Q3 Earnings Report 2025: PERIOD ENDED SEPTEMBER 30, 2025
2 Cautionary Statement Regarding Forward-Looking Statements This presentation may include forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning the Company and other matters. These statements may discuss goals, intentions, and expectations as to future plans and strategies, expected growth, transactions, trends, events, products and services, dividends and their classification for U.S. income tax purposes, results of operations, and/or financial condition or measures, including our expectations on future revenue, income from continuing operations, Adjusted EBITDA, cash from and used in operations, capital expenditures, cash to be returned to shareholders, FY’25 EUR/USD assumption, share repurchases, and any other future financial and operational performance, including 2028 revenue, profit, free cash flow and capital expenditure targets, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “would,” “should,” “shall," “continue,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” "outlook," “possible,” “potential,” “predict,” “project,” “target” or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) macroeconomic regulatory and political uncertainty, including as a result of new or increased tariffs, trade wars, and other restrictions on trade between or among countries in which the Company operates, and related changes in discretionary consumer spending and behavior, fluctuations in foreign currency exchange rates, changes in prevailing interest rates, changing inflation rates, impacts from increased U.S. national deficits, financial market volatility and the other factors and risks described in the Company’s annual report on Form 20-F for the financial year ended December 31, 2024 and other documents filed or furnished from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.brightstarlottery.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that may affect the Company’s business, including management's discussion and analysis of potential or actual impacts to operations and financial performance. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of Brightstar Lottery PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of Brightstar Lottery PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to Brightstar Lottery PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement. Comparability of Results All figures presented in this presentation are prepared under U.S. GAAP, unless noted otherwise. Non-GAAP Financial Measures Management supplements the reporting of financial information, determined under GAAP, with certain non-GAAP financial information. Management believes the non-GAAP information presented provides investors with additional useful information, but it is not intended to, nor should it be considered in isolation or as a substitute for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Adjusted EBIT represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, net, foreign exchange gain (loss), net, other expenses (e.g., gains/losses on extinguishment and modifications of debt, etc.), net, impairment losses, restructuring expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. Management believes that Adjusted EBIT is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Adjusted EBIT margin represents Adjusted EBIT divided by revenue. Adjusted EBITDA represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, net, foreign exchange gain (loss), net, other expenses (e.g., gains/losses on extinguishment and modifications of debt, etc.), net, depreciation, impairment losses, amortization (service revenue, purchase accounting, and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. Management believes that Adjusted EBITDA is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding the effects of foreign exchange, impairments, amortization from purchase accounting, discrete tax items, and other significant non-recurring adjustments that are not reflective of on-going operational activities (e.g., gains/losses on sale of business, gains/losses on extinguishment and modifications of debt, etc.). Adjusted EPS is calculated using diluted weighted-average number of shares