Light & Wonder FY2025 Q3 Earnings Release

November 5, 2025
Third 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 and the oral remarks made in connection herewith, Light & W onder makes “forward -looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward -looking statements describe future expectation s, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “contin ue,” “believe,” “expect,” “anticipate,” “target,” “should,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company management (“Management”) expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward -looking statements as predictions of future events. Actual res ults may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, includi ng, among other things: our inability to successfully execute our strategy; slow growth of new gaming jurisdictions, slow additio n of casinos in existing jurisdictions and declines in the replacement cycle of gaming machines; risks relating to foreign operations, including anti -corruption laws, fluctuations in currency rates, restrictions on the payment of dividends from earnings, restrictions on the imp ort of products and financial instability; difficulty predicting what impact new or increased tariffs imposed by and other trade actions taken by the U.S. and foreign jurisdictions could have on our business; U.S. and international economic and industry conditions, including changes in consumer sentiment and discretionary spending, increases in benchmark interest rates and the effects of inflation; public perception of our response to environmental, social and governance issues; the effects of health epidemics, contagious disease outbreaks and public percept ion thereof; changes in, progress under, or the elimination of, our share repurchase program; resulting pricing variations and other impacts of our co mmo n 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 indebtedness, other obligations or future cash needs; inability to further reduce or refinance our i nde btedness; restrictions and covenants in debt 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 contr acts; risks and uncertainties of ongoing changes in U.K. gaming legislation, including any new or revised licensing and taxation regimes, responsible gambling requirements and/or sanctions on unlicensed providers; inability to adapt to, and offer products that keep pace with, evolvin g technology, including any failure of our investment of significant resources in our R&D efforts; failure to retain key Managem ent 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 operatio ns, as well as Management’s response to any of the aforementioned factors; changes in demand for our products and services; dependence on suppliers and m anu facturers; SciPlay’s dependence on certain key providers; ownership changes and consolidation in the gaming industry; fluctua tions in our results due to seasonality and other factors; the risk that any potential disruptions from the Grover acquisition will harm relations hips with customers, employees and suppliers; the possibility that the Company may be unable to achieve expected financial, oper ational and strategic benefits of the Grover acquisition and may not be able to successfully integrate Grover into the Company’s operations; risks as a resu lt of being publicly traded in the United States and Australia, including price variations and other impacts relating to the cur rent dual listing of the Company’s common stock on the ASX and Nasdaq; risks relating to transitioning, or failing to transition, to a sole primary listing on t he ASX, including delisting the Company’s common stock from Nasdaq, which could negatively affect the liquidity and trading pric es 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 familiar with; the possibility that we may be unable to achieve expected operation al, strategic and financial benefits of the SciPlay merger; security and integrity of our products and systems, including the impact of any security brea che s or cyber -attacks; protection of our intellectual property, inability to license third -party intellectual property and the inte llectual property rights of others; reliance on or failures in information technology and other systems; litigation and other liabilities relating to our busines s, including litigation and liabilities relating to our contracts and licenses, our products and systems (including further deve lopments in the Dragon Train litigation described under “Aristocrat Matters” in Note 15 of our quarterly report on Form 10 -Q filed with the SEC for the quarter ended Se ptember 30, 2025), our employees (including labor disputes), intellectual property, environmental laws and our strategic rela tionships; reliance on technological blocking systems; challenges or disruptions relating to the completion of the domestic migration to our enterpr ise resource planning system; laws, government regulations and potential trade tariffs, both foreign and domestic, including thos e relating to gaming, data privacy and security, including with respect to the collection, storage, use, transmission and protection of personal informa tion and other consumer data, and environmental laws, and those laws and regulations that affect companies conducting business o n the Internet, including online gambling; legislative interpretation and enforcement, regulatory perception and regulatory risks with respect to gamin g, including Internet wagering, social gaming and sweep -stakes; changes in tax laws or tax rulings, or the examination of our tax p ositions; opposition to legalized gaming or the expansion thereof and potential restrictions on Internet wagering; significant opposition in some jur isdictions to interactive social gaming, including social casino gaming and how such opposition could lead these jurisdictions t o adopt legislation or impose a regulatory framework to govern interactive social gaming or social casino gaming specifically, and how this could result in a prohibition on interactive social gaming or social casino gaming altogether, restrict our ability to advertise our games, or su bstantially increase our costs to comply with these regulations; expectations of shift to regulated digital gaming; inability to develop successful products an d services and capitalize on trends and changes in our industries, including the expansion of Internet and other forms of digita l gaming; the continuing evolution of the scope of data privacy and security regulations, and our belief that the adoption of increasingly restrictive regulatio ns in this area is likely within the U.S. and other jurisdictions; incurrence of restructuring costs; goodwill impairment charge s including changes in estimates or judgments related to our impairment analysis of goodwill or other intangible assets; stock price volatility; failure to maint ain 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 Decembe r 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 un dertake no and expressly disclaim any obligation to publicly update any forward -looking statements whether as a result of new infor mation, future events or otherwise.
You should also note that this presentation may contain references to industry market data and certain industry forecasts. In dus try market data and industry forecasts are obtained from publicly available information and industry publications. Industry p ublications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completen ess of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verif ied by us and we do not make any representation as to the accuracy of that information. In general, we believe there is less publicly available infor mat ion concerning the international gaming, charitable gaming, social and digital gaming industries than the same industries in the U.S.
Due to rounding, certain numbers presented herein may not precisely recalculate.
All figures throughout this presentation are presented in United States Dollars (“US$”), which is the Company’s reporting cur rency, unless otherwise noted.
2 © 2025 LIGHT & WONDER
Forward – Looking Statements

