Light & Wonder FY2026 Q1 Earnings Release

First Quarter 2026
Earnings Presentation
May 6, 2026
© 2 0 2 6 L I G H T & W O N D E R | C O N F I D E N T I A L

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

3
Performance Supported by Diverse and Resilient Businesses
High Margin, Cash -Generative, Omni -Channel Driven Business

1Q26 Overview
© 2026 LIGHT & WONDER
Consolidated
Revenue
$790M
+2% YoY
Consolidated
AEBITDA (1)
$327M
+5% YoY
Adjusted NPATA (1)
$115M
-2% YoY
N.A. Premium
Installed Base Net
Adds Over
2,550 Units
YoY
Capital returned to
shareholders
through share repurchases (3)
$22M
Recurring
Revenue (2)
$ 574 M
+13% YoY
~73 % of 1Q2026
Consolidated Revenue

EPSa (1)
$1.45
+7% YoY
Adjusted Free
Cash Flow (1)
$207M
+86 % 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) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues . (3) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market condit ions.

• Consolidated Revenue growth +2% driven by Gaming and
iGaming, underpinned by continued operational momentum and
game content strength, partially offset by softness at SciPlay
• Consolidated AEBITDA (2) growth +5% driven by:
o Grover contribution
o Business segment margin expansions, as we continue to build
on our diversified, recurring -revenue (3) oriented business
model
o Higher corporate costs on elevated legacy legal matter related
expenses and initial AI investments
• Disciplined focus on profitability led to meaningful YoY AEBITDA
margin expansion across all segments as we continue to identify and
execute on business efficiencies across the organization
• Our omni -channel portfolio, robust R&D engine, strong structural
moat, and ongoing investments into AI initiatives and infrastructure,
positions us well for sustainable growth and efficiency
4
1 Q26 Consolidated and Segment Results Summary
Highlights
(1) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (2) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (3) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues.
$ Millions, Unaudited Q1 2026 Q1 2025 Change
Revenue by Segment
Gaming $512 $495 3%
SciPlay 187 202 (7%)
iGaming 91 77 18%
Total Revenue 790 774 2%
AEBITDA by Segment
Gaming 271 254 7%
SciPlay 66 64 3%
iGaming 33 27 22%
Corporate and other (1) (43) (34) (26%)
Consolidated AEBITDA (2) 327 311 5%
AEBITDA Margin by Segment
Gaming 53% 51% 200bps
SciPlay 35% 32% 300bps
iGaming 36% 35% 100bps
Consolidated AEBITDA (2) Margin 41% 40% 100bps
© 2026 LIGHT & WONDER

Guided Outlook Status Key Performance Metrics
Gaming – N.A. Premium installed base Over 500 units per quarter;
2024 to 2028: +400 bps market share (1)
Gaming – Global game sales market share 2024 to 2028: +400 bps market share (1)
SciPlay – Revenue Above market (2) performance
SciPlay – ARPDAU (3) 2024 to 2028: +30%
SciPlay – DTC (4) as % of revenue 2028: 30% of SciPlay revenue
SciPlay – DAU (5) No guidance provided
iGaming – 1PP content global market share 2024 to 2028:+300 bps (6) to over 10%
Grover – Installed base growth 100 -150 units added per quarter ex.
Indiana
1Q26 Update
N.A. Premium installed base 56% of N.A. total installed base with over
650 units added in the quarter; +2,550 units YoY
Strong N.A. replacement sales (ex. adjacencies); Timing of international
sales (new openings in PY)
Performance below market (2)
Slight Decline YoY
27% in 1Q26 vs 13% in 1Q25
1.9M DAU (5) stabilized with mode st improvement QoQ on UA efforts
Continued revenue growth on 1PP content. iGaming revenues +18% YoY
Revenue increase supported by growth in all markets , with 660 adds in the
quarter
N.A. Gaming – Revenue per day No guidance provided Strong trends in both N.A. Gaming and Grover
Company – Consolidated AEBITDA (7) 2028: $2.0B Consolidated AEBITDA (7) All businesses delivered YoY growth , +5% YoY
N.A. – North America. (1) Based on EILERS Gaming Supplier KPIs Report. (2) Based on EILERS Social Casino Gaming Tracker – 1Q26 . (3) Average Revenue Per Daily Active User. (4) Direct -to-consumer. (5) Daily Active Users in millions . (6) Internal iGaming estimates.
(7) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP. (8) Adjusted NPATA per share ( EPSa ) is calculated based on weighted average number of diluted shares.
5 © 2026 LIGHT & WONDER
KPI Assessment Against Guide d Outlook
Company – EPSa (7)(8) 2028: >US$10.55 EPSa (7)(8) 1Q26 EPSa (7)(8) of $1.45 , +7.4% on prior year period ($1.35)