outstanding, including the impact of any potentially dilutive common stock equivalents that are anti-dilutive to GAAP net income (loss) per share but dilutive to Adjusted EPS. Management believes that Adjusted EPS is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Net debt is a non-GAAP financial measure that represents debt (a GAAP measure, calculated as long- term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash equivalents, including cash and cash equivalents held for sale. Cash and cash equivalents, including cash and cash equivalents classified as held for sale, are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet. Net debt leverage is a non-GAAP financial measure that represents the ratio of Net debt as of a particular balance sheet date to Adjusted EBITDA for the last twelve months prior to such date. Management believes that net debt leverage is a useful measure to assess the Company’s financial strength and ability to incur incremental indebtedness when making key investment decisions. Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing the Company’s ability to fund its activities, including debt service and distribution of earnings to shareholders. Constant currency is a non-GAAP adjustment to certain financial measures that expresses the current financial data using the prior-year/period exchange rate (i.e., the exchange rate used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Full Year 2025 Outlook and Medium-term Targets The Company provides guidance of select information related to its financial and operating performance, and such measures may differ from year to year. The guidance is only an estimate of what the Company believes is realizable as of the date of this release. Actual results may vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net foreign gain/loss, as such items have not yet occurred, are out of our control, or cannot be reasonably predicted. BRIGHTSTAR EARNINGS REPORT – Q3’25
Contents BRIGHTSTAR EARNINGS REPORT – Q3’253 03 Q&A04 Appendix 01 Strategy Update 02 Financial Results 05 Investor Update
01 Strategy Update BRIGHTSTAR EARNINGS REPORT – Q3’254
Better-than-expected Q3’25 Revenue & Profit; Significant Shareholder Returns in FY’25 01 STRATEGY UPDATE Acceleration of Same-store Sales Growth in Q3’25 $1.8B YTD Revenue driven by sustained momentum in core instant ticket & draw game sales ~$1B in FY’25 Shareholder Returns +10% increase in Q4’25 dividend to $0.22/share 5 BRIGHTSTAR EARNINGS REPORT – Q3’25 Solid YTD Profit & Cash Flow Generation
BRIGHTSTAR EARNINGS REPORT – Q3’256 Significant Acceleration in Q3’25 Global Same-store Sales Fueled by Key Product Initiatives Same-store Sales (SSS) Trends 01 STRATEGY UPDATE SSS Q1’25 Q2’25 Q3’25 YTD’25 U.S. Instants & Draw Multi-state Jackpots (6.9%) (1.3%) (46.1%) (2.7%) 0.6% (34.5%) 7.7% 1.6% 69.2% (0.8%) 0.3% (10.5%) Italy (0.7%) 3.7% 6.1% 2.9% Rest of World 5.2% 8.4% 14.3% 8.4% Total Instants & Draw Multi-state Jackpots (3.8%) (0.1%) (46.1%) 0.3% 2.6% (34.5%) 7.9% 3.9% 69.2% 1.2% 2.0% (10.5%) Global iLottery Wager Growth (included in SSS above) 26.3% 30.7% 30.6% 29.2% * As reported, see press release for SSS normalized for a like number of sell-in days and Lotto draws
Spotlighting Next Generation of Future-Forward Solutions 01 STRATEGY UPDATE 7 BRIGHTSTAR EARNINGS REPORT – Q3’25 12th EL Congress: Bern, SwitzerlandNASPL 2025 Conference: Niagara Falls, Ontario
02 Financial Results BRIGHTSTAR EARNINGS REPORT – Q3’258
02 FINANCIAL RESULTS Summary of Q3’25 Financial Results BRIGHTSTAR EARNINGS REPORT – Q3’259 Note: EUR/USD FX daily average 1.17 in Q3’25, 1.10 in Q3’24, 1.12 YTD Q3’25, 1.09 YTD Q3’24 Amounts in millions unless otherwise noted *Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details Q3’25 & YTD’25 EPS figures do not yet reflect the full benefit of the ~13.6 million shares delivered-to-date under the ASR
Q3’25 Revenue Growth Driven by Strong Same-store Sales Across Jurisdictions & Game Types 10 02 FINANCIAL RESULTS Revenue 284 304 228 244 257 75 67 69 Q3’24 Instant Ticket & Draw U.S. Multi- state Jackpots Other Service & Upfront License Fee Amortization Product Sales Excluding FX FX Q3’25 587 615 629 304 Amounts in $ millions, unless otherwise noted RoW Italy U.S. & Canada Revenue 19 15 -10 5 14 YTD’24 YTD’25 1,861 23 -7 -61 4 1,820 23 1,843 BRIGHTSTAR EARNINGS REPORT – Q3’25 Primarily associated with non- wager-based service revenue contracts in Europe SSS: Global +3.9% U.S. +1.6% Italy +6.1% RoW +14.3% Italy normalized +5.3% $1.8B jackpot
