Playtech Posts €101m Free Cash Flow in Strong H1 2026 Results

Playtech plc reported continuing-operations revenue of €425.1 million and free cash flow of €101 million for the six months ended 30 June 2026, the company's first full H1 under the post‑Snaitech structure and its revised Caliente Interactive agreement. Adjusted EBITDA rose 77% to €162.5 million and reported profit before tax reached €113 million, reversing a €58.8 million loss in H1 2025.

Playtech H1 2026 results: headline figures

Playtech's H1 2026 results show a marked shift in profitability and cash generation after the Snaitech sale and contractual changes with Caliente Interactive. Key consolidated figures for continuing operations were:

• Revenue: €425.1 million (up 10% from €387.0 million a year earlier)

• Adjusted EBITDA: €162.5 million (up 77% from €91.6 million)

• Adjusted EBITDA margin: 38% (from 24%)

• Reported profit before tax: €113.0 million (versus a €58.8 million loss in H1 2025)

• Reported profit after tax: €98.1 million (versus a €78.1 million loss in H1 2025)

• Free cash flow: €101.0 million (up from €6.6 million)

• Net cash: €39.2 million at 30 June (compared with €28.5 million at 31 December 2025)

Management retained guidance for more than €270 million in adjusted EBITDA for full-year 2026 and reiterated its medium-term adjusted EBITDA range of €250–300 million and a free cash flow target of €70–100 million, expecting to reach the upper end of those ranges earlier than previously anticipated. The company also said H2 adjusted EBITDA is expected to be below the H1 level as the Florida contribution linked to Hard Rock Digital normalises and as the higher UK duty rate persists.

"Our balance sheet remains strong, and we are well‑positioned to invest as required and also return capital to shareholders," said Mor Weizer.

B2B margins and SaaS growth reflect the new operating mix

B2B activity generated €394.8 million of revenue, a 14% year‑on‑year increase; Playtech calculated underlying B2B growth at 17% after stripping out the effect of the revised Caliente Interactive agreement from the comparator. Adjusted EBITDA from B2B operations rose 75% to €128.1 million, while costs across the division fell 3% to €266.7 million. Those movements pushed the B2B adjusted EBITDA margin from 21% to 32%.

SaaS revenue reached €69 million (up 20%) and represented 17% of total B2B revenue. Live product revenue increased by 8% as the company continued table optimisation measures.

Investment returns also supported profitability: portfolio returns added €34.2 million to adjusted EBITDA (up from €19.8 million). Playtech's 30.8% interest in Caliente Interactive contributed €30.1 million in associated income. Hard Rock Digital paid €4.4 million in dividends in H1, up from €2.1 million a year earlier, and the carrying value of Playtech's minority investment in Hard Rock Digital rose to €246.7 million from €178.8 million at the end of 2025 — a valuation the company noted is more than three times the approximately €80 million it invested in 2023.

Regional performance: Americas lead growth, UK weakens

The strongest regional performance came from the US and Canada, where revenue rose 161% to €56.9 million. Playtech attributed much of that increase to Games powered by Past Motor Racing with Hard Rock Bet in Florida and to a broader US expansion that included a launch in Connecticut, taking Playtech's regulated US footprint to six states. The company also highlighted commercial activity with partners: Fanatics introduced Playtech online casino products in four states, FanDuel extended its relationship into additional regulated markets, DraftKings expanded Live into Connecticut, and bet365 added Live in Michigan.

Latin American B2B revenue reached €99.9 million, a reported increase of 14% and 29% on an underlying basis, with Mexico and Colombia contributing materially; Caliente Interactive remains central in Mexico and Wplay supported growth in Colombia. In Brazil, Playtech continued investment ahead of a planned strategic partnership later in 2026, completing a São Paulo Live Casino studio and adding local capabilities.

Europe excluding the UK produced €104.5 million in B2B revenue, up 2% on a reported basis and 10% excluding one‑off hardware sales in the prior year.

The UK presented a different picture. B2B revenue fell 8% to €59.0 million as Remote Gaming Duty rose from 21% to 40% in April 2026 and customer‑specific changes affected the business. Remaining B2C operations generated €32.0 million in revenue, down 22% from €41.0 million; adjusted EBITDA for B2C improved to €200,000 from a €1.5 million loss a year earlier. Sun Bingo and other B2C activities produced €31.7 million in revenue, down 5% year‑on‑year, with Sun Bingo itself reporting a €4.5 million revenue decline after reduced marketing spend following the duty increase. HAPPYBET revenue fell 96% to €300,000 as the business moves toward closure, which Playtech expects to complete by the end of 2026.

Capital returns, buybacks and provisions

Playtech repurchased €24.6 million of shares in H1, representing around 1.8% of issued share capital. Since September 2025 the company has bought back approximately 10% of its issued shares for about €100 million in aggregate. The H1 accounts included a full €28.9 million provision against Playtech's guarantee of NorthStar's loan facility. The company also stated that no claim had been served on Playtech plc or any subsidiary in the Evolution‑related proceedings as of the date the financial statements were approved.

Management commented that the balance sheet and cash generation give the group optionality to invest and return capital, while recognising short‑term headwinds in the UK and a planned step‑up in Brazil spending ahead of the anticipated strategic partnership.

What operators and vendors should watch next

Playtech's results tie commercial growth to a narrower, higher‑margin B2B model and to returns from minority investments. Vendors and operators watching supplier supply‑chain and product availability will want to track Playtech's rollout in Brazil, Live‑studio capacity in São Paulo, and the company's continued US market entries. The company maintained its full‑year and medium‑term financial targets, subject to the expected H2 dynamics noted above.