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LIGHT & WONDER Second Quarter 2026 Earnings Presentation August 4 , 2026 - U.S. August 5 , 2026 – Australia © 2026 LIGHT & WONDER
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Forward-Looking Statements S E C T I O N T I T L E, 1 0 P T 2 Forward-Looking Statements © 2026 LIGHT & WONDER In this presentation, and the oral remarks made in connection herewith, Light & Wonder makes “forward -looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward -looking statements describe future expectatio ns, plans, results or strategies and can often be identified by the use of terminology such as “may,” “will,” “estimate,” “intend,” “plan,” “contin ue,” “believe,” “expect,” “anticipate,” “target,” “should,” “could,” “potential,” “opportunity,” “goal,” or similar terminology. These statements are based upon current Company management (“Management”) expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward -looking statements as predictions of future events. Actual res ults may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, includi ng, among other things: our inability to successfully execute our strategy; slow growth of new gaming jurisdictions, slow 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 payment of dividends from earnings, restrictions on the imp ort of products and financial instability; difficulty predicting what impact new or increased tariffs imposed by and other trade actions taken by the U.S. and foreign jurisdictions could have on our business; U.S. and international economic and industry conditions, including changes in consumer sentiment and discretionary spending, increases in benchmark interest rates and the effects of inflation; public perception of our response to environmental, social and governance (or “ESG”) issues; the effects of health epidemics, contagious disease outbreaks and pub lic perception thereof; changes in, progress under, or the elimination of our share repurchase program; level of our indebtedness, higher interest ra tes, availability or adequacy of cash flows and liquidity to satisfy indebtedness, other obligations or future cash needs; inabi lity or failure to further reduce or refinance our indebtedness, or to achieve investment-grade level leverage profile; restrictions and covenants in debt agreements , including those that could result in acceleration of the maturity of our indebtedness; competition; inability to win, retai n or renew, or unfavorable revisions of, existing contracts, and the inability to enter into new contracts; risks and uncertainties of ongoing changes i n U.K. gaming legislation, including any new or revised licensing and taxation regimes, responsible gambling requirements and/or sanctions on unlicensed providers; inability to adapt to, and offer products that keep pace with, evolving technology, including any failure of our i nvestment of significant resources in our R&D efforts; failure of our investments in artificial intelligence and infrastructure to achieve some or all of their intended benefits, including improved efficiency and growth; failure to retain key management and employees; unpredictability and seve rity of catastrophic events, including but not limited to acts of terrorism, war, armed conflicts or hostilities, the impact suc h 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 suppliers and manufacturers; SciPlay’s dependence on certain key providers; ownership changes and consolidation in the gaming industry; fluctuations in our results due to seasona lity and other factors; the risk that any potential disruptions from the Grover acquisition will harm relationships with custome rs, employees and suppliers; the possibility that the Company may be unable to achieve expected financial, operational and strategic benefits of the Grover ac quisition and may not be able to successfully integrate Grover into the Company’s operations; risks relating to delisting our se curities from Nasdaq and transitioning to a sole primary listing on the ASX, which could negatively affect the liquidity and trading prices of our com mon stock or CDIs, impact our investors’ ability to trade in our securities and our access to the capital markets and could lead to price variations and other impacts on holders of our common stock, CDIs and other securities; risks associated with having a sole primary listing on the ASX and remaining an SEC registrant, including significant compliance costs and risks of noncompliance; 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 l icense third-party intellectual property and the intellectual property rights of others; reliance on or failures in information technology and other systems; litigation and other liabilities relating to our business, including litigation and liabilities relating to our contracts and licenses, our products and systems, our employees (including labor disputes), intellectual property, environmental laws and our strategic relationships; reliance on technological blocking systems; challenges or disruptions relating to the completion of the domestic migration of, and recent acquisition integrations into, our enterprise resource planning system; laws, government regulations and new or increased trade tariffs, both foreign and domestic, including those relating to gaming, data privacy and security, including with respect to the collection, storage, u se, transmission and protection of personal information and other consumer data, and environmental laws, and those laws and regul ations that affect companies conducting business on the Internet, including online gambling; legislative interpretation and enforcement, regulat ory perception and regulatory risks with respect to gaming, including Internet wagering, social gaming, prediction markets and sw eepstakes; changes in tax laws or tax rulings, or the examination of our tax positions; opposition to legalized gaming or the expansion of such opposit ion and potential restrictions; significant opposition in some jurisdictions to interactive social gaming, including social casin o gaming and how such opposition could lead these jurisdictions to adopt legislation or impose a regulatory framework to govern interactive social gaming or s ocial casino gaming specifically, and how this could result in a prohibition on interactive social gaming or social casino gamin g altogether, restrict our ability to advertise our games, or substantially increase our costs to comply with these regulations; expectations of the shift to regul ated digital gaming; inability to develop successful products and services and capitalize on trends and changes in our industrie s, including the expansion of Internet and other forms of digital gaming; the continuing evolution of the scope of data privacy and security regulations, a nd our belief that the adoption of increasingly restrictive regulations in this area is likely within the U.S. and globally; inc urrence of restructuring costs; goodwill impairment charges including changes in estimates or judgments related to our impairment analysis of goodwill or other intang ible assets; stock price volatility; failure to maintain adequate internal control over financial reporting; dependence on key e xecutives; natural events, including natural disasters, extreme weather and other natural events related to climate change, that disrupt our operations, or those of our customers, suppliers or regulators; and expectations of growth in total consumer spending on social casino gamin g. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ material ly from those contemplated in forward-looking statements is included from time to time in our filings with the SEC and lodgements with the ASX, including the Company’s Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and its latest Annual Report on Form 10 -K for the year ended December 31, 2025 filed with the SEC on February 24, 2026 (including under the headings “Forward -Looking Statements” and “Ris k Factors”). Forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federa l securities laws and ASX Listing Rules, 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. 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 completen ess of that information is not guaranteed. Although we believe industry information to be accurate, it is not independently verif ied by us, and we do not make any representation as to the accuracy of that information. In general, we believe there is less publicly available infor mation concerning the international gaming, charitable gaming, social and digital gaming industries than the same industries in the U.S. Due to rounding, certain numbers presented herein may not precisely recalculate. Unless otherwise stated, ‘$’ denotes U.S. dollars.
