Allwyn Ag · ATHEX:ALWN
Allwyn — OPAP Holding Société Anonyme — Q4 2024 Earnings Presentation
25 slides from Allwyn's earnings presentation, Mar 20, 2025
Slide 1: Q4 & FY 2024 Financial Results
Q4 & FY 2024 Financial Results 20 March 2025
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 ▪ Record-breaking GGR in Q4’24 at €648m, fueled by (i) GigaTzoker jackpot, (ii) robust growth in sportsbetting and (iii) strong performance of iGaming (Online Casino) ▪ FY’24 recurring EBITDA at €828m, the highest reading since privatization, on the back of exception
Slide 4: Q4 & FY 2024 Financial Review
Q4 & FY 2024 Financial Review Pavel Mucha, Chief Financial Officer
Slide 5: Q4 2024 Overview
Q4 2024 Overview Q4'24 shows significant online growth paired with solid retail performance Revenues (GGR) EBITDA +11.5% • Online GGR posted notable +16.6% 648 • +21% y-o-y on a comparable 581 increase (+34.4% y-o-y) driven by our ongoing focus on digital basis excluding one-off items 154 207 experi
Slide 6: FY 2024 Overview
FY 2024 Overview Online drives growth while Retail showcases healthy increase Revenues (GGR) EBITDA +10.0% +14.0% • Online GGR experienced 2.296 significant growth of 30%, primarily • €827.9m on a l-f-l basis (+11.1% 2.088 fueled by Tzoker's performance y-o-y) excluding one-off items 528 686 and str
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 648 144 581 239 127 566 126 541 550 119 118 527498 533 115 499 499 213 110 204 107 106 470 457442 481 198 197 198 102 104 192 94 96 174173175 178 184 170 172 86 396
Slide 8: Revenues (GGR)
Revenues (GGR) FY – Q4 2024 GGR analysis Last 4 quarters GGR breakdown per product & channel iGaming Numerical Lotteries FY Q4 (Online Casino) 31% Online Retail 14% 35% 32% 16% +10.0% +11.5% 13% 33% 31% 68% 15% 13% 36% 30% VLTs 15% Q1’24 69% 15% 27% 70% 2.296 16% Q2’24 73% 2.088 581 648 +29.2% 325 9
Slide 9: EBITDA bridge
EBITDA bridge Higher variable costs due to revenue Moderate OpEx increase on the back of increase prudent cost control 74 11 6 8 2 3,0 12 18 2,4 3 19 208 832 730 EBITDA FY'23 GGR GGR Agents' Other Direct Other Income related Other Payroll Marketing Other EBITDA FY'24 contribution Commissions costs O
Slide 10: Profitability (recurring figures)
Profitability (recurring figures) FY – Q4 EBITDA* FY – Q4 Net Profit** +21.0% +11.1% +30.8% +11.9% 45,0% 36,9% 36,1% 40,0% 35,7% 34,0% 580 22,2% 25,0% 35,0% 21,4% 21,0% 30,0% 480 18,9% 20,0% 25,0% 380 15,0% 828 20,0% 745 280 15,0% 492 439 10,0% 10,0% 180 5,0% 198 239 80 5,0% 110 144 0,0% Q4 2023 Q4
Slide 11: Cash Flow & Net Debt
Net Debt Cash Flow & Net Debt Strong financial position with Net Debt at €157m* *as of 31.12.2024, pre IFRS 16 basis Cash Flow Bridge ▪ 0.19x Net Debt / LTM EBITDA (or 0.22x incl. leases) ▪ 89.7x Interest Coverage 18 based on LTM figures 705 684 ▪Fixed interest rates (91% of Debt) c2.73% avg. cost o
Slide 12: Operational & Business Update
Operational & Business Update Jan Karas, Chief Executive Officer
Slide 13: Diverse Channel Offerings Elevate User Engagement And Boost Spending Potential
Diverse Channel Offerings Elevate User Engagement And Boost Spending Potential Management’s capabilities in renewing licenses re-affirmed The two new exclusive licenses, secured in 2024, clearly demonstrate OPAP’s commitment to sustaining and expanding its game portfolio in the long term, 15yrs Excl
