The financial picture for Playtech plc changed substantially after the sale of Snaitech. Its latest audited full-year accounts, for 2025, show €763.6m in revenue from continuing operations and €197.0m in Adjusted EBITDA. The latest interim results, covering the six months to 30 June 2026, show revenue of €425.1m and Adjusted EBITDA of €162.5m.
Those figures need careful labels. Playtech reported a €1.48bn total profit in 2025, yet its continuing business made a post-tax loss. The difference largely reflects the Snaitech disposal, not an extraordinary year of recurring software profits. This analysis uses the consolidated accounts of Playtech plc, with amounts in euros unless stated otherwise.
Playtech Financial Results at a Glance
The annual figures relate to years ended 31 December. Each measure is labelled by reporting basis.
Annual results (€m)
| Measure | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Continuing revenue | 771.9 | 848.0 | 763.6 |
| Adjusted EBITDA, continuing | Not shown | 217.5 | 197.0 |
| Reported EBITDA, continuing | Not shown | 127.2 | (5.7) |
| Reported post-tax result, continuing | Not shown | (136.5) | (169.5) |
| Reported post-tax result, total Group | Not shown | (24.2) | 1,484.3 |
| IFRS operating cash flow, total Group | Not shown | 391.1 | 57.4 |
| Net cash / (debt), period-end | Not shown | (142.8) | 28.5 |
FY2023 continuing revenue is taken from the 2024 Annual Report. Other 2023 measures are omitted to avoid mixing incompatible definitions. FY2024 reported and Adjusted EBITDA use the restated comparatives in Playtech's FY2025 results, which include investment income within both measures.
Interim results for the six months ended 30 June (€m, unaudited)
| Measure | H1 2025 | H1 2026 |
|---|---|---|
| Continuing revenue | 387.0 | 425.1 |
| Adjusted EBITDA, continuing | 91.6 | 162.5 |
| Reported EBITDA, continuing | 12.9 | 86.8 |
| Reported post-tax result, continuing | (78.1) | 98.1 |
| Company-defined Free Cash Flow | 6.6 | 101.0 |
| Net cash, period-end | 77.1 | 39.2 |
Continuing revenue fell by roughly 10% in FY2025, then rose by roughly 10% in H1 2026 against H1 2025. Adjusted EBITDA is not IFRS profit or operating cash flow.
Why Older Playtech Figures Are Not Directly Comparable
Someone looking up Playtech revenue may find €1,791.5m for 2024 and €848.0m for the same year. Both figures appear in Playtech's reporting, but they answer different questions.
- €1,791.5m was the historical FY2024 total-Group revenue figure, including Snaitech before its disposal.
- €848.0m was FY2024 revenue from continuing operations, the relevant comparison for FY2025's €763.6m.
The 2024 Annual Report showed €956.1m from discontinued operations and a €12.6m elimination between continuing and discontinued businesses. These reconcile with continuing revenue to the historical total. Comparing €1.79bn directly with 2025's €763.6m would invent a collapse in like-for-like revenue.
The EBITDA figures have a similar trap. The familiar €480m FY2024 Adjusted EBITDA headline covered the former, wider Group. Playtech's FY2025 results instead use €217.5m as the FY2024 continuing-operations comparative, following a revised presentation that separately includes adjusted investment income. These are not interchangeable figures.
Snaitech was classified as a discontinued operation under IFRS 5 and sold on 30 April 2025. The history of Playtech's acquisitions and the Snaitech disposal explains the transaction; for financial comparisons, the decisive point is which businesses each accounting period includes.
Compare the same reporting perimeter, period length and adjusted-measure definition. A historical revenue chart that obscures these distinctions is misleading.
Revenue from B2B and B2C Operations
Playtech's consolidated revenue is more than a simple addition of two segment headlines. Its B2B division supplies technology, content and services to operators, while a smaller B2C division includes remaining consumer-facing operations. Licences billed between those divisions are eliminated on consolidation.
Continuing revenue reconciliation (€m)
| Revenue component | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
| B2B | 754.3 | 688.3 | 394.8 |
| B2C | 97.8 | 78.5 | 32.0 |
| Intra-group licence elimination | (4.1) | (3.2) | (1.7) |
| Consolidated continuing revenue | 848.0 | 763.6 | 425.1 |
FY2024 and FY2025 are full years; H1 2026 covers six months, against €387.0m in H1 2025. Without the intra-group elimination, consolidated revenue would be overstated.