3 © 2025 LIGHT & WONDER
3Q25 Result Highlights
Robust Profitable Earnings Growth; Scaling Free Cash Flows (1) ; FY2025
Guidance Reiterated (2)
Consolidated
Revenue
+3% YoY
$841M
Consolidated
AEBITDA (1)
+18% YoY
$375M
Adjusted
NPATA (1)
+25% YoY
$153M
Combined N.A.
Installed Base
Over 850+
Units (4 )
Sequentially
Transition to primary
ASX listing (6)
NASDAQ de –
listing
Expected on November
14 th (AUS)
Recurring
Revenue (5)
$580M
~69% of Consolidated
Revenue and +14% YoY

N.A. – North America. (1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP fi nancial measures presented herein is available at the end of this release. (3) Per share amounts are calculated based on weighted average number of diluted shares. (4) 639 Gaming Operations Units and 229 Grover Gaming Units. (5) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (6) Subject to applicable U.S. and Australian regulatory, and other third -party, approvals and processes.
EPSa (1)(3)
+35% YoY
$1.81
Capital returned to
shareholders through
share repurchases
$111M
(3Q25)

4
• Raleigh, NC Headquarter soft opened late October with complete
build -out expected in 4Q25
• Indiana market launch progressing with expected launch in the
coming months
o Building dedicated Indiana team with experienced market and
technical reps to be ready for launch
o Ensuring fulfillment of cabinets and game titles to meet launch
needs with establishment of distribution center
• 1st Light & Wonder game and hardware expected to launch in
Grover venues in early 2026
© 2025 LIGHT & WONDER
Grover Performance and Integration Update
Integration Update Geographic Footprint
Grover 3Q25 Revenue
Contribution
$40M
Current Grover Operating Jurisdictions
Additional Legalized E-Pull Tab States
Paper Pull Tab Legal States
Added Units since 2Q25
+229
Expected to Enter
6 th
Operational State (Indiana)

5 © 2025 LIGHT & WONDER
Leading Cross -Platform Global Games Company
Leveraging our robust R&D engine across complementary gaming platforms to
deliver engaging experiences while maintaining disciplined capital allocation and
operational excellence
Streamlined
business
supported by
robust R&D
High –
performance
culture
Attractive
financial profile
with disciplined
capital
allocation
Unique among
peers in
structure and
operations

Segment
Results &
Highlights
6 © 2025 LIGHT & WONDER

• Gaming revenue +4% YoY to $558M , primarily driven by Gaming
operations (inclusive of Grover) and Table products, partially offset by
Gaming machine sales decreasing due to the timing of game sales
• Gaming AEBITDA +14% YoY to $305M, compared to the prior year
period, primarily due to revenue growth and AEBITDA margin expansion
of 500 bps, inclusive of Grover contributions
• SciPlay revenue -4% YoY to $197M , due to a decline in average monthly
payers, which was partially offset by an increase in average monthly
revenue per paying user. AEBITDA increased 8% to $71M , reflecting
AEBITDA margin expansion of 400 bps primarily driven by our DTC (3)
platform
• iGaming revenue +16% YoY to $86M, and AEBITDA increased 42% to
$34M , both reaching record levels. Revenue growth for the period
reflected continued momentum in N.A. underpinned by first -party content
proliferation and the expansion of our partner network
• AEBITDA margin uplift reflect continued execution on margin
enhancement initiatives to promote operational efficiencies
7 © 2025 LIGHT & WONDER
3Q25 Segment Results Summary
Business Segment Highlights
N.A. – North America. (1) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (2) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (3) Direct -to-consumer.
$ Millions, Unaudited Q3 2025 Q3 2024 Change
Revenue by Segment
Gaming $558 $537 4%
SciPlay 197 206 (4%)
iGaming 86 74 16%
Total Revenue 841 817 3%
AEBITDA by Segment
Gaming 305 267 14%
SciPlay 71 66 8%
iGaming 34 24 42%
Corporate and other (1) (35) (38) 8%
Consolidated AEBITDA (2) 375 319 18%
AEBITDA Margin by Segment
Gaming 55% 50% 500 bps
SciPlay 36% 32% 400 bps
iGaming 40% 32% 800 bps
Consolidated AEBITDA Margin (2) 45% 39% 600 bps

• Gaming Revenue of $558M was +4% YoY, primarily driven by
Gaming operations; inclusive of Grover, Tables products, and
Gaming systems, partially offset by lower Gaming machine sales
o Gaming operations +38% YoY, driven by 15% increase, or
$26M, in base Gaming operations revenue supported by our
portfolio of high -performing Premium, Class II, and core lease
titles, and an incremental $40 million contribution from Grover
o Gaming machine sales was -21% YoY, adversely impacted
by Entain sale (~3,600 units) in the prior year period, and
lower International outright sales (out of cycle hardware
churn in Australia)
o Gaming systems revenue +1% YoY, supported by higher
international hardware sales partially offset by lower N.A.
hardware sales
o Table products revenue +6% YoY, on continued increased
utility sales in N.A.
• AEBITDA +14% YoY to $305M driven by richer product mix with
strong Gaming operations revenue growth (including Grover), lower
Gaming Machine Sales. AEBITDA Margins +500 bps to 55%
8 © 2025 LIGHT & WONDER
Gaming Performance Driven By Gaming Operations Business
Key 3Q25 Gaming Highlights
N.A. – North America.
Revenue AEBITDA
$558
3Q25 3Q24
$1,581
9M25
YTD
9M24
YTD
$537
$1,552
2% 4%
$305
3Q25 3Q24
$839
9M25
YTD
9M24
YTD
$267
$771
9% 14%
Gaming Line of Business
Revenue:
Q3
2025
Q3
2024 Change 9M
2025
9M
2024 Change
Gaming operations $241 $175 38% $624 $515 21%
Gaming machine sales 189 238 (21%) 587 670 (12%)
Gaming systems 72 71 1% 208 213 (2%)
Table products 56 53 6% 162 154 5%
I N $ M I L L I O N S

