Playtech plc Earnings Recaps
Q2 2026
Sep 12, 2026
Playtech delivered a solid first half with substantial EBITDA and cash-flow growth, while the broadly flat market reaction of +1.7% suggests the performance was largely in line with investor expectations. Growth was concentrated in the Americas and strategic investments, with weaker U.K. trading and ongoing refinancing and regulatory considerations remaining watch points.
Key takeaways
- Adjusted EBITDA rose 77% year-on-year to €163 million, ahead of the company’s H1 target of more than €155 million; full-year guidance remains above €270 million.
- Free cash flow reached €101 million, while net cash ended at €39 million after €25 million of share buybacks and more than €60 million of remaining Snaitech-related outflows.
- Reported B2B revenue increased 14% to €395 million, or 17% on an underlying basis; regulated B2B revenue grew 21%.
- The Americas remained the main growth engine: U.S. and Canada revenue increased 176% in constant currency, while Latin America grew 29% on an underlying basis. Europe excluding the U.K. was up 2% reported, or 10% excluding a prior-period hardware sale.
- Margin and cost control improved materially, with B2B adjusted EBITDA margin reaching 32.4% and annualized cost reductions exceeding €20 million. The U.K. was affected by customer-specific changes and higher Remote Gaming Duty, while the €300 million bond maturity in June 2028 leaves refinancing under review.
Q2 2025
Sep 11, 2025
Playtech delivered strong first-half results with an adjusted EBITDA of EUR 92 million, driven by solid growth in its B2B business and strategic shifts including the successful disposal of Snaitech.
Key takeaways
- Adjusted EBITDA for H1 2025 reached EUR 92 million, exceeding consensus forecasts, with a 5% year-on-year increase on an underlying basis.
- Group revenue dropped 10% to EUR 387 million, largely due to the revised Caliente Interactive agreement, although adjusted revenues remained flat year-on-year when excluding this impact.
- Strong growth in the Americas, particularly a 64% revenue increase in the U.S. and Canada, indicates robust market momentum and successful strategic positioning.
- The disposal of Snaitech has strengthened Playtech's balance sheet, resulting in a net cash position of EUR 77 million and enhancing capital allocation flexibility.
- Continued investments in high-growth areas such as the U.S. and Brazil underline Playtech's commitment to driving long-term growth and maintaining market leadership as a pure-play B2B provider.