Here are 1-2 brief analogies for Light & Wonder (LNW):

• Like Electronic Arts (EA), but for casino games – they develop the popular slot machine games found in physical casinos and online.
• Imagine NCR (National Cash Register) for the casino world, supplying the physical slot machines and digital gaming platforms that power casino operations.

• Gaming Machines: Design, manufacture, and sell or lease physical slot machines and electronic gaming terminals for land-based casinos globally.
• Casino Management Systems: Provide comprehensive software and hardware solutions that enable casino operators to manage their gaming floors, player tracking, and operational analytics.
• Table Products: Offer proprietary table games, utility products like automatic card shufflers, and chip systems for live casino table games.
• iGaming Content: Develop and license a diverse portfolio of online slot and table games for real-money regulated online casinos and aggregation platforms.
• Social Casino Games: Create and operate free-to-play social casino games for mobile and web platforms, primarily through their SciPlay subsidiary.

Light & Wonder (LNW) primarily sells its products and services to other businesses (B2B) within the global gaming industry.

Based on its 2023 financial reporting, the combined revenue from its Gaming and iGaming segments (B2B) significantly exceeds the revenue from its SciPlay segment (B2C), indicating a primary focus on business customers.

Due to the broad and diversified nature of its global customer base, Light & Wonder does not disclose specific individual companies as "major customers" (i.e., those accounting for 10% or more of its revenue) in its public filings. However, its major customer categories within the B2B sector include:

• Land-based Casino Operators: These companies own and operate commercial, tribal, and regional casinos worldwide. They purchase or lease Light & Wonder's gaming machines (slots), table games, shufflers, and casino management systems.
  Examples of prominent public companies that operate casinos and are highly likely customers:
  • MGM Resorts International (MGM)
  • Caesars Entertainment, Inc. (CZR)
• Online Gaming (iGaming) Operators: These companies operate real-money online casino platforms and applications. They license Light & Wonder's extensive portfolio of digital game content and utilize its iGaming platforms.
  Examples of prominent public companies that operate online gaming platforms and are highly likely customers:
  • DraftKings Inc. (DKNG)
  • Rush Street Interactive, Inc. (RSI)

Please note: The examples provided are representative of the types of companies Light & Wonder serves and are highly likely customers given their market presence, but Light & Wonder does not publicly designate them as "major customers" due to the widespread distribution of its products and services across the industry.

Matt Wilson, President and Chief Executive Officer

Matt Wilson became the President and CEO of Light & Wonder in October 2022. He began working for Light & Wonder (then Scientific Games) in March 2020. Prior to his time at Light & Wonder, Wilson spent over 15 years in various roles at Aristocrat, including President and Managing Director Americas, Senior Vice President of Global Gaming Operations, and Senior Vice President of Sales and Marketing, Americas.

Oliver Chow, Executive Vice President and Chief Financial Officer

Oliver Chow serves as Light & Wonder's Chief Financial Officer, a position he officially assumed in December 2023 after serving as interim CFO since August 2023. He joined Light & Wonder in October 2022 as Senior Vice President, Corporate Finance. Before joining Light & Wonder, Chow spent over five years at Aristocrat, where his last role was Gaming CFO of the Americas, EMEA, and Customer Experience Solutions. His financial background also includes experience in banking at JPMorgan Chase & Co. and entertainment with Deluxe Entertainment Services and Universal Pictures.

Siobhan Lane, Executive Vice President and Chief Executive Officer, Gaming

Siobhan Lane was promoted to lead Light & Wonder's Gaming division in October 2022. She joined Light & Wonder (formerly Scientific Games) in February 2020, serving as Senior Vice President and Chief Commercial Officer, Gaming. In this role, she oversaw all aspects of the commercial Gaming business, including product management, marketing, data & analytics, and led the North America region of Gaming.

Simon Johnson, Executive Vice President and Chief Executive Officer, iGaming

Simon Johnson holds the position of Executive Vice President and Chief Executive Officer of iGaming at Light & Wonder. He has been with the company since 2017. Previously, he was the Managing Director, International - Gaming, where he was responsible for the land-based gaming business across Europe, the Middle East, Africa, Asia, and Australia.

James Sottile, Executive Vice President and Chief Legal Officer

James Sottile is the Executive Vice President and Chief Legal Officer for Light & Wonder, overseeing the company's legal strategy and operations. He brings over 30 years of experience from various industries. Before joining Light & Wonder, Sottile was a partner at Jones Day.

