Light & Wonder FY2025 Q1 Earnings Release

May 7, 2025
First Quarter 2025
Earnings Presentation
© 2025 LIGHT & WONDER

Forward-Looking Statements
SECTION TITLE, 10PT
In this presentation, 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 expectations, plans, results or strategies and can often be identified by the use of
terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate,” “target,” “shoul d,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company managem ent (“Management”)
expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you shoul d not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in
these statements due to a variety of risks and uncertainties and other factors, including, among other things: our inability to successfully execute our strategy; slow growth of new gaming jurisdictions, slow addition of casinos in existing jurisdictions a nd 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 import of products and financial instability; dif ficulty 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, inc reases in benchmark
interest rates and the effects of inflation; public perception of our response to environmental, social and governance issues ; the effects of health epidemics, contagious disease outbreaks and public perception thereof; changes in, or the elimination of , our share repurchase
program; resulting pricing variations and other impacts of our common stock being listed to trade on more than one stock exchange; level of our indebtedness, higher interest rates, availability or adequacy of cash flows and liquidity to satisfy indebtednes s, other obligations or future
cash needs; inability to further reduce or refinance our indebtedness; restrictions and covenants in debt agreements, includi ng those that could result in acceleration of the maturity 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 legislati on, 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 investment of significant resource s in our R&D efforts; failure to retain key Management and employees; unpredictability and severity of catastrophic events, including but not limited to acts
of terrorism, war, armed conflicts or hostilities, the impact such 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 seasonality and other factors; the risk that the conditions to the closing of the
proposed Grover Gaming charitable business (“Grover Charitable Gaming”) acquisition, including the receipt of regulatory and gaming approvals, may not be satisfied; the risk that a material adverse change, event or occurrence may affect the Company and Grover Charitable
Gaming prior to the closing of the proposed Grover Charitable Gaming acquisition and may delay the proposed transaction or cause the companies to abandon the proposed transaction; the risk that the proposed Grover Charitable Gaming acquisition may involve unexpected
costs, liabilities or delays; the risk that the businesses of the Company and Grover Charitable Gaming may suffer as a result of uncertainty surrounding the proposed Grover Charitable Gaming acquisition; the risk that disruptions from the proposed Grover C haritable Gaming
acquisition will harm relationships with customers, employees and suppliers; the possibility that the Company may be unable t o achieve expected financial, operational and strategic benefits of the proposed Grover Charitable Gaming acquisition and may not b e able to successfully
integrate Grover Charitable Gaming into the Company’s operations; risks as a result of being publicly traded in the United St ates and Australia, including price variations and other impacts relating to the secondary listing of the Company’s common stock on the Australian Securities
Exchange; risks relating to consideration of a dual primary listing on both the NASDAQ and the ASX or sole primary listing on the ASX, including delisting our securities from NASDAQ, which could negatively affect the liquidity and trading prices of our common stock and could
result in less disclosure about the Company; the possibility that we may be unable to achieve expected operational, strategic and financial benefits of the SciPlay merger; 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 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 r elating to our business, including litigation
and liabilities relating to our contracts and licenses, our products and systems (including further developments in the Dragon T rain litigation described under “Aristocrat Matters” in Note 15 of our quarterly report on Form 10-Q filed with the SEC for the quarter ended March 31,
2025), our employees (including labor disputes), intellectual property, environmental laws and our strategic relationships; r eliance on technological blocking systems; challenges or disruptions relating to the completion of the domestic migration to our enterprise resource planning
system; laws, government regulations and potential trade tariffs, both foreign and domestic, including those relating to gami ng, data privacy and security, including with respect to the collection, storage, use, transmission and protection of personal info rmation 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, regulatory perception and regulatory risks with respect to gam ing, 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 thereof and potential restrictions on internet wagering; significant opposition in som e jurisdictions to interactive
social gaming, including social casino gaming and how such opposition could lead these jurisdictions to adopt legislation or impose a regulatory framework to govern interactive social gaming or social casino gaming specifically, and how this could resul t in a prohibition on
interactive social gaming or social casino gaming altogether, restrict our ability to advertise our games, or substantially i ncrease our costs to comply with these regulations; expectations of shift to regulated digital gaming; inability to develop succ essful products and services and
capitalize on trends and changes in our industries, including the expansion of internet and other forms of digital gaming; the c ontinuing evolution of the scope of data privacy and security regulations, and our belief that the adoption of increasingly restrictive regulations in this area is
likely within the U.S. and other jurisdictions; incurrence of restructuring costs; goodwill impairment charges including changes in estimates or judgments related to our impairment analysis of goodwill or other intangible assets; stock price volatility; failure to maintain adequate
internal control over financial reporting; dependence on key executives; natural events that disrupt our operations, or those of our customers, suppliers or regulators; and expectations of growth in total consumer spending on social casino 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, including the C ompany’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 ended December 31, 2024 on February 25, 2025 (including under the headings “Forward- Looking Statements” and “Risk Factors”). Forward-looking statements
speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we under take no and expressly disclaim any obligation to publicly update any forward-looking statements whether as a result of new information, future events or
otherwise.
Additional Notes
You should also note that this presentation may contain references to industry market data and certain industry forecasts. Indus try market data and industry forecasts are obtained from publicly available information and industry publications. Industry publications generally state that
the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness 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 mation 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.
W e report our operations in three reportable business segments —Gaming, SciPlay, and iGaming—representing our different products and services.
2 © 2025 LIGHT & WONDER

