2026 Half Year Results.

Playtech plc

("Playtech", the "Company", or the “Group”)

Results for the six months ended 30 June 2026

Exceptional H1 profit and cash flow driven by strategic execution in the Americas

Playtech (LSE: PTEC), the leading platform, content and services provider in the online gambling industry, today announces its results for the period ended 30 June 2026.

Financial summary (from continuing operations unless otherwise stated)1

Summary

•          Step change in Adjusted EBITDA of €162.5 million, significantly ahead of analyst expectations prior to trading update on 9 July; Adjusted EBITDA margin from operations increased to 30% (H1 2025: 19%). 

•          Excellent strategic progress in the Americas with key growth markets performing ahead of expectations; strong contribution from the US and Canada (revenue up over 160% YoY) and Latin America.

•          Continued strong performance from Group’s investments including Caliente Interactive and Hard Rock Digital (HRD).

•          Significant Free Cash Flow generation of €101.0 million leading to a Group net cash position of €39.2 million as at end of H1 2026 after €25 million share buyback; strong balance sheet underpins flexibility for investment and further capital returns.

•          On track to deliver FY 2026 Adjusted EBITDA of more than €270 million, within the medium-term target range of €250-300 million set in early 2025.

Operational highlights3

The Group reports under three distinct segments: B2B, investment income and B2C. EBITDA from operations reflects contributions from the B2B and B2C divisions.

Operations  

•          B2B revenues increased 14% YoY to €394.8 million (H1 2025: €347.6 million), or 17% on an underlying4 basis; Adjusted EBITDA growth of 75% to €128.1 million (H1 2025: €73.3 million).

o         Underlying B2B revenue from regulated markets up 21% YoY, reflecting excellent momentum in the Americas and certain European markets; B2B revenue from regulated markets of 83% (H1 2025: 81%).

o         Adjusted EBITDA margin expansion to 32% (H1 2025: 21%) driven by significant revenue growth and operational leverage through disciplined cost management.

•          Exceptional growth and strong strategic progress across the Americas:

o         Revenue from the US and Canada increased 161% YoY, predominantly driven by the strength of Games powered by Past Motor Racing (PMR) with Hard Rock Bet in Florida which is due to normalise at a more sustainable level in H2.

o         Continued strategic execution, including launching in Connecticut to expand our regulated iGaming presence to six states, alongside new launches with Fanatics across multiple states, FanDuel in West Virginia, and Bet365 in Michigan. 

o         Latin America revenues grew 29% YoY (underlying basis) driven by Mexico and Colombia; strong customer acquisition during 2026 FIFA World Cup. 

•       B2B revenue from Europe (excl. the UK) grew 2% YoY and 10% excluding one-off hardware sales in H1 2025, while B2B revenue from the UK was down 8% YoY, driven by certain customer changes and increased remote gaming duty. 

•       Live revenue increased 8% YoY; continued focus on table optimisation and cost efficiency initiatives saw margins improve significantly; c.480 Live tables globally.  

•          SaaS revenue increased 20% YoY with strong momentum from new and existing customers; now represents 17% of B2B revenue. 

•          Expanded the reach of our safer gambling offering, Playtech Protect, with 13 additional brands in H1 2026; total adoption reached 41 brands across 16 jurisdictions.  

•          B2C revenue, which is predominantly Sun Bingo, declined to €32.0 million (H1 2025: €41.0 million) while Adjusted EBITDA improved to €0.2 million (H1 2025: loss of €1.5 million) as the Group continued to wind down the remaining HAPPYBET business in Germany.

Investments3

•        Adjusted investment income of €34.2 million (H1 2025: €19.8 million) driven by our 30.8% holding in Caliente Interactive; received net dividends (not included in Adjusted EBITDA) totalling €35.8 million in H1 2026. 

•        Dividends received from HRD totalled €4.4 million (H1 2025: €2.1 million).

•        Fair value of our equity investment in HRD increased to €246.7 million (31 December 2025: €178.8 million), over three times the initial investment of circa €80 million in 2023.

•        Full provision against guarantee of loan to NorthStar of €28.9 million (see Note 6 for details).  

Balance sheet, corporate and financial activity

•          Adjusted profit after tax in H1 2026 was €95.0 million (H1 2025: €16.6 million) driven by growth in EBITDA. 

•          Significant Free Cash Flow generation of €101.0 million (31 December 2025: Free Cash Flow of €29.5 million), leading to Group net cash5 position as of 30 June 2026 of €39.2 million (31 December 2025: €28.5 million).

•          Repurchased a further c.1.8% of the Group's issued share capital in H1 2026 through a circa €25 million share buyback; since September 2025 the Company has repurchased 10% of issued share capital for circa €100 million (with all the repurchased shares transferred into the Employee Benefit Trust).  

Current trading and outlook

•          Strong start to H2 2026 with continued momentum in the Americas; H2 Adjusted EBITDA is expected to be lower than H1 as stated in our trading update on 9 July 2026, due to normalising levels of HRD revenue, continued investment in major strategic partnership in Brazil which is expected to sign in late 2026, and a full half-year period of remote gaming duty impact in the UK.

•          On track to deliver FY 2026 Adjusted EBITDA of more than €270 million, and to achieve the top end of our medium-term target6 ranges of Adjusted EBITDA of €250-300 million and Free Cash Flow of €70-100 million far earlier than anticipated.

Mor Weizer, CEO, said:

"Playtech has delivered a first half significantly ahead of our expectations at the start of the year, demonstrating the strength of our technology, the quality of our customer partnerships and the disciplined execution of our strategy. We saw continued momentum in regulated markets, particularly in the Americas. The US delivered an outstanding performance, driven by our partnership with Hard Rock Digital, while we also saw another excellent period of growth in Latin America through our revised agreement with Caliente Interactive and we continued to scale our market-leading Live offering. We achieved a number of strategic milestones, including expanding into new iGaming states with our customers in the US. We are delighted to see returns on our investments over recent years accelerate and contribute significantly to profitability, margin expansion and generating meaningful cash flow.

“Looking ahead, we are focused on extending our presence in regulated and regulating markets, deepening our customer relationships and continuing to invest in our products and technology offering including further leveraging the benefits of artificial intelligence. We see substantial opportunities for further growth and remain confident in the long-term potential of the business.

“Our balance sheet remains strong, and we are well-positioned to invest as required and also return capital to shareholders. We remain confident in achieving our ambitious medium-term targets and see exciting opportunities for the Group across our markets.” 

– Ends –

For further information contact:

1 Totals within tables in this statement may not exactly equate to the components of the total, due to rounding.

2 The Board of Directors believes that the adjusted results more closely represent the underlying trading performance of the continuing business. A full reconciliation between the actual and adjusted results is provided in Note 10.

3 EBITDA is separated into EBITDA from operations and EBITDA from investment income. EBITDA from operations includes only B2B and B2C segments, while investment income includes our share of income from associates, notably from our 30.8% shareholding in Caliente Interactive, and dividends received from equity investments (primarily from Hard Rock Digital).

4 Underlying growth denotes growth excluding impact of Caliente Interactive revised terms, i.e. removes the additional B2B services fee from revenue and removes associated direct costs in H1-25.  