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3 v © 2026 LIGHT & WONDER Consolidated AEBITDA(1) Adjusted NPATA(1) EPSa(1)(2) Adjusted Free Cash Flow Conversion(1)(3) 2Q26 Key Highlights $383M +9% YoY $1.99 +26% YoY 41% +1100 bps YoY $156M +16% YoY Continued Focus on our Recurring Revenue(4), Business Enhanced Profitability, and Strengthened our Cash Generative Business Model (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) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares. (3) Adjusted free cash flow conversion is calculated as Adjusted free cash flow / Consolidated AEBITDA. (4) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (5) Represents a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional information on non-GAAP financial measures presented herein is available in the appendix. Focus on reducing our net debt leverage ratio(1) to <3.0x during 1H27 with the intention to move toward an investment grade level leverage profile(5)
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4 © 2026 LIGHT & WONDER N.A. – North America. (1) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (2) Per share amounts are calculated based on weighted average number of diluted shares. (3) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (4) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares. (5) Adjusted free cash flow conversion is calculated as Adjusted free cash flow / Consolidated AEBITDA. (6) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market conditions. (7) Represents a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional information on non-GAAP financial measures presented herein is available in the appendix. Growth of our Recurring Revenue(1) Driving Profitability Creating a Highly Cash Generative Business Compelling Capital Allocation Blueprint Recurring Revenue(1) of $580M, +6% YoY ~70% 2Q26 Consolidated Revenue Net Cash Provided by Operating Activities $241M +127% YoY Adjusted Free Cash Flow(3) $156M +50% YoY Capital returned to shareholders in 2Q26 $134M through our share repurchase(6) program Net Debt Leverage Ratio(3) 3.4x Remain committed to reducing leverage to <3.0x(7) during 1H27 with the intention to move toward an investment grade level leverage profile 2Q26 Recurring Revenue (1) Translates to a Cash Generative Business N.A. Gaming Operations Installed Base >900 sequential Premium + Charitable net adds iGaming Revenue $92M +14% YoY Net Income $120M +26% YoY Adjusted NPATA(3) $156M +16% YoY EPSa(3)(4) $1.99 +26% YoY Consolidated AEBITDA(3) $383M +9% YoY Consolidated AEBITDA(3) Margin 46% +200 bps YoY Adjusted Free Cash Flow Conversion(3)(5) 41% +1100 bps YoY EPS(2) $1.53 +38% YoY
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5 Increasing Recurring Revenue (1) as a % of Consolidated Revenue © 2026 LIGHT & WONDER (1) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. (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. 71% recurring revenue(1) as % of total revenue ~$1.2B recurring revenue (1) Progression of our recurring revenue(1) focus designed to drive quality of revenue, wider margins and greater earnings predictability to further strengthen our free cash flow(2) profile Consolidated Revenue Trend I N $ M I L L I O N S 1H26 63% 2022 2023 2024 2025 % Recurring Revenue Total Revenue $2,883 $2,901 $3,188 $3,314 67%64%66%63% (1)
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$ Millions, Unaudited Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change Revenue by Segment Gaming $554 $528 5% $1,066 $1,022 4% SciPlay 182 200 (9%) 368 402 (8%) iGaming 92 81 14% 183 158 16% Consolidated Revenue 828 809 2% 1,617 1,582 2% AEBITDA by Segment Gaming 307 280 10% 578 534 8% SciPlay 72 74 (3%) 138 138 - iGaming 33 28 18% 66 55 20% Corporate and other(1) (29) (30) 3% (72) (64) (13%) Consolidated AEBITDA(2) 383 352 9% 710 663 7% AEBITDA Margin by Segment Gaming 55% 53% 200 bps 54% 52% 200 bps SciPlay 40% 37% 300 bps 38% 34% 400 bps iGaming 36% 35% 100 bps 36% 35% 100 bps Consolidated AEBITDA(2) Margin 46% 44% 200 bps 44% 42% 200 bps 6 2Q26 Consolidated and Segment Results Summary (1) Includes amounts not allocated to the business segments (including corporate costs) and other non-operating expenses (income). (2) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. © 2026 LIGHT & WONDER • Consolidated Revenue of $828M, +2% YoY, driven by Gaming (+5%) and iGaming (+14%), underpinned by game content performance and portfolio strength, partially offset by industry and performance softness at SciPlay • Consolidated AEBITDA(2) of $383M, +9% YoY, driven by continued growth across Gaming and iGaming, and strong AEBITDA margin expansion across all business units • Growth expected to be 2H weighted driven by timing of sales and seasonality of customer capex cycle, in-line with prior year; anticipate broadly similar 1H/2H earnings shape to prior year • Continued, disciplined focus on profitability underpinned by streamlined and complementary business segments enables us to self-fund growth, scale the business, optimize cost structures, and deliver returns o 1H Corporate and other costs impacted by AI investments and legal expenses primarily in 1Q Highlights
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Segment Results & Highlights 7© 2026 LIGHT & WONDER
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Gaming Highlights • Gaming revenue of $554M, +5% YoY, driven by strong Gaming operations and Table products growth, offset by lower Gaming machine and Systems sales o Gaming operations +18% YoY, led by strong growth across both Premium gaming operations and Grover installed base o Gaming machine sales -4% YoY, primarily on timing of unit shipments deferred into 2H FY26 o Gaming systems -16% YoY, primarily driven by lower hardware sales o Table products +13% YoY, delivered on strong utility sales • AEBITDA of $307M, +10% YoY, driven by Gaming operations and Table products growth,supporting continued margin expansion • AEBITDA Margin of 55%, +200bps YoY, led by continued expansion of our recurring revenue(1) streams and favorable product mix 8 Gaming Continues to Grow its Recurring Revenue (1) Base N.A. – North America. Revenue © 2026 LIGHT & WONDER 5% 2Q262Q25 1H261H25 4% 2Q262Q25 1H261H25 $528 $554 $1,022 $1,066 $280 $307 $534 $578 10% 8% AEBITDA Gaming Line of Business Revenue: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change Gaming operations $247 $209 18% $486 $382 27% Gaming machine sales 184 191 (4%) 340 398 (15%) Gaming systems 61 73 (16%) 115 136 (15%) Table products 62 55 13% 125 106 18% (1) Gaming segment recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance and table services/rental agreements revenues. I N $ M I L L I O N S
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Gaming KPI Highlights 9 Delivered on Key Gaming Performance Metrics N.A. – North America. ANZ – Australia / New Zealand. (1) Inclusive of Grover charitable gaming installed base. (2) Units exclude those related to game content licensing. (3) Gaming machine sales cabinet average sales price. (4) Premium install base excludes Grover install base. © 2026 LIGHT & WONDER • N.A. Installed base of 48,639, +5% or ~2,200 units YoY, inclusive of over 12,550 Grover units o Premium units delivered a 24th consecutive quarter of install base growth(4), adding 652 units sequentially, with premium units now representing over 58% of our total N.A. installed base, excluding Grover • N.A. average daily revenue per unit(1) of $48.88, +6% YoY,driven by strong game performance and player engagement • Gaming machine sales of 8,796 units, -3% YoY, primarily driven by softer N.A. game sales, partially offset by improved international sales following recent release of COSMICTM DUAL in ANZ • Resilient ASP(3) of $18,936 reflective of the pricing power of our premium cabinet offerings • Expect game sales to accelerate in 2H26, driven by ramping of product and content launches Gaming Operations KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change U.S. and Canadian units:(1) Installed base at period end 48,639 46,368 5% 48,639 46,368 5% Average daily revenue per unit $48.88 $46.05 6% $48.51 $47.05 3% International units(2) Installed base at period end 18,408 19,526 (6%) 18,408 19,526 (6%) Average daily revenue per unit $16.38 $16.97 (3%) $16.19 $16.04 1% Gaming Machine Sales KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change U.S. and Canadian new unit shipments Replacement units 4,939 5,231 (6%) 9,670 10,629 (9%) Casino opening and expansion units 34 223 (85%) 327 594 (45%) Total unit shipments 4,973 5,454 (9%) 9,997 11,223 (11%) International new unit shipments Replacement units 3,481 3,511 (1%) 5,588 6,509 (14%) Casino opening and expansion units 342 74 362% 411 1,077 (62%) Total unit shipments 3,823 3,585 7% 5,999 7,586 (21%) Global new unit shipments 8,796 9,039 (3%) 15,996 18,809 (15%) Average sales price per new unit(3) $18,936 $18,930 - $19,290 $19,483 (1%)
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Ending Install Base (Units) 11,022 11,289 11,634 12,294 12,571 2Q25 3Q25 4Q25 1Q26 2Q26 Integration Update • Revenue was $45 million in the quarter, driven by strong game performance and install base growth across new and existing markets • Ended 2Q26 with over 12,550 units installed; adding 277 units sequentially across all current operating markets in the quarter • Over 1,500 units have been added to the Grover install base, post- acquisition 10 Grover Continues to Scale on Product Launch and LNW Integration © 2026 LIGHT & WONDER Current Grover Operating Jurisdictions Regulated Markets EPTs Legal Only in Bell Jar Form • TANK BLASTTM, featuring LNW game math, launched in Indiana as highest first 14-day performer in the state(1) • EUREKA TREASURE TRAINTM continuing strong early performance with plans to ramp across two additional states • Accelerating cadence of LNW hardware and content rollout in 2H26 with > 30 LNW titles slated for launch across our 6 operating jurisdictions, supplemented by the launch of high-performing K43 cabinets (Kentucky and Ohio) Grover Highlights Geographic Footprint (1) Based on 14-day total coin in.
