Slide 1: Q2 & H1 2024 Financial Results
Q2 & Η1 2024 Financial Results 4 September 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 ▪ Solid H1’24 performance on the back of strong online growth and resilient retail contribution ▪ H1’24 EBITDA margin sustained at 35% levels ▪ Robust cash position and low leverage with Net Debt/LTM EBITDA at 0.26x ▪ On track to deliver 2024 outlook ▪ Proceeding wit
Slide 4: Q2 & H1 2024 Financial Review
Q2 & Η1 2024 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q2 2024 Overview
Q2 2024 Overview Q2’24 performance showcases robust online growth Revenues (GGR) EBITDA +7,0% • Online recorded significant +3,0% 498 533 increase (+33.5% y-o-y) facilitated • Return to growth in Q2 with by our continuing digital focus and +3.0% y-o-y on a comparable basis 119 159 enhanced propositi
Slide 6: H1 2024 Overview
H1 2024 Overview Online continues its growth momentum alongside resilient Retail performance Revenues (GGR) EBITDA +5,6% -0,2% • Retail GGR marginally decreased 1.026 1.083 (-0.4%) with solid Draw-Based • €375.5m on a l-f-l basis (+0.1% y- Games performance o-y) excluding one-off items in 247 306 H1
Slide 7: Key Quarterly Financials 2021-2024
Key Quarterly Financials 2021-2024 Healthy performance reflected across key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 581 204 541 550 198 197 198 527 498 533 192 499 499 175 184 127 174 173 178 470 481 172 457 442 170 119 118 115 107 104 110 106 102 396 142 94 96 86 69 174 49 -3 Q
Slide 8: Revenues (GGR)
Revenues (GGR) H1 – Q2 2024 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries H1 Q2 13% Online Retail 33% 13% 36% 70% +5,6% +7,0% 30% 13% 34% 27% 73% 15% 27% 13% 35% 73% VLTs 16% Q3’23 27% 73% 17% 1.083 533 17% Q4’23 1.026 498 140 +24,2% 69 +19,6% 113
Slide 9: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue Higher Opex to support promotional increase activities related to major summer sporting events 2 2 2 11 2 4 25 19 6 57 374 374 EBITDA H1'23 GGR GGR Agents' Other Direct Other Income related Other Payroll Marketing Other EBITDA H1'24 contribution Com
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) H1 - Q2 EBITDA* H1 – Q2 Net Profit** +3.0% -0.8% -1.6% +0.1% 45,0% 280 25,0% 22,0% 21,5% 20,5% 35,8% 36,6% 40,0% 20,0% 34,5% 34,7% 230 35,0% 20,0% 30,0% 180 15,0% 25,0% 130 375 376 226 20,0% 222 10,0% 15,0% 80 178 184 10,0% 107 106 5,0% 30 5,0% 0,0% -20 0,0% Q2 2023
Slide 11: Cash Flow & Net Debt
Net Debt Cash Flow & Net Debt Strong financial position with Net Debt at €193m* *as of 30.06.2024, pre IFRS 16 basis Cash Flow Bridge ▪ 0.26x Net Debt / LTM EBITDA (or 0.30x incl. leases) ▪ 37.3x Interest Coverage 16 based on LTM figures and excluding one-off finance income 303 324 ▪Fixed interest r
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 13: Enriched offering across channels upgrades experience and engagement
Enriched offering across channels upgrades experience and engagement Retail Online Euro 2024 success on all fronts with Record-High number of Regular players & strong GGR, boosted also by upgraded Bet Builder and Cash Out features KINO Para 1 & KINO 24/7 with positive early signs on customer adoptio
Slide 14: UEFA Euro 2024
UEFA Euro 2024 Total Sportsbetting performance boosted by Sports Betting GGR Euro 2024 in Q2 • ~25% of sportsbetting GGR from Euro 2024 2023 2022 • ~90% of total online active players placed a bet during the competition • +17% online sportsbook active players ← EURO 2024 → 14.6 – 14.7 May June July
Slide 15: Our Draw-Based Games Universe
