IGT REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Full Year 2023 Financial Performance Delivers Record Profit on Continued Momentum Across Segments:

• Revenue of $4.3 billion, up 2% year-over-year and 7% net of Italy commercial services sale, driven by Global Lottery same-store sales growth and a 9% increase in both Global Gaming and PlayDigital
• Operating income rose 9% to a record $1.0 billion with growth across segments; operating income margin improved 140 basis points to 23.2%
• Record Adjusted EBITDA of $1.8 billion and Adjusted EBITDA margin of 41.3%
• Net debt leverage improves to 2.9x, the lowest in Company history
• Expect full year 2024 revenue of $4.3 billion - $4.4 billion with operating margin of 20% - 21%, including 300 basis point negative impact from separation and divestiture costs

"We delivered a strong finish to the year in the fourth quarter, propelling full year 2023 profits to record levels," said Vince Sadusky, CEO of IGT. "A compelling array of products and solutions fueled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments. We believe the recent determination to split the business and create separate lottery and gaming pure play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders."

"We achieved all of our financial goals in 2023," said Max Chiara, CFO of IGT. "Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024. This gives us confidence in further expanding our investment in the business to fund future growth."

Fourth Quarter and Full Year 2023 Key Highlights:

• Live with new facilities management contract in Connecticut and instants & passive lottery games in Minas Gerais (Brazil)
• Awarded 8-year iLottery contract in Connecticut and deployed cloud-based iLottery system for Totalizator Sportowy in Poland
• Executed Lottery facilities management contract extensions in multiple jurisdictions including California, Costa Rica, Kentucky, South Dakota, Sweden, the U.K., and recently in Virginia
• Secured 10-year brand licensing extension with Sony Pictures Television granting IGT exclusive rights to the legendary Wheel of Fortune® brand across Gaming, Lottery, iGaming, and iLottery
• Recognized with four top honors at EKG slot awards including "Most Improved Supplier - Premium" and "Top Performing New Mechanical Reel Cabinet"
• Launched first-ever omnichannel Wheel of Fortune® jackpot game in the U.S. and bespoke games for key customers such as CAESARS CLEOPATRA® for Caesars Palace Online Casino and Blackjack Surrender for FanDuel Casino
• Debuted award-winning PeakBarTop™ cabinet with sports betting, providing players with the market's most advanced sports betting interface for land-based casinos
• Upgraded to Ba1 from Ba2 by Moody's Investors Service with stable outlook; received BB+ Long-Term Issuer rating from Fitch with stable outlook and an investment grade senior secured debt rating of BBB-
• Continued progress on ESG initiatives including improved scores from FTSE Russell and S&P Global Corporate Sustainability Assessment; recognized for Diversity, Equality, and Inclusion excellence in the All-In Diversity Project 2023 All-Index Report; earned top score in Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index

Fourth Quarter 2023 Financial Highlights:

• Consolidated revenue of $1.1 billion increased 3% compared to $1.1 billion in the prior-year period
• Global Lottery revenue of $681 million, up 7% from $639 million in the prior year, driven by strong product sales and Italy same-store sales growth
• Global Gaming revenue of $390 million, in line with the prior year, as higher terminal product sales revenue and increased intellectual property revenue were offset by lower systems sales
• PlayDigital revenue of $59 million compared to $65 million in the prior year, due to a one-time benefit related to jackpot expense in the prior year and lower sports betting volumes and hold rates in Rhode Island in the current year
• Operating income of $256 million, up 11% from $230 million in the prior year; operating income margin increased 160 basis points to 22.7% with growth across business segments
• Global Lottery operating income of $238 million increased 10% from $216 million in the prior-year period; operating income margin up 110 basis points to 35.0% on strong Italy same-store sales, increased high-margin product sales, and despite lower jackpot benefits
• Global Gaming operating income of $80 million, up 17% from $68 million in the prior year; operating income margin expanded 290 basis points to 20.5% on easing of supply chain costs and research and development process improvements, partially offset by higher jackpot expense
• PlayDigital operating income of $17 million, in line with the prior year; operating income margin up 360 basis points to 29.1%, primarily on cost discipline and reduced variable compensation costs due to lower-than-expected revenue
• Corporate support and other expense of $79 million compared to $71 million in the prior year, primarily driven by higher Separation and divestiture costs related to the exploration of strategic alternatives for the Global Gaming and PlayDigital segments in addition to higher restructuring costs
• Adjusted EBITDA of $454 million, up 9% compared to $419 million in the prior year, primarily driven by higher operating income and amortization, partially offset by Separation and divestiture costs; Adjusted EBITDA margin expanded 190 basis points to 40.2%
• Net interest expense of $71 million compared to $66 million in the prior year due to higher interest rates on variable rate debt and retirement of lower-coupon senior-secured notes
• Foreign exchange loss of $66 million versus $95 million in the prior year, primarily reflecting the impact of fluctuations in the EUR/USD exchange rate on debt
• Other non-operating expense of $8 million compared to other non-operating income of $1 million in the prior year, primarily related to the purchase and sale of a blue-chip swap used to transfer funds out of Argentina in the current year
• Provision for income taxes of $83 million, compared to $101 million in the prior year, primarily driven by lower non-deductible foreign exchange losses
• Net income of $27 million versus net loss of $31 million in the prior-year period
• Diluted loss per share of $0.04, versus $0.32 in the prior year, primarily reflects higher operating income and lower non-cash foreign exchange loss; Adjusted earnings per share up 40% to $0.56 versus $0.40 in the prior year, primarily due to higher operating income

