Slide 1: Q3 & 9M 2023 Financial Results
Q3 & 9Μ 2023 Financial Results 22 November 2023
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 ▪ Online GGR contribution climbs to 27% in Q3’23 reaching a new peak post pandemic ▪ Q3'23 GGR lower YoY owing to customer-friendly results, unfavourable jackpot roll-overs (Tzoker) and one-off natural events ▪ FY recurring EBITDA outlook €720 - 740m, reflecting cust
Slide 4: Q3 & 9M 2023 Financial Review
Q3 & 9M 2023 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q3 2023 Overview
Q3 2023 Overview Q3’23 performance records mild retail drop coupled with solid online growth Revenues (GGR) EBITDA -3,6% -26,4% 499 • Retail GGR contribution affected by 481 adverse weather conditions (floods • -12.9% YoY on a comparable affected c.3% of our retail network) basis excluding one-off i
Slide 6: 9M 2023 Overview
9M 2023 Overview Strong retail performance alongside growing online demand Revenues (GGR) EBITDA -2,5% +7,8% • Retail GGR experiences healthy 1.398 1.507 increase attributed to solid fast • €547m or +0.9% on a l-f-l basis games (KINO, PowerSpin, excluding one-off items in 9M’23 325 375 Virtuals) per
Slide 7: Key Quarterly Financials 2020-2023
Key Quarterly Financials 2020-2023 Underlying ongoing momentum across key performance indicators Revenues (GGR) EBITDA recurring Net Profit recurring 541 127 527 119 118 498 204 499 499 481 198 197 107 470 457 442 102 104 174173175 178 94 96 170 172 391 396 86 142 328 69 105 53 231 86 36 180 174 60
Slide 8: Revenues (GGR)
Revenues (GGR) 9M – Q3 2023 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries 9M Q3 13% Online 27% 73% Retail 35% VLTs 12% 36% 24% 76% +7,8% -3,6% 10% 36% 24% 76% 16% 11% 36% Q4’22 23% 77% 17% 16% 17% 1.507 Q1’23 1.398 499 481 176 +26,4% 6% Q2’23 139
Slide 9: EBITDA bridge
EBITDA bridge Higher Opex to support increased Higher variable costs due to operations and new product revenue increase initiatives 29 21 18 9 22 5 4 7 16 108 25 24.6 refer to one-off 533 litigation provision 520 EBITDA GGR GGR Agents' Other Direct Other Income Other Share of Payroll Marketing Other
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) 9M – Q3 EBITDA* 9M – Q3 Net Profit** -12.9% -12.5% +6.8% +0.9% 23,8% 45,0% 380 22,1% 25,0% 39,6% 38,8% 21,9% 21,6% 35,8% 36,3% 40,0% 330 35,0% 20,0% 280 30,0% 230 15,0% 25,0% 180 542 547 20,0% 309 330 10,0% 15,0% 130 10,0% 80 119 104 5,0% 198 172 5,0% 30 0,0% -20 0,
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Net Debt Strong financial position Cash Flow Bridge with Net Cash at €148m* *as of 30.09.2023, pre IFRS 16 basis ▪ 0.2x Net Cash / LTM EBITDA (or 0.13x incl. leases) 101 ▪ 82.2x Interest Coverage based on LTM figures 447 429 €123m Betano earn-out inflow ▪Fixed interest rates €12
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 13: Our successful retail commercial plan evolves further while our ambitious online strategy is well on track
Our successful retail commercial plan evolves further while our ambitious online strategy is well on track Retail Online PAME STOIXIMA Back to School Opaponline.gr gains A dynamic campaign, capitalizing on the momentum excitement of the new sports season with Our iLottery proposition's advanced feat
Slide 14: Our new Draw-Based Games universe
Our new Draw-Based Games universe New era for our traditional Lotto & Tzoker games ahead of Eurojackpot launch Re-position Tzoker so as to maintain game’s dynamics ahead of Eurojackpot launch 1 Dec ‘23 5 Oct ‘23 H1 ‘24 Lotto transformed into an Launch of Eurojackpot game annuity game with an ambitio
Slide 15: New era for our revamped Lotto proposition
NEW New era for our revamped Lotto proposition with promising initial results Turnover +180% GGR +133% x10 more Winners @72K/draw Columns +40% After-launch Avg. Pre-launch Avg. [Public]
Slide 16: Our retail estate
Our retail estate A social entertainment hub OPAP estate end of Q3’23 Digitalization In-store events & promos in Q3’23 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,241 202 360 >200 c.8,500 940
Slide 17: OPAP Store App
OPAP Store App Gaining ground among players’ preferences & actively promoting retail digitalization process Raising engagement levels while facilitating in-store digital experience Active “play on device” players (th.) 107 18 61 6 35 37 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 * Active players refers to
Slide 18: Performance overview (GGR €m)
VLTs trending upwards with sizeable GGR generation Performance overview (GGR €m) 39 39 38 35 225 248 81 83 Q3'22 Q3'23 9M'22 9M'23 GGR (€m) GGR / VLT / DAY (€) VLTs Estate Upgrade • > 1,800 new vendor EGT cabinets in the market - SG exit successfully completed in October • Offering >1,700 stores hav
Slide 19: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (9M’23 GGR) OPAP 128 Mix 4,3% y-o-y Δ% Stoiximan Lottery 26% 46,8% 106 107 113 110 104 Casino 90 26% 81 48,9% Betting 6% 15 15 19 17 15 15 18 Betting Casino Lottery Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'
Slide 20: OPAP Grand Sponsor of the 40th Athens Authentic Marathon
OPAP GRAND SPONSOR of the 40th Athens Authentic Marathon YOU DON’T RUN ALONE. WE ALL RUN TOGETHER The Athens Authentic Marathon celebrated 40 years of a successful journey in the world of running! OPAP was the Grand Sponsor of the major event. Teams’ Sponsorships renewals OPAP and Panathinaikos BC h
Slide 21: MSCI ESG Rating
MSCI ESG Rating Creating Value in a Sustainable & Responsible way AA ESG RATINGS CCC B BB BBB A AA AAA ESG Rating History AA AA AA AA AA A A BBB Feb-18 Oct-19 Mar-20 Sep-20 Mar-21 Dec-21 Oct-22 Oct-23 OPAP’s rating reaffirmed at AA ✓ Leads most global peers on business ethics practices ✓ Lower expos
Slide 22: Appendix
Appendix [Public]
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.09.2023 31.12.2022 Current assets Cash and cash equivalents 807,160 724,433 Receivables 82,719 102,123 Other current assets 83,065 191,487 Total current assets 972,944 1,018,043 Assets Non - curren
Slide 24: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income ('000 € ) 30.09.2023 30.09.2022 Δ Δ% Revenue (GGR) 1,506,546 1,398,118 108,428 7.8% GGR contribution and other levies and duties -469,970 -441,436 -28,534 6.5% Assets Net gaming revenue (NGR) 1,036,576 956,
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 30.09.2023 30.09.2022 OPERATING ACTIVITIES Operating Activities before WCC 524,626 531,983 Changes in Working Capital Assets Inventories -1,138 -2,075 Receivables 15,681 6,486 Payables (except banks) -2,628 -12,350 Interest p