AEBITDA (1) D&A SBC (3) Income
Tax
Interest
Expense
4Q25
Adjusted
NPATA (1)
$127
$161
90
(8) (3) (13)
(32)
+27%
© 2026 LIGHT & WONDER

(1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Recurring Revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (3) Not meaningful due to net loss for period. 18
Generated Strong Free Cash Flow (1)
$ 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)
Add: Payments on contingent acquisition considerations – – – 22
Less: Payments on license obligations (8) (14) (36) (34)
Add (less): Change in restricted cash impacting working capital (42) (44) 4 (8)
Free Cash Flow (1) $176 $74 $452 $318
Supplemental cash flow information
Litigation settlements 2 – 75 –
Professional fees, services and other costs related to strategic
initiatives, the Grover acquisition and ASX transition 2 – 18 –
Net income conversion ( Net cash provided by operating
activities /Net income) NM (3) 189% 288% 188%
$ Millions, Unaudited Q4 2025 Q4 2024 FY 2025 FY 2024
Consolidated AEBITDA (1) $405 $315 $1,443 $1,244
Free cash flow conversion (FCF/Consolidated AEBITDA (1)) 43% 23% 31% 26%
Adjusted NPATA (1) $161 $127 $567 $480
Free cash flow conversion (FCF/Adjusted NPATA (1)) 109% 58% 80% 66%
Key Highlights
• Free Cash Flow (1) was up 138% YoY to $176M
in the quarter led by earnings growth, lower cash
income tax payments, and timing of cash interest
payments on 3Q25 financing transactions
• FY25 Free Cash Flow (1) was $452M, up 42%
YoY reflective of robust earnings, and lower cash
taxes in the year; expect further free cash flow
expansion in 2026 driven by a highly cash –
generative business model
• Continued focus on scaling recurring
revenue (2) streams and driving further efficiency
in inventory positions; capital expenditures
expected to drive long -term free cash flow growth
• Achieved Adjusted NPATA (1) cash conversion of
109% in 4Q25 and 80% for the year
© 2026 LIGHT & WONDER

19
• Principal face value of debt (1) outstanding: $5.2B
• Net debt leverage ratio (2) 3.5x; Combined net debt leverage ratio (2)
of 3.4x
• Target net debt leverage ratio (2)(3) range: 2.5x to 3.5x
4Q25 Key Highlights
(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presenta tion found in Note 14 to the Condensed Consolidated Financial Statements in our Form 10 -K for the year ended December 31, 2025. (2) Represents a non -GAAP financial measure. Additional information on non -GAAP financial measures presented herein is available in the appendix. (3) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP fi nancial measures presented herein is available in the appendix. (4) Effective Interest costs include borrowings, hedging costs, hedging benefits, and other finance fees. On January 22, 2026, th e Term Loan B margin was reduced by 25 bp pursuant to a credit agreement amendment. (5) Inclusive of $700 million in interest rate swaps used to effectively fix the interest that we pay on our variable rate debt. (6) As of 12/31/2025. Available liquidity is calculated as cash and cash equivalents plus remaining revolver capacity.
MATURITY SCHEDULE (6)
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Available
Revolver
Cash
Term Loan B
Notes
Term Loan A
I N $ M I L L I O N S
3.0 x 3.0 x 2.9 x 3.0 x 3.0 x 3.4 x 3.3 x 3.4x
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
• Average tenor: ~4.4 years , with outstanding bonds extended from
2028 to 2033, while reducing interest rate
• Effective Interest cost (4): 6.65%
• Current fixed (5) vs. floating debt mix is 53% vs. 47%
• Maintained $927M of available liquidity (6)
Net Debt
Leverage Ratio (2) Reported Net Debt
Leverage Ratio (2)
3.7x
3.5x
Combined Net Debt
Leverage Ratio (2)
Optimizing Capital Structure
Quarterly Net Debt Leverage Ratio (2) Summary
3.5x
© 2026 LIGHT & WONDER

$25
$150 $44
$243 $166 $100 $111
$500
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
20
Prioritizing Our Capital Allocation Initiatives
Investment in business for growth
Strategic investments in R&D, content development,
and growth initiatives across all platforms
Capital return to shareholders (5)
Average quarterly repurchase activity ~ $120M,
FY24 -FY25, excluding 4Q25

