Playtech plc (PTEC) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Firstly, I want to thank you all for attending today. It's been an exciting year for Playtech, and I'm looking forward to taking you through our performance and our plans for the future. On to slide two. I'll begin with the highlights before handing over to Chris McGuinness, our CFO, who will take you through the financials and the outlook. I will then update you on our progress against our strategic priorities and our medium-term plan. Turning now to slide three. I'm pleased to report a strong financial performance in 2024, delivering adjusted EBITDA of €480 million, up 11% year-on-year and slightly ahead of previously raised expectations. This excellent performance was driven by strong momentum in the B2B division, which showed broad-based growth across our core markets and improvements in operating leverage. As a result, we grew B2B adjusted EBITDA by 22% to €222 million, achieving our medium-term adjusted EBITDA target ahead of schedule, while also significantly improving our free cash flow generation. As announced last September, we signed two landmark agreements that will fundamentally transform the future of the group. Firstly, we agreed the sale of Snytek to Flutter for a total enterprise value of 2.3 billion euros, and we are currently awaiting approval from the Italian regulator with completion still expected in Q2 2025. As previously stated, we anticipate paying a special dividend to shareholders of between 1.7 and 1.8 billion euros upon completion of the deal. I want to take this opportunity to thank Fabio and the entire SNAI team for their commitment, achievements, and all their contributions to the group's success since joining the Playtech family in 2018. Under Fabio's leadership, SNA has grown and transformed to become a leading integrated online and ...