Gaming Operations KPIs: Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
U.S. and Canadian units:
Installed base at period end 47,240 33,151 42% 47,240 33,151 42%
Average daily revenue per unit (2) $45.35 $49.05 (8%) $46.64 $49.29 (5%)
International units (4)
Installed base at period end 19,494 21,426 (9%) 19,494 21,426 (9%)
Average daily revenue per unit $16.19 $15.11 7% $16.01 $15.08 6%
Gaming Machine Sales KPIs: Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
U.S. and Canadian new unit shipments
Replacement units 5,481 5,476 -% 16,110 15,237 6%
Casino opening and expansion units 540 618 (13%) 1,134 1,103 3%
Total unit shipments 6,021 6,094 (1%) 17,244 16,340 6%
International new unit shipments:
Replacement units 2,550 6,827 (63%) 9,059 15,924 (43%)
Casino opening and expansion units 37 142 (74%) 1,114 1,805 (38%)
Total unit shipments 2,587 6,969 (63%) 10,173 17,729 (43%)
Global new unit shipments 8,608 13,063 (34%) 27,417 34,069 (20%)
Average sales price per new unit (3) $19,637 $17,094 15% $19,532 $18,374 6%
• N.A. installed base increased 42% or ~14,000 units YoY,
inclusive of Grover Gaming of over 11,250 units, to 47,240
units
o Excluding Grover, N.A. install base sequentially
grew 639 units QoQ to 35,985 units , driven by
premium units experiencing its 21st consecutive
quarter of growth. Premium now 52% of N.A. install
base, excluding Grover
o Strong game performance, with 3 out of the top 5
indexing New Premium Leased and Wide -Area –
Progressive games (1)
• N.A. average daily revenue per unit (2) was $45.35, down
8% YoY, impacted by inclusion of Grover units. Excluding
Grover, N.A. average daily revenue per unit grew 5% YoY
• Global Game Sales shipments down ~34% vs. 3Q24,
impacted by timing of International sales, prior year Entain
order (3,600 units) and out of hardware ANZ churn. This is
despite N.A. unit shipments continuing to demonstrate
strength (6,021 units)
• ASP (3) of $19,637 grew ~15% YoY , reflective of sales mix
(i.e. lower Entain ASP (3) in prior year period)
9 © 2025 LIGHT & WONDER
Delivered on Key Gaming Operations Performance Metrics
3Q25 Gaming KPI Highlights
N.A. – North America. (1) Eilers -Krejcik U.S. & Canada Game Performance Report (October 2025). (2) Inclusive of Grover Charitable gaming active devices. (3) Gaming machine sales cabinet average sales price.
(4) Units exclude those related to game content licensing.

10
Cosmic Upright
Key Titles
COSMIC TM
Cosmic Upright
Key Titles
LIGHTWAVE TM
Cosmic Upright
Key Titles
HORIZON TM
Cosmic Upright
Key Titles
COSMIC TM UPRIGHT
Cosmic Upright
Key Titles
LANDMARK TM 7000
Cosmic Upright
Key Titles
KASCADA TM
Gaming Operations Game Sales
Executing on our Hardware and Content Roadmap
KONG: SKULL ISLAND and all related characters and elements © W arner Bros. Entertainment Inc. (s25)​THE W IZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Dorothy from THE W IZARD OF OZ. (s25) FRANKENSTEIN RETURNS and DRACULA is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserve d.“ © 2025 LIGHT & WONDER

• Revenue of $197M, down 4% YoY, attributed to
JACKPOT PARTY softness partially offset by record
revenue at QUICK HIT Slots and 88 FORTUNES ,
which achieved their 15th and 5th consecutive
quarters of record revenues, respectively
• Delivered strong player monetization and DTC (7)
growth
o Increased AMRPPU (5) 11% YoY to $126.23
o Grew ARPDAU (3) 4% YoY and maintained
record $1.08
o DTC (7) platform mix progressed to record $40M
in revenues, or 20% of total SciPlay revenue,
up 800 bps from 12% in 3Q24
• AEBITDA increased 8% YoY for 3Q25, outpaced
revenue growth on healthy AEBITDA margin expansion,
+400 bps to 36%
11 © 2025 LIGHT & WONDER
Continued Progress on SciPlay Direct -to -Consumer Platform
Key 3Q25 SciPlay Highlights
(1)Monthly Active Users in millions. (2) Daily Active Users in millions.(3)Average Revenue Per Daily Active User.(4) Monthly Paying Users in thousands.
(5)Average Monthly Revenue Per Paying User. (6) Calculated by dividing average MPU for the period by the average MAU for the same period. (7) Direct -to-consumer.
SciPlay KPIs: Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
Average MAU (1) 5.2 5.6 (7%) 5.3 5.6 (5%)
Average DAU (2) 2.0 2.1 (5%) 2.0 2.2 (9%)
ARPDAU (3) $1.08 $1.04 4% $1.07 $1.03 4%
Average MPU (4) 514 600 (14%) 533 589 (10%)
AMRPPU (5) $126.23 $113.49 11% $123.75 $114.75 8%
Payer conversion rate (6) 10.0% 10.7% (0.7) pp 10.1% 10.5% (0.4) pp
Revenue AEBITDA
$197
3Q25 3Q24
$599
$206
$617
-3% -4%
$71
3Q25 3Q24
$209
$66
$198
6% 8%
I N $ M I L L I O N S
9M25
YTD
9M24
YTD
9M25
YTD
9M24
YTD

