Light & Wonder Q1 2025: Gaming rev $495M (+4% YoY), SciPlay rev $202M (-2% YoY), $166M buyback

Light & Wonder, Inc.

2025-Q1 EPS reported $0.94 revenue$774,000,000

Gaming segment revenue $495M (+4% YoY) with AEBITDA +9% and 200bps margin expansion; North American premium installed base grew for 19th consecutive quarter.
SciPlay revenue $202M (-2% YoY) but AEBITDA +3% with 200bps margin expansion; ARPDAU rose 5% to $1.06.
iGaming revenue $77M (+4% YoY) and AEBITDA +8% with 100bps margin expansion, driven by US momentum and partner network growth.
Returned $166M via share repurchases (~1.9M shares); net debt leverage ratio at 3.0x; reaffirmed 2025 consolidated AEBITDA target of $1.4B (pre-Grover).
Grover Gaming acquisition ($850M upfront) on track for Q2 2025 close; Dragon Train litigation review found no evidence of Aristocrat math values in other hold-and-spin games.

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