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Growing Our North America Gaming Operations Installed Base 11© 2026 LIGHT & WONDER 0 10000 20000 30000 40000 50000 2023 2024 2025 1Q26 2Q26 Premium Installed Base Grover 14,733 12,294 11,634 17,120 19,520 20,177 16,487 16,884 17,172 12,571 12,571 20,829 Strategic and deliberate investments into our North America Premium and Grover installed base, maximizing economics and greenfield opportunities North America Gaming Operations Installed Base (Units) Non-Premium Units 16,478 16,884 17,172 16,129 15,239 Total Units 31,220 34,004 48,326 48,600 48,639 ~8% Total installed base units (ex. Grover) 2023-2025 CAGR ~15% Premium installed base 2023-2025 CAGR ~24% Total installed base 2023-2025 CAGR
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12 (1) Monthly Active Users in millions. (2) Daily Active Users in millions. (3) Average Revenue Per Daily Active User. (4) Monthly Paying Users in thousands. (5) Average Monthly Revenue Per Paying User. (6) Calculated by dividing average MPU for the period by the average MAU for the same period. (7) Direct-to-consumer. (8) User acquisition. © 2026 LIGHT & WONDER Broader Industry Dynamics Shaping SciPlay Performance $182 2Q262Q25 $368 $200 $402 1H261H25 SciPlay KPIs: Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change Average MAU(1) 4.6 5.2 (12%) 4.8 5.4 (11%) Average DAU(2) 1.9 2.0 (5%) 1.9 2.1 (10%) ARPDAU(3) $1.06 $1.08 (2%) $1.06 $1.07 (1%) Average MPU(4) 447 512 (13%) 467 542 (14%) AMRPPU(5) $133.80 $128.96 4% $129.89 $122.63 6% Payer conversion rate(6) 9.7% 9.8% (0.1) pp 9.7% 10.1% (0.4) pp DTC(7) Revenue $53M $35M 51% $103M $63M 64% $72 2Q262Q25 $138 $74 $138 1H261H25 8%9% 3% -% SciPlay Highlights • Revenue of $182M, -9% YoY, attributed to broad based market softness, resulting in a lower total addressable market o AMRPPU(5) of $133.80, +4% YoY, reflective of strategic UA(8) spend to enhance player monetization o Revenue decline impacted ARPDAU(3), -2% YoY, to $1.06 in the quarter • User acquisition and monetization remains a key focus, prioritizing high-value users • Delivered on continued DTC(7) expansion, growing to a record $53M in 2Q26, representing 29% of segment revenue and +51% YoY • AEBITDA of $72M, -3% YoY, attributed to revenue softness, partially offset by DTC(7) scaling and cost base optimization Revenue AEBITDA I N $ M I L L I O N S
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13 MONOPOLY © 1935, 2026 Hasbro. All Rights Reserved. (1) Yearly industry revenue according to EILERS Social Casino Tracker 2Q26. © 2026 LIGHT & WONDER $7,050 $7,647 $7,463 $7,334 $7,154 $6,815 FY20 FY21 FY22 FY23 FY24 FY25 Social Casino Industry Revenue(1) $582 $606 $671 $777 $821 $794 FY20 FY21 FY22 FY23 FY24 FY25 SciPlay Revenue • Optimize game economy to reach equilibrium between acquisition and monetization • Reinvest to acquire users, but selective with purpose and focused on ROI • Understand and execute on an appropriate timeline to support sustainable engagement and monetization SciPlay Update Disciplined Execution of SciPlay’s Stabilization Strategy Reinvestment User Acquisition Engagement & Retention Monetization I N $ M I L L I O N S
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• Revenue of $92M, +14% YoY, driven by strong game performance and continued expansion of our global first and third-party networks o 8 of the top 10 games across the OGS(1)(2) network were 1PP titles o The top 2 titles across the OGS(1)(2) network came from the HUFF N PUFFTM and PIROTSTM family, with 6 of the top 10 games coming from the HUFF N PUFF family o Delivered the 6th and 15th consecutive quarter of 1PP and 3PP GGR(3) growth across the OGS(1) network, respectively • AEBITDA of $33M, +18% YoY, delivered on strong game performance, favorable mix shift including expansion across 1PP and partner networks • AEBITDA margin of 36%, +100bps YoY, attributable to strong revenues and favorable mix, partially offset by UK tax increases 14 iGaming Driven by Strong Content Performance & Market Growth (1) OGS – Light & Wonder iGaming platform OPENGAMINGTM (or game aggregation) System. (2) Based on OGS Gross Gaming Revenue volumes. (3) Gross Gaming Revenue. © 2026 LIGHT & WONDER $158 I N $ M I L L I O N S 2Q262Q25 1H261H25 2Q262Q25 1H261H25 $92 $183 $81 $33 $66 $28 $55 14% 18% iGaming KPI (in billions): Q2 2026 Q2 2025 Change 1H 2026 1H 2025 Change Wagers processed through OGS(1) $31.3 $26.6 18% $61.2 $51.9 18% 16% 20% iGaming HighlightsRevenue AEBITDA i
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15© 2026 LIGHT & WONDER Global iGaming Footprint Presents Meaningful Growth Opportunities New and expanded studios Current iGaming operating countries (in the states and provinces iGaming is regulated)(1) • Continued expansion of first-party content, supported by continued momentum with HUFF N’ PUFFTM and PIROTSTM franchises • Entered Alberta, Canada market on July 1st - first day of market opening to commercial operators • Ramp recently entered markets with good progress in Brazil and South Africa (Elk studios launch in South Africa in 2Q26) • Continue to invest in the engine behind our robust game content (new studio openings: Bangalore, Bulgaria, and Montreal) • Growth driven by proprietary content, built once, and deployed across a global distribution channel iGaming Outlooki (1) iGaming is regulated in Connecticut, Delaware, Maine, Michigan, New Jersey, Pennsylvania, Rhode Island and West Virginia in the U.S., and Ontario and Alberta in Canada.
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Financials 16© 2026 LIGHT & WONDER
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17 2Q26 Group Results © 2026 LIGHT & WONDER $ Millions, Unaudited Q2 2026 Q2 2025 Change Revenue $828 $809 2% Cost of services and products(1) (210) (219) Selling, general and administrative (211) (208) Research and development (61) (64) Depreciation, amortization and impairments (117) (99) Restructuring and other(2) (6) (17) Total operating expenses (605) (607) - Operating income 223 202 10% Total other expense, net (73) (78) Income tax expense (30) (29) Net income 120 95 26% Restructuring and other(2) 6 17 Other (income) expense, net(3) (4) 4 Loss on debt financing transactions - - Income tax impact on adjustments - (4) Adjusted NPAT(3) 122 112 9% Amortization of acquired intangibles and impairments(4) 42 30 Income tax impact on adjustments (8) (7) Adjusted NPATA(3) 156 135 16% Interest expense 81 77 Income tax expense and adjustments 38 40 Normalized EBITA(3)(5) 275 252 9% Depreciation and amortization expense 75 69 Normalized EBITDA(3) 350 321 9% Stock-based compensation 33 31 Consolidated AEBITDA(3) $383 $352 9% 1H 2026 1H 2025 Change $1,617 $1,582 2% (404) (430) (448) (425) (128) (129) (225) (190) (60) (37) (1,265) (1,211) 5% 352 371 (5%) (141) (143) (39) (51) 172 177 (3%) 60 37 (14) 2 2 1 (10) (22) 210 195 8% 78 57 (16) - 272 252 8% 162 146 65 73 499 471 6% 147 133 646 604 7% 64 59 $710 $663 7% • Consolidated Revenue of $828M, +2% YoY, supported by double-digit YoY revenue increases across Gaming operations and iGaming • Net income of $120M, +26% YoY, driven by modest revenue growth and margin expansion across all three business segments • Net income per share(6) of $1.53, +38% YoY, reflective of net income growth and buy-back benefits • Consolidated AEBITDA(3) of $383M, +9% YoY, delivered on revenue growth and favorable product mix shifts, supported by continued operational efficiency initiatives • Adjusted NPATA(3) of $156M, +16% YoY, primarily driven by 9% Consolidated AEBITDA(3) growth, partially offset by higher interest, depreciation and amortization expenses • Adjusted NPATA per share(3)(6) of $1.99, +26% YoY, due to higher Adjusted NPATA(3) and buy- back benefits 2Q26 Performance Highlights (1) Excludes depreciation, amortization and impairments. (2) Refer to the Consolidated AEBITDA definition for a description of items included in restructuring and other. (3) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (4) Includes $9 million in impairment charges for the three months ended June 30,2026, and $11 million and $3 million for the six months ended June 30, 2026 and 2025, respectively. (5) Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Additional information on non-GAAP financial measures is available in the appendix. (6) Per share amounts are calculated based on weighted average number of diluted shares.