Our Draw-Based Games Universe Gaining momentum with Eurojackpot on the forefront +5.4M EUR Avg Slip Value Draw-Based Games GGR Incremental Eurojackpot GGR €6.5 +45% vs Tzoker €4.5 +10% +40% vs pre revamp €3.2 +42% +30% vs pre revamp Pre Revamp After Revamp Atfer Revamp Lotto / Tzoker Lotto / Tzoker
Slide 16: 15-year exclusive concession agreement with the Republic of Cyprus
15-year exclusive concession agreement with the Republic of Cyprus Management’s capabilities in respect of the renewal of licenses re-affirmed Consideration in 15 annual installments - Retail ~€4.2m per operations for numerical year 22.5% GGR games & tax plus 5% lotteries on social activities In 202
Slide 17: Our retail estate
Our retail estate Creating unforgettable experiences OPAP estate end of Q2’24 Digitalization In-store events & promos in Q2’24 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,068 203 362 >200 c.6,
Slide 18: OPAP Store App
OPAP Store App Actively facilitating retail digitalization process Consistently promoting digitalization process Active “play on device” players (th.) Boosted by FreeWin initative 107 123 117 18 61 79 6 35 37 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 * Active players refers to bet placem
Slide 19: VLTs revenues stabilize at high levels
VLTs revenues stabilize at high levels Performance overview (GGR €m) €36.5 75 81 80 GGR / VLT / day Q2’24 Q2'22 Q2'23 Q2'24 VLTs Estate Upgrade • Local jackpots delivered >20k winners vs. before (x6 more winners) & >48k Jackpots hits Offering • >2,050 stores have benefited from VLTs cabinets optimiz
Slide 20: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (H1’24 GGR) OPAP Mix 5,3% 159 y-o-y Δ% Stoiximan Lottery 66% 45,8% 135 126 138 Casino 24% 106 107 113 104 110 48,9% 90 81 Betting 20% 15 15 19 17 15 15 18 21 23 21 Betting Casino Lottery Q1'22 Q2'22 Q3'22
Slide 21: Paris 2024 Olympic & Paralympic Games
Paris 2024 Olympic & Paralympic Games Supporting National Basketball Team & OPAP Champions OPAP Champions Athletes in Paris 2024 Apostolos Christou Michalis Anastasakis Nikos Papangelis Swimming Hammer throw Cycling Panagiota Dosi Evangelia Anastasiadou High Jump Rowing
Slide 22: OPAP re-confirmed as FTSE4Good Index Series constituent
OPAP re-confirmed as FTSE4Good Index Series constituent While OPAP also achieved European Lotteries Responsible Gaming Certification for a 3rd consecutive time Following the 2024 index review, FTSE Russell confirmed that OPAP has been independently assessed according to the FTSE4Good criteria and ha
Slide 23: 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 Q2 2024 Benefiting Sensitive Groups Supporting Local Communities Investing in Youth Caring for the Environment A football field for the children OPAP in the Neighborhood Scientific Visits in Sport
Slide 24: Appendix
Appendix
Slide 25: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 30.06.2024 31.12.2023 Current assets Cash and cash equivalents 450,445 487,334 Receivables 78,373 104,259 Other current assets 87,127 88,158 Total current assets 615,945 679,751 Assets Non - current a
Slide 26: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 30.06.2024 30.06.2023 Δ Δ% Revenue (GGR) 1,082,511 1,025,554 56,957 5.6% GGR contribution and other levies and duties -342,372 -317,229 -25,143 7.9% Assets Net gaming revenue (NGR) 740,140 708,325 31,815 4.5% Agents’ commission -2
Slide 27: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 30.06.2024 30.06.2023 OPERATING ACTIVITIES Operating Activities before WCC 374,067 379,062 Changes in Working Capital Inventories -5,834 -5,022 Receivables 53,094 29,123 Assets Payables (except banks) -40,790 -56,652 Interest