Revenue Revenue Income/(Loss) from Continuing Operations Adjusted EBITDA High Flow-through of Wager-based Revenue Growth Propels Q3’25 Profit Increase 02 FINANCIAL RESULTS BRIGHTSTAR EARNINGS REPORT – Q3’2511 Amounts in $ millions, unless otherwise noted 264 283 294 G&A +$12M Q3’24 Service Gross Margin Product Sales Gross Margin Other** Excluding FX FX Q3’25 11 11 -46 95 Q3’24 Operational Drivers* Restructuring FX Tax Provision Other Q3’25 38 -4 YTD’24 YTD’25 880 -49 -15 -16 800 16 818 YTD’24 YTD’25 154 -62 18 -109 24 18 43 38 21 13 Wager- based +$29M 11 33 *Operational drivers includes gross profit, G&A, R&D, S&M & D&A **Other includes G&A, R&D, S&M & D&A
Significant Debt Reduction & Shareholder Returns YTD; Strong Financial Profile BRIGHTSTAR EARNINGS REPORT – Q3’2512 02 FINANCIAL RESULTS Note: cash flow results reflect continuing operations *Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details ($6M)/$573M Cash from Operations including & excluding Lotto upfront license fee ($245M) Free Cash Flow* including ~$580M for Lotto upfront license fee $239M CapEx 117 470 235 235 470 750 587 750 587 2026 2027 2028 2029 2030 Bank Debt Bonds Debt Maturity Profile As of September 30, 2025 • $2B of Gaming & Digital sale proceeds used for debt reduction • Significant shareholder returns YTD → $250M in share repurchases via ASR → $728M in cash dividends • 10% increase in Q4’25 dividend to $0.22 per share • Ample liquidity of $3.2B in advance of upcoming Lotto license fee installments • Net debt leverage* of 2.3x
13 02 FINANCIAL RESULTS *A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net foreign exchange gain/loss, as such items have not yet occurred, are out of our control, or cannot be reasonably predicted. 1Reflects 100% consolidation of Italy joint venture; minority partner contributions representing their pro rata share are recorded in cash flows from financing activities Reaffirming FY’25 Revenue and Profit Outlook BRIGHTSTAR EARNINGS REPORT – Q3’25 Adjusting CapEx lower due to timing shifts; ~$110M lower than estimate of $450M at beginning of the year Upgrading cash from operations to ~$700M from ~$645M, excluding Lotto upfront license fee Revenue Adjusted EBITDA ~$2.5B ~$1.1B Cash from Operations1 ~($220M) CapEx ~$340M Reaffirming full-year revenue and profit outlook: • Solid same-store sales trends • Continued progress on OPtiMa savings initiatives
03 Investor Update BRIGHTSTAR EARNINGS REPORT – Q3’2514
We are the premier pure play global lottery company: → Premier global lottery operator (B2C) - largest based on combined wagers → Providing secure, comprehensive lottery technology and solutions to ~90 customers on six continents (B2B) For nearly 50 years, our innovative products and services have helped our customers to excel and distinguish their lotteries from other forms of discretionary consumer spending Now, we’re shaping the future of the global lottery business in partnership with our customers and for the entertainment of their players Elevating Lotteries, Inspiring Players NYSE: BRSL
16 The future is Brightstar Global Leadership in Large, Growing Industry Growing, Resilient Business with High Contractual Recurring Revenue Significant Tailwind from Broader iLottery Adoption Attractive Profit Profile & Strong, Predictable Cash Flows Balanced Capital Allocation Strategy Includes Increased Capital Returns for Shareholders Current Valuation Provides Compelling Entry Point WHY INVEST
