Slide 1: Q1 2025 Financial Results
Q1 2025 Financial Results 29 May 2025
Slide 2: Disclaimer
Disclaimer • All drawings, artwork, and texts are the exclusive • Copyright refers to all graphics and texts of the property of OPAP S.A. The partial or total present publication duplication, copy or publication of the contents of this publication by any medium (mechanical, • The facts included in t
Slide 3: Highlights
Highlights Financial Performance ▪ 2025 started well with robust growth in Online (+19.9% YoY) and strong Retail performance (+4.0% YoY), supported by very strong sportbetting margins and record Tzoker jackpot ▪ Q1’25 EBITDA at €207m, higher by +8.8% YoY with EBITDA margin at c.35% ▪ Healthy financi
Slide 4: Q1 2025 Financial Review
Q1 2025 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q1 2025 Overview
Q1 2025 Overview Strong start to the year with remarkable growth in Online and strong Retail Revenues (GGR) EBITDA +8.2% +8.8% • Online GGR posted a notable 595 increase (+19.9% ΥοΥ) driven by our 550 • Benefiting from the lower rate of continued emphasis on enhancing 147 176 digital experiences and
Slide 6: Key Quarterly Financials 2021-2025
Key Quarterly Financials 2021-2025 Strong performance reflected across key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 648 595 581 566 239 541527 550 144 533 499 499 498 213 204 207 127 470 457 442 481 198 197 198 192 126 123 184 119 118 115 174173175 178 110 106 170 172 102 107 396
Slide 7: Revenues (GGR)
Revenues (GGR) Q1 2025 GGR analysis Last 4 quarters GGR breakdown per product & channel iGaming +8.2% Numerical Lotteries (Online Casino) Online Retail 14% 595 14% 70% 35% 550 85 +19.8% 16% 30% 68% 31% 32% 69% 71 VLTs 15% 13% Q2’24 70% 35% 31% 15% 33% 30% 88 +1.5% 15% 15% Q3’24 86 26 -7.9% 5% 28 34%
Slide 8: EBITDA bridge
EBITDA bridge Higher OpEx to support growth in operations Higher variable costs due to revenue increase 15 3 3 1 0.1 1 2 4 2 45 190 207 EBITDA Q1'24 GGR GGR Agents' Other Direct Other Income related Other Payroll Marketing Other EBITDA Q1'25 contribution Commissions costs Operating to the Operating
Slide 9: Cash Flow & Net Debt
Cash Flow & Net Debt Net Debt Cash Flow Bridge Strong financial position with Net Cash at €2.6m* *as of 31.03.2025, pre IFRS 16 basis 13 11 ▪ 86.6x Interest Coverage based on LTM figures 179 ▪Fixed interest rates (91% of Debt) €6.2m Dividends to c2.7% avg. cost of lending minorities 645 High 490 ope
Slide 10: Business & Operations Update
Business & Operations Update Jan Karas, Chief Executive Officer [Public]
Slide 11: Attractive customer proposition with cutting-edge digital elements
Attractive customer proposition with cutting-edge digital elements Retail Online LOTTO Winnability Number of Lotto players who have won €1,000 per month for a year in the 2nd category reached 1,000! EJ Extra 1st Millionaire winner in Greece Online Loyalty 1st Anniversary 1st winner of the Extra Gree
Slide 12: Our retail estate
Our retail estate Creating experiences that last OPAP estate end of Q1’25 Digitalization In-store events & promos in Q1’25 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,008 203 352 >200 c.5,000
Slide 13: OPAP Store App
OPAP Store App Ongoing enrichment of OpapRewards along with the historic Tzoker jackpot series led to the highest ever activity ~510K customers, while 29% of Turnover passes through OPAP Store App Higher base of deanonymized retail players Increased engagement per visit with elevated spending +19% +
Slide 14: VLTs revenues stabilize at high levels
VLTs revenues stabilize at high levels 100 Performance overview 95 90 85 €40.3 (GGR €m) 80 75 70 GGR / VLT / 65 86 88 day 60 55 Q1’25 50 Q1'24 Q1'25 VLTs Estate Upgrade €31.7 Spending per Visit (vs €30.9 in Q1’24) Offering 117 minutes Avg Visit duration Q1’25 114 minutes in Q1’24 239 exciting VLT >1
Slide 15: Online GGR contribution remains high
Online GGR contribution remains high Online revenues per brand (€m) Online product mix & performance (Q1’25 GGR) +19% y-o-y Δ% Mix 6,9% OPAP 30 176 Stoiximan Betting 18% 27 30 21 21 23 19 17 15 18 48,1% 15 45,0% iGaming 15 (Online Casino) 20% 15 177 135 138 146 147 113 126 106 107 104 110 90 81 Bett
Slide 16: Supporting Local Communities
Supporting Local Communities #1 company in CSR in Greece* • 25 initiatives across Greece delivering medical equipment and consumables, school equipment and staple foods & essential items for institutions supporting people in need and especially children • Donation of a modern hemodialysis machine to
Slide 17: Appendix
Appendix [Public]
Slide 18: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 31.03.2025 31.12.2024 Current assets Cash and cash equivalents 645,202 490,099 Receivables 69,711 86,715 Other current assets 49,343 63,460 Total current assets 764,256 640,274 Assets Non - current as
Slide 19: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 31.03.2025 31.03.2024 Δ Δ% Revenue (GGR) 595,044 549,698 45,346 8.2% GGR contribution and other levies and duties -188,657 -173,200 -15,457 8.9% Assets Net gaming revenue (NGR) 406,388 376,498 29,890 7.9% Agents’ commission -108,2
Slide 20: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 31.03.2025 31.03.2024 OPERATING ACTIVITIES Operating Activities before WCC 207,659 190,098 Changes in Working Capital Inventories 1,589 -9,038 Receivables 20,384 32,101 Assets Payables (except banks) -22,730 -47,478 Interest