The most significant risk stems from **intellectual property litigation and related class-action lawsuits**. Light & Wonder is currently embroiled in a high-stakes intellectual property dispute with Aristocrat Technologies, with allegations of trade secret misappropriation and copyright infringement related to LNW's "Dragon Train" slot machines. A court order in September 2024 enjoined LNW from commercializing "Dragon Train," which led to a significant drop in the company's stock price and has prompted an investigation by a shareholder rights law firm for potential violations of federal securities laws. This ongoing legal battle could result in substantial financial and reputational damage, and impacts potential revenue streams and raises concerns about the company's innovation and product development strategies.

Another crucial risk involves **economic and regulatory challenges**. The gaming industry, in which Light & Wonder operates, is highly sensitive to economic fluctuations, consumer sentiment, and discretionary spending, which can be affected by broader economic conditions like interest rates and inflation. The company must also navigate complex and evolving regulatory landscapes across numerous jurisdictions globally, which can impact its operations and profitability. Intense competition and the rapid pace of technological change within the industry further necessitate continuous innovation to maintain market share.

Finally, **the failure to successfully execute its strategy and limitations in gaming market growth** present ongoing risks. Light & Wonder's future results can be negatively impacted by slow growth or declines in the replacement cycle of gaming machines, as well as the slow growth of new gaming jurisdictions or the slow addition of casinos in existing ones. The company also faces risks related to the successful execution of its strategic roadmap, including its ability to achieve expected operational, strategic, and financial benefits from acquisitions and to effectively integrate new businesses.

Light & Wonder (LNW) operates in several key segments. The addressable market sizes for its main products and services are as follows:

• iGaming: The potential addressable market for iGaming in the United States is estimated to be approximately $30 billion in gross gaming revenue (GGR) if all U.S. states with legal land-based casino or tribal gaming adopted iGaming. Another estimate puts the potential U.S. iGaming market by annual revenue at $47.86 billion if legalized in all 44 states that currently have legal land-based commercial or tribal casinos or mobile sports betting. This market size is for the United States.
• Gaming (Land-based casino products and systems): Null
• SciPlay (Social Casino Gaming): Null
• Charitable Gaming: Null

• Gaming Segment Expansion: Light & Wonder anticipates growth in its Gaming segment, primarily fueled by increased global gaming machine sales and an expanding North American premium installed base. The company aims to increase its North American Premium footprint market share by 400 basis points and its Global Game Sales market share by 400 basis points by 2028. This is also supported by continued growth in Gaming Systems revenue through increased software adoption and maintaining its leadership in Table Products.
• iGaming Market Penetration: The iGaming segment is a significant growth driver, with continued strong momentum in North American and European markets and successful content launches. Light & Wonder plans to grow its global market share of first-party content by 300 basis points to over 10% by 2028, enter new markets, and expand service offerings and platform capabilities by growing its Player Account Management (PAM) customer base.
• SciPlay Growth and Direct-to-Consumer (DTC) Platform: SciPlay's revenue is driven by the performance of its social casino games and the expansion of its direct-to-consumer platform. The company targets increasing Average Revenue Per Daily Active User (ARPDAU) by over 30% from 2024 to 2028 through enhanced Live Ops and targeted market expansion, and scaling Direct-to-Consumer to 30% of revenue over the same period.
• Strategic Acquisitions: Acquisitions play a role in Light & Wonder's growth strategy. The acquisition of Grover Charitable Gaming is highlighted as a strategic move to boost recurring revenue. This acquisition contributed $21 million to consolidated revenue during the second quarter of 2025.

Share Repurchases

• Light & Wonder initiated a share repurchase program in March 2022, under which the Company has returned approximately $1.5 billion to shareholders by repurchasing 19.9 million shares through October 31, 2025.
• The company's share repurchase authorization was expanded by $500 million to a total of $1.5 billion on July 31, 2025.
• As of October 31, 2025, Light & Wonder had approximately $735 million remaining capacity under its existing authorized share repurchase program.

Outbound Investments

• Light & Wonder completed the acquisition of Grover Gaming's charitable gaming assets for $850 million in cash, plus a four-year revenue-based earn-out of up to $200 million, with the transaction closing on May 16, 2025.
• In November 2021, the company acquired Authentic Gaming, a provider of live streaming casino games.
• Light & Wonder acquired Playzido in May 2022, following a prior exclusive distribution agreement.

Capital Expenditures

• Capital expenditures were $79 million in the third quarter of 2025 and $78 million in the second quarter of 2025.
• For the full year 2024, capital expenditures were $242 million, with forecasts of $294 million for 2025 and $301.1 million for 2026.
• The primary focus of these expenditures includes investments in gaming operations, research and development (R&D), and content development to expand the gaming installed base and grow recurring revenue streams.