Segment
Results &
Highlights
6 © 2026 LIGHT & WONDER

• Gaming revenue of $512M +3% YoY, led by strong Gaming
operations growth inclusive of Grover and robust Table products
growth, partially offset by lower Gaming machine sales and Gaming
systems revenue
o Gaming operations +38% YoY, led by growth in Premium
Gaming operations, and $43M of contribution from Grover
o Gaming machine sales -25% YoY, reflective of the timing of
international unit shipments and N.A. adjacencies in the prior
year period
o Gaming systems revenue -14% YoY, primarily driven by
timing related hardware sales impacts in N.A. and EMEA
o Table products revenue +24% YoY, supported by higher
utility sales in N.A., and higher product sales across EMEA
and Asia
• AEBITDA of $ 271M , +7% YoY, driven by strong Gaming operations
and Table products growth, margin expansion and Grover
contributions
• AEBITDA Margin of 53%, +200 bps YoY , attributed to favorabl e
revenue mix (Gaming Operations, Grover units install base)
7
Gaming Performance Driven by Diversified Portfolio
Gaming Highlights
N.A. – North America.
Revenue AEBITDA
Gaming Line of Business Revenue: Q1 2026 Q1 2025 Change Status
Gaming operations $239 $173 38%
Gaming machine sales 156 208 (25%)
Gaming systems 54 63 (14%)
Table products 63 51 24%
I N $ M I L L I O N S
N.A. – North America .
© 2026 LIGHT & WONDER
$512
1Q26 1Q25
$495
+3%
$271
1Q26 1Q25
$254
+7%

Gaming Operations KPIs: Q1 2026 Q1 2025 Change Status
U.S. and Canadian units: (2)
Installed base at period end 48,600 34,501 41%
Average daily revenue per unit $48.01 $46.68 3%
International units (3)
Installed base at period end 18,710 19,896 (6%)
Average daily revenue per unit $15.96 $15.07 6%
Gaming Machine Sales KPIs: Q1 2026 Q1 2025 Change Status
U.S. and Canadian new unit shipments
Replacement units 4,731 5,398 (12%)
Casino opening and expansion units 293 371 (21%)
Total unit shipments 5,024 5,769 (13%)
International new unit shipments:
Replacement units 2,107 2,998 (30%)
Casino opening and expansion units 69 1,003 (93%)
Total unit shipments 2,176 4,001 (46%)
Global new unit shipments 7,200 9,770 (26%)
Average sales price per new unit (4) $19,722 $19,996 (1%)
• N.A. Installed base increased 41% or ~14,100 units YoY to 48,600
units, inclusive of over 12,200 Grover units
o Premium units grew for 23 consecutive quarters (5); with
over 2,550 net adds YoY, premium units now represents over
56% of our total N.A. installed base, underpinned by our
diverse content portfolio
• N.A. average daily revenue (ADR) per unit +3% to over $48/day
on strong game performance, and mix. Excluding Grover units ’
contribution in 1Q26 (6), ADR per unit was up 8% YoY
• Despite strong U.S. core game machine performance, Gaming
machine sales declined 26% to 7,200 units, reflecting (1) Lower
North America RFP (7)-based VLT (8) sales versus the prior comparable
year; (2) Timing of hardware cycle in an increasingly competitive
Australian market; and (3) Fewer international new openings and
expansions
• Expect product launches and robust content calendar to drive
sales in 2H26
• ASP of $19,722 was relatively flat on pricing power of our premium
cabinets, less, lower international sales
8
Gaming Continues to Build on Strong Recurring Revenue
(1) Foundation
Gaming KPI Highlights
N.A. – North America. (1) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (2) Inclusive of Grover charitable gaming installed base . (3) Units exclude those related to game content licensing.
(4) Gaming machine sales cabinet average sales price . (5) Premium install base excludes Grover install base. (6) First -quarter 2025 revenue per day is not inclusive of Grover due to acquisition being made in the second quarter. (7) Request for Proposal. (8) Video Lottery Terminals. © 2026 LIGHT & WONDER

