Playtech PLC, a leading platform, content, and services provider in the online gambling industry, announced its final results for the year ended 31 December 2025. The company reported strong execution on its Americas strategy, upgrading its FY26 outlook after an excellent start. Key highlights include
**Financial Performance**Revenue declined by 10% to โฌ763.6 million, and EBITDA decreased by 9% to โฌ197.0 million, primarily due to the revised Caliente agreement. However, underlying software fees from Caliente grew strongly.
**Strategic Transactions**Completed the sale of Snaitech for โฌ2.3 billion, generating over โฌ800 million in cash since ownership, and paid a special dividend of approximately โฌ1.8 billion to shareholders.
**Americas Growth**Key growth markets in the Americas performed ahead of expectations, with strong contributions from the US (revenue up ~100%) and Latin America, driven by investments in Caliente Interactive and Hard Rock Digital (HRD).
**Balance Sheet Strength**Maintained a strong balance sheet, enabling investment and capital returns, including repurchasing 8.3% of issued share capital in H2 for โฌ77 million.
**Outlook**Expects FY26 Adjusted EBITDA to be ahead of current consensus expectations, despite regulatory headwinds in many markets.
Operationally, Playtech reported under three segments: B2B, investment income, and B2C. The B2B segment saw revenue decline due to the Caliente agreement impact, but underlying performance was solid, especially in regulated markets. The Americas strategy showed strong progress, with significant revenue growth in the US and Canada, and expansion into new states. Live revenue increased, and SaaS revenues grew by 48%.
Investment income was driven by the revised Caliente agreement, with Adjusted investment income of โฌ61.8 million. Dividends from HRD totaled โฌ10.3 million, reflecting strong growth.
The B2C segment, now a lower strategic priority, saw revenue decline to โฌ78.5 million, with Adjusted EBITDA losses narrowing to โฌ6.2 million as the HAPPYBET business was wound down.
Playtechs CEO, Mor Weizer, emphasized the companys transition to a focused B2B technology business, highlighting strong performance in the US and Latin America, and expressed confidence in achieving medium-term targets of โฌ250-300 million in Adjusted EBITDA and โฌ70-100 million in Free Cash Flow.
Here is the comparison of financials and debt year on year in an HTML table format:
**Key Observations:** * **Revenue Decline:** Revenue decreased by 10% from FY2024 to FY2025, primarily due to the impact of the revised Caliente agreement and the sale of Snaitech.
* **EBITDA Margin Compression:** EBITDA margin decreased from 25% in FY2024 to 26% in FY2025, driven by lower B2B EBITDA margins due to the revised Caliente agreement.
* **Investment Income Growth:** Investment income significantly increased from โฌ2.8 million in FY2024 to โฌ61.8 million in FY2025, mainly due to the revised Caliente agreement and dividends from Hard Rock Digital.
* **Debt Reduction:** The company transitioned from a net debt position of โฌ142.8 million in FY2024 to a net cash position of โฌ28.5 million in FY2025, primarily due to the proceeds from the Snaitech sale and the revised Caliente agreement.
* **B2B Segment:** B2B revenue and EBITDA declined due to the revised Caliente agreement, but underlying performance excluding this impact showed growth in regulated markets.
* **B2C Segment:** B2C revenue and EBITDA losses narrowed, reflecting the wind-down of HAPPYBET and the challenging UK market conditions.