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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Playtech (PTEC) investor relations material
Playtech H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary11 Sep, 2025
Executive summary
Delivered strong H1 2025 performance with adjusted EBITDA of €91.6–92 million, ahead of upgraded expectations, reflecting strategic progress in the Americas and B2B focus.
Completed the sale of Snaitech for €2.3 billion, transforming into a pure-play B2B provider and distributing €1.8 billion as a special dividend to shareholders.
Strategic partnerships and investments in the U.S., Brazil, and Mexico underpin future growth, with a focus on regulated markets and operational efficiency.
Transitioned to a focused B2B business with valuable assets, SaaS momentum, and strong balance sheet.
Financial highlights
Group revenue for H1 2025 was €387 million, down 10% year-on-year due to the revised Caliente Interactive agreement and Snaitech disposal.
Adjusted EBITDA from continuing operations was €91.6 million, with underlying EBITDA up 5% year-on-year excluding Caliente Interactive impact.
B2B division H1 revenue declined 9% to €347.6–348 million; underlying B2B revenue and EBITDA both up 3% excluding Caliente Interactive.
B2C revenue fell 17% to €41 million, with adjusted EBITDA loss narrowing to €1.5 million due to business exits and regulatory impacts.
Net cash position of €77–77.1 million at period end, supported by Snaitech sale proceeds.
Outlook and guidance
On track to deliver full-year 2025 adjusted EBITDA ahead of expectations, with medium-term targets of €250–300 million EBITDA and €70–100 million free cash flow.
2025 CapEx guidance reduced to €80–90 million; effective tax rate expected at 25–28%.
Continued investment planned in the U.S. and Brazil to capture strong demand, mindful of headwinds in Brazil and Colombia.
Caliente Interactive: Future dividend outlook
H2 investment focus for US and Brazil
Net cash impact on medium-term FCF targets
What delays US business profitability?
Caliente LatAm expansion impact on dividends?
How does Playtech manage unregulated markets?
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H2 202526 Mar, 2026
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Frequently asked questions
Playtech plc develops gambling software and services for online and land-based operators. The company offers platforms for casino, sports betting, poker, bingo, and live dealer games, along with omni-channel technology and analytics tools. It is headquartered in Douglas, Isle of Man, and its shares are listed on the LSE.
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