Light & Wonder FY2025 Q2 Earnings Release

August 6, 2025
Second Quarter 2025
Earnings Presentation
© 2025 LIGHT & WONDER

Forward – Looking Statements
S E C T I O N T I T L E , 1 0 P T
In this presentation, Light & W onder makes “forward -looking statements” within the meaning of the U.S. Private Securities Litiga tion 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,” “sh ould,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company mana gem 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 th ose 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 jurisdiction s 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 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, progress under, or th e 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 satis fy indebtedness, other obligations or future cash needs; inability to further reduce or refinance our indebtedness; restrictions and covenants in de bt agreements, including 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 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 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 such events may have on our c ustomers, suppliers, employees, consultants, business partners or operations, as well as Management’s response to any of the afo rem entioned factors; changes in demand for our products and services; dependence on suppliers and manufacturers; SciPlay’s dependence on certain k ey providers; ownership changes and consolidation in the gaming industry; fluctuations in our results due to seasonality and oth er factors; the risk that any potential disruptions from the Grover acquisition will harm relationships with customers, employees and suppliers; t he 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 as a result of being publicly traded in the United Stat es and Australia, including price variations and other impacts relating to the current dual listing of the Company’s common stoc k on the ASX and Nasdaq; risks relating to transitioning, or failing to transition, to a sole primary listing on the ASX, including delisting the Company’s com mon stock from Nasdaq, which could negatively affect the liquidity and trading prices of our common stock, impact our access to the capital markets and result in less or differing disclosure about the Company, as well as additional regulation which the Company is not currently famili ar with; the possibility that we may be unable to achieve expected operational, strategic and financial benefits of the SciPlay mer ger; security and integrity of our products and systems, including the impact of any security breaches or cyber -attacks; protection of our intellectual propert y, inability to license third -party intellectual property and the intellectual property rights of others; reliance on or failure s in information technology and other systems; litigation and other liabilities relating to our business, including litigation and liabilities relating to our cont racts and licenses, our products and systems (including further developments in the Dragon Train litigation described under “Ari stocrat Matters” in Note 15 of our quarterly report on Form 10 -Q filed with the SEC for the quarter ended June 30, 2025), our employees (including labor disputes), intellectual property, environmental laws and our strategic relationships; reliance on technological blocking systems; challe nges or disruptions relating to the completion of the domestic migration to our enterprise resource planning system; laws, government regulations and pote ntial trade tariffs, both foreign and domestic, including those relating to gaming, data privacy and security, including with re spe ct to the collection, storage, use, transmission and protection of personal information and other consumer data, and environmental laws, and those laws and regulations that affect companies conducting business on the Internet, including online gambling; legislative interpretation and enforcement, regulatory perception and regulatory risks with respect to gaming, including Internet wagering, social gaming and sweep -stakes; changes in tax laws or tax rulings, or the examination of our tax positions; opposition to legalized gaming or the expansion thereof and potential restrictions on Internet wagering; significant opposition in some 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 interactiv e social gaming or social casino gaming specifically, and how this could result in a prohibition on interactive social gaming or social casino gaming altogeth er, restrict our ability to advertise our games, or substantially increase our costs to comply with these regulations; expectatio ns of shift to regulated digital gaming; inability to develop successful products and services and capitalize on trends and changes in our industries, includi ng the expansion of Internet and other forms of digital gaming; the continuing evolution of the scope of data privacy and securi ty regulations, and our belief that the adoption of increasingly restrictive regulations in this area is likely within the U.S. and other jurisdictions; inc urrence of restructuring costs; goodwill impairment charges including changes in estimates or judgments related to our impairmen t 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 expectati ons 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 materially from those contemplated in forward -looking statements is included from time to time in our fil ings with the SEC, 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 filed with t he 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. federa l securities laws, we undertake no and expressly disclaim any obligation to publicly update any forward -looking statements wheth er as a result of new information, future events or otherwise.
Additional NotesYou 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.
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.
Consolidated Revenue
Achieved Continued Growth in Profitability Measures
3
14
Consecutive Quarters
Consolidated
AEBITDA (1) Growth
YoY
6
Consecutive Quarters*
Adjusted NPATA (1)
Growth YoY
Continued Earnings Growth Underpinned by
Game Performance and Disciplined Investment
Adjusted NPATA (1) Consolidated AEBITDA (1)
I N $ M I L L I O N S
© 2025 LIGHT & WONDER
$809
2Q25 2Q24
$1,582
-1%
$1,575
$818
-%
1H25 1H24
$352
2Q25 2Q24
$663
$13 5
2Q25 2Q24
$252
1H25 1H24 1H25 1H24
7% 9% 4% 8%
$330
$610
$13 0
$234

