Slide 1: Q1 2024 Financial Results
Q1 2024 Financial Results 30 May 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 ▪ Promising start to the year aided by the strong momentum in Online coupled with Retail resilience ▪ Q1’24 EBITDA margin at 35% in line with last quarters of previous year ▪ Robust cash position with Net Debt/LTM EBITDA at 0.14x ▪ On track to deliver 2024 outlook Op
Slide 4: Q1 2024 Financial Review
Q1 2024 Financial Review Pavel Mucha, Chief Financial Officer [Public]
Slide 5: Q1 2024 Overview
Q1 2024 Overview 2024 kicks-off promisingly demonstrating robust online growth coupled with resilient retail contribution Revenues (GGR) EBITDA +4,2% -3,1% • Retail GGR grew by 0.6% y-o-y 527 550 negatively affected by the customer- • -2.5% YoY on a comparable friendly sports results especially in b
Slide 6: Key Quarterly Financials 2021-2024
Key Quarterly Financials 2021-2024 Healthy performance reflected across key metrics Revenues (GGR) EBITDA recurring Net Profit recurring 581 550 204 541 198 197 198 527 498 192 499 499 127 470 481 174 173 175 178 457 442 170 172 119 118 115 107 104 110 102 396 142 94 96 86 69 174 49 -3 Q1 Q2 Q3 Q4 Q
Slide 7: Revenues (GGR)
Revenues (GGR) Q1 2024 GGR analysis Last 4 quarters GGR breakdown per product & channel Online Casino Numerical Lotteries +4,2% Online Retail 13% 73% 36% 13% 34% 27% 27% 73% 13% 35% 27% 12% 36% 73% 550 VLTs Q2’23 24% 527 16%17% 76% 16% 17% 71 +29,1% Q3’23 55 +2.5% 84 86 6% 30% 5% Q4’23 31 28 -9,0% 5
Slide 8: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue Higher Opex to support increased increase operations and repositioning of Lotto & Tzoker and Eurojackpot launch 3 2 3 11 3 3 9 7 6 22 196 190 EBITDA Q1'23 GGR GGR Agents' Other Direct Other Income related Other Payroll Marketing Other EBITDA Q1'24 c
Slide 9: Profitability (recurring figures)
Profitability (recurring figures) Q1 EBITDA* Q1 Net Profit** -2,5% -2,4% 250 45,0% 22,4% 37,3% 34,9% 40,0% 138 21,0% 200 35,0% 118 20,0% 30,0% 98 150 25,0% 15,0% 78 20,0% 100 197 192 58 118 115 10,0% 15,0% 10,0% 38 50 5,0% 5,0% 18 0 0,0% -2 0,0% Q1 2023 Q1 2024 Q1 2023 Q1 2024 EBITDA EBITDA Margin o
Slide 10: Cash Flow & Net Debt
Cash Flow & Net Debt Net Debt Strong financial position Cash Flow Bridge with Net Debt at €101m* *as of 31.03.2024, pre IFRS 16 basis ▪ 0.14x Net Debt / LTM EBITDA (or 0.18x incl. leases) 35 108 7 ▪ 177.4x Interest Coverage based on LTM figures €31.8m Buy back ▪Fixed interest rates (94% of Debt) Hig
Slide 11: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer [Public]
Slide 12: Our Draw-Based Games Universe
Our Draw-Based Games Universe Gaining momentum with Eurojackpot on the forefront Avg Slip Value >40% Draw-Based Games GGR Incremental Eurojackpot GGR €6.4 +33% vs Tzoker €4.8 +14% +50% vs pre revamp €3.3 +42% +33% vs pre revamp Pre Revamp After Revamp Atfer Revamp Lotto / Tzoker Lotto / Tzoker Lotto
Slide 13: Appealing customer proposition across channels strengthening engagement levels
Appealing customer proposition across channels strengthening engagement levels Retail Online SCRATCH 7S FAMILY & €1M TICKET Launch Pame Stoixima Loyalty scheme Renewal of the Scratch 7s family with new design Launch of PS Rewards, the first loyalty and special printing effects, offering the program
Slide 14: opaponline.gr (iLottery) 1-year anniversary
opaponline.gr (iLottery) 1-year anniversary Our opaponline.gr proposition concludes a successful year and aims higher Penetration* High penetration levels remaining on upward trend +74% since launch 5% iLottery 4% 4% GGR 3% increase since launch Q2'23 Q3'23 Q4'23 Q1'24 * iLottery GGR as % of total L
Slide 15: Our retail estate
Our retail estate Creating unforgettable experiences OPAP estate end of Q1’24 Digitalization In-store events & promos in Q1’24 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,100 203 363 >200 c.6,
Slide 16: OPAP Store App
OPAP Store App Customer base exceeded the milestone of 1.000.000 users! Highly attractive to retail players while promoting digitalization process Active “play on device” players (th.) 107 123 117 6 18 61 35 37 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 * Active players refers to bet placement
Slide 17: Performance overview (GGR €m)
VLTs revenues climb higher Performance overview (GGR €m) 100 95 90 85 80 €39.6 75 70 GGR / VLT / 84 86 day 65 60 Q1’24 55 50 Q1'23 Q1'24 VLTs Estate Upgrade • > 1,960 new vendor EGT cabinets in the market • >1,870 stores have benefited from VLTs cabinets Offering optimization • >9,400 cabinets repla
Slide 18: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (Q1’24 GGR) OPAP Mix 6,2% 148 y-o-y Δ% Stoiximan Lottery 153% 48,2% 135 126 45,7% Casino 29% 106 107 113 104 110 90 81 Betting -2% 15 15 19 17 15 15 18 21 23 Betting Casino Lottery Q1'22 Q2'22 Q3'22 Q4'22
Slide 19: We continue to lead with purpose and responsibility
We continue to lead with purpose and responsibility #1 company in CSR in Greece Supporting Local Communities Reinforcing the Greek Economy Together for a Good Cause Invest in Youth OPAP Forward Plus 13 new SMEs joining the program Sport Academies for young athletes 19 [Public]
Slide 20: Appendix
Appendix [Public]
Slide 21: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 31.03.2024 31.12.2023 Current assets Cash and cash equivalents 553,369 487,334 Receivables 80,657 104,259 Other current assets 94,270 88,158 Total current assets 728,296 679,751 Assets Non - current a
Slide 22: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 31.03.2024 31.03.2023 Δ Δ% Revenue (GGR) 549,698 527,445 22,253 4.2% GGR contribution and other levies and duties -173,200 -163,956 -9,244 5.6% Assets Net gaming revenue (NGR) 376,498 363,489 13,009 3.6% Agents’ commission -104,97
Slide 23: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 31.03.2024 31.03.2023 OPERATING ACTIVITIES Operating Activities before WCC 190,098 197,600 Changes in Working Capital Inventories -9,038 -8,387 Receivables 32,101 20,453 Assets Payables (except banks) -47,478 -38,286 Interest