*Adjusted NPATA results have been disclosed starting in 1Q23.(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.
$774
1Q25
1Q24
Consolidated Revenue
Return to Double-Digit Consolidated AEBITDA (1)
Growth
3
2%
$ 756 $311
1Q25
1Q24
$
117
1Q25
1Q24
11% 11%
$
281
$105
16
Consecutive Quarters
Consolidated Revenue Growth YoY
5
Consecutive Quarters*
Double -Digit Adjusted
N PATA
(1) Growth YoY
Financial Discipline and Internal Investment
Driving Continued Growth
Adjusted NPATA (1) Consolidated AEBITDA (1)
IN $MILLIONS
© 2025 LIGHT & WONDER

Gaming Business Resiliency Driving Continued Growth
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 appendix. Additional information
on non- GAAP financial measures is available in the appendix.
(2) Additional information on the non- GAAP financial measure targeted net debt
leverage ratio is available in the appendix.
(3) Share repurchase program announced on June 13, 2024. The program may be
conducted via one or more open market repurchases, privately negotiated
transactions, including block trades, accelerated share repurchases, issuer tender
offers or other derivative contracts or instruments, “10b5- 1” plans, or other
financial arrangements, or a combination of the foregoing, and may be
suspended or discontinued at any time. 4
Executed on Expansive Portfolio across Business Segments
•
Achieved 2% and 11% Yo Y growth respectively in Consolidated Revenue and Consolidated AEBITDA (1)
• Adjusted NPATA (1) grew 11% compared to the prior year period
• Gaming Revenue +4% YoY, led by growth across all lines of business supported by diverse product portfolio
• SciPlay AEBITDA +3% YoY, from strategic roll -out of DTC and improving monetization
• iGaming Revenue +4% YoY, fueled by record content launch and continued global market growth
Flexibility & Liquidity Enabled Meaningful Capital Deployment for Value Creation
•Ended quarter with net debt leverage ratio (1) of 3.0x, within targeted range (1)(2) of 2.5x to 3.5x, despite
accelerated pace of share repurchases
•Our lead arranger has received commitments for a 3-year $800 million Term Loan A credit facility for the
financing of pending Grover Gaming Acquisition, subject to customary closing conditions
•Returned $166 million to shareholders in 1Q25 through share repurchases, completing ~45% of the
total $1B program
(3) authorization
Delivered on Key Performance Metrics
•19 consecutive quarters of N.A. premium installed base growth; ~500 total N.A. units added sequentially
•SciPlay continues to outpace industry year -over yearwith further DTC expansion to ~13% of revenue
•iGaming performance reflective of record OGS GGR and Huff N’ More Puff record launch under exclusivity
© 2025 LIGHT & WONDER