9
• 1Q26 Revenue contribution of $43M , on strong
performance across existing markets and Indiana entry
• Added 660 units sequentially QoQ, to end 1Q26 with over
12,200 units installed
• Over 1,250 units have now been added to the Grover
install base since end of 2Q25
• First Light & Wonder title EUREKA TREASURE TRAIN TM
was launched in Indiana, demonstrating strong player
engagement. Its debut launch provides us confidence in
the expectant steady flow of Light & Wonder hardware and
content to be introduced throughout the remainder of 2026
• Across Indiana (new market), unit economics scaled
progressively throughout the quarter
• Attractive greenfield and legalized market opportunities,
supports positive momentum
Grover Scales Into Indiana with L&W Integration Underway
Grover Highlights Geographic Footprint
© 2026 LIGHT & WONDER
Current Grover Operating Jurisdictions
Regulated Markets
Pending Legislation
Ending Install Base(Units)
EPTs Legal Only in Bell Jar Form
11,022
11,289
11,634
12,294
2Q25 3Q25 4Q25 1Q26

• Revenue of $187M, down 7% YoY, attributed to:
o Lower addressable market
o JACKPOT PARTY softness, and
o Impact from meaningful DTC (7) expansion
• Across broader games portfolio, YoY revenue gains
across QUICK HIT and 88 FORTUNES , and a 6 th
consecutive revenue growth quarter at MONOPOLY
Slots
• Direct to Consumer (DTC) (7) revenues grew to a
record $50M in 1Q26 (+85% from $27M, 1Q25); Now
represents ~27% of SciPlay revenu e
• Improving sequential player attraction / engagement
(MAU/DAU flat to modest increases), whil e maintaining
player monetization momentum on prudent UA (8)
spend. AMRPPU (5) grew 8% YoY to $126.30
• AEBITDA increased 3% YoY, attributed to margin
improvement through DTC (7) scaling
10
SciPlay Highlights
MONOPOLY © 1935, 2026 Hasbro. All Rights Reserved(1)Monthly Active Users in millions. (2) Daily Active Users in millions.(3)Average Revenue Per Daily Active User.(4) Monthly Paying Users in thousands.
(5)Average Monthly Revenue Per Paying User. (6) Calculated by dividing average MPU for the period by the average MAU for the same period. (7) Direct -to-consumer. (8) User Acquisition.
SciPlay KPIs: Q1 2026 Q1 2025
YoY
Change Q4 2025
QoQ
Change Status
Average MAU (1) 5.1 5.5 (7%) 4.9 4%
Average DAU (2) 1.9 2.1 (10%) 1.9 –
ARPDAU (3) $1.05 $1.06 (1%) $1.10 (5%)
Average MPU (4) 486 572 (15%) 483 1%
AMRPPU (5) $126.30 $116.96 8% $133.24 (5%)
Payer conversion rate (6) 9.6% 10.4% (0.8) pp 9.9% (0.3) pp
Revenue AEBITDA
$187
1Q26 1Q25
$202
-7%
$64
I N $ M I L L I O N S
© 2026 LIGHT & WONDER
1Q26 1Q25
3%
$66
SciPlay Margin Increase on Direct -to -Consumer Expansion

• Delivered quarterly revenue of $91M, up 18% YoY ,
on strong game performance and continued
momentum in N.A.
o 8 out of the top 10 games across the OGS (1)(2)
network in 1Q26 were first -party titles
o HUFF N’ LOTS OF PUFF and PIROTS 4
claimed the #1 and #2 rankings on GGR (3)
volumes
o 5th sequential period of global first -party
content GGR (3) growth on OGS (1)
• AEBITDA grew 22% YoY to $33M, led by greater 1PP
content proliferation and expansion of our partner
network
• AEBITDA margin of 36%, +100 bps YoY delivered on
strong game performance and revenue flow through
11
iGaming Content Leadership Drive Another Strong Quarter
iGaming Highlights
iGaming KPI (in billions): Q1 2026 Q1 2025 Change Status
Wagers processed through OGS (1) 29.9 25.2 19%
Revenue AEBITDA
N.A. – North America. (1) OGS – Light & W onder iGaming platform OPENGAMING TM (or game aggregation) System. (2) Based on OGS Gross Gaming Revenue volumes. (3) Gross Gaming Revenue. © 2026 LIGHT & WONDER
$91
1Q26 1Q25
$77
18%
$33
1Q26 1Q25
$27
22%
I N $ M I L L I O N S

