EarningsQ2 2026 Earnings Report
DE:PL8 Q2 2026 EPS Results
Actual EPS€0.33
Consensus EPS―
Beat/Miss―
One Year Ago EPS€0.30
DE:PL8 Q2 2026 Revenue Results
Actual Revenue€429.49M
Expected Revenue€429.00M
Beat/MissBeat by +€487.66K
YoY Revenue Growth+13.09%
Earnings Announcement Details
QuarterQ2 2026
Date09/10/2026
TimeBefore Open
Conference CallThursday, September 10, 2026
DE:PL8 Upcoming Earnings
Playtech's next earnings date is estimated for April 1, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by 77% adjusted EBITDA growth, EUR 101 million of free cash flow, 176% U.S. and Canada revenue growth, improved margins, U.S. profitability and a maintained full-year EBITDA outlook above EUR 270 million. Management also highlighted significant strategic progress, strong returns from Hard Rock Digital and Caliente, and continued growth investment. The main negatives were the expected H2 normalization, a lower but more sustainable Hard Rock contribution, U.K. headwinds, elevated exceptional items, remaining Snaitech cash outflows, the delayed Brazil agreement and the need for further Live optimization. Highlights significantly outweighed lowlights.Company Guidance
Adjusted EBITDA and Free Cash Flow Reached Record Levels
Adjusted EBITDA increased 77% year-on-year to EUR 163 million in H1 2026, while free cash flow reached EUR 101 million. Management described the period as a landmark step change in profitability and cash generation.
Full-Year EBITDA Guidance Maintained
Following the third upgrade of the year, Playtech maintained full-year 2026 adjusted EBITDA guidance of more than EUR 270 million. H1 adjusted EBITDA of EUR 163 million was ahead of the previously confirmed H1 guidance of more than EUR 155 million.
Strong B2B Revenue Growth
Reported B2B revenue was EUR 395 million, up 14% year-on-year and up 17% on an underlying basis. Regulated B2B revenue grew 21% on an underlying basis.
Americas Delivered Exceptional Growth
U.S. and Canada revenue increased 176% in constant currency, driven primarily by growth with Hard Rock Digital and success with Tier 1 operators across Live, Casino and PAM+.
U.S. Business Reached Profitability
The U.S. business became profitable sooner than expected, reflecting growing scale, strong customer demand and increasing returns from prior investments. Playtech expanded to 6 regulated iGaming states following its launch in Connecticut.
Expansion of U.S. Products and Customer Base
Playtech launched or expanded relationships with Fanatics across multiple states, FanDuel in West Virginia, bet365 in Michigan and its iPoker platform with FanDuel across several markets. Playtech content was live with 15 operators spanning more than 50 brands in the U.S.
Hard Rock Digital Investment Generated Strong Returns
Playtech's partnership with Hard Rock Digital supported exceptional first-half growth. Playtech invested $85 million in Hard Rock Digital in 2023, and its stake had more than tripled in value in three years to around EUR 250 million as of 30 June 2026.
Latin America Continued to Grow
Underlying revenue in Latin America grew 29%, driven by a strong performance from Caliente in Mexico and excellent growth in Colombia, supported by the constructive evolution of Colombia's regulatory environment.
Caliente Delivered Material Earnings and Cash Contributions
Caliente contributed around EUR 30 million to adjusted EBITDA from investment income and delivered EUR 37 million in dividends to free cash flow. Playtech also continued to receive software fees from Caliente.
Mexico World Cup Customer Acquisition Was Successful
Management said the 2026 FIFA World Cup was very successful for Caliente's customer acquisition, with the tournament increasing brand visibility. Audience figures for the co-hosted tournament's local viewing times more than doubled compared with the 2022 World Cup.
Operating Leverage and Cost Efficiency Improved
Adjusted EBITDA margin from operations improved materially to 30.2%, while B2B adjusted EBITDA margin increased to 32.4%. Playtech removed over EUR 20 million of annual run-rate costs, and B2B costs declined 3% year-on-year.
Free Cash Flow Conversion Strengthened
Strong EBITDA growth, disciplined CapEx and capitalized development produced EUR 101 million of free cash flow in H1, compared with around EUR 30 million for the full year of 2025.
Balance Sheet Supported Investment and Shareholder Returns
Playtech ended H1 with net cash of EUR 39 million despite more than EUR 60 million of Snaitech-related cash payments and a EUR 25 million share buyback. The company repurchased 1.8% of its issued equity capital, and its EUR 225 million revolving credit facility remained fully undrawn.
Capital Returns and Future Flexibility
Playtech returned approximately EUR 100 million to shareholders over the last 12 months through share buybacks. Management said the strong balance sheet and more sustainable free cash flow provide increased flexibility to consider both dividends and buybacks while preserving investment capacity.
Live Casino Grew While Margins Improved
Live delivered 12% growth in regulated markets and improved margins significantly, reflecting better utilization from table optimization measures and narrowing losses in the U.S. U.S. Live revenue increased around 25% year-on-year.
Live Capacity and Innovation Expanded
At the end of June, Playtech operated 480 Live tables across 20 global Live studios, including venues with Live dual-table activity. The company launched its AI-powered Live virtual host with several customers in July, and early customer feedback was described as very encouraging.
Strategic Asset Portfolio Remained Significant
Playtech serves more than 200 operators across over 50 regulated jurisdictions and has built a portfolio of strategic assets with a book value of more than EUR 1.2 billion, including stakes in Caliente Interactive and Hard Rock Digital.
Regulated Revenue Represents the Vast Majority of Income
Management said more than 85% of Playtech's income is generated in regulated markets. The company remains focused on regulated and regulating markets, including the U.S., Mexico, Colombia and Brazil.
Brazil Remained a Strategic Growth Opportunity
Brazil remained a key strategic focus, with Playtech positioned to pursue the opportunity following the launch of its São Paulo studio. Management continued to expect an agreement and launch with a prospective customer at or by the beginning of next year.
SaaS Expansion Opportunity Continued
Management said Playtech remains on a journey to establish itself with additional SaaS brands and also sees opportunities to expand horizontally within existing operator relationships through additional games, Live, poker, platform capabilities, brands and countries.
Structured Partnership Model Continued to Produce Growth
Management highlighted the success of structured agreements combining software arrangements with investments or partnerships, citing Caliente Interactive and Hard Rock Digital as examples of value creation through commercial revenue and investment exposure.
Potential for Further Cost Efficiencies
Management stated that the EUR 20 million of annualized cost removals was not the endpoint and that further opportunities for cost efficiencies had been identified, while core R&D investment and strategic investment in the Americas and Live were maintained.
Operator Consolidation Was Viewed as a Medium- and Long-Term Opportunity
Management said consolidated operator groups are generally larger than the businesses were before combining and typically have greater marketing and international expansion capacity. Playtech cited Evoke, formed through the combination of 888 and William Hill, as an example where revenues grew in the short term.
Past Motor Racing Product Generated External Interest
The Past Motor Racing product delivered strong results for Hard Rock Digital and Playtech. Playtech said operators and regulators in multiple U.S. states and other territories had shown interest in the format.
DE:PL8 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed