Playtech reported its financial results for the year ending December 31, 2025, outlining a period shaped by structural changes, revised agreements, and a shift toward a predominantly B2B model. The company delivered results that exceeded earlier expectations on an adjusted basis, although headline figures reflected the impact of transformation activities.
The group generated revenue of €763.6 million, representing a 10% decline compared with €848.0 million in 2024. Adjusted EBITDA reached €197.0 million, down from €217.5 million year-on-year, while reported EBITDA moved to a loss of €5.7 million. A pretax loss of €128.6 million marked a sharp change from the €9.4 million loss recorded the previous year.
These results were consistent with the company’s updated guidance earlier in 2026 and exceeded initial market expectations for adjusted EBITDA. The financial outcome largely reflected the revised agreement with Caliente Interactive, which altered how revenue and income are recognized. Under the updated structure, Playtech no longer records a business-to-business service fee as revenue and instead accounts for income through its equity stake in the business.
Revised Agreements and Strategic Reset Shape Results
The 2025 financial performance followed a series of significant corporate developments. Playtech completed the sale of its Italian B2C business, Snaitech, for €2.3 billion, reshaping the group into a more focused B2B technology provider. The transaction generated substantial proceeds and enabled a special dividend of €1.8 billion to shareholders, alongside a share buyback program totaling €77 million.
At the same time, the revised Caliente Interactive agreement introduced a new framework centered on equity participation. Playtech holds a 30.8% stake in the entity and recorded €61.8 million in adjusted investment income during the year, compared with €2.8 million in 2024.
This structural change affected both revenue and profitability metrics. While group revenue declined, underlying B2B performance in regulated markets increased by 6% when excluding the accounting impact of the Caliente arrangement. The shift also contributed to a decline in free cash flow, which fell to €29.5 million from €73.1 million, reflecting reduced direct fee income and ongoing investment activity.
The company also reported a transition from net debt of €142.8 million at the end of 2024 to a net cash position of €28.5 million by December 2025, supported by proceeds from asset sales and improved liquidity.
Americas Drive Growth as Market Focus Narrows
Performance across the Americas remained central to Playtech’s strategy. Underlying revenue growth in the region reached double digits, supported by strong activity in both North America and Latin America.
Revenue from the United States and Canada rose significantly, with US operations nearly doubling year-on-year. The company expanded its presence through partnerships with operators such as DraftKings, FanDuel, and Hard Rock Digital, while also increasing live casino capacity across multiple states.
Latin America delivered mixed reported results due to accounting changes and tax developments, including VAT adjustments in Colombia. However, underlying growth in the region remained positive, with an increase of 8% excluding the Caliente agreement impact. Mexico continued to play a key role, supported by Playtech’s long-standing relationship with Caliente Interactive and expectations tied to the 2026 FIFA World Cup.
Brazil also emerged as a major focus following the introduction of a national licensing framework. Playtech expanded its local presence, including the launch of a new live casino studio in São Paulo, positioning itself for growth as the regulatory environment evolves.
Across all regions, SaaS revenue increased 48% to €118.1 million, reflecting broader adoption of Playtech’s technology solutions by operators not using its core platform.
Outlook Points to Continued Momentum in 2026
Despite weaker reported figures, Playtech maintained a positive outlook. The company stated that trading at the start of 2026 showed continued momentum, particularly in the Americas, and forecast adjusted EBITDA for the year ahead above current market expectations.
Management reiterated medium-term targets of €250 million to €300 million in adjusted EBITDA and €70 million to €100 million in free cash flow. These targets depend on continued expansion in regulated markets, improved operational efficiency, and further development of its B2B-focused model.
Chief Executive Mor Weizer described the year as transformative, stating: “2025 was a year of significant transition for Playtech, as we completed the sale of Snaitech and returned to our roots as a leading, global, predominantly pure-play B2B business.”
He added: “The strong momentum we saw in 2025 has carried over into the start of 2026, particularly in the Americas. We remain confident in achieving our ambitious medium-term targets and see exciting opportunities for the Group across our markets.”
While investor reaction remained cautious, reflected in share price declines following the announcement, Playtech’s results highlighted a business undergoing structural change while positioning itself for long-term growth in regulated markets.
Source:
Playtech plc Results for the year ended 31 December 2025, investors.playtech.com, March 26, 2026.