Retain flexible balance sheet
Maintain net leverage ratio within target range (1)(2)
of 2.5x – 3.5x to preserve financial flexibility and a
healthy liquidity position
• Retain a highly flexible capital structure which enables us to deploy
balance sheet capacity opportunistically when appropriate
• Aim to be at the lower end of the range over the long run, absent
any capital allocation opportunities
• Our business profile enables us to de -lever through the course of
2026, courtesy of our strong operating business model
• 4Q25 share repurchases of $500M
• Returned $877M to shareholders through share and CDI (4)
repurchases with an average price of $86.80 in 2025; exhausted
78% of total $1.5B buyback authorization
• Remain opportunistic regarding use of buyback with consideration
to Litigation settlement of $128M payable (5)
(1) Additional information on the non -GAAP financial measure targeted net debt leverage ratio is available in the appendix. (2) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP fi nancial measures presented herein is available in the appendix. (3) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. Q4 actual 17.2% and FY25 actual 17.0%, withi n Q oQ targeted range between 15% and 20% of consolidated revenues. (4) CHESS Depository Interests. (5) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market condit ions.
I N $ M I L L I O N S
• Targeted R&D and CapEx Investment (3) at ~17% of Consolidated
Revenue
• Ongoing investments to drive key growth initiatives weighted
towards the first half of the year, 1Q26 in particular
© 2026 LIGHT & WONDER

L&W remains committed to its FY28 targets; refer to appendix for further details
22
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 similar to
2025 reflective of our growing recurring revenue (4) base, and industry cyclicality. Strategic investments, tariff costs in Gaming, and legacy costs pertaining to
legal matters are anticipated in the first half of the year (1Q26 in particular)
Operationally, all business units continue targeting above category growth with a particular focus across the recurring revenue (4) parts of our business.
• Prioritize North American premium Gaming operations net installs (500+/ qtr .); Continued North American Game Sales momentum following a record 4Q
• Grover Charitable Gaming operations net installs across both new and opening markets
• Expect improved performance in ANZ pending launch of new cabinet and supporting games
• SciPlay revenues and increasing contribution from direct -to-consumer mix
• iGaming emphasis on 1 st party proprietary games (successful land based and studio specific digital franchises)
Whilst we continue to be opportunistic regarding share repurchases, from a capital management perspective, we plan to de -lever our balance sheet over the
course of the year (post legal settlement payment)
Incremental Modelling parameters
• Continue to reinvest (Combined R&D / Capex) effectively in a targeted manner, in -line with sales growth and consistent with prior years ; FY24 : 17.4% and FY25 17.0%
of Consolidated Revenue, 1H weighted in 2026
• An Effective Tax Rate range between 22% and 24%
• Effective Interest Cost (inclusive of hedging and finance fees) of 6.0% – 7.0%
• Expect Amortization of Acquired Intangibles in 2026 to be materially in line with the annualized amortization recognized in the second half of 2025 (5) ($130M to $140M)
© 2026 LIGHT & WONDER
ANZ: Australia / New Zealand.(1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa 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, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP . (2) Adjusted NPATA per share ( EPSa ) is calculated based on weighted average number of diluted shares .
(3) Based on FX exchange rate of AUD to USD of 0.70 as of February 19 th, 2026 (US). (4) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (5) Excluding impact of any impairments and/or future acquisitions.

24
Deliver Growth Through Content & Complementary Verticals
• Expect to g row N.A. Premium
Gaming Operations (1)
(500+/qtr.) and Gaming
Machine Sales through
expanded hardware & content
roadmap
• Manage tariff imposts via
productivity gains
• Execute on revamped Systems
and Tables commercial
strategy underpinned by
targeted investments to bolster
product offering
• Increase global 1 st party
content market share by
leveraging more land -based
titles and expanding successful
studio game franchises into
new markets (Elk Studios –
PIROTS TM )
• Prudent but calculated
approach to expand our
presence in nascent markets
(Philippines)
• Drive above category revenue
growth by turning around
JACKPOT PARTY TM , with
continued growth across other
successful games ( 88
FORTUNES & QUICK HIT TM
Slots)
• Invest UA (2) purposefully based
on individual game metrics
• Scale DTC (3) sustainably
towards 30% of revenue
• Drive organic install unit growth
across existing markets while
pursuing new market
expansions (IN)
• Leverage L&W game
mechanics, hardware
(KASCADA ) and brands to
enhance yield and grow share
• Invest early to drive best -in-
class service and market share
when entering approved (MD)
and pending market openings
(NY)
Gaming iGaming SciPlay Charitable
A disciplined reinvestment approach supported by a sustainable financial profile, to drive
market share gains and earnings growth
N.A. – North America. (1) Excludes Grover units. (2) User acquisition. (3) Direct -to-consumer. © 2026 LIGHT & WONDER

