Light & Wonder FY2026 Q2 Earnings Release

Second Quarter 2026
Earnings Presentation
August 4, 2026 – U.S.
August 5, 2026 – Australia
© 2 0 2 6 L I G H T & W O N D E R

Forward – Looking Statements
S E C T I O N T I T L E , 1 0 P T
2
Forward – Looking Statements
© 2026 LIGHT & WONDER
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,” “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, future results or performance. Therefore, you should not rely on any of these forward -looking statements as predictions of future events. Actual res ults may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, includi ng, among other things: our inability to successfully execute our strategy; slow growth of new gaming jurisdictions, slow additio n of casinos in existing jurisdictions and declines in the replacement cycle of gaming machines; risks relating to foreign operations, including anti -corruption laws, fluctuations in currency rates, restrictions on the payment of dividends from earnings, restrictions on the imp ort 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, including changes in consumer sentiment and discretionary spending, increases in benchmark interest rates and the effects of inflation; public perception of our response to environmental, social and governance (or “ESG”) issues; the effects of health epidemics, contagious disease outbreaks and pub lic 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 or failure to further reduce or refinance our indebtedness, or to achieve investment -grade level leverage profile; restrictions and covenants in debt agreements , including those that could result in acceleration of the maturity of our indebtedness; competition; inability to win, retai n or renew, or unfavorable revisions of, existing contracts, and the inability to enter into new contracts; risks and uncertainties of ongoing changes i n 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 products that keep pace with, evolving technology, including any failure of our i nve stment of significant resources in our R&D efforts; failure of our investments in artificial intelligence and infrastructure to achieve some or all of their intended benefits, including improved efficiency and growth; failure to retain key management and employees; unpredictability and seve rity of catastrophic events, including but not limited to acts of terrorism, war, armed conflicts or hostilities, the impact suc h events may have on our customers, suppliers, employees, consultants, business partners or operations, as well as management’s response to any of the aforementioned factors; changes in demand for our products and services; dependence 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 seasona lity and other factors; the risk that any potential disruptions from the Grover acquisition will harm relationships with custome rs, employees and suppliers; the possibility that the Company may be unable to achieve expected financial, operational and strategic benefits of the Grover ac quisition and may not be able to successfully integrate Grover into the Company’s operations; risks relating to delisting our se curities from Nasdaq and transitioning to a sole primary listing on the ASX, which could negatively affect the liquidity and trading prices of our com mon stock or CDIs, impact our investors’ ability to trade in our securities 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 costs and risks of noncompliance; security and integrity of our products and systems, including the impact of any security breaches or cyber -attacks; protection of our intellectual property, inability to l icense 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 litigation and liabilities relating to our contracts and licenses, our products and systems, our employees (including labor disputes), intellectual property, environmental laws and our strategic relationships; reliance on technological blocking systems; challenges or disruptions relating to the completion of the domestic migration of, and recent acquisition integrations into, our enterprise resource planning system; laws, government regulations and new or increased trade tariffs, both foreign and domestic, including those relating to gaming, data privacy and security, including with respect to the collection, storage, u se, transmission and protection of personal information and other consumer data, and environmental laws, and those laws and regul ations 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, prediction markets and sw eepstakes; changes in tax laws or tax rulings, or the examination of our tax positions; opposition to legalized gaming or the expansion of such opposit ion and potential restrictions; significant opposition in some jurisdictions to interactive social gaming, including social casin o 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 globally; inc urrence of restructuring costs; goodwill impairment charges including changes in estimates or judgments related to our impairment analysis of goodwill or other intang ible assets; stock price volatility; failure to maintain adequate internal control over financial reporting; dependence on key e xec utives; natural events, including natural disasters, extreme weather and other natural events related to climate change, that disrupt our operations, or those of our customers, suppliers or regulators; and expectations of growth in total consumer spending on social casino gamin g.
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 lodgements with the ASX, including the Company’s Current Reports on Form 8 -K, Quarterly Reports on Form 10 -Q and its latest Annual Report on Form 10 -K for the year end ed December 31, 2025 filed with the SEC on February 24, 2026 (including under the headings “Forward -Looking Statements” and “Ris k Factors”). Forward -looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federa l securities laws and ASX Listing Rules, we undertake no, and expressly disclaim any, obligation to publicly update any forwa rd-looking 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.

