Playtech plc

For H1 2025, group revenue was EUR 387 million, down 10% year on year, and adjusted EBITDA was EUR 91.6 million (described as EUR 92 million in the prepared remarks). Excluding the Caliente Interactive impact, group revenue was flat year on year; underlying adjusted EBITDA grew 5% year on year. B2B revenue was EUR 348 million, down 9%, while underlying B2B revenue grew 3%; Latin America underlying revenue grew 5%, the U.S. and Canada grew 64%, Europe excluding the U.K. grew 4%, and the U.K. fell 3%. B2C revenue declined 17% to EUR 41 million, and B2C adjusted EBITDA loss narrowed from EUR 4.3 million to EUR 1.5 million. Playtech ended June with net cash of EUR 77 million, after just over EUR 300 million of net proceeds from Snaitech; pro forma net debt would have been EUR 15 million after adjusting for over EUR 90 million of outstanding Snaitech liabilities. Management said full-year 2025 adjusted EBITDA is on track to be ahead of expectations, CapEx (including capitalized development) is now expected at EUR 80 million to EUR 90 million versus prior guidance of EUR 90 million to EUR 100 million, effective tax rate is expected at 25% to 28%, and the medium-term adjusted EBITDA target remains EUR 250 million to EUR 300 million with free cash flow targeted at EUR 70 million to EUR 100 million.

Mor Weizer framed H1 as a milestone period because Snaitech was sold and the revised Caliente agreement completed, leaving Playtech as a more focused B2B business. He emphasized that the Americas are the main growth engine, especially the U.S., Brazil and Mexico, and said the company has laid foundations for significant growth there. His tone was confident and upbeat, but he repeatedly stressed that some opportunities, like the Vegas live product and Brazil, are still early-stage and not yet fully quantifiable.

Chris McGinnis focused on the mechanics of the numbers and balance sheet. He said H1 group revenue was EUR 387 million, adjusted EBITDA was EUR 91.6 million, and underlying EBITDA grew 5%, while B2B costs rose only 2% despite investment in Live in Brazil and the U.S. He highlighted net cash of EUR 77 million at June 30 after the Snaitech proceeds, noted over EUR 90 million of disposal-related liabilities not due until 2026/2027, and said the remaining EUR 150 million of the March 2026 bond was repaid, leaving a single EUR 300 million bond due in June 2028 plus an undrawn EUR 225 million RCF. He also said the group is comfortable operating at 1x to 2x net debt/EBITDA over time and that U.S. margins should be lower than group margins because live studios require local infrastructure.

Analysts focused on the U.S. live casino rollout, SaaS growth, sweepstakes exposure, leverage/capital allocation, U.K. tax changes, Brazil market share, and disclosure. Management said the MGM Grand live product has exceeded modest expectations but is still small, and Mor said it is too early to quantify; on SaaS, Playtech still sees a long pipeline of onboarding opportunities and room to deepen share within existing customers. They said sweepstakes is immaterial at about 1% of group revenue and concentrated in a limited number of selected states, while U.S. profitability is likely a few years away because Playtech is still investing to meet demand. On Brazil, Mor described the regulatory transition as a temporary headwind, said Playtech is now a market leader on onboarding, expects the new partner to be a comprehensive software/services relationship, and believes Playtech can grow faster than the market, though he would not commit to a precise share.