Mor Weizer CEO of Playtech
Playtech’s earnings beat market expectations, with the company’s full-year profit to be much higher than what analysts predicted, thanks to an exceptional performance in the second half, says the company. The adjusted earnings before interest, tax, depreciation and amortization (EBITDA) will hit at least €195m for the year ended 31 December 2025.
The company’s financial outlook stays positive even with some challenges ahead, especially when you have scheduled increases to gambling taxes in key markets like the UK. The Americas region’s Q4 revenue trends have given Playtech great momentum as 2026 begins. Now that the earnings date has passed, we remain confident about our medium-term goals of €250m to €300m adjusted EBITDA and €70m to €100m of free cash flow.
Playtech’s latest financial results show outstanding performance in all major areas. The company’s EBITDA hit €195 million compared to market predictions of €177 million, with a positive spread of 1.54%.
The upward trend was visible earlier when H1 2025 adjusted EBITDA reached €91.6 million. These numbers matched the upgraded projections from the August trading statement. Playtech continues to surpass expectations, as seen in FY 2023 when adjusted EBITDA grew 9% to €432.3 million.
The company’s success comes from smart market positioning and growth. Revenue grew 7% year-on-year to €1.71 billion. B2B revenue saw an impressive 8% increase to €684.1 million. The B2C division reached a major milestone with revenue of €1.04 billion, up 5% from the previous year.
The B2B adjusted EBITDA margin rose to 26.6% in 2023 from 25.3% a year earlier.
Playtech’s exceptional second-half performance stems from its soaring momentum in the Americas. The company saw its revenue jump 64% in the US and Canada to €21.8 million compared to H1 2024. US revenue showed even stronger results by doubling year-on-year in H1 2025.
The company’s growth plans expanded into West Virginia, which became its fourth regulated iGaming state. Major operators like DraftKings, FanDuel, Penn Entertainment, Caesars, and Delaware North partnered with Playtech throughout 2025. Chief executive Mor Weizer highlighted these achievements: “I’m particularly pleased with our recent progress in the US, as the benefits of our hard work start to accelerate and flow through to profitability”.
Mexican operations significantly boosted Playtech’s earnings through its updated agreement with Caliente Interactive. This strategic collaboration, where Playtech owns a 30.8% equity stake, yielded its first two dividends in July and August. Caliente’s strong performance came from positive sports betting results in Q2.
Playtech ramped up its US workforce to over 500 employees to stimulate future growth. The company also invested in new studio facilities in Michigan, New Jersey, and Pennsylvania to meet the rising demand for its Live Casino offering. These investments set the stage for continued success into 2026.
Playtech sees both challenges and bright spots ahead for 2026, backed by its diverse portfolio and mutually beneficial alliances. UK gambling tax hikes will cut the 2026 adjusted EBITDA by “high-teens millions of euros” before any countermeasures. All the same, the company’s presence in regulated markets of all sizes gives it confidence to meet market expectations for full-year 2026.
Playtech projects earnings growth of 48.8% per year while revenue climbs 5.8% annually. These figures point to a 42.1% yearly EPS growth, though return on equity might reach just 4% in three years.
The company stands firm on its medium-term goals of €250m-€300m adjusted EBITDA and €70m-€100m free cash flow. The company’s growth plans stretch beyond its current markets. A Philippines launch is set for 2026, along with new deals with potential major players in Brazil.
Chief executive Mor Weizer said: “I’m delighted with the strong performance we saw at the end of 2025. We have been steadily investing across our business in the Americas for a number of years, and I’m particularly pleased with our recent progress in the US, as the benefits of our hard work start to accelerate and flow through to profitability.
“We continue to invest selectively into the US and elsewhere in the Americas, where we see additional growth opportunities. While we remain mindful of wider sector headwinds, I am excited by the momentum we are building and the significant growth opportunity ahead.”
Playtech’s shift to a mainly B2B business model continues to boost its earnings. Future earnings dates should highlight more progress toward these ambitious targets.
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