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I N V E S T O R D A Y New York City • May 20, 2025 INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D
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WELCOME INVESTOR DAY 2025 2 LNW NASDAQ • ASX L I S T E D
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3 Agenda INVESTOR DAY 2025 Introduction Business Overview and Strategy Products, Business Verticals, & Cross-Platform Our Unique Business Model and Leading Positions Expert Panel Differentiation Among Gaming Industry Financials Robust Foundation and Opportunity for Continued Growth Q&A LNW NASDAQ • ASX L I S T E D
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 4 In this presentation, Light & Wonder makes “forward-looking statements” within the meaning of the U.S. Private Securities Litiga tion Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “continue,” “believe,” “expect,” “anticipate,” “target,” “sh ould,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company mana gement (“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 results may differ materially from those contemplat ed in these statements due to a variety of risks and uncertainties and other factors, including, among other things: our inability to successfully execu te our strategy; slow growth of new gaming jurisdictions, slow addition 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 paymen t of dividends from earnings, restrictions on the import of products and financial instability; difficulty predicting what im pact, 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 econom ic 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 perception thereof; changes in, or the elimination of, our share repurchase program; re sulting pricing variations and other impacts of our common stock being listed to trade on more than one stock exchange; level of our indebtedness, higher in terest rates, availability or adequacy of cash flows and liquidity to satisfy indebtedness, other obligations or future cash nee ds; inability to further reduce or refinance our indebtedness; 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 contr acts, 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 operations, as well as Management’s response to any of the aforementioned factors; changes in demand for our products and services; dependence on su ppliers 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 Light & Wonder may be unable to achieve expected financial, operational and strategic benefits (including synergies) of the acquisition of Grover Gaming's charitable gaming assets (“Grover Charitable G aming”) and may not be able to successfully integrate Grover Charitable Gaming into Light & Wonder's operations; potential litig ation related to the transaction or the acquired assets; disruption to Grover Charitable Gaming's or Light & Wonder's current plans and operations as a result of the transaction; the ability of Grover Charitable Gaming or Light & Wonder to retain and hire key personnel; competitive resp onses to the transaction; unexpected costs, charges or expenses resulting from the transaction; the ability to maintain relationships with Grover Chari table Gaming's or Light & Wonder's respective employees, customers, other business partners and governmental authorities; risks as a result of being publicly traded in the United States and Australia, including price variations and other impacts relating to the secondary listing of the Company’s common stock on the Australian Securities Exchange; risks relating to consideration of a dual primary listing on bo th the NASDAQ and the ASX or sole primary listing on the ASX, including delisting our securities from NASDAQ, which could negatively affect the liquidity and trading prices of our common stock and could result in less disclosure about the Company; the possibility that we may be unab le to achieve expected operational, strategic and financial benefits of the SciPlay merger; security and integrity of our products and systems, including the impact of any security breaches or cyber -attacks; protection of our intellectual property, inability to license third -party intellectual property and the intellectual property rights of others; reliance on or failures in information technology and other systems; litigation and o ther liabilities relating to our business, including litigation and liabilities relating to our contracts and licenses, our prod ucts and systems (including further developments in the Dragon Train litigation described under “Aristocrat Matters” in Note 15 of our quarterly report on Form 1 0-Q filed with the SEC for the quarter ended March 31, 2025), our employees (including labor disputes), intellectual property, en vironmental laws and our strategic relationships; reliance on technological blocking systems; challenges or disruptions relating to the completion of the domestic migration to our enterprise resource planning system; laws, government regulations and potential trade tariffs, both foreign and domestic, including those relating to gaming, data privacy and security, including with respect to the collection, storage, use, transmission and protection of personal information and other consumer data, and environmental laws, and those laws and regulations that affect companies conducting business on the internet, including online gambling; legislative interpretation and enforcement, regulatory perception and regulatory risks with respect to gaming, including internet wagering, social gaming and sweep -stakes; changes in tax laws or tax rulings, or t he examination of our tax positions; opposition to legalized gaming or the expansion thereof and potential restrictions on internet wagering; significa nt opposition in some jurisdictions to interactive social gaming, including social casino gaming and how such opposition could l ead these jurisdictions to adopt legislation or impose a regulatory framework to govern interactive social gaming or social casino gaming specifically, and ho w this could result in a prohibition on interactive social gaming or social casino gaming altogether, restrict our ability to ad vertise our games, or substantially increase our costs to comply with these regulations; expectations of shift to regulated digital gaming; inability to develop successful products and services and capitalize on trends and changes in our industries, including the expansion of internet and other forms of digital gaming; the continuing evolution of the scope of data privacy and security regulations, and our belief that the adoption of increasingly restrictive regulations in this area is likely within the U.S. and other jurisdictions; incurrence of restructuring costs; goodw ill impairment charges including changes in estimates or judgments related to our impairment analysis of goodwill or other intangible assets; stock price volatility; fai lure to maintain adequate internal control over financial reporting; dependence on key executives; natural events that disrupt o ur operations, or those of our customers, suppliers or regulators; and expectations of growth in total consumer spending on social casino gaming. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ material ly from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including the C ompany’s current reports on Form 8-K, quarterly reports on Form 10 -Q and its latest annual report on Form 10 -K filed with the SEC for the year ended December 31, 2024 on February 25, 2025 (including under the headings “Forward-Looking Statements” and “Risk Factors”). Forward -looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no and expressly disclaim any obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Additional Notes You should also note that this presentation may contain references to industry market data and certain industry forecasts. In dustry 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 completeness of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verified 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 information co ncerning 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. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. We report our operations in three reportable business segments —Gaming, SciPlay, and iGaming—representing our different products and services. Forward-Looking Statements
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 1 Business Overview & Strategy Matt Wilson President & Chief Executive Officer 5
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D (1) Compounded Annual Growth Rate from 2022 – 2024. (2) 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. 6 Content Driven Games Company with Global Presence & Scale F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Headquartered in Las Vegas, NV with presence on 6 Continents Trades under LNW on NASDAQ and ASX 6,500+ Employees globally 2024 Consolidated Revenue $3.19B +13% CAGR(1) 2024 Consolidated AEBITDA(2) $1.24B +17% CAGR(1) 2024 Adjusted NPATA(2) $480M +24% YoY 23 R&D StudiosLas Vegas Headquarters 24 Office Locations