Monetization
• Improve monetization in core social casino titles through
an efficient game economy and robust live ops
• Continue to scale DTC (2) to drive AEBITDA margin uplift
and additional reinvestment into our products
Engagement
• Increase player engagement and retention via enhanced
meta features
• Access to land -based and iGaming slot content to drive
cross platform play
12 © 2025 LIGHT & WONDER
Refining our Acquisition, Engagement and Monetization Flywheel
BREADTH AND DEPTH OF EXPERIENCE
TECHNOLOGY STACK
User
Acquisition Engagement Monetization
Return to Growth Initiatives
Acquisition
• Deploy UA (1) across high ROI channels and opportunities
• Marketing innovation via celebrity & influencer efforts and
real -world product & partnership tie -ins
(1)User Acquisition.(2) Direct -to-consumer. MONOPOLY TM, ® & © 2025 Hasbro. All Rights Reserved. Licensed by Hasbro.
TM

• Delivered another quarter of record revenue of $86M
reflecting continued strong momentum in North America,
underpinned by first -party content proliferation in the U.S.
market and growth of our partner network
o 7 out of the top 10 games across the OGS (1)(2)
network in 3Q25 were 1PP (first party) titles,
including PIROTS and HUFF N’ PUFF franchise
games
o Record GGR (2)(3) at ELK, +42% YoY driven by
record Pirots 4 release and strong content roadmap
expected for 1H26
• Achieved record quarterly AEBITDA of $34M, +42% YoY
• AEBITDA margin of 40% , + 800 bps increase, a function
of increased proprietary content mix and strategic
realignment
• Wagers processed through OGS (1) grew 23% YoY to
$28B with record volumes across all regions and content
types
13 © 2025 LIGHT & WONDER
Achieved Record Performance Underpinned by First Party Content
Key 3Q25 iGaming Highlights
(1) OGS – Light & W onder iGaming platform OPENGAMING TM (or game aggregation) System. (2) Based on OGS Gross Gaming Revenue volumes. (3) Gross Gaming Revenue.
iGaming KPI (in billions): Q3 2025 Q3 2024 Change 9M 2025 9M 2024 Change
Wagers processed through OGS (1) $28.0 $22.8 23% $79.8 $67.0 19%
Revenue AEBITDA
I N $ M I L L I O N S
$86
3Q25 3Q24
$244
$74
$222
10% 16%
$34
3Q25 3Q24
$89
$24
$73
22% 42%
9M25
YTD
9M24
YTD
9M25
YTD
9M24
YTD

Key 3Q25 iGaming Strategic Initiatives
14 © 2025 LIGHT & WONDER
Capitalizing on our Expansive iGaming Product Roadmap
4Q25
Roadmap
(1) Based on OGS Gross Gaming Revenue volumes. (2) Gross Gaming Revenue. (3) OGS – Light & W onder iGaming platform OPENGAMING TM (or game aggregation) System.
Land -Based Favorite
3Q25 Standout Performers
Digital Native
• Proliferation of 1PP (first party) content driven by player
affinity for our proven land -based franchises
o Pirots 4 was the #1 ranked game (1) on GGR (2) volumes
o HUFF N’ MORE PUFF was ranked #2; HUFF N’
LOTS OF PUFF #3; and HUFF N’ EVEN MORE
PUFF #4 (1)
o Player favorite titles such as RAINBOW RICHES ,
HUFF N’ PUFF and ULTIMATE FIRE LINK game
extensions slated to launch in 4Q25
• Continued expansion of our OGS (3) platform connecting
studios and operators in 40+ regulated markets and over
7,500 operator connections, as one of the most mature
iGaming networks in the industry
• Elk studio pending license in MI as studio continues to
expand its U.S. presence
• Rest of World ( RoW ): Received approval to go live in
Philippines as the 1 st licensed supplier and leading land -based
slot supplier in the region

