Playtech (PTEC) H1 2026 earnings summary

Executive summary

• Achieved exceptional H1 2026 profit and cash flow, with adjusted EBITDA up 77% year-on-year to €163 million and revenue of €425.1 million, reflecting strategic transformation and disciplined execution.

• Strong momentum in regulated B2B business, especially in the Americas, with US & Canada revenue up 176% year-on-year, driven by partnerships like Hard Rock Digital.

• Maintained a robust balance sheet, ending H1 with net cash of €39.2 million after €25 million share buybacks.

• Significant free cash flow generation of €101 million, supporting further investment and shareholder returns.

• On track to deliver FY 2026 adjusted EBITDA of over €270 million, within the medium-term target range.

Financial highlights

• Adjusted EBITDA reached €163 million in H1 2026, a 77% increase year-on-year; margin expanded to 38%.

• Free cash flow surged to €101 million, up 1430% year-on-year.

• Group revenue rose 10% year-on-year to €425.1 million.

• Investment income from associates and dividends reached €34.2 million, up 73% year-on-year.

• Adjusted profit after tax rose to €95 million, and diluted adjusted EPS increased to 33.1 cents.

Outlook and guidance

• Maintaining full-year 2026 adjusted EBITDA guidance of more than €270 million.

• H2 adjusted EBITDA expected to be lower than H1 due to normalization, but medium-term targets are ahead of schedule.

• Capex and capitalised development for FY 2026 expected at €90–95 million; effective tax rate 20–25%.

• Continued strong demand in the Americas, with sustainable contributions from Hard Rock Digital and growth in Mexico post-World Cup.