Operational
Highlights
5 © 2025 LIGHT & WONDER

N.A. – North America.
• Gaming Revenue increased 4% Yo Y,with each business line
seeing growth in the quarter
o Gaming Operations revenue up 5% YoY led by growing
mix of premium titles in our N.A. installed base
o Uptick in Gaming Machine Sales on $208 million of
revenue for the quarter, with continued strength in North
American replacement market
o Systems revenue increased 5% YoY, supported by
increased global hardware sales
o Tables Products revenue up 9% YoY, on higher utility sales
in North America
• AEBITDA increased 9% YoY in the quarter, outpacing revenue
growth and expanding existing healthy AEBITDA Margin by 2
percentage points Yo Y to 51% , supported by key margin
enhancement initiatives
Gaming Performance Underpinned by Well -Rounded Portfolio
6
$495
1Q24 1Q25
4%
$476 $254
1Q24 1Q25
9%
$232
Revenue AEBITDA
IN $MILLIONS
Key Gaming Highlights
© 2025 LIGHT & WONDER
1Q25 1Q24 Var%
Gaming Line of Business Revenue:
Gaming operations $173 $164 ▲ 5%
Gaming machine sales 208 205 ▲ 1%
Gaming systems 63 60 ▲ 5%
Table products 51 47 ▲ 9%

• N.A. installed base increased 9% or nearly 3,000 units YoY to
over 34,500 units ; ~500 units added sequentially
o N.A. premium units grew for 19th consecutive quarter , now
representing 51% of total N.A. installed base mix
o Continuing momentum with New Premium Leased & WAP
indexing at a 3 year high in 1Q25
(1)
• Average daily revenue per unit in N.A. was relatively flat YoY, at
$48.25
• Global Game Sales shipments were up 1% compared to 2024, with
nearly 10,000 units being sold globally
o N.A. unit shipments up 30% YoY to over 5,750 units with
strong growth in replacement units and an increase in new
openings and expansions
• ASP (2) of ~$20,000 was flat compared to the prior year period
N.A. – North America.(1) Eilers -Krejcik U.S. & Canada Game Performance Report (April 2025). (2) Gaming Machine Sales cabinet average sales price.
(3) We refined U.S. and Canada average daily revenue per unit calculation in 4Q23
to include certain Gaming operations revenue streams that were previously
excluded and have revised prior periods to align with the calculation.
(4) Units exclude those related to game content licensing.
Continued Progress in Key Gaming Performance Metrics
7
1Q25 Gaming KPI Highlights
© 2025 LIGHT & WONDER
1Q25 1Q24 Var%
Gaming Operations KPI:
U.S. and Canadian:
Installed base at period end 34,501 31,534 ▲ 9%
Average daily revenue per unit (3) $48.25 $48.82 ▼ (1)%
International: (4)
Installed base at period end 19,896 22,163 ▼ (10)%
Average daily revenue per unit $15.07 $14.28 ▲ 6%
Gaming Machine Sales KPI:
U.S. and Canadian unit shipments:
Replacement units 5,398 4,296 ▲ 26%
Casino opening and expansion units 371 141 ▲ 163%
Tot al unit s hipment s 5,769 4,437 ▲ 30%
International unit shipments:
Replacement units 2,998 3,711 ▼ (19)%
Casino opening and expansion units 1,003 1,548 ▼ (35)%
Tot al unit s hipment s 4,001 5,259 ▼ (24)%
Global unit shipments 9,770 9,696 ▲ 1%
Average sales price per new unit $19,996 $19,897 ▲ -%

(1) Eilers-Krejcik U.S. & Canada Game Performance Report (April 2025). (2) Various Eilers -Krejcik U.S. & Canada Game Performance Reports (3) Eilers -Krejcik U.S. & Canada Cabinet Performance Report (April 2025). (4) Various Eilers -Krejcik U.S. & Canada Cabinet Performance Reports.
KONG: SKULL ISLAND and all related characters and elements © Warner Bros. Entertainment Inc. (s25)
Capitalizing on Strong Content & Hardware Roadmap
8 © 2025 LIGHT & WONDER
#1
Leading the market in
NEW Core games with 28% share
(1)
#1
Top Performing
NEW WAP Game in 1Q25
(2)
2 of Top 5
Performing NEW Core Games
(1) ,
debuted at #1
(2)
#1 #1
Top Performing
Portrait Upright Cabinet
(3)
Top Performing
Stepper for 25 of the last 29 Months
(4)
Leading the market in NEW games with an
impressive 40% share
(1)
#1 #1 #1
Super Hot Flaming Pots Kong Skull Island Cosmic Upright
Landmark 7000 NEW Premium Lease & WAP NEW Core Games

