Light & Wonder, Inc. Reports Third Quarter 2025 Results

Strong Execution and Game Performance Building Momentum, Delivering 78% Net Income Growth, 25% Adjusted NPATA⁽¹⁾ Growth and Strong Cash Flows

Delivered 21^st Consecutive Quarterly Increase in North American Premium Installed Base, Added 639 Gaming Operations Units⁽²⁾ Sequentially and over 2,800 Units in North America Year-over-Year, with Grover Adding 229 Units Sequentially

Disciplined Execution Across Digital Businesses with iGaming Delivering Record Results and SciPlay Continuing Expansion of Direct-to-Consumer (“DTC”) Revenue

Returned $111 Million of Capital to Shareholders through Share Repurchases during the Quarter and Extended 2028 Debt Maturity to 2033 while Reducing Interest Rate

Demonstrated Diversity and Strength of Product Offerings and Game Portfolio across Our Business at G2E and AGE

Transition to Sole Primary Listing on the ASX on Schedule⁽³⁾

LAS VEGAS — November 5, 2025 — Light & Wonder, Inc. (NASDAQ and ASX: LNW) (“Light & Wonder,” “L&W,” “we” or the “Company”) today reported results for the third quarter ended September 30, 2025.

Light & Wonder delivered another quarter of strong earnings and cash flows underpinned by disciplined execution and game performance, while continuing to advance our robust content roadmap and cross-platform strategy, as demonstrated at G2E and AGE. Consolidated revenue of $841 million increased by 3%, while Net income rose 78% to $114 million, driving Net income per share⁽⁴⁾ up 89% to $1.34, compared to the prior year period. Consolidated AEBITDA⁽¹⁾ grew 18% to $375 million, and Adjusted NPATA⁽¹⁾ increased 25% to $153 million, or 35% on a per share basis⁽¹⁾⁽⁴⁾ to $1.81. Gaming revenue grew 4% to $558 million compared to the prior year period, with the increase primarily driven by Gaming operations revenue, which increased 38% to $241 million. This was driven by a 15% increase, or $26 million, in base Gaming operations revenue and an incremental $40 million contribution from Grover charitable gaming (“Grover”). Gaming operations in the North American premium installed base has grown for 21 consecutive quarters while Grover added 229 units on a sequential basis. iGaming delivered quarterly record revenue with AEBITDA margin (“margin”) expansion primarily on sustained U.S. momentum underpinned by first-party content proliferation and partner network growth, while SciPlay continued to grow DTC revenue.

During the third quarter, we generated $184 million in net cash provided by operating activities and $136 million in free cash flow⁽¹⁾, representing 55% and 64% year-over-year growth, respectively, while we returned $111 million to shareholders through share repurchases and an additional $101 million subsequent to the third quarter through October 31, 2025, which brought us to approximately 51% utilization of our authorized $1.5 billion share repurchase program, with remaining capacity of $735 million. Since the initiation of the prior share repurchase program in March of 2022 and through October 31, 2025, the Company has returned $1.5 billion to shareholders by repurchasing 19.9 million shares, representing 21% of total outstanding shares prior to the commencement of the programs. We also successfully extended certain debt maturities from 2028 to 2033 while lowering the interest rate, as described further below.

Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “I want to thank all stakeholders for their continued support, as we work toward completion of our transition to a sole primary listing on the Australian Securities Exchange (“ASX”)⁽¹⁾, where we’ve been listed since 2022. This move simplifies our listing structure for shareholders and further enhances Light & Wonder’s profile within a Gaming-attuned Australian market. Our R&D engine continues to deliver world-class content, reflected in another strong quarter for Gaming operations and record iGaming performance. We are reinvesting in the business to drive long-term sustained growth, as evidenced by the number and quality of new games and hardware showcased at this year’s G2E. Additionally, we are thrilled to report that the integration of Grover Gaming into our omni-channel strategy is progressing well. The team is fully prepared to participate in the opening of the Indiana charitable gaming market, expected in the coming months.”