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v
© 2026 LIGHT & WONDER
Consolidated
AEBITDA (1) Adjusted NPATA (1)
EPSa (1)(2)
Adjusted Free
Cash Flow
Conversion (1)(3)
2Q26 Key Highlights
$383M
+9% YoY
$1.99
+26% YoY
41%
+1100 bps YoY
$156M
+16% YoY
Continued Focus on our Recurring Revenue (4) , Business Enhanced Profitability, and Strengthened our Cash
Generative Business Model
(1) 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. (2) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares. (3) Adjusted free cash flow conversion is calculated as Adjusted free cash flow / Consolidated AEBITDA. (4) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues.
(5) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP financial measures presented herein is available in the appendix.
Focus on reducing our net debt leverage ratio (1) to <3.0x during 1H27 with the intention to move toward an
investment grade level leverage profile (5)

4 © 2026 LIGHT & WONDER
N.A. – North America. (1) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (2) Per share amounts are calculated based on weighted average number of diluted shares. (3) 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. (4) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares.
(5) Adjusted free cash flow conversion is calculated as Adjusted free cash flow / Consolidated AEBITDA. (6) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market conditions. (7) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP financial measures presented herein is available in the appendix.
Growth of our Recurring
Revenue (1) Driving Profitability
Creating a Highly Cash
Generative Business
Compelling Capital Allocation Blueprint
Recurring Revenue (1) of $580M, +6% YoY
~70%
2Q26 Consolidated Revenue
Net Cash Provided by Operating Activities
$241M
+127% YoY
Adjusted Free Cash Flow (3)
$156M
+50% YoY
Capital returned to shareholders in 2Q26
$134M
through our share repurchase (6) program
Net Debt Leverage Ratio (3)
3.4x
Remain committed to reducing leverage to 900
sequential Premium + Charitable net adds
iGaming Revenue
$92M
+14% YoY
Net Income
$120M
+26% YoY
Adjusted NPATA (3)
$156M
+16% YoY
EPSa (3)(4)
$1.99
+26% YoY
Consolidated
AEBITDA (3)
$383M
+9% YoY
Consolidated
AEBITDA (3) Margin
46%
+200 bps YoY
Adjusted Free Cash Flow Conversion (3)(5)
41%
+1100 bps YoY
EPS (2)
$1.53
+38% YoY

5
Increasing Recurring Revenue
(1)
as a % of Consolidated Revenue
© 2026 LIGHT & WONDER
(1) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming re venues . (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.
71%
recurring revenue (1) as % of total revenue
~$1.2B
recurring revenue (1)
Progression of our recurring revenue (1) focus designed to drive quality of revenue, wider margins and
greater earnings predictability to further strengthen our free cash flow (2) profile
Consolidated Revenue Trend
I N $ M I L L I O N S
1H26
63%
2022 2023 2024 2025
% Recurring Revenue Total Revenue
$2,883 $2,901
$3,188
$3,314
67% 64% 66% 63%
(1)

$ Millions, Unaudited Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
Revenue by Segment
Gaming $554 $528 5% $1,066 $1,022 4%
SciPlay 182 200 (9%) 368 402 (8%)
iGaming 92 81 14% 183 158 16%
Consolidated Revenue 828 809 2% 1,617 1,582 2%
AEBITDA by Segment
Gaming 307 280 10% 578 534 8%
SciPlay 72 74 (3%) 138 138 –
iGaming 33 28 18% 66 55 20%
Corporate and other (1) (29) (30) 3% (72) (64) (13%)
Consolidated AEBITDA (2) 383 352 9% 710 663 7%
AEBITDA Margin by Segment
Gaming 55% 53% 200 bps 54% 52% 200 bps
SciPlay 40% 37% 300 bps 38% 34% 400 bps
iGaming 36% 35% 100 bps 36% 35% 100 bps
Consolidated AEBITDA (2) Margin 46% 44% 200 bps 44% 42% 200 bps
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2Q26 Consolidated and Segment Results Summary
(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. © 2026 LIGHT & WONDER
• Consolidated Revenue of $828M, +2% YoY , driven by
Gaming (+5%) and iGaming (+14%), underpinned by game
content performance and portfolio strength, partially offset by
industry and performance softness at SciPlay
• Consolidated AEBITDA (2) of $ 383M, +9% YoY , driven by
continued growth across Gaming and iGaming, and strong
AEBITDA margin expansion across all business units
• Growth expected to be 2H weighted driven by timing of
sales and seasonality of customer capex cycle, in -line with
prior year; anticipate broadly similar 1H/2H earnings shape to
prior year
• Continued, disciplined focus on profitability
underpinned by streamlined and complementary
business segments enables us to self -fund growth, scale
the business, optimize cost structures, and deliver returns
o 1H Corporate and other costs impacted by AI
investments and legal expenses primarily in 1Q
Highlights

