Playtech plc reported a decline in revenue and earnings for the fiscal year 2025. The company reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of €197 million for 2025, down 9 percent from €217.5 million, as revenue fell following a major restructuring and the sale of Snaitech. Group revenue also declined 10 percent to €763.6 million, with performance being affected by structural shifts and updated commercial arrangements.
The company’s adjusted EBITDA came in above the €195 million figure it had projected in its February 2025 trading update. This came in as Playtech upgraded its earnings forecast for the 2025 financial year after stronger-than-expected trading in the Americas, driven by robust fourth-quarter performance in the US and Mexico.
Profitability impacted by transition and one-off effects
Post-tax profit from continuing operations fell 28 percent to €44.2 million for the fiscal year. On a reported basis, Playtech posted a loss of €169.5 million, compared to a loss of €136.5 million in 2024.
However, including discontinued operations, total post-tax profit reached €120.7 million, though this was still down 47 percent year-on-year due to the absence of prior one-off gains.
B2B performance declines
Playtech’s core B2B division saw revenue fall 9 percent to €688.3 million, while adjusted EBITDA dropped 36 percent to €141.4 million. The company attributed this primarily to changes in its Caliente agreement, which shifted earnings from revenue into investment income via its equity stake.
Excluding this impact, underlying performance was more resilient. Revenue from regulated markets grew 6 percent and more than 80 percent of Playtech’s B2B revenue now comes from regulated jurisdictions. EBITDA declined 10 percent due to regulatory pressures in Colombia and Brazil and increased investment in live casino.
Strong growth in the Americas
The Americas remained Playtech’s key growth engine, particularly in North America. Revenue across the US and Canada rose 71 percent, driven by partnerships with major operators and expansion into new states. In Latin America, revenue grew 8 percent excluding the Caliente agreement impact, with Brazil highlighted as a major long-term opportunity.
Playtech revenue falls 10% as regulatory changes impact 2025 results (LSE:PTEC) https://t.co/1W0xQOkitz
— ADVFN (@advfn) March 26, 2026
Live casino revenue increased 6 percent, supported by strong US demand, with Playtech now operating around 500 tables across 17 studios globally, including at the MGM Grand Las Vegas.
Snaitech sale’s impact, outlook for 2026
Following the €2.3 billion sale of Snaitech, Playtech’s financial position strengthened significantly, moving from net debt of €142.8 million in 2024 to net cash of €28.5 million in 2025. The company also returned approximately €1.8 billion to shareholders via a special dividend and repurchased around 8.3 percent of its issued share capital.
The sale of Snaitech marks a significant milestone for Playtech, which acquired the Italian business for €846 million in 2018. The sale of Snaitech has been viewed as de-risking Playtech’s business risk profile by decreasing its size of operations and diversifying its revenue. The group is more concentrated in its B2B activities, which means there is more customer concentration, although it has reduced exposure to the Italian market.
Playtech said trading has started strongly in 2026, with continued momentum in the Americas despite regulatory and tax headwinds in several markets. The company expects full-year EBITDA to exceed current market expectations and reiterated its medium-term targets of €250 million to €300 million in adjusted EBITDA and €70 million to €100 million in free cash flow.
Chief Executive Officer (CEO) Mor Weizer said, “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.”
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