17 Strong leadership position and financial profile ~90 Global customers Unique B2B and B2C Business offering ~30 years Typical customer relationship 10+ years Average service contract length ~97% U.S. FM and Italy Operator contracts renewal rate over last 15 years(1) ~78% / ~90% US Lottery Systems / Italy Market share ~$2.5B 2024 Revenue $271M 2024 Income from Continuing Ops ~$1.2B 2024 Adjusted EBITDA $689M Cash Flow from Operations 59% Cash Flow Conversion(2) $149M 2024 CapEx 6% 94% 49% 38% 13% 95% 5% O pe ra tio na l Fi na nc ia l Bu si ne ss M ix (3 ) Note: Financial data is FY’24 from continuing operations; a reconciliation of Adjusted EBITDA to its closest GAAP measure was provided in the Q4’24 earnings press release which can be found on the investor relations section of the Company’s website at www.Brightstarlottery.com (1) Calculated based on lottery sales at contract year end (2) Calculated as cash from operations divided by Adjusted EBITDA (3) Calculated as percentage of total revenue PRODUCT MIX GAME TYPE (BY WAGER-BASED REVENUE) GEOGRAPHIC BREAKDOWN WHY INVEST U.S. Multi-State Jackpots Instant Tickets and Draw Games Product Sales Service Italy U.S. & Canada ROW
18 Compelling investment opportunity driven by unique competitive positioning Management team With unparalleled depth of experience in the Industry Market Opportunity Large, growing & resilient global lottery industry, with long-term contracts requiring specialized expertise Market Leadership Pure-play global market leader in lottery technology with growing, recurring revenue base Tech Leadership Unique value chain position, industry-leading technology & product innovation Our Core Growth Engines Enablers ENABLED BY FOCUSED AND WELL EXECUTED STRATEGY DELIVERING COMPELLING SHAREHOLDER VALUE Expect up to $1.7B in capital returns in 2025 through 2028 period WHY INVEST Maintain and grow FM & Operator contracts with most of the largest global lotteries Pursue targeted takeaway & greenfield opportunities Fast-growing digital channel, primarily in U.S., where Brightstar is well positioned to win Established right-to-win in Italy with iLottery & other B2C opportunities Ongoing efficiencies through proven OPtiMa program Digitalization & AI adoption
19 Growing and resilient industry where incumbency has significant value 20 08 20 09 20 10 20 20 20 21 20 22 20 23 20 24 20 25 E 20 26 E 20 27 E 20 28 E 20 07 195 203 210 214 366 373 385 399 414 431 +2.8% +3.9% +3.6% The global lottery industry has grown consistently through macroeconomic uncertainty, with steady mid-single digit annual growth projected ahead Global lottery sales actuals and projections(1) (2007 – 2028, $B) (1) H2GC projections (2) Facilities Management contracts typically require the Company to design, install, and operate the lottery system and retail terminal network for an initial term, which is typically five to ten years. Operator contracts are B2C arrangements that grant the Company an exclusive license to fully manage the core lottery functions, including the lottery systems and the majority of the day-to-day activities along the lottery value chain. Source: LaFleur and H2GC (4Q25) STABLE AND PREDICTABLE BUSINESS MODEL Lottery industry has demonstrated resiliency during macroeconomic challenges Facilities Management (FM) and iLottery platform contracts (the majority of Brightstar contracts) are exclusive during contract term MARKET OPPORTUNITY Exclusive & long-lasting customer relationships Long-term contracts Stringent requirements for contracts Strong, predictable revenue & cash flow streams FM and Operating contracts(2) are typically 7-10 years, with options for multiple extensions Significant credentials, proven capabilities, and CapEx required to secure contracts Most contracts remunerate vendors as a % of sales (or GGR), supporting consistent cash generation 289 318 333 +7.3%
20 Brightstar is well positioned to maintain largest contracts, with significant opportunities for incremental growth 60% 11% 29% >70% of Brightstar FM & Operator contract sales secured or with extensions possible beyond 2028 ~97% of U.S. FM and Italy Operator contracts have been retained over the past 15 years(1) OUR CORE (1) Calculated based on lottery sales at contract year end ; data as of October 2025 KEY LEVERS TO GROW OUR CORE BUSINESS Focus on ~$12B+ in sales owned by competitors up for rebid by 2028, especially outside the U.S.; grow market share in international markets, e.g., Brazil Share Expansion Product Innovation & Portfolio Optimization Channel & Touchpoint Expansion Emphasis on continually developing high-performing, engaging games, with innovative payout & pricing strategies Expand into new sales channels and increase ways to play lottery at stores (self-service vending machines, in-lane, LotteryLink) Expiring in 2025-2028 Extension Beyond 2028 Possible Secured Beyond 2028