Segment
Results &
Highlights
7 © 2026 LIGHT & WONDER

Gaming Highlights
• Gaming revenue of $554M, +5% YoY , driven by strong
Gaming operations and Table products growth, offset by
lower Gaming machine and Systems sales
o Gaming operations +18% YoY , led by strong growth
across both Premium gaming operations and Grover
installed base
o Gaming machine sales -4% YoY , primarily on timing
of unit shipments deferred into 2H FY26
o Gaming systems -16% YoY , primarily driven by lower
hardware sales
o Table products +13% YoY , delivered on strong utility
sales
• AEBITDA of $307M, +10% YoY , driven by Gaming
operations and Table products growth, supporting continued
margin expansion
• AEBITDA Margin of 55%, +200bps YoY , led by continued
expansion of our recurring revenue (1) streams and favorable
product mix
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Gaming Continues to Grow its Recurring Revenue
(1)
Base
N.A. – North America.
Revenue
© 2026 LIGHT & WONDER
5%
2Q26 2Q25 1H26 1H25
4%
2Q26 2Q25 1H26 1H25
$528
$554
$1,022
$1,066
$280
$307
$534
$578
10% 8%
AEBITDA
Gaming Line of Business Revenue: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
Gaming operations $247 $209 18% $486 $382 27%
Gaming machine sales 184 191 (4%) 340 398 (15%)
Gaming systems 61 73 (16%) 115 136 (15%)
Table products 62 55 13% 125 106 18%
(1) Gaming segment recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance and tab le services/rental agreements revenues.
I N $ M I L L I O N S

Gaming KPI Highlights
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Delivered on Key Gaming Performance Metrics
N.A. – North America. ANZ – Australia / New Zealand. (1) Inclusive of Grover charitable gaming installed base. (2) Units exclude those related to game content licensing. (3) Gaming machine sales cabinet average sales price. (4) Premium install base excludes Grover install base.
© 2026 LIGHT & WONDER
• N.A. Installed base of 48,639, +5% or ~2,200 units
YoY , inclusive of over 12,550 Grover units
o Premium units delivered a 24 th consecutive
quarter of install base growth (4), adding 652
units sequentially , with premium units now
representing over 58% of our total N.A.
installed base, excluding Grover
• N.A. average daily revenue per unit (1) of $48.88, +6%
YoY, driven by strong game performance and player
engagement
• Gaming machine sales of 8,796 units, -3% YoY ,
primarily driven by softer N.A. game sales, partially offset
by improved international sales following recent release
of COSMIC TM DUAL in ANZ
• Resilient ASP (3) of $18,936 reflective of the pricing
power of our premium cabinet offerings
• Expect game sales to accelerate in 2H26 , driven by
ramping of product and content launches
Gaming Operations KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
U.S. and Canadian units: (1)
Installed base at period end 48,639 46,368 5% 48,639 46,368 5%
Average daily revenue per unit $48.88 $46.05 6% $48.51 $47.05 3%
International units (2)
Installed base at period end 18,408 19,526 (6%) 18,408 19,526 (6%)
Average daily revenue per unit $16.38 $16.97 (3%) $16.19 $16.04 1%
Gaming Machine Sales KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
U.S. and Canadian new unit shipments
Replacement units 4,939 5,231 (6%) 9,670 10,629 (9%)
Casino opening and expansion units 34 223 (85%) 327 594 (45%)
Total unit shipments 4,973 5,454 (9%) 9,997 11,223 (11%)
International new unit shipments
Replacement units 3,481 3,511 (1%) 5,588 6,509 (14%)
Casino opening and expansion units 342 74 362% 411 1,077 (62%)
Total unit shipments 3,823 3,585 7% 5,999 7,586 (21%)
Global new unit shipments 8,796 9,039 (3%) 15,996 18,809 (15%)
Average sales price per new unit (3) $18,936 $18,930 – $19,290 $19,483 (1%)

Ending Install Base(Units)
11,022
11,289
11,634
12,294
12,571
2Q25 3Q25 4Q25 1Q26 2Q26
Integration Update
• Revenue was $45 million in the quarter, driven by strong game
performance and install base growth across new and existing markets
• Ended 2Q26 with over 12,550 units installed; adding 277 units
sequentially across all current operating markets in the quarter
• Over 1,500 units have been added to the Grover install base, post –
acquisition
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Grover Continues to Scale on Product Launch and LNW Integration
© 2026 LIGHT & WONDER
Current Grover Operating Jurisdictions
Regulated Markets
EPTs Legal Only in Bell Jar Form
• TANK BLAST TM , featuring LNW game math, launched in Indiana as
highest first 14 -day performer in the state (1)
• EUREKA TREASURE TRAIN TM continuing strong early performance
with plans to ramp across two additional states
• Accelerating cadence of LNW hardware and content rollout in 2H26
with > 30 LNW titles slated for launch across our 6 operating
jurisdictions, supplemented by the launch of high -performing K43
cabinets (Kentucky and Ohio)
Grover Highlights Geographic Footprint
(1) Based on 14 -day total coin in.

Growing Our North America Gaming Operations Installed Base
11 © 2026 LIGHT & WONDER
0
10000
20000
30000
40000
50000
2023 2024 2025 1Q26 2Q26
Premium Installed Base Grover
14,733
12,294
11,634
17,120 19,520 20,177
16,487 16,884
17,172 12,571
12,571
20,829
Strategic and deliberate investments into our North America Premium and Grover installed base,
maximizing economics and greenfield opportunities
North America Gaming Operations Installed Base (Units )
Non -Premium Units 16,478 16,884 17,172 16,129 15,239
Total Units 31,220 34,004 48,326 48,600 48,639
~8%
Total installed base
units (ex. Grover)
2023 -2025 CAGR
~15%
Premium installed base
2023 -2025 CAGR
~24%
Total installed base
2023 -2025 CAGR

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(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. © 2026 LIGHT & WONDER
Broader Industry Dynamics Shaping SciPlay Performance
$182
2Q26 2Q25
$368
$200
$402
1H26 1H25
SciPlay KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
Average MAU (1) 4.6 5.2 (12%) 4.8 5.4 (11%)
Average DAU (2) 1.9 2.0 (5%) 1.9 2.1 (10%)
ARPDAU (3) $1.06 $1.08 (2%) $1.06 $1.07 (1%)
Average MPU (4) 447 512 (13%) 467 542 (14%)
AMRPPU (5) $133.80 $128.96 4% $129.89 $122.63 6%
Payer conversion rate (6) 9.7% 9.8% (0.1) pp 9.7% 10.1% (0.4) pp
DTC (7) Revenue $53M $35M 51% $103M $63M 64%
$72
2Q26 2Q25
$138
$74
$138
1H26 1H25
8% 9% 3% -%
SciPlay Highlights
• Revenue of $182M, -9% YoY , attributed to broad based
market softness, resulting in a lower total addressable market
o AMRPPU (5) of $133.80 , +4% YoY , reflective of
strategic UA (8) spend to enhance player monetization
o Revenue decline impacted ARPDAU (3), -2% YoY , to
$1.06 in the quarter
• User acquisition and monetization remains a key focus,
prioritizing high -value users
• Delivered on continued DTC (7) expansion, growing to a
record $53M in 2Q26 , representing 29% of segment revenue
and +51% YoY
• AEBITDA of $72M , -3% YoY , attributed to revenue softness,
partially offset by DTC (7) scaling and cost base optimization
Revenue AEBITDA
I N $ M I L L I O N S

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MONOPOLY © 1935, 2026 Hasbro. All Rights Reserved . (1)Yearly industry revenue according to EILERS Social Casino Tracker 2Q26. © 2026 LIGHT & WONDER
$7,050
$7,647
$7,463
$7,334
$7,154
$6,815
FY20 FY21 FY22 FY23 FY24 FY25
Social Casino Industry Revenue (1)
$582 $606
$671
$777
$821 $794
FY20 FY21 FY22 FY23 FY24 FY25
SciPlay Revenue
• Optimize game economy to reach equilibrium
between acquisition and monetization
• Reinvest to acquire users , but selective with purpose
and focused on ROI
• Understand and execute on an appropriate timeline
to support sustainable engagement and monetization
SciPlay Update
Disciplined Execution of SciPlay’s Stabilization Strategy
Reinvestment
UserAcquisition Engagement & Retention Monetization
I N $ M I L L I O N S

• Revenue of $92M, +14% YoY, driven by strong game
performance and continued expansion of our global first
and third -party networks
o 8 of the top 10 games across the OGS (1)(2)
network were 1PP titles
o The top 2 titles across the OGS (1)(2) network
came from the HUFF N PUFF TM and PIROTS TM
family, with 6 of the top 10 games coming from
the HUFF N PUFF family
o Delivered the 6 th and 15 th consecutive quarter
of 1PP and 3PP GGR (3) growth across the
OGS (1) network, respectively
• AEBITDA of $33M, +18% YoY, delivered on strong
game performance, favorable mix shift including
expansion across 1PP and partner networks
• AEBITDA margin of 36%, +100bps YoY, attributable to
strong revenues and favorable mix, partially offset by
UK tax increases
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iGaming Driven by Strong Content Performance & Market Growth
(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
$158
I N $ M I L L I O N S
2Q26 2Q25 1H26 1H25 2Q26 2Q25 1H26 1H25
$92
$183
$81 $33
$66
$28
$55
14% 18%
iGaming KPI (in billions): Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change
Wagers processed through OGS (1) $31.3 $26.6 18% $61.2 $51.9 18%
16% 20%
iGaming Highlights Revenue AEBITDA i

15 © 2026 LIGHT & WONDER
Global iGaming Footprint Presents Meaningful Growth Opportunities
New and expanded studios
Current iGaming operating countries (in the states and provinces iGaming is regulated) (1)
• Continued expansion of first -party content ,
supported by continued momentum with HUFF N’
PUFF TM and PIROTS TM franchises
• Entered Alberta, Canada market on July 1 st – first
day of market opening to commercial operators
• Ramp recently entered markets with
good progress in Brazil and South Africa ( Elk
studios launch in South Africa in 2Q26)
• Continue to invest in the engine behind our
robust game content (new studio
openings: Bangalore, Bulgaria, and Montreal)
• Growth driven by proprietary content, built once,
and deployed across a global distribution
channel
iGaming Outlook i
(1) iGaming is regulated in Connecticut, Delaware, Maine, Michigan, New Jersey, Pennsylvania, Rhode Island and W est Virginia in the U.S., and Ontario and Alberta in Canada.