5 Net cash / (debt) excludes IFRS 16 lease liabilities.

6 Definition of metrics which form our medium-term targets:

-           Adjusted EBITDA target includes our share of income from associates, notably from our 30.8% shareholding in Caliente Interactive, as well as dividends received from non-associate equity investments, primarily from Hard Rock Digital.

-           Free Cash Flow is defined as Adjusted EBITDA less IFRS 16 lease costs, capital expenditure, capitalised development costs, net financing costs, normalised cash taxes paid, and any difference between dividends received and amounts recognised on the P&L as income from associates.

Conference call and presentation

A presentation on the earnings will be held today in person at 9.00am at the auditorium at the Chartered Accountants’ Hall, 1 Moorgate Place, EC2E 6EA, and will also be accessible via a live audio webcast using this link:

https://www.investis-live.com/playtech/6a7495a64dabe0000ff96db1/bqpsk

Analysts and investors can also dial into the call using the following details:

United Kingdom (Local): +44 20 3936 2999

United Kingdom (Toll-Free): +44 808 189 0158

Global Dial-In Numbers

Access Code: 378655

The presentation slides will be available today from 8.30 am at: http://www.investors.playtech.com/results-centre/presentations.aspx

Forward looking statements

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements.

Any forward-looking statements in this announcement reflect Playtech's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, Playtech undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement. 
 

About Playtech

Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech is a leading global B2B technology provider to the online betting and gaming industry. The Company has over 7,400 staff across 20 countries and operates in more than 50 regulated and regulating jurisdictions worldwide.

Playtech provides operators with a full proprietary, end-to-end, turnkey solution including its platform (PAM+), content and services, enabling customers to deliver an innovative, seamless and responsible player experience, supported by industry-leading player protection technology. Playtech's product suite covers the industry's most popular verticals including casino, live casino, sports betting, bingo and poker.

Chief Executive Officer’s Review

Overview

H1 2026 represented an exceptional performance by the Group, with further strategic and operational progress alongside the delivery of significant profit and cash flow. Strong momentum across the business saw double-digit revenue growth and Adjusted EBITDA of €162.5 million (H1 2025: €91.6 million), significantly ahead of analyst expectations prior to the trading update on 9 July, with Group Adjusted EBITDA margin expanding to 38% (H1 2025: 24%). Playtech’s portfolio of strategic investments, including Caliente Interactive and Hard Rock Digital (“HRD”), also continued to perform strongly, leading to growing investment income. Together, the strong operating results and growth in investment income contributed to significant Free Cash Flow (“FCF”) generation of €101.0 million in the half. Management remain confident that the Group is on track to meet its Adjusted EBITDA guidance for 2026 of more than €270 million.

Playtech made excellent strategic progress in the first half, with key growth markets in regulated jurisdictions performing ahead of expectations. Regulated revenue now represents 84% of Group revenue. Within B2B, revenue from regulated markets increased 21% year-on-year (“YoY”) on an underlying basis (excluding the impact of the revised Caliente Interactive agreement in 2025). Underlying revenue growth in the Americas was nearly 60% YoY. In the US and Canada, Playtech continued to scale rapidly with revenues up over 160% YoY, primarily driven by the strength of Games powered by Past Motor Racing (“PMR”) with Hard Rock Bet in Florida. We also expanded our regulated iGaming presence to six US states through our launch in Connecticut, alongside several successful multi-state launches with major operators. Revenue from Latin America grew 29% YoY on an underlying basis driven by strength in Mexico and Colombia, while we continued expanding our presence in Brazil – a key growth market for the future. Elsewhere, European markets such as Spain and Poland also grew strongly.

Innovation remains central to Playtech's strategy. Ongoing investment in bespoke content and scalable technology solutions across our product offerings has further strengthened our competitive position, with Games powered by PMR in Florida a strong example of this strategy in action. At the same time, we continued to prioritise operational efficiency across the Group, with actions including leveraging artificial intelligence (AI) across the business and certain table optimisation measures in Live.

We look to the future with confidence. We have made rapid progress towards our ambitious, medium-term targets of €250 million to €300 million of Adjusted EBITDA and €70 million to €100 million of Free Cash Flow. Our market-leading technology, deeply rooted strategic partnerships and continued investment in innovation provide a strong foundation for the next phase of Playtech's development, leaving the Group well-positioned to capitalise on attractive growth opportunities while delivering sustainable long-term shareholder value.

B2B

B2B revenue grew 14% YoY to €394.8 million in H1 2026 (H1 2025: €347.6 million), or 17% on an underlying basis (excluding the impact of the revised agreement with Caliente Interactive). Underlying B2B revenue from regulated markets increased by 21% YoY, with very strong performance across the Americas and in certain European markets.

US and Canada

As a region, the US and Canada remains a key engine of growth for Playtech with revenues up 161% (176% YoY in constant currency). The strategic investments made in recent years continued to deliver meaningful returns.

United States

The US represents the key growth driver for Playtech, with H1 2026 revenue increasing materially YoY. Momentum accelerated across our partnerships with contributions from customers including HRD, Bet365, DraftKings and FanDuel, reinforcing the strength of our expanding US presence. Entry into Connecticut, our sixth regulated iGaming state, alongside several multi-state customer launches including with Fanatics, marked further milestones in the period.

Following a series of successful launches over the last 24 months, demand for our product suite in the US market remains strong. A key driver of the region's outstanding growth has been the success of our partnership with HRD, namely the Games powered by Past Motor Racing sports-betting product offered by the Seminole Tribe in the state of Florida. As a result of its investment in innovation for HRD, the Group benefitted from being first-to-market with the Games powered by PMR product. However, performance in Florida is expected to normalise at a more sustainable level in H2. Elsewhere, we saw encouraging momentum with HRD in New Jersey, and in Michigan since the launch of Casino and Live in late 2025.

In response to strong and growing demand for our products from major operators, we have expanded our regulated market footprint through several multi-state customer launches:

•         Fanatics: launched online casino in New Jersey, Michigan, Pennsylvania and West Virginia

•         FanDuel: expansion of online casino and Live into West Virginia and Connecticut, and iPoker in Michigan, New Jersey and Pennsylvania

•         DraftKings: expansion of Live into Connecticut

•         Bet365: expansion of Live into Michigan

•         Ember Casino (previously Delaware North): expansion into New Jersey with PAM+, online casino and Live  

We also continued expanding the reach of our PAM+ platform in the US, launching with Ember Casino (rebranded from Delaware North) in New Jersey and making further progress with Ocean Casino in New Jersey and Parx Casino in Pennsylvania.

Encouraging momentum across our partnerships and continued demand for our products reinforce our confidence in the US opportunity. We remain focused on scaling efficiently through targeted investment in innovation and customer delivery, while driving operational efficiencies to support further earnings growth and operational leverage.

Canada

We remain well-positioned to drive sustainable growth in Canada. During the period, we expanded our iGaming footprint with additional launches in Ontario, including with Superbet, and we saw good growth from existing customers including DraftKings and FanDuel.

Elsewhere, Alberta's transition to a regulated iGaming market in mid-July 2026 represents an important step in the continued development of the Canadian online gambling landscape. Playtech’s presence in Alberta positions the Group to benefit from the growth of Canada's newest regulated jurisdiction, which will be accounted for in our ‘regulated’ markets going forward.

