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Matthew Ryan

Matthew Ryan

Research Analyst at Barrenjoey

Sydney, NSW, AU

Matthew Ryan is the Co-Head of Research at Barrenjoey, specializing in equity research with coverage across major listed Australian companies. He has provided analysis on firms such as Brambles and Transurban, playing a significant role in driving actionable investment insights and collaborating directly with company management teams. With over 18 years of experience as an equity research analyst, Ryan has demonstrated consistent high performance in his analyst roles and advanced to a leadership position at Barrenjoey, having joined the firm after building his reputation at other institutions. His professional credentials include long-term sector specialization and leadership in research, underscoring his expertise and industry standing.

Matthew Ryan's questions to Light & Wonder (LNW) leadership

Question · Q2 2025

Matt Ryan of Barrenjoey inquired about the Grover acquisition, specifically asking about the source of the 600 additional units installed since February and the current pace and depth of the integration process.

Answer

President & CEO Matt Wilson described the integration as off to a 'fantastic start,' highlighting strong cultural alignment and financial performance ahead of expectations. He clarified that the 600 net unit additions represent organic growth in existing markets, driven by industry tailwinds. Wilson also noted significant progress on entering the Indiana market and confirmed that the first Light & Wonder content is already operating on the Grover platform.

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Question · Q1 2025

Matthew Ryan of Barrenjoey asked for clarification on the U.S. gaming operations yield in Q1, seeking to understand the relative impacts from macroeconomic factors versus portfolio mix.

Answer

CEO Matt Wilson attributed the Q1 yield performance primarily to adverse weather in the Northeast affecting WAP products, rather than macro weakness. He stated this was a "onetime isolated event" and confirmed that promotional discounting from Q4 had been reversed, returning the business to a normalized base.

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Question · Q4 2024

Matthew Ryan inquired about the outlook for the Gaming operations installed base in Q1, considering new game releases and cabinet conversions.

Answer

CEO Matt Wilson stated he expects the fee per day degradation seen in Q4, related to the Dragon Train impact, to reverse in Q1 and continue improving throughout the year. He highlighted a 'completely stacked' 2025 product lineup and strong brand extensions that will drive sequential momentum. CFO Oliver Chow added that scaling R&D will support sustained growth beyond 2025.

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