Half Year 2025 Playtech PLC Earnings Call Transcript
Key Points
- Playtech PLC (PYTCF) reported a strong performance in the first half with adjusted EBITDA of EUR92 million, consistent with upgraded expectations.
- The company made excellent strategic progress in core markets, particularly in the Americas, laying the foundation for significant growth in the US and Brazil.
- The disposal of Snaitech bolstered Playtech's balance sheet, providing flexibility around capital allocation.
- Playtech's B2B division saw underlying revenue growth of 3%, with strong momentum in the US and Canada, where revenues increased by 64%.
- The company maintains a strong balance sheet, ending the period in a net cash position due to the net proceeds from the Snaitech sale.
- Group revenue was flat year on year in the first half, excluding the impact of the Caliente Interactive agreement.
- The B2C division experienced a 17% decline in revenue year on year, with adjusted EBITDA loss narrowing but still present.
- Revenues in the UK declined by 3% due to the continued impact of an operator insourcing their self-service betting terminals.
- The implementation of VAT in Colombia and regulatory transition issues in Brazil posed challenges, impacting performance.
- Playtech's US business is currently in a growth phase, resulting in annual losses of approximately EUR15 million due to significant investment.
One, thank you all for attending today. It's good to see a lot of familiar faces here. So on to slide 2. I'll begin with the highlights before handing over to Chris, who will take you through the financials and the outlook. I'll then update you on our progress against our strategic priorities.
Turning now to slide 3. I'm pleased to report a strong performance in the first half with adjusted EBITDA of EUR92 million, consistent with the upgraded expectations communicated in last month's trading statement. The overall performance reflects the revised terms of Caliente Interactive agreement. We saw solid underlying growth within the B2B business.
At the same time, we continue to make excellent strategic progress in core markets, in particular, the Americas, where we have laid the foundation for significant growth in the US and Brazil. The disposal of Snaitech, which completed in April, has bolstered our balance sheet, giving us the flexibility around capital allocation.
Given the solid start to H2, we are on
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