Light & Wonder chairman Jamie Odell said the company has become “leaner, stronger, more focused” after a five-year transformation that reshaped its governance, balance sheet, portfolio and listing structure, according to his address at the company’s first annual meeting as a sole ASX-listed company.
Odell said the period since he and Toni Korsanos joined the board as chair and vice chair had been one of “profound and deliberate transformation,” beginning with a change of control from a private equity-led stockholder structure to a 100 percent free float. The company also moved to a majority non-executive board and added seven new board members.
“Five years ago, this was a different company,” Odell said. “Today, Light & Wonder is leaner, stronger, more focused and better positioned than at any point in its history.”
The chairman said the group restructured its operations by consolidating five separate companies into one organization focused on gaming, operating across three reportable business segments. As part of that strategy, Light & Wonder exited its former lotteries and sports betting businesses, sharpening its focus on technology and content as its core growth drivers.
The company also reduced leverage, which Odell said had previously peaked at 10.5 times, and set a net debt leverage ratio target range of 2.5 times to 3.5 times. He said the company has recently stayed below 3.5 times.
Light & Wonder has also maintained a share buyback program, returning approximately $1.9 billion to stockholders between the launch of the program in March 2022 and March 31st, 2026. The company repurchased about 25 percent of its total outstanding shares prior to the start of the program.
Odell said Light & Wonder also strengthened its portfolio through the acquisition of iGaming studios, the remaining minority interest in SciPlay, and Grover. He said these businesses were cash flow generative, accretive to earnings per share, and improved the quality and resilience of the group’s cash flows.
The chairman also defended the company’s move to a sole primary ASX listing after exiting its dual Nasdaq/ASX structure. Light & Wonder launched its secondary ASX listing in May 2023, with the ASX later accounting for about 37 percent of total equity trading.
“The Board concluded that the ASX — with its deep investor base, strong understanding of the global gaming sector, and highly liquid market — was the right long-term home for Light & Wonder,” Odell said.
Light & Wonder remains incorporated in Nevada, with its common stock trading on the ASX as CHESS Depositary Interests, each representing beneficial ownership of one share of common stock.
Looking ahead, Odell said the company entered 2026 as a structurally simpler, strategically focused and financially stronger business. Subject to external uncertainties, including geopolitical developments and potential regulatory changes, Light & Wonder is forecasting mid-to-high single-digit consolidated AEBITDA growth for 2026.
The company also remains committed to its long-term targets, including consolidated AEBITDA of $2 billion in 2028 and adjusted earnings per share of more than $10.55.