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Consolidated AEBITDA(1) & Adjusted NPATA(1) Q2 QTD Bridge N.A. – North America. (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Includes amounts not allocated to the business segments (including corporate costs) and other non-operating expenses (income). (3) Stock based compensation. (4) Direct-to-Consumer. 2Q25 Adjusted NPATA(1) Consolidated AEBITDA(1) D&A SBC(3) Income Tax Interest Expense 2Q26 Adjusted NPATA(1) • Gaming AEBITDA +$27M YoY, delivered on revenue growth and favorable product mix shift, supplemented by operational efficiencies (includes Grover contribution) • SciPlay AEBITDA -$2M YoY, on revenue softness, partially offset by DTC(4) expansion • iGaming AEBITDA +$5M YoY, driven by continued momentum in N.A., underpinned by 1PP content proliferation • Corporate and other +$1M YoY, reflective of continued margin enhancement initiatives, partially offset by increased AI investments • Consolidated AEBITDA(1) +$31M YoY, delivered on modest revenue growth and business margin expansion, reflective of ongoing operational efficiencies • Depreciation and amortization (D&A) -$6M YoY, primarily due to depreciation related to Gaming operations install base growth, inclusive of Grover • Interest expense -$4M YoY, driven by higher outstanding debt used to complete Grover acquisition and buy-back activities • Income tax +$2M YoY, attributable to certain favorable international tax rates $352 $383 18© 2026 LIGHT & WONDER $135 $156 31 6 2 4 2 27 2 5 1 Consolidated AEBITDA(1) Drivers Adjusted NPATA(1) 2Q25 Consolidated AEBITDA(1) Gaming SciPlay iGaming Corporate and other(2) 2Q26 Consolidated AEBITDA(1) I N $ M I L L I O N S
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Consolidated AEBITDA(1) & Adjusted NPATA(1) Q2 YTD Bridge N.A. – North America. (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Includes amounts not allocated to the business segments (including corporate costs) and other non-operating expenses (income). (3) Stock based compensation. (4) Direct-to-Consumer. 1H25 Consolidated AEBITDA(1) 1H26 Consolidated AEBITDA(1) 1H25 Adjusted NPATA(1) Consolidated AEBITDA(1) D&A SBC(3) Income Tax Interest Expense 1H26 Adjusted NPATA(1) • Gaming AEBITDA +$44M YoY, delivered primarily on Gaming operations growth, inclusive of Grover, supplemented by operational efficiencies • SciPlay AEBITDA flat YoY, reflective of a softer social casino market, offset by resilient player monetization and DTC(4) expansion • iGaming AEBITDA +$11M YoY, primarily driven by revenue growth and N.A. 1PP content proliferation • Corporate and other -$8M YoY, primarily reflective of investments made to support AI initiatives in 1Q26 and higher legal fees • Consolidated AEBITDA(1) +$47M YoY, driven by modest revenue growth, favorable product mix shifts, contributions from Grover, and margin expansion across all three business segments • Depreciation and amortization (D&A) -$14M YoY, primarily driven by higher depreciation of Gaming operations units, inclusive of Grover • Interest expense -$16M YoY, primarily due to higher outstanding debt used to complete the Grover acquisition • Income tax +$8M YoY, primarily due to changes in worldwide income 19© 2026 LIGHT & WONDER Consolidated AEBITDA(1) Drivers Adjusted NPATA(1) $663 $71044 - 11 8 $252 $272 47 14 5 16 8 Gaming SciPlay iGaming Corporate and other(2) I N $ M I L L I O N S
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(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) Professional fees, services and other costs related to strategic initiatives, the Grover acquisition and transition to an ASX sole primary listing. (3) Adjusted free cash flow is further adjusted for legal settlements and strategic initiatives cash payments. (4) Recurring Revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues. 20 Building on Highly Cash Generative Financial Profile $ Millions, Unaudited Q2 2026 Q2 2025 1H 2026 1H 2025 Net cash provided by operating activities $241 $106 $380 $291 Less: Capital expenditures (83) (78) (157) (139) Less: Payments on license obligations (5) (7) (9) (12) Add (less): Change in restricted cash impacting working capital 3 8 (3) - Free Cash Flow(1) 156 29 211 140 Add: Legal settlements and related - 73 137 73 Add: Strategic initiatives and M&A transactions cost(2) - 2 15 3 Adjusted Free Cash Flow ("AFCF")(1)(3) $156 $104 $363 $216 Net income conversion (Net cash provided by operating activities/Net income) 201% 112% 221% 164% $ Millions, Unaudited Q2 2026 Q2 2025 1H 2026 1H 2025 Consolidated AEBITDA(1) $383 $352 $710 $663 Adjusted free cash flow conversion (AFCF/Consolidated AEBITDA(1)) 41% 30% 51% 33% Adjusted NPATA(1) $156 $135 $272 $252 Adjusted free cash flow conversion (AFCF/Adjusted NPATA(1)) 100% 77% 133% 86% • We remain commitment to a deliberate strategy of growing recurring revenues and expand our high cash generative business model © 2026 LIGHT & WONDER Highlights • Net cash provided by operating activities of $241M, +$135m versus prior year period, reflective of strong earnings generation, expansion of recurring revenue(4) streams, lower cash taxes, and prior year period impact of certain legal settlement payments ($73m) • Adjusted Free Cash Flow(1)(3) of $156M, +50% YoY, driven by strong underlying earnings generation, favorable receivable collections, lower tax payments, and a full quarter of Grover cash earnings • We remain committed to a deliberate strategy to grow the quality of recurring revenues(4) and expand our highly cash generative business model • Delivered Consolidated AEBITDA(1) and Adjusted NPATA(1) to Adjusted Free Cash Flow(1) conversion of 41% and 100%, respectively, driven by strong earnings growth and continued expansion of recurring revenue(4) streams
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$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Liquidity 2026 2027 2028 2029 2030 2031 2032 2033 2034 21 Term Loan B Notes Term Loan A Optimizing our Capital Structure on Path to Deleverage © 2026 LIGHT & WONDER • Average tenor: ~3.9 years • Effective Interest cost(4): 6.30% • Current fixed(5) vs. floating debt mix is 53% vs. 47% • Maintained $928M of available liquidity(6) • Plan to prioritize deleverage of our balance sheet through 2H26 and into FY27 with the intention to move toward an investment grade level leverage profile(1) • Principal face value of debt(2) outstanding: $5.2B • Net debt leverage ratio(3) of 3.4x (1) Represents a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional information on non-GAAP financial measures presented herein is available in the appendix. (2) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presentation found in Note 10 to the Condensed Consolidated Financial Statements in our June 30, 2026 Form 10-Q. (3) Represents a non-GAAP financial measure. Additional information on non-GAAP financial measures presented herein is available in the appendix. (4) Effective Interest costs include borrowings, hedging costs, hedging benefits, and other finance fees. (5) Inclusive of $700 million in interest rate swaps used to effectively fix the interest that we pay on our variable rate debt. (6) As of 6/30/2026. Available liquidity is calculated as cash and cash equivalents plus remaining revolver capacity. Highlights Maturity Schedule(5)
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22 Cash Generation Funding Value Creation and Deleveraging Capacity © 2026 LIGHT & WONDER 2 3 4 5 6 7 8 9 10 11 2020 2021 2022 2023 2024 2025 1H 2026 1H 2027 Target $2.1 Billion in share buy backs Remain committed to <3.0x leverage(2) during 1H27 with the intention to move toward an investment grade level leverage profile Net Debt Leverage Ratio(1) 10.5x 6.2x 3.3x 3.5x 3.4x Divesture of sports betting and lottery businesses 3.1x 3.0x (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) Represents a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional information on non-GAAP financial measures presented herein is available in the appendix. (3) Net debt leverage ratio is presented on a combined basis, inclusive of discontinued operations for FY 2020 and 2021 and Grover for 2025. (4) Illustrative gross turns equivalent impact is a non-GAAP financial measure presented on a supplemental basis for illustrative purposes only. Illustrative gross turns equivalent impact equals total gross capital deployed related to share buy back since 2022 divided by Consolidated AEBITDA for the twelve months ended June 30, 2026. It is not pro forma information under Article 11 of Regulation S-X, excludes taxes, financing fees and interest expense incurred or avoided, and does not consider other direct and indirect sources and uses of cash. Illustrative gross turns equivalent impact should not be considered in isolation from, or as a substitute for, the Company’s historical financial statements, including principal face value of debt outstanding, or any other GAAP financial measure. Furthermore, illustrative gross turns equivalent impact may not be comparable to similarly titled measures used by other companies. Illustrative gross turns equivalent impact does not reflect the Company’s historical financial condition or results of operations, or management’s expectations for future results or capital allocation. Additional information regarding illustrative gross turns equivalent impact, including a reconciliation of illustrative gross turns equivalent impact is available in the appendix. Highly cash generative business contributed $692 million of Adjusted FCF(1) in the last 12 months ~1.4x illustrative gross turns equivalent impact(1)(4) <3.0x Target(2) (3) (3)(3)
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23 Prioritizing Our Capital Allocation Initiatives © 2026 LIGHT & WONDER Optimized Capital Structure on Debt Reduction Capital Return to Shareholders(4) Disciplined Investment in Key Growth Opportunities • Invest with purpose to maximize ROI of every dollar invested • Continued investments in content (studio expansion), Grover, and AI • Target annual R&D and capex spend of roughly 17%(1) with AI expected to further optimize efficiency over time • Target to reduce net debt leverage ratio(2) below 3.0x during 1H27 with the intention to move toward an investment grade level leverage profile(3) • Expect to reduce leverage into FY27 (subject to any strategic capital allocation opportunities) • Prioritize debt pay down and de-lever through 2H FY26 and into FY27 • Q2 buy-back $134M (1H 26: $156M) • $180M of capacity remains under approved buy-back program(4) • Returned $2.1B to shareholders since inception, ~27% of total outstanding shares prior to program commencement(5) • Short-term, buy-back activity to pare back in favor of debt reduction in 2H26 (1) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. FY24 actual 17.4% and FY25 actual 17.0%. QoQ spend may range between 15% and 20% of consolidated revenues. (2) Additional information on the non-GAAP financial measure targeted net debt leverage ratio is available in the appendix. (3) Represents a forward-looking non-GAAP financial measure presented on a supplemental basis. Additional information on non-GAAP financial measures presented herein is available in the appendix. (4) Share repurchase activity is subject to necessary Board approvals, capital allocation priorities and prevailing market conditions. (5) Program commencement refers to the initiation of the prior share repurchase program in March of 2022.
