Playtech has upgraded its full-year earnings expectations for FY25 following stronger-than-anticipated trading in the second half of the year, driven primarily by performance in the Americas.
In a trading update released earlier today, the supplier said momentum in the US and Mexico during the fourth quarter had exceeded expectations.
The company now expects Adjusted EBITDA for the year ended 31 December 2025 to be at least €195m ($230m), subject to audit. This represents a notable increase on previous market expectations, with analyst forecasts prior to the update ranging between €150m and €187m.
Playtech attributed the improvement to accelerating returns from investments made across regulated markets in the Americas over recent years.
While the company acknowledged ongoing sector headwinds, including planned gambling tax increases in certain jurisdictions such as the UK, it said recent revenue trends position the business with positive momentum entering 2026.
Playtech added that its continued focus on regulated markets underpins confidence in both near-term performance and medium-term financial targets.
Looking ahead, the supplier reaffirmed its medium-term objectives of generating €250–300m in Adjusted EBITDA and €70–100m in free cash flow. Management noted that selective investment would continue, particularly in the US and wider Americas, where further growth opportunities are expected.
Commenting on the development, Mor Weizer, Playtech CEO, stated: "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.
“We continue to invest selectively into the US and elsewhere in the Americas, where we see additional growth opportunities. While we remain mindful of wider sector headwinds, I am excited by the momentum we are building and the significant growth opportunity ahead."
Earlier in January, Playtech appointed Peel Hunt as Joint Corporate Broker alongside Jefferies International, a move designed to strengthen shareholder communication and investor engagement. The appointment followed a period of share price volatility linked to an ongoing legal dispute with competitor Evolution, which has attracted significant industry attention since 2021.
Playtech's adjusted EBITDA figure includes operating losses from HappyBet and income from its 30.8% stake in Caliente Interactive, but excludes any contribution from Snaitech for the period it was owned during 2025
