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Opap S.A. Earnings Release 2025
2696_rns_2026-03-02_61025fe6-a0b9-450d-a725-891c71b1d241.pdf
Earnings Release
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opap
News Release
FY 2025 FINANCIAL PERFORMANCE
FY'25 outlook delivered with new record high GGR
ATHENS, Greece – March 2, 2026 – OPAP Holding S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the period ended December 31st, 2025, prepared in accordance with International Financial Reporting Standards (IFRS).
- FY'25 Gross Gaming Revenue (GGR) increased to new record high levels of €2,407.9m vs €2,296.2m in FY'24, higher by 4.9% y-o-y on the back of robust online growth and strong retail performance. Q4'25 GGR came in at €652.0m, recording an increase of 0.6% y-o-y, with strong VLTs performance at +9.2% and iGaming (Online Casino) at +16.2%.
- Gross Profit (from gaming operations) in FY'25 increased by 5.1% y-o-y to €1,018.9m (FY'24 €969.7m), outpacing top-line growth. Q4'25 higher by 0.4% y-o-y at €278.4m (Q4'24: €277.2m).
- Operating Expenses in FY'25 stood at €488.4m vs €425.9m in FY'24, higher by 14.7% y-o-y. Q4'25 OpEx reached €148.6m, higher by 33.4% y-o-y or 15.2% on I-f-I basis mostly due to the increased advertising costs and payroll expenses, on the back of higher headcount to support our digital strategy.
- FY'25 EBITDA decreased marginally by 0.9% y-o-y to €824.6m (FY'24: €832.0m) or €836.6m (+1.1% y-o-y) on a recurring basis. Q4'25 EBITDA came in at €212.0m (Q4'24: €245.1m), down by 13.5% y-o-y or at €222.4m I-f-I (-7.0% y-o-y), negatively impacted by higher OpEx.
- Net Profit in FY'25 stood at €483.4m (FY'24: €485.8m), down by 0.5% y-o-y. Q4'25 Net Profit stood at €122.2m (Q4'24: €145.8m), lower by 16.2% y-o-y. On a I-f-I basis and after excluding one-off items in both years, Net Profit in FY'25 came in at €496.1m, recording an increase of 0.9% y-o-y, while in Q4'25 was €132.8m (-7.5% y-o-y).
- Robust financial position, with Net Debt / LTM EBITDA at 0.20x (0.24x incl. leases).
- Total Distributions made within 2025 remained strong with €1.30 per share already paid. €0.80 per share distribution to be paid post completion of the business combination transaction.
1. OVERVIEW
| (€ /m) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|---|---|---|
| GGR (Gross Gaming Revenue) | 652.0 | 647.8 | 0.6 | 2,407.9 | 2,296.2 | 4.9 |
| NGR (Net Gaming Revenue) 1 | 445.6 | 443.1 | 0.6 | 1,643.5 | 1,570.1 | 4.7 |
| Gross Profit (from gaming operations) 2 | 278.4 | 277.2 | 0.4 | 1,018.9 | 969.7 | 5.1 |
| Operating Expenses | 148.6 | 111.4 | 33.4 | 488.4 | 425.9 | 14.7 |
| EBITDA | 212.0 | 245.1 | -13.5 | 824.6 | 832.0 | -0.9 |
| EBITDA margin | 32.5% | 37.8% | - | 34.2% | 36.2% | - |
| Recurring EBITDA | 222.4 | 239.1 | -7.0 | 836.6 | 827.9 | 1.1 |
| Recurring EBITDA margin | 34.1% | 36.9% | - | 34.7% | 36.1% | - |
| Net profit | 122.2 | 145.8 | -16.2 | 483.4 | 485.8 | -0.5 |
| Net profit margin | 18.7% | 22.5% | - | 20.1% | 21.2% | - |
| Recurring Net Profit | 132.8 | 143.5 | -7.5 | 496.1 | 491.6 | 0.9 |
| EPG (in €) | 0.3407 | 0.4057 | -16.0 | 1.3481 | 1.3427 | 0.4 |
1 GGR - GGR contribution
2 NGR - Agents' commission - other Direct costs
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
Revenues (GGR)
OPAP's revenues (GGR) in FY 2025 increased by 4.9% y-o-y, reaching €2,407.9m (FY 2024: €2,296.2m) mostly driven by robust online growth alongside strong retail performance.