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Building Momentum • Execution of $1.4B Targeted Consolidated AEBITDA(1) & associated Adj. NPATA Target range(1) pre- Grover • Grover Gaming Acquisition • $1B Share repurchase program authorized(2) • ASX 100 & Russell 1000 inclusion Continued Foundational Work • Increased investment in our R&D engine • ASX Secondary Listing • Acquired outstanding shares of SciPlay Re-Evaluated Reset Refocused 7INVESTOR DAY 2025 PRE-2020 Invested in Leadership, Talent & Focused on the Fundamentals • Lottery and OpenBet divestiture • $750M Share repurchase program authorized - completed in 2024 2020 2021 – 2022 2023 2024 - 2025 (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) Share repurchase program announced on June 13, 2024. The program may be conducted via one or more open market repurchases, pr ivately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5 -1” plans, or other financial arrangements, or a combination of the foregoing, and may be suspended or discontinued at any time. Compounder of Growth • New Financial Targets • Integration of content centric operating model including Grover • Further operational strategy for continued excellence • Enhanced optionality for effective capital allocation • Targeting future inclusion in ASX 50 Beyond F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 A Transformational Journey
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D WILLY WONKA & THE CHOCOLATE FACTORY and all related characters and elements © & Warner Bros. Entertainment Inc. (s25) Frankenstein is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved. THE WIZARD OF OZ THE WIZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Doroth y from THE WIZARD OF OZ. (s24). KONG: SKULL ISLAND and all related characters and elements © Warner Bros. Entertainment Inc. (s25). 8 Charitable Gaming Social Gaming Land-Based GamingiGaming F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N R&D ENGINE Robust R&D Engine Leveraged Across Highly Complementary Portfolio
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 9 BRAINSAW STUDIOS LAS VEGAS STUDIO X LAS VEGAS STUDIO X LAS VEGAS SPINCRAFT STUDIO LAS VEGAS VIVID RENO BIG REX STUDIO AUSTRALIA COSMIC KITTY CHICAGO ELEMENTS STUDIO AUSTRALIA STAR STUDIO AUSTRALIA Frankenstein is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved. Dracula is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved. COMING SOON COMING SOON TED HASE KIMBERLY COHN SHAWN SOONG YANIS TSOMBANIDIS MICHAEL MASTROPIETRO JACK CHESWORTH QIN YOU KELSY FOSTER NATE McGREGOR Talent is the Driving Force Behind Our R&D Engine F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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HUFF N’ EVEN MORE PUFFTM Top Performing New Core Video Game DOUBLE BLAZING 777TM 2x3x5x Top Performing New Core Mechanical Reel 88 FORTUNESTM Social Slots Game of the Year STACKING KONGTM (Rogue) Most Innovative Online Game Light & Wonder Most Improved Supplier - Premium SciPlay Social Casino Operator of the Year 10 INDUSTRY RECOGNIZED ACHIEVEMENTS 2024 R&D CapEx INVESTOR DAY 2025 Performance Driven by Increased & Targeted Investments INCREASED INTERNAL INVESTMENT +28% 2022 $556M $434M LNW NASDAQ • ASX L I S T E D F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW L I S T E D NASDAQ • ASX INVESTOR DAY 2025 (1) Eilers-Krejcik U.S. & Canada Game Performance Report (April 2025). 11 Releasing More Top Performing Content Across Key Markets Percent of Top NEW Premium Leased & WAP Games(1) LNW L I S T E D NASDAQ • ASX Percent of Top NEW Core Games(1) 13% 20% 25% 28% 31% 31% 28% 5% 15% 25% 35% 45% 55% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 30% 34% 37% 34% 36% 33% 40% 20% 25% 30% 35% 40% 45% 50% 55% 60% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N L&W #1 with 28% L&W #1 with 40% By investing in the right talent, tools, and technology, Light & Wonder has captured significant market share and become the market leader in key new game categories
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Our KPIs Reflect Disciplined Execution of an Effective Strategy 12 +13% Consolidated Revenue CAGR from FY22 vs +5% peers(1) Gaming SciPlay iGaming +28% Organic Investments(4) from 2022 to 2024 N.A. – North America CAGR – Compounded Annual Growth Rate (1) Peers include publicly traded gaming supplier companies in the U.S. and Australia. The information is derived from their respective fiscal year reports and their reporting currencies. Value derived by averaging CAGR growth rates from 2022 to 2024. (2) 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. (3) Peers include publicly traded gaming supplier companies in the U.S. and Australia that report L&W like activities as continuing operations. The information is derived from their respective fiscal year reports or publicly accessible equity research and their reporting currencies. Consolidated AEBITDA and/or similarly titled measures presented by the peers may differ materially from similarly titled measures presented by other companies, including Light & Wonder Consolidated AEBITDA. Values are derived by averaging CAGR growth rates from 2022 to 2024. (4) Summation of Research & Development and Capital Expenditures. (5)Through 1Q25. (6)Eilers-Krejcik Gaming Supplier KPIs (4Q24). (7)Eilers-Krejcik Social Casino Tracker (1Q25). F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 19 Consecutive quarters of sequential N.A. Premium installed based growth #1 2024 Global Game Sales ship share(6) 13 Consecutive quarters of YoY outperformance relative to market(7) 11% of 2024 Revenue from Direct-To- Consumer $91B OGS wagers processed, +27% from 2022 1,000+ Games launched in 2024 +17% Consolidated AEBITDA(2) CAGR from FY22 vs +6% peers(3) $1.2B Returned to shareholders through share repurchases since 2022(5) 3.0x Net debt Leverage(2) reduction from peak 10.5x in 4Q20
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 2024 Gaming SciPlay iGaming 2025 13 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) Consolidated AEBITDA Target is a forward -looking non-GAAP financial measure presented on a supplemental basis. Additional inform ation on non-GAAP financial measures presented herein is available in the appendix. Target excludes contribution from Grover Charitable Gaming acquisition. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N $1.40B Targeted CONSOLIDATED AEBITDA (1) $1.24B • Continued N.A Install Base and RPD growth • Significant International NoE, N.A. NoE, ETG and adjacent opportunities • Meaningful Systems and Table Utilities growth • Continued expansion of 1PP content • Restructured iGaming R&D to support content and drive margin • Accelerating growth on Jackpot Party recovery • Continued DTC expansion (2) • Cost and other initiatives Building Blocks to Targeted $1.4B Consolidated AEBITDA(1) for the Remainder of 2025
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 14 CAGR – Compounded Annual Growth Rate. (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) Consolidated AEBITDA Target is a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional inform ation on non-GAAP financial measures presented herein is available in the appendix. Execution Towards our 2025 Financial Targets Targeted(2) $1.4B F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N CONSOLIDATED AEBITDA (1) 2022 $913M +15% CAGR LNW NASDAQ • ASX L I S T E D INVESTOR DAY 2025 2025 Targeted Adjusted NPATA Range(1)(2) $565M – $635M Grover
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 15 Goal #1: The Next Chapter of Growth 2025 2028 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N LNW NASDAQ • ASX L I S T E D INVESTOR DAY 2025 Targeted (1)(2) $1.4B CONSOLIDATED AEBITDA (1) TA R G E T E D( 1 ) ( 2 ) (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) Consolidated AEBITDA Target is a forward -looking non-GAAP financial measure presented on a supplemental basis. Additional inform ation on non-GAAP financial measures presented herein is available in the appendix. 2025 targeted Consolidated AEBITDA excludes contribution from Grover Charitable Gaming acquisition.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 16 Goal #2: The Next Chapter of Growth F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (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) Adjusted NPATA per Share (EPSa) is 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. INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D $5.272024 2028 TARGETED (2) NPATA/Share ~ 2 X A D J U S T E D (1) (or EPSa)
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 17 Well-positioned to Fuel Further Growth Across Complementary Verticals • Grow North America Premium Installed Base and RPD(1) • Expand #1 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 1st party content market share • Expand 2nd and 3rd 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 5 markets • Entry to additional legalized states • Introduce L&W brands and mechanics • Merged entity scale allowing for enhanced operating leverage • Potential for additional state legalizations (i.e. recently legalized Indiana) Gaming iGamingSciPlay Charitable Underpinned and Enhanced by Cross-Platform Engine (1) Average Daily Revenue per Unit. (2) Eilers-Krejcik Gaming Supplier KPIs (4Q24). (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. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 18 Experienced Management Team Chief Technology Officer 14 yr Industry, 3 yr L&W President & CEO 21 yr Industry, 5 yr L&W Chief Financial Officer 8 yr Industry, 3 yr L&W CEO, iGaming 8 yr Industry, 8 yr L&W CEO, SciPlay 24 yr Industry, 11 yr L&W Chief Product Officer 16 yr Industry, 4 yr L&W Chief People Capability Officer 10 yr Industry, 3 yr L&W Chief Legal Officer 7 yr Industry, 7 yr L&W Chief Strategy Officer 5 yr Industry, 5 yr L&W CEO, Gaming 17 yr Industry, 5 yr L&W MATT WILSON OLIVER CHOW JOSH WILSON SIMON JOHNSON NATHAN DRANE JAMES SOTTILE VICTOR BLANCO ROXANE LUKAS MICHAEL LORELLI SIOBHAN LANE F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 19 Experienced and Independent Board Vice Chair TONI KORSANOS President, CEO, & Director MATT WILSON Director HAMISH McLENNAN Director STEPHEN MORRO Director VIRGINIA SHANKS Director TIM THROSBY Director MICHAEL MARCHETTI Director KNEELAND YOUNGBLOOD Chair JAMIE ODELL F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Streamlined business supported by robust R&D High- performance culture Attractive financial profile with disciplined capital allocation Unique among peers in structure and operations 20 Capitalizing on a Compelling Value Proposition F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Leading Cross-Platform Global Games Company 1 2 3 4
