The first six months of 2026 gave Playtech its first full H1 reporting period under the business structure that followed the Snaitech sale and the revised Caliente Interactive agreement. With the group now operating primarily through B2B activities alongside returns from strategic investments, continuing-operations revenue reached €425.1 million, up 10% from €387 million a year earlier.
Profitability moved sharply higher during the same period. Adjusted EBITDA increased 77% to €162.5 million from €91.6 million, while the group adjusted EBITDA margin rose to 38% from 24%. Reported profit before tax reached €113 million after a €58.8 million loss in H1 2025. Reported profit after tax stood at €98.1 million, compared with a €78.1 million loss in the prior-year period.
Free cash flow also changed substantially, rising to €101 million from €6.6 million. The result left Playtech with €39.2 million in net cash at June 30, compared with €28.5 million at the end of 2025.
B2B Margins Reflect the Group’s New Operating Mix
B2B generated €394.8 million of revenue, a 14% year-on-year increase. Playtech calculated underlying growth at 17% after removing the effect of the revised Caliente Interactive agreement from the comparison. Adjusted EBITDA from B2B operations increased 75% to €128.1 million.
Costs across the division declined 3% to €266.7 million. The combination of higher revenue and lower costs lifted the B2B adjusted EBITDA margin from 21% to 32%. Regulated activity accounted for 84% of group revenue, while underlying B2B revenue from regulated markets increased 21%.
SaaS revenue reached €69 million, up 20%, and represented 17% of total B2B revenue. Playtech also recorded an 8% increase in Live revenue during the half while continuing its table optimisation measures.
Returns from Playtech’s investment portfolio added another €34.2 million to adjusted EBITDA, up from €19.8 million. Its 30.8% interest in Caliente Interactive contributed €30.1 million in associated income. Hard Rock Digital paid €4.4 million in dividends, compared with €2.1 million a year earlier.
The carrying value of Playtech’s minority investment in Hard Rock Digital increased to €246.7 million from €178.8 million at the end of 2025. That valuation stood at more than three times the approximately €80 million Playtech invested in 2023.
During H1, Playtech spent €24.6 million repurchasing around 1.8% of its issued share capital. Since September 2025, the company has bought back 10% of its issued shares for approximately €100 million.
The accounts also included a full €28.9 million provision against Playtech’s guarantee of NorthStar’s loan facility. Separately, the company said no claim had been served on Playtech plc or any subsidiary in the Evolution-related proceedings as of the date it approved the financial statements.
Regulated Americas Markets Supply the Main Regional Growth
The strongest regional increase came from the US and Canada, where revenue rose 161% to €56.9 million. Playtech linked much of that performance to Games powered by Past Motor Racing with Hard Rock Bet in Florida.
The company also expanded its regulated US iGaming footprint during the period. A launch in Connecticut took its presence to six states. Fanatics introduced Playtech online casino products in four states, while FanDuel extended its relationship into additional regulated markets. DraftKings expanded Live into Connecticut, and bet365 added Live in Michigan.
Latin American B2B revenue reached €99.9 million, a reported increase of 14%. On an underlying basis, the region grew 29%, with Mexico and Colombia contributing to the result.
Caliente Interactive remained central to Playtech’s activity in Mexico. In Colombia, revenue increased by more than 100% year-on-year, with the Wplay agreement continuing to support the business. Playtech also continued spending on its Brazilian operations ahead of an expected major strategic partnership later in 2026. The company completed its São Paulo Live Casino studio and continued adding local capabilities.
Europe excluding the UK recorded B2B revenue of €104.5 million, up 2%. Excluding one-off hardware sales from the prior-year comparison, revenue increased 10%. Playtech highlighted Spain and Poland among the markets supporting that performance.
UK Pressure Sets a Different Tone for the Second Half
The UK remained weaker during the reporting period. B2B revenue declined 8% to €59 million as the increase in Remote Gaming Duty and customer-specific changes affected the business. The duty rate rose from 21% to 40% in April 2026.
Playtech’s remaining B2C operations generated €32 million in revenue, down 22% from €41 million. Adjusted EBITDA for the division improved to €200,000 after a €1.5 million loss a year earlier.
Sun Bingo and other B2C activities produced €31.7 million in revenue, a 5% decline. Sun Bingo itself recorded a €4.5 million year-on-year revenue decrease as Playtech reduced marketing expenditure following the duty increase. The company said the new tax rate had materially weakened Sun Bingo’s long-term profitability outlook.
HAPPYBET continued moving toward closure, with revenue falling 96% to €300,000. Playtech expects to complete that wind-down by the end of 2026.
Management expects H2 adjusted EBITDA to come in below the first-half level as the Florida contribution associated with Hard Rock Digital returns to a more sustainable level. Playtech will also continue spending on the planned Brazil partnership, while the higher UK duty rate will apply throughout the full second half.
The company nevertheless maintained its forecast for more than €270 million in adjusted EBITDA for 2026. It also expects to reach the upper end of its medium-term €250 million to €300 million adjusted EBITDA range and its €70 million to €100 million free cash flow target earlier than previously anticipated.
Mor Weizer said: “Our balance sheet remains strong, and we are well-positioned to invest as required and also return capital to shareholders. We remain confident in achieving our ambitious medium-term targets and see exciting opportunities for the Group across our markets.”
Source:
Results for the six months ended 30 June 2026, investors.playtech.com, September 10, 2026, 07:00.