Gaming
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
Growth in Profitability Acros s All Business Segments
•Achieved 7% YoY growth in Consolidated AEBITDA (1) on 1% decline in Consolidated Revenue, supported by margin
expansion across all businesses; Net Income grew 16% , and Adjusted NPATA (1) grew 4% YoY
•Gaming AEBITDA +3% YoY, primarily driven by the addition of Grover and growth of our N.A. installed base, driving
margin improvement of 300 basis points against the prior year
•SciPlay AEBITDA +6% YoY, largely driven by continued expansion of our direct -to -consumer platform
•iGaming AEBITDA +17% YoY, fueled by continued growth in N.A. and the expansion of our partner network
Disciplined Capital Allocation Allowing for Optionality in Financial Decisions
•Reported net debt leverage ratio (1) of 3.7x, or combined net debt leverage ratio (1) of 3.4x, remaining within targeted
range (1)(2) of 2.5x to 3.5x
•Returned $100 million to shareholders in 2Q25 through share repurchases with a total of $266 million of capital
returned in 1H25, reaching 55% completion of $1 billion share repurchase program (3) implemented a year ago
Continued Growth in Underlying Operational Metrics
•20 consecutive quarters of N.A. premium installed base growth; added 845 installed base units sequentially and over
2,700 units in N.A. YoY excluding Grover
•SciPlay continues to deliver quality player engagement and monetization , leveraging game content and dynamic Live Ops
•iGaming performance reflective of strong market expansion and record OGS wagers processed of $26.6 billion
© 2025 LIGHT & WONDER
Key Operational Initiatives Drove KPI Outperformance

Optimizing our Capital Markets Structure
5 © 2025 LIGHT & WONDER
L&W Board has Approved a Sole Primary Listing on the ASX, with Delisting from the Nasdaq
expected by end of November 2025 (1)
0%
17%
25%
30%
37%
May-23 Dec-23 Jun-24 Dec-24 Jul-25 Dec-25
Decision made after thorough review
Full transition to ASX by end of November 2025
Aligns with a large part of our investor base
Engaging with Index providers and stakeholders
to ensure a smooth transition
100%
Key Points Register has Steadily Transitioned to the ASX Since Listing
ASX / Total Issued Share Capital
Final timeline and dates of transition to be
announced in coming months
(1) Subject to applicable U.S. and Australian regulatory, and other third -party, approvals and processes.

Operational
Highlights
6 © 2025 LIGHT & WONDER

N.A. – North America. (1) Excludes Grover charitable gaming units.
• Gaming Revenue of $528 million resulting from robust Gaming
operations growth and Table products contribution
o Gaming operations revenue up 19% YoY, inclusive of
Grover, led by additions of 845 units to the N.A. installed
base and ~2,700 units compared to prior year (1)
o Decrease in Gaming Machine Sales of 16% YoY;
impacted by global macroeconomic uncertainty, timing of
hardware refresh cycle in Australia, ~500 units of Entain
order in the prior year, and timing of sales into Asia
o Systems revenue decline of 11% YoY resulting from
elevated hardware replacement sales in the prior year offset
by increasing software revenue
o Tables products revenue up 2% YoY, resulting from strong
international sales performance
• AEBITDA increased 3% YoY for 2Q25, outpacing revenue
growth and expanding healthy AEBITDA Margin by 300 basis
points to 53% , primarily supported by strong growth of N.A.
installed base and Grover addition
7
Revenue AEBITDA
I N $ M I L L I O N S
Key Gaming Highlights
© 2025 LIGHT & WONDER
$528
2Q24 2Q25
-2% 1%
1H24 1H25
$539
$1,022
$1,016
$280
2Q24 2Q25
3% 6%
1H24 1H25
$272
$534
$504
Expanded Gaming Portfolio with Acquisition of Grover2Q25 2Q24 Var% 1H25 1H24 Var%
Gaming Line of Business Revenue:
Gaming operations $209 $175 ▲ 19% $382 $340 ▲ 12%
Gaming machine sales 191 228 ▼ (16)% 398 433 ▼ (8)%
Gaming systems 73 82 ▼ (11)% 136 142 ▼ (4)%
Table products 55 54 ▲ 2% 106 101 ▲ 5%