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 2 Culture & CSR 21 James Sottile Executive Vice President & Chief Legal Officer Roxane Lukas Executive Vice President & Chief People Capability Officer
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Grover Charitable Gaming Matt Wilson President & Chief Executive Officer 22 S E C T I O N 3
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D A leader in fast growing adjacency Loyal customer base Value creation leveraging L&W’s content Mission, vision, and values- driven culture Attractive financial profile Grover Acquisition Strategic Rationale 23 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Acquired for 7.1x 2024 Grover Run Rate Adjusted EBITDA (1) Grover Run Rate Adjusted EBITDA is derived from Grover Adjusted EBITDA and further adjusts such measure to provide full -year revenue on a run rate basis of ending installed units multiplied by an average rate per day and Grover Adjusted EBITDA margin rate for December 31, 2024. Gr over Run Rate Adjusted EBITDA does not include adjustments to reflect assumed start -up and other costs that might be incurred post-closing. This non-GAAP financial measure is based on preliminary and unaudited financial information. Additional information on non -GAAP financial measures is available in the appendix. (1)
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 24 Combination of Elite Content with Established Distribution Network Suppliers Manufacture charitable gaming products Captive Distributors Company Owned Independent Distributors 3rd Party Retail Customers & Operators Bingo Halls, Veteran Organization, Bars End User & Players Vertically integrated to maximize profitability and operational excellence F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Deployment of L&W Content into Charitable Gaming 25 Key Tenants Merge Grover and L&W’s best features for enhanced entity Remain nimble and incorporate market findings Utilize existing team and infrastructure of Grover Utilize proven charitable gaming mechanics Maximize efficiency to drive returns Bring Chart-topping L&W Brands F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Seamless Integration of Robust Grover Infrastructure 26 Substantial Footprint and Vast Content Portfolio LEADERSHIP INTEGRATION FOOTPRINT LOCATIONS 1,500 DEVICES 10,000+ STATES 5 Brian Brown 11 CABINETS 100+ TITLES HARDWARE CONTENT Offerings underpinned by robust underlying infrastructure Combined with Gaming Reportable Segment Headquartered in North Carolina Adopting applicable Light & Wonder Shared Services F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (1) (1) (1) As of 12/31/2024.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 3 Grover Charitable Gaming Brian Brown Chief Executive Officer, Grover Gaming 27
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Charitable Gaming Market Overview 28 PAPER PULL TABS E-PULL TABS RAFFLE BINGO Charitable Gaming is an Intricate Market with Multiple Categories and L&W is Primed for Entrance Market Description Fund non-profit organizations Variety and large scale of venues, customers, and opportunities Sizeable and expanding Geographic Footprint F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D Tailwinds for Growth 29 Market Growth Opportunities in Charitable Gaming GGR – Gross Gaming Revenue. (1) Eilers-Krejcik LNW Acquires Grover - Brief on ePull Tabs. (2) Regulated, real-money gambling market in which proceeds are directed toward charitable organization. Positive Consumer Trends Loyal Customer Base Legalization in New States Enhanced Content and Hardware 1 2 3 4 Sizeable Market with Various Tailwinds for Future Growth $1.1B E-PULL TABS GGR $4.4B BROADER CHARITABLE GGR (1) (1) F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Total Addressable Market (2)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Charitable Gaming Geographic Landscape(1) 30 Significant Greenfield Opportunities with Strong Growth and Potentially Favorable Legislative T ailwinds Current Operating Jurisdictions Additional Legalized E-Pull Tab States Paper Pull Tab Legal States F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (1) Eilers-Krejcik LNW Acquires Grover – Brief on ePull Tabs.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D INCREASING CHARITABLE REVENUE(2) 31 Charitable Gaming: Indiana Legalization INDIANA LOCATIONS(1) ~1,000 DEVICES(1) 4,000+ GROSS REVENUE OPPORTUNITY(1)$100M+ SIGNIFICANT MARKET SIZING LEGALIZATIONJuly 1 POSSIBLE VENUES 1) Eilers-Krejcik FLASH NOTE: IN Legalizes ePull Tabs. 2) Veterans of Foreign Wars – Department of Indiana. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Grover Customer Centric Approach 32 Customer Centric View for Delivering Results Product Offering centered around attractive revenue sharing model Jurisdiction tailored games ensuring quality customer experience Remote deployment of games and updates 24/7 customer support team provide bespoke assistance to customers Track machine performance for personalized guidance for optimal machine strategy 1 2 3 4 5 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Impacting Communities in a Positive Way Through Charities 33 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Grover Gaming Electronic Pull Tab Products Have Raised $815+ Million for Charities to Date(1) (1) As of February 2025. Estimated by Grover Charitable Gaming management. “A year ago, our veteran organization was on the brink of closing its doors due to unexpected financial challenges—it was truly heartbreaking. Then Grover walked through our doors, and for the first time in a long time, we saw a light at the end of the tunnel. They brought with them not just resources, but hope—the hope that our organization could not only survive but thrive.” - Michelle Marshall, Unit 313 Auxiliary President (Kentucky) Grover Gaming’s vertically integrated e-Pull tab operations allow charities to maximize funds with unparalleled support provided every step of the way Grover Gaming’s Social Impact Grover Gaming’s Impact in Action Customer Testimony
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Grover Financial Performance Reflects an Effective Strategy 34 CAGR – Compounded Annual Growth Rate. (1) Denotes a financial measure based on preliminary and unaudited financial information. (2) Denotes a non-GAAP financial measure based on preliminary and unaudited financial information. Additional information on non -GAAP financial measures is available in the appendix. Strong margin which is expected to drive Free Cash Flow(2) generation over the long-term F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N ~$135M 2024 Revenue(1) +29% Revenue(1) CAGR from FY22 to FY24 ~$111M 2024 Grover Adjusted EBITDA(1)(2) +31% Grover Adjusted EBITDA(2) CAGR from FY22 to FY24
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 35 Robust R&D Engine Fusing into Grover Gaming F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Grover’s Path to Growth into 2028 36 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Increase number of devices Expand device profitability (RPD) Enter more jurisdictions (MD, MN, IN) Combining L&W proven content with Grover customer centric operating model 1 2 3
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 4 Product, R&D, & Cross-Platform Nathan Drane Executive Vice President & Chief Product Officer 37
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D GAMING SCIPLAY iGAMING Executing on our Global Product, R&D, & Cross-Platform Strategy 38 ~725 People 16 studios Chicago Reno Manchester Sydney Las Vegas Bengaluru ~115 People 2 Studios Iowa Bengaluru ~235 People 5 Studios Sydney Montreal Stockholm Bristol Pune F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Charitable Gaming Social Gaming Land-Based GamingiGaming R&D ENGINE R&D Studios
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Cultivating Industry Best Talent 39© 2025 LIGHT & WONDER | CONFIDENTIAL where People & Culture are at the heart of all we do The Industry’s Best Talent F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N We are highly focused on creating a culture of collaboration that enables our creators to produce the best Content
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 40 Leveraging our Unique Tools Allowing for Quality Products © 2025 LIGHT & WONDER | CONFIDENTIAL PRODUCTION L7T Premium 2Q25 LIGHTWAVETM 3Q25 COSMICTM Dual 1Q26 COSMICTM Sky 1Q26 HARDWARE(1) A/B TESTING DATA F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N A B (1) Expected releases are subject to change and may be materially different than indicated.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Prize First Product, R&D, & Cross-Platform: Unique Tools for Game Design 41© 2025 LIGHT & WONDER | CONFIDENTIAL Prizes that Matter Action Events Free Features F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 42 Enhanced Value through Cross-Platform Ecosystem LAND-BASED Frankenstein is a trademark and copyright of Universal Studios. MONOPOLY is a trademark of Hasbro. Used with permission. © 2025 Hasbro. All rights reserved. CHARITABLE SCIPLAY IGAMING F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N A B R&D ENGINE CARBON