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Outlook 24© 2026 LIGHT & WONDER
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25 Financial Outlook © 2026 LIGHT & WONDER Light & Wonder reaffirms financial outlook of mid-to-high single-digit Consolidated AEBITDA(1) growth in FY 2026 • Mid-to-high single digit Consolidated AEBITDA(1) growth supports strong Adjusted NPATA(1) and EPSa (1)(2) growth • We continue to anticipate the shape of earnings to be broadly in line with 2025 phasing, weighted toward the second half scaling into 4Q. This reflects industry cyclicality and our customer capex intentions, our growing recurring revenue base(3), and investments weighted towards the 1H • This takes into consideration current FY26 annual estimates regarding: o External factors (U.S. tariffs, change in U.K. iGaming tax rates) (est. $40M adverse impact) o Strategic investments (AI, new market openings e.g., Grover Indiana) (est. $20M adverse impact) o Costs pertaining to legal matters (est. $10M adverse impact) • From a capital management perspective, we remain committed to de-lever to <3.0x during 1H27(1) with the intention to move toward an investment grade level leverage profile • L&W remains focused on our FY28 targets of >US$10.55/share EPSa(1)(2) and $2.0B Consolidated AEBITDA(1) (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, targeted net debt leverage ratio, or targeted EPSa to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP. (2) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares. (3) Recurring revenue include Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay and iGaming revenues.
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26 Incremental Guidance and Modeling Parameters For FY26 N.A. – North America. (1) Inclusive of Grover charitable gaming installed base. (2) Direct-to-Consumer. (3) User Acquisition. (4) Recurring revenue includes Gaming Operations (inclusive of Grover), ongoing Gaming systems maintenance, table services/rental agreements, SciPlay, and iGaming revenues. (5) Targeting spend of ~17% of Consolidated Revenue on R&D and Capital Expenditures. FY24 actual 17.4% and FY25 actual 17.0%. QoQ spend may range between 15% and 20% of consolidated revenues (6) Excluding impact of any impairments and/or future acquisitions. © 2026 LIGHT & WONDER • Revenue trend in-line with broader Social Casino industry • Continued DTC(2) expansion • Targeted UA(3) spend • Moderating YoY growth in 2H26, 1PP expansion offset by UK tax increases • 100 - 150 net adds / quarter, excluding Indiana • LNW integration expected to drive growth in 2H26 Gaming Grover SciPlay iGaming • >500 N.A. premium Gaming operations net adds/quarter • N.A. RPD(1) growth, inclusive of Grover to trend in-line with Consumer Price Index (CPI) • 3Q global Gaming sales to range between 8,500 and 9,000 units • Expect FY26 Gaming systems revenue down mid-teens % YoY on timing of sales Incremental Modeling Parameters Continue reinvestment (combined R&D / Capex) at ~17% of consolidated revenue (FY24: 17.4%, FY25: 17.0%)(5) Effective tax rate range between 22% - 24% in 2026 Effective interest cost between 6% - 7% inclusive of hedging and finance fees Amortization of acquired intangibles $130M-$140M substantially in-line with annualized amortization recognized in 2H25(6) Operationally, all business units continue to target sequential QoQ growth with a particular focus across our recurring revenue(4) parts of our business for the remainder of FY2026
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Appendix - Strategy & Competitive Advantage - Resilient Industry - Recent Financial Performances - North American Installed Base - Capital Allocation (self-fund growth – R&D / Capex) - Buyback History - Regional Hardware and content product roadmap - Q2 Results snapshot 27© 2026 LIGHT & WONDER
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Well-established Game Franchises and Wide Distribution Channels Evergreen franchises leveraged across expansive verticals through our Omni-channel strategy Invest in Talent Built to Outperform Lead with deep industry knowledge and experienced leadership focused on collaboration and bench strength Leverage proprietary data and AI tools to amplify the business Equipped with powerful tools to amplify game development and further optimize our business operations Disciplined Capital Allocation Strategy Shareholder value enhanced through our operational execution underpinned by highly cash generative financial profile Comprehensive End-to-End Solutions Provider to Casino Operators One stop shop with integrated solutions tailored for casino operators We power key aspects of operations (land-based and digital) as a single source for seamless execution Executing on Our Strategy and Competitive Advantage 28© 2026 LIGHT & WONDER
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$60 $80 $100 $120 $140 $160 $180 $200 2003 2006 2009 2012 2015 2018 2021 2024 Global Financial Crisis COVID-19 Pandemic 29 Operating in a Growing, Resilient Industry (1) GGR according to H2 Gambling Capital. © 2026 LIGHT & WONDER I N $ B I L L I O N S 1H26 U.S. gross gaming revenue grew year-over-year reflecting continued resiliency despite geopolitical and macro uncertainties 2008: Global Financial Crisis 2020: COVID-19 Pandemic U.S. Gross Gaming Revenue(1)
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30 Delivering Consistent Consolidated AEBITDA (1)(2) Growth © 2026 LIGHT & WONDER (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Consolidated AEBITDA presented is for continued operations and excludes Lottery and Sports businesses contributions for FY 2021 and FY 2022. $793 $913 $1,118 $1,244 $1,443 FY2021 FY2022 FY2023 FY2024 FY2025 16.1% CAGR since ‘21 >$1.4B 2025 Consolidated AEBITDA(1) Delivering consistent Consolidated AEBITDA(1) growth through continued operations(2) Consolidated AEBITDA(1) – Yearly Historical I N $ M I L L I O N S
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31 Consolidated AEBITDA (1)(2) Historical by Quarter © 2026 LIGHT & WONDER (1) Denotes a non-GAAP financial measure and is reconciled to the most directly comparable GAAP measure in the tables in the appendix. Additional information on non-GAAP financial measures is available in the appendix. (2) Consolidated AEBITDA presented is for continued operations and excludes Lottery and Sports businesses contributions for FY 2021 and FY 2022. (3) Numbers presented may not be exact due to rounding. $142 $232 $203 $216 $202 $212 $235 $265 $249 $281 $286 $302 $281 $330 $319 $315 $311 $352 $375 $405 $327 $383 $130 $180 $230 $280 $330 $380 $430 Consolidated AEBITDA(1)(2) – Quarterly I N $ M I L L I O N S( 3 ) Delivering consistent Consolidated AEBITDA(1)(2) growth notwithstanding the shape of quarterly earnings throughout the year
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Growing Our North America Gaming Operations Installed Base 32© 2026 LIGHT & WONDER (1) 2025, 1Q26, and 2Q26 revenue per day includes Grover units. (2) Revenue per day is stated on a YTD basis. $46.30 $46.79 $47.06 $48.01 $48.51 $41.00 $43.00 $45.00 $47.00 $49.00 $51.00 $53.00 $55.00 0 10000 20000 30000 40000 50000 2023 2024 2025 1Q26 2Q26 Premium Installed Base Non-Premium Installed Base (Ex-Grover) Grover Revenue Per Day 14,733 31,220 34,004 11,634 12,294 48,60048,326 (1) 17,120 19,520 20,177 16,487 16,884 17,172 16,129 (2) 48,639 12,571 15,239 20,829 Premiumization strategy: Target sequential QoQ premium install base growth > 500 units/qtr. (2Q26 +652 units); 1H26 Non-premium decline largely attributed to casino operator (new) license conversion North America Gaming Operations Installed Base (Units) +4,787 Net premium units installed 2023 - 2025 +5% Revenue per day growth 2023 - 1H26 ~8% Total installed base units (ex. Grover) 2023 - 2025 CAGR ~15% Premium installed base 2023 - 2025 CAGR
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16% 17% 17% 18% 0.1 0.15 0.2 0.25 0.3 0.35 $0 $200 $400 $600 FY23 FY24 FY25 1H26 R&D Capex % of Consolidated Revenue 33 Disciplined Investment to Drive and Self-Fund Future Growth © 2026 LIGHT & WONDER $470 $555 $562 $285 Consistent and ratable re-investments to drive future growth I N $ M I L L I O N S R&D + Capex as % of Consolidated Revenue
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34 Disciplined Investment to Drive and Self-Fund Future Growth © 2026 LIGHT & WONDER Consistent and ratable investments to drive future growth (16% - 19% of consolidated revenue per quarter; average c.17% p.a.) I N $ M I L L I O N S( 1 ) R&D + Capex as % of Consolidated Revenue 16% 16% 17% 16% 17% 19% 17% 17% 16% 18% 17% 17% 18% 17% 0.15 0.155 0.16 0.165 0.17 0.175 0.18 0.185 0.19 0.195 0.2 $90 $100 $110 $120 $130 $140 $150 $160 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 %R&D % Capex R&D + Capex as % of Consolidated Revenue $107 $117 $125 $120 $128 $152 $137 $138 $126 $143 $141 $153 $141 $144 (1) Numbers presented may not be exact due to rounding.
