Playtika: 1Q26 Results: well-executed Q, UA timing clouds margin expansion potential

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Playtika: 1Q26 Results: well-executed Q, UA timing clouds margin expansion potential

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Playtika

1Q26 Results: well-executed Q, UA timing

clouds margin expansion potential

Reiterate Rating: BUY | PO: 5.00 USD | Price: 3.63 USD

Big 1Q topline beat, margin weighed by front-loaded UA 11 May 2026

1Q revenue of $745mn was well above Street/BofA at $690mn, driven primarily by the Equity

blowout performance of Disney Solitaire, which grew +72% Q/Q and has scaled faster

than any title in PLTK’s history. The strength was supported by a step-up in UA, as

Key Changesmgmt. cited some of the best ROI it has seen and little degradation in returns despite

higher spend. This weighed on EBITDA ($125mn vs. Street $153mn), likely giving some (US$) Previous Current

investors pause, but we do not view the increase as a major concern because of: 1) 2026E Rev (m) 2,837.6 2,892.4

PLTK’s track record of front-loading UA spend in 1Q to take advantage of a favorable 2027E Rev (m) 2,979.5 3,037.0

pricing environment, 2) the strong retention from previously acquired user cohorts, 3) 2028E Rev (m) 3,128.5 3,188.9

the margin threshold in the earnout structure, which serves as a guardrail against over- 2026E EPS 0.59 0.47

investments. DTC delivered another record quarter, with revenue +63% Y/Y, nearly 2027E EPS 1.00 1.08

reaching mgmt.’s long-term target of achieving 40% DTC revenue mix (now at 39%). We 2028E EPS 1.44 1.33

are encouraged by signs of stabilization in the legacy portfolio, with Slotomania posting 2026E DPS 0 0.10

first Q/Q growth since at least 2023.

Omar Dessouky, CFA

CY26 Guide higher, see room for margin expansion in 2H ResearchBofAS Analyst

Mgmt raised CY26 Revenue guidance to $2.80bn from $2.75bn, largely passing through +1 646 855 0686

omar.dessouky@bofa.com