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 5 Technology & Systems Victor Blanco Executive Vice President & Chief Technology Officer 43 Jon Wolfe President Global Systems & Services
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 6 Gaming Siobhan Lane Executive Vice President & Chief Executive Officer, Gaming 44
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Differentiated Approach Driving Performance in a Resilient Gaming Industry (1) GGR according to H2 Gambling Capital Global Gambling June 2024 Data. 45© 2025 LIGHT & WONDER | CONFIDENTIAL Customer-focused, market driven approach to product development Global supplier with scale and diverse portfolio as end-to-end gaming solutions provider Talent, experience and track record – demonstrated uplift in game performance Efficient R&D structure to complement commercial strategy $0 $30,000 $60,000 $90,000 $120,000 $150,000 $180,000 $210,000 $240,000 $270,000 $300,000 $ IN MILLIONS Pandemic Impact Global Gross Gaming Revenue(1) F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 46 Meaningful Share Growth in 2024 Off the Back of R&D Investment F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N TAM – Total Addressable Market (1) Eilers-Krejcik Gaming Supplier KPIs (4Q24). (2) As of 1Q25. (3) MaxGaming (April 2025). (4) Internal Estimates. (5) Subscription based table games business model. (6) ETG revenue is reported as a part of Gaming Operations or Game Sales Revenue. GAMING OPERATIONS ~$3.5B 2024 Global TAM(1)(3) • +600 bps N.A. Installed Base mix shift to Premium from 45% since end of 2022 • 19 consecutive quarters of N.A. Premium Installed Base Growth(2) 19% FY24 N.A. Gaming Operations Revenue Share(1) GAMING SALES ~$3.1B 2024 Global TAM(1)(4) • +400 bps global(1) and +1500 bps Australia ship share(3) YoY in FY24 • Further adjacent market proliferation #1 Global Game Sales Share(1) ~$0.7B 2024 Global TAM(1) SYSTEMS • #1 global systems revenue share at 45%(1) in FY24 • Accelerated innovation track to drive higher software mix #1 2024 Slots under System Management(1) ~$0.7B 2024 Global TAM(4) TABLE PRODUCTS • +40% Global Utility unit Table sales since 2022 • Continued growth in VALT(5) subscribers since 2022 • Enhanced ETG offering through product investments(6) #1 2024 Shufflers & Tables Share(4) LARGE SCALE, DIVERSE BUSINESS OPERATING IN ALL GLOBAL LAND-BASED REGULATED MARKETS, PARTICIPATING IN AN $8B TOTAL ADDRESSABLE MARKET
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 30,630 31,220 34,004 $ 45.99 $ 47.86 $ 48.65 2022 2023 2024 U.S. & Canada Installed Base at Period End U.S. & Canada Average Daily Revenue per Unit Strong Installed Base and RPD Growth Fueled by Investment in Talent, Hardware and Game Franchises 47 North American Install Base Cabinet and Content Drivers MURALTM COSMICTM Family LANDMARKTM F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N +3,374 units +10% 2022-2024 THE WIZARD OF OZ THE WIZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Doroth y from THE WIZARD OF OZ. (s24). Frankenstein is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Global Annual Unit Ship Share(1) 20242022 19% 2023 23% 27% 26,803 37,636 43,658 Market Share Market Share Market Share 48 Achieved #1 Global Games Ship Share in 2024 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Dynamic Multi- Game Nebraska Skill Canada VLT (further expansion) New Opportunities Global Scale Australia & New Zealand Asia Europe, Middle East, & Africa Latin America North America +800 Basis Points Core & Adjacency Expansion Video Lottery Terminal Historical Horse Racing Georgia COAM Class II Core Class III (1) Eilers-Krejcik Gaming Supplier KPIs (4Q24). (1)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 49 #1 Best Supplier of Top NEW Core Games Leading the market in NEW Core games with an impressive 28% ship share(1) HUFF N EVEN MORE PUFFTM Top Performing NEW Core Game of the Year(4) #1 #1 WAP Top Performing NEW WAP in Q1’25(2) SUPER HOT FLAMING POTSTM Top 5 Performing NEW Core Games(1), debuting at #1(2) #1 #1 COSMICTM Upright Top Performing Portrait Upright Cabinet(3) LANDMARKTM 7000 Top Performing Stepper for 25 of the last 29 Months(5) Best Supplier of Top NEW Premium and WAP Leading the market in NEW games with an impressive 40% ship share(1) #1 #1 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Strong Content Powered by Differentiated Hardware and Clear Commercial Strategy Delivering Consistent Wins on Eilers-Fantini Charts (1) Eilers-Krejcik U.S. & Canada Game Performance Report (April 2025). (2) Various Eilers-Krejcik U.S. & Canada Game Performance Reports. (3) Eilers-Krejcik U.S. & Canada Cabinet Performance Report (April 2025). (4) 7th Annual Eilers-Krejcik Slot Awards Show. (5) Various Eilers-Krejcik U.S. & Canada Cabinet Performance Reports. KONG: SKULL ISLAND and all related characters and elements © Warner Bros. Entertainment Inc. (s25).
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Introducing Top-of-Line Next Generation Hardware 50 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N LIGHTWAVETM COSMICTM DUAL COSMICTM SKY
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 51 Frankenstein is a trademark and copyright of Universal Studios. Licensed by Universal. All Rights Reserved.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D • Making our best games even better: leveraging our best game brands of the last two years • Giving players more of what they like: core game mechanics driving performance • Portfolio Depth: one marquee title launch per quarter ANZ Ship Share(2) 52 Australia Case Study: Emulating Success from Bellwether Market © 2025 LIGHT & WONDER | CONFIDENTIAL ANZ Game Portfolio Strategy F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 15% 24% 39% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2022 2023 2024 Number of Top Games by Venue(1) +2400 Basis Points (1) MaxGaming (January 2022, January 2025). Top 50 Titles regardless of Age. (2) MaxGaming (April 2025). 0 2 4 6 8 10 12 14 16 18 NSW Club NSW Hotel Queensland Club Queensland Hotel 2022 2025
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Expanding Our Systems Offering through Enhanced Capabilities (1) Eilers-Fantini Gaming Supplier KPI (4Q24). Share indicates number of slots under management. 53 Empowering Cross Channel Player ExperiencesGlobal Systems Market Share(1) 42% 43% 45% 40% 41% 42% 43% 44% 45% 46% 2022 2023 2024 Modernization of Legacy Systems Platform Accelerated Software Track 360 Degree Player View Real-Time Engines Mobile App & Experience Single Wallet F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 1 2 3 4 5 6 +300 Basis Points
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D LIVE TABLE GAME CONTENT SHUFFLERS 54 Implementing a Play-to-Win Table Products Strategy Underpinned by Intensive R&D and Expansive Industry Knowledge Play to Win strategy Build best-in-class team, developing market-leading product Accelerate product time-to- market Leverage best practices and employ differentiated services F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N OBSIDIAN LUMEN
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 55 MANAGING GLOBAL SUPPLY CHAIN RISK Mexico EU Indonesia China Philippines Vietnam Taiwan Korea F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Mitigation Initiatives Evaluate “Made in America” program to generate further tax benefit for domestic manufacturing Requalify products to various new locations on right economics Maximize benefit of our vendors under USMCA Trade Agreement Continued Supply Chain Optimization to Minimize Potential Headwinds
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 56 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N +400 bps Market Share Gains in N.A. Premium Install Base and Global Game Sales from 2024 through 2028 Translate L&W Share across New Market Opportunities Build New and Existing Business through Enhanced Systems & T ables Capabilities Customer Centric Model Underpinned by Commercial Strategy and Efficiency 1 2 3 Executing on our Gaming Strategy to Capitalize on Future Opportunities
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 7 SciPlay Josh Wilson Executive Vice President & Chief Executive Officer, SciPlay 57