Slide 14: Tzoker recorded biggest jackpot in the game's history
Tzoker recorded in January ‘25 the Biggest jackpot in the game’s history of €19.5m!!! • Jackpot series generated €48M GGR, setting new records • +500K customers played TZOKER, +31% vs Monthly average • Tzoker online penetration at high level of 13.1% ΤΗΕ BIGGEST AMOUNT IN THE HISTORY HAS BEEN WON BY
Slide 15: Our retail estate
Our retail estate Creating unforgettable experiences OPAP estate end of Q4’24 Digitalization In-store events & promos in Q4’24 OPAP stores Play Stores Indirect POS & Smart Digital Audio solution OPAP Stores PLAY Stores Street vendors Infrastructure Greece Cyprus Greece Greece 3,025 203 359 >200 c.5,
Slide 16: OPAP Store App
OPAP Store App Accelerating Retail De-anonymization & Digitalization to reflect 27% of Retail revenue Base of deanonymized retail players growing Increase engagement per visit with higher spending +15% +30% 440K 390K 477K 440K 35 € 33 € 340K 415K 416K 415K 29 € 32 € 383K 28 € 26 € 26 € 27 € 290K 336
Slide 17: VLTs revenues stabilize at high levels
VLTs revenues stabilize at high levels Performance overview €42.7 (GGR €m) 95 86 83 80 GGR / VLT / day Q4’24 Q1'24 Q2'24 Q3'24 Q4'24 VLTs Estate Upgrade €33.9 Spending per Visit (vs €33.5 in Q4’23) Offering 121 minutes Avg Visit duration Q4’24 117 minutes in Q4’23 231 exciting VLT >12,800 cabinets r
Slide 18: Online GGR contribution goes up
Online GGR contribution goes up Online revenues per brand (€m) Online product mix & performance (FY’24 GGR) OPAP Mix 5,3% y-o-y Δ% 207 Stoiximan Lottery 71% 47,4% iGaming 177 (Online 29% 138 146 47,3% Casino) 135 126 106 107 113 104 110 90 81 Betting 27% Betting 15 15 19 17 15 15 18 21 23 21 27 30 i
Slide 19: Maintained our #1 position in CSR through key initiatives
Maintained our #1 position in CSR through key initiatives Key CSR achievements in 2024 Reinforce Benefit Support the entrepreneurs local communities local communities Invest in youth OPAP Forward Together for a Good Cause Sensitive Social Groups Scientific Visits in Sport Academies 81 participating
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Slide 22: Appendix
Appendix
Slide 23: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position Consolidated Statement of Financial Position ('000 € ) 31.12.2024 31.12.2023 Current assets Cash and cash equivalents 490,099 487,334 Receivables 86,715 104,259 Other current assets 63,460 88,158 Total current assets 640,274 679,751 Assets Non - current a
Slide 24: Consolidated Income Statement
Consolidated Income Statement Consolidated Income Statement ('000 € ) 31.12.2024 31.12.2023 Δ Δ% Revenue (GGR) 2,296,170 2,087,710 208,460 10.0% GGR contribution and other levies and duties -726,116 -651,937 -74,179 11.4% Assets Net gaming revenue (NGR) 1,570,054 1,435,773 134,281 9.4% Agents’ commi
Slide 25: Consolidated Cash Flow statement
Consolidated Cash Flow statement Consolidated Cash flow statement ('000 €) 31.12.2024 31.12.2023 OPERATING ACTIVITIES Operating Activities before WCC 828,121 720,429 Changes in Working Capital Inventories -1,091 477 Receivables 47,405 -5,430 Assets Payables (except banks) 28,432 -12,341 Interest pai
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