21 Attractive global digital market opportunity; Brightstar poised to continue growing market share in platform and content U.S. digital channel is an underpenetrated yet growing market… (1) Excludes states that have passed legislation but iLottery is not active (e.g., MA, MO) and jurisdictions with eSubscription only (i.e., NY, ND) (2) Calculated only including jurisdictions that were fully operational in 2021; data as of October 2025 Sources: Eilers (2Q25 iLottery Report), Brightstar reporting GROWTH ENGINES • Only 14(1) lotteries are live as regulated iLottery markets • More mature lotteries have achieved strong penetration (i.e., 40+%) • 2 lotteries went live in 2025 • 2 additional lotteries expected to go live in 2026 • 4 iLottery platform customers, providing iLottery content in 12 jurisdictions …and Brightstar is well positioned to benefit from this growth • Providing 5 of 14 live iLottery platforms in the U.S. • Provide iLottery content to 4 out of 11 live eInstant U.S. markets • Sales growth in Brightstar jurisdictions significantly higher than overall market expansion(2) • Awarded 2 out of 4 most recent new iLottery platforms Outside the U.S., Brightstar will continue to leverage its significant footprint New Jurisdictions CRM / Player Insights Game Innovation & Portfolio Optimization Platform Enhancements Expansion of Cloud Solutions Leverage FM Customer Relationships GROWTH DRIVERS
22 iLottery to enable the next stage of Italy’s growth by leveraging extensive retail player base Italy Player Pool (retail & online) Lotto players represent 42% of total Italian players, on any game across retail & digital S&W players represent 75% (1) GGY is wagers less winnings paid to players Sources: Italy sales data based on Brightstar operations Brightstar has proven credentials in running high-growth Italian lottery games • Lotto: 30+ years; secured through 2034 • Scratch & Win: 20+ years; secured through Sept. 2028 • Increased digital market share by 3 percentage points since MyLotteriesPlay launch (Jan.-Sept. 2025) Our right-to-win: Driving increased digital player acquisition • Leveraging extensive player and retailer base (~58K POS units) to drive digital player acquisition • Cross-sell iCasino, Bingo, sports betting (~25% overlap in player base) • Expect digital penetration to be on par with European benchmarks by 2030 Italy is one of the world’s most attractive markets • ~7% 10-year CAGR in total industry wagers, including ~20% digital CAGR • €3.2K+ per capita spend on gaming, among highest in world • Land-based wagers have grown along with digital penetration Italy Digital Penetration Across Categories (% of Total GGY(1), 2025 H1) iLottery Penetration on Total Sales GROWTH ENGINES ~3% ~14% ~17% Italy France Eastern Europe UK & Nordics ~50%+ 9.5M 17.1M Lotto S&W ~29% ~54% iGaming Online Sports Betting
23 Organic growth expected to accelerate to >5% in 2025-2028 period Core Business(1) iLottery Italy B2C Expansion All Other Organic Growth (CAGR) Impact from Incremental Amortization of Lotto License Fee(2) Revenue Growth (CAGR) ~3% ~1% ~1% <1% >5% ~(2)% >3% Pillars of Brightstar's 3-year CAGR Growth of our predictable core business in the U.S. and Italy Improved regulatory momentum in the U.S., competitive advantage leveraging land-based market leadership New Italy B2C opportunities led by iLottery growth Targeted investments to expand market share in underpenetrated markets (e.g., international, instant ticket printing) Incremental amortization of €1.5 billion over nine-year term (1) Core business includes US, Italy, other ongoing business; excludes U.K. (2) Assuming same accounting treatment as old Lotto concession GROWTH ENGINES