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D SciPlay’s Best-in-Class Portfolio of Games in a Large Addressable Market MOBILE GAMES INDUSTRY TAM SNAPSHOT ~900 SciPlayers. 5 Locations. 4 Countries. 2.1M DAU $1.04 ARPDAU 5.5M MAU 586K MPU 12 LIVE GAMES ~$93B Mobile Gaming(5) ~$7B Social Casino(7) ~$35B Casual(6) (1) (2) (3) (4) Note: KPIs presented are for FY24. TAM – Total Addressable Market (1) Daily Active Users. (2) Average Revenue per Daily Active User. (3) Monthly Active Users. (4) Average Monthly Paying Users. (5) Newzoo Global Games Market Report, August 2024: Total WW market in 2024 for smartphone and tablet gaming revenue. (6) Data.ai casual taxonomy. Total market in 2024 for social casino mobile games and other casual mobile games, such as puzzle, c ard and match three games. (7) Eilers-Fantini. Total market in 2024 for social casino mobile games. MONOPOLY TM, ® & © 2025 Hasbro. All Rights Reserved. Licensed by Hasbro. Free-To-Play Social Casino & Casual Games In-App-Purchase (IAP) & In-App-Advertising (IAA) Monetization Models 58 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D $170 $275 $361 $416 $466 $582 $606 $671 $777 $821 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Strong Historical Revenue Growth Accomplishments Delivered Significant Growth & Outpaced the Market 59 $ IN MILLIONS 3 Consecutive Years of Outpacing Social Casino Market(2) 4 Games with Record Revenue in 2024: Jackpot Party, Quick Hit, Gold Fish, & 88 Fortune 33% ARPDAU(3) Growth since 2022 DTC(4) Sustainably Generating ~11% of 2024 Revenue 3 Consecutive Years Awarded Eilers’ Social Casino Company of the Year CAGR19% Market CAGR10% VS (1) Compounded Annual Growth Rate. (2) Eilers-Fantini Social Casino Monitor (4Q24). (3) Average Revenue per Daily Active User. (4) Direct-to-Consumer. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (1) (1)(2)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Growth Strategy – Scale Current Games 60 LiveOps Economies UA(1) Spend Efficiency Channel Expansion International Expansion Machine Learning & AI Personalization Segmentation Meta Social Informed Slot Designs Omni Channel Launches Casino & Land-Based Partnerships Grow Current Games in a Sustainable Fashion & Scale High-Potential New Games/IP DTC F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (1) User Acquisition. (2) Direct-to-consumer. PRODUCT MARKETING & ADTECH CROSS PLATFORMDATA& ANALYTICS SCIPLAY ENGINE + L&W Content (2)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 61 Combining Best-in-Class SciPlay Engine with L&W Proven Land-Based Content F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 62 VIP Hub: Enhancing the Player Experience to Drive Further Growth F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N • Personalization to each customer • Bring players to the portal and then back to the game • Collection of a uniquely available daily reward • Longer-term progression element strongly integrated into an impactful game feature • Supplemental Communication: – Game News & Updates – Special Events & Announcements • Direct Interaction with VIP Support Engagement Communication Scale DTC to 30% by 2028 (1) (1) Direct-to-consumer.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D SciPlay Strategy – SciAlgo to Cross-Pollinate Players (1) Cost per Install. (2) Lifetime Value. 63 F © 2025 LIGHT & WONDER | CONFIDENTIAL SciAlgo: Innovative Data-Driven Mechanism to Acquire New Players via our Ad-Monetized Games at a Lower Cost & Subsequently Cross Promote Them into our Higher Value Games SciPlay as an Ad-Network: New and Quality Growth Channel to Acquire Players Lower CPI(1): Lower Effective Cost Per Install (CPI) & Higher Return on Investment (ROI) to Yield More Revenue for the Same Dollar Spent Increased SciPlay LTV(2): Keeping Players in our Ecosystem and Improving Players Longevity 63 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 Days Since Install + + NEW GAME IAA IAP PLAYERS’ LTV(2) NEW GAME
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 64 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Executing on our SciPlay Strategy to Capitalize on Future Opportunities (1) Average Revenue per Daily Active User. (2) Daily Active User. (3) Direct-to-consumer. (4) User Acquisition. Scale Current Games above Market Growth Rate driven by ARPDAU growth of over 30% from 2024 to 2028 on constant DAU Increase DTC(3) to 30% of Revenue Increase UA(4) Efficiency and Drive New Market Expansion Lean into cross-platform initiatives to deliver additional player acquisition and engagement 1 2 3 (1) (2)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 8 iGaming Simon Johnson Executive Vice President & Chief Executive Officer, iGaming 65
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Experienced Team with Best-in-Class Offerings in a Fast-Growing Global Market 66 New Markets* US International 14.913.5 16.2 17.0 18.1 19.3 2022A 2.3 6.1 19.7 2023A 5.0 7.8 22.5 2024E 5.8 9.0 24.3 2025F 6.9 10.2 26.1 2026F 8.2 11.1 28.3 2027F 9.5 11.9 30.5 1.5 4.9 17.3 23.7 2028F 35.3 39.2 43.2 47.7 51.9 28.0 +10% +18% +10% +8% 25–28 CAGR % Market leading content Global presence & opportunities Cross-platform offering Differentiated capabilities Note: Our current iGaming business model participates in a portion of the iGaming GGR outlined above. CAGR – Compounded Annual Growth Rate. GGR – Gross Gaming Revenue. (1) Vixio, H2GC. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N REGULATED GLOBAL IGAMING GGR(1) $BN 2022–2025F *New Markets include Alberta, Brazil, Croatia, New Zealand, & Philippines Strong, fast-growing market with high upside
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 67 Well-Positioned as Expansive Solutions Provider across Significant Domains SCALE OF THE INFINITY NETWORK 6B Monthly Game Rounds 7,750+ Network Games 7M Monthly Unique Players ~550 Operator Brands 40+ Regulated Markets 7,500+ Operator & Partner Connections OPERATING MARKETS 7 US STATES ALL REGULATED EURO MARKETS BRAZIL UNITED KINGDOM CANADIAN PROVINCES F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Extending Our Momentum through Execution on Strategic Initiatives 68 Record Gross Gaming Revenue Robust Gaming Production & Performance Expanded Partnerships ACHIEVEMENTS 2025 AND BEYOND Digital First Content New Markets and Expanded Features More Franchises & Brand Licensing Acceleration of Partner Studios Invest and Scale ELK and Lightning Box F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D LAND-BASEDDIGITAL FIRST CONTENT Deep Pool of 1PP Content from Digital Native to Land-Based Tested Titles WILLY WONKA & THE CHOCOLATE FACTORY and all related characters and elements © & Warner Bros. Entertainment Inc. (s25) THE WIZARD OF OZ THE WIZARD OF OZ and all related characters and elements © & Turner Entertainment Co. Judy Garland as Doroth y from THE WIZARD OF OZ. (s24). 69© 2025 LIGHT & WONDER | CONFIDENTIAL F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N “HUFF N’ PUFFTM was a record-breaking launch for us, and it’s ranked number one in unique actives for slots across all states” - Peter Jackson, CEO Flutter CROSS-PLATFORM KEY SUCCESS CASE STUDY
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Light & Wonder is One of the Leading iGaming Ecosystems Globally (1) Recently announced 20% stake in Bang Lotto studios. 70© 2025 LIGHT & WONDER | CONFIDENTIAL OPS PLATFORM PARTNER STUDIOSL&W STUDIOS Player Account Management Wallets & Payments Responsible Gaming Player-facing Portal Marketing & Promotion Reporting & Insights Game Server Bingo F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N (1)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D SELF-SERVICES TOOLS PLAYER-FACING MARKETING Seamless Access To Services & Functionality Enhanced Player Experiences Enhanced Capabilities Offer Monetization Opportunities 71 SERVICES Free Rounds 3rd Party Bonusing Game Play Data Hub Infinity Gateway Roadmaps, Compliance, Integrations Bet Settings & Configuration Tools Partnered Promotions Pre-sales insights Player Re-targeting CUSTOM GAMES F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D (1) First Party Content. (2) Internal View on content market share. (3) Player Account Management. 72 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Executing on Our iGaming Strategy to Capitalize on Future Opportunities Increase 1PP(1) Content share by 300 basis points from 2024 to 10%+ global share(2) by 2028 Enter and translate market share in nascent markets Expand Service offering and platform capability with new PAM(3) deals Driving omni-channel opportunities with hero games and enhanced offerings 1 2 3
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BREAK LNW NASDAQ • ASX L I S T E D
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 9 Panel Discussion Todd Eilers Principal, Head of Gaming Equipment Vertical Eilers & Krejcik Gaming, LLC 74
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 1 0 Financials Oliver Chow Executive Vice President & Chief Financial Officer 75
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Seamless Execution on Our Value Creation Framework 76© 2025 LIGHT & WONDER | CONFIDENTIAL Optimized Business Operations Strong Balance Sheet Enviable and Durable Financial Profile Capital Creation & Deployment F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Enhanced Shareholder Value
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D LTM refers to period containing 2Q24 – 1Q25 (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Percentages represent segment contribution to $1.42M LTM aggregate AEBITDA from the three segments; it excludes $(149)M unallocated and reconciling items. (3) Refers to revenue participation model, including Gaming Operations, ongoing Gaming systems maintenance, table services/rental agreements, iGaming and SciPlay revenues. 77 Execution on a Well-founded Financial Profile $338M LTM Free Cash Flow(1) 3.0x At end of 1Q25 Net Debt Leverage Ratio(1) 40% 1Q25 Consolidated AEBITDA MARGIN(1) LTM CONSOLIDATED REVENUE AND CONSOLIDATED AEBITDA(1) CONTRIBUTION $3.21B CONSOLIDATED REVENUE $1.27B CONSOLIDATED AEBITDA(1)(2) $1,049M 74% $274M 19% $100M 7% GENERATING STRONG CASH FLOW LEVERAGE RATIOHEALTHY MARGIN 64% 36% F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Recurring(3) Non- Recurring $3.21B CONSOLIDATED REVENUE $2,087M 65% $817M 25% $302M 9% Gaming SciPlay iGaming
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Refers to revenue participation model, including Gaming Operations, ongoing Gaming systems maintenance, table services/rental agreements, iGaming and SciPlay revenues. 78 Margin Enhancement Key Focus and an Ongoing Opportunity L&W Consolidated AEBITDA MARGIN(1) 35% 36% 37% 38% 39% 40% 41% 2022 2024 1Q25 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N SCALING PROFITABILITY FASTER THAN REVENUE ON OPERATIONAL EFFICIENCY • Focus on sustainable operational improvements with a focus on recurring revenue(2) • Increase quality of products and services for long tail revenue streams • Investments in lean culture and culture of excellence that will drive long term efficiency gains • Allocation of funds to high return initiatives AEBITDA Margin 2022 1Q25 Gaming 48% 51% SciPlay 28% 32% iGaming 33% 35% Consolidated(1) 36% 40%
