AGM/EGMJun 10, 2026, 05:21 PM
Light & Wonder details 5-year transformation, targets $2B AEBITDA by 2028
AI Summary
Light & Wonder, Inc. held its 2026 Annual Meeting of Stockholders, where the Chairman, Jamie Odell, delivered an address highlighting five years of profound transformation. The company restructured its business, exited Lotteries and Sports Betting, significantly reduced leverage, and returned approximately $1.9 billion to stockholders through buybacks. Light & Wonder also transitioned to a sole primary ASX listing in 2025 and provided a positive outlook, forecasting mid-to-high single-digit consolidated AEBITDA growth for 2026 and long-term targets of $2 billion consolidated AEBITDA and over $10.55 EPSa by 2028.
Key Highlights
- Underwent 5 years of transformation, including change of control and new board members.
- Restructured business, focusing on Gaming and exiting Lotteries and Sports Betting.
- Reduced leverage from 10.5x to below 3.5x, targeting 2.5x-3.5x net debt leverage.
- Returned approximately $1.9 billion to stockholders since March 2022, repurchasing ~25% of shares.
- Transitioned to a sole primary ASX listing in 2025, with ASX representing ~37% of equity trading.
- Forecasts mid-to-high single-digit consolidated AEBITDA growth for 2026.
- Targets 2028 consolidated AEBITDA of $2 billion and EPSa of over $10.55.
Price Impact
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