12
Capitalizing on iGaming Opportunities with Expanded Roadmap
2Q26
Roadmap
© 2026 LIGHT & WONDER
• First -party content proliferation across existing markets .
Following the success of HUFF N’ PUFF and PIROTS
franchises, extend momentum with more franchise extensions and
games from THE WIZARD OF OZ , WILLY WONKA and our
BIG HOT FLAMING POTS series slated for launch in 2Q26
• Consolidate positions in recent new markets entered (e.g.,
strong initial performance in South Africa)
• Target New market opportunities, including:
o Alberta, Canada commercial launch (3Q26)
o Elk studios push further into North America
o Final stages of regulatory approval in Pennsylvania
(launch anticipated 2H26)
o Licenses already held in New Jersey and Michigan
• Headwind: U.K. tax rate change to 40% , up from 21%,
impact ing ~15% to 20 % of segment revenues , effective Q2 (1)
iGaming Outlook
W ILLY W ONKA & THE CHOCOLATE FACTORY 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. (s26 ) (1) Estimated impact based on internal estimates.

Financials
13 © 2026 LIGHT & WONDER

1Q26 Performance Highlights
14
1Q26 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) Includes $2 million and $3 million in impairment charges for the three months ended March 31, 2026 and 2025, respectively. (5) Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Additional information on non -GAAP financial measures is available in the appendix. (6) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares.
$ Millions, Unaudited Q1 2026 Q1 2025 Change
Revenue $790 $774 2%
Cost of services and products (1) (194) (211)
Selling, general and administrative (237) (217)
Research and development (67) (65)
Depreciation, amortization and impairments (108) (91)
Restructuring and other (2) (54) (20)
Total operating expenses (660) (604) 9%
Operating income 130 170 (24%)
Total other expense, net (68) (65)
Income tax expense (10) (23)
Net income 52 82 (37%)
Restructuring and other (2) 54 20
Other (income) net (12) (1)
Loss on debt financing transactions 2 1
Income tax impact on adjustments (9) (5)
Adjusted NPAT (3) 87 97 (10%)
Amortization of acquired intangibles and impairments (4) 36 26
Income tax impact on adjustments (8) (6)
Adjusted NPATA (3) 115 117 (2%)
Interest expense 81 68
Income tax expense and adjustments 27 34
Normalized EBITA (3)(5) 223 219 2%
Depreciation and amortization expense 72 65
Normalized EBITDA 295 284 4%
Stock -based compensation 32 27
Consolidated AEBITDA (3) $327 $311 5%
• Consolidated Revenue +2% YoY to $790M , driven by:
o Gaming revenues +3% (inclusive of $43M from Grover )
o iGaming revenues +18 %
o 7% decline in SciPlay revenue
• Net Income of $52M down 37% YoY , reflective of consolidated
revenue growth and strong AEBITDA margins, offset by approx.
$50M in certain legacy legal matters reserve contingencies
• Net income per share decreased 30% YoY , to $0.66, reflective
of these charges
• Consolidated AEBITDA (3) was $327M, +5% YoY , reflective of
margin expansion across business segment s, and Grover
contributions
• Adjusted NPATA (3) of $ 115M , -2% YoY , driven by revenue
growth, margin expansion across all business, more than offset
by higher D&A and interest expense
• Adjusted NPATA per share (3)(6) increased 7% to $1.45 (1Q25
$1.35), highlighting our ongoing efforts to return capital to
shareholders (share buy -back program)
© 2026 LIGHT & WONDER

Consolidated AEBITDA (1) & Adjusted NPATA (1) Bridge
Adjusted NPATA (1) Drivers
N.A. – North America. (1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Includes amounts not allocated to the business segments (including corporate costs) and other non -operating expenses (income). (3) Stock based compensation. (4) Revenue per day. (5) Direct -to-Consumer.
Consolidated AEBITDA (1) Drivers
I N $ M I L L I O N S
1Q25
Consolidated
AEBITDA (1)
Gaming SciPlay iGaming Corporate
and other (2) 1Q26
Consolidated
AEBITDA (1)
1Q25
Adjusted
NPATA (1)
Consolidated
AEBITDA (1) D&A SBC (3) Income
Tax
Interest
Expense
1Q26
Adjusted
NPATA (1)
$311 $327
$117 $115
17 2 6
9
7 5
13
7
• Gaming AEBITDA +$17M YoY driven by N.A. Gaming operations
growth (N.A. unit and RPD (4) growth), inclusive of Grover
• SciPlay AEBITDA +$2M YoY driven by continued DTC (5) expansion
and player base monetization
• iGaming AEBITDA +$6M YoY driven by continued margin expansion
with 1PP content, as well as revenue growth
• Corporate and other (2) -$9M YoY, primarily due to investments made
to support AI initiatives, and elevated legal cost related to legacy legal
matters
• Consolidated AEBITDA +$16M YoY driven by revenue growth across
Gaming and iGaming, with margin expansion across all business
segments
• Depreciation and amortization (D&A) -$7M YoY due to increases in
Gaming operations install base, including Grover units
• Interest expense -$13M YoY primarily due to higher outstanding debt
used to complete the Grover acquisition
• Income Tax +$7M YoY on lower effective tax rate driven by lower
taxes on foreign earnings and reduced global withholding taxes
16
15 © 2026 LIGHT & WONDER

