Playtech lifts FY26 EBITDA target after better-than-expected H1 driven by Americas surge

Playtech has raised its full-year 2026 adjusted EBITDA guidance to at least €270 million, following an H1 performance that significantly exceeded market expectations.

In a trading update, the supplier reported that its momentum in the Americas — flagged in its Q1 update — accelerated further through May and June. This drove an adjusted EBITDA of more than €155 million for the first half, which Playtech said was “significantly ahead” of consensus. The outperformance was attributed to strong results in the United States and continued expansion in Mexico, Colombia, and select European markets.

CEO Mor Weizer said the group remains confident in its trajectory for the remainder of the year. “Playtech continues to further establish itself in regulated and regulating markets going into the second half of the year,” he stated, adding that the company is pleased with the progress toward its medium-term targets.

The new FY26 guidance of at least €270 million sits well above the analyst consensus range of €205–€225 million. The uplift reflects robust returns from the company’s partnership with Hard Rock Digital in the US, which Weizer described as “exceptionally strong.” However, Playtech cautioned that revenue from Hard Rock Digital is expected to moderate to a “lower but more sustainable level” through the rest of 2025 and into 2027, as the initial spike subsides.

Growth in H2 is likely to be comparatively slower, partly due to investment in a new slot/sports hybrid game tied to the Hard Rock Digital partnership, based on past motor racing results. Playtech also noted that it will absorb the near-doubling of the UK Remote Gaming Duty from April 2026, which will further weigh on adjusted EBITDA in the latter half of the year.

In Brazil, Playtech’s high-profile partnership with state-owned bank Caixa Econômica Federal remains on hold. Originally slated for a November 2024 launch, the project has now been pushed back to 2027 at the earliest following political pressure. “We are likely to begin contributing to growth in 2027,” the company said, echoing Weizer’s earlier description of the deal as potentially “one of the most significant opportunities” for the coming years.

Analysts reacted positively to the update. Investec called the unscheduled H1 results “exceptionally strong” and flagged the need for an upward revision to forecasts. It noted the numbers “testify to the strength of Playtech’s model” and the potential from Hard Rock Digital, which it has consistently described as a critical future earnings driver since the agreement was struck in 2023. Similarly, Peel Hunt said Playtech’s diversified geography and product portfolio highlight the value of its Hard Rock Digital stake, which it believes is “increasing and underappreciated.” Peel Hunt raised its own FY26 EBITDA forecast by 20% to €270 million, suggesting the company’s guidance may be cautious.