• Consolidated revenue growth of 2% driven by Gaming and iGaming
• Consolidated AEBITDA growth of 5% driven by Grover contribution and business segment margin expansions
• Disciplined focus on profitability led to meaningful AEBITDA margin expansion across all segments

Light & Wonder reported a 2% increase in consolidated revenue to $790 million and a 5% increase in consolidated AEBITDA to $327 million for the first quarter of 2026. The revenue growth was driven by strong performance in the Gaming and iGaming segments, partially offset by softness in SciPlay. The AEBITDA growth was driven by the contribution from the Grover acquisition, business segment margin expansions, and continued focus on profitability. The company's omni-channel portfolio, robust R&D engine, strong structural moat, and ongoing investments into AI initiatives and infrastructure position it well for sustainable growth and efficiency. Key highlights include a 38% year-over-year increase in Gaming operations revenue, including $43 million from Grover, and a 7% increase in Gaming AEBITDA. The North America Premium installed base grew by over 2,550 units year-over-year, now representing over 56% of the total North America installed base. The company also saw strong trends in both North America Gaming and Grover, with the Grover business scaling into the new Indiana market and adding 660 units sequentially.

The company expects its North America Premium installed base to grow by over 500 units per quarter, with a targeted market share increase of 400 basis points from 2024 to 2028. Its global game sales market share is also targeted to increase by 400 basis points over the same period. For SciPlay, the company expects revenue to outperform the market, ARPDAU to grow by 30% from 2024 to 2028, and direct-to-consumer revenue to reach 30% of total SciPlay revenue by 2028. In iGaming, the company targets a 300 basis point increase in global 1PP content market share to over 10% from 2024 to 2028. The company's consolidated AEBITDA target for 2028 is $2.0 billion, and its adjusted NPATA per share (EPSa) target for 2028 is greater than $10.55.

Light & Wonder's diversified and recurring-revenue oriented business model, robust R&D capabilities, strong structural moat, and ongoing investments in AI and infrastructure position the company well for sustainable growth and efficiency. The company expects to continue capitalizing on opportunities in its key business segments, including further expansion of its North America Premium installed base, growth in its global game sales market share, and continued strong performance in SciPlay and iGaming.