Operational efficiencies to deliver ~$80M in incremental cost savings while supporting key growth initiatives & upskilling of global workforce ENABLERS 24 → Right-sizing to align smaller footprint post sale of IGT Gaming, with focus on back-office optimizations → Will not impact customer-facing activities or compromise our superior customer service standards → Additional efficiencies targeting indirect costs across main operational areas → Back-end technology modernization, automation / digitalization & AI adoption ~$50M gross annualized savings vs. 2024 OPtiMa Phase 3.1 (2025-2026) ~$30M gross annualized savings vs. 2024 OPtiMa Phase 3.2 (2027-2028) →Structured program to accelerate AI adoption in core processes (e.g., content creation, software development, corporate processes) expected to deliver positive impact on cash costs (Opex and CapEx) in 2028-2030
25 2025-2028 peak CapEx cycle sets up Brightstar for long-term success ENABLERS → Support accelerated sales growth outlook from low to solid mid-single digit → Build foundations for long-term efficiencies beyond OPtiMa 3.1 and 3.2 programs → Reinforce Brightstar’s unique competitive advantage Average annual CapEx expected to moderate to ~$200-$225M post peak CapEx cycle Expect average annual CapEx of ~$400M for 2025-2028 period Core Cap Ex Investment Evolve our core technology stack to leverage new capabilities (cloud, AI) Set up infrastructure to support new Italy B2C opportunities Contractually required new systems / terminals / communications infrastructure across our portfolio Areas of Incremental Investment Expand number of player touchpoints
~1,200 ~1,700 ~1,600 ~1,600 ~1,000 ENABLERS • Investment to maintain existing portfolio & pursue new growth initiatives • Target net debt leverage of ~3.0x; going to ~3.5x temporarily to finance Italy Lotto upfront fee • Enhanced shareholder returns to protect dividend yield → Including consistent-to-growing dividends & significant share repurchases Recent allocation of $4B Gaming & Digital sale proceeds reflects balanced approach Balanced capital allocation philosophy ALLOCATION OF $4.0B GAMING & DIGITAL PROCEEDS ($M) ‘25 – ‘28E $7.1B CUMULATIVE CAPITAL ALLOCATION ($M)(1) (1) Includes allocation of $4.0B from IGT Gaming sale; Lotto fee reflects BRSL’s 61.5% share of €2.23B amount with EUR/USD at 1.15; cumulative capital allocation and debt reduction exclude unknown Scratch & Win upfront license fee expected in 2028 (2) $400M of General corporate purposes include post-closure transaction costs Note: Figures in charts are rounded 2,000 600 500500 400 Debt Reduction Special dividend Share repurchase Partial Lotto fee funding General corporate purposes(2) Debt reduction & other (excludes Scratch & Win upfront fee) Shareholder returns Lotto fee (BRSL share) CapEx Minority distribution Debt Reduction, Minorities & Other Organic Business Growth Shareholder Returns Debt Reduction Organic Business Growth Shareholder Returns Key pillars of capital allocation philosophy: 26
Introducing 2028 revenue & profit growth targets highlighting strong cash flow generation & shareholder returns 27 WHY INVEST ~$1.3B 2028 Adjusted EBITDA* >6% CAGR (2025-2028); revenue growth enhanced by OPtiMa savings & other efficiency initiatives ~70% Cash Conversion (AEBITDA to Cash from operations, excluding upfront license fees) ~$2.75B 2028 Revenue >3% CAGR (2025-2028) After 2025-2028 peak CapEx cycle ~$400M+ Annual Free Cash Flow* Before upfront license fees but after minority distributions; implies low-to-mid-teens FCF yield at current share price *A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net foreign exchange gain/loss, as such items have not yet occurred, are out of our control, or cannot be reasonably predicted.
04 Q&A BRIGHTSTAR EARNINGS REPORT – Q3’2528
29 The future is Brightstar Global Leadership in Large, Growing Industry Growing, Resilient Business with High Contractual Recurring Revenue Significant Tailwind from Broader iLottery Adoption Attractive Profit Profile & Strong, Predictable Cash Flows Balanced Capital Allocation Strategy Includes Increased Capital Returns for Shareholders Current Valuation Provides Compelling Entry Point WHY INVEST
05 Appendix BRIGHTSTAR EARNINGS REPORT – Q3’2530
31 05 APPENDIX YTD’25 Revenue & Profit Profile 95% 5% Service Product Sales 47% 41% 12% U.S. & Canada Italy Rest of world 96% 4% Instant Ticket & Draw U.S. Multi-state Jackpots 2% 44% Income from continuing operations Adjusted EBITDA Revenue by Type Revenue by Geography Wager-based Revenue by Game Type Profit Margins BRIGHTSTAR EARNINGS REPORT – Q3’25