Q4 2025 GGR landed at €652.0m, up by 0.6% y-o-y (Q4 2024: €647.8m), mainly due to strong VLTs growth and the robust performance of iGaming (Online Casino).
Gross Profit (from gaming operations)¹
Gross Profit from gaming operations in FY 2025 stood at €1,018.9m compared with €969.7m in FY 2024, higher by 5.1% y-o-y as a result of top-line growth.
Q4 2025 Gross Profit from gaming operations increased by 0.4% y-o-y, reaching €278.4m vs €277.2m in Q4 2024.
EBITDA
EBITDA in FY 2025 stood at €824.6m versus €832.0m in FY 2024, lower by 0.9% y-o-y or +1.1% I-f-I.
Q4 2025 EBITDA reached €212.0m, lower by 7.0% y-o-y on a I-f-I basis (-13.5% on a reported basis) on the back of higher marketing and payroll expenses.
Reported figures
Recurring figures
*Excl. one-off expenses of €12.0m in FY'25 and income of €4.1m in FY'24 (expenses of €10.4m in Q4'25 and income of €6.0m in Q4'24)
¹ GGR - GGR contribution - Agents' commission - Other Direct costs
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
Net Profit
Net Profit in FY 2025 stood at €483.4m versus €485.8m in FY 2024, lower by 0.5% y-o-y or +0.9% on a l-f-l basis.
Q4 2025 Net Profit came in at €122.2m, lower by 16.2% y-o-y, or -7.5% y-o-y on a l-f-l basis, also affected by higher interest expenses.
Reported figures
Recurring figures
*Excl. one-off expenses of €12.6m in FY'25 and €5.9m in FY'24 (expenses of €10.6m in Q4'25 and €9.8m in Q4'24)
Comment of OPAP's CEO, Mr. Jan Karas, on the Q4 2025 results:
"FY 2025 was a highly successful year for OPAP, marked by a new GGR record, which led to the delivery of our outlook.
The results of 2025 were mainly driven by the exceptional performance of Tzoker, the solid growth of KINO, and the continuing expansion of the iGaming vertical. In addition, online activities concluded the year with a 32% contribution to OPAP's GGR – the highest in the last four quarters – while our iLottery proposition continued gaining momentum. Moreover, the highlights of Q4'25 include the robust performance of VLTs and the outstanding growth of PowerSpin, which recorded a 27% increase.
Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators, and delivers both strategic and financial benefits to our shareholders.
The transaction is expected to be concluded within Q2'26. In this framework, Allwyn will distribute €0.80 per share to shareholders post re-domiciliation to Luxembourg, on top of the €0.50 per share interim dividend paid last November.
Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experience and a strong commitment to giving back to society."