(1) Denotes a non -GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendi x. Additional information on non -GAAP financial measures is available in the appendix. (2) Professional fees, services and other costs related to strategic initiatives, the Grover acquisition and transition to an ASX sole primary listing. (3) Recurring Revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. 16
Generated Strong Free Cash Flow (1)
$ Millions, Unaudited Q1 2026 Q1 2025
Operating cash
Net cash provided by operating activities $139 $185
Less: Capital expenditures (74) (61)
Less: Payments on license obligations (4) (5)
Less: Change in restricted cash impacting working capital (6) (8)
Free Cash Flow (1) 55 111
Add: Legal settlements and related 137 –
Add: Strategic initiatives and M&A transactions cost (2) 15 –
Adjusted Free Cash Flow (1) $207 $111
Net income conversion ( Net cash provided by operating
activities /Net income) 267% 226%
$ Millions, Unaudited Q1 2026 Q1 2025
Consolidated AEBITDA (1) $327 $311
Adjusted free cash flow conversion (AFCF/Consolidated AEBITDA (1)) 63% 36%
Adjusted NPATA (1) $115 $117
Adjusted free cash flow conversion (AFCF/Adjusted NPATA (1)) 180% 95%
Key Highlights
• Net cash provided by operating activities was
$139M compared to $185M in the prior year
period, primarily impacted by $137M in legal
settlement payments, including the resolution of
the Aristocrat legal matter
• Adjusted Free Cash Flow (1) increased 86% YoY
to $207M reflective of cash -generative business
model, favo rable timing of receivable collections,
and lower income tax payments
• We remain focused on scaling our recurring
revenue (3) streams, with capital expenditures
expected to drive long -term Free Cash Flow (1)
growth
• Achieved Consolidated AEBITDA (1) and
Adjusted NPATA (1) to Adjusted Free Cash
Flow (1) conversion of 63% and 180 % ,
respectively on strong earnings growth and
continued cash flow optimization initiatives
© 2026 LIGHT & WONDER

17
1Q26 Key Highlights
Maturity Schedule (6)
Term Loan B
Notes
Term Loan A
Net Debt
Leverage Ratio (2) Reported Net Debt
Leverage Ratio (2) Combined Net Debt
Leverage Ratio (2)
Optimizing Capital Structure
Quarterly Net Debt Leverage Ratio (2) Summary
© 2026 LIGHT & WONDER
• Average tenor: ~4.1 years
• Effective Interest cost (4): 6.32%. Term Loan B repriced in January,
with a 25 -basis point margin reduction (est. $5m annualized saving)
• Current fixed (5) vs. floating debt mix is 53% vs. 47%
• Maintained $927M of available liquidity (6)
• Principal face value of debt (1) outstanding: $5.2B
• Net debt leverage ratio (2) 3.5x (Combined net debt leverage ratio (2)
of 3.4x)
• Target net debt leverage ratio (2)(3) range: 2.5x to 3.5x
• S&P credit rating upgraded one notch to BB in March
(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 March 31, 2026 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) Effective Interest costs include borrowings, hedging costs, hedging benefits, and other finance fees. On January 22, 2026, th e Term Loan B margin was reduced by 25 bp pursuant to a credit agreement amendment. (5) Inclusive of $700 million in interest rate swaps used to effectively fix the interest that we pay on our variable rate debt. (6) As of 3/31/2026. Available liquidity is calculated as cash and cash equivalents plus remaining revolver capacity.
3.0 x 2.9 x 3.0 x 3.0 x 3.4 x 3.3 x 3.4x 3.4
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
3.7x
3.5x 3.5x 3.5x
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000

18
Maintaining Flexibility on Our Capital Allocation Initiatives
(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) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market condit ions. (4) CHESS Depository Interests. (5) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. Q4 actual 17.2% and FY25 actual 17.0%, withi n Q oQ targeted range between 15% and 20% of consolidated revenues. © 2026 LIGHT & WONDER

