Playtech’s US and Mexico investments drive €195 million EBITDA upgrade

• Playtech raises full-year 2025 Adjusted EBITDA guidance to at least €195 million, exceeding analyst consensus of €177 million.
• Strong Q4 performance driven by accelerating returns from multi-year investments in US and Mexican markets.
• Company reaffirms medium-term targets of €250-300 million EBITDA and €70-100 million free cash flow despite UK tax headwinds.

London-listed gaming technology provider Playtech has raised its full-year earnings guidance following stronger-than-expected performance in the Americas during the second half of 2025.

The company now expects Adjusted EBITDA for the year ended 31 December 2025 to reach at least €195 million, significantly surpassing the current analyst consensus of €177 million.

The upgraded forecast, announced on 5 February 2026, comes as Playtech’s investments in the United States and Mexico begin to accelerate returns, particularly during the fourth quarter of 2025. The performance represents a notable uplift from analyst estimates that ranged between €150 million and €187 million across eight analysts prior to the announcement.

Americas investments deliver momentum

Playtech attributed the earnings upgrade to robust trading in the second half of 2025, with the Americas region emerging as the primary growth driver. The company has been steadily investing across its business in the region for several years, with particular focus on the US market where benefits are now flowing through to profitability.

Mor Weizer, Chief Executive Officer, commented:

“I’m delighted with the strong performance we saw at the end of 2025. We have been steadily investing across our business in the Americas for a number of years, and I’m particularly pleased with our recent progress in the US, as the benefits of our hard work start to accelerate and flow through to profitability,” said Weizer.

The Q4 revenue trends provide Playtech with positive momentum entering 2026, as returns on recent capital allocation begin to materialise. The company continues to invest selectively into the US and elsewhere in the Americas, where management identifies additional growth opportunities.

Medium-term targets reaffirmed despite sector headwinds

Despite acknowledging ongoing sector headwinds, including scheduled increases to gambling taxes in certain markets such as the United Kingdom, Playtech reaffirmed its confidence in both its 2026 outlook and medium-term financial targets. The company maintains its guidance of €250-300 million in Adjusted EBITDA and €70-100 million in free cash flow over the medium term.

The confirmation comes as the regulated markets, notably the Americas, demonstrate strong performance and prospects. Playtech’s business model focuses on providing technology on a B2B basis to leading online and retail operators, land-based casino groups, and government-sponsored entities including lotteries.

Weizer added:

“While we remain mindful of wider sector headwinds, I am excited by the momentum we are building and the significant growth opportunity ahead.“

Financial metrics and operational context

The Adjusted EBITDA figure includes the operating loss of HAPPYBET and Playtech’s share of income from associates, notably from its 30.8% shareholding in Caliente Interactive. The metric excludes any contribution from Snaitech for the period it was owned by Playtech during FY25.

Founded in 1999, Playtech employs over 7,400 staff across 20 countries and maintains a listing on the Main Market of the London Stock Exchange under the ticker PTEC.

The company operates as a technology leader in the gambling industry, delivering business intelligence-driven gambling software, services, content and platform technology across casino, live casino, sports betting, bingo and poker verticals.

Market implications

The earnings upgrade reflects the maturation of Playtech’s Americas strategy, where multi-year investments are transitioning from cost centres to profit contributors. The US market represents a growing regulated opportunity as state-level igaming and sports betting legalisation expands.

The UK government’s scheduled gambling tax increases will impact operators and technology providers, potentially compressing margins in one of Playtech’s established markets. The raised guidance suggests management confidence that Americas growth will offset UK tax impacts and other sector pressures.

Playtech’s omni-channel gambling technology, delivered through its Playtech ONE integrated platform, provides data-driven marketing expertise, single wallet functionality, customer relationship management and responsible gambling solutions across retail and online channels.