Light & Wonder (LNW) Investor presentation summary

Business overview and strategy

• Achieved $3.19B consolidated revenue in 2024 with a 13% CAGR from 2022–2024 and $1.24B AEBITDA at 17% CAGR, reflecting strong growth and disciplined execution.

• Transitioning to a sole ASX listing by end of November 2025 to align with investor base and long-term growth plans.

• Completed $750M share repurchase in 2024 and authorized an additional $1.5B program, supporting capital return and shareholder value.

• Acquired Grover Gaming to expand into charitable gaming, leveraging content and operational synergies.

• Targeting future inclusion in ASX 50 and aiming to double 2024 EPSa to over $10.55 by 2028.

Financial performance and capital structure

• 2024 Adjusted NPATA reached $480M, up 24% YoY, with 14 consecutive quarters of AEBITDA growth and 6 quarters of NPATA growth.

• LTM consolidated revenue at $3.20B and AEBITDA at $1.30B, with a 44% AEBITDA margin and 3.4x net debt leverage ratio at 2Q25.

• Free cash flow for the LTM was $296M, with a focus on margin enhancement and operational efficiency.

• FY2025 guidance: AEBITDA expected between $1.43B–$1.47B and Adjusted NPATA between $550M–$575M, including Grover's contribution.

• Multi-year journey to scale recurring revenue, optimize manufacturing, and embed lean management for sustained profitability.

Product, R&D, and cross-platform strategy

• Operates 23 R&D studios and 24 offices globally, leveraging a robust R&D engine across gaming, SciPlay, iGaming, and charitable gaming.

• Launched over 1,000 games in 2024, with #1 global game sales ship share and 20 consecutive quarters of N.A. premium installed base growth.

• Focused on cross-platform content, unique game mechanics, and leveraging proprietary tools for quality and innovation.

• Enhanced value through integration of Grover, expanding into e-pull tabs and charitable gaming markets.

• R&D and talent investment drive product leadership and operational excellence across all business verticals.