Playtika Holding Corp.

Playtika reported Q2 revenue of $731.1 million, up 5.0% year over year and down 1.8% sequentially. Adjusted EBITDA was $206.1 million, with a 28.2% margin, versus 16.8% in Q1; net income was $48 million and adjusted net income was $53.6 million. DTC revenue was $286.9 million, up 63.1% year over year, and represented 39.3% of revenue. On the portfolio, Bingo Blitz revenue was $145.1 million, Disney Solitaire revenue was $142.4 million, and June’s Journey revenue was $74.7 million. For guidance, management reaffirmed the full-year revenue and adjusted EBITDA ranges but said it now expects to land toward the lower end of both ranges, citing planned second-half marketing reductions and a softer consumer backdrop.

Robert Antokol framed the quarter as evidence that Playtika’s model works over years, not quarters: players stay, spend, and compound over time. He pointed to Disney Solitaire as proof that revenue can keep growing even after marketing is reduced, and said Slotomania’s three quarters of stability show the company can fix and sustain older titles. His tone was confident and emphatic, with repeated emphasis that management said what it would do and then delivered.

Tae Lee said the Q2 margin recovery was planned, not accidental, because marketing was front-loaded in Q1 and then stepped down materially in Q2. He quantified Q2 revenue at $731.1 million, adjusted EBITDA at $206.1 million, sales and marketing at $252.6 million, R&D at $96.4 million, G&A at $54.1 million, and cash/cash equivalents/short-term investments at approximately $438.5 million as of June 30. He also said Super Play became a positive adjusted EBITDA contributor in Q2, that DTC reached 39.3% of revenue, and that the company expects full-year results toward the lower end of its unchanged ranges because second-half revenue will decline sequentially by design and consumer demand softened mid-quarter.

Analysts pressed on why lower marketing spend would not translate into a stronger EBITDA outlook, and management answered that the company is intentionally prioritizing margin recovery and adjusting for a second-half revenue step-down tied to the earnout-driven spend cadence. They also emphasized that some year-over-year comparisons get harder in the back half, especially in Bingo Blitz, as prior marketing mix changes annualize. On Disney Solitaire, management said its strong retention supports a high LTV but that the title is still only 15 months old, so reducing UA before a larger carryover base exists will cause sequential revenue to fall even if the game remains healthy.