• Achieved 2025 guidance on strong earnings and cash flows growth
• Completed Grover acquisition and transition to sole ASX listing
• Consolidated revenue of $3,314M (+4% YoY), AEBITDA of $1,443M (+16% YoY), and Adjusted NPATA of $567M (+18% YoY)

Light & Wonder Inc. reported its fourth quarter and full year 2025 earnings, achieving its guidance on strong earnings and cash flows growth. The company's consolidated revenue grew 4% year-over-year to $3,314 million, driven by growth in the Gaming and iGaming segments, partially offset by a slight decline in SciPlay. Consolidated AEBITDA increased 16% year-over-year to $1,443 million, with margin expansion across all three business segments. Adjusted NPATA grew 18% year-over-year to $567 million. The company also completed the Grover acquisition and transitioned to a sole primary listing on the ASX during the year. Key highlights include a 42% year-over-year increase in the North American installed base, including the addition of over 11,600 Grover units, and a 29% increase in global new gaming machine shipments. The company continues to focus on profitability and efficiency, executing on margin enhancement initiatives and optimizing its corporate cost structure.

The company expects to maintain its strong financial performance in the coming year, with continued growth in revenue, AEBITDA, and Adjusted NPATA.

Light & Wonder is taking a leadership role in leveraging artificial intelligence (AI) as part of its ways of working. The company is deploying a combination of proven, market-leading AI solutions and proprietary tools to address gaming-specific opportunities in areas such as technology, content, and business operations, with the goal of driving further innovation, efficiency, and margin improvement across the enterprise.