Slide 1: Q2 & H1 2022 Financial Results
Q2 & Η1 2022 Financial Results 8 September 2022
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 & Outlook ▪ Retail: Strong underlying performance demonstrating business resilience despite weaker general consumer sentiment ▪ Online: Hefty ongoing contribution coupled with profitability growth despite retail’s full operation ▪ Robust cash position with Net Debt/L
Slide 4: Q2 & H1 2022 Financial Review
Q2 & H1 2022 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q2 2022 Overview
Q2 2022 Overview Strong underlying business resilience and revenue generation Revenues (GGR) EBITDA +11,7% +16,3% • Retail GGR increased reflecting a 442 fully operational quarter compared • €169.6m on a l-f-l basis excluding 396 to a restrained Q2’21 due to one-off items in Q2’22 95 lockdown 106 16
Slide 6: H1 2022 Overview
H1 2022 Overview Retail rebound on the back of being fully operational in the first semester and online solid contribution Revenues (GGR) EBITDA +57,7% +63,9% 899 • Retail GGR significantly increased on the back of strong • €344.4m on a l-f-l basis excluding 570 201 retail reopening one-off items in
Slide 7: Key Quarterly Financials 2019-2022
Key Quarterly Financials 2019-2022 Resilient gaming demand despite weaker consumer sentiment Revenues (GGR) EBITDA Net Profit 132 175 499 170 169 167 470 447 457 442 96 143 88 81 79 396 396 384 394 391 70 113 62 328 108 57 104 105 53 49 88 86 35 36 231 180 174 61 53 9 16 -15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 8: Revenues (GGR)
Revenues (GGR) H1 – Q2 2022 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino 37% Numerical Lotteries H1 Q2 10% Online 22% 78% Retail VLTs 9% 37% 77% 23% +57,7% +11,7% 17% 9% 37% 23% 77% 15% 15% 9% 38% Q3’21 79% 18% 21% 899 442 Q4’21 570 396 84 -12,8% 42 -13,1% 49 30% 5%
Slide 9: EBITDA bridge
EBITDA bridge Higher revenue related costs post retail full operations vs restricted H1’21 due to lockdown Higher Opex mostly to support full retail operations 86 94 4 10 12 2 2 4 2 15 329 336 205 EBITDA GGR GGR Agents' Other Direct Other Income Other Share of Payroll Marketing Other EBITDA H1'21 co
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) H1 - Q2 EBITDA* H1 – Q2 Net Profit** +19.2% +37.9% +188.2% +80,5% 45,0% 230 25,0% 38,4% 38,3% 40,0% 21,6% 21,1% 35,9% 33,5% 35,0% 180 20,0% 17,5% 30,0% 25,0% 130 15,0% 11,6% 344 20,0% 190 80 10,0% 15,0% 191 96 170 10,0% 30 69 66 5,0% 142 5,0% 0,0% -20 0,0% Q2 2021 Q
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt Cash Flow Bridge Net Debt Strong financial position 110 with Net Debt at €26m* *as of 30.06.2022, excl. IFRS 16 lease liabilities 276 216 ▪0.04x Net Debt / LTM Including Stoiximan earnout Ebitda 860 High payment Repayment of (or 0.1x incl. leases) operating borrowings 810 profit
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 13: Continuous successful implementation of our solid commercial plan in both channels (1/2)
Continuous successful implementation of our solid (1/2) commercial plan in both channels Retail Online Tzoker Stars Loyalty program with updated look & feel, more draw Summer Escape & OPAP Play Summer Madness categories and engaging weekly prizes leading to stronger players' engagement levels and in
Slide 14: Continuous successful implementation of our solid commercial plan in both channels (2/2)
Continuous successful implementation of our solid (2/2) commercial plan in both channels Retail Online Enhancement of online casino offering Laiko relaunch coupled with new ‘odds or even’ with c.120 games following cooperation prize structure well received by all distribution with “Play’nGo” Vendor
Slide 15: OPAP Store App
OPAP STORE APP Giving the Power to the Customers Summer 220k Escape campaign Current registered base >50% boost app’s engagement of OPAP Rewards actives through new OPAP Store app Place a bet through your mobile Real-time draw results for all numeric games, all in one page Get Rewards for your game
Slide 16: Our retail estate: Ongoing Network optimization
Our retail estate Ongoing Network optimization OPAP stores OPAP stores Size of New/ Upgraded stores Greece Cyprus OPAP estate end of Q2’22 3,542 >200 202 >200 +35% vs old stores Play Stores Indirect POS & New/Upgraded Street vendors stores Greece Greece 371 >200 >12,000 >200 c. 47% Beacons Digitaliz
Slide 17: VLTs performance overview (GGR €m)
Evident VLTs recovery Performance overview (GGR €m) Q2:75 Q1:69 Jan.22 Feb.22 Mar.22 Apr.22 May.22 Jun.22 Jul.22 Aug.22 Number of VLT VLTs product optimization games available replacing more than 2,000 cabinets Offering 139 so far with new modern machines and impressive HD graphics and improved ergo
Slide 18: Online continues as a key growth driver
Online continues as a key growth driver Online revenues per brand (€m) Online product mix & performance (Q2’22 GGR) OPAP Stoiximan (GR&CY) Full consolidation since Dec.20 Mix 3,7% y-o-y Δ% 95.4 Lottery -4% 44,3% 103 98 Casino -13% 91 90 83 90 81 65 52,1% 59 63 44 44 45 51 Betting -8% 10 11 16 19 16
Slide 19: Responsible Gaming
Responsible Gaming Responsible Gaming 360o campaign focuses on raising awareness among players and partners Play for fun Look at gaming as entertainment Comply with age limits Gaming is prohibited below 18 in OPAP stores and below 21 in Online and PLAY Set time and spending limits Determine in advan
Slide 20: Appendix
Appendix
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position as of 30 June 2022 & 31 December 2021 Consolidated Statement of Financial Position ('000 € ) 30.06.2022 31.12.2021 Current assets Cash and cash equivalents 810,086 860,361 Receivables 77,891 90,881 Other current assets 74,221 56,275 Total current assets 9
Slide 22: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income 30 June 2022 & 30 June 2021 Consolidated Statement of Comprehensive Income ('000 € ) 30.06.2022 30.06.2021 Δ Δ% Assets Revenue (GGR) 899,302 570,082 329,220 57.7% GGR contribution and other levies and duties -282,650 -196,406 -86,244 43.9% Net gaming re
Slide 23: Consolidated Cash Flow statement
Consolidated Cash Flow statement as of 30 June 2022 & 30 June 2021 Consolidated Cash flow statement ('000 € ) 30.06.2022 30.06.2021 OPERATING ACTIVITIES Operating Activities before WCC 335,265 201,175 Assets Changes in Working Capital Inventories -7,875 -4,596 Receivables 609 -54,615 Payables (excep