Financials
16 © 2026 LIGHT & WONDER

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2Q26 Group Results
© 2026 LIGHT & WONDER
$ Millions, Unaudited Q2 2026 Q2 2025 Change
Revenue $828 $809 2%
Cost of services and products (1) (210) (219)
Selling, general and administrative (211) (208)
Research and development (61) (64)
Depreciation, amortization and impairments (117) (99)
Restructuring and other (2) (6) (17)
Total operating expenses (605) (607) –
Operating income 223 202 10%
Total other expense, net (73) (78)
Income tax expense (30) (29)
Net income 120 95 26%
Restructuring and other (2) 6 17
Other (income) expense, net (3) (4) 4
Loss on debt financing transactions – –
Income tax impact on adjustments – (4)
Adjusted NPAT (3) 122 112 9%
Amortization of acquired intangibles and impairments (4) 42 30
Income tax impact on adjustments (8) (7)
Adjusted NPATA (3) 156 135 16%
Interest expense 81 77
Income tax expense and adjustments 38 40
Normalized EBITA (3)(5) 275 252 9%
Depreciation and amortization expense 75 69
Normalized EBITDA (3) 350 321 9%
Stock -based compensation 33 31
Consolidated AEBITDA (3) $383 $352 9%
1H 2026 1H 2025 Change
$1,617 $1,582 2%
(404) (430)
(448) (425)
(128) (129)
(225) (190)
(60) (37)
(1,265) (1,211) 5%
352 371 (5%)
(141) (143)
(39) (51)
172 177 (3%)
60 37
(14) 2
2 1
(10) (22)
210 195 8%
78 57
(16) –
272 252 8%
162 146
65 73
499 471 6%
147 133
646 604 7%
64 59
$710 $663 7%
• Consolidated Revenue of $828M, +2% YoY ,
supported by double -digit YoY revenue increases
across Gaming operations and iGaming
• Net income of $120M, +26% YoY , driven by
modest revenue growth and margin expansion
across all three business segments
• Net income per share (6) of $1.53, +38% YoY ,
reflective of net income growth and buy -back
benefits
• Consolidated AEBITDA (3) of $383M , +9% YoY ,
delivered on revenue growth and favorable product
mix shifts, supported by continued operational
efficiency initiatives
• Adjusted NPATA (3) of $156M, +16% YoY ,
primarily driven by 9% Consolidated AEBITDA (3)
growth, partially offset by higher interest,
depreciation and amortization expenses
• Adjusted NPATA per share (3)(6) of $1.99, +26%
YoY , due to higher Adjusted NPATA (3) and buy –
back benefits
2Q26 Performance Highlights
(1) Excludes depreciation, amortization and impairments. (2) Refer to the Consolidated AEBITDA definition for a description of items included in restructuring and other. (3) 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. (4) Includes $9 million in impairment charges for the three months ended June 30,2026, and $11 million and $3 million for the six months ended June 30, 2026 and 2025, respectively.
(5) 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. (6) Per share amounts are calculated based on weighted average number of diluted shares.

Consolidated AEBITDA (1) & Adjusted NPATA (1) Q2 QTD Bridge
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) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (3) Stock based compensation. (4) Direct -to-Consumer.
2Q25
Adjusted
NPATA (1)
Consolidated
AEBITDA (1) D&A SBC (3) Income
Tax
Interest
Expense
2Q26
Adjusted
NPATA (1)
• Gaming AEBITDA +$27M YoY , delivered on revenue growth and favorable product
mix shift, supplemented by operational efficiencies (includes Grover contribution )
• SciPlay AEBITDA -$2M YoY , on revenue softness, partially offset by DTC (4)
expansion
• iGaming AEBITDA +$5M YoY , driven by continued momentum in N.A. ,underpinned
by 1PP content proliferation
• Corporate and other +$1M YoY , reflective of continued margin enhancement
initiatives, partially offset by increased AI investments
• Consolidated AEBITDA (1) +$31M YoY , delivered on modest revenue growth
and business margin expansion, reflective of ongoing operational efficiencies
• Depreciation and amortization (D&A) -$6M YoY , primarily due to depreciation
related to Gaming operations install base growth, inclusive of Grover
• Interest expense -$4M YoY , driven by higher outstanding debt used to complete
Grover acquisition and buy -back activities
• Income tax +$2M YoY , attributable to certain favorable international tax rates
$352
$383
18 © 2026 LIGHT & WONDER
$135
$156
31
6 2
4
2
27
2
5 1 Consolidated AEBITDA (1) Drivers
Adjusted NPATA (1)
2Q25
Consolidated
AEBITDA (1)
Gaming SciPlay iGaming Corporate
and other (2) 2Q26
Consolidated
AEBITDA (1)
I N $ M I L L I O N S