• North American installed base increased 42% or ~13,800 units
YoY, inclusive of Grover, to over 46,300 units
o N.A. premium units grew for 20th consecutive quarter ,
excluding Grover, now 52% of total N.A. installed base
o G arnered 4 out of the top 5 indexing New Premium
Leased and WAP games with Huff N’ Even More Puff
Grand ranking #1 (1)
• Average daily revenue per unit at $47.40, representing growth in
existing installed base, offset by inclusion of Grover units
• Global Game Sales shipments down ~20% vs. 2024, impacted
by Australia share, macroeconomic uncertainty on timing of sales
and prior year Entain order
o N.A. unit shipments down 6% YoY to 5,454 units with
indications of strong ship share during the quarter
• ASP (2) of $18,930 grew ~2% YoY
N.A. – North America. (1) Eilers -Krejcik U.S. & Canada Game Performance Report (July 2025). (2) Gaming Machine Sales cabinet average sales price.
(3) Inclusive of Grover Charitable gaming active devices. (4) Units exclude those related to game content licensing. 8
2Q25 Gaming KPI Highlights
© 2025 LIGHT & WONDER
Delivered on Key Gaming Operations Performance Metrics2Q25 2Q24 Var% 1H25 1H24 Var%
Gaming Operations KPI:
U.S. and Canadian:
Installed base at period end 46,372 32,566 ▲ 42% 46,372 32,566 ▲ 42%
Average daily revenue per unit (3) $47.40 $50.41 ▼ (6)% $47.65 $49.34 ▼ (3)%
International: (4)
Installed base at period end 19,526 21,997 ▼ (11)% 19,526 21,997 ▼ (11)%
Average daily revenue per unit $16.97 $15.59 ▲ 9% $16.04 $14.93 ▲ 7%
Gaming Machine Sales KPI:
U.S. and Canadian unit shipments:
Replacement units 5,231 5,465 ▼ (4)% 10,629 9,761 ▲ 9%
Casino opening and expansion units 223 344 ▼ (35)% 594 485 ▲ 22%
Total unit shipments 5,454 5,809 ▼ (6)% 11,223 10,246 ▲ 10%
International unit shipments:
Replacement units 3,511 5,386 ▼ (35)% 6,509 9,097 ▼ (28)%
Casino opening and expansion units 74 115 ▼ (36)% 1,077 1,663 ▼ (35)%
Total unit shipments 3,585 5,501 ▼ (35)% 7,586 10,760 ▼ (29)%
Global unit shipments 9,039 11,310 ▼ (20)% 18,809 21,006 ▼ (10)%
Average sales price per new unit $18,930 $18,548 ▲ 2% $19,483 $19,170 ▲ 2%

9
THE W IZARD OF OZ THE W IZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Dorothy from THE W IZARD OF OZ. (s24) W ILLY W ONKA and all related characters and elements © & TM W arner Bros. Entertainment Inc.
COSMIC TM UPRIGHT
Key Titles Key Titles
COSMIC TM KASCADA TM DUAL SCREEN
Key Titles
LIGHTWAVE TM & Large Format
Key Titles
LANDMARK TM 7000 FAMILY
Key Titles
Elevating our Hardware and Content Roadmap
© 2025 LIGHT & WONDER

Proven Hardware and Titles
10 © 2025 LIGHT & WONDER
Closed Grover Transaction in May and added over 600 units since February announcement
ND
KY
OH VA
NH
IN
Integrate L&W Brands
Update on Grover Charitable Gaming Integration
Locally -Driven Team Structure, with Seasoned Sales and Service Employees for Customer Centric Business

(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. 11
• Delivered quarterly revenue of $200 million and continued to
outpace broader Social Casino market , as QUICK HIT SLOTS
and 88 Fortunes delivered record quarterly revenues
• AEBITDA of $74 million increased 6% YoY, as margins expanded
to 37%, largely driven by our DTC (1) platform which generated $35
million, or 18% of total SciPlay revenue
• Continued monetization and engagement across key metrics
delivering solid performance:
o Grew ARPDAU (2) 4% YoY to record $1.08
o Increased AMRPPU (3) 10% YoY to $128.96
o Payer Conversion Rate (4) of 9.8 %
AEBITDA Revenue
I N $ M I L L I O N S
Key SciPlay Highlights
© 2025 LIGHT & WONDER
$200
2Q24 2Q25
-2% -2%
1H24 1H25
$205
$402
$411
$74
2Q24 2Q25
6% 5%
1H24 1H25
$70
$138
$132
SciPlay Continues to Outpace Broader Social Casino Market 2Q25 2Q24 Var% 1H25 1H24 Var%
SciPlay KPI:
Average MAU (5) 5.2 5.4 ▼ (4)% 5.4 5.6 ▼ (4)%
Average DAU (6) 2.0 2.1 ▼ (5)% 2.1 2.2 ▼ (5)%
ARPDAU (2) $1.08 $1.04 ▲ 4% $1.07 $1.02 ▲ 5%
Average MPU (7) 512 574 ▼ (11)% 542 584 ▼ (7)%
AMRPPU (3) $128.96 $116.91 ▲ 10% $122.63 $115.42 ▲ 6%
Payer Conversion Rate (4) 9.8% 10.5% ▼ (0.7) pp 10.1% 10.4% ▼ (0.3) pp