Financials
15 © 2025 LIGHT & WONDER

16 © 2025 LIGHT & WONDER
3Q25 Group Results
(1) Excludes depreciation, amortization and impairments. (2) Refer to the Consolidated AEBITDA definition for a description of items included in restructuring and other. (3) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non -GAAP financial measures is available in the appendix.
(4) Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Refer to non -GAAP financial measure definitions below for further details. (5) Per share amounts are calculated based on weighted average number of diluted shares.
$ Millions, Unaudited Q3 2025 Q3 2024 Change
Total Revenue $841 $817 3%
Cost of services and products (1) (217) (246)
Selling, general and administrative (219) (220)
Research and development (62) (66)
Depreciation, amortization and impairments (108) (90)
Restructuring and other (2) (6) (36)
Total operating expenses (612) (658) 7%
Operating income 229 159 44%
Total other expense, net (90) (78)
Income tax expense (25) (17)
Net income 114 64 78%
Restructuring and other (2) 6 36
Other expense (income), net 6 8
Loss on debt financing transactions 4 2
Income tax impact on adjustments (4) (12)
Adjusted NPAT (3) 126 98 29%
Amortization of acquired intangibles and impairments 35 31
Income tax impact on adjustments (8) (7)
Adjusted NPATA (3) 153 122 25%
Interest expense 84 73
Income tax expense and adjustments 37 36
Normalised EBITA (3)(4) 274 231 19%
Depreciation and amortisation expense 73 59
Stock based compensation 28 29
Consolidated AEBITDA (3) $375 $319 18%
• Consolidated revenue +3% YoY to $841M , primarily driven by a 4%
increase in Gaming revenue coupled with record iGaming revenue,
which increased 16% YoY. Grover contributed $40M to consolidated
revenue during the quarter
• Net Income +78% YoY to $114M , supported by consolidated revenue
growth and record AEBITDA margins across all businesses, reflecting
continued operational efficiencies and disciplined cost management, as
well as lower restructuring and other costs related to certain legal reserves
recorded in the prior year
• Net income per share (5) increased by 89% to $1.34 , compared to $0.71
in the prior year period
• Consolidated AEBITDA (3) +18% YoY to $375M , primarily driven by
revenue growth from Gaming and iGaming coupled with strong AEBITDA
margin expansion across all businesses and contributions by Grover
• Adjusted NPATA (3) +25% YoY to $153M , primarily benefiting from
revenue growth and expanded AEBITDA margins across all businesses,
including Grover contributions
• Adjusted NPATA per share (EPSa) (3)(5) increased 35% to $1.81 ,
compared to $1.34 in the prior year period
Performance Highlights

17 © 2025 LIGHT & WONDER
Consolidated AEBITDA (1) & Adjusted NPATA (1) Bridge
• Gaming AEBITDA +$38M YoY driven by North America Gaming operations
growth (higher units coupled with RPD (4) uplift on broad -based game
performance), Grover inclusion, and lower Game Sales
• SciPlay AEBITDA +$5M YoY on DTC margin expansion, partially offset by
revenue decline
• iGaming AEBITDA +$10M YoY on revenue growth, richer product mix (i.e.,
increased 1PP) content and discontinuation of Live Casino (~$3M AEBITDA
impact vs. prior year corresponding quarter)
• Corporate and other (2) +$3M YoY driven by margin expansion initiatives
and on -going operational efficiencies
• Consolidated AEBITDA (1) +$56M YoY driven by revenue growth and record
AEBITDA margins across all businesses
• Depreciation and amortization (D&A) -$14M YoY from the inclusion of
Grover units and success -based Gaming operations capital expenditures
• Interest Expense -$11M YoY driven by higher debt levels due to payments
related to Grover acquisition and share buyback activity
Adjusted NPATA (1) Drivers
(1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (3) Stock based compensation. (4) Revenue per day.
3Q24
Consolidated
AEBITDA (1)
Gaming SciPlay iGaming Corporate
and other (2) 3Q25
Consolidated
AEBITDA (1)
3Q24
Adjusted
NPATA (1)
Consolidated
AEBITDA (1) D&A SBC (3) Income
Tax
Interest
Expense
Consolidated AEBITDA (1) Drivers
38 5
10 3
$319
$375
56
(14)
1
(11) (1)
$122
$153
I N $ M I L L I O N S
3Q25
Adjusted
NPATA (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) Includes $5 million and $25 million collected for the three and nine months ended September 30, 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. (3) Recurring Revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues.
18 © 2025 LIGHT & WONDER
Generated Strong Free Cash Flow (1)
$ Millions, Unaudited Q3 2025 Q3 2024 9M 2025 9M 2024
Operating cash
Net cash provided by operating activities $184 $119 $475 $430
Less: Capital expenditures (79) (71) (218) (224)
Add: Payments on contingent acquisition considerations – – – 22
Less: Payments on license obligations (16) (6) (28) (20)
Add (less): Change in restricted cash impacting working capital 47 41 47 36
Free Cash Flow (1)(2) 136 83 276 244
Supplemental cash flow information
Litigation settlements – – 73 –
Professional fees, services and other costs related to strategic
review and the Grover acquisition 13 – 16 –
Net income conversion (Net cash provided by operating
activities /Net income) 161 % 186 % 163 % 189 %
$ Millions, Unaudited Q3 2025 Q3 2024 9M 2025 9M 2024
Consolidated AEBITDA (1) 375 319 1,038 929
Free cash flow conversion (FCF/Consolidated AEBITDA (1)) 36% 26% 27% 26%
Adjusted NPATA (1) 153 122 406 354
Free cash flow conversion (FCF/Adjusted NPATA (1)) 89% 68% 68% 69%
Key 3Q25 Highlights
• Free Cash Flow (1)(2) was $136M in the quarter,
+64% YoY ($83M in 3Q24) led by earnings
growth, lower cash tax payments, partially offset
by higher interest payments (post Grover
acquisition, buy -back activity)
• Emphasis on scaling recurring revenue (3)
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
• Adjusted NPATA (1) Cash Conversion of 89%
(36% on Consolidated AEBITDA (1) basis, up 1000
bps on prior year)