(1)Direct -to -consumer.
(2) Average Revenue Per Daily Active User.
(3) Average Monthly Revenue Per Paying User.
(4) Calculated by dividing average MPU for the period by the average MAU for the same period.
(5)Monthly Active Users in millions.
(6) Daily Active Users in millions.
(7) Monthly Paying Users in thousands.
Continued Execution on Monetization & Profitability at SciPlay
9
• Revenue above $200 million for 6 th consecutive quarter at $202
million as Quick Hit Slots and 88 Fortunes delivered record quarterly
revenues; saw Jackpot Party stabilization in March and expect
normalization going forward
• AEBITDA of $64 million a result of margin expansion to 32%,
improving 2 percentage points Yo Y, driven by our DTC
(1) platform,
and strategic User Acquisition spend
• Continued monetization and engagement across key metrics
delivering solid performance:
o Grew ARPDAU
(2) 5 % Yo Y to record $1.06
o Increased AMRPPU
(3) 3% YoY to $116.96
o Scaled Payer Conversion Rate
(4) to 10.4%
$202
1Q24 1Q25
– 2%
$206
$64
1Q24 1Q25
3%
$62
AEBITDA
Revenue
IN $MILLIONS
Key SciPlay Highlights
© 2025 LIGHT & WONDER
1Q25 1Q24 Var%
SciPlay KPI:
Average MAU (5) 5.5 5.8 ▼ (5)%
Average DAU (6) 2.1 2.2 ▼ (5)%
ARPDAU (2) $1.06 $1.01 ▲ 5%
Average MPU (7) 572 594 ▼ (4)%
AMRPPU (3) $116.96 $113.93 ▲ 3%
Payer Conversion Rate (4) 10.4% 10.2% ▲ 0.2 pp

Progressing on Key Strategic Initiatives for Sustainable Growth
10 © 2025 LIGHT & WONDER
BREADTH AND DEPTH OF EXPERIENCETECHNOLOGY STACK
User
Acquisition Engagement
Monetization
SEAMLESS AND INTEGRATED ACROSS GAMES
• Outpaced the social casino market for over 3 consecutive years
and counting
o Continuing to enhance monetization through Live Ops and
learnings across portfolio of games
o Increased cross-platform collaboration through
partnerships with casinos & operators
o Continued prudent and strategic approach to UA
(1) to maximize
return on investment
• Further progress in our Direct -to-Consumer
platform
o Providing an exceptional user experience to boost player
engagement
o Attractive long -term opportunity with ~13% of SciPlay revenue
generated in this channel in the quarter, a 750 bps increase over
the past year
Key 1Q25 SciPlay Highlights
DTC at
~13 %
of Revenue
MONOPOLY is a trademark of Hasbro. Used with permission. © 2025 Hasbro. All rights reserved.
(1) User Acquisition.

• Revenue of $77 million driven by continued market
expansion and content launches
o Lightning Box and ELK GGR increased 15% and 9%
respectively Yo Y with strong performance from
Thundering , Egglink , and Pirots
o Single-game GGR record for Huff N’ Even More Puff
and Wizard of Oz
TM during exclusive partner launches
o U.S. and Canada market GGR increase 30% and 11%
respectively during the quarter
• Achieved AEBITDA of $27 million, an increase of 8%
compared to the prior year period
• AEBITDA margin of 35 %, a 100 bps increase, resulting
from refocus to core aspects of business
(1) OGS – Light & Wonder iGaming platform OPENGAMING TM System. (2) Gross Gaming Revenue.
THE WIZARD OF OZ THE WIZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Dorothy f rom THE WIZARD OF OZ. (s24)
Strong Performance Supported by Record 1PP Game Launches
11
$77
1Q24 1Q25
4%
$74
$27
1Q24 1Q25
8%
$25
AEBITDA
Revenue
IN $MILLIONS
Key iGaming Highlights
© 2025 LIGHT & WONDER
1Q25 1Q24 Var%
iGaming KPI:
Wagers processed through OGS (in
billions) $25.2 $22.4 ▲ 13%