12 © 2025 LIGHT & WONDER
SciAlgo – New Method for Higher -Return Marketing SciPlay Market Share & Strategy
Direct -to -Consumer
In -App Advertising
In -App Purchase
New
Games
+
• SciPlay market share ~12% in the quarter (1)
• Monetization shifted toward higher ROI players
• Leverage SciAlgo to acquire players through ad –
monetized games at lower cost to eventual cross
promotion into higher value games.
• Progressed DTC to 18% of Revenue during 2Q25
up 500 bps from 4Q24 on strategic deployments,
offering high value players a differentiated level of
engagement
• Continued runway over the coming years driving
margin uplift for the business
(1) Eilers -Krejcik Social Casino Gaming Tracker – 2Q25 (July 2025).
Progressing on Key Strategic Initiatives for Sustainable Growth

• Record revenue of $81 million on continued growth
momentum in North America and expansion of our partner
network supported by strong game performance across 1PP
and 3PP content
o Lightning Box and ELK GGR increased ~19% and
~31% respectively YoY with strong content roadmap
expected for 2H25
o HUFF N’ MORE PUFF ranked as #1 game for
Gross Gaming Revenue Volume on OGS (1)
o U.S. and Canada market GGR up 27% and 32%
respectively, during the quarter
• Achieved AEBITDA of $28 million or +17% YoY
• AEBITDA margin of 35% , a 300 -bps increase, a result of
robust content offering and strategic realignment
(1) OGS – Light & Wonder iGaming platform OPENGAMING TM System. (2) Gross Gaming Revenue . 13
AEBITDA Revenue
I N $ M I L L I O N S
Key iGaming Highlights
© 2025 LIGHT & WONDER
$81
2Q24 2Q25
9% 7%
1H24 1H25
$74
$148
$28
2Q24 2Q25
17% 15%
1H24 1H25
$24
$55
$48
$158
Delivered Record Top and Bottom – Line Results at iGaming2Q25 2Q24 Var% 1H25 1H2024 Var%
iGaming KPI:
Wagers processed through OGS (in
billions) $26.6 $21.8 ▲ 22% $51.9 $44.2 ▲ 17%

WILLY WONKA and all related characters and elements © & TM Warner Bros. Entertainment Inc.
14 © 2025 LIGHT & WONDER
2H25
Roadmap
iCE
Fueling iGaming Growth Through Curated Content Roadmap

Financials
15 © 2025 LIGHT & WONDER

• Delivered $809 million in Consolidated Revenue in the quarter,
inclusive of a partial contribution from Grover and record revenue
at iGaming
o $21 million in contribution from Grover with investments
planned for long term growth
o SciPlay’s continued stability is attributed to portfolio of
games, with records in Quick Hit Slots and 88
Fortunes and continued optimizing of engagement features
o iGaming YoY record revenue growth driven by expansion of
our partner network, supported by strong game
performance across first and third -party content
• Consolidated AEBITDA (1) up 7% YoY compared to prior year
quarter, with Grover benefit and continued margin optimization
progress
• Consolidated AEBITDA margin (1) expanded 400 bps to 44%
• Adjusted NPATA per Share (1) increased over 11% to $1.58
compared to $1.42 in the prior year period
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. 16
Consolidated
AEBITDA (1)
Consolidated
Revenue
I N $ M I L L I O N S
Key Highlights
© 2025 LIGHT & WONDER
$809
2Q24 2Q25
-1%
1H24 1H25
$818
$1,582
$1,575
$352
2Q24 2Q25
7% 9%
1H24 1H25
$330
$663
$610
Continued Operational and Earnings Growth Momentum in 2025
-%