Latin America

Latin America remains a strategically important market for Playtech, underpinned by significant long-term growth opportunities across a number of jurisdictions. In H1 2026, revenue increased 14% on a reported basis and 29% on an underlying basis, with particularly strong performances in Mexico and Colombia. We also continued to invest in a major new strategic partnership in Brazil, which is expected to sign towards the end of 2026.

Mexico

Our successful partnership with Caliente Interactive is central to our leading position in the high growth Mexican market. Playtech’s share of income from the associate totalled €30.1 million in H1 2026, while Caliente Interactive also distributed dividends to Playtech (not included in Adjusted EBITDA) totalling €37.4 million before tax in H1. On an underlying basis, software licence fees from Caliente Interactive grew strongly, supported by growth in both their sports and iGaming revenue. The business expects higher volumes going forward as the benefits of higher marketing investment during the 2026 FIFA Men’s World Cup translate into new customer acquisition in H2 2026. Caliente Interactive is well positioned for the next phase of growth, supported by its market leading scale and a meaningful increase in visibility through Mexico’s role as co-host of the FIFA World Cup.

Colombia

Colombia continues to be an important contributor to Playtech's Latin American business, largely underpinned by our structured agreement with Wplay, one of the leading operators in the market. Colombia revenue increased over 100% YoY in H1, supported by the continued evolution of the regulatory environment during H1 2026. On 1 January, the Constitutional Court temporarily suspended the 19% VAT on player deposits. In March 2026, as part of a broader emergency decree, the government introduced a National Consumption Tax for online gambling of 16% on a player's GGR, taxing operators’ retained revenue rather than players’ deposits and creating a far more sustainable industry consistent with typical taxation in the sector.

However, just before exiting office, the Petro administration submitted a final tax reform bill to Congress in July 2026 proposing to permanently reinstate the 19% VAT on deposits, intended to apply from 2027 if approved. As such, while we remain positive about the opportunity in Colombia with Wplay, we remain mindful of potential further changes to the industry’s tax framework ahead of the new administration’s expected tax reform proposals in H2 2026.

Brazil  

Brazil remains a key strategic market for Playtech as the industry continues to adapt to its new regulatory framework, including enhanced customer onboarding requirements and an evolving tax landscape. Despite these early-stage market dynamics, we continued to make progress through supporting existing customers, onboarding new partners and further expanding local capabilities. We were particularly encouraged by the progress in Live Casino, supported by the delivery of immersive, locally tailored content by native-speaking dealers, and we are well-positioned going forward following the completion of our São Paulo studio.

Through our structured agreement with GaleraBet, a growing portfolio of customers and continued investment ahead of the expected signing of a major strategic partnership in late 2026, Playtech remains well-positioned to capitalise on the significant growth opportunity in Brazil.

Other Latin American markets

Beyond our core Latin American markets, regulatory momentum continued to build across the region during H1 2026. In Chile, the online gambling bill progressed further, representing another step towards the establishment of a regulated online betting and gaming market. Elsewhere, continued developments in both Paraguay and Ecuador reinforce the long-term opportunity across Latin America, with Playtech well positioned to support operators as additional markets embrace regulation.

Europe ex-UK

In Europe ex-UK, B2B revenue grew 2% in H1 2026 to €104.5 million and 10% when excluding the non-recurring hardware sales in the comparative period. This was driven by strong growth in key markets such as Spain and Poland.

Across the region, Playtech continued to see strong demand for its products, highlighting the strength and scalability of Playtech’s product suite across Europe, as well as our ability to foster long-term, value accretive partnerships with leading operators.

The period saw several successful launches and, more significantly, the expansion of strategic partnerships including:

•          In Spain, we expanded with several existing operators such as Codere, Cirsa, Bet365 and Entain brands.

•          In Poland, our partnership with Totalizator continued delivering strong performance, with momentum across Platform, Casino and Live.

United Kingdom

UK revenues declined by 8% YoY (5% in constant currency) to €59.0 million in H1 2026. The decline reflected both the initial impact of changes to the UK regulatory landscape which saw Remote Gaming Duty increase from 21% to 40% in April 2026, and certain customer-specific changes including the insourcing of self-service betting terminals by one customer. Despite the increasingly challenging environment, the UK remains an important market for Playtech. Our leading technology, data-driven capabilities, and strong commitment to safer gambling position us well to continue supporting our partners while navigating the evolving regulatory framework.

Rest of the World

Rest of the World revenue grew by 23% YoY to €8.1 million driven by a strong performance in South Africa across existing partners, namely Hollywoodbets, Betway and Tsogo Sun Gaming, as well as strong momentum with LottoStar since launching in December 2025.

Unregulated markets

The Group’s strategy is to focus on regulated markets, while prioritising unregulated jurisdictions with a credible pathway towards future regulation.

Revenue from unregulated markets totalled €66.4 million in H1 2026, up 2% YoY, and representing a lower proportion of B2B revenues at 17% (H1 2025: 19%). Alberta became a regulated market on 13 July 2026, marking a significant milestone in our North American expansion strategy, and will be reported within ‘regulated’ markets from mid-July onwards.

Regulatory momentum continues to build across several jurisdictions, with UAE officially regulated as of June 2026 and New Zealand, Finland, and Ireland all advancing legislative reforms expected to create new opportunities for licensed operators.

These developments signal a growing pipeline of future regulated opportunities in which Playtech is well positioned to participate.

Live 

We made significant strategic progress in Live, with revenue growth of 12% from regulated markets. A continued focus on operational execution and efficiency, including table optimisation initiatives, contributed to a significant improvement in Adjusted EBITDA margin, with a modest reduction in total Live tables to c.480 (31 December 2025: c.500).

Product innovation remains a key focus and we see AI as a key enabler of revenue opportunities, particularly in casino and Live. In July 2026, we launched our new AI-powered Live ‘Virtual Host’ with several customers. The solution enhances the Live gaming experience with an AI interface, the Virtual Host, that guides players through the game; delivering real-time commentary, while integrating seamlessly into the Live studio environment. The Virtual Host is customisable by market and brand, further enhancing a localised and bespoke offering for licensees. The initial customer feedback has been encouraging and will help inform future product development. The Group continues to invest in AI, while taking a prudent approach to product launches.

The Company further improved its Chroma-based solution to deliver studio grade visuals optimised for mobile and low bandwidth environments, enabling branded and tailored tables to be launched with significantly shorter lead times. Elsewhere, we developed a number of bespoke games for key partners, including House of Witches, Fishing Frenzy and a localised version of Adventures Beyond Wonderland in Brazil - strengthening our competitive positioning and supporting deeper player engagement in the region.

Our continued innovation, strategic execution and further product investment resulted in Playtech being awarded the prestigious ‘2026 EGR Live Casino Supplier of the Year’ award in H1.

SaaS

The SaaS business has become an increasingly important component of Playtech’s B2B strategy, extending our reach to operators who do not use our PAM+ platform. SaaS revenues increased by 20% YoY to €69.0 million in H1 2026, reflecting strong demand across a broad and growing customer base, particularly in Brazil, Greece, Mexico, Spain, and the United Kingdom. The business continues to scale supporting over 2,000 unique brands across around 80 licensees. The SaaS business now represents 17% of B2B revenues, demonstrating its impressive growth since its launch in 2019.