WILLY WONKA and all related characters and elements © & TM Warner Bros. Entertainment Inc.
Fueling iGaming Growth Through Content Roadmap
12 © 2025 LIGHT & WONDER
1H25
Roadmap

Financials
13 © 2025 LIGHT & WONDER

• Achieved 2% Yo Y Consolidated Revenue growth in the
quarter, driven by Gaming and iGaming segments
o Gaming segment uptick provided from growth in
each business line
o SciPlay’s stability is attributed to consistent player
engagement and monetization in the social
casino business and diversity of portfolio and continued
outpacing of the market
o iGaming YoY revenue growth driven by expanded content
1pp and 3pp content offerings and continued service
offering excellence
• Consolidated AEBITDA (1) up 11% Yo Y compared to prior year
quarter, showing return to normalized growth
• Adjusted NPATA per Share (1) increased over 20% to $1.35
compared to $1.12 in the prior year period
• Consolidated AEBITDA margin (1) expanded 300 bps to 40%
Continued Operational Momentum in 2025
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.
$774
1Q24 1Q25
14
2%
$756 $311
1Q24 1Q25
11%
$ 281
Consolidated
AEBITDA
(1)
Consolidated Revenue
IN $MILLIONS
Key Highlights
© 2025 LIGHT & WONDER

• Ended the quarter with a principal face value of debt
outstanding of $3.9 billion and net debt leverage ratio
(1) of 3.0x,
remaining within targeted range
(1)(2) of 2.5x to 3.5x, despite
accelerated pace of share repurchases
• Our lead arranger has received commitments for $800
million Term Loan A credit facility at leverage-based pricing in
line with our current revolver, subject to customary closing
conditions
• Decreased interest expense 9% Yo Y, from $75 million in 1Q24,
to $68 million in 1Q25
• Active on our new three -year share repurchase program of up to
$1 billion in shares approved through June 2027
(3)
o Returned $166 million to shareholders in 1Q25 through
share buybacks of ~1.9M shares of common stock,
representing ~17% of the total $1B program
(3) authorization,
or 45% by end of 1Q25
$ 118
$71
4Q21 4Q24 1Q25
$68
6.2x
3.0x
4Q21 4Q24 1Q25
3.0x
-3.2TURNS
-42%
(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. Twelve- month period ending in 4Q21 for Net Debt Leverage Ratio includes discontinued operations.
(2) Additional information on the non- GAAP financial measure targeted net debt leverage ratio is available in the appendix. (3) Share repurchase program announced on June 13, 2024. The program may be conducted via one or more open market repurchases, pr ivately negotiated transactions,
including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5- 1” plans, or other financial arrangements, or
a combination of the foregoing, and may be suspended or discontinued at any time.
Optimized Capital Structure Driving Opportunities for Growth
15
Net Debt
Leverage Ratio
(1) Interest Expense
IN $MILLIONS
Key Highlights
© 2025 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) Includes $10 million collected for the three months ended March 31, 2025 related to Management designated restricted funds associated with certain Dragon Train game
sales in which control of the units have transferred to the customer, but the title transfer was pending until the final paym ent.
IN $MILLIONS
16
• Free Cash Flow (1) was $111 million in the
quarter, up 19% compared to $93 million in the
prior year period primarily due to strong earnings
and lower capital expenditures, partially offset by
unfavorable changes in working capital, inclusive of
$16 million in higher cash income taxes paid
• Emphasis on efficient capital expenditure spend
reflects ability to stay nimble and adaptable as we
continue to optimize the installed base
Generated Strong Free Cash Flow (1)
Key Highlights
© 2025 LIGHT & WONDER
1Q25 1Q24
Ne t cash prov ide d by ope rating activ itie s 185 $ 171 $
Less: Capital expenditures (61) (66)
Less: Payments on license obligations (5) (5)
Add (less): Change in restricted cash impacting working
capital (8) (7)
Fre e Cash Flow (1)(2) 111 $ 93 $