• Ended 2Q25 with a principal face value of debt outstanding of
$4.9 billion or reported net debt leverage ratio (1) of 3.7x and
combined net debt leverage ratio (2) of 3.4x , remaining within
our targeted net debt leverage ratio range of 2.5x to 3.5x (1)(2) .
• Interest expense of $77 million resulting from Grover
acquisition funding
• Returned $100 million to shareholders in 2Q25 through the
repurchase of ~1.2m shares of common stock, and $266 million
or 3.1m shares in 1H25
o Completed 55% of previously authorized $1 billion share
repurchase program (3)
• Share repurchase program now increased to $1.5 billion, with
$950 million capacity remaining . Full exhaustion of this $950
million capacity by the end of 2025 would temporarily increase
our net debt leverage ratio (1) above the top end of our target
range (1)(2 ) of 2.5x to 3.5x and we would expect to return to our
target range over the near -term
$118
$75
4Q21 2Q24 2Q25
$77
6.2x
3.0 x
1Q25 2Q25
3.7 x
-2.5xTURNS
-35%
(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 discont inued operations. Combined net debt leverage ratio, as used herein, represents Net debt divided by Combined AEBITDA, which is inclusive of historical Grover Adju ste d AEBITDA (refer to appendix for additional information). The forward -looking non -GAAP financial measure targeted net debt leverage ratio is presented on a supplemental bas is and does not reflect Company guidance. (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 iva tely negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10 b5-1” plans, or other financial arrangements, or a combination of the foregoing, and may be suspended or discontinued at any time.
17
Net Debt
Leverage Ratio (1) Interest Expense
I N $ M I L L I O N S
Key Highlights
© 2025 LIGHT & WONDER
4Q21
3.4 x
Leveraging Capital Structure to Drive Future Growth

(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 and $20 million collected for the three and six months ended March 31, 2025, respectively related to Man age ment 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.
I N $ M I L L I O N S
18
• Free Cash Flow (1) was $29 million in the quarter,
compared to $70 million in the prior year period
primarily impacted by $73 million payment related
to previously announced legacy table games
business legal settlement. Absent this settlement,
Free Cash Flow (1) increased to over $100
million, driven by earnings growth, working
capital, and capital spend efficiency
• Emphasis on improving recurring revenue
streams for long -term sustainable free cash
flow (1) growth
• Continued focus on driving further efficiency in our
inventory position, capital expenditure and
working capital cycles to improve cash
conversion over time
Key Highlights
© 2025 LIGHT & WONDER
Generated Strong Free Cash Flow (1)

(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 non -GAAP financial measure. Consolidated AEBITDA guidance range and Adjusted NPATA guidance range are forward -looki ng non -GAAP financial measures presented on a supplemental basis. Additional information on non -GAAP financial measures presented herein is available at the end of this presentation. (3) FY 2025 Consolidated AEBITDA guidance range includes estimated Grover contribution of approximately $65 million, which can va ry based on the timing of investments including expansion to new markets.
19
Streamlined
business
supported by
robust R&D
High –
performance
culture
Attractive
financial profile
with disciplined
capital
allocation
Unique among
peers in
structure and
operations
Leading Cross -Platform Global Games Company
1 2 3 4
FY 2025 financial guidance inclusive of the Grover business with the Consolidated AEBITDA
guidance (1)(2) range expected between $1.43 billion and $ 1.4 7 billion (3) and associated Adjusted
NPATA guidance range (1)(2) between $55 0 million and $575 million
Capitalizing on a Compelling Value Proposition
© 2025 LIGHT & WONDER