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Consistent capital return to shareholders through sustained share repurchase activity 96.6 91.1 89.8 86.2 77.1 78.7 77.0 70 75 80 85 90 95 100 2021 2022 2023 2024 2025 1Q26 2Q26 35 Shares of Common Stock Outstanding (1) © 2026 LIGHT & WONDER (1) For full year, shares of Common Stock outstanding according to LNW yearly Form 10-K filings. 1Q26 and 2Q26 according to LNW Form 10-Q filing, including approximately 0.7 million CHESS Depositary Interests held in a trust account at the end of 2Q26. (2) Since inception refers to the initiation of the prior share repurchase program in March of 2022. reduction in shares outstanding from repurchases since programs' inception(2) shares repurchased since programs' inception(2) ~27% ~26M ~$2.1B returned to shareholders since programs’ inception(2) Shares of Common Stock Outstanding(1) S H A R E S I N M I L L I O N S
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RELEASE LAUNCH CONTENT KEY ROADMAP THROUGH 2026 COSMIC DUAL & COSMIC PROFILE 1Q26 / 4Q26 LIGHTWAVE SOLARTM LATE 2Q26 KEY COSMICTM FAMILY LIBRARY THROUGH 2026 36 Executing on our Hardware and Content Roadmap (Americas) © 2026 LIGHT & WONDER RELEASE LAUNCH CONTENT KEY ROADMAP THROUGH 2026 COSMIC SKYTM 1Q26 LIGHTWAVETM 4Q25 L7 NEW TOP BOX LAUNCH 2Q26 Launch periods are based on current estimates and may be subject to change. WILLY WONKA & THE CHOCOLATE FACTORY and all related characters and elements © & Warner Bros. Entertainment Inc. (s25) © Universal City Studios LLC. All Rights Reserved. FRANKENSTEIN ©2026 Universal City Studios LLC. All Rights Reserved. BRIDE OF FRANKENSTEIN © 2026 Universal City Studios LLC. All Rights Reserved. DRACULA ©2026 Universal City Studios LLC. All Rights Reserved. KONG: SKULL ISLAND and all related characters and elements © Warner Bros. Entertainment Inc. (s26). THE MUMMY ©2026 Universal City Studios LLC. All Rights Reserved.
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RELEASE LAUNCH FAMILIES KEY ROADMAP FAMILIES THROUGH 2026 COSMIC DUAL LAUNCH 2Q26 37 Executing on our Hardware and Content Roadmap (ASIA/ANZ) © 2026 LIGHT & WONDER RELEASE LAUNCH FAMILTIES KEY ROADMAP FAMILIES THROUGH 2026 COSMIC DUAL LAUNCH 2Q26 KEY FAMILIES THROUGH 2026 ASIA ANZ Launch periods are based on current estimates and may be subject to change. BRIDE OF FRANKENSTEIN © 2026 Universal City Studios LLC. All Rights Reserved. FRANKENSTEIN ©2026 Universal City Studios LLC. All Rights Reserved.
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38© 2026 LIGHT & WONDER KPI Assessment Against Guided Outlook Key Performance Metrics Guided Outlook 2Q26 Update Status Gaming - N.A. Premium installed base Over 500 units per quarter; 2024 to 2028: +400 bps market share(1) N.A. Premium installed base grew over 650 units in the quarter; over 2,500 units added YoY, now represents 58% of total N.A. installed base (excl. Grover) Gaming - Global game sales market share 2024 to 2028: +400 bps market share(1) Sales impacted by timing, product and content ramp expected to drive sales in 2H26 Grover - Installed base growth 100-150 units added per quarter ex. Indiana Revenue growth supported by install base growth in all markets, adding over 270 units in the quarter SciPlay – Revenue Above market(2) performance Below market performance SciPlay - ARPDAU(3) 2024 to 2028: +30% Modest decline YoY on lower revenue SciPlay - DTC(4) as % of revenue 2028: 30% of SciPlay revenue 29% in 2Q26 vs 18% in 2Q25 iGaming - 1PP content global market share 2024 to 2028:+300 bps(6) to over 10% Revenue growth supported by expansion of 1PP content Company - Consolidated AEBITDA(6) 2028: $2.0B Consolidated AEBITDA(6) $383M in 2Q26 vs $352 in 2Q25, 9% YoY growth (FY26 financial outlook: mid to high single digit) Company – EPSa(6)(7) 2028: >US$10.55 EPSa(7)(8) Delivered $1.99 of EPSa(6)(7) in the quarter N.A. – North America. (1) Based on EILERS Gaming Supplier KPIs Report. (2) Based on EILERS Social Casino Gaming Tracker – 2Q26. (3) Average Revenue Per Daily Active User. (4) Direct-to-consumer. (5) Internal iGaming estimates. (6) 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 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. (7) Adjusted NPATA per share (EPSa) is calculated based on weighted average number of diluted shares.