Appendix
17 © 2025 LIGHT & WONDER

Non-GAAP Financial Measures
18
The Company’s management (“Management”) uses the following non-
GAAP financial measures in conjunction with
GAAP financial measures: Consolidated AEBITDA (representing continuing operations), Consolidated AEBITDA
margin, AEBITDA from discontinued operations, Combined AEBITDA, Adjusted NPATA, Adjusted NPATA per share
(on diluted basis), Free cash flow, EBITDA from equity investments, Net debt and 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. Specifically, Management uses Consolidated AEBITDA to, among other things: (i) monitor and
evaluate the performance of the Company’s continuing 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 our ASX listing, Management introduced usage of Adjusted
NPATA, a non- GAAP financial measure, which is widely used to measure the performance as well as a principal
basis for valuation of gaming and other companies listed on the ASX, and which we present on a supplemental
basis. The Adjusted NPATA performance measure was further supplemented with Adjusted NPATA per share (on
diluted basis), which was added during the third quarter of 2024. Management uses Net debt and 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 that Consolidated AEBITDA is
helpful because this non- GAAP financial measure eliminates the effects of restructuring, transaction, integration or
other items that Management believes are less indicative of the ongoing underlying performance of the Company’s
continuing operations (as more fully described below) and are better evaluated separately. Management believes
that Free cash flow provides useful information regarding the Company’s liquidity and its ability to service debt and
fund investments. The Company sold its former Lottery business and Sports Betting business and as such, historical
financial information for these divested businesses is classified as discontinued operations, as described above.
Management believes that AEBITDA from discontinued operations provides useful information regarding the
Company’s operations as well as the impact of the discontinued businesses on the overall financial results for the
relevant prior periods presented as they remained under the structure of the Company for those periods. This non-
GAAP measure is derived based on the historical records and includes only those direct costs that are allocated to
discontinued operations and as such does not include all of the expenses that would have been incurred by these
businesses as a standalone company or other Corporate and shared allocations and such differences might be
material. Management believes Adjusted NPATA and Adjusted NPATA per share are useful for investors because
they provide investors with additional perspective on performance, as the measures eliminate the effects of
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. Adjusted NPATA is widely used to measure
performance of gaming and other companies listed on the ASX. Management also believes that Free cash flow is
useful for investors because it provides investors with important perspectives on the cash available for debt
repayment and other strategic measures, after making necessary capital investments in property and equipment,
necessary license payments to support the ongoing business operations and adjustments for changes in restricted
cash impacting working capital. Consolidated AEBITDA (representing AEBITDA from continuing operations)
Consolidated AEBITDA, as used herein, is a non-
GAAP financial measure that is presented as a supplemental
disclosure of the Company’s continuing operations and is reconciled to net income (loss) from continuing operations
as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income
Attributable to L&W to Consolidated AEBITDA.” Consolidated AEBITDA should not be considered in isolation of, as
a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP, and should
be read in conjunction with the Company’s financial statements filed with the SEC. Consolidated AEBITDA may
differ from similarly titled measures presented by other companies. Consolidated AEBITDA is reconciled to Net
income attributable to L&W and includes the following adjustments, as applicable: (1) Net income attributable to
noncontrolling interest; (2) Net income from discontinued operations, net of tax; (3) Restructuring and other, which
includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related
costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and
disposition- related costs, strategic review and other unusual items; (4) Depreciation, amortization and impairment
charges and Goodwill impairments; (5) Loss on debt financing transactions; (6) Change in fair value of investments
and Gain on remeasurement of debt and other; (7) Interest expense; (8) Income tax expense (benefit); (9) Stock –
based compensation; and (10) Other (income) expense, net, including foreign currency gains or losses and earnings
from equity investments. AEBITDA is presented exclusively as our segment measure of profit or loss. Consolidated
AEBITDA Target denotes a non- GAAP financial measure. We are not providing a forward- looking quantitative
reconciliation of targeted Consolidated AEBITDA 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.
Consolidated AEBITDA Margin
Consolidated AEBITDA margin, as used herein, represents our Consolidated AEBITDA (as defined above)
calculated as a percentage of consolidated revenue. Consolidated AEBITDA margin is a non- GAAP financial
measure that is presented as a supplemental disclosure for illustrative purposes only and is reconciled to net
income, the most directly comparable GAAP measure, in a schedule below.
AEBITDA from Discontinued Operations
AEBITDA from discontinued operations, as used herein, is a non- GAAP financial measure that is presented as a
supplemental disclosure for the Company’s discontinued operations and is reconciled to net income from
discontinued operations, net of tax as the most directly comparable GAAP measure, as set forth in the schedule
titled “Reconciliation of Net Income from Discontinued Operations, Net of Tax to AEBITDA from Discontinued
Operations.” AEBITDA from discontinued operations should not be considered in isolation of, as a substitute for, or
superior to, the consolidated financial information prepared in accordance with GAAP, and should be read in
conjunction with the Company’s financial statements filed with the SEC. AEBITDA from discontinued operations may
differ from similarly titled measures presented by other companies and is presented only for purposes of calculating
and reconciling Net debt leverage ratio. AEBITDA from discontinued operations is reconciled to Net
income fromdiscontinued operations, net of tax and includes the following adjustments: (1) Restructuring and
other, whichincludes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring
and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi)
acquisition- and disposition- related costs and other unusual items; (2) Depreciation, amortization and impairment
charges and Goodwill impairments; (3) Incometax expense; and (4) Stock -based compensation and other, net. In
© 2025 LIGHT & WONDER