Appendix
20 © 2025 LIGHT & WONDER

21 © 2 0 2 5 L I G H T & W O N D E R
Non -GAAP Financial Measures
The Company’s management (“Management”) uses the following non -GAAP financial measures in conjunction with GAAP financial measures: Consolidated AEBITDA (representing continuing operations), Grover Adjusted EBITDA, AEBITDA from discontinued operations, Combined AEBITDA, Consolidated AEBITDA margin, Adjusted NPATA, Adjusted NPATA per share (on diluted basis), Free cash flow, EBITDA from equity investments, Net debt, Net debt leverage ratio and Combined net debt leverage ratio (each, as described more fully below). These non -GAAP financial measures are presented as supplemental disclosures. They should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed with the SEC. The non -GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. 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. Following the closing of the Grover acquisition, Management introduced usage of certain of these non -GAAP financial measures on a “Combined” basis. Combined non -GAAP financial measures include results for both the Company and Grover on a combined basis, inclusive of periods prior to the closing of the acquisition. The Combined measures do not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or other synergies that have been or may have been achieved if the business combination occurred on July 1, 2024. We cannot assure you that such measures would not be materially different if such information were audited or that our actual results would not differ materially from the Combined measures if the acquisition had been completed as of July 1, 2024. Management uses Net debt, Net debt leverage ratio and Combined net debt leverage ratio in monitoring and evaluating the Company’s overall liquidity, financial flexibility and leverage. Management believes that these non -GAAP financial measures are useful as they provide Management and investors with information regarding the Company’s financial condition and operating performance that is an integral part of Management’s reporting and planning processes. In particular, Management believes 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. 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 believes that the Combined measures are useful to investors because they provide additional information regarding the combined business of the Company and Grover across the periods being presented, allowing for more meaningful comparisons of overall liquidity, financial flexibility and leverage. 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 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 expense (income), 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 guidance range for fiscal year 2025 denotes a non -GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of Consolidated AEBITDA guidance 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.
Grover Adjusted EBITDA
Grover Adjusted EBITDA, as used herein, is a non -GAAP financial measure that is presented as a supplemental disclosure, is unaudited and based on preliminary estimates and assumptions, and is reconciled to Grover Charitable Gaming’s operating income, the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Grover Operating Income to Grover Adjusted EBITDA.” Grover Adjusted EBITDA 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. Grover Adjusted EBITDA may differ materially from similarly titled measures presented by other companies, including Consolidated AEBITDA, and is presented solely for the purposes of calculating and reconciling Combined AEBITDA and calculating Combined net debt leverage ratio, including periods prior to the acquisition.

Non -GAAP Financial Measures (continued)
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Grover Adjusted EBITDA is not calculated consistently with Consolidated AEBITDA, and includes different adjustments based on the unaudited and preliminary financial statements provided by Grover’s management prior to the closing of the acquisition. Grover Adjusted EBITDA is reconciled to Grover Charitable Gaming’s operating income, and includes the following adjustments, as applicable: (1) depreciation and amortization; (2) other income/expenses primarily related to non -operating gain and losses; and (3) elimination of certain non -recurring distribution costs expected to be eliminated in connection with the consummation of the acquisition and certain other immaterial adjustments.
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 from discontinued operations, net of tax and includes the following adjustments: (1) 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 and other unusual items; (2) Depreciation, amortization and impairment charges and Goodwill impairments; (3) Income tax expense; and (4) Stock -based compensation and other, net. In addition to the preceding adjustments, we exclude 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) before income tax expense, depreciation and amortization expense, and interest expense, net of our joint ventures and minority 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), Grover Adjusted EBITDA, AEBITDA from discontinued operations and EBITDA from equity investments included in continuing operations, as applicable, 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 and Combined net debt leverage ratio.
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.
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 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 and includes the following adjustments, as applicable: (1) Amortization of acquired intangible assets; (2) Non -cash asset and goodwill impairments; (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) Loss on debt financing transactions; (5) Change in fair value of investments and Gain on remeasurement of debt and other; (6) Income tax impact on adjustments; and (7) Other expense (income), net, including foreign currency gains or losses and earnings from equity investments. Adjusted NPATA guidance range for fiscal year 2025 denotes a non -GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of Adjusted NPATA guidance 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 per share as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income 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 per share and includes the same adjustments as the schedule titled “Reconciliation of Net Income to Adjusted NPATA” in per share amounts.
Free Cash Flow and Free Cash Flow Conversion
Free cash flow, as used herein, represents net cash provided by operating activities less total capital expenditures, less payments on license obligations, plus payments on contingent acquisition considerations and 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 flow calculated as a percentage of Adjusted NPATA (as defined above). Free cash flow conversion is a non -GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only.