• Preserving financial flexibility and a
healthy liquidity position within net
debt leverage ratio target range (1)(2) of
2.5x – 3.5x
• Flexible capital structure enables us
to deploy balance sheet capacity
where appropriate y when appropriate
• Returned $22 million in 1Q26
• Total $1.9 billion returned to shareholders
through the repurchase of 24.6 million
shares or CDIs (4), representing 25% of
total outstanding shares prior to the
commencement of the two share
repurchase programs
• Remaining capacity of $314 million (3)
• Strategic investments in R&D, content
development, and growth initiatives
across all platforms
• R&D and CapEx Investment (5) at
~17.8% of Consolidated Revenue
in1Q26
• Ongoing investments weighted towards
the first half of the year, including AI
infrastructure
Optimized Capital Structure on
Opportunistic Debt Reduction
Capital Return to
Shareholders (3)
Disciplined Investment in
Key Growth Opportunities
We remain committed to reducing leverage to below 3.0x during the first half of 2027. In parallel,
we intend to accelerate share repurchases meaningfully in Q2

Outlook
19 © 2026 LIGHT & WONDER

L&W remains committed to its FY28 targets of > US D $10.55/share (>A$ 14. 66 (7) /share) EPSa (1)(2) and $ 2.0 B
Consolidated AEBITDA (1)
20
FY26 Outlook
© 2026 LIGHT & WONDER
ANZ: Australia / New Zealand.(1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP . (2) Adjusted NPATA per share ( EPSa ) is calculated based on weighted average number of diluted shares .
(3) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming re venues. (4) Additional information on the non -GAAP financial measure targeted net debt leverage ratio is available in the appendix. (5) Represents a forward -looking non -GAAP financial measure presented on a supplemental basis. Additional information on non -GAAP financial measures presented herein is available in the appendix. (6) Excluding impact of any impairments and/or future acquisitions . (7) Calculated using spot rate of 1.39 USD to AUD as of May 5, 2026.
Subject to uncertain externalities (geopolitical, regulatory changes, etc.), Light & Wonder forecasts delivering mid -to-high single -digit Consolidated AEBITDA (1) growth in FY 2026.
This takes into consideration current estimates:
(a) Ex ternal factors ( U.S. tariffs, change in U.K. iGaming tax rates) (est. $40M adverse impact)
(b) Strategic investments (AI, new market openings e.g., Grover Indiana) (est. $ 20M )
(c) Legacy costs pertaining to legal matters (est. $10M)
Delivering mid -to-high single digit Consolidated AEBITDA (1) growth translates into another year of strong Adjusted NPATA (1) and EPSa (1)(2) growth.
We continue to anticipate the shape of earnings to be broadly in line with 2025. This reflects industry cyclicality and our c ust omer capex intentions, our growing recurring revenue base (3), and
investments weighted more towards the 1H.
Operationally, all business units continue targeting above category growth with a particular focus across our recurring reven ue (3) parts of our business
o Prioritize North American premium Gaming operations net installs base growth (500+/quarter). Continued North American game sa les momentum following a record 2025
o Improved performance in ANZ pending new cabinet launches and a robust pipeline of supporting games
o Lower systems sales growth expected in 2026
o Continued Grover Charitable Gaming operations net install base growth across both new and incumbent markets
o SciPlay revenue stabilizatio n and increasing direct -to-consumer mix
o iGaming emphasis on 1 st party proprietary game expansion
From a capital management perspective, we are committed to de -lever our balance sheet below the midpoint of our targeted (2.5x to 3.5x) net debt leverage ratio range (4)(5) over
the next 12 months, notwithstanding the continuation of aggressive (share price dependent) share repurchases
Incremental Modelling parameters (unchanged)
o Continue to reinvest (Combined R&D / Capex) in a targeted, effective manner, in line with revenue growth and consistent with pri or years; FY24: 17.4% and FY25 17.0% of
consolidated revenue, with investments weighed toward the first half of the year
o An effective tax rate range between 22% and 24%
o Effective interest cost (inclusive of hedging and finance fees) of 6.0% – 7.0%
o Amortization of Acquired Intangibles in 2026 to be materially in lin e with the annualized amortization recognized in the second half of 2025 (6) ($130M to $140M)