B2C

Playtech’s B2C business is now an area of lower strategic focus for the Group. Overall B2C revenues decreased by 22% to €32.0 million (H1 2025: €41.0 million), reflecting a challenging operating environment for Sun Bingo. Adjusted EBITDA improved to €0.2 million (H1 2025: loss of €1.5 million), primarily reflecting continued progress in winding down HAPPYBET.

Sun Bingo and Other B2C

Revenue from Sun Bingo and other B2C activities decreased by 5% to €31.7 million (H1 2025: €33.2 million). A 7% reduction in operating costs to €30.2 million (H1 2025: €32.4 million) resulted in an Adjusted EBITDA improvement to €1.5 million (H1 2025: €0.8 million). However, the fall in revenue reflects declining player value and active players, as a result of stricter regulatory measures in the UK since H2 2024 and the recent increase in RGD from 21% to 40%, with the latter resulting in a material deterioration of the long‑term profitability outlook for Sun Bingo. 

HAPPYBET

HAPPYBET revenues decreased by 96% YoY to €0.3 million (H1 2025: €7.8 million), as expected, as a result of the winding-down process, which is nearing completion. Adjusted EBITDA losses narrowed by 43% to €1.3 million (H1 2025: loss of €2.3 million).

Sustainability and responsible business

During H1 2026, we continued to deliver against our commitment to build a more resilient, sustainable future for our business, customers, colleagues and society.

We continued to expand the reach of our safer gambling offering, Playtech Protect, adding several additional brands across Italy and New Jersey to bring total adoption in H1 to 41 brands across 16 jurisdictions, from 28 brands across 17 jurisdictions at the end of 2025.

Our efforts were recognised externally through the Company’s inclusion in several leading sustainability indices and benchmarks in the half, including:

•          TIME and Statista’s ‘World’s Most Sustainable Companies’, for the second consecutive year.

•          Newsweek’s ‘World’s Greenest Companies 2026’, reflecting the Company’s progress in reducing environmental impact.

•          ‘Industry ESG Risk Leader Badge 2026’ awarded by Morningstar Sustainalytics.

•          The FTSE 350 Women Leaders Review, where Playtech ranked 1st in its sector and 5th among FTSE 250 companies that have already met or exceeded the Women in Leadership target. 

We are particularly proud that Playtech was recognised at the Better Society Awards for the positive local impact of its Inclusivity Route project in Rivne, Ukraine.

With the successful conclusion of our five-year sustainability strategy in 2025, we are proud of the progress we’ve made and now remain focused on the next phase of Playtech’s sustainability journey, with a renewed focus on shaping a more resilient future and delivering long-term value for our business, customers, colleagues and society. A clear roadmap to our 2030 sustainability targets and commitments will be announced in the coming months.

Legal update

On 21 October 2025, Evolution AB identified Playtech Software Limited, a subsidiary of the Group, as the commissioning party behind a 2021 report prepared by Black Cube. On that date, Evolution AB publicly stated that it would amend its complaint to add Playtech Software Limited to the lawsuit.

On 9 April 2026, Evolution released a statement announcing that it had requested permission from the Superior Court of New Jersey to add Playtech plc and Playtech Software Limited, among others, to its ongoing legal proceedings. However, on 5 June 2026, the judge denied without prejudice Evolution’s motion to add these parties to the ongoing proceedings, with a view of first evaluating the existing claims, principally at a hearing on the defendants’ Uniform Public Expression Protection Act (UPEPA) motion, which is scheduled for November 2026.

Since then, the Spectrum Report, which was commissioned by Evolution with a view to refuting the Black Cube investigation, has been filed in full on the public court docket. This follows months of Evolution resisting its public disclosure. The report is significant to the ongoing proceedings because, despite being commissioned by Evolution, it corroborates fundamental aspects of the Black Cube investigation, identifies significant concerns regarding Evolution’s compliance and monitoring practices, and records that Evolution did not provide certain data requested by Spectrum to assess other serious allegations.

As at the date of approval of these financial statements, no claim has been served on Playtech plc or any of its subsidiaries. Per the Company’s RNS on 21 October 2025, Playtech stands behind its decision to commission the report and disputes any allegations of unlawful conduct. Further details can be found in Note 20.

Overview

Group performance

H1 2026 represented a landmark period for the Group, with a strong set of results that demonstrate the benefits of our strategic repositioning and the quality of our underlying business. Following the sale of Snaitech and the revised Caliente Interactive agreement, both of which completed in H1 2025, this is the first full, H1 reporting period under our evolved business model as a predominantly pure-play B2B business complemented by returns from our investment portfolio.

Total reported revenue for the period ended 30 June 2026 from continuing operations was €425.1 million (H1 2025: €387.0 million), a 10% year-on-year (YoY) increase. Group Adjusted EBITDA1 from continuing operations reached €162.5 million (H1 2025: €91.6 million) underpinned by exceptional momentum in our B2B division and higher investment income contributions from our strategic partners, with a step change in Group Adjusted EBITDA margin expansion to 38% (H1 2025: 24%). 

Alongside our strong earnings performance, Free Cash Flow increased substantially to €101.0 million in H1 2026 (H1 2025: €6.6 million). This improvement was driven primarily by higher Adjusted EBITDA and a net cash dividend received from Caliente Interactive of €35.6 million in H1 2026 (H1 2025: Nil; H2 2025: €31.3 million), reflecting the Group's participation in the strong cash generation achieved by Caliente Interactive since the revised agreement became effective on 31 March 2025.

Adjusted EBITDA – by segment

B2B

The B2B segment delivered revenue of €394.8 million, up 14% on a reported basis and up 17% on an underlying basis when excluding the impact of the revised Caliente Interactive agreement (H1 2025: €347.6 million), with Adjusted EBITDA growing an exceptional 75% to €128.1 million (H1 2025: €73.3 million). This performance reflects disciplined cost management, strong customer expansion, and the structural benefits of operating in an increasingly regulated global market. Revenue growth specifically was driven by strong performance across the Americas, notably the success of Games powered by Past Motor Racing with Hard Rock Bet in Florida, expansion of our regulated iGaming footprint in North America, and continued player engagement in Latin America which was further boosted by strong customer acquisition during the FIFA Men’s World Cup in June.

B2C

In our much smaller remaining B2C business, revenue decreased by 22% to €32.0 million (H1 2025: €41.0 million), while Adjusted EBITDA improved to €0.2 million (H1 2025: loss of €1.5 million). This performance reflects the challenging operating environment for Sun Bingo, which is predominantly UK based, as well as the continued winding-down of the remaining operations of HAPPYBET.

Adjusted Investment Income

Adjusted share of income from associates was €27.7 million (H1 2025: €17.7 million). The increase reflects the Group’s income from our equity holding in Caliente Interactive of €30.1 million in H1 2026 (H1 2025: €20.3 million), under the revised agreement. H1 2025 reflected only three-months of earnings (from 1 April to 30 June 2025) from Caliente Interactive, compared to a full six-month contribution in H1 2026. While the H1 2026 contribution benefited from the longer reporting period, earnings were partially impacted by elevated marketing investment during the FIFA World Cup period in June 2026, while it is worth noting that H1 2025 benefitted from exceptional sporting results in Q2 2025. The balance of investment income reflects the less material share of income or losses from the Group’s other investments.