Consolidated AEBITDA (1) & Adjusted NPATA (1) Q2 YTD Bridge
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) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (3) Stock based compensation. (4) Direct -to-Consumer.
1H25
Consolidated
AEBITDA (1)
1H26
Consolidated
AEBITDA (1)
1H25
Adjusted
NPATA (1)
Consolidated
AEBITDA (1) D&A SBC (3) Income
Tax
Interest
Expense
1H26
Adjusted
NPATA (1)
• Gaming AEBITDA +$ 44 M YoY , delivered primarily on Gaming operations growth,
inclusive of Grover, supplemented by operational efficiencies
• SciPlay AEBITDA flat YoY , reflective of a softer social casino market, offset by
resilient player monetization and DTC (4) expansion
• iGaming AEBITDA +$11M YoY , primarily driven by revenue growth and N.A. 1PP
content proliferation
• Corporate and other -$8M YoY , primarily reflective of investments made to support
AI initiatives in 1Q26 and higher legal fees
• Consolidated AEBITDA (1) +$47M YoY , driven by modest revenue growth,
favorable product mix shifts, contributions from Grover, and margin expansion
across all three business segments
• Depreciation and amortization (D&A) -$14M YoY , primarily driven by higher
depreciation of Gaming operations units, inclusive of Grover
• Interest expense -$16M YoY , primarily due to higher outstanding debt used to
complete the Grover acquisition
• Income tax +$8M YoY , primarily due to changes in worldwide income
19 © 2026 LIGHT & WONDER
Consolidated AEBITDA (1) Drivers
Adjusted NPATA (1)
$663
$710 44 – 11
8
$252
$272
47
14 5
16
8
Gaming SciPlay iGaming Corporate
and other (2)
I N $ M I L L I O N S

(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) Professional fees, services and other costs related to strategic initiatives, the Grover acquisition and transition to an ASX sole primary listing. (3) Adjusted free cash flow is further adjusted for legal settlements and strategic initiatives cash payments. (4) Recurring Revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. 20
Building on Highly Cash Generative Financial Profile
$ Millions, Unaudited Q2 2026 Q2 2025 1H 2026 1H 2025
Net cash provided by operating activities $241 $106 $380 $291
Less: Capital expenditures (83) (78) (157) (139)
Less: Payments on license obligations (5) (7) (9) (12)
Add (less): Change in restricted cash impacting working capital 3 8 (3) –
Free Cash Flow (1) 156 29 211 140
Add: Legal settlements and related – 73 137 73
Add: Strategic initiatives and M&A transactions cost (2) – 2 15 3
Adjusted Free Cash Flow (“AFCF”) (1)(3) $156 $104 $363 $216
Net income conversion ( Net cash provided by operating
activities /Net income) 201% 112% 221% 164%
$ Millions, Unaudited Q2 2026 Q2 2025 1H 2026 1H 2025
Consolidated AEBITDA (1) $383 $352 $710 $663
Adjusted free cash flow conversion (AFCF/Consolidated
AEBITDA (1)) 41% 30% 51% 33%
Adjusted NPATA (1) $156 $135 $272 $252
Adjusted free cash flow conversion (AFCF/Adjusted NPATA (1)) 100% 77% 133% 86%
• We remain commitment to a deliberate
strategy of growing recurring revenues
and expand our high cash generative
business model
© 2026 LIGHT & WONDER
Highlights
• Net cash provided by operating activities of $241M,
+$135m versus prior year period, reflective of strong
earnings generation , expansion of recurring revenue (4)
streams, lower cash taxes, and prior year period
impact of certain legal settlement payments ​ ($73m)
• Adjusted Free Cash Flow (1)(3) of $ 156M, +50 % YoY ,
driven by strong underlying earnings generation,
favorable receivable collections, lower tax payments,
and a full quarter of Grover cash earnings
• We remain committed to a deliberate strategy to
grow the quality of recurring revenues (4) and
expand our highly cash generative business model
• Delivered Consolidated AEBITDA (1) and Adjusted
NPATA (1) to Adjusted Free Cash Flow (1) conversion
of 41% and 100%, respectively, driven by strong
earnings growth and continued expansion of recurring
revenue (4) streams