Appendix
21 © 2026 LIGHT & WONDER

22
Execution T owards our FY28 F inancial T argets
$2.0B
Targeted 2028
Consolidated
AEBITDA (1)
Targeted 2028
EPSa (1)
>$10.55
~ 2X 2024 EPSa to
EXECUTE
on our growth
pillars
OPTIMIZE
operations and
processes
INVEST
in our people,
platforms, and
technology
ENHANCE
existing high –
performance
culture
(1) Denotes a non -GAAP financial measure with additional information available in the appendix. W e are not providing forward -looking quantitative reconciliations of targeted Consolidated AEBITDA or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estima te the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in acc ordance with GAAP. © 2026 LIGHT & WONDER

23
Operating in a Growing, Resilient Industry
(1) GGR according to H2 Gambling Capital.
© 2026 LIGHT & WONDER
In billions U.S. Gross Gaming Revenue (1)
$60
$80
$100
$120
$140
$160
$180
$200
2003 2006 2009 2012 2015 2018 2021 2024
Global Financial
Crisis
COVID -19
Pandemic
U.S. Gross Gaming Revenue has demonstrated consistent resiliency since 2000
2008: Global Financial Crisis
2020: COVID 19 Pandemic
2026: Middle East conflict

24
Increasing Recurring Revenue
(1)
as a % of Consolidated Revenue
© 2026 LIGHT & WONDER
Progression of our recurring revenue (1) focus designed to drive quality of earnings, whilst
further strengthening our free cash flow profile
Consolidated Revenue
$2,800
$2,900
$3,000
$3,100
$3,200
$3,300
2022 2023 2024 2025
% Recurring Revenue Total Revenue
$2,883 $2,901
$3,188
$3,314
67%
64%
66% 63%
(1) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/renta l agreements, SciPlay and iGaming re venues .
67%
Recurring revenue (1) as % of total revenue 2025
(1Q 2026 ~73% of total revenues)
$2.2B
2025 recurring revenue (1), ~7% CAGR since ’22
In Millions
(1)

$46.30 $46.79 $47.06
$48.01
$41.00
$43.00
$45.00
$47.00
$49.00
$51.00
$53.00
$55.00
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
2023 2024 2025 1Q26
North America Gaming Operations Installed Base (Units)
Premium Installed Base Non-Premium Installed Base (Ex-Grover) Grover Revenue Per Day
Growing Our North America Gaming Operations Installed Base
25 © 2026 LIGHT & WONDER
14,733
31,220
34,004
11,634 12,294
48,600 48,326
Premiumi zation strategy: Target sequential QoQ premium install base growth > 500 units/qtr. (1Q26
650 units); 1Q26 Non -premium decline largely attributed to casino operator (new) license conversion
(1) CAGR inclusive of Grover units in 2025. (2) 2025 and 1Q26 revenue per day includes Grover units. (3) Revenue per day is stated on a YTD basis .
(2)
17,120
19,520 20,177
16,487
16,884
17,172 16,129
(3)

96.6
91.1
89.8
86.2
77.1
78.7
65
70
75
80
85
90
95
100
2021 2022 2023 2024 2025 1Q26
26
Shares Outstanding at Period End
© 2026 LIGHT & WONDER
Consistent capital return to shareholders through sustained share repurchase activity
Shares of Common Stock Outstanding at Period End (1)
(1) Shares of Common Stock outstanding according to LNW yearly 10 -K filings. 1Q26 according to LNW 10 -Q filing. (2) Since inception refers to the initiation of the prior share repurchase program in March of 2022 .
In Millions
reduction in shares outstanding
from repurchases since
programs’ inception (2)
shares repurchased since
programs’ inception (2)
~25%
~25M
~$1.9B
Returned to shareholders

RELEASE LAUNCH
CONTENT KEY ROADMAP THROUGH 2026
COSMIC
DUAL &
COSMIC
PROFILE
1Q26 / 4Q26
LIGHTWAVE
SOLAR TM
LATE 2Q 26
KEY
COSMIC TM
FAMILY
LIBRARY
THROUGH
2026
27
Executing on our Hardware and Content Roadmap (Americas)
© 2026 LIGHT & WONDER
Launch periods are based on current estimates and may be subject to change . W ILLY W ONKA & THE CHOCOLATE FACTORY and all related characters and elements © & W arner Bros. Entertainment Inc. (s25) © Universal City Studios LLC. All Rights Reserved . BRIDE OF FRANKENSTEIN © 2026 Universal City Studios LLC. All Rights Reserved . FRANKENSTEIN ©2026 Universal City Studios LLC. All Rights Reserved . DRACULA ©2026 Universal City Studios LLC. All Rights Reserved . THE MUMMY ©2026 Universal City Studios LLC. All Rights Reserved . KONG: SKULL ISLAND and all related characters and elements © W arner Bros. Entertainment Inc. (s26 )
RELEASE LAUNCH
CONTENT KEY ROADMAP THROUGH 2026
COSMIC
SKY TM
1Q26
LIGHTWAVE TM
4Q25
L7 NEW TOP
BOX LAUNCH
2Q 26