The revised Caliente arrangement is central to the FY2025 decline. From 31 March 2025, Playtech ceased receiving an additional B2B services fee under the old structure, while retaining an ongoing software and services relationship and gaining a 30.8% interest in Caliente Interactive. Its share of an associate's earnings can affect Adjusted EBITDA without being booked as customer revenue. The commercial mechanics belong in our analysis of Playtech's business model and technology.
SaaS revenue reached €118.1m in FY2025, up 48%, but is already part of B2B revenue. Subsidiary accounts cannot be added to the consolidated total either: intra-group transactions are already accounted for. The legal and product distinction is covered in Playtech's brands and subsidiaries.
Reported Profit, Adjusted EBITDA and Investment Income
Playtech's FY2025 reported EBITDA from continuing operations was a €5.7m loss. Its published Adjusted EBITDA was €197.0m. The €202.7m gap has several causes; the adjusted figure is not an IFRS measure.
Adjusted EBITDA is an alternative performance measure (APM). Playtech reconciles it to reported EBITDA by adjusting specified items. Significant FY2025 entries include €87.6m for Playtech incentive arrangements, €52.9m for impairment of a Sun Bingo prepayment, €29.7m for amortisation of acquired intangibles within associates and €16.0m of employee share-option expenses. These have different cash characteristics; the whole gap is neither a cash payment nor a non-cash write-off.
There is a second distinction within the €197.0m figure:
€135.2m adjusted EBITDA from operations + €61.8m adjusted investment income = €197.0m Group Adjusted EBITDA.
The operations component comprises €141.4m of B2B Adjusted EBITDA less a €6.2m B2C adjusted loss. Investment income, meanwhile, comprises €51.5m in adjusted income from associates and €10.3m in dividends from equity investments, principally Hard Rock Digital. The reported FY2024 comparable was €214.7m from operations plus €2.8m from investments.
Caliente Interactive contributed €54.5m of associate income in FY2025. That contribution sits within the €51.5m net associates line after results from other associates; it is not another €54.5m to add to Group earnings. Cash dividends distributed by Caliente are not included in Adjusted EBITDA, whereas Hard Rock Digital equity dividends are included under Playtech's definition. The distinction matters whenever reported earnings, investment returns and received cash are compared.
The €169.5m continuing post-tax loss also reflects financial items and tax; it is not an EBITDA loss. In my reading, separating operating earnings from investment returns is essential to judging Playtech's profitability.
How the Snaitech Sale Affected 2025 Profit
The Group's €1,484.3m reported post-tax profit for FY2025 says little about ongoing profitability without the discontinued-operations split.
The reconciliation is straightforward:
Continuing-operations post-tax loss (€169.5m) + discontinued-operations post-tax profit €1,653.8m = total Group profit €1,484.3m.
The discontinued result included €1,613.1m of profit on disposing of Snaitech, a major one-off accounting gain. It also included Snaitech's results until the sale closed on 30 April 2025. That accounting gain cannot be expected to recur as annual fees from Playtech's technology customers.
The related cash transaction was different again. Playtech recorded €2,014.4m in net cash proceeds from the disposal, after cash disposed of with the business. Those proceeds sit in investing cash flows, not operating revenue. The Group then paid €1,766.2m in a special shareholder dividend and spent €76.5m on share repurchases during 2025; both are financing cash outflows, not costs used to calculate continuing revenue.
For the payout's significance to shareholders, see the Playtech shares and dividend analysis. The 2025 profit headline mainly records a disposal event; assess recurring performance through continuing revenue, earnings and cash conversion.
Operating Cash Flow and Free Cash Flow
An attractive Adjusted EBITDA figure is not a bank statement. Playtech's consolidated statement of cash flows reported €57.4m net cash from operating activities in FY2025, comprising €9.3m used by continuing operations and €66.7m generated by discontinued operations. The prior year's total-Group figure was €391.1m, but it included a much longer period of Snaitech trading and is not a clean continuing-business trend.
The 2025 continuing outflow also reflected exceptional cash items. Playtech identified a €79.5m payment connected with incentive arrangements, €19.8m of tax settlements relating to earlier periods, and restructuring and contract-termination payments. That helps explain why the cash figure is weaker than an adjusted earnings headline without pretending that every such payment will repeat annually.
Playtech publishes a separate Free Cash Flow (FCF) measure. It starts from Adjusted EBITDA, deducts items including lease costs, capital expenditure, capitalised development expenditure, net finance costs and normalised taxes, and adjusts for the difference between income booked from associates and qualifying dividends received. It is a management-defined calculation, not the IFRS operating-cash-flow line.
- FY2025: Free Cash Flow €29.5m, against €73.1m in FY2024; IFRS total-Group operating cash flow €57.4m in FY2025.