$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Liquidity 2026 2027 2028 2029 2030 2031 2032 2033 2034
21
Term Loan B
Notes
Term Loan A
Optimizing our Capital Structure on Path to Deleverage
© 2026 LIGHT & WONDER
• Average tenor: ~3.9 years
• Effective Interest cost (4): 6.30%
• Current fixed (5) vs. floating debt mix is 53% vs. 47%
• Maintained $928M of available liquidity (6)
• Plan to prioritize deleverage of our balance sheet through 2H26 and into FY27 with
the intention to move toward an investment grade level leverage profile (1)
• Principal face value of debt (2) outstanding: $5.2B
• Net debt leverage ratio (3) of 3.4x
(1) 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. (2) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presenta tion found in Note 10 to the Condensed Consolidated Financial Statements in our June 30, 2026 Form 10 -Q. (3) Represents a non -GAAP financial measure. Additional information on non -GAAP financial measures presented herein is available in the appendix. (4) Effective Interest costs include borrowings, hedging costs, hedging benefits, and other finance fees. (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 6/30/2026. Available liquidity is calculated as cash and cash equivalents plus remaining revolver capacity.
Highlights
Maturity Schedule (5)

22
Cash Generation Funding Value Creation and Deleveraging Capacity
© 2026 LIGHT & WONDER
2
3
4
5
6
7
8
9
10
11
2020 2021 2022 2023 2024 2025 1H 2026 1H 2027 Target
$2.1 Billion in share buy backs
Remain committed to <3.0x leverage (2) during 1H27 with the intention to move toward an investment grade level leverage profile
Net Debt Leverage Ratio (1)
10.5x
6.2x
3.3x 3.5x 3.4x
Divesture of
sports betting
and lottery
businesses
3.1x 3.0x
(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) 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) Net debt leverage ratio is presented on a combined basis, inclusive of discontinued operations for FY 2020 and 2021 and Grove r for 2025. (4) Illustrative gross turns equivalent impact is a non -GAAP financial measure presented on a supplemental basis for illustrative pu rposes only. Illustrative gross turns equivalent impact equals total gross capital deployed related to share buy back since 2022 divided by Consolidated AEBITDA for the twelve months ended June 30, 2026. It is not pro forma information under Article 11 of Regulation S -X, excludes taxes, financing fees and interest expense incurred or avoided, and does not consider other direct and indirect sources and uses of cash. Illustrative gross turns equivalent impact should not be considered in isolation from, or as a substitute for, the Company’s historical financial statements, including principal face value of debt outstanding, or any other GAAP financia l measure. Furthermore, illustrative gross turns equivalent impact may not be comparable to similarly titled measures used by other companies. Illustrative gross turns equivalent impact does not reflect the Company’s historical financial condition or results of operations, or management’s expectations for future results or capital allocation. Additional information regarding illustrative gross turns equivalent impact, including a recon ciliation of illustrative gross turns equivalent impact is available in the appendix.
Highly cash generative business contributed $692 million of Adjusted FCF (1) in the last 12 months
~1.4x illustrative gross turns equivalent impact (1)(4)
<3.0x
Target (2)
(3) (3) (3)

23
Prioritizing Our Capital Allocation Initiatives
© 2026 LIGHT & WONDER
Optimized Capital
Structure on Debt
Reduction
Capital Return to
Shareholders (4)
Disciplined
Investment in Key
Growth
Opportunities
• Invest with purpose to
maximize ROI of every dollar
invested
• Continued investments in
content (studio expansion),
Grover, and AI
• Target annual R&D and
capex spend of roughly
17% (1) with AI expected to
further optimize efficiency
over time
• Target to reduce net debt
leverage ratio (2) below 3.0x
during 1H27 with the
intention to move toward an
investment grade level
leverage profile (3)
• Expect to reduce leverage
into FY27 (subject to any
strategic capital allocation
opportunities)
• Prioritize debt pay down
and de -lever through 2H
FY26 and into FY27
• Q2 buy -back $134M (1H 26:
$156M)
• $180M of capacity remains
under approved buy -back
program (4)
• Returned $2.1B to
shareholders since
inception, ~27% of total
outstanding shares prior
to program
commencement (5)
• Short -term, buy -back activity
to pare back in favor of debt
reduction in 2H26
(1) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. FY24 actual 17.4% and FY25 actual 17.0%. QoQ spend may range between 15% and 20% of consolidated revenues. (2) Additional information on the non -GAAP financial measure targeted net debt leverage ratio 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) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market condit ions. (5) Program commencement refers to the initiation of the prior share repurchase program in March of 2022.

Outlook
24 © 2026 LIGHT & WONDER

25
Financial Outlook
© 2026 LIGHT & WONDER
Light & Wonder reaffirms financial outlook of mid -to -high single -digit Consolidated AEBITDA (1) growth in FY 2026
• Mid -to -high single digit Consolidated AEBITDA (1) growth supports strong Adjusted NPATA (1) and EPSa (1)(2) growth
• We continue to anticipate the shape of earnings to be broadly in line with 2025 phasing , weighted toward the second half
scaling into 4Q. This reflects industry cyclicality and our customer capex intentions, our growing recurring revenue base (3) , and
investments weighted towards the 1H
• This takes into consideration current FY26 annual estimates regarding:
o External factors (U.S. tariffs, change in U.K. iGaming tax rates) (est. $40M adverse impact)
o Strategic investments (AI, new market openings e.g., Grover Indiana) (est. $20M adverse impact)
o Costs pertaining to legal matters (est. $10M adverse impact)
• From a capital management perspective, we remain committed to de -lever to US$10.55/share EPSa (1)(2) and $2.0B Consolidated AEBITDA (1)
(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, targeted net debt leverage ratio, 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) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming re venues.

