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Company eyes deeper investor pool in Australia while margins continue to grow.
Light & Wonder has announced plans to delist from the Nasdaq and consolidate its listing on the Australian Securities Exchange (ASX) by November 2025, positioning itself for better access to capital and a more liquid market.
The news came alongside the firm’s Q2 2025 results, which showed resilient performance despite a slight dip in revenue. The move follows months of shareholder consultation and aligns with Light & Wonder’s long-term strategic roadmap.
Margin expansion offsets flat revenue
Game sales slowed, but profitability remained strong across key segments.
For the second quarter, consolidated revenue declined 1% year-on-year to $809 million, which the company attributed to cautious customer spending and postponed purchases across some markets.
Despite this, net income climbed 16% to $95 million, while consolidated adjusted EBITDA rose 7% to $352 million, reflecting stronger operational efficiency and disciplined investment.
Light & Wonder sold more than 9,000 gaming units globally during the quarter, helping maintain momentum in key markets. North American operations saw a lift in average daily revenue per unit, driven by a growing premium installed base.
SciPlay and iGaming continue to outperform
Digital growth helped steady the ship amid uneven land-based performance.
The company’s social gaming arm, SciPlay, continued to outperform market averages, while the iGaming segment delivered record revenue of $81 million, a 7% increase compared to last year.
CEO Matt Wilson noted that the recently acquired Grover Charitable Gaming business is ahead of schedule in its integration, with over 600 active units added since February. The acquisition is seen as a key pillar of growth within the charitable gaming vertical.
“I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us.”
Share buyback program hits key milestone
Over half of $1bn plan completed as capital is returned to investors.
In the first half of 2025, the company returned $266 million to shareholders, completing 55% of its $1 billion buyback programme approved in June 2024. Since March 2022, Light & Wonder has repurchased $1.3 billion worth of shares, reducing its total outstanding shares by 18%.
On 31 July, the board increased the authorisation limit to $1.5 billion, with $950 million still available, ensuring funds are in place to support the Nasdaq delisting process.
Full-year outlook holds steady
Company reaffirms EBITDA and NPATA targets with confidence.
Light & Wonder maintained its full-year 2025 adjusted EBITDA guidance of $1.43–1.47 billion, and adjusted net profit after tax (NPATA) between $550–575 million, inclusive of Grover’s contribution.
The company also reaffirmed its long-term growth goals first outlined during the May 2025 Investor Day, citing continued investment in high-performing segments and upcoming capital shifts as catalysts for future growth.
Source: NEXT.io