Oliver Chow, Chief Financial Officer of Light & Wonder, said, “Our continued focus on operational excellence and disciplined execution once again drove year-over-year Net income and Consolidated AEBITDA⁽²⁾ growth. We are also pleased with the strong cash flow generated this quarter, which continued the trend we have seen throughout the year. Combined with our disciplined capital allocation program, we have now completed approximately 51%⁽³⁾ of our expanded share buyback program, underscoring our confidence in the business, balance sheet flexibility and our ongoing commitment to returning value to shareholders. We remain committed to taking advantage of attractive opportunities to accelerate our repurchase program, while delivering on our long-term financial objectives.”

LEVERAGE, CAPITAL ALLOCATION AND BUSINESS UPDATE

• Returned $111 million of capital to shareholders through the repurchase of approximately 2 million shares of L&W common stock (“Shares”) during the quarter. The Company has completed $765 million of its authorized $1.5 billion share repurchase program this year as of October 31, 2025, and since initiation of the prior share repurchase program in March of 2022 through October 31, 2025, the Company has returned $1.5 billion to shareholders through the repurchase of 19.9 million shares, representing 21% of total outstanding shares prior to the commencement of the programs. We retain discretion to accelerate repurchase activity to capitalize on opportunities to deliver enduring value creation for shareholders. We expect to utilize a meaningful share of the remaining available $735 million capacity prior to the end of 2025⁽⁴⁾ across both our Nasdaq and ASX listings⁽¹⁾, while preserving a healthy liquidity position. Pending the extent of share repurchase activity, our net debt leverage ratio⁽²⁾ may move slightly above the high end of the targeted range, near term. However, if that were to occur, we would expect to quickly return within our targeted net debt leverage ratio⁽⁵⁾ range of 2.5x to 3.5x, underpinned by the business’s strong cash flow generation capabilities. We retain a highly flexible capital structure that allows us to deploy balance sheet capacity opportunistically when appropriate, and absent any capital allocation opportunities, we aim to position at the lower end of the range over the long run.
• Principal face value of debt outstanding⁽⁶⁾ was $5.0 billion, translating to a net debt leverage ratio⁽²⁾ of 5x as of September 30, 2025 or combined net debt leverage ratio⁽²⁾ of 3.3x, which remained within our targeted net debt leverage ratio⁽⁵⁾ range of 2.5x to 3.5x. This reflects a reduction in our net debt leverage ratio⁽²⁾ from June 30, 2025, despite the increased volume of our share repurchases, capitalizing on market dislocation and consistent with our capital allocation strategy.
• Issued $1 billion in aggregate principal amount of 6.250% senior unsecured notes due 2033 on September 24, 2025 (“2033 Unsecured Notes”). The net proceeds of the 2033 Unsecured Notes were used to pay all $700 million of the outstanding principal amount of our senior unsecured notes due 2028, thereby extending the maturity of our outstanding bonds from 2028 to 2033 and reducing the interest rate from 7.00% to 6.25%. The proceeds were also used to pay all outstanding borrowings under our revolving line of credit and to pay accrued and unpaid interest, fees and expenses related to these debt transactions, with any remaining proceeds to be used for general corporate purposes, including our share repurchase program.

LEVERAGE, CAPITAL ALLOCATION AND BUSINESS UPDATE (Continued)

• FY 2025 Financial outlook — The Company maintains its full-year 2025 financial outlook, consistent with the outlook shared last quarter. The Consolidated AEBITDA guidance⁽¹⁾ range remains between $1.43 billion and $1.47 billion, and the associated Adjusted NPATA guidance⁽¹⁾ range remains between $550 million and $575 million. The Company remains committed to its long-term strategy and value creation.
• Sole primary listing on the ASX — We are in the process of moving from our current dual listing on Nasdaq and the ASX to a sole primary listing on the ASX, and we are on schedule to complete this transition with the previously announced timeline on October 13, 2025⁽²⁾. As of November 4, 2025, holders of 46.4 million Shares, representing approximately 57% of the total outstanding Shares as of such date, have converted their Shares to CHESS Depositary Interests tradable on the ASX.