Full Year 2023 Financial Highlights:

• Consolidated revenue of $4.3 billion increased 2%, or 7% net of Italy commercial services sale, from $4.2 billion in the prior-year period
• Global Lottery revenue of $2.5 billion, down 2% from $2.6 billion; net of Italy commercial services sale, revenue rose 6% on 2.3% global same-store sales driven by strong Italy performance and higher product sales
• Global Gaming revenue up 9% to $1.6 billion on broad-based strength in key performance indicators
• PlayDigital revenue rose to a record $228 million, up 9% from $209 million in the prior-year period, on iGaming growth across geographies
• Record operating income of $1.0 billion, up 9% from $922 million in the prior-year period, with increases across business segments; operating income margin expanded 140 basis points to 23.2% with improvement across segments
• Global Lottery operating income of $913 million, in line with the prior year, despite sale of Italy commercial services business (Italy commercial services contributed $34 million in the prior year); operating income margin up 100 basis points to 36.1%
• Global Gaming operating income increased 29% to $313 million; operating income margin improved 320 basis points to 20.2% on easing of supply chain costs and research and development process improvements
• Record PlayDigital operating income of $65 million, up 32% versus $50 million in the prior year on strong operating leverage; operating income margin expanded 490 basis points to 28.6%
• Corporate support and other expense of $290 million, up from $279 million in the prior year, primarily driven by Separation and divestiture costs, partially offset by lower transaction costs due to acquisition and divestiture activity in the prior year
• Record Adjusted EBITDA of $1.8 billion, up 7% from $1.7 billion in the prior-year period, primarily driven by higher operating income and amortization, partially offset by higher Separation and divestiture costs; Adjusted EBITDA margin expanded 190 basis points to 41.3%
• Net interest expense of $285 million compared to $289 million in the prior-year period
• Foreign exchange loss of $75 million, versus $36 million in the prior-year period, primarily reflecting the impact of fluctuations in the EUR/USD exchange rate on debt
• Other non-operating expense of $12 million versus $7 million in the prior-year period
• $5 million loss on extinguishment of debt and $5 million loss on the purchase and sale of a blue-chip swap used to transfer funds out of Argentina in the current year
• $278 million gain on sale of Italian commercial services business offset by $270 million accrual associated with the DDI/Benson matter and $13 million loss on extinguishment of debt in prior year
• Provision for income taxes of $322 million versus $175 million in the prior year, primarily driven by higher incremental valuation allowances on deferred tax assets and negative impact from settlement of a tax audit in Italy in the current year, partially offset by the benefit arising from the DDI/Benson matter in the prior year
• Net income of $307 million compared to $414 million in the prior-year period
• Diluted income per share of $0.77, versus $1.35 in the prior year, primarily reflects higher operating income partially offset by higher non-cash foreign exchange loss and provision for income taxes; Adjusted earnings per share of $2.02 compared to $1.99 primarily reflects higher operating income
• Record cash from operations of $1.0 billion, compared to $899 million in the prior-year period, despite a $220 million, $184 million net of tax, payment in final settlement of DDI/Benson matter
• Net debt of $5.1 billion, down $0.1 billion from $5.2 billion at December 31, 2022; Net debt leverage improved to 2.9x, the lowest level in Company history, compared to 3.1x at December 31, 2022

Cash and Liquidity Update Total liquidity of $1.8 billion as of December 31, 2023; $572 million in unrestricted cash and $1.2 billion in additional borrowing capacity

Other Developments Conclusion of strategic review communicated on 2/29/24; Global Gaming and PlayDigital businesses to be spun off and combined with Everi Holdings, Inc., creating a comprehensive global gaming and fintech enterprise; at closing, IGT shareholders are expected to own approximately 54% of the combined company

S&P Global Ratings recently placed IGT on CreditWatch Positive and Fitch Ratings recently moved IGT to Rating Watch Positive

The Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share

Ex-dividend date of March 25, 2024 Record date of March 26, 2024 Payment date of April 9, 2024

Introducing First Quarter and Full Year 2024 Expectations(1) First quarter

Revenue of ~$1.0 billion Operating income margin of ~20%; includes ~300 basis point negative impact from pre-closing Separation and divestiture costs

Full Year

Revenue of $4.3 billion - $4.4 billion Operating income margin of 20% - 21%; includes ~300 basis point negative impact from pre-closing Separation and divestiture costs Cash from operations of ?$1.0 billion Capital expenditures of ~$500 million