- H1 2026: Free Cash Flow €101.0m, against €6.6m in H1 2025; IFRS operating cash flow €55.1m in H1 2026.
The H1 2026 FCF reconciliation included €37.6m of gross dividend income added back, principally from Caliente Interactive, after deducting €27.7m of adjusted income from associates. The reported net cash dividend received from Caliente during the half-year was €35.6m; withholding tax and gross-versus-net presentation explain why those two amounts should not be treated as identical.
In the IFRS statement, investment dividends and Snaitech sale proceeds appear among investing, rather than operating, cash movements. FCF may therefore differ from operating cash flow; its definition and included items decide what it tells us.
Cash, Debt and Playtech's Balance Sheet
The FY2025 accounts showed €424.3m in cash and cash equivalents from continuing operations, net of expected credit loss. That did not mean the company had €424.3m of debt-free, unrestricted cash.
Playtech's year-end 2025 cash reconciliation (€m)
| Step | Amount |
|---|---|
| Continuing-operations cash | 424.3 |
| Cash within assets held for sale | +1.8 |
| Total cash | 426.1 |
| Client funds, jackpots and security deposits | (99.0) |
| Adjusted gross cash | 327.1 |
| Bond debt | (298.6) |
| Company-defined net cash | 28.5 |
That measure moved from €142.8m net debt at the end of 2024 to €28.5m net cash at the end of 2025. It excludes IFRS 16 lease liabilities and should not be confused with a formal measure of all liabilities or with immediately distributable cash.
At 30 June 2026, Playtech had €424.4m in continuing-operations cash, €428.4m in total cash including held-for-sale balances, €338.1m in adjusted gross cash after excluding client-related balances, and €298.9m of bonds. Its published net cash was therefore €39.2m. The €225m revolving credit facility was undrawn at that reporting date. Playtech subsequently announced completion of a €350m bond offering on 22 September 2026; that event occurred after the June balance-sheet date and must not be inserted into its H1 figures.
The improvement in net cash does not erase distinctions between total cash, client balances, debt and leases.
H1 2026 Results and the Outlook
The most recent Playtech results cover 1 January to 30 June 2026, with the interim announcement published in September. Revenue rose to €425.1m from €387.0m in the same six months of 2025, while Adjusted EBITDA increased to €162.5m from €91.6m. This is an actual half-year comparison, not an estimate produced by doubling six months' earnings.
The composition is revealing. H1 2026 included €128.3m adjusted EBITDA from operations, up from €71.8m in H1 2025, alongside €34.2m of adjusted investment income, up from €19.8m. Stronger B2B activity, especially in the Americas, supported operating improvement. But the company also warned that exceptionally strong activity associated with its Hard Rock Digital relationship in the US and Canada was expected to normalise in the second half. The markets and operators Playtech serves provide the geographical and regulatory context, which is different from the financial measure itself.
Reported post-tax profit of €98.1m was another improvement against a €78.1m continuing loss a year earlier. Yet the 2026 reported result also benefited from an €80.7m unrealised fair-value gain on derivative financial assets and equity investments. That is not the same as cash realised from customer contracts; excluding the valuation context would overstate what the profit figure tells us about recurring operations.
As of the September 2026 interim announcement, management expected more than €270m in FY2026 Adjusted EBITDA. This was guidance, not a completed full-year result or a guarantee. More detail on possible headwinds belongs in Playtech's risks and prospects.
My assessment is that H1 2026 showed stronger adjusted operating earnings and operating cash generation. But investment valuations, associate earnings and disposal gains cannot be treated as recurring customer revenue.
Which Playtech Annual Report to Use
For anyone searching for the Playtech annual report, three documents serve different purposes:
- 2025 Annual Report and Accounts: the latest audited full-year consolidated statements, including notes on discontinued operations, segment performance and cash flow.
- 2025 Full-Year Results: a shorter issuer announcement with the most useful adjusted-to-reported reconciliations and FY2024 comparatives.
- 2026 Half-Year Results: the latest interim update for the six months ended 30 June 2026; the numbers are unaudited and should not be mistaken for FY2026 final results.
The 2024 Annual Report is also useful when checking older figures and the original presentation around Snaitech. Playtech publishes these documents through its investor-relations Annual Reports and Results and Presentations sections. A news preview, data-platform trailing-12-month figure or subsidiary's statutory accounts is not a substitute for the corresponding consolidated filing.
For the people responsible for group oversight, see Playtech's owners and management; this financial analysis concerns the numbers reported by the consolidated Group.