19 © 2025 LIGHT & WONDER
• Principal face value of debt (1) outstanding: $5.0B
• Net debt leverage ratio (2) 3.5x; Combined net debt leverage ratio (2)
of 3.3x
• Target net debt leverage ratio (2)(3) range: 2.5x to 3.5x
3Q25 Key Highlights
(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presenta tion found in Note 10 to the Condensed Consolidated Financial Statements in our September 30, 2025, Form 10 -Q. (2) Represents a non -GAAP financial measure. Additional information on non -GAAP financial measures presented herein is available in the appendix. (3) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP fi nancial measures presented herein is available in the appendix. (4) Net of deferred financing and bond discount. (5) As of 9/30/2025.
MATURITY SCHEDULE (5)
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Available
Revolver
Cash
Term Loan B
Notes
Term Loan A
I N $ M I L L I O N S
3.0 x 3.0 x 2.9 x 3.0 x 3.0 x 3.4 x 3.3 x
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
• Average tenor: ~5.0 years , with outstanding bonds extended from
2028 to 2033, while reducing interest rate
• Effective net interest rate (4): 7.2%
• Current fixed vs. floating debt mix is 55% vs. 45%
• Maintained $1.2B of available liquidity (5)
Net Debt
Leverage Ratio (2) Reported Net Debt
Leverage Ratio (2)
3.7x
3.5x
Combined Net Debt
Leverage Ratio (2)
Optimizing Capital Structure
Quarterly Net Debt Leverage Ratio (2) Summary

$25
$150
$44
$243
$166
$100 $111
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
20 © 2025 LIGHT & WONDER
Executing on Our Capital Allocation Framework
Investment in business for growth
Strategic investments in R&D, content development,
and growth initiatives across all platforms
Capital return to shareholders (3)
Average quarterly repurchase activity ~ $120M,
FY24 -FY25 YTD

Retain flexible balance sheet
Maintain net leverage ratio within target range (1)(2)
of 2.5x – 3.5x to preserve financial flexibility and a
healthy liquidity position
Targeted R&D and CapEx
Investment (2)
~17% of Consolidated Revenue
• Retain a highly flexible capital structure which enables us to deploy balance
sheet capacity opportunistically when appropriate
• Anticipate utilizing a meaningful share of the available buyback capacity in
4Q25, to capitalize on compelling value accretion opportunities while
preserving a healthy liquidity position (4)
• Pending the extent of share repurchase activity, net debt leverage ratio may
slightly go above the targeted range, if that was to occur, we would expect to
quickly return within the target range (1)(2)
• Aim be at the lower end of the range over the long run absent any capital
allocation opportunities
• 3Q25 share repurchases of $111M
• Subsequent to end of 3Q, we repurchased an additional $101M of
shares, with residual buy -back capacity (existing authorized
program) of $735M remaining as of October 31, 2025
• Retain discretion to accelerate repurchase activity to capitalize on
compelling value accretion opportunities, with flexibility to undertake
buy -back on both NASDAQ (prior to de -listing) and ASX (4)
(1) Additional information on the non -GAAP financial measure targeted net debt leverage ratio is available in the appendix. (2) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP fi nancial measures presented herein is available in the appendix. (3) Targeting spend of ~17% of revenue on R&D and Capital Expenditures. Q3 actual 16.8%, within QoQ targeted range between 15% an d 20% of consolidated revenues. (4) Share repurchase activity is subject to necessary regulatory approvals, capital allocation priorities and prevailing market c ond itions.
I N $ M I L L I O N S

Strategic
Update
21 © 2025 LIGHT & WONDER

22 © 2025 LIGHT & WONDER
Execution towards our FY28 financial targets
$2.0B
Targeted 2028
Consolidated
AEBITDA (1)
Targeted 2028
EPSa (1) >$10.55
~ 2X 2024 EPSa to
EXECUTE
on our growth
pillars
OPTIMIZE
operations and
processes
INVEST
in our people,
platforms, and
technology
ENHANCE
existing high –
performance
culture
(1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably 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 corres pon ding measures calculated in accordance with GAAP.

23 © 2025 LIGHT & WONDER
Positioned to Fuel Growth Across Complementary Verticals
• Grow North America Premium
Installed Base and RPD (1)
• Expand Global Ship Share (2)
across all Game Sale
segments and proliferation in
adjacencies
• Increase Systems revenue
while growing software mix
• Maintain leadership in Shufflers
& Tables (3)
• Grow share in ETG (4) product
lines
• Increase global 1 st party
content market share
• Expand 2 nd and 3 rd party
partnerships
• Entry and leadership position in
nascent and opening markets
• Increase global PAM (9) client
base
• Grow all existing core games
above market
• Develop and invest in new
IAA (5) and IAP (6) games
• Proliferation of SciAlgo
• Improve UA (7) spend efficiency
• Scale DTC (8) sustainably
• Expand share in existing
6 markets (10)
• Entry to additional legalized
states
• Introduce L&W brands
and mechanics
• Merged entity scale allowing
for enhanced operating
leverage
• Potential for additional state
legalizations
Gaming iGaming SciPlay Charitable
(1) Average Daily Revenue per Unit. (2) Eilers -Krejcik Gaming Supplier KPIs (3Q25). (3) Internal Estimates. (4) Electronic Table Games.(5) In -App Advertising.
(6) In -App Purchase. (7) User Acquisition.(8) Direct -to-Consumer. (9) Player Account Management.(10) Expected to enter Indiana in Early 2026.