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
2. FINANCIAL REVIEW
Revenues (GGR) per game
| (€ '000) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|---|---|---|
| Lottery | 196,436 | 201,681 | -2.6 | 803,735 | 774,820 | 3.7 |
| % total revenues | 30.1 | 31.1 | - | 33.4 | 33.7 | - |
| Betting | 224,430 | 236,040 | -4.9 | 782,208 | 771,617 | 1.4 |
| % total revenues | 34.4 | 36.4 | - | 32.5 | 33.6 | - |
| VLTs | 103,457 | 94,780 | 9.2 | 365,556 | 344,724 | 6.0 |
| % total revenues | 15.9 | 14.6 | - | 15.2 | 15.0 | - |
| Instant & Passives | 28,669 | 30,131 | -4.9 | 105,797 | 105,106 | 0.7 |
| % total revenues | 4.4 | 4.7 | - | 4.4 | 4.6 | - |
| IGaming (Online Casino) | 98,976 | 85,191 | 16.2 | 350,564 | 299,903 | 16.9 |
| % total revenues | 15.2 | 13.2 | - | 14.6 | 13.1 | - |
| TOTAL REVENUES | 651,968 | 647,823 | 0.6 | 2,407,860 | 2,296,170 | 4.9 |
Lottery
Revenues from lottery reached €803.7m in FY 2025 versus €774.8m in FY 2024, higher by 3.7% y-o-y on the back of solid KINO and exceptional Tzoker performance. Lottery GGR in Q4 2025 decreased by 2.6% y-o-y to €196.4m.
Betting
Total betting revenues reached €782.2m in FY 2025 versus €771.6m in FY 2024, higher by 1.4% y-o-y. Betting GGR in Q4 2025 landed at €224.4m (Q4 2024: €236.0m), lower by 4.9% y-o-y, reflecting customer-friendly results during the period, part-offset by robust growth in Powerspin.
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
VLTs
VLTs revenues in FY 2025 landed at €365.6m, higher by 6.0% y-o-y (FY 2024: €344.7m). In Q4 2025, VLTs revenues reached €103.5m, higher by 9.2% y-o-y, benefitting from the ongoing terminal upgrades.
Instant & Passives
Revenues from Instant & Passives stood at €105.8m in FY 2025 compared with €105.1m in FY 2024, marginally higher by 0.7% y-o-y. Q4 2025 GGR came in at €28.7m, lower by 4.9% y-o-y (Q4 2024: €30.1m), with performance part-mitigated by the Scratch game, which recorded a 7.5% increase y-o-y, aided by elevated commercial initiatives.
iGaming (Online Casino)
Revenues from iGaming (Online Casino) grew to €350.6m in FY 2025, up by 16.9% y-o-y (FY 2024: €299.9m). Q4 2025 revenues landed at €99.0m compared with €85.2m in Q4 2024, up by 16.2% y-o-y on the back of strong demand from both existing as well as new players.
| Gaming revenue related expense | ||||||
|---|---|---|---|---|---|---|
| (€ '000) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
| Agents' commission | 118,334 | 115,560 | 2.4 | 434,093 | 418,613 | 3.7 |
| Other Direct costs | 48,889 | 50,303 | -2.8 | 190,534 | 181,714 | 4.9 |
| Total | 167,223 | 165,863 | 0.8 | 624,627 | 600,326 | 4.0 |
| % of total revenues (GGR) | 25.6 | 25.6 | - | 25.9 | 26.1 | - |
Gaming revenue related expense
Gaming revenue related expense in FY 2025 stood at €624.6m versus €600.3m in FY 2024, higher by 4.0% y-o-y but lower versus GGR growth due to product mix effects. Q4 2025 gaming revenue related expense was €167.2m versus €165.9m in Q4 2024, higher by 0.8% y-o-y.
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
Payroll expense
| (€ '000) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|---|---|---|
| Wages and salaries | 26,992 | 21,560 | 25.2 | 91,645 | 78,159 | 17.3 |
| Social security costs | 4,642 | 4,338 | 7.0 | 15,883 | 14,849 | 7.0 |
| Other staff costs | 2,829 | 2,713 | 4.3 | 11,730 | 11,260 | 4.2 |
| Total cost | 34,463 | 28,611 | 20.5 | 119,257 | 104,267 | 14.4 |
| % of total revenues (GGR) | 5.3 | 4.4 | - | 5.0 | 4.5 | - |
Payroll expense
Payroll expense in FY 2025 stood at €119.3m compared with €104.3m in FY 2024, higher by 14.4% y-o-y, reflecting increased headcount to support our focus on digital. Q4 2025 payroll expense increased by 20.5% y-o-y to €34.5m.
