Light & Wonder (ASX:LNW) Eyes USD 1.47B EBITDA for FY25 After 2Q Profit Gains

Highlights 

• LNW revenue fell 1% YoY to USD 809mn in 2QFY25, driven by lower gaming and SciPlay sales. 

• Operating income rose 15% YoY to USD 202mn and net income increased 16% YoY to USD 95mn in 2QFY25. 

• LNW expects FY25 adjusted EBITDA of USD 1.43–1.47bn and NPATA of USD 550–575mn. 

Light & Wonder Inc. (ASX:LNW) is a global, cross-platform gaming company engaged in creating content and serving digital markets. 
 
For the three months ended 31 March 2025 (2QFY25), LNW reported earnings growth and margin expansion across all business segments in the second quarter, supported by continued strong game performance and disciplined investment. The company advanced its content roadmap and cross-platform strategy during the period. 

Macroeconomic uncertainty during the quarter contributed to more cautious purchasing decisions and deferred capital expenditure by some customers, affecting the timing of game sales. Despite these conditions, the Gaming business sold more than 9,000 new units globally, sustaining its market share momentum. 

The acquisition of Grover was completed during the quarter, with integration progressing ahead of schedule. Since the acquisition announcement in February 2025, more than 600 active units have been added. 

For the first half of 2025, the company returned USD 266 million to shareholders through share repurchases, completing approximately 55% of the USD 1.0 billion program authorized in June 2024. Since launching its previous buyback program in March 2022, the company has returned USD 1.3 billion, repurchasing 17.3 million shares—representing 18% of shares outstanding prior to the program’s commencement. On 31 July 2025, the approved share repurchase program was increased from USD 1 billion to USD 1.5 billion. 

LNW reported revenue of USD 809 million, down 1% from USD 818 million in 2QFY24, driven by a 2% YoY decline in both gaming and SciPlay revenues. Operating income grew 15% YoY to USD 202 million in 2QFY25, compared to USD 175 million a year earlier, while net income increased 16% YoY to USD 95 million from USD 82 million in 2QFY24. 

Business Update  

On 8 August 2025, LNW's Director Jamie Odell bought 8,275 shares for an estimated USD 652,153 and this transaction was publicly disclosed by LNW on the ASX on 11 August 2025. 

Company Outlook  
 
For FY25, LNW projects consolidated adjusted EBITDA, including the Grover business, in the range of USD 1.43 billion to USD 1.47 billion. Adjusted NPATA is expected to be between USD 550 million and USD 575 million.  

LNW maintains its focus on long-term financial objectives and value creation in FY25. 

Share performance of LNW 

LNW shares rose by 3.61% to close at AUD 123.04 per share on 11 August 2025. Over the past year, the stock has fallen 20.62%, with declines of 19.13% over one month, 17.94% over six months, and 15.49% in the past week. Over the past three months, LNW slipped 6.76%. 
The 52-week high for LNW is AUD 181.25, recorded on 3 March 2025, while the 52-week low is AUD 118.750, reached on 8 August 2025. 

Support and Resistance Summary 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, and currency, is 11 August 2025. The reference data in this report has been partly sourced from EODHD/Others. 

Technical Indicators Defined:  

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Disclaimer 

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