Timeline of Delisting from NASDAQ and Standard Listing on the ASX (1)
24 © 2025 LIGHT & WONDER
Key Points Expected Timetable
Decision made after thorough review
NASDAQ delisting expected to occur on
13 November (U .S .)(1)
Aligns with long -term growth plans and a
large part of our investor base
NASDAQ shareholders encouraged to
transmute shares to CDIs listed on the
ASX in advance of delisting
Event Date ( U .S.) Date (AUS)
Filing of Form 25 notice
of delisting with SEC Monday, November 3 Tuesday, November 4
Release of 3Q25
results Wednesday, November 5 Thursday, November 6
Suspension of trading
on Nasdaq Wednesday, November 12 Thursday, November 13
Delisting from Nasdaq
effective Thursday, November 13 Friday, November 14
Commencement of
trading on ASX on
standard -listing basis
Thursday, November 13 Friday, November 14
(1) Subject to applicable U.S. and Australian regulatory, and other third -party, approvals and processes.

25 © 2025 LIGHT & WONDER
Expected Litigation Timeline Update
Key Dates in the USA and Australia (1)
USA
Monday, February 26, 2024 Aristocrat lawsuit filed in Nevada federal
district court against Light & Wonder.
Wednesday, May 22, 2024 Aristocrat filed a motion for a preliminary
injunction.
Monday, September 23, 2024
The Nevada district court granted
Aristocrat’s motion for a preliminary
injunction.
Monday, December 15, 2025 Fact discovery is set to close in the
Nevada lawsuit.
Monday, March 16, 2026 Expert discovery is set to close in the
Nevada lawsuit.
Wednesday, April 15, 2026 Deadline to file dispositive motions.
TBD Trial (if necessary, after rulings on
dispositive motions).
AUS
Friday, October 4, 2024
Aristocrat lawsuit filed in Australian federal court
against Light & Wonder, including a request for
an interlocutory injunction.
Thursday, February 6, 2025 The Australian federal court denied Aristocrat’s
request for an interlocutory injunction.
Monday, July 7, 2025
The Australian federal court entered an order
directing that evidence in the proceeding is to be
heard in two tranches, with final orders being
made after a hearing on the second tranche of
evidence.
Monday, June 29, 2026 –
Friday, July 17, 2026 (2)
Trial relating to the first tranche of evidence is
provisionally scheduled for June 29 – July 17,
2026.
TBD Trial relating to the second tranche of evidence.
(1) Based on current management expectations for future dates. (2) Subject to change and remain in discretion of the courts.

Appendix
26 © 2025 LIGHT & WONDER

27
Non -GAAP Financial Measures
Management uses the following non -GAAP financial measures in conjunction with GAAP financial measures: Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (on a diluted basis ) (also referred to as EPSa ), Normalized EBITA, Consolidated AEBITDA, Grover Adjusted EBITDA, Combined AEBITDA, Consolidated AEBITDA margin, Free cash flow, Net debt, Net debt leverage ratio and Combined net debt leverage ratio (each, as described more fully below). These non -GAAP financial measures are presented as supplemental disclosures. They should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed with the SEC. The non – GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. Following our dual listing and pending transition to a sole primary listing on the ASX, Management introduced usage of Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (EPSa) and Normalized EBITA, all of which are non -GAAP financial measures and are widely used to measure the performance as well as a principal basis for valuation of gaming and other companies listed on the ASX. Specifically, Management uses Consolidated AEBITDA to, among other things: (i) monitor and evaluate the performance of the Company’s operations; (ii) facilitate Management’s internal and external comparisons of the Company’s consolidated historical operating performance; and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, Management uses Consolidated AEBITDA and Consolidated AEBITDA margin to facilitate its external comparisons of the Company’s consolidated results to the historical operating performance of other companies that may have different capital structures and debt levels. Following the closing of the Grover acquisition, Management introduced usage of certain of these non -GAAP financial measures on a “Combined” basis. Combined non -GAAP financial measures include results for both the Company and Grover on a combined basis, inclusive of periods prior to the closing of the acquisition. The Combined measures do not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or other synergies that have been or may have been achieved if the business combination occurred as of the beginning of the applicable twelve -month period . We cannot assure you that such measures would not be materially different if such information were audited or that our actual results would not differ materially from the Combined measures if the acquisition had been completed as of the beginning of the applicable period . Management uses Net debt, Net debt leverage ratio and Combined net debt leverage ratio in monitoring and evaluating the Company’s overall liquidity, financial flexibility and leverage. Management believes that these non – GAAP financial measures are useful as they provide Management and investors with information regarding the Company’s financial condition and operating performance that is an integral part of Management’s reporting and planning processes. In particular, Management believes Adjusted NPAT , Adjusted NPATA , Adjusted NPATA per share and Normalized EBITA are useful for investors because they provide investors with additional perspective on performance, as the measures eliminate the effects of , as applicable, amortization of acquired intangible assets, restructuring, transaction, integration, certain other items, and the income tax impact on such adjustments, which Management believes are less indicative of the ongoing underlying performance of operations and are better evaluated separately. These measures are widely used to measure performance of gaming and other companies listed on the ASX. Management believes that Consolidated AEBITDA is helpful because this non -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 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. 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.
Adjusted NPAT and Adjusted NPATA
Adjusted NPAT and Adjusted NPATA , as used herein, are non -GAAP financial measures that are presented as supplemental disclosures of the Company’s operations and are reconciled to net income as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Consolidated AEBITDA , Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” which includes reconciliations for several non -GAAP financial measures. Adjusted NPAT and 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 NPAT and Adjusted NPATA may differ from similarly titled measures presented by other companies.
Adjusted NPAT is reconciled to Net income and includes the following adjustments, as applicable: (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; an d (vi) acquisition – and disposition -related costs, strategic review and other unusual items; ( 2) Loss on debt financing transactions; ( 3) Change in fair value of investments and Gain on remeasurement of debt and other; ( 4) Income tax impact on adjustments ; and ( 5) Other expense (income), net, including foreign currency gains or losses and earnings from equity investments. Adjusted NPATA is reconciled to Net income and includes the following incremental adjustments to those used to reconcile Adjusted NPAT: (1) Amortization of acquired intangible assets; (2) Non -cash asset and goodwill impairments; and (3) Income tax impact on adjustments . Adjusted NPATA target for fiscal year 2028 denotes a non -GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of Adjusted NPATA target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP.
© 2025 LIGHT & WONDER

