Light & Wonder (LNW) AGM 2026 summary

Opening remarks and agenda

• First AGM following transition to sole primary listing on ASX, reflecting new structure and norms.

• CDI holders welcomed, with procedural details on voting and question submission outlined.

• Five formal items for consideration, including board elections and executive compensation.

Board and executive committee updates

• Transitioned from private equity-led structure to 100% free float and majority non-executive board.

• Seven new board members added, enhancing diversity and governance.

• Seamless internal succession for key executive roles, reflecting strong talent pipeline.

Financial performance review

• Leverage reduced from 10.5x to below 3.5x, restoring financial flexibility.

• $1.9 billion returned to stockholders via buybacks since March 2022, repurchasing 25% of shares.

• Acquisitions of iGaming studios, SciPlay, and Grover added cash-generative businesses.

• Forecasting mid to high single-digit consolidated AEBITDA growth for 2026.

• Long-term targets include $2 billion AEBITDA and EPS over $10.55 by 2028.