Allwyn Ag · ATHEX:ALWN
Allwyn — OPAP Holding Société Anonyme — Q3 2024 Earnings Presentation
24 slides from Allwyn's earnings presentation, Nov 21, 2024
Slide 1: Q3 & 9M 2024 Financial Results
Q3 & 9Μ 2024 Financial Results 21 November 2024
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 ▪ Robust Q3’24 performance on the back of (i) Tzoker’s Mega jackpot, (ii) strong growth in Sportsbetting and (iii) Online casino’s dynamic trajectory ▪ Q3 EBITDA margin increased to 37.7%, bringing 9M margin to 35.6% ▪ Healthy cash position and low leverage with Net
Slide 4: Q3 & 9M 2024 Financial Review
Q3 & 9M 2024 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q3 2024 Overview
Q3 2024 Overview Q3’24 performance records robust online growth alongside strong retail contribution Revenues (GGR) EBITDA +17.6% 566 • Online GGR recorded significant +46.6% 481 increase (+35.2% y-o-y) facilitated • +23.8% YoY on a comparable 173 by our continuing digital focus and basis excluding
Slide 6: 9M 2024 Overview
9M 2024 Overview Online drives growth while Retail showcases healthy increase Revenues (GGR) EBITDA +9.4% +12.9% 1.648 • Retail GGR increased by 3.3% y- 1.507 o-y on the back of higher footfall • €588.7m on a l-f-l basis (+7.6% y- due to Tzoker Mega jackpot and o-y) excluding one-off items in 375 47
Slide 7: Key Quarterly Financials 2021-2024
Key Quarterly Financials 2021-2024 Strong performance reflected across key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 581 213 566 204 541 550 198 197 198 527 498 533 192 499 499 184 127 126 174 173 175 178 470 481 172 119 118 457442 170 115 110 106 102 107 396 142 104 94 96 86 69 1
Slide 8: Revenues (GGR)
Revenues (GGR) 9M – Q3 2024 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries 9M Q3 Online Retail 16% 35% 69% 13% 33% 31% 70% +9.4% +17.6% 13% 36% 30% 34% 27% 73% VLTs 15% 13% Q4’23 15% 27% 73% 16% 1.648 566 17% Q1’24 1.507 481 233 +32.8% 93 +48.3% 17
Slide 9: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue Moderate Opex increase on the back of increase prudent cost control 51 10 4 22 2 7 2 22 13 142 587 520 EBITDA 9M'23 GGR GGR Agents' Other Direct Other Income related Other Payroll Marketing Other EBITDA 9M'24 contribution Commissions costs Operating
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) 9M – Q3 EBITDA* 9M – Q3 Net Profit** +23.8% +7.6% +21.5% +5.6% 45,0% 37,7% 40,0% 35,8% 36,3% 35,7% 380 22,3% 25,0% 35,0% 21,6% 21,9% 21,1% 330 30,0% 20,0% 280 25,0% 230 15,0% 20,0% 589 180 547 330 348 15,0% 10,0% 130 10,0% 80 213 104 126 5,0% 172 5,0% 30 0,0% Q3 202
Slide 11: Cash Flow & Net Debt
Net Debt Cash Flow & Net Debt Strong financial position with Net Debt at €119m* *as of 30.09.2024, pre IFRS 16 basis Cash Flow Bridge ▪ 0.15x Net Debt / LTM EBITDA (or 0.18x incl. leases) ▪ 43.0x Interest Coverage based on LTM figures 11 494 445 ▪Fixed interest rates (91% of Debt) c2.78% avg. cost o
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 13: Enriched offering across channels drives up playability and spending
Enriched offering across channels drives up playability and spending Retail Online TZOKER GROUP PLAY Eurojackpot & Tzoker EXTRA Meeting our customers’ need for Launch of EJ & Tzoker EXTRA, special draw playing together! So far, 14% of promo, aiming to enhance winnability, players participated, gener
Slide 14: Tzoker recorded Stellar performance, boosted by Mega Jackpot
Tzoker recorded Stellar performance, boosted by Mega Jackpot of ~€19m!!! Higher penetration levels & significantly enhanced playability • 2nd Biggest Jackpot ever in game’s history • Most extended series ever (35 consecutive draws) • Significant increase in playability across games • + 600k more cus
Slide 15: Our retail estate
Our retail estate Creating unforgettable experiences OPAP estate end of Q3’24 Digitalization In-store events & promos in Q3’24 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,032 203 362 >200 c.6,
Slide 16: OPAP Store App
OPAP Store App Actively facilitating retail digitalization process Continue digitalization process by growing Maintain customer engagement, players value leveraging daily offers during Euro period Avg. GGR per customer Active Customers (th.) 144 € 165 € 165 € 133 € 122 € 135 € 125 € 126 € 138 € 407
Slide 17: VLTs revenues stabilize at high levels
VLTs revenues stabilize at high levels Performance overview €37.6 (GGR €m) 81 83 83 GGR / VLT / day Q3’24 Q3'22 Q3'23 Q3'24 VLTs Estate Upgrade €33.5 Spending per Visit (vs €32.7 in Q3’23) Offering x3.6 more Jackpot winners +28k winners vs Q3’23 x6.2 more Jackpots hits +69k hits vs Q3’23 >11,900 cab
Slide 18: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (9M’24 GGR) OPAP Mix 5,7% 173 y-o-y Δ% Stoiximan Lottery 69% 48,6% 146 135 126 138 45,7% Casino 33% 106 107 113 104 110 90 81 Betting 19% 15 15 19 17 15 15 18 21 23 21 27 Betting Casino Lottery Q1'22 Q2'2
Slide 19: We continue to lead with purpose and responsibility
We continue to lead with purpose and responsibility #1 company in CSR in Greece Key CSR achievements in Q3 2024 Supporting Local Communities Renovation of Karditsa Schools OPAP in the Neighborhood Before After Performed preventive health examinations One year after the catastrophic flood in Thessaly
Slide 20: 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 AA A A BBB Feb-18 Oct-19 Mar-20 Sep-20 Mar-21 Dec-21 Oct-22 Oct-23 Oct-24 OPAP’s rating reaffirmed at AA ✓ Responsible Gaming measures lead those of industry peers
Slide 21: Appendix
Appendix
Slide 22: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.09.2024 31.12.2023 Current assets Cash and cash equivalents 525,303 487,334 Receivables 70,305 104,259 Other current assets 68,651 88,158 Total current assets 664,259 679,751 Assets Non - current a
Slide 23: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 30.09.2024 30.09.2023 Δ Δ% Revenue (GGR) 1,648,347 1,506,546 141,801 9.4% GGR contribution and other levies and duties -521,376 -469,970 -51,406 10.9% Assets Net gaming revenue (NGR) 1,126,971 1,036,576 90,395 8.7% Agents’ commiss
Slide 24: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 30.09.2024 30.09.2023 OPERATING ACTIVITIES Operating Activities before WCC 587,977 524,626 Changes in Working Capital Inventories -2,826 -1,138 Receivables 68,997 15,681 Assets Payables (except banks) -24,692 -2,628 Interest
OPAP Holding Société Anonyme — Q3 2024 Earnings Presentation on 6ix