Non -GAAP Financial Measures (continued)
28
Adjusted NPATA Per Share – Diluted (EPSa)
Adjusted NPATA per share ( EPSa ), 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 with respect to Adjusted NPATA as described in the schedule titled “Reconciliation of Consolidated AEBITDA , Normalized EBITA , Adjusted NPATA and Adjusted NPAT” in per share amounts . Adjusted NPATA per share (EPSa) target for fiscal year 2028 denotes a non -GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of Adjusted NPATA per share target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP.
Normalized EBITA
Normalized EBITA, as used herein, is a non -GAAP financial measure that is presented as 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 Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” which includes reconciliations for several non -GAAP financial measures. Normalized EBITA 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. Normalized EBITA may differ from similarly titled measures presented by other companies.
Normalized EBITA is reconciled to Net income and includes the following adjustments, as applicable: (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, strategic review and other unusual items; (2) Loss on debt financing transactions; (3) Change in fair value of investments and Gain on remeasurement of debt and other; (4) Other expense (income), net, including foreign currency gains or losses and earnings from equity investments; (5) Amortization of acquired intangible assets; (6) Non -cash asset and goodwill impairments; (7) Interest expense; and (8) Income tax expense and impact on adjustments.
Consolidated AEBITDA
Consolidated AEBITDA, 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 Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” which includes reconciliations for several non -GAAP financial measures. 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 and includes the following adjustments, as applicable: (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, strategic review and other unusual items; (2) Depreciation, amortization and impairment charges and Goodwill impairments; (3) Loss on debt financing transactions; (4) Change in fair value of investments and Gain on remeasurement of debt and other; (5) Interest expense; (6) Income tax expense and impact on adjustments; (7) Stock -based compensation; and (8) 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 target for fiscal year 2028 denotes a non -GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of Consolidated AEBITDA target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, 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. 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.
© 2025 LIGHT & WONDER

Non -GAAP Financial Measures (continued)
29
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.
Combined AEBITDA
Combined AEBITDA, as used herein, is a non -GAAP financial measure that combines Consolidated AEBITDA and Grover Adjusted EBITDA 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 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 the schedule below titled “Reconciliation of Consolidated AEBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT.”
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 Consolidated AEBITDA or Adjusted NPATA (as defined above ), as applicable. Free cash flow conversion is a non -GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only.
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 in Note 10 of the Company’s Quarterly Report on Form 10 -Q for the quarter ended September 30, 2025.
Net debt leverage ratio, as used herein, represents Net debt divided by Consolidated AEBITDA. Combined net debt leverage ratio, as used herein, represents Net debt divided by Combined 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, Normalized EBITA, Adjusted NPATA and
Adjusted NPAT
Note: Unaudited, U.S. Dollars in millions.1. Refer to the Consolidated AEBITDA definition above for a description of items included in restructuring and other. 2. Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Refer to non -GAAP financial measure definitions below for further details . 30 © 2025 LIGHT & WONDER

L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA 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 and Grover Adjusted EBITDA, as applicable for the periods presented herein . 31 © 2025 LIGHT & WONDER

32
Note: Unaudited, U.S. Dollars in millions.1. Refer to the Adjusted NPATA definition above for a description of items included in restructuring and other.
L&W Reconciliation of Adjusted NPATA Per Share
© 2025 LIGHT & WONDER

33
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 and Grover Adjusted EBITDA, as applicable. Refer to the reconciliation of C omb ined AEBITDA included in the table titled “Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA” for the periods presented on slide 31. 2. 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.
© 2025 LIGHT & WONDER

34
L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Note: Unaudited, U.S. Dollars in millions.1. Includes $5 million and $25 million collected for the three and nine months ended September 30, 2025, related to Management d esi gnated restricted funds associated with certain Dragon Train game sales in which control of the units have transferred to the customer, but the title transfer w as pending until the final payment.
© 2025 LIGHT & WONDER

35
L&W Adjusted NPATA to Free Cash Flow Conversion Illustration
Note: Unaudited, U.S. Dollars in millions.1. Represents a non -GAAP measure reconciled to Net cash provided by operating activities on slide 34. 2. Represents a non -GAAP measure reconciled to Net income on slide 30. 3. Free cash flow conversion is a non -GAAP measure calculated as Free cash flow as a percentage of Consolidated AEBITDA or Adjusted NPATA, as applicable. Refer to non -GAAP financial measure definitions above for further details.
© 2025 LIGHT & WONDER

36
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, No rmalized EBITA, Adjusted NPATA and Adjusted NPAT” for the periods presented on slide 30. 2. Consolidated AEBITDA margin is calculated as Consolidated AEBITDA as a percentage of revenue. © 2025 LIGHT & WONDER