The positive outlook is a result of a better-than-anticipated delivery in the fourth quarter, which was in line with its internal expectations in the Americas. The company has been working in the region for several years, with improving operating performance as the build-out starts to appear more clearly in the results.
Playtech is still investing in further growth in the Americas, while at the same time monitoring market conditions.
A Cautious 2026 Message Sits Next to Medium-Term Targets
While Playtech has raised its outlook for FY25, it has taken a more conservative tone in its outlook for 2026. Notably, sector headwinds have been cited, and a prediction of a tax increase in the sector in places such as the U.K. has been made.
At the same time, the company has reiterated its medium-term financial objectives of delivering between €250m and €300m in adjusted EBITDA, as well as between €70m and €100m in free cash flow.
EBITDA Mix: Associates and Legacy Costs Still Matter
The revised figure for adjusted EBITDA is not simply a measure of core B2B delivery. The company indicated that the figure now includes the operating loss from HAPPYBET and income from associated companies, including its 30.8% stake in Caliente Interactive, which has been an increasingly important contributor in recent periods, especially as Mexico has performed well.
The announcement also ties into the company’s efforts to be a pure B2B supplier following the sale of Snaitech to Flutter Entertainment.
What Market Watchers Should Track Next
For those interested in the company and its prospects, the takeaway is that the pipeline in the Americas is bigger than it was a year ago. The key to the quality of those earnings will be the mix.
The most useful read-across from the full results announcement, which is expected in March, will be how much of the beat is driven by core B2B and how much by associated income. The key risk to the outlook will be changes in tax and rules in Latin America, including Colombia. If that becomes a bigger factor, then the same trends that are supporting the momentum in the region for FY25 could be harder to forecast from quarter to quarter.
