Playtech (PTEC) H1 2025 earnings summary

Executive summary

• Delivered strong H1 2025 performance with adjusted EBITDA of €91.6–92 million, ahead of upgraded expectations, reflecting strategic progress in the Americas and B2B focus.

• Completed the sale of Snaitech for €2.3 billion, transforming into a pure-play B2B provider and distributing €1.8 billion as a special dividend to shareholders.

• Strategic partnerships and investments in the U.S., Brazil, and Mexico underpin future growth, with a focus on regulated markets and operational efficiency.

• Transitioned to a focused B2B business with valuable assets, SaaS momentum, and strong balance sheet.

Financial highlights

• Group revenue for H1 2025 was €387 million, down 10% year-on-year due to the revised Caliente Interactive agreement and Snaitech disposal.

• Adjusted EBITDA from continuing operations was €91.6 million, with underlying EBITDA up 5% year-on-year excluding Caliente Interactive impact.

• B2B division H1 revenue declined 9% to €347.6–348 million; underlying B2B revenue and EBITDA both up 3% excluding Caliente Interactive.

• B2C revenue fell 17% to €41 million, with adjusted EBITDA loss narrowing to €1.5 million due to business exits and regulatory impacts.

• Net cash position of €77–77.1 million at period end, supported by Snaitech sale proceeds.

Outlook and guidance

• On track to deliver full-year 2025 adjusted EBITDA ahead of expectations, with medium-term targets of €250–300 million EBITDA and €70–100 million free cash flow.

• 2025 CapEx guidance reduced to €80–90 million; effective tax rate expected at 25–28%.

• Continued investment planned in the U.S. and Brazil to capture strong demand, mindful of headwinds in Brazil and Colombia.