Playtech PLC: H1'26 Trading Update

研报英文原文证据摘录

Playtech PLC: H1'26 Trading Update

Deutsche Bank

Research

European High Yield Company Date

9 July 2026 Consumer Services, Leisure Playtech PLC

& Gaming

H1'26 Trading Update

Ricardo Chinchilla

Earlier today, Playtech (PTECLN) issued a trading update for H1’26 and revised Research Analyst

+44-207-541-6172 its FY’26 guidance upward. The company anticipates H1’26 Adjusted EBITDA to

exceed €155 million, surpassing our estimate of €96 million and consensus

expectations. Management attributed this performance to robust US operations

and sustained strength in Mexico, Colombia, and select European markets.

Notably, performance in the Americas demonstrated accelerated growth through

May and June.

Guidance: PTECLN now projects FY’26 Adjusted EBITDA of at least €270 million,

an increase from the prior range of €205 million to €225 million.

For H2’26, management forecasts a sequential decline in Adjusted EBITDA,

primarily due to: (1) reduced revenue contribution from Hard Rock Digital, (2)

ongoing strategic investment in Brazil in anticipation of contract finalization and

market entry, and (3) the full-period impact of the increased UK Remote Gaming

Duty, effective April 2026. Regarding Hard Rock Digital, we remind investors that

Playtech benefited materially from being first to market with Hard Rock Digital

with PMR (Past Motor Racing). While Hard Rock Digital remains a significant

client, its revenue contribution to Playtech is expected to normalize to a lower, yet

sustainable, level in H2’26 and into 2027.

Earnings Conference: PTECLN will report its results for H1’26 on September 10,

2026 at 09:00am (BST).

Investment Recommendation. With this report we are downgrading PTECLN

5.875% Secured due 2028 ($101.5, 4.3% YTW, 164bps STW) to a Hold rating.