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D Support Further Organic and Inorganic Investments 79 Multi-year Margin and Cash Flow Enhancement Journey (1) Refers to revenue participation model, including Gaming Operations, ongoing Gaming systems maintenance, table services/rental agreements, iGaming and SciPlay revenues. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N End-to-End Quote to Cash Enhancement Continued Optimization of Manufacturing Operations and Supply Chain Create Efficiencies in Working Capital Execute on Right Shoring Opportunities to Drive Scale Streamline Systems and Technology Capabilities Scale High-quality Recurring Revenue(1) Streams 1 2 3 4 5 6 7 Further Embed Lean Management Methodology
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Executing on Capital Allocation Blueprint to Unlock Sustainable Growth (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures including targeted net debt leverage ratio range is available in the appendix. (2) On a combined basis. (3) First share repurchase program was announced in 2022 and completed in 2024. Additional and active $1 billion Share repurchase program announced on June 13, 2024. The program may be conducted via open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plans, or other financial arrangements, and may be suspended or discontinued at any time. 80 Capital Return to Shareholders 2 authorized programs(3) totaling $1.75B. Optimized Capital Structure on Debt Reduction Lowered annual interest expense with net debt leverage ratio(1) down to 3.0x at end of 1Q25 from 10.5x at 2020(2). Remaining within 2.5x – 3.5x targeted net debt leverage ratio range(1). Disciplined Investment in Key Growth Opportunities Focused on quality, higher returns and complementary investments, both internal and external. F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Emerging from Transformation with High Quality Balance Sheet 81 DEBT COMPOSITION(1)(2) INTEREST EXPENSE MATURITY SCHEDULE(2) 49% 51%35% 65% Unsecured Secured Fixed Variable 20242022 2023 $293M$309M$327M F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Focus on Maintaining Pristine Credit Profile Post Grover Funding $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Available Revolver Cash Term Loan B Notes Grover Acquisition Financing (1) Inclusive of Grover Acquisition Financing. (2) As of 5/16/2025. Revolver Maturity
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Enhancing Shareholder Value through Share Repurchases (1) First share repurchase program was announced in 2022 and completed in 2024. Additional and active $1 billion Share repurchase program announced on June 13, 2024. The program may be conducted via open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plans, or other financial arrangements, and may be suspended or discontinued at any time. (2) Calculated by dividing the amount of shares repurchased from 2 authorized programs by shares outstanding prior to authorization of programs. 82 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Since 2022 – 1Q25 ~17% of Shares Outstanding(2) $74.66 Average Price 16.1M Shares Purchased $1.75B Authorized in 2 Repurchase Programs(1)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Quality Investments Fueling Sustainable Growth 83 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Inorganic Investment Highly Accretive Scale Content Focus on Recurring Revenue(3)Success-based Organic Investment Complementary Accretive Above ROI Threshold 17% Targeted R&D and CapEx Investment(1) 1.5x Organic Investment(2) Growth since 2020 (1) Targeting maintaining a spend of 17% of revenue on R&D and Capital Expenditures. (2) Combination of R&D and Capital Expenditures. (3) Includes Gaming Operations, ongoing Gaming systems maintenance, table services/rental agreements, iGaming and SciPlay revenue s, and revenue participation model programs.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 84 Optimizing our Capital Markets Structure RATIONALE Limited Public American Peers Ranging Valuation Methodologies Investor Outreach Market Attuned Investors Expansive Capital Pool Global Access with Ample Liquidity Enhance Shareholder Value 52.6M Shares 31.8M CDIs(1) 62% % of ISC(2) 38% % of ISC(2) Russell 1000 ASX 100 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N DESIRED OUTCOME Note: Data as of 05/07/2025. (1) CHESS Depository Instrument. (2) Issued Share Capital.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D 85 Executing on Key Growth and Financial Initiatives F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N FCF - Free Cash Flow (1) User Acquisition. (2) Direct-to-consumer. (3) 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. Expand Gaming market share through optimized business operations Leverage SciPlay engine across existing games accentuated by strategic UA(1) and DTC(2) Focusing resources on high margin content business at iGaming Leverage L&W hardware and content into Charitable Focusing on sustainable top-line growth with continued investments 1 2 3 4 Scaling FCF > EPSa > Adj. NPATA > Consolidated AEBITDA > Revenue (3) (3) (3)(3)
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Cultivating a Culture of Excellence Driving Performance to 2028 Targets 86 EXECUTE on our growth pillars OPTIMIZE operations and processes INVEST in our people, platforms, and technology ENHANCE existing high- performance culture F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N $2.0B Targeted 2028 Consolidated AEBITDA(1) Targeted 2028 EPSa (1) Denotes a non-GAAP financial measure with additional information available in the appendix. We 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. (1) >$10.55 ~ 2X 2024 EPSa(1) to
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D Journey Recap 87 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 2020 2025+2021 - 2022 2023 - 2024 Executing towards $1.4B Consolidated AEBITDA Target (1) and aspiration for new goals Delivered on KPI and financial performance Divested non- core businesses Onboarded team with proven track record ASX Dual Listing (1) Consolidated AEBITDA Target is a forward -looking non-GAAP financial measure presented on a supplemental basis. Additional in formation on non-GAAP financial measures presented herein are available in the appendix. 2025 targeted Consolidated AEBITDA excludes contribution from Grover Charitable Gaming acquisition.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E DRECAP Gaming 88 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N G O A L S F O R 2 0 2 8 +400 bps market share gains in N.A. premium install base and global game sales from 2024 through 2028 N.A. – North America (1) Ship Share in North America - Eilers-Krejcik Gaming Supplier KPIs (4Q24). (2) Ship Share in Australia - MaxGaming (January 2025). 24% in N.A. and 39% in Australia in 2024 #1 Global Game Sales Ship share 2024 19 Consecutive Quarters of N.A. Premium Installed base growth (1) (2) Translate L&W share across new market opportunities Build new and existing business through enhanced systems & tables capabilities
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E DRECAP SciPlay 89 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N +30%+ ARPDAU growth from 2024 to 2028 (1) Average Revenue per Daily Active User. RECORD ARPDAU in 2024 11% of Revenue From DTC in 2024 3 Consecutive Years Outpacing social casino market (1) G O A L S F O R 2028 30% of revenue from DTC Increase UA efficiency and drive new market expansion
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D +300 bps increase in 1PP content share from 2024 to 10%+ global share by 2028 G O A L S F O R 2 0 2 8 Enter and translate market share in nascent markets Expand Service offering and platform capability, with new PAM Deals RECAP iGaming 90 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 1,000+ Games launched on OGS Platform in 2024 Record performance from 1PP land-based launches $91B Record wagers Processed in 2024
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E DRECAP Grover 91 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N Acquisition akin to some of the most successful in industry that’s core to our strategy Pioneer into new adjacency with significant growth opportunities Increase number of devices, expand profitability and enter more jurisdictions (not in our base model) G O A L S F O R 2 0 2 8
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D $2.0B Consolidated AEBITDA target(2) by 2028 G O A L S F O R 2 0 2 8 ~2x Adjusted NPATA/Share (EPSa) target(2) to >$10.55 by 2028 RECAP Financials 92 F I N A N C I A L S P A N E L P R O D U C T S I N T R O D U C T I O N 3.0x Net Debt Leverage Ratio(1) reduction of 7.5x from peak 10.5x in 2020 +28% Organic Investment 13% Consolidated Revenue CAGR growth and 17% Consolidated AEBITDA(1) CAGR growth delivered since 2022 $1.24B Consolidated AEBITDA(1) in 2024; on track for 2025 target(1) CAGR – Compounded Annual Growth Rate (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Denotes a non-GAAP financial measure with additional information available in the appendix. We are not providing forward-looking quantitative reconciliations of targeted Consolidated AEBITDA or Targeted Adjusted NPATA per share or 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.