Marketing expense
| (€ '000) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|---|---|---|
| CSR & sponsorship expense | 13,166 | 13,769 | -4.4 | 54,281 | 49,846 | 8.9 |
| Advertising expense | 33,283 | 22,435 | 48.3 | 102,261 | 92,723 | 10.3 |
| Total | 46,448 | 36,205 | 28.3 | 156,542 | 142,569 | 9.8 |
| % of total revenues (GGR) | 7.1 | 5.6 | - | 6.5 | 6.2 | - |
Marketing expense
Marketing expense in FY 2025 increased by 9.8% y-o-y to €156.5m versus €142.6m in FY 2024. Q4 2025 marketing expense increased by 28.3% y-o-y or 22.2% on a I-f-I basis excluding rebranding related costs.
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
Other operating expense
| (€ '000) | Q4 2025 | Q4 2024 | Δ% | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|---|---|---|
| IT related costs | 16,139 | 11,893 | 35.7 | 54,135 | 43,497 | 24.5 |
| Utilities & Telco costs | 3,339 | 2,945 | 13.4 | 12,500 | 12,067 | 3.6 |
| Rentals | 357 | 189 | 89.2 | 888 | 1,628 | -45.5 |
| Inventory consumption | 1,529 | 1,655 | -7.6 | 5,872 | 6,793 | -13.6 |
| Other | 46,347 | 29,892 | 55.0 | 139,195 | 115,122 | 20.9 |
| Total | 67,713 | 46,575 | 45.4 | 212,590 | 179,108 | 18.7 |
Other operating expense
Other operating expense in FY 2025 came in at €212.6m versus €179.1m in FY 2024, higher by 18.7% y-o-y. Q4 2025 other operating expense was €67.7m, higher by 45.4% y-o-y (Q4 2024: €46.6m) or +3.3% y-o-y excluding one-off items in both years.
Cash Flows
| (€ '000) | FY 2025 | FY 2024 | Δ% |
|---|---|---|---|
| Cash Flow from Operating Activities | 716,524 | 704,851 | 1.7% |
| Cash Flow from Investing Activities | -35,956 | -18,488 | 94.5% |
| Cash Flow from Financing Activities | -401,102 | -684,286 | -41.4% |
Cash Flow from Operating Activities
Cash flows from operating activities in FY 2025 stood at €716.5m versus €704.9m in FY 2024, benefitting also from increased operating profitability.
Cash Flow from Investing Activities
Cash flows from investing activities in FY 2025 amounted to an outflow of €36.0m, mainly attributable to the Group's capex needs.
Cash Flow from Financing Activities
Cash flows from financing activities in FY 2025 amounted to an outflow of €401.1m, reflecting net borrowing of €289.9m, dividend distributions to shareholders of €474.7m and the acquisition of the remaining 15.51% stake in Stoiximan for €201.5m.
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
3. MAIN LATEST DEVELOPMENTS
Shareholders Remuneration - Total distributions of €1.30 per share within 2025 - €0.80 per share distribution to be paid in Q2'26
Post completion of the business combination of OPAP and Allwyn, shareholders will benefit from a capital allocation framework delivering a combination of growth and material, resilient, shareholder distributions.
The Combined Company (Allwyn) will distribute €0.80 per share to shareholders post transaction, in addition to the €1.30 per share having already been paid to OPAP shareholders during 2025. The cut-off date of the €0.80 per share distribution is set prior to 19.06.2026, which is the expiration date for the Futures Contracts on the OPAP Holding’s stock and on the FTSE/ATHEX Large Cap index in which OPAP Holding is included.
Cancellation of treasury shares
Following the resolution of the Extraordinary General Meeting of the Company’s Shareholders held on January 7, 2026 and the decision of the Ministry of Development on February 20, 2026, 11,459,263 treasury shares were cancelled and deleted from Athens Stock Exchange on February 27, 2026. Current outstanding number of shares is 358,603,478.