26
Incremental Guidance and Modeling Parameters For FY26
N.A. – North America. (1) Inclusive of Grover charitable gaming installed base. (2) Direct -to-Consumer. (3) User Acquisition. (4) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay, and iGaming revenues. (5) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. FY24 actual 17.4% and FY25 actual 17.0%. QoQ spend may range between 15% and 20% of consolidated revenues (6) Excluding impact of any impairments and/or future acquisitions.
© 2026 LIGHT & WONDER
• Revenue trend in -line with broader
Social Casino industry
• Continued DTC (2) expansion
• Targeted UA (3) spend
• Moderating YoY growth in 2H26,
1PP expansion offset by UK tax
increases
• 100 – 150 net adds / quarter,
excluding Indiana
• LNW integration expected to drive
growth in 2H26
Gaming Grover SciPlay iGaming
• >500 N.A. premium Gaming
operations net adds/quarter
• N.A. RPD (1) growth, inclusive of
Grover to trend in -line with
Consumer Price Index (CPI)
• 3Q global Gaming sales to range
between 8,500 and 9,000 units
• Expect FY26 Gaming systems
revenue down mid -teens % YoY on
timing of sales
Incremental Modeling Parameters
Continue reinvestment
(combined R&D / Capex) at
~17%
of consolidated revenue
(FY24: 17.4%, FY25: 17.0%) (5)
Effective tax rate range between
22% – 24%
in 2026
Effective interest cost between
6% – 7%
inclusive of hedging and finance fees
Amortization of acquired intangibles
$130M -$140M
substantially in -line with annualized
amortization recognized in 2H25 (6)
Operationally, all business units continue to target sequential QoQ growth with a particular focus across our recurring
revenue (4) parts of our business for the remainder of FY2026

Appendix
– Strategy & Competitive Advantage
– Resilient Industry
– Recent Financial Performances
– North American Installed Base
– Capital Allocation (self -fund growth – R&D / Capex)
– Buyback History
– Regional Hardware and content product roadmap
– Q2 Results snapshot
27 © 2026 LIGHT & WONDER

Well -established Game
Franchises and Wide
Distribution Channels
Evergreen franchises
leveraged across expansive
verticals through our
Omni -channel strategy
Invest in Talent Built to
Outperform
Lead with deep industry
knowledge and experienced
leadership focused on
collaboration and bench
strength
Leverage proprietary
data and AI tools to
amplify the business
Equipped with powerful tools to
amplify game development
and further optimize our
business operations
Disciplined Capital Allocation Strategy
Shareholder value enhanced through our operational execution underpinned by highly cash generative financial profile
Comprehensive End -to -End Solutions Provider to Casino Operators
One stop shop with integrated solutions tailored for casino operators
We power key aspects of operations (land -based and digital) as a single source for seamless execution
Executing on Our Strategy and Competitive Advantage
28 © 2026 LIGHT & WONDER

$60
$80
$100
$120
$140
$160
$180
$200
2003 2006 2009 2012 2015 2018 2021 2024
Global Financial
Crisis
COVID -19
Pandemic
29
Operating in a Growing, Resilient Industry
(1) GGR according to H2 Gambling Capital.
© 2026 LIGHT & WONDER
I N $ B I L L I O N S
1H26 U.S. gross gaming revenue grew year -over -year
reflecting continued resiliency despite geopolitical and macro uncertainties
2008: Global Financial Crisis
2020: COVID -19 Pandemic
U.S. Gross Gaming Revenue (1)

30
Delivering Consistent Consolidated AEBITDA
(1)(2)
Growth
© 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) Consolidated AEBITDA presented is for continued operations and excludes Lottery and Sports businesses contributions for FY 20 21 and FY 2022.
$793
$913
$1,118
$1,244
$1,443
FY2021 FY2022 FY2023 FY2024 FY2025
16.1%
CAGR since ‘21
>$1.4B
2025 Consolidated AEBITDA (1)
Delivering consistent Consolidated AEBITDA (1) growth through continued operations (2)
Consolidated AEBITDA (1) – Yearly Historical
I N $ M I L L I O N S

31
Consolidated AEBITDA
(1)(2)
Historical by Quarter
© 2026 LIGHT & WONDER
(1) Denotes a non -GAAP financial measure and is reconciled to the most dire