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LNW NASDAQ • ASX INVESTOR DAY 2025 L I S T E D S E C T I O N 11 Q&A 93
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APPENDIX INVESTOR DAY 2025 94 LNW NASDAQ • ASX L I S T E D
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 95 Non-GAAP Financial Measures The Company’s management (“Management”) uses the following non -GAAP financial measures in conjunction with GAAP financial measures: Consolidated AEBITDA (representing continuing operations), Consolidated AEBITDA margin, AEBITDA from discontinued operations, Combined AEBITDA, Grover Adjusted EBITDA, Grover Run Rate Adjusted EBITDA, Adjusted NPATA, Adjusted NPATA per share (on diluted basis), also referred to as EPSa, Free cash flow and Free cash flow conversion, EBITDA from equity investments, Net debt and Net debt leverage ratio (each, as described more fully below). These non -GAAP financial measures are presented as supplemental disclosures. They should not be considered in isolation of, as a substitute for, or superior to, the financial i nformation prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed with the SE C. The non-GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. Specifically, Management uses Consolidated AEBITDA to, among other things: ( i) monitor and evaluate the performance of the Company’s continuing operations; (ii) facilitate Management’s internal and external comparisons of the Company’s consolidated historical operating performance; and (iii) analyze and evaluate financial and strategic planning decisions regarding future operating investments and operating budgets. In addition, Management uses Consolidated AEBITDA and Consolidated AEBITDA margin to facilitate its external comparisons of the Company’s consolidated results to the historical operating performance of other co mpanies that may have different capital structures and debt levels. Following our ASX listing, Management introduced usage of Adjuste d NPATA, a non-GAAP financial measure, which is widely used to measure the performance as well as a principal basis for valuation of gaming and other companies listed on the ASX, and which we present on a supplemental basis. The Adjusted NPATA performance measure was further supplemented with Adjusted NPATA per share, or EPSa, (on diluted basis), which was added during the third quarter of 2024. Management uses Net debt and Net debt leverage ratio in monitoring and evaluating the Company’s overall liqu idity, 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 in tegral part of Management’s reporting and planning processes. In particular, Management believes that Consolidated AEBITDA is helpfu l because this non-GAAP financial measure eliminates the effects of restructuring, strategic transactions, legal settlements, inte gration or other items that Management believes are less indicative of the ongoing underlying performance of the Company’s continuing operations (as more fully described below) and are better evaluated separately. Management believes that Free cash flow provi des useful information regarding the Company’s liquidity and its ability to service debt and fund investments. The Company sold i ts former Lottery business and Sports Betting business and as such, historical financial information for these divested businesses is c lassified as discontinued operations, as described above. Management believes that AEBITDA from discontinued operations provides useful information regarding the Company’s operations as well as the impact of the discontinued businesses on the overall financial results for the relevant prior periods presented as they remained under the structure of the Company for those periods. This non -GAAP measure is derived based on the historical records and includes only those direct costs that are allocated to discontinued operations and as such does not include all of the expenses that would have been incurred by these businesses as a standalone company or other Corpo rate and shared allocations and such differences might be material. Management believes Adjusted NPATA and Adjusted NPATA per shar e (or EPSa) are useful for investors because they provide investors with additional perspective on performance, as the measures eliminate the effects of amortization of acquired intangible assets, restructuring, strategic transactions, legal settlements , integration, certain other items, and the income tax impact on such adjustments, which Management believes are less indicative of the ongo ing underlying performance of operations and are better evaluated separately. Adjusted NPATA is widely used to measure performance of gaming and other companies listed on the ASX. Management also believes that Free cash flow is useful for investors because it provides investors with important perspectives on the cash available for debt repayment and other strategic measures, after m aking necessary capital investments in property and equipment, necessary license payments to support the ongoing business operation s and adjustments for changes in restricted cash impacting working capital. Management believes that Free cash flow conversion is u seful for investors for the same reasons as Free cash flow and as a measure of the Company’s cash flow generating capacity. Consolidated AEBITDA (representing AEBITDA from continuing operations) Consolidated AEBITDA, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure of the Company’s continuing operations and is reconciled to net income (loss) from continuing operations as the most directly compar able GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income Attributable to L&W to Consolidated AEBITDA.” Consolidated AEBITDA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financia l information prepared in accordance with GAAP, and should be read in conjunction with the Company's financial statements filed with the SE C. Consolidated AEBITDA may differ from similarly titled measures presented by other companies. Consolidated AEBITDA is reconcil ed to Net income attributable to L&W and includes the following adjustments, as applicable: (1) Net income attributable to noncontr olling interest; (2) Net income from discontinued operations, net of tax; (3) Restructuring and other, which includes charges or exp enses 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 unusu al items; (4) Depreciation, amortization and impairment charges and Goodwill impairments; (5) Loss on debt financing transactions; (6) Chan ge in fair value of investments and Gain on remeasurement of debt and other; (7) Interest expense; (8) Income tax expense (benefit) ; (9) Stock-based compensation; and (10) Other (income) expense, net, including foreign currency gains or losses and earnings from equ ity investments. AEBITDA is presented exclusively as our segment measure of profit or loss. Consolidated AEBITDA Target denotes a non-GAAP financial measure. We are not providing a forward -looking quantitative reconciliation of targeted Consolidated AEBITDA to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estima te the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control a nd could have a material impact on the corresponding measures calculated in accordance with GAAP. Consolidated AEBITDA Margin Consolidated AEBITDA margin, as used herein, represents our Consolidated AEBITDA (as defined above) calculated as a percentag e of consolidated revenue. Consolidated AEBITDA margin is a non-GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only and is reconciled to net income, the most directly comparable GAAP measure, in a sc hedule below. AEBITDA from Discontinued Operations AEBITDA from discontinued operations, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure for the Company’s discontinued operations and is reconciled to net income from discontinued operations, net of tax as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income from Discontinued Operations, Net of Tax to AEBITDA from Discontinued Operations.” AEBITDA from discontinued operations should not be considere d in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP , and should be read in conjunction with the Company's financial statements filed with the SEC. AEBITDA from discontinued operations may d iffer from similarly titled measures presented by other companies and is presented only for purposes of calculating and reconciling Net debt leverage ratio. AEBITDA from discontinued operations is reconciled to Net income from discontinued operations, net of tax and includes the following adjustments: (1) Restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litiga tion; and (vi) acquisition- and disposition-related costs and other unusual items; (2) Depreciation, amortization and impairment charges and Go odwill impairments; (3) Income tax expense; and (4) Stock-based compensation and other, net. In addition to the preceding adjustments, we exclude Earnings from equity investments and add (without duplication) discontinued operations pro rata share of EBITDA from equity investments, which represents their share of earnings (whether or not distributed) before income tax expense, depreciation and amortization expense, and interest expense, net of our joint ventures and minority investees, which is included in our calculation of AEBITDA from discontinued operations. Combined AEBITDA Combined AEBITDA, as used herein, is a non-GAAP financial measure that combines Consolidated AEBITDA (representing our continuing operations), AEBITDA from discontinued operations and EBITDA from equity investments included in continuing operat ions and is presented as a supplemental disclosure. Combined AEBITDA should not be considered in isolation