Non-GAAP Financial Measures (continued)
19
addition to the preceding adjustments,
weexclude Earnings from equity investments and add (without duplication)
discontinued operations pro rata share ofEBITDA from equity investments, which represents their share of earnings
( whether or not distributed)beforeincome tax expense, depreciation and amortization expense, and interest
expense, net of our joint ventures andminority investees, which is included in our calculation of AEBITDA from
discontinued operations.
Combined AEBITDA
Combined AEBITDA , as used herein, is a non- GAAP financial measure that combines Consolidated AEBITDA
(representing our continuing operations), AEBITDA from discontinued operations and EBITDA from equity
investments included in continuing operations and is presented as a supplemental disclosure. Combined AEBITDA
should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information
prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed
with the SEC. Combined AEBITDA may differ from similarly titled measures presented by other companies and is
presented only for purposes of calculating and reconciling Net debt leverage ratio.
Adjusted NPATA
Adjusted NPATA, as used herein, is a non- GAAP financial measure that is presented as a supplemental disclosure
of the Company’s operations and is reconciled to net income as the most directly comparable GAAP measure, as
set forth in the schedule titled “Reconciliation of Net Income Attributable to L&W to Adjusted NPATA.” Adjusted
NPATA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial
information prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial
statements filed with the SEC. Adjusted NPATA may differ from similarly titled measures presented by other
companies.
Adjusted NPATA is reconciled to Net income attributable to L&W and includes the following adjustments, as
applicable: (1) Net income attributable to noncontrolling interest; (2) Amortization of acquired intangible assets; (3)
Non -cash asset and goodwill impairments; (4) Restructuring and other, which includes charges or expenses
attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and
integration; (iv) cost savings initiatives; (v) major litigation ; and (vi) acquisition- and disposition- related costs,
strategic review and other unusual items; (5) Loss on debt financing transactions; (6) Change in fair value of
investments and Gain on remeasurement of debt and other; (7) Income tax impact on adjustments; and (8) Other
(income) expense, net, including foreign currency gains or losses and earnings from equity investments. Adjusted
NPATA targeted range for fiscal year 2025 denotes a non- GAAP financial measure. We are not providing a forward-
looking quantitative reconciliation of Adjusted NPATA targeted range 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 Adjusted NPATA Per Share –
Diluted
Adjusted NPATA per share, as used herein, is a non- GAAP financial measure that is presented as a supplemental
disclosure of the Company’s operations on diluted basis and is reconciled to diluted net income attributable to L&W
per share as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net
Income Attributable to L&W Per Share to Adjusted NPATA Per Share on Diluted Basis.” Adjusted NPATA per share
should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information
prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed
with the SEC. Adjusted NPATA per share may differ from similarly titled measures presented by other companies.
Adjusted NPATA per share is reconciled to diluted net income attributable to L&W per share and includes the same
adjustments as the schedule titled “Reconciliation of Net Income Attributable to L&W to Adjusted NPATA” in per
share amounts.
Free Cash Flow
Free cash flow, as used herein, represents net cash provided by operating activities less total capital expenditures,
less payments on license obligations, plus payments on contingent acquisition considerations and adjusted for
changes in restricted cash impacting working capital. Free cash flow is a non- GAAP financial measure that is
presented as a supplemental disclosure for illustrative purposes only and is reconciled to net cash provided by
operating activities, the most directly comparable GAAP measure, in a schedule below. Free cash flow conversion,
as used herein, represents Free cash flowcalculated as a percentage of Consolidated AEBITDA (as defined above).
Free cash flow conversion is a non- GAAPfinancial measure that is presented as a supplemental disclosure for
illustrative purposes only.
EBITDA from Equity Investments
EBITDA from equity investments, as used herein, represents our share of earnings ( whether or not distributed to us)
plus income tax expense, depreciation and amortization expense, interest expense, net, and other non- cash and
unusual items from our joint ventures and minority investees. EBITDA from equity investments is a non- GAAP
financial measure that is presented as supplemental disclosure for illustrative purposes only and is reconciled to
earnings of equity investments, the most directly comparable GAAP measure, in a schedule below.
Net Debt and Net Debt Leverage Ratio
Net debt is defined as total principal face value of debt outstanding, the most directly comparable GAAP measure,
less cash and cash equivalents. Principal face value of debt outstanding includes the face value of debt issued
under Senior Secured Credit Facilities and Senior Notes, which are described in Note 10 of the Company’s
Quarterly Report on Form 10- Q for the quarter ended March 31. 2025 and Note 14 of the Company’s Annual Report
on Form 10- K for the year ended December 31, 2024, but it does not include other long- term obligations primarily
comprised of certain revenue transactions presented as debt in accordance with ASC 470. Net debt leverage ratio,
as used herein, represents Net debt divided by Consolidated AEBITDA. The forward- looking non-GAAP financial
measure targeted net debt leverage ratio is presented on a supplemental basis and does not reflect Company
guidance. We are not providing a forward- looking quantitative reconciliation of targeted net debt leverage ratio to the
most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate
outcome of certain significant items without unreasonable effort. These items are uncertain, depend on various
factors, and could have a material impact on GAAP reported results for the relevant period.
© 2025 LIGHT & WONDER