Non -GAAP Financial Measures (continued)
23
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, Net Debt Leverage Ratio and Combined 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 14 of the Company’s Annual Report on Form 10 -K for the year ended December 31, 2024 and Note 10 of the Company’s Quarterly Report on Form 10 -Q for the quarter ended June 30, 2025 , 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, or for periods ending December 31, 2021, Net debt divided by Combined AEBITDA, which included discontinued operations. Combined net debt leverage ratio, as used herein, represents Net debt divided by Combined AEBITDA for periods ending June 30, 2025, and thereafter, which include Grover Adjusted EBITDA (as defined above). 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.
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L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA, AEBITDA from
Discontinued Operations and Combined AEBITDA
Note: Unaudited, U.S. Dollars in millions.(1) Grover Adjusted EBITDA is unaudited and based on preliminary estimates and assumptions. Refer to the Grover Adjusted EBITDA d efinition above for further description and disclaimers. (2) Combined AEBITDA consists of Consolidated AEBITDA, Grover Adjusted EBITDA, AEBITDA from discontinued operations and EBITDA fr om equity investments included in continuing operations, as applicable for the periods presented herein. (3) EBITDA from equity investments is a non -GAAP financial measure reconciled to Earnings from equity investments on slide 30.
24 © 2 0 2 5 L I G H T & W O N D E R June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 March 31, 2025 December 31, 2021
Reconciliation of Net Income Attributable to L&W to Consolidated
AEBITDA
Net income attributable to L&W $ 95 $ 82 $ 177 $ 164 $ 348 $ 336 $ 371
Net incom e attributable to noncontrolling interes t – – – – – – 1 9
Net incom e from dis continued operations , net of tax – – – – – – (3 6 6 )
Net income from continuing operations 9 5 8 2 1 7 7 1 6 4 3 4 8 3 3 6 2 4
Res tructuring and other 1 7 3 4 3 7 4 0 9 1 1 0 8 1 6 7
Depreciation, am ortization and im pairm ents 9 9 8 7 1 9 0 1 7 3 3 7 7 3 6 5 3 9 8
Other expens e (incom e), net 4 (5 ) 2 (1 4 ) (1 8 ) (2 7 ) (2 8 )
Interes t expens e 7 7 7 5 1 4 6 1 5 0 2 8 9 2 8 6 4 7 8
Incom e tax expens e (benefit) 2 9 2 6 5 1 4 4 9 3 8 9 (3 1 8 )
Stock-bas ed com pens ation 3 1 3 1 5 9 5 3 1 1 6 1 1 5 1 1 3
Los s on debt financing trans actions – – 1 – 2 2 –
Gain on rem eas urem ent of debt and other – – – – – – (4 1 )
Consolidated AEBITDA $ 352 $ 330 $ 663 $ 610 $ 1,298 $ 1,274 $ 793
Reconciliation of Grover Operating Income to Grover Adjusted EBITDA
Grover Charitable Gam ing operating incom e 8 6
Depreciation and am ortization 1 6
Grover Adjusted EBITDA (1) $ 102
Combined AEBITDA (2) $ 1,400
Reconciliation of Net Income from Discontinued Operations, Net of Tax
to AEBITDA from Discontinued Operations
Net incom e from dis continued operations , net of tax 366
Incom e tax expens e 72
Res tructuring and other 10
Depreciation, am ortization and im pairm ents 79
EBITDA from equity inves tm ents (3) 80
Earnings from equity inves tm ents (42)
Stock-bas ed com pens ation and other, net (3 5 )
AEBITDA from discontinued operations $ 530
EBITDA from equity inves tm ents – continuing operations (3) 8
Combined AEBITDA (2) $ 1,331
Three Months Ended Six Months Ended Tw elve Months Ended

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Note: Unaudited, U.S. Dollars in millions.(1) Includes $3 million in impairment charges for the six months ended June 30, 2025 (2) Refer to the Adjusted NPATA definition above for a description of items included in restructuring and other.
L&W Reconciliation of Adjusted NPATA and Adjusted NPATA Per Share 2025 2024 2025 2024
Reconciliation of Net Income to Adjusted NPATA
Net income $ 95 $ 82 $ 177 $ 164
Am ortization of acquired intangibles and im pairm ents (1) 3 1 3 2 5 7 6 3
Res tructuring and other (2) 1 7 3 4 3 7 4 0
Other expens e (incom e), net 4 (5 ) 2 (1 4 )
Los s on debt financing trans actions – – 1 –
Incom e tax im pact on adjus tm ents (1 2 ) (1 3 ) (2 2 ) (1 9 )
Adjusted NPATA $ 135 $ 130 $ 252 $ 234
Reconciliation of Net Income Per Share to Adjusted NPATA Per Share
Net income per share – Diluted $ 1.11 $ 0.90 $ 2.05 $ 1.78
Am ortization of acquired intangibles and im pairm ents 0 .3 6 0 .3 4 0 .6 6 0 .6 9
Res tructuring and other (2) 0 .2 0 0 .3 7 0 .4 3 0 .4 3
Other expens e (incom e), net 0 .0 4 (0 .0 5 ) 0 .0 4 (0 .1 5 )
Los s on debt financing trans actions – – 0 .0 1 –
Incom e tax im pact on adjus tm ents (0 .1 3 ) (0 .1 4 ) (0 .2 6 ) (0 .2 1 )
Adjusted NPATA per share – Diluted $ 1.58 $ 1.42 $ 2.93 $ 2.54
Three Months Ended June 30, Six Months Ended June 30,