Dividend income in 2026 totalled €4.4 million (H1 2025: €2.1 million), comprising dividends received from Hard Rock Digital. These dividends are included within the Group’s Adjusted EBITDA.

Total Adjusted EBITDA from investment income totalled €34.2 million in H1 2026 (H1 2025: €19.8 million). This includes a realised gain of €2.1 million arising from the partial disposal of a listed equity investment (H1 2025: €Nil).

Adjusted and Reported Profit

Continuing operations

Adjusted profit before tax increased by 259% to €111.9 million (H1 2025: €31.2 million), predominantly driven by the higher Adjusted EBITDA.

Reported profit before tax was €113.0 million (H1 2025: loss of €58.8 million). The significant movement was primarily due to an increase in reported EBITDA to €86.8 million (H1 2025: €12.9 million), driven by the increase in revenue and share of income from investment in associate as mentioned above, as well as the reduction in distribution and administrative costs (before depreciation and amortisation).

Further, reported profit before tax benefitted from an unrealised fair value gain on our derivative financial assets and equity investments of €80.7 million (H1 2025: loss of €4.8 million), with the H1 2026 uplift mostly driven by the increase in the fair value of both the HRD small minority equity investment and the Wplay option.

Reported profit after tax was €98.1 million (H1 2025: loss of €78.1 million), with the tax movements detailed below.

Balance sheet, liquidity and financing

The Group continues to maintain a strong balance sheet. Adjusted gross cash including cash shown within assets held for sale but excluding the cash held on behalf of clients, progressive jackpots and security deposits, totalled €338.1 million at 30 June 2026 (31 December 2025: €327.1 million). The Group’s net cash position increased from €28.5 million as at 31 December 2025 to €39.2 million as at 30 June 2026. This improvement was primarily driven by the Group’s strong operating cash generation and the dividend receipts from Caliente Interactive. These inflows were partially offset by further retention bonus and other payments related to the Snaitech disposal, as well as share repurchases during H1 2026, with the Group acquiring circa 1.8% of its own shares into the Employee Benefit Trust for a total consideration of €24.6 million (£21.3 million).

The Group’s €225.0 million 5-year revolving credit facility (RCF) remained undrawn during the period, with its €300.0 million 2023 Bond being repayable in June 2028.

Group summary (continuing operations)

* B2B license fees paid from the B2C divisions to B2B

The adjusting items between reported and Adjusted EBITDA from continuing operations are detailed in Note 10.

Reconciliation from Adjusted EBITDA to Free Cash Flow

As previously announced, the Group has set a medium-term target for Free Cash Flow of €70-100 million. The below table shows the reconciliation to Free Cash Flow, which at €101.0 million in H1 2026 demonstrates the strength of the Group and its ability to generate cash from its B2B operations, as well as the ongoing return from its investment in Caliente Interactive through the receipt of dividends.

*Free Cash Flow calculated as Adjusted EBITDA less IFRS 16 operating leases, capex and capitalised development costs, net financing costs and normalised cash taxes paid. It also reflects any differences between dividends received from associates and the amounts recognised in the P&L as share of income from associates.

**Dividend income is recognised gross of withholding tax. The net cash dividend received in H1 2026 was €35.6 million from Caliente Interactive (H1 2025: €Nil), and €0.2 million from other investments (H1 2025: €0.2 million from other investments). The dividend withholding tax paid of €1.8 million (H1 2025: €Nil) is included in tax paid of €11.0 million in H1 2026. Dividends from the equity investment in Hard Rock Digital are included within Adjusted EBITDA.

Divisional performance

B2B

Overall, B2B revenues increased by 14% in constant currency, largely due to the significant increase in US and Canada and strong growth in Latin America, offset partially by the decline in UK revenue. Under the revised agreement with Caliente Interactive, which came into effect on 31 March 2025, Playtech stopped receiving the additional B2B services fee from the start of Q2 2025 (and stopped providing the relevant services). In Q1 2025, this fee contributed €10.0 million, and when removing this amount from H1 2025 revenue comparative, the underlying YoY growth in H1 2026 is 17%.

Regulated B2B revenues increased by 16% in constant currency, with the Americas being a standout driver of growth in the period. Revenue from the US and Canada increased 161% (176% in constant currency) YoY, powered by the continued success of Games powered by Past Motor Racing with Hard Rock Bet in Florida and our expanding regulated iGaming footprint, which now spans six US states. Latin America also delivered strong revenue growth of 14% (7% in constant currency), equating to 29% growth on an underlying basis, with Caliente Interactive in Mexico and Wplay in Colombia performing ahead of expectations.

Revenues from Europe (excluding the UK) increased by 2% YoY and 10% when excluding the one-off hardware sales in the comparative period. Growth was driven by strong performances across key markets, notably Poland and Spain.

UK revenue decreased by 8% YoY (5% in constant currency), reflecting both the initial impact of the recent increase in the UK Remote Gaming Duty (RGD) and customer-specific changes, including the continued in-sourcing of self-service betting terminals by one operator and certain contractual changes with another.

Rest of the World revenue grew by 23%, driven by a strong performance in the South African market across existing customers Hollywoodbets, Betway and Tsogo Sun Gaming, as well as LottoStar - a new customer.

Unregulated revenue grew by 2% YoY at €66.4 million in H1 2026 versus €65.3 million in the prior period.

The Group’s SaaS business model has continued to play an increasingly important role in diversifying the Group’s revenue profile, enabling us to reach operators who do not use our PAM+ platform. SaaS revenues grew 20% YoY to €69.0 million in H1 2026, driven by strong adoption across a broad and growing customer base, particularly in Brazil, Mexico, Spain, United Kingdom and Greece.

Adjusted B2B costs

Research and Development (R&D) costs, which include employee-related costs and proportional office expenses, decreased by 5% to €58.6 million (H1 2025: €61.4 million). This decrease was mainly due to cost optimisation and business restructuring measures. Capitalised development costs represented 27% of total B2B R&D costs in H1 2026 (H1 2025: 27%).

General and Administrative costs, which include certain employee-related costs, proportional office expenses, advisory and legal fees, and corporate costs such as audit, tax, and listing expenses, decreased by 6% to €45.0 million (H1 2025: €47.8 million). The decrease primarily reflects certain non-recurring costs, higher professional fees and advisory costs, including some legal expenses in 2025.

Sales and Marketing costs remained stable at €10.4 million (H1 2025: €10.4 million).

Operations costs, which include infrastructure and operational project costs, IT and security expenses, general day-to-day operational costs (including certain employee and office-apportioned costs) and branded content fees, decreased by 1% to €152.7 million (H1 2025: €154.7 million).This decrease was primarily driven by higher hardware costs in 2025 associated with a big customer launch, while H1 2026 saw further investment in the Americas. Within Operations costs, expenses related to Live Casino were broadly flat as the business focused on table optimisation initiatives and cost efficiency measures to drive operational leverage, with Live Adjusted EBITDA margin improving 550 bps to 26.6% (H1 2025: 21.1%).

B2B Adjusted EBITDA

Total B2B Adjusted EBITDA increased by 75% to €128.1 million (H1 2025: €73.3 million), with Adjusted EBITDA margin expanding significantly to 32% (H1 2025: 21%). This margin improvement reflects the combination of 14% revenue growth and a 3% reduction in B2B costs, as detailed above.