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 96 Non-GAAP Financial Measures 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 mea sures presented by other companies and is presented only for purposes of calculating and reconciling Net debt leverage ratio. Adjusted NPATA Adjusted NPATA, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure of the Company’s operations and is reconciled to net income as the most directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income Attributable to L&W to Adjusted NPATA.” Adjusted NPATA should not be considered in isolation of , as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP, and should be read i n conjunction with the Company's financial statements filed with the SEC. Adjusted NPATA may differ from similarly titled measu res presented by other companies. Adjusted NPATA is reconciled to Net income attributable to L&W and includes the following adjustments, as applicable: (1) Net income attributable to noncontrolling interest; (2) Amortization of acquired intangible assets; (3) Non -cash asset and goodwill impairments; (4) Restructuring and other, which includes charges or expenses attributable to: ( i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisi tion- and disposition- related costs, strategic review and other unusual items; (5) Loss on debt financing transactions; (6) Change in fair value of investments and Gain on remeasurement of debt and other; (7) Income tax impact on adjustments; and (8) Other (income) expense, net, inclu ding foreign currency gains or losses and earnings from equity investments. Adjusted NPATA target and/or targeted range denotes a non- GAAP financial measure. We are not providing a forward-looking quantitative reconciliation of Adjusted NPATA target and/or targe ted range to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonab ly estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP. Adjusted NPATA Per Share – Diluted (“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 attributable to L&W per share as the mos t directly comparable GAAP measure, as set forth in the schedule titled “Reconciliation of Net Income Attributable to L&W Per Share to A djusted 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 present ed by other companies. Adjusted NPATA per share is reconciled to diluted net income attributable to L&W per share and includes the same adjustments as the schedule titled “Reconciliation of Net Income Attributable to L&W to Adjusted NPATA” in per share amounts. 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 w e are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. Th ese items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures ca lculated in accordance with GAAP. 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 pa yments on license obligations, plus payments on contingent acquisition considerations and adjusted for changes in restricted cash impac ting working capital. Free cash flow is a non-GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only and is reconciled to net cash provided by operating activities, the most directly comparable GAAP measure, in a schedule below. Free cash flow conversion, as used herein, represents Free cash flow calculated as a percentage of Adjusted NPATA (as defined above), and is provided for illustrative purposes only. EBITDA from Equity Investments EBITDA from equity investments, as used herein, represents our share of earnings (whether or not distributed to us) plus income tax expense, depreciation and amortization expense, interest expense, net, and other non -cash and unusual items from our joint ventu res and minority investees. EBITDA from equity investments is a non -GAAP financial measure that is presented as supplemental disclosure for illustrative purposes only and is reconciled to earnings of equity investments, the most directly comparable G AAP measure, in a schedule below. Net Debt and Net Debt Leverage Ratio Net debt is defined as total principal face value of debt outstanding, the most directly comparable GAAP measure, less cash a nd cash equivalents. Principal face value of debt outstanding includes the face value of debt issued under Senior Secured Credit Faci lities and Senior Notes, which are described in Note 10 of the Company’s Quarterly Report on Form 10 -Q for the quarter ended March 31, 2025 and Note 14 of the Company's Annual Report on Form 10 -K for the year ended December 31, 2024, but it does not include other long - term obligations primarily comprised of certain revenue transactions presented as debt in accordance with ASC 470. Net debt l everage ratio, as used herein, represents Net debt divided by Consolidated AEBITDA (or combined AEBITDA for periods prior to divestit ures). The forward-looking non-GAAP financial measure targeted net debt leverage ratio is presented on a supplemental basis and does no t 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 cert ain significant items without unreasonable effort. These items are uncertain, depend on various factors, and could have a materia l impact on GAAP reported results for the relevant period. Grover Adjusted EBITDA Grover Adjusted EBITDA is a non-GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only, is unaudited and based on preliminary estimates and assumptions, and is reconciled to operating income, the most direct ly comparable GAAP measure, in a schedule below. Grover Adjusted EBITDA should not be considered in isolation of, as a substitut e for, or superior to, the financial information prepared in accordance with GAAP. Grover Adjusted EBITDA is presented exclusively a s supplemental information to enhance an investor’s understanding of Grover results of operations and may differ materially fro m similarly titles measures presented by other companies, including Light & Wonder Consolidated AEBITDA. 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 tra nsaction and certain other immaterial adjustments. Grover Run Rate Adjusted EBITDA Grover Run Rate Adjusted EBITDA is a non-GAAP financial Measure that is presented as a supplemental disclosure for illustrative purposes only, is unaudited and based on preliminary estimates and assumptions. Grover Run Rate Adjusted EBITDA should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP. Grover Run Rate Adjusted EBITDA is presented exclusively as supplemental information to enhance an investor’s understanding of Grover results of operations and may differ materially from similarly titles measures presented by other companies, including Light & Wonder s consolidated AEBITDA. Grover Run Rate Adjusted EBITDA is derived from Grover Adjusted EBITDA and further adjusts such measure to provide full -year revenue on a run rate basis of ending installed units multiplied by an average rate per day and Grover Adjusted EBITDA margin rate for December 31, 2024. Grover Run Rate Adjusted EBITDA does not include adjustments to reflect assumed start -up and other costs that might be incurred post-closing of the transaction.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 97 L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA Note: Unaudited, U.S. Dollars in millions. 1. EBITDA from equity investments is a non-GAAP financial measure reconciled to Earnings from equity investments on slide 104.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 98 L&W Reconciliation of Adjusted NPATA and Adjusted NPATA Per Share 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.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 99 L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt Leverage Ratio Note: Unaudited, U.S. Dollars in millions. 1. Combined AEBITDA consists of Consolidated AEBITDA, AEBITDA from discontinued operations and EBITDA from equity investments included in continuing operations. Refer to the reconciliation of Combined AEBITDA included in the table titled "Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA” for the peri ods presented on slide 97. 2. Includes cash and cash equivalents of both continuing operations and discontinued operations (for December 31, 2021 and 2020) , as the combined amount was available for debt payments.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 100 L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 101 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 100. 2. Represents a non-GAAP measure reconciled to Net income on slide 99. 3. Free cash flow conversion is a non-GAAP measure calculated as Free cash flow as a percentage of Adjusted NPATA. Refer to non -GAAP financial measure definitions above for further details.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 102 L&W Adjusted NPATA to Free Cash Flow Conversion Illustration Note: Unaudited, U.S. Dollars in millions. (1) Denotes a non-GAAP financial measure. Refer to non-GAAP measure definitions above for further details FY2024 Adjusted NPATA to Free Cash Flow $480M -$94M -$169M +$110M -$9M $318M Adj. NPATA(1) Free Cash Flow(1) Restructuring and Other Change in CapEx and D&A Stock Based Compensation Working Capital Change Impact & Other
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 103 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, AEBITDA from Discontinued Operations and Combined AEBITDA” for the periods presented on slide 97. 2. Consolidated AEBITDA Margin is calculated as Consolidated AEBITDA as a percentage of revenue.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 104 L&W Reconciliation of Earnings from Equity Investments to EBITDA from Equity Investments Note: Unaudited, U.S. Dollars in millions. (1) Combined EBITDA from equity investments consists of EBITDA from both discontinued and continuing operations equity investments.
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INVESTOR DAY 2025 LNW NASDAQ • ASX L I S T E D 105 Grover Reconciliation of Operating Income to Grover Adjusted EBITDA Preliminary and Unaudited Note: Unaudited, U.S. Dollars in millions. (1) Primarily represents certain non-recurring distribution costs expected to be eliminated in connection with the consummation of the transaction.