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39© 2026 LIGHT & WONDER Non-GAAP Financial Measures Management uses the following non-GAAP financial measures in conjunction with GAAP financial measures: Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (on a diluted basis) (also referred to as EPSa), Normalized EBITA, Normalized EBITDA, Consolidated AEBITDA (representing continued operations), Grover Adjusted EBITDA, AEBITDA from discontinued operations, Combined AEBITDA, Consolidated AEBITDA margin, Free cash flow, Adjusted free cash flow, EBITDA from equity investments, Net debt, Net debt leverage ratio and Combined net debt leverage ratio (each, as described more fully below). These non-GAAP financial measures are presented as supplemental disclosures. They should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP and should be read in conjunction with the Company’s financial statements filed with the SEC and lodged with the ASX. The non-GAAP financial measures used by the Company may differ from similarly titled measures presented by other companies. Following our transition to a sole primary listing on the ASX, Management introduced usage of Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share (EPSa), Normalized EBITA and Normalized EBITDA, all of which are non-GAAP financial measures and are widely used to measure the performance as well as a principal basis for valuation of gaming and other companies listed on the ASX. Specifically, Management uses Consolidated AEBITDA to, among other things: (i) monitor and evaluate the performance of the Company's 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 from continuing operations to the historical operating performance of other companies that may have different capital structures and debt levels. Following the closing of the Grover acquisition, Management introduced usage of certain of these non-GAAP financial measures on a “Combined” basis. Combined non-GAAP financial measures include results for both the Company and Grover on a combined basis, inclusive of periods prior to the closing of the acquisition. The Combined measures do not reflect any pro forma adjustments or other adjustments for costs related to integration activities, cost savings or other synergies that have been or may have been achieved if the business combination occurred as of the beginning of the applicable twelve-month period. We cannot assure you that such measures would not be materially different if such information were audited or that our actual results would not differ materially from the Combined measures if the acquisition had been completed as of the beginning of the applicable twelve-month period. Combined AEBITDA also includes AEBITDA from discontinued operations and EBITDA from equity investments, as applicable to prior periods. The Company sold its Lottery business and Sports Betting business in 2022, and as such, historical financial information for these businesses is classified as discontinued operations. Management uses Net debt, Net debt leverage ratio and Combined net debt leverage ratio in monitoring and evaluating the Company’s overall liquidity, financial flexibility and leverage. Management believes that these non-GAAP financial measures are useful as they provide Management and investors with information regarding the Company’s financial condition and operating performance that is an integral part of Management’s reporting and planning processes. In particular, Management believes Adjusted NPAT, Adjusted NPATA, Adjusted NPATA per share, Normalized EBITA and Normalized EBITDA are useful for investors because they provide investors with additional perspective on performance, as the measures eliminate the effects of, as applicable, amortization of acquired intangible assets, restructuring, transaction, integration, certain other items, and the income tax impact on such adjustments, which Management believes are less indicative of the ongoing underlying performance of operations and are better evaluated separately. These measures are widely used to measure performance of gaming and other companies listed on the ASX. Management believes that Consolidated AEBITDA is helpful because this non-GAAP financial measure eliminates the effects of restructuring, transaction, integration or other items that Management believes are less indicative of the ongoing underlying performance of continuing operations (as more fully described below) and are better evaluated separately. Management believes that Free cash flow and Adjusted free cash flow provide useful information regarding the Company’s liquidity and its ability to service debt and fund investments. Management believes that the Combined measures are useful to investors because they provide additional information regarding the combined business of the Company and Grover across the periods being presented, allowing for more meaningful comparisons of overall liquidity, financial flexibility and leverage. Management believes that AEBITDA from discontinued operations provides useful information regarding the Company’s operations and provides the impact of the discontinued businesses on the overall financial results for the periods presented. This non-GAAP measure is derived based on the historical records and includes only those direct costs that are allocated to discontinued operations and as such does not include all of the expenses that would have been incurred by these businesses as a standalone company or other corporate and shared allocations and such differences might be material. Management also believes that Free cash flow and Adjusted free cash flow are useful for investors because they provide investors with important perspectives on the cash available for debt repayment and other strategic measures, after making necessary capital investments in property and equipment, necessary license payments to support the ongoing business operations, adjustments for changes in restricted cash impacting working capital, and, in the case of Adjusted free cash flow, further adjustments for legal settlements and strategic initiative cash payments. Adjusted NPAT and Adjusted NPATA Adjusted NPAT and Adjusted NPATA, as used herein, are non-GAAP financial measures that are presented as supplemental disclosures of the Company’s operations and are reconciled to net income as the most directly comparable GAAP measure, as set forth in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” which includes reconciliations for several non-GAAP financial measures. Adjusted NPAT and Adjusted NPATA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP and should be read in conjunction with the Company's financial statements filed with the SEC and lodged with the ASX. Adjusted NPAT and Adjusted NPATA may differ from similarly titled measures presented by other companies. Adjusted NPAT is reconciled to Net income and includes the following adjustments, as applicable: (1) Restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives and other unusual items; (2) Loss on debt financing transactions; (3) Change in fair value of investments and Gain on remeasurement of debt and other; (4) Income tax impact on adjustments; and (5) Other (income) expense, net, including foreign currency gains or losses and earnings from equity investments. Adjusted NPATA is reconciled to Net income and includes the following incremental adjustments to those used to reconcile Adjusted NPAT: (1) Amortization of acquired intangible assets; (2) Non-cash asset and goodwill impairments; and (3) Income tax impact on adjustments. Adjusted NPATA Per Share – Diluted (EPSa) Adjusted NPATA per share (EPSa), as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure of the Company’s operations on diluted basis and is reconciled to diluted net income per share as the most directly comparable GAAP measure, as set forth in the schedule titled “L&W Reconciliation of Adjusted NPATA Per Share.” 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 and lodged with the ASX. Adjusted NPATA per share may differ from similarly titled measures presented by other companies.
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40 Adjusted NPATA per share is reconciled to diluted net income per share and includes the same adjustments with respect to Adjusted NPATA as described in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT” in per share amounts. Adjusted NPATA per share target, or Targeted EPSa, denotes a non-GAAP financial measure. We are not providing a forward-looking quantitative reconciliation of Adjusted NPATA per share target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP. Normalized EBITA and Normalized EBITDA Normalized EBITA and Normalized EBITDA, as used herein, are non-GAAP financial measures that are presented as supplemental disclosures of the Company’s operations and are reconciled to net income as the most directly comparable GAAP measure, as set forth in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” which includes reconciliations for several non-GAAP financial measures. Normalized EBITA and Normalized EBITDA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP and should be read in conjunction with the Company's financial statements filed with the SEC and lodged with the ASX. Normalized EBITA and Normalized EBITDA may differ from similarly titled measures presented by other companies. Normalized EBITA is reconciled to Net income and includes the following adjustments, as applicable: (1) Restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives and other unusual items; (2) Loss on debt financing transactions; (3) Change in fair value of investments and Gain on remeasurement of debt and other; (4) Other (income) expense, net, including foreign currency gains or losses and earnings from equity investments; (5) Amortization of acquired intangible assets; (6) Non-cash asset and goodwill impairments; (7) Interest expense; and (8) Income tax expense and impact on adjustments. Normalized EBITDA is reconciled to Net income and, along with the adjustments used to reconcile Normalized EBITA, includes an adjustment for depreciation and amortization expense. Consolidated AEBITDA (representing continued operations) Consolidated AEBITDA, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure of the Company’s operations and is reconciled to net income as the most directly comparable GAAP measure, as set forth in the schedules titled “L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT,” “L&W Reconciliation of Consolidated AEBITDA,” “L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA,” and “L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA,” which includes reconciliations for several non-GAAP financial measures. Consolidated AEBITDA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP and should be read in conjunction with the Company's financial statements filed with the SEC and lodged with the ASX. Consolidated AEBITDA may differ from similarly titled measures presented by other companies. Consolidated AEBITDA is reconciled to Net income (loss) and includes the following adjustments, as applicable: (1) Net income attributable to noncontrolling interest; (2) Net income from discontinued operations, net of tax; (3) Restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs, strategic initiatives and other unusual items; (4) Depreciation, amortization and impairment charges and Goodwill impairments; (5) Loss on debt financing transactions; (6) Change in fair value of investments and Gain on remeasurement of debt and other; (7) Interest expense; (8) Income tax expense (benefit) and impact on adjustments; (7) Stock-based compensation; and (8) Other (income) expense, net, including foreign currency gains or losses and earnings from equity investments. AEBITDA is presented exclusively as our segment measure of profit or loss. Consolidated AEBITDA target denotes a non-GAAP financial measure. We are not providing a forward-looking quantitative reconciliation of Consolidated AEBITDA target to the most directly comparable GAAP measure because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items. These items are uncertain, depend on various factors out of our control and could have a material impact on the corresponding measures calculated in accordance with GAAP. Grover Adjusted EBITDA Grover Adjusted EBITDA, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure, is unaudited and based on preliminary estimates and assumptions, and is reconciled to Grover Charitable Gaming’s operating income, the most directly comparable GAAP measure, as set forth in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA.” Grover Adjusted EBITDA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP and should be read in conjunction with the Company's financial statements filed with the SEC and lodged with the ASX. Grover Adjusted EBITDA may differ materially from similarly titled measures presented by other companies, including Consolidated AEBITDA, and is presented solely for the purposes of calculating and reconciling Combined AEBITDA and calculating Combined net debt leverage ratio, including periods prior to the acquisition. Grover Adjusted EBITDA is not calculated consistently with Consolidated AEBITDA, and includes different adjustments based on the unaudited and preliminary financial statements provided by Grover’s management prior to the closing of the acquisition. Grover Adjusted EBITDA is reconciled to Grover Charitable Gaming’s operating income, and includes the following adjustments, as applicable: (1) depreciation and amortization; (2) other income/expenses primarily related to non- operating gain and losses; and (3) elimination of certain non-recurring distribution costs expected to be eliminated in connection with the consummation of the acquisition and certain other immaterial adjustments. AEBITDA from Discontinued Operations AEBITDA from discontinued operations, as used herein, is a non-GAAP financial measure that is presented as a supplemental disclosure for the Company’s discontinued operations and is reconciled to net income from discontinued operations, net of tax as the most directly comparable GAAP measure, as set forth in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA.” AEBITDA from discontinued operations should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP, and should be read in conjunction with the Company’s financial statements filed with the SEC and lodged with the ASX. AEBITDA from discontinued operations may differ from similarly titled measures presented by other companies and is presented only for purposes of calculating and reconciling Net debt leverage ratio. © 2026 LIGHT & WONDER Non-GAAP Financial Measures (continued)
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41 AEBITDA from discontinued operations is reconciled to Net income from discontinued operations, net of tax and includes the following adjustments: (1) Restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) Management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs and other unusual items; (2) Depreciation, amortization and impairment charges and Goodwill impairments; (3) Income tax expense; and (4) Stock-based compensation and other, net. In addition to the preceding adjustments, we exclude (Loss) 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), Grover Adjusted EBITDA, AEBITDA from discontinued operations and EBITDA from equity investments, as applicable, and is presented as a supplemental disclosure. Combined AEBITDA should not be considered in isolation of, as a substitute for, or superior to, the consolidated financial information prepared in accordance with GAAP and should be read in conjunction with the Company's financial statements filed with the SEC and lodged with the ASX. Combined AEBITDA may differ from similarly titled measures presented by other companies and is presented only for purposes of calculating and reconciling Net debt leverage ratio and Combined net debt leverage ratio. Consolidated AEBITDA Margin Consolidated AEBITDA margin, as used herein, represents our Consolidated AEBITDA (as defined above) calculated as a percentage of consolidated revenue. Consolidated AEBITDA margin is a non-GAAP financial measure that is presented as a supplemental disclosure for illustrative purposes only and is reconciled to net income, the most directly comparable GAAP measure, in the schedule titled “L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT.” Free Cash Flow and Adjusted Free Cash Flow Free cash flow, as used herein, represents net cash provided by operating activities less total capital expenditures, less payments on license obligations, plus payments on contingent acquisition considerations and adjusted for changes in restricted cash impacting working capital. Adjusted free cash flow is further adjusted for legal settlements and strategic initiatives cash payments. Free cash flow and Adjusted free cash flow are non-GAAP financial measures that are presented as supplemental disclosures for illustrative purposes only and are reconciled to net cash provided by operating activities, the most directly comparable GAAP measure, in the schedule titled “L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow.” Adjusted free cash flow conversion, as used herein, represents Adjusted free cash flow calculated as a percentage of Consolidated AEBITDA or Adjusted NPATA (as defined above), as applicable. Adjusted free cash flow conversion is a non-GAAP financial measure that is presented as a supplemental disclosure 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 ventures and minority investees. EBITDA from equity investments is a non-GAAP financial measure that is presented as supplemental disclosure for illustrative purposes only and is reconciled to earnings of equity investments, the most directly comparable GAAP measure, in the schedule titled “L&W Reconciliation of Earnings from Equity Investments to EBITDA from Equity Investments.” Net Debt, Net Debt Leverage Ratio, Combined Net Debt Leverage Ratio, and Illustrative Gross Turns Equivalent Impact Net debt is defined as total principal face value of debt outstanding, the most directly comparable GAAP measure, less cash and cash equivalents. Principal face value of debt outstanding includes the face value of debt issued under Senior Secured Credit Facilities and Senior Notes, which are described in Note 14 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in Note 10 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, but it does not include other long term obligations primarily comprised of certain revenue transactions presented as debt in accordance with ASC 470. In addition, principal face value of debt outstanding with respect to previously-held, foreign-denominated Euro Notes (paid off as of June 30, 2022) were translated at the constant foreign exchange rate at issuance of these notes as those amounts were payable at the original issuance amounts in Euro. Net debt leverage ratio, as used herein, represents Net debt divided by Consolidated AEBITDA (or Combined AEBITDA for prior periods with discontinued operations). Combined net debt leverage ratio, as used herein, represents Net debt divided by Combined AEBITDA for periods ending June 30, 2025, and thereafter, which include Grover Adjusted EBITDA. The forward-looking non-GAAP financial measure targeted net debt leverage ratio is presented on a supplemental basis and does not reflect Company guidance. We are not providing a forward-looking quantitative reconciliation of targeted net debt leverage ratio to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. Illustrative gross turns equivalent impact, as used herein, represents total gross capital deployed related to share repurchases since 2022 divided by Consolidated AEBITDA for the twelve months ended June 30, 2026. Illustrated gross turns equivalent impact is a non-GAAP financial measure presented on a supplemental basis for illustrative purposes only and is shown in the schedule titled “L&W Reconciliation of Illustrative Gross Turns Equivalent Impact.” © 2026 LIGHT & WONDER Non-GAAP Financial Measures (continued)
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L&W Reconciliation of Consolidated AEBITDA, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT 42© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Refer to the Consolidated AEBITDA definition above for a description of items included in restructuring and other. (2) Includes $9 million in impairment charges for the three months ended June 30, 2026, and $11 million and $3 million for the six months ended June 30, 2026 and 2025, respectively. (3) Represents normalized earnings before interest, taxes and amortization of acquired intangibles and impairments. Refer to non-GAAP financial measure definitions above for further details.
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L&W Reconciliation of Adjusted NPATA Per Share 43© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in per share amounts.
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L&W Reconciliation of Consolidated AEBITDA 44© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions.
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L&W Reconciliation of Consolidated AEBITDA (continued) 45© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions.
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L&W Reconciliation of Consolidated AEBITDA (continued) 46© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions.
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L&W Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA 47© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) EBITDA from equity investments is a non-GAAP financial measure reconciled to (loss) earnings from equity investments on slide 54. (2) Combined AEBITDA consists of Consolidated AEBITDA (representing our continuing operations), AEBITDA from discontinued operations and EBITDA from equity investments included in continuing operations, as applicable for the periods presented herein.
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L&W Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA 48© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Grover Adjusted EBITDA is unaudited and based on preliminary estimates and assumptions. Refer to the Grover Adjusted EBITDA definition above for further description and disclaimers. (2) Combined AEBITDA consists of Consolidated AEBITDA and Grover Adjusted EBITDA, as applicable for the periods presented herein.
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L&W Reconciliation of Principal Face Value of Debt Outstanding to Net Debt Leverage Ratio and Combined Net Debt Leverage Ratio 49© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Combined AEBITDA consists of Consolidated AEBITDA, Grover Adjusted EBITDA, AEBITDA from discontinued operations and EBITDA from equity investments included in continuing operations, as applicable. Refer to the reconciliations of Combined AEBITDA included in the tables titled "Reconciliation of Consolidated AEBITDA, AEBITDA from Discontinued Operations and Combined AEBITDA” and "Reconciliation of Consolidated AEBITDA, Grover Adjusted EBITDA and Combined AEBITDA” for the periods presented on slides 47 and 48. (2) Combined net debt leverage ratio represents Net debt divided by Combined AEBITDA for periods ending June 30, 2025, and thereafter, which include Grover Adjusted EBITDA. Refer to the Combined net debt leverage ratio definition above for further details.
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L&W Reconciliation of Illustrative Gross Turns Equivalent Impact 50© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Refer to slide 48 for a reconciliation of Consolidated AEBITDA. (2) Illustrative net debt adjustment represents total gross capital deployment consisting of $2,080 million related to share repurchases since 2022.
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L&W Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow 51© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Professional fees, services and other costs related to strategic initiatives, the Grover acquisition and transition to an ASX sole primary listing.
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L&W Adjusted NPATA to Adjusted Free Cash Flow Conversion Illustration 52© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Represents a non-GAAP measure reconciled to Net cash provided by operating activities on slide 51. (2) Represents a non-GAAP measure reconciled to Net income on slide 42. (3) Free cash flow conversion is a non-GAAP measure calculated as Free cash flow as a percentage of Consolidated AEBITDA or Adjusted NPATA, as applicable. Refer to non-GAAP financial measure definitions above for further details.
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L&W Reconciliation of Consolidated AEBITDA Margin 53© 2026 LIGHT & WONDER 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, Normalized EBITDA, Normalized EBITA, Adjusted NPATA and Adjusted NPAT” for the periods presented on slide 42. (2) Consolidated AEBITDA margin is calculated as Consolidated AEBITDA as a percentage of revenue.
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L&W Reconciliation of Earnings from Equity Investments to EBITDA from Equity Investments 54© 2026 LIGHT & WONDER Note: Unaudited, U.S. Dollars in millions. (1) Combined EBITDA from equity investments consists of EBITDA from both discontinued and continuing operations equity investments.