OPAP has been awarded Top Employer Greece 2026
OPAP has been awarded Top Employer in Greece for a fourth consecutive year. This certification coming from the Top Employers Institute, the global authority on recognizing excellence in People Practices, validates and rewards our commitment to a better world of work, based on the participation and results of the HR Best Practices and Policies that OPAP implements and continuously improves.
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
Conference Call Invitation
Q4 2025 Financial Results Conference Call
An analyst call will be held on Tuesday, March 3rd, 2026
at 04:00 PM (Athens) / 02:00 PM (London) / 09:00 AM (New York)
The corresponding video presentation will be posted on the Company's website / IR section
(https://investors.opap.gr/en/results-and-news/financial-statements/2025)
Participants will have the opportunity to watch the video presentation in advance
and join the Q&A conference call.
Dial-in Numbers:
| UK participants please dial | +44 (0) 800 368 1063 |
|---|---|
| Greek participants please dial | +30 211 180 2000 |
| US participants please dial | +1 516 447 5632 |
| Other International please dial | +44 (0) 203 0595 872 |
Live Webcast:
The conference call will be available via audio webcast in real time and you may join by linking at:
https://www.opap.gr/25Q4 or https://87399.themediaframe.eu/links/opap25Q4.html
If you experience any difficulty, please call +30 210 9460803 or email at [email protected]
CONTACTS
OPAP Holding S.A. – 112 Athinon Ave., 104 42 Athens, Greece
Investor Relations – Tel: +30 (210) 5798930 - [email protected]
ATTACHMENTS
- Statement of Financial Position
- Income Statement
- Statement of Comprehensive Income
- Statement of Changes in Equity
4.1. Consolidated Statement of Changes in Equity
4.2. Separate Statement of Changes in Equity - Cash Flow Statement
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
- Statement of Financial Position
| Amounts in thousands of euro | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | ||
| ASSETS | |||||
| Non - current assets | |||||
| Intangible assets | 808,008 | 892,847 | 536,986 | 605,288 | |
| Property, plant and equipment | 33,055 | 36,233 | 27,277 | 34,759 | |
| Right-of-use assets | 28,475 | 28,204 | 20,211 | 20,187 | |
| Investment properties | 2,178 | 2,184 | 2,178 | 2,184 | |
| Goodwill | 338,439 | 340,384 | - | - | |
| Investments in subsidiaries | - | - | 661,412 | 446,412 | |
| Trade receivables | 526 | 1,446 | 526 | 1,446 | |
| Other non - current assets | 53,289 | 42,375 | 50,695 | 42,318 | |
| Deferred tax assets | 12,276 | 13,782 | - | - | |
| Long - term investments | - | 2,457 | - | - | |
| Total non - current assets | 1,276,246 | 1,359,912 | 1,299,285 | 1,152,593 | |
| Current assets | |||||
| Inventories | 4,896 | 5,665 | 2,035 | 2,773 | |
| Trade receivables | 86,438 | 86,715 | 23,782 | 31,325 | |
| Current income tax assets | 180 | 12,674 | - | - | |
| Other current assets | 40,700 | 40,352 | 61,613 | 31,482 | |
| Short - term investments | 6,599 | 4,768 | - | - | |
| Cash and cash equivalents (excl. Bank Overdrafts) | 766,980 | 490,099 | 329,662 | 139,494 | |
| Total current assets | 905,793 | 640,274 | 417,092 | 205,074 | |
| Total Assets | 2,182,039 | 2,000,187 | 1,716,377 | 1,357,667 | |
| EQUITY & LIABILITIES | |||||
| Equity | |||||
| Share capital | 111,019 | 111,019 | 111,019 | 111,019 | |