32 Lottery Sales: Steady Growth & Resilience March 2001– Sep 2001 March 2008–June 2009 March 2020– June 2020 0 20 40 60 80 100 Instant Other Draw Keno Multi-state Games Recession U.S. Lottery Industry Sales ($B) BRSL Italy Lottery Sales (€B) June 2001 - Dec 2001 June 2003 – Sep 2003 June 2008 - June 2009 Sep 2011- March 2013 Dec 2019 - June 2020 0 5 10 15 20 25 Lotto Scratch & Win Recession Source: Third-party data & Brightstar internal estimates U.S. CAGRs: 2000-2024: 3.9% 2020-2022: 6.7% 2007-2024: 3.6% Italy CAGRs: 2000-2024: 4.3% 2020-2022: 13.4% 2007-2024: 2.3% 05 APPENDIX BRIGHTSTAR Earnings REPORT – Q3’25
Q3'25 Select Performance and KPI Data $ in millions except otherwise noted BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 33 For the three months ended September 30, Constant 2025 2024 Y/Y Change Currency Change Revenue Service Instant ticket & draw wager-based revenue 512 477 7% 4% U.S. multi-state jackpot wager-based revenue 36 21 74% 74% Upfront license fee amortization (53) (51) (5)% —% Other 109 119 (8)% (9)% Total service revenue 604 566 7% 4% Product sales 25 20 24% 22% Total revenue 629 587 7% 5% Income (loss) from continuing operations 95 (46) NA Adjusted EBITDA 294 264 11% 7% For the three months ended September 30, 2025 2024 Revenue (by geography) U.S. & Canada 304 284 7% 7% Italy 257 228 12% 7% Rest of world 69 75 (7)% (10)% Total revenue 629 587 7% 5%
Q3'25 Select Performance and KPI Data (1) Same-store sales represent the change in wagers recorded in lottery jurisdictions where Brightstar is the operator or facilities management supplier, using the same lottery jurisdictions and perimeter for comparisons between periods (2) Same-store revenue represents the change in same-store sales net of contract mix BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 34 Same-store revenue growth (%) at constant currency (SSS growth plus impact of contract mix) (2) Same-store sales growth (%) at constant currency (wager-based growth) (1) Q3'25 Constant Q3'24 Constant Q3'25 Constant Q3'24 Constant Currency Change Currency Change Currency Change Currency Change Global Instant ticket & draw games 3.9% 1.0% 5.6% 0.6% U.S. multi-state jackpots 69.2% (55.2)% 73.6% (56.2)% Total 7.9% (5.8)% 8.5% (4.6)% U.S. Instant ticket & draw games 1.6% 0.2% 3.5% (0.6)% U.S. multi-state jackpots 69.2% (55.2)% 73.6% (56.2)% Total 7.7% (9.8)% 10.7% (12.1)% Italy Instant ticket & draw games 6.1% 2.7% 5.9% 1.7% Rest of world Instant ticket & draw games 14.3% 1.9% 14.1% (0.6)%
Summarized Income Statements $ in millions except otherwise noted BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 35 All amounts from continuing operations For the three months ended September 30, For the nine months ended September 30, 2025 2024 Y/Y Change 2025 2024 Y/Y Change Service revenue (includes amortization of upfront license fees) 604 566 7% 1,750 1,771 (1)% Product sales 25 20 24% 93 89 5% Total revenue 629 587 7% 1,843 1,861 (1)% Cost of services (excluding Depreciation and amortization) 276 261 819 795 Cost of product sales (excluding Depreciation and amortization) 31 22 86 67 General and administrative 44 61 164 178 Research and development 11 12 33 33 Sales and marketing 29 30 92 89 Depreciation and amortization 55 51 163 151 Restructuring — 38 21 39 Interest expense, net 36 53 130 160 Foreign exchange loss, net 1 39 132 23 Other expense, net 12 4 23 12 Income before provision for income taxes 134 15 180 315 Provision for income taxes 40 61 137 161 Income (loss) from continuing operations 95 (46) 43 154 (Loss) income from discontinued operations, net of tax (16) 88 75 101 Gain on sale of discontinued operations, net of tax 77 — 77 — Net income 155 43 195 256 Less: Net income attributable to non-controlling interests from continuing operations 38 34 105 120 Less: Net income attributable to non-controlling interests from discontinued operations — 1 4 5 Net income attributable to Brightstar Lottery PLC 117 7 86 130 Net income (loss) from continuing operations attributable to Brightstar Lottery PLC per common share - diluted $0.29 $(0.39) $(0.31) $0.17 Adjusted EPS from continuing operations attributable to Brightstar Lottery PLC - diluted $0.36 $(0.02) $0.55 $0.46