25
Execution towards our FY28 financial targets
$2.0B
Targeted 2028
Consolidated
AEBITDA (1)
Targeted 2028
EPSa (1)
>$10.55
~ 2X 2024 EPSa to
EXECUTE
on our growth
pillars
OPTIMIZE
operations and
processes
INVEST
in our people,
platforms, and
technology
ENHANCE
existing high –
performance
culture
(1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estima te the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in acc ordance with GAAP. © 2026 LIGHT & WONDER

Revenue -3% YoY on market & Jackpot Party softness
Corporate $6.69 (+27% YoY )
$1.24B $2 .0B
$5.27 >$10.55 EPSa (1)(2) >$10.55
Consolidated AEBITDA (1) of $2.0B $1,443M (+16% YoY )
26
Progression Towards 2028 Targets
Global Games Market Share
growth of + 400 bp (3)
Market Share gains in N.A. Premium
Installed Base of +400 bp (3)
Gaming
SciPlay
iGaming
Top Line Growth (YoY)
Increase DTC (6) share of Revenue to 30%
ARPDAU (4) Growth >30% on
constant DAU (5) (MM’s)
Shipped over 39,700 units globally in the year
Grew for the 22nd consecutive quarter , now 53% of
L&W’s total N.A. installed base
DTC mix : 19% of SciPlay revenue ; 25% in 4Q25
13% YoY revenue growth on strong 1PP momentum
ARPDAU: $1.08, +4% YoY
19% ~23%
27% ≥31%
6% Above
category
$1.04 ≥$ 1.35
11% 30%
7% >10% Grow 1PP Content global share +300 bps (7)
2024 Financial Measures / KPIs 2028 Target 2025 Update Status
N.A. – North America. (1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa 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 signif icant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corres pon ding measures calculated in accordance with GAAP. (2) Adjusted NPATA per share ( EPSa ) is calculated based on weighted average number of diluted shares.
(3) EILERS: Gaming Supplier KPIs. (4) Average Revenue Per Daily Active User. (5) Daily Active Users in millions. (6) Direct -to-consumer. (7) Internal iGaming estimates. © 2026 LIGHT & WONDER

27 © 2 0 2 6 L I G H T & W O N D E R
Non -GAAP Financial Measures
Management uses the following non -GAAP financial measures in conjunction with GAAP financial measures: Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (on a diluted basis) (also referred to as EPSa ), Normalized EBITA, Normalized EBITDA, Consolidated AEBITDA, Grover Adjusted EBITDA, Combined AEBITDA, Consolidated AEBITDA margin, Free cash flow, Net debt, Net debt leverage ratio and Combined net debt leverage ratio (each, as described more fully below). These non -GAAP financial measures are presented as supplemental disclosures. They should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP and should be read in conjunction with the Company’s financial statements filed with the SEC. The non -GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. Following our transition to a sole primary listing on the ASX, Management introduced usage of Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share ( EPSa ), Normalized EBITA and Normalized EBITDA, all of which are non -GAAP financial measures and are widely used to measure the performance as well as a principal basis for valuation of gaming and other companies listed on the ASX. Specifically, Management uses Consolidated AEBITDA to, among other things: ( i) monitor and evaluate the performance of the Company’s operations; (ii) facilitate Management’s internal and external comparisons of the Company’s consolidated historical operating performance; and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, Management uses Consolidated AEBITDA and Consolidated AEBITDA margin to facilitate its external comparisons of the Company’s consolidated results to the historical operating performance of other companies that may have different capital structures and debt levels. Following the closing of the Grover acquisition, Management introduced usage of certain of these non -GAAP financial measures on a “Combined” basis. Combined non -GAAP financial measures include results for both the Company and Grover on a combined basis, inclusive of periods prior to the closing of the acquisition. The Combined measures do not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or other synergies that have been or may have been achieved if the business combination occurred as of the beginning of the applicable twelve -month period. We cannot assure you that such measures would not be materially different if such information were audited or that our actual results would not differ materially from the Combined measures if the acquisition had been completed as of the beginning of the applicable twelve -month period. Management uses Net debt, Net debt leverage ratio and Combined net debt leverage ratio in monitoring and evaluating the Company’s overall liquidity, financial flexibility and leverage. Management believes that these non – GAAP financial measures are useful as they provide Management and investors with information regarding the Company’s financial condition and operating performance that is an integral part of Management’s reporting and planning processes. In particular, Management believes Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share, Normalized EBITA and Normalized EBITDA are useful for investors because they provide investors with additional perspective on performance, as the measures eliminate the effects of, as applicable, amortization of acquired intangible assets, restructuring, transaction, integration, certain other items, and the income tax impact on such adjustments, which Management believes are less indicative of the ongoing underlying performance of operations and are better evaluated separately. These measures are widely used to measure performance of gaming and other companies listed on the ASX. Management believes that Consolidated AEBITDA is helpful because this non -GAA