| Share premium | 12,966 | 12,966 | 12,966 | 12,966 | |
| Reserves | 39,516 | 37,006 | 39,516 | 37,006 | |
| Treasury shares | (159,842) | (159,842) | (159,842) | (159,842) | |
| Retained earnings | 419,577 | 578,263 | 397,469 | 400,549 | |
| Equity attributable to owners of the Company | 423,237 | 579,413 | 401,128 | 401,699 | |
| Non-controlling interests | 3,969 | 29,968 | - | - | |
| Total equity | 427,206 | 609,381 | 401,128 | 401,699 | |
| Non-current liabilities | |||||
| Borrowings | 506,921 | 607,611 | 506,921 | 567,611 | |
| Lease liabilities | 21,093 | 21,066 | 14,528 | 14,767 | |
| Deferred tax liability | 111,617 | 118,676 | 41,309 | 44,232 | |
| Employee benefit plans | 3,917 | 6,349 | 3,661 | 6,179 | |
| Other non-current liabilities | 101,839 | 65,493 | 42,061 | 102,51 | |
| Total non-current liabilities | 745,387 | 819,195 | 608,481 | 643,640 | |
| Current liabilities | |||||
| Borrowings | 432,443 | 44,497 | 426,389 | 75,711 | |
| Lease liabilities | 8,099 | 8,241 | 6,209 | 6,397 | |
| Trade payables | 226,662 | 207,514 | 102,672 | 94,561 | |
| Employee benefit plans | 4,000 | - | 4,000 | - | |
| Provisions | 3,619 | 3,614 | 3,572 | 3,567 | |
| Current income tax liabilities | 128,720 | 127,198 | 58,014 | 57,462 | |
| Other current liabilities | 205,903 | 180,547 | 105,911 | 74,629 | |
| Total current liabilities | 1,009,447 | 571,611 | 706,768 | 312,328 | |
| Total liabilities | 1,754,834 | 1,390,806 | 1,315,249 | 955,967 | |
| Total Equity & Liabilities | 2,182,039 | 2,000,187 | 1,716,377 | 1,357,667 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
2. Income Statement
| Amounts in thousands of euro | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| 01.01-31.12.2025 | 01.01-31.12.2024 | 01.01-31.12.2025 | 01.01-31.12.2024 | ||
| Revenue (GGR) | 2,407,860 | 2,296,170 | 1,544,501 | 1,477,135 | |
| GGR contribution and other levies and duties | (764,366) | (726,116) | (473,026) | (452,798) | |
| Net gaming revenue (NGR) | 1,643,495 | 1,570,054 | 1,071,474 | 1,024,337 | |
| Agents' commissions | (434,093) | (418,613) | (366,081) | (353,878) | |
| Other direct costs | (190,534) | (181,714) | (91,761) | (84,875) | |
| Revenue from non-gaming activities | 110,360 | 115,305 | 50,106 | 48,548 | |
| Income related to the extension of the concession of the exclusive right 2020-2030 | 236,554 | 234,988 | 236,554 | 234,988 | |
| Cost of sales related to non-gaming activities | (52,812) | (62,122) | (306) | (120) | |
| Payroll expenses | (119,257) | (104,267) | (83,605) | (77,814) | |
| Marketing expenses | (156,542) | (142,569) | (65,534) | (56,959) | |
| Other operating expenses | (212,743) | (179,092) | (108,299) | (96,820) | |
| Net impairment gain/(losses) on financial assets | 153 | (16) | 183 | 56 | |
| Profit before interest, tax, depreciation and amortisation (EBITDA) | 824,581 | 831,954 | 642,733 | 637,463 | |
| Depreciation and amortisation | (139,169) | (135,215) | (114,082) | (109,579) | |
| Impairment of intangible assets and goodwill | (2,037) | (9,704) | - | - | |
| Results from operating activities | 683,375 | 687,035 | 528,651 | 527,884 | |
| Finance income | 15,433 | 17,513 | 9,459 | 9,712 | |
| Finance costs | (30,805) | (26,789) | (28,735) | (22,234) | |
| Dividend income | - | - | 70,000 | 105,000 | |
| Profit before income tax | 668,003 | 677,759 | 579,375 | 620,363 | |
