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    Rohan Gallagher • Jarden

    Rohan Gallagher's questions to Light & Wonder Inc (LNW) leadership

    Rohan Gallagher's questions to Light & Wonder Inc (LNW) leadership • Q2 2025

    Question

    Rohan Gallagher of Jarden Group Ltd inquired about Light & Wonder's decision to pursue a sole ASX listing, asking for details on the investor engagement process, the timing of the transition, and mechanisms to manage potential trading volatility. He also requested an update on the company's ongoing litigation.

    Answer

    President & CEO Matt Wilson explained that the decision for a sole ASX listing by November 2025 followed extensive, positive consultations with investors in both the US and Australia. He stated the move aims to consolidate liquidity and unlock shareholder value, supported by an increased share buyback program from $1B to $1.5B. Regarding litigation, Wilson noted favorable recent court rulings that have narrowed the scope of the cases, which are expected to go to trial in 2026.

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    Rohan Gallagher's questions to Light & Wonder Inc (LNW) leadership • Q1 2025

    Question

    Rohan Gallagher of Jarden asked for details on the specific business drivers required to achieve the reiterated $1.4 billion EBITDA target, considering recent headwinds like tariffs and economic uncertainty.

    Answer

    CEO Matt Wilson emphasized there is "no false precision" in the path to the target, highlighting key drivers like continued game ops momentum, a second-half rebound in SciPlay's Jackpot Party, and strong performance in iGaming. CFO Oliver Chow added that margin enhancement is also crucial, pointing to the 300 basis point year-over-year margin expansion achieved in Q1.

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    Rohan Gallagher's questions to Light & Wonder Inc (LNW) leadership • Q4 2024

    Question

    Rohan Gallagher asked about normalizing the iGaming business for 2025 growth, the market impact of exiting Live Casino, and potential supply chain challenges.

    Answer

    CFO Oliver Chow stated that normalizing for prior-year breakage fees would have resulted in double-digit iGaming growth. CEO Matt Wilson added that exiting Live Casino reduces the addressable market by a smaller-than-anticipated percentage. Regarding the supply chain, Chow noted that while the situation is fluid, diversification efforts should mitigate headwinds, with a potential single-digit million impact from tariffs.

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    Rohan Gallagher's questions to Light & Wonder Inc (LNW) leadership • Q3 2024

    Question

    Rohan Gallagher asked for clarification on the moving parts within the Q4 AEBITDA guidance and the motivation for introducing new NPATA guidance for fiscal year 2025.

    Answer

    CFO Oliver Chao explained that Q4 AEBITDA growth would be modest due to near-term impacts from the Dragon Train injunction, a flat social casino market, and a tough iGaming comp. He noted the new NPATA guidance is a direct translation of the existing EBITDA target, provided to accommodate investors who use that metric, particularly in Australia.

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