L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and
Combined AEBITDA
20
© 2025 LIGHT & WONDER
Note: Unaudited, U.S. Dollars in millions.
(1) EBITDA from equity investments is a non- GAAP financial measure reconciled to Earnings from equity investments on slide 25.

L&W Reconciliation of Adjusted NPATA and Adjusted NPATA Per Share
Note: Unaudited, U.S. Dollars in millions.(1) Includes $3 million in impairment charges for the three months ended March 31, 2025 (2) Refer to the Adjusted NPATA definition above for a description of items included in restructuring and other.21
© 2025 LIGHT & WONDER
$ $
(2) (1)
(2)

L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt LeverageRatio
22
© 2025 LIGHT & WONDER
Note: Unaudited, U.S. Dollars in millions.
(1) Combined AEBITDA consists of Consolidated AEBITDA, AEBITDA from discontinued operations and EBITDA from equity investments inclu ded in
continuing operations. Refer to the reconciliation of Combined AEBITDA included in the table titled “Reconciliation of Consol idated AEBITDA, AEBITDA
from Discontinued Operations and Combined AEBITDA” for the periods presented on slide 20.
(2) Includes cash and cash equivalents of both continuing operations and discontinued operations (for December 31, 2021), as the combined amount was
available for debt payments.

L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
23
© 2025 LIGHT & WONDER
Note: Unaudited, U.S. Dollars in millions.
(1) Includes $10 million collected for the three months ended March 31, 2025 related to Management designated restricted funds associated with certain
Dragon Train game sales in which control of the units have transferred to the customer, but the title transfer was pending until the final payment.

L&W Reconciliation of Consolidated AEBITDA Margin
24
© 2025 LIGHT & WONDER
Note: Unaudited, U.S. Dollars in millions.
(1) Refer to the reconciliation of Consolidated AEBITDA included in the table titled “L&W Reconciliation of Consolidated AEBITDA, AEBITDA from
Discontinued Operations and Combined AEBITDA” for the periods presented on slide 20.
(2) Consolidated AEBITDA Margin is calculated as Consolidated AEBITDA as a percentage of revenue.

L&W Reconciliation of Earnings from Equity Investments to EBITDA from Equity
Investments
Note: Unaudited, U.S. Dollars in millions.(1) Combined EBITDA from equity investments consists of EBITDA from both discontinued and continuing operations equity investments.
25 © 2025 LIGHT & WONDER