Slide 1: Q1 2023 Financial Results
Q1 2023 Financial Results 25 May 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 ▪ Strong start to the year on the back of successful commercial activities supported by strong momentum in both channels ▪ Increased retail footfall & activity, while online penetration levels reach ~ 40% for games offered across channels ▪ Healthy Q1’23 operating pr
Slide 4: Q1 2023 Financial Review
Q1 2023 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q1 2023 Overview
Q1 2023 Overview 2023 is off to a strong start demonstrating solid retail pickup coupled with strong online growth Revenues (GGR) EBITDA +15,4% +16,4% 527 • Hefty Retail GGR contribution, 457 supported by the overall positive • +12.7% YoY on a comparable 127 retail sentiment, amid the absence of bas
Slide 6: Key Quarterly Financials 2020-2023
Key Quarterly Financials 2020-2023 Underlying ongoing momentum across key performance indicators Revenues (GGR) EBITDA recurring Net Profit recurring 127 541 119 118 527 499 499 204 470 198 197 102 457 442 94 96 174 173 175 170 86 391 396 142 69 328 53 105 231 36 86 180 174 60 18 49 23 -5 -3 Q1 Q2 Q
Slide 7: Revenues (GGR)
Revenues (GGR) Q1 2023 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries +15,4% 10% 36% Online 24% 76% Retail VLTs 11% 36% 23% 77% 11% 457 527 16% 36% 25% 75% 10% 37% 22% 17% Q2’22 78% 55 +32,4% 16% 17% Q3’22 41 84 +21,7% 69 31 +29,8% 30% 6% Q4’22 24
Slide 8: EBITDA bridge
EBITDA bridge Higher variable costs due to Higher Opex to support revenue increase operations’ pickup 19 12 9 1 3 6 70 2 4 196 169 0 EBITDA Q1'22 GGR GGR Agents' Other Direct Income related Share of profit Payroll Marketing Other operating EBITDA Q1'23 contribution Commissions costs to the of associ
Slide 9: Profitability (recurring figures)
Profitability (recurring figures) Q1 EBITDA* Q1 Net Profit** +25,7% +12,7% 250 50.0% 138 22.4% 25.0% 20.6% 45.0% 37.3% 118 38.2% 200 40.0% 20.0% 35.0% 98 150 30.0% 15.0% 78 25.0% 100 20.0% 58 118 197 10.0% 175 94 15.0% 38 50 10.0% 5.0% 18 5.0% 0 0.0% -2 0.0% Q1 2022 Q1 2023 Q1 2022 Q1 2023 EBITDA EB
Slide 10: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Strong financial position with Net Debt at €77m* *as of 31.03.2023, pre IFRS 16 basis 144 4 103 ▪-0.1x Net Debt / LTM Ebitda (or -0.03x incl. leases) €100m Repayment of borrowings 761 ▪64.0x Interest Coverage 724 based on LTM figures High operating prof
Slide 11: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 12: Further expanding customers' engagement levels
Unique offering in both channels further expanding customers’ engagement levels Retail Online Better Odds Campaign vol.2 Solid commercial campaign expanding PS players base reaching BRAND NEW SPORTSBOOK 1.3mil players, the highest ever reading in the last years, with Competitive customer proposition
Slide 13: Our retail estate
Our retail estate A social entertainment hub OPAP estate end of Q1’23 Digitalization In-store events & promos in Q1’23 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,375 202 358 >200 >12,000 830
Slide 14: OPAP Store App
OPAP Store App Innovative retail digitalization well on track, supported by a 360 commercial plan Highly attractive to retail players with progressive quarterly increase in active scanners Active scanners (th.) 324 376 35 126 Q2'22 Q3'22 Q4'22 Q1'23 Increasing engagement levels benefiting instore vi
Slide 15: VLTs continues its upward trend
VLTs continues its upward trend Performance overview (GGR €m) 38 37 37 40 32 85 80 80 84 69 FY'20 FY'21 FY'22 Q1 Q1 Avg. quarter 2022 2023 GGR (€m) GGR / VLT / DAY (€) VLTs Estate Upgrade • >1,500 stores have benefited from VLTs cabinets Offering optimization • >7,000 cabinets have been replaced so
Slide 16: Continuous Online strong contribution
Continuous Online strong contribution Online revenues per brand (€m) Online product mix & performance (Q1’23 GGR) OPAP Full consolidation since Dec.20 127.5 Mix 3.3% y-o-y Δ% Stoiximan Lottery -2% (GR&CY) 43.1% 103 98 106 107 113 Casino 32% 91 90 83 90 81 65 53.7% 63 44 Betting 15% 10 11 16 19 16 14
Slide 17: Launched April 3rd - encouraging first results
Launched April 3rd - encouraging first results Unified UX/UI Mobile 1st, Future-proof Design System applicable for all Exclusive Games Fun and Fast Play Fast & Fun gaming experience with ready pre-filled quick pick slips, “Feeling Lucky” feature, quick pick slips 90% Customer Satisfaction Personaliz
Slide 18: Appendix
Appendix [Public]
Slide 19: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 31.03.2023 31.12.2022 Current assets Cash and cash equivalents 760,920 724,433 Receivables 78,946 102,123 Other current assets 208,628 191,487 Total current assets 1,048,494 1,018,043 Assets Non - cur
Slide 20: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income Consolidated Statement of Comprehensive Income ('000 € ) 31.03.2023 31.03.2022 Δ Δ% Revenue (GGR) 527,445 457,194 70,251 15.4% GGR contribution and other levies and duties -163,956 -144,588 -19,368 13.4% Assets Net gaming revenue (NGR) 363,489 312,605 5
Slide 21: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 € ) 31.03.2023 31.03.2022 OPERATING ACTIVITIES Operating Activities before WCC 197,600 166,285 Changes in Working Capital Assets Inventories -8,387 -9,079 Receivables 20,453 13,093 Payables (except banks) -38,286 -8,124 Interest