Jul 20, 2026 | 5:27 am
Playtech reported a substantial improvement in earnings for the first half of 2026 as growth across the Americas supported higher revenue, stronger margins and a return to reported profitability. Revenue from continuing operations reached €425.1 million for the six months ended June 30, rising 10% from €387 million in the corresponding period of 2025.
Adjusted EBITDA increased 77% year-on-year to €162.5 million from €91.6 million, while the group adjusted EBITDA margin rose to 38% from 24%. Playtech also recorded a reported pre-tax profit of €113 million, compared with a €58.8 million loss in H1 2025. Reported profit after tax reached €98.1 million after the company posted a €78.1 million loss in the prior-year period.
Adjusted profit after tax increased from €16.6 million to €95 million. Diluted adjusted earnings per share rose to 33.1 euro cents from 5.4 euro cents.
Chief Executive Officer Mor Weizer said: "Playtech has delivered a first half significantly ahead of our expectations at the start of the year, demonstrating the strength of our technology, the quality of our customer partnerships and the disciplined execution of our strategy."
Americas Growth Lifts B2B Performance
Playtech's B2B division generated €394.8 million in revenue during the period, up 14% from €347.6 million. On an underlying basis, which removes the effect of revised terms with Caliente Interactive, B2B revenue increased 17%. Adjusted B2B EBITDA rose 75% to €128.1 million, while its margin expanded to 32% from 21%.
North America delivered the strongest regional increase. Revenue from the US and Canada climbed 161% to €56.9 million from €21.8 million a year earlier. The company attributed much of the increase to its Games powered by Past Motor Racing product with Hard Rock Bet in Florida and expansion across regulated US iGaming markets.
During the half, Playtech entered Connecticut, bringing its regulated US iGaming presence to six states. The company also expanded its work with operators including Fanatics, FanDuel, DraftKings and bet365. Fanatics launched Playtech online casino content in several states, while other partnerships added Live, casino and poker products in additional regulated markets.
Latin American B2B revenue increased 14% on a reported basis to €99.9 million and rose 29% on an underlying basis. Mexico and Colombia led the regional performance. Playtech's 30.8% holding in Caliente Interactive generated €30.1 million in associated income during the half, while the business distributed €37.4 million in dividends before tax to Playtech.
Colombia also recorded significant growth, with revenue increasing more than 100% year-on-year. Playtech continued investing in Brazil and completed its São Paulo Live Casino studio as it prepared for an expected strategic partnership agreement later in 2026.
Europe excluding the UK produced B2B revenue of €104.5 million, an increase of 2%. Excluding non-recurring hardware sales from the comparative period, growth reached 10%, supported by activity in Spain and Poland. Rest of World revenue advanced 23% to €8.1 million, with South Africa contributing to the increase.
Cash Flow and Investments Strengthen First-Half Results
Free cash flow increased to €101 million from €6.6 million in H1 2025. A €35.6 million net cash dividend from Caliente Interactive contributed to the improvement alongside the rise in adjusted EBITDA.
Playtech finished June with net cash of €39.2 million, up from €28.5 million at the end of 2025. During the reporting period, the company spent €24.6 million buying back approximately 1.8% of its issued share capital. Since September 2025, it has repurchased 10% of issued shares for approximately €100 million.
Investment income included €4.4 million in dividends from Hard Rock Digital, compared with €2.1 million a year earlier. Playtech also recorded a €2.1 million realised gain from the partial disposal of a listed equity investment.
The estimated fair value of its minority investment in Hard Rock Digital increased to €246.7 million from €178.8 million at the end of 2025. Playtech initially invested approximately €80 million in the business in 2023.
The company also recognised a full €28.9 million provision against its financial guarantee on NorthStar's loan facility following restructuring at the Canadian operator and a cease trade order from the Ontario Securities Commission.
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UK Tax Changes Weigh on Second-Half Expectations
UK B2B revenue declined 8% to €59 million. Playtech linked the decrease to customer-specific changes and the increase in Remote Gaming Duty from 21% to 40%, which took effect in April 2026.
The higher duty also affected Sun Bingo. Revenue from Sun Bingo and other B2C operations fell 5% to €31.7 million, including a €4.5 million decline at Sun Bingo. Playtech reduced marketing expenditure as the business adjusted to the higher tax rate and continued to face the effects of stricter regulatory measures.
Total B2C revenue fell 22% to €32 million, largely because Playtech continued winding down HAPPYBET. HAPPYBET revenue declined 96% to €0.3 million, while its adjusted EBITDA loss narrowed to €1.3 million from €2.3 million. Overall B2C adjusted EBITDA improved to €0.2 million from a €1.5 million loss.
Playtech expects adjusted EBITDA in the second half to fall below its first-half result. The company expects the Florida contribution from Hard Rock Digital to return to a more sustainable level, while continued spending on its planned Brazilian partnership and a full six months of the higher UK Remote Gaming Duty will also affect H2 performance.
Despite those factors, management maintained its forecast for full-year adjusted EBITDA of more than €270 million. Playtech also expects to reach the upper end of its medium-term adjusted EBITDA target of €250 million to €300 million and its free cash flow range of €70 million to €100 million earlier than previously anticipated.
Weizer said: “Looking ahead, we are focused on extending our presence in regulated and regulating markets, deepening our customer relationships and continuing to invest in our products and technology offering including further leveraging the benefits of artificial intelligence. We see substantial opportunities for further growth and remain confident in the long-term potential of the business.”
Source:
Results for the six months ended 30 June 2026 [pdf], investors.playtech.com, September 10, 2026