Playtech plc Q2 2026 Earnings Recap

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.