Playtech (PTEC) H2 2025 TU earnings summary

Executive summary

• Upgraded FY25 Adjusted EBITDA guidance to at least €195 million, surpassing analyst consensus of €177 million, driven by strong H2 2025 performance in the US and Mexico.

• Q4 revenue momentum in the Americas positions the company for a strong start to 2026 as recent investments yield returns.

• Management remains confident in 2026 and medium-term targets, citing growth in regulated markets, especially the Americas.

Financial highlights

• FY25 Adjusted EBITDA expected to be at least €195 million, well above prior analyst estimates of €150–187 million.

• Adjusted EBITDA excludes Snaitech's contribution for the period it was owned in FY25 and includes losses from HAPPYBET and income from associates like Caliente Interactive.

Outlook and guidance

• Entering 2026 with strong momentum from Q4 Americas revenue trends.

• Medium-term targets reaffirmed: €250–300 million Adjusted EBITDA and €70–100 million Free Cash Flow.

• Ongoing sector headwinds anticipated, including higher gambling taxes in certain markets such as the UK.