Playtika Holding Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue was essentially flat YoY, while record adjusted EBITDA rose 15.9% YoY as planned marketing reductions expanded margins. FY guidance was reaffirmed around the midpoint, with DTC growth, profitable SuperPlay operations and balance-sheet strengthening in focus.
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Q2 2026 saw revenue of $731.1M (up 5% YoY), with adjusted EBITDA margin rising to 28.2% as marketing spend was reduced. D2C revenue surged, Disney Solitaire posted strong growth, and guidance was reaffirmed but with expectations to finish at the lower end due to softer consumer demand.
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Q1 2026 saw strong revenue growth, driven by Disney Solitaire's rapid scaling and robust DTC performance. Guidance was raised for both revenue and adjusted EBITDA, with SuperPlay outperforming and the core portfolio showing stabilization.
Fiscal Year 2025
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Q4 2025 saw revenue of $678.8M and Adjusted EBITDA of $201.4M, driven by D2C and SuperPlay. Full-year revenue rose 8.1% to $2.755B, with D2C at $1B annualized. 2026 guidance targets $2.7–$2.8B revenue and $730–$770M Adjusted EBITDA.
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Q3 saw record DTC revenue and strong growth from Disney Solitaire, offset by Slotomania's decline due to game rebalancing. Adjusted EBITDA rose 10.3% year-over-year, and DTC mix reached 31% of revenue, with further expansion targeted.
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Q2 2025 revenue grew 11% year-over-year to $696M, led by Disney Solitaire's rapid success and strong D2C performance, while mature titles like Slotomania declined. Full-year revenue guidance was lowered, but EBITDA guidance remains unchanged due to D2C and efficiency gains.
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Record Q1 revenue of $706M was driven by strong performance in Bingo Blitz and new launches like Disney Solitaire, while Slotomania continued to decline. D2C revenues hit new highs, and guidance for the year was reaffirmed despite margin pressures from increased marketing spend.
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The company is leveraging M&A and selective internal development to expand its portfolio, with three new games launching in the next 12–18 months. Direct-to-consumer channels and international expansion are key growth drivers, while AI adoption aims to boost efficiency.
Fiscal Year 2024
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Revenue for 2024 declined slightly year over year, with net income and EBITDA margins also down. Strategic acquisitions, new game launches, and a focus on D2C channels are expected to drive future growth, though 2025 will be a transitional year with EBITDA pressure as investments ramp up.
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The company has shifted from casino to casual games, now generating two-thirds of revenue from casual titles and maintaining high gross margins through direct-to-consumer channels. Recent M&A, including SuperPlay, supports growth, with a new Disney Solitaire game launching in 2025. Capital allocation focuses on dividends, buybacks, and further acquisitions.
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SuperPlay acquisition anchored a year of strategic M&A, portfolio expansion, and D2C growth. New titles like Disney Solitaire and Claire's Chronicles are set for 2025, with a focus on bolt-on M&A, international growth, and higher margins through D2C.
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Q3 revenue declined slightly year-over-year, but EBITDA margins improved and net income rose. The pending Superplay acquisition is expected to boost growth, while cost management and selective marketing are driving improved profitability. Guidance was updated to reflect these trends.
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The acquisition of a leading mobile gaming studio with top-ranked titles and a strong pipeline is structured with a $700M upfront payment and performance-based earn-outs. The deal aligns with strategic goals, leverages cultural fit, and is expected to drive profitable growth and innovation.
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Q2 2024 saw revenue and user declines but margin improvements from cost discipline and DTC growth. Top franchises like Bingo Blitz and Governor of Poker 3 showed resilience, while new content and M&A remain strategic priorities. Positive trends are expected into Q3.
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A leading mobile game company leverages M&A, live operations, and a growing direct-to-consumer channel to drive stable revenue and cash flow, focusing on evergreen casual and casino games. Future growth is expected mainly from acquisitions, with a balanced capital allocation strategy and increasing use of AI and ad tech for efficiency.