| Income tax expense | (176,873) | (178,020) | (116,313) | (116,170) | |
| Profit for the year | 491,130 | 499,739 | 463,062 | 504,193 | |
| Profit is attributable to: | |||||
| Owners of the Company | 483,417 | 485,778 | 463,062 | 504,193 | |
| Non-controlling interests | 7,713 | 13,960 | - | - | |
| Profit after tax | 491,130 | 499,739 | 463,062 | 504,193 | |
| Basic and diluted earnings per share in € | 1.3481 | 1.3427 | 1.2913 | 1.3936 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
3. Statement of Comprehensive Income
| Amounts in thousands of euro | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| 01.01-31.12.2025 | 01.01-31.12.2024 | 01.01-31.12.2025 | 01.01-31.12.2024 | ||
| Profit for the year | 491,130 | 499,739 | 463,062 | 504,193 |
Other comprehensive income - items that will not be reclassified to the Income Statement
| Actuarial gains/(losses) | 43 | (199) | 54 | (179) | |
|---|---|---|---|---|---|
| Related tax | (9) | 44 | (12) | 39 | |
| Total items that will not be reclassified to the Income Statement | 33 | (155) | 42 | (140) |
Other comprehensive income - items that are or may be reclassified subsequently to the Income Statement
| Profit from valuation of hedging derivatives | 3,217 | - | 3,217 | - | |
|---|---|---|---|---|---|
| Related tax | (708) | - | (708) | - | |
| Total items that may be reclassified to the Income Statement | 2,509 | - | 2,509 | - | |
| Other comprehensive gain/(loss) for the period, net of tax | 2,543 | (155) | 2,551 | (140) | |
| Total comprehensive income for the year | 493,672 | 499,583 | 465,613 | 504,053 | |
| Total comprehensive income is attributable to: | |||||
| --- | --- | --- | --- | --- | --- |
| Owners of the Company | 485,959 | 485,625 | 465,613 | 504,053 | |
| Non-controlling interests | 7,713 | 13,958 | - | - | |
| Total comprehensive income, net of tax | 493,672 | 499,583 | 465,613 | 504,053 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
4. Statement of Changes in Equity
4.1. Consolidated Statement of Changes in Equity
| Amounts in thousands of euro | Attributable to owners of the Company | |||||||
|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Reserves | Treasury shares | Retained earnings | Total | Non-controlling interests | Total equity | |
| Balance at 1 January 2024 | 111,019 | 105,482 | 37,006 | (43,145) | 530,289 | 740,651 | 34,112 | 774,763 |
| Profit for the year | - | - | - | - | 485,778 | 485,778 | 13,960 | 499,739 |
| Other comprehensive income for the year | - | - | - | - | (153) | (153) | (2) | (155) |
| Total comprehensive income for the year | - | - | - | - | 485,625 | 485,625 | 13,958 | 499,583 |
| Transactions with owners of the Company | ||||||||
| Share capital increase | - | - | - | - | - | - | 3,960 | 3,960 |
| Share capital increase/decrease expenses | - | - | - | - | (278) | (278) | - | (278) |
| Other movements following the STOIXIMAN LTD merger | - | - | - | - | 923 | 923 | (923) | - |
| Acquisition of treasury shares | - | - | - | (118,883) | - | (118,883) | - | (118,883) |
| Capitalization of share premium | 92,516 | (92,516) | - | - | - | - | - | - |
| Share capital return to the shareholders | (92,516) | - | - | 2,186 | - | (90,330) | - | (90,330) |
| Dividends provided for or paid | - | - | - | - | (438,296) | (438,296) | (21,139) | (459,435) |
| Total transactions with owners of the Company | - | (92,516) | - | (116,697) