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Playtika Holding Corp.: The Next Phase of the Portfolio—D2C Mix Shift, SuperPlay Growth, & Slotomania Stabilization!

Playtika Holding Corp. reported a mixed performance for the third quarter of 2025, reflecting strength in its direct-to-consumer (D2C) expansion and SuperPlay portfolio, offset by headwinds in its Slotomania franchise and higher operating costs tied to recent acquisitions. The company generated $674.6 million in revenue, down 3.1% sequentially but up 8.7% year-over-year. GAAP net income was $39.1 million, up 17.8% sequentially and down 0.5% year-over-year, while adjusted EBITDA reached $217.5 million, increasing 30.2% sequentially and 10.3% year-over-year. Margin improvement was largely driven by lower performance marketing spend and continued growth in the D2C business, which reached a record $209.3 million, representing 31% of total revenue. Playtika’s shift toward internal D2C platforms enhanced payment routing efficiency, reduced dependence on third-party app stores, and improved transaction margins. Management reiterated its target of achieving 40% D2C mix on a run-rate basis within two years, supported by policy tailwinds following changes in U.S.