Light & Wonder Sets $1.43B-$1.47B AEBITDA Guidance, Plans Sole ASX Listing Amid Grover Integration

Light & Wonder has provided guidance for Q2 2025, with AEBITDA expected to be between $1.43B and $1.47B. The company also announced its transition to a sole listing on the ASX amid the integration of Grover. CEO Matthew R. Wilson highlighted strong game performance and disciplined investments as contributing factors to continued earnings growth.

Light & Wonder, Inc. (NASDAQ and ASX: LNW) has released its second-quarter 2025 results, revealing a 1% decline in revenue, missing analyst expectations. The company's net income, however, rose by 16% to $95 million, driven by operational efficiencies. The company also announced its plans to transition to a sole listing on the Australian Securities Exchange (ASX) by the end of November 2025, delisting from the Nasdaq.

The company's revenue for the quarter was $809 million, a 1% decrease from the previous year, and its adjusted EBITDA was $352 million, down by $2.4 million. Despite the revenue miss, the company's net income rose significantly, driven by operational efficiencies and the integration of the Grover acquisition. The Grover acquisition contributed positively to revenue and EBITDA, with over 600 active units added since the acquisition announcement in February 2025.

Light & Wonder expects its adjusted EBITDA for the full year 2025 to be between $1.43 billion and $1.47 billion, with adjusted NPATA expected between $550 million and $575 million. The company anticipates second-half earnings growth driven by international game sales.

The company's CEO, Matthew R. Wilson, highlighted strong game performance and disciplined investments as contributing factors to continued earnings growth. He also expressed confidence in the company's long-term financial targets and value creation.

The company's transition to a sole listing on the ASX is expected to deliver tremendous shareholder value. The decision reflects the company's strategic focus on aligning its capital markets presence with its long-term growth plans and shareholder base.

Light & Wonder has also continued to execute its share buyback program, returning $266 million to shareholders through the repurchase of approximately 3.1 million shares during the first half of 2025. The company has increased its share repurchase program from $1.0 billion to $1.5 billion, reflecting its commitment to capital management and value creation.

The current average analyst rating on the shares is "buy," with 10 "strong buy" or "buy" recommendations and 4 "hold" recommendations. The average consensus recommendation for the casinos & gaming peer group is also "buy."

[1] https://www.tradingview.com/news/reuters.com,2025:newsml_PLX13E820:0-light-wonder-q2-revenue-misses-estimates-to-delist-from-nasdaq/
[2] https://www.businesswire.com/news/home/20250806801950/en/Light-Wonder-Inc.-Reports-Second-Quarter-2025-Results