Summarized Cash Flow Statements $ in millions BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 36 .56 For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Net cash (used in) provided by operating activities from continuing operations (439) 173 (6) 489 Capital expenditures (65) (30) (239) (104) Free Cash Flow (504) 144 (245) 385 Cash flow (used in)/provided by discontinued operations 3,946 6 3,819 30 Debt Proceeds / (Repayment), Net (2,388) (26) (1,589) (63) Repurchases of common stock (251) — (251) — Shareholder dividends paid (647) (40) (728) (121) Minority distributions, net (10) (10) (43) (211) Other - Net 30 24 (75) (71) Other Investing / Financing Activities 679 (46) 1,133 (436) Net Cash Flow 175 98 888 (51) Effect of Exchange Rates/Other (25) 17 33 (14) Net Change in Cash and Restricted Cash 150 115 921 (65)
$ in millions (1) Includes amortization of upfront license fees Reconciliation of Non-GAAP Financial Measures BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 37 For the three months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Income (loss) from continuing operations 95 (46) 43 154 Provision for income taxes 40 61 137 161 Interest expense, net 36 53 130 160 Foreign exchange loss, net 1 39 132 23 Restructuring — 38 21 39 Stock-based compensation 3 12 15 31 Other expense, net 12 4 23 12 Adjusted EBIT 185 162 500 580 Income (loss) from continuing operations 95 (46) 43 154 Provision for income taxes 40 61 137 161 Interest expense, net 36 53 130 160 Foreign exchange loss, net 1 39 132 23 Depreciation 45 42 135 127 Amortization - service revenue (1) 53 51 154 150 Amortization - non-purchase accounting 8 6 21 17 Amortization - purchase accounting 2 2 7 7 Restructuring — 38 21 39 Stock-based compensation 3 12 15 31 Other expense, net 12 4 23 12 Adjusted EBITDA 294 264 818 880 Cash flows from operating activities - continuing operations (439) 173 (6) 489 Capital expenditures (65) (30) (239) (104) Free Cash Flow (504) 144 (245) 385
Reconciliation of Non-GAAP Financial Measures All amounts presented are in $ (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Includes the dilutive impact of share-based payment awards (3) Excludes the anti-dilutive impact of share-based payment awards BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 38 All amounts from continuing operations. For the three months ended September 30, 2025 For the three months ended September 30, 2024 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to Brightstar Lottery PLC - diluted 0.29 (0.39) Adjustments: Foreign exchange loss, net — — 0.01 0.19 (0.03) 0.22 Amortization - purchase accounting 0.01 — 0.01 0.01 — 0.01 Loss on extinguishment and modifications of debt, net 0.04 — 0.04 — — — Restructuring — — — 0.19 0.06 0.13 Other (non-recurring adjustments) 0.01 — 0.01 0.01 — 0.01 Net adjustments 0.07 0.38 Adjusted EPS from continuing operations attributable to Brightstar Lottery PLC - diluted 0.36 (0.02) Reported effective tax rate 29.6 % 394.3 % Adjusted effective tax rate 26.7 % 68.9 % Adjusted EPS weighted average shares outstanding (in millions) 196 (2) 202 (3)
Reconciliation of Non-GAAP Financial Measures All amounts presented are in $ (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Includes the dilutive impact of share-based payment awards BRIGHTSTAR Earnings REPORT – Q3’25 05 APPENDIX 39 All amounts from continuing operations For the nine months ended September 30, 2025 For the nine months ended September 30, 2024 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to Brightstar Lottery PLC - diluted (0.31) 0.17 Adjustments: Foreign exchange loss, net 0.66 (0.03) 0.69 0.11 — 0.11 Amortization - purchase accounting 0.03 — 0.03 0.03 0.01 0.03 Loss on extinguishment and modifications of debt, net 0.04 — 0.04 — — — Restructuring 0.10 0.03 0.08 0.19 0.06 0.13 Other (non-recurring adjustments) 0.04 0.01 0.03 0.02 — 0.02 Net adjustments 0.86 0.29 Adjusted EPS from continuing operations attributable to Brightstar Lottery PLC - diluted 0.55 0.46 Reported effective tax rate 76.1 % 51.0 % Adjusted effective tax rate 38.9 % 45.1 % Adjusted EPS weighted average shares outstanding (in millions) 201 (2) 203 (2)