26 © 2 0 2 5 L I G H T & W O N D E R
L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt Leverage Ratio
and Combined Net Debt Leverage Ratio
Note: Unaudited, U.S. Dollars in millions.(1) Combined AEBITDA consists of Consolidated AEBITDA, Grover Adjusted EBITDA, AEBITDA from discontinued operations and EBITDA fr om equity investments included in continuing operations, as applicable. Refer to the reconciliation of Combined AEBITDA included in the table title d “Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA” for the periods presented on slide 24. (2) Includes cash and cash equivalents of both continuing operations and discontinued operations (for December 31, 2021), as the com bined amount was available for debt payments. (3) Combined net debt leverage ratio represents Net debt divided by Combined AEBITDA for periods ending June 30, 2025, and therea fter. Refer to the Combined net debt leverage ratio definition above for further details. Cons olidated AEBITDA $ 1,298 $ 1,274 $ 793
Com bined AEBITDA (1) 1 ,4 0 0 n/a 1 ,3 3 1
Total debt $ 4,856 $ 3,907 $ 8,690
Add: Unam ortized debt dis count/prem ium and deferred financing cos ts , net 3 7 3 7 8 2
Add: Im pact of exchange rate – – 6 2
Les s : Debt not requiring cas h repaym ent and other – – (4 )
Principal face value of debt outs tanding 4 ,8 9 3 3 ,9 4 4 8 ,8 3 0
Les s : Cas h and cas h equivalents (2) 1 3 6 1 3 4 6 2 9
Net debt $ 4,757 $ 3,810 $ 8,201
Net debt leverage ratio 3 .7 3 .0 6 .2
Combined net debt leverage ratio (3) 3 .4 n/a n/a
June 30, 2025 March 31, 2025
As of
December 31, 2021

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L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Note: Unaudited, U.S. Dollars in millions.(1) Includes $10 million and $20 million collected for the three and six months ended June 30, 2025, related to Management design ate d 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 pe ndi ng until the final payment. 2025 2024 2025 2024
Net cash provided by operating activities $ 106 $ 141 $ 291 $ 312
Les s : Capital expenditures (7 8 ) (8 6 ) (1 3 9 ) (1 5 3 )
Add: Paym ents on contingent acquis ition cons iderations – 2 2 – 2 2
Les s : Paym ents on licens e obligations (7 ) (9 ) (1 2 ) (1 4 )
Add (les s ): Change in res tricted cas h im pacting working capital 8 2 – (5 )
Free cash flow (1) $ 29 $ 70 $ 140 $ 162
Supplem ental cas h flow inform ation – item s im pacting free cas h flows :
Litigation s ettlem ents $ 73 $ – $ 73 $ –
Profes s ional fees , s ervices and other cos ts related to s trategic
review and the Grover acquis ition 2 – 3 –
Three Months Ended June 30, Six Months Ended June 30,

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L&W Adjusted NPATA to Free Cash Flow Conversion Illustration
Note: Unaudited, U.S. Dollars in millions.(1) Certain amounts have been reclassified to be consistent with the current period presentation. (2) Represents a non -GAAP measure reconciled to Net cash provided by operating activities on slide 27. (3) Represents a non -GAAP measure reconciled to Net income on slide 25. (4) Free cash flow conversion is a non -GAAP measure calculated as Free cash flow as a percentage of Adjusted NPATA. Refer to non -GAA P financial measure definitions above for further details. (5) Represents free cash flow adjusted for legal settlement payment of $73 million for the three – and six -month periods ended June 3 0, 2025 and for payments related to professional fees services and other costs related to strategic review and Grover acquisition of $2 million and $3 million fo r the three – and six -month periods ended June 30, 2025, respectively (see supplemental cash flow information on slide 27).

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L&W Reconciliation of Consolidated AEBITDA Margin
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, Grover Adjusted EBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA” for the periods presented on slide 24. (2) Consolidated AEBITDA margin is calculated as Consolidated AEBITDA as a percentage of revenue. Cons olidated AEBITDA (1) $ $ $ $
Revenue
Net income margin 12 % 10 % 11 % 10 %
Consolidated AEBITDA margin (2) 44 % 40 % 42 % 39 %
3 5 2 3 3 0 6 6 3 6 1 0
8 0 9 8 1 8 1 ,5 8 2 1 ,5 7 5
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

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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 investment s.