RELEASE LAUNCH
FAMILIES
KEY ROADMAP FAMILIES THROUGH
2026
COSMIC
DUAL
LAUNCH
2Q 26
28
Executing on our Hardware and Content Roadmap (ASIA/ANZ)
© 2026 LIGHT & WONDER
Launch periods are based on current estimates and may be subject to change . © Universal City Studios LLC. All Rights Reserved . BRIDE OF FRANKENSTEIN © 2026 Universal City Studios LLC. All Rights Reserved.FRANKENSTEIN ©2026 Universal City Studios LLC. All Rights Reserved.
RELEASE LAUNCH
FAMILTIES
KEY ROADMAP FAMILIES THROUGH
2026
COSMIC
DUAL
LAUNCH
2Q 26
KEY
FAMILIES
THROUGH
2026
ASIA ANZ

Attack: By Growth and Productivity Defend: We have a strong Moat built around
L&W is taking a leadership role in leveraging its strong gaming traits and
leaning into AI as part of ways of working. We look at AI in two ways:
Artificial Intelligence – A Light & Wonder Growth Enabler
29 © 2026 LIGHT & WONDER
• Strong, Established Market Positions
• Gaming Regulations (over 500 licenses approved worldwide​)
• Scale and Incumbency (combined $562M R&D and Capex spend
in FY25​)
• Valuable IP and Brands (e.g. long -lived titles HUFF N’ PUFF TM ,
ULTIMATE FIRE LINK TM , DANCING DRUMS TM , JOURNEY TO
THE PLANET MOOLAH TM , etc.)
• Unique Data Sets (e.g. decades of certified math models, OGS
player session data, and A/B testing capabilities at SciPlay)​
• Proprietary Platform (e.g. 5-7 proprietary cabinets built annually
that are not easily replicated​)
• Strong customer relationships and market leading distribution
(including physical presence across thousands of gaming venues
globally) ​
L&W is deploying a combination of proven, market -leading AI solutions
alongside proprietary tools purpose -built to address gaming -specific
opportunities:
• Technology – Accelerating new platform development and
technical debt reduction through AI -assisted architecture, code
generation, test automation, and security reviews – with additional
opportunities being actively explored
• Content – Focus on realizing improved quality, hit rate and quantum
of games – targeting improvement in non -creative lead times such
as localization and regulatory adaptation across jurisdictions,
driving more Studio focus on concept to game polish
• Business Operations – Extending AI across sales enablement,
customer support, supply chain optimization, predictive analytics, IT
operations and more – unlocking margin improvement and
operational scalability across the enterprise

30 © 2 0 2 6 L I G H T & W O N D E R
Non -GAAP Financial Measures
Management uses the following non -GAAP financial measures in conjunction with GAAP financial measures: Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (on a diluted basis) (also referred to as EPSa ), Normalized EBITA, Normalized EBITDA, Consolidated AEBITDA, Grover Adjusted EBITDA, Combined AEBITDA, Consolidated AEBITDA margin, Free cash flow, Adjuste d 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 and lodged with the ASX. The non -GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. Following our transition to a sole primary listing on the ASX, Management introduced usage of Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share ( EPSa ), Normalized EBITA and Normalized EBITDA, all of which are non -GAAP financial measures and are widely used to measure the performance as well as a principal basis for valuation of gaming and other companies listed on the ASX. Specifically, Management uses Consolidated AEBITDA to, among other things: ( i) monitor and evaluate the performance of the Company’s operations; (ii) facilitate Management’s internal and external comparisons of the Company’s consolidated historical operating performance; and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, Management uses Consolidated AEBITDA and Consolidated AEBITDA margin to facilitate its external comparisons of the Company’s consolidated results to the historical operating performance of other companies that may have different capital structures and debt levels. Following the closing of the Grover acquisition, Management introduced usage of certain of these non -GAAP financial measures on a “Combined” basis. Combined non -GAAP financial measures include results for both the Company and Grover on a combined basis, inclusive of periods prior to the closing of the acquisition. The Combined measures do not reflect any pro forma adjustments or other adjustment