• Delivered earnings growth and margin expansion across all business segments
• Completed Grover acquisition and executing ahead of schedule
• Returned $266 million of capital to shareholders through share repurchases
• Approved sole primary listing on the ASX, with Nasdaq delisting expected by end of November 2025

Light & Wonder, Inc. reported results for the second quarter ended June 30, 2025 and announced approval for sole primary listing on the ASX with delisting from the Nasdaq expected by end of November 2025. The company delivered earnings growth and margin expansion across all business segments in the second quarter on continued strong game performance and disciplined investment, while advancing its robust content roadmap and cross-platform strategy. Consolidated revenue of $809 million decreased slightly by 1%, while Net income increased 16% to $95 million and Consolidated AEBITDA increased 7% to $352 million, as compared to the prior year period. The company successfully completed the acquisition of Grover and is executing on planned integration ahead of schedule with over 600 active units added since the acquisition announcement. For the first half of 2025, the company returned $266 million to shareholders through share repurchases, where it completed approximately 55% of the $1.0 billion share repurchase plan authorized in June 2024. The company's Board has approved moving from the current dual listing on Nasdaq and ASX to a sole primary listing on the ASX, with delisting from the Nasdaq expected by end of November 2025, subject to applicable U.S. and Australian regulatory, and other third-party, approvals and processes.

The company is providing FY 2025 Consolidated AEBITDA guidance inclusive of the Grover business, to a range between $1.43 billion and $1.47 billion and associated Adjusted NPATA guidance range between $550 million and $575 million.

The company remains committed to its long-term financial targets and value creation, as announced at its May 2025 Investor Day. It expects earnings to be second half weighted, with third quarter 2025 year-over-year Consolidated AEBITDA growth to be in the low double-digits and momentum building into the fourth quarter, where it anticipates an acceleration in growth primarily driven by the timing of international game sales.