Investment income

Total investment income included in Adjusted EBITDA increased to €34.2 million in H1 2026 (H1 2025: €19.8 million). The growth was driven primarily by our share of income from Caliente Interactive, which in the prior year was only recognised from Q2 2025 following completion of the revised agreement, whereas H1 2026 reflects a full six-month contribution. H1 2026 was partially offset by the higher marketing investment associated with the 2026 FIFA World Cup.

Investment income also includes dividend of €4.4 million from Hard Rock Digital (H1 2025: €2.1 million) and a realised gain on the partial disposal of a listed equity investment of €2.1 million (H1 2025: €Nil).

NorthStar financial guarantee 

Following a period of significant restructuring by NorthStar, which, whilst narrowing losses, left the company still loss-making, compounded by a cease trade order issued by the Ontario Securities Commission and the resignation of its independent auditor, the Group has recognised a full ECL provision of €28.9 million (CAD 46.9 million) against its financial guarantee on NorthStar's loan facility (31 December 2025: €12.2 million). NorthStar is taking steps to stabilise the business, including appointing new auditors and a new leadership team, and this position will be reassessed in future periods as the situation develops (see Note 6 for details). While the H1 2026 movement is included in impairment of financial assets within actual EBITDA, this amount is not reflected within Adjusted EBITDA as it is not considered an ongoing cost of operations.

B2C

Sun Bingo and Other B2C

Revenue from Sun Bingo and Other B2C decreased by 5% to €31.7 million (H1 2025: €33.2 million). This reflected a €4.5 million YoY decline in Sun Bingo revenue, impacted by a reduction in marketing spend as the business optimises its strategy following the increased UK RGD, as well as the continued impact of tightened regulatory measures. This decrease was partly offset by a €3.0 million increase in Other B2C revenue.

Operating costs decreased by 7% to €30.2 million (H1 2025: €32.4 million). While RGD increased from 21% to 40% with effect from April 2026, impacting Sun Bingo, this was offset by a decrease in Sun Bingo costs such as marketing, processing fees and News UK’s share of profit. In addition, the minimum guarantee prepayment, which had been released as an expense in each reporting period following the 2019 contract renegotiation, was fully impaired at 31 December 2025. As such, while H1 2025 included a €2.0 million expense relating to the release of the minimum guarantee, this was €Nil in H1 2026.

Total Adjusted EBITDA from Sun Bingo and Other B2C in H1 2026 was €1.5 million (H1 2025: €0.8 million).

HAPPYBET

The wind-down of HAPPYBET continued in H1 2026, with activity reducing significantly compared to the prior period. Revenue declined by 96% to €0.3 million (H1 2025: €7.8 million), while costs decreased by 84% in line with reduced operational footprint. Adjusted EBITDA losses narrowed by 43% to €1.3 million (H1 2025: €2.3 million) and the business is expected to be fully wound down by the end of 2026. 

Depreciation and amortisation

Depreciation (from continuing operations) increased by 8% to €19.3 million (H1 2025: €17.9 million).

Adjusted amortisation (from continuing operations), which excludes amortisation of acquired intangibles of €0.6 million (H1 2025: €1.4 million), increased by 9% to €20.9 million (H1 2025: €19.1 million). The remainder of the balance under depreciation and amortisation of €9.3 million (H1 2025: €7.8 million) relates to IFRS 16 Leases, namely the depreciation of the right-of-use asset.

Impairment of intangible assets

There was no reported impairment of intangible assets in H1 2026. The comparative in H1 2025 of €5.1 million related to the impairment of capitalised development costs in the Bingo VF CGU.

Finance income and finance costs

Adjusted finance income (from continuing operations) amounted to €11.5 million, comprising €6.0 million of interest income and €5.5 million of foreign exchange gain, versus the prior year comparative (H1 2025: €11.0 million) comprising solely of interest income. In H1 2025, the Group recorded a foreign exchange loss of €8.6 million, which is presented within finance costs. H1 2025 interest income benefited from holding the majority of the cash proceeds from the Snaitech disposal from 30 April 2025 on deposit for several weeks.

Adjusted finance costs (from continuing operations), which includes interest payable on bonds and other borrowings, bank facility fees, bank charges, interest expense on lease liabilities, foreign exchange losses and expected credit losses on loan receivables, totalled €12.6 million (H1 2025: €26.6 million). In H1 2026, the interest on the bonds reduced to €9.0 million (H1 2025: €12.1 million), as a result of repaying the €350.0 million bond (€200.0 million repaid in December 2024, and €150.0 million in June 2025). H1 2025 included a foreign exchange loss of €8.6 million, which was due to the significant depreciation of the USD against the EUR during 2025.

The difference between adjusted and reported finance costs (from continuing operations) in H1 2025 is the movement (loss) in the AUS GMTC PTY Ltd contingent consideration of €1.3 million. The contingent consideration was settled in Q1 2026, with the full liability being recognised at 31 December 2025, and accordingly there is no equivalent adjustment in H1 2026.  

Unrealised fair value changes

The unrealised fair value gain on derivative financial assets of €11.7 million (H1 2025: loss of €31.2 million) is due to the movement in the fair value of the Group’s various call options which fall under the definition of derivatives within IFRS 9 Financial Instruments. The current year gain is largely due to the increase in the fair value of the Wplay option, with the prior year loss arising as a result of an adverse foreign exchange movement attributable to the Playtech M&A Call option over Caliente Interactive, which was revalued at 31 March 2025, immediately before it was exercised. Refer to Note 15 for further details.

The unrealised fair value gain of equity investments of €69.0 million (H1 2025: €26.4 million) is mostly driven by the uplift in the value of the Group’s minority interest in Hard Rock Digital.

Further details on the fair value of the Group’s various call options and equity investments are disclosed in Note 15.

Taxation

While the Group expected a tax charge of €28.3 million (based on the UK headline rate of tax for the period of 25%) on a reported profit before tax of €113.0 million from continuing operations, the Group incurred a reported tax charge of €14.9 million in H1 2026 (H1 2025: reported tax charge of €19.3 million arising on a loss before tax of €58.8 million). The difference was due to several items, including a deferred tax credit of €14.7 million due to the recognition of deferred tax assets relating to prior years for which the tax charge is adjusted. The total adjusted tax expense from continuing operations is €16.9 million (H1 2025: €14.6 million) which arises on an Adjusted Profit before tax from continuing operations of €111.9 million (H1 2025: €31.2 million). This consists of an income tax expense of €21.9 million (H1 2025: €12.9 million) and a deferred tax credit of €5.0 million (H1 2025: expense of €1.7 million). The Group’s effective adjusted tax rate for continuing operations for the current period is 15.1%. This rate is lower than the UK headline rate of 25% for the period. The difference is mainly due to tax exempt income (consisting mainly of the dividend from Caliente Interactive) and the Group generating profits from a mix of jurisdictions with differing rates of taxation.

Adjusted Profit

The reconciling items in the table above are further explained in Note 10 of the financial statements. Reported profit after tax (from continuing operations) was €98.1 million (H1 2025: loss of €78.1 million) primarily due to an increase in reported EBITDA and an overall fair value uplift of derivative financial assets and equity investments of €80.7 million (H1 2025: loss of €4.8 million).

Adjusted EPS (in Euro cents)

Basic EPS is calculated using the weighted average number of equity shares in issue during H1 2026 of 281.3 million (H1 2025: 307.9 million). Diluted EPS also includes the dilutive impact of share options and is calculated using the weighted average number of shares in issue during H1 2026 of 286.9 million (H1 2025: 312.8 million).

In H1 2026, the Group repurchased approximately 1.8% of its issued share capital via a €24.6 million share buyback programme. This follows capital returns in H2 2025, during which Playtech repurchased approximately 8.3% of its issued share capital through a combination of a €50 million share buyback programme and a separate one-off share repurchase of €27 million.

Discontinued operations

Snaitech

In H1 2025, Playtech Services (Cyprus) Limited, a Group company, completed the sale of Snaitech’s immediate holding company, Pluto (Italia) S.p.A, to a subsidiary of Flutter Entertainment plc ("Flutter") for a total enterprise value of €2.3 billion in cash.

The prior year comparative therefore includes the results of Snaitech within discontinued operations up to the date of its disposal, being 30 April 2025, which reflects four months of Snaitech's performance, contributing reported and Adjusted EBITDA of €83.8 million and €92.4 million, respectively. Reported profit after tax from Snaitech in H1 2025 was €1,653.8 million, which included a profit on disposal of €1,613.1 million (refer to Note 8 for further detail). 

Group cash flow statement analysis

Net cash generated from operating activities totalled €55.1 million from continuing operations (H1 2025: net cash used of €68.2 million), per the table below:

H1 2026 cash generated from operating activities was a result of the increase in Adjusted EBITDA from B2B operations, offset by the payment of capital gains tax due on the disposal by a Group company of Pluto (Italia) S.p.A. (the holding company of Snaitech) of €27.2 million and the payment of the Playtech incentive arrangement of €36.3 million (see Note 10), which includes amounts accrued at 31 December 2025.

In the prior year, net cash used in operating activities, from continuing operations, of €68.2 million included the following one-off cash outflows:

•          Playtech incentive arrangement payment of €75.7 million (see Note 10), which also includes amounts accrued at 31 December 2024

•          €19.8 million of income tax settled in H1 2025, which related to prior periods 

•          Restructuring costs of €5.0 million (see Note 10); and

•          Fees of €6.1 million for the termination of certain contracts in Asia in 2024.

Cash generated from discontinued operations in H1 2025 covers the four-month period to 30 April 2025, being the point when Snaitech disposal completed.

Net cash used in investing activities totalled €0.4 million (H1 2025: inflow of €1,962.8 million), comprising the following key items:

•          €42.1 million (H1 2025: €63.7 million) used in the acquisition of property plant and equipment, intangibles and capitalised development costs, including €Nil million used by Snaitech (H1 2025: €24.6 million);

•          €3.8 million of interest received (H1 2025: €11.9 million);

•          Dividend income from Caliente Interactive, Hard Rock Digital and other investments of €42.0 million (H1 2025: €2.3 million);

•          H1 2025 includes the net cash proceeds from disposal of Snaitech of €2,014.4 million.

Net cash used in financing activities totalled €53.9 million (H1 2025: outflow of €1,944.2 million), comprising primarily the:

•          €24.6 million (H1 2025: €Nil) of share repurchases; and

•          H1 2025 includes the repayment of the 2019 Bond balance of €150.0 million and dividend paid to the shareholders of €1,766.2.

Balance sheet, liquidity and financing

Cash

The Group continues to maintain a strong balance sheet with total cash and cash equivalents of €428.4 million at 30 June 2026 (31 December 2025: €426.1 million). Adjusted gross cash, which excludes the cash held on behalf of clients, progressive jackpots and security deposits, increased to €338.1 million as at 30 June 2026 (31 December 2025: €327.1 million).

Financing and net debt

As at 30 June 2026, the Group had the following borrowing facilities:

•          €300.0 million 2023 Bond (31 December 2025: €300.0 million) (5.875% coupon, maturity 2028) which was raised in June 2023;

•          Undrawn €225.0 million revolving credit facility (RCF) available until April 2030 (31 December 2025: €225.0 million).

As at 30 June 2026, the Group was in a net cash position of €39.2 million (31 December 2025: net cash of €28.5 million).

Investments in associates, equity investments and derivative financial assets

Below is a breakdown of the Group’s relevant assets held in its investment portfolio as at 30 June 2026 and 31 December 2025, per the consolidated balance sheet:

1. Investment in associates:

2. Other investments:

3. Derivative Financial Assets:

For further details, refer to Note 15 of the interim financial statements.

Contingent and deferred consideration

The contingent consideration liability arising from the acquisition of AUS GMTC PTY Ltd was settled in February 2026. Following this settlement, the Group has no remaining contingent or deferred consideration obligations.

Going concern assessment

In adopting the going concern basis in the preparation of the interim financial statements, the Group has considered the current trading performance, financial position and liquidity of the Group, the principal risks and uncertainties together with scenario planning and reverse stress tests completed for a period of no less than 15 months from the approval of these financial statements.

As per the going concern assessment under Note 2 of the interim financial statements, the Directors have a reasonable expectation that the Group will have adequate financial resources to continue in operational existence over the relevant going concern period and have therefore considered it appropriate to adopt the going concern basis of preparation in these financial statements.

1 The Board of Directors believes that the adjusted results more closely represent the underlying trading performance of the continuing business.  A full reconciliation between the reported and adjusted results is provided in Note 10 of the financial statements.

2 Additional B2B services fee as explained in Note 6 of the 31 December 2025 audited financial statements is based on predefined revenue generated by each customer under each structured agreement, which is typically capped at a percentage of the profit (also defined in each agreement) generated by the customer.

*** Totals in tables throughout this statement may not exactly equal the components of the total due to rounding.

The Directors of Playtech plc confirm that, to the best of their knowledge:

•          The unaudited condensed consolidated financial statements have been prepared in accordance with UK adopted IAS 34 Interim Financial Reporting; and

•          The interim management report as required by rules 4.2.7R and 4.2.8R of the Disclosure Guidance and Transparency Rules, includes a fair review of:

•           

◦         Important events during the six months ended 30 June 2026 and their impact on the condensed consolidated financial statements; and

◦         Related parties’ transactions and changes therein.

The names and functions of the Directors of Playtech plc are available on the Group’s website: http://www.investors.playtech.com/

On behalf of the Board

Chris McGinnis

Chief Financial Officer

9 September 2026

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026  is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

We have been engaged by Playtech plc (the ‘Company’) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following: 

•          Consolidated statement of comprehensive income

•          Consolidated statement of changes in equity

•          Consolidated balance sheet

•          Consolidated statement of changes in equity

•          The related explanatory notes

Basis for conclusion

We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“ISRE (UK) 2410”). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As disclosed in Note 2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. 

This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern.

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the  Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

Use of our report

Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and for no other purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

BDO LLP

Chartered Accountants

55 Baker Street, London, W1U 7EU, UK

9 September 2026

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

The principal risks and uncertainties that are considered to have the potential to materially affect the second half of 2026, future performance, long-term sustainability, and the achievement of strategic objectives are outlined below. These principal risks and uncertainties remain aligned with those disclosed in the 2025 Annual Report, available at https://www.investors.playtech.com. This summary does not represent an exhaustive list of all risks facing the organisation. Rather, it reflects management’s current assessment of those risks considered most significant at this time, based on their potential impact and likelihood. These risks are actively monitored and managed through the Group’s enterprise risk management framework, which supports strategic decision-making and promotes organisational resilience.

Data breach, technical system failure, or security incident

Technology remains central to the Group’s operations, and any successful cyber attack, major security breach or system failure — whether within Playtech’s own systems or those of critical third parties — could disrupt services, affect customers and expose the Group to regulatory, compensation and reputational consequences. The increasing sophistication of AI-enabled attacks heightens the need for continued focus on security, resilience and operational continuity.

Playtech continues to manage these risks through advanced security technologies, skilled operational and security teams, strong governance, regular testing of contingency arrangements and oversight of critical third-party providers. These measures support the Group’s ability to prevent, respond to and recover from incidents, helping to protect service delivery, stakeholder confidence and long-term growth.

AI Transformation

AI adoption is changing markets, business processes and ways of working, creating both opportunities and new risks for Playtech. As regulation continues to evolve and remains fragmented across jurisdictions, there is a risk of inconsistent oversight, compliance uncertainty and operational disruption if AI is not implemented in a controlled and responsible way.

Playtech is managing this through clear AI governance, Executive oversight, ethical-use and data-protection policies, third-party due diligence, risk assessment, testing, human oversight and targeted training. These measures support safe and effective AI adoption, helping the Group innovate at pace while protecting regulatory credibility, operational resilience and long-term competitiveness.

Technology Transformation

Technology transformation is critical to supporting Playtech’s strategy, scalability and long-term competitiveness. If IT infrastructure does not keep pace with business needs and wider technological developments, this could constrain innovation, slow delivery of strategic initiatives and increase operational, cyber and service-continuity risks.

Playtech continues to manage this through regular infrastructure updates, cybersecurity controls, business continuity and disaster recovery testing, secure backups, and cloud or hybrid solutions where appropriate and cost-effective. These measures, supported by active oversight, monitoring and staff training, help maintain resilience, support innovation and enable the Group to scale effectively.

Legal and regulatory non-compliance

Our regulatory environment continues to evolve, with increasing requirements across gambling, listing rules, tax, financial and ESG matters. Failure to monitor and respond effectively to these changes could result in legal or regulatory action, reputational harm and may limit Playtech’s ability to grow in existing and new markets.

Playtech manages this risk through a strong compliance framework, safer gambling focus, regulatory intelligence monitoring, due diligence over licensed operators, and oversight from Legal, Compliance, Tax and the Board. These measures help the Group remain aligned with regulatory expectations, maintain trusted relationships with partners and regulators, and support sustainable growth across its markets.

Failure to attract and retain key talent

Our people, and the skills and expertise they bring, are critical to sustaining Playtech’s operations and delivering its strategic growth ambitions. Failure to attract, retain and develop key talent could affect operational performance, innovation and the Group’s ability to remain agile in a competitive market, particularly where cost-of-living pressures continue to influence employee retention.

Playtech manages this risk through focused talent strategies, learning and development, succession planning, and a strong Centre of Excellence to support key talent pools. These measures, together with a diverse and inclusive culture and effective workforce planning, help protect the capabilities needed to support long-term performance and growth.

Failure to protect Intellectual Property

Protecting Playtech’s intellectual property is important to safeguarding its proprietary technology, know-how, platforms and products. Failure to protect these assets could expose the Group to financial loss from unauthorised use or replication, reputational harm and reduced commercial opportunities, which may affect long-term growth and competitiveness.

Playtech manages this risk through ongoing monitoring of market offerings, timely enforcement action where infringement is identified, robust security measures and employee training supported by policies, procedures and legal guidance. These actions help protect the Group’s product portfolio, support compliance with legal requirements and maintain its competitive position across global markets.

Geopolitical Challenges

Geopolitical uncertainty and the escalation of existing or emerging conflicts could affect Playtech’s people, operations, customers and suppliers. This may lead to safety risks, operational delays, service disruption, supply-chain challenges and financial impacts, which could affect the Group’s ability to deliver its strategy.

Playtech manages this risk through protective measures and support for employees, flexible working arrangements, contingency planning, supply-chain resilience and distributed operating models. These actions, together with horizon scanning, active monitoring, Board oversight and staff training, help the Group maintain operational continuity and respond effectively to changing global conditions.

Failure to maintain competitive advantage

Continuing rapid technological advancement is increasing competition and placing pressure on Playtech’s market position. If the Group does not continue to innovate and evolve its products and services in line with market developments and customer expectations, growth opportunities may narrow and long-term value creation could be affected.

Playtech manages this risk by placing innovation at the core of its strategy, using AI and technology-driven insights to improve operations and product offerings, and exploring new and emerging markets. These actions, together with continued investment in talent and organisational capability, help the Group maintain competitiveness and support sustainable financial performance.

Adverse impact of recession and financial markets

Challenging economic conditions, including inflation, foreign-exchange volatility and elevated interest rates, continue to place pressure on Playtech’s costs, financial performance and the performance of its customers and critical third parties. If not managed effectively, these factors could affect profitability, financial resilience and the Group’s ability to protect long-term value.

Playtech manages this risk through active monitoring of the economic environment, disciplined financial planning, P&L oversight, cash-management practices, scenario analysis and risk-informed decision-making. These measures support effective cost management, reduce exposure to market volatility and help maintain stability through uncertain economic conditions.

ESG and Responsible Gambling

Evolving ESG requirements and increasing expectations around safer gambling, player protection and measurable social and environmental commitments place greater obligations on Playtech as a responsible technology provider. Failure to meet these regulatory, customer and industry expectations could affect the Group’s reputation, responsible operating position and ability to deliver sustainable growth.

Playtech manages this risk by using technology to support safer gambling and player protection, maintaining ESG targets and diversity commitments, monitoring stakeholder expectations, and providing oversight through Board and governance forums. These measures help support regulatory alignment, maintain trust and strengthen the Group’s ability to deliver responsible long-term growth.

Evolving Consumer Expectations

Evolving societal attitudes toward gambling, changing demographic preferences, technological developments and regulatory expectations may reduce demand for traditional gambling products and services. As consumers increasingly expect enhanced digital experiences, convenience, personalisation and ethical practices, Playtech must continue to monitor these shifts and adapt its strategy to remain relevant and competitive.

Playtech manages this risk through investment in safer gambling initiatives, engagement with regulators and societal groups, monitoring of consumer sentiment, and assessment of emerging technologies to support innovation in customer experience. These activities, supported by management and Board oversight, help ensure products remain aligned with market expectations and support long-term growth.

Increasing customer concentration

Over-reliance on a small number of customers that generate significant revenue could affect Playtech’s revenue stability, profitability and financial resilience. If key customers migrate to competitor offerings or face financial difficulty in challenging market conditions, this could have a material impact on the Group’s financial performance and long-term growth.

Playtech manages this risk through active monitoring of customer concentration, diversification of its customer base, development of new revenue streams and strategic contractual arrangements with key partners. These actions help reduce reliance on individual customers, improve revenue visibility and support more predictable long-term performance.