Light & Wonder posts US$133m net in 3Q as SciPlay names Matthieu Labbat CEO

Light & Wonder Inc reported third-quarter net income of US$133 million, a 16.7 percent year‑on‑year increase, on revenue for the three months to September 30 of US$824 million, down 2.0 percent, the group said on Wednesday. Consolidated adjusted EBITDA for the quarter was US$383 million, up 2.1 percent year‑on‑year.

Operational and segment performance

Gaming remained Light & Wonder’s largest business in the July to September period, with segment revenue of US$554 million, down 0.7 percent from a year earlier. Revenue from gaming systems fell 23.6 percent to US$55 million.

Revenue from gaming machine sales rose 5.3 percent to US$199 million, and revenue from gaming operations increased 3.9 percent to US$248 million, which the company attributed to installed base growth and higher average daily revenue per unit.

Globally, Light & Wonder shipped 8,906 new gaming machine units in the third quarter, up 3.5 percent from 8,608 units a year earlier. The quarter included 3,207 units sold in international markets, including Asia Pacific, a rise of 17.0 percent from 2,587 units in the prior‑year period.

Third‑quarter operating expenses were US$582 million, a decline of 4.9 percent year‑on‑year.

Cash flow, guidance and balance sheet

Chief financial officer Oliver Chow said the group's recurring revenue and margin discipline produced strong cash generation, with year‑to‑date adjusted free cash flow of US$545 million, up 49 percent year‑over‑year and in line with Light & Wonder’s full‑year 2025 level.

The company said it expects full‑year 2026 consolidated adjusted EBITDA growth “to be toward the lower end of our previously announced range of mid‑to‑high single digits.” Principal face value of debt outstanding as of September was US$5.0 billion, giving a net debt leverage ratio of 3.3 times, a 0.1 times reduction from June 30.

SciPlay leadership change

Light & Wonder also announced that Matthieu Labbat has been appointed chief executive of SciPlay, effective immediately. Labbat most recently served as senior vice president and head of Product Madness at Aristocrat Leisure Ltd, with profit‑and‑loss responsibility for the mobile gaming business.

“Matthieu has a proven record of building and scaling mobile gaming businesses, paired with exceptional product vision and a talent for developing teams,” said Matt Wilson, Light & Wonder’s president and chief executive, in prepared remarks. "That combination makes him the ideal leader for SciPlay as we seek to extend the reach of its portfolio of brands."

Wilson additionally noted that Light & Wonder’s North American premium installed base had grown for the 25th consecutive quarter and said the Grover Charitable Gaming business acquired in May 2025 continues to scale across existing and new markets. He said the company was encouraged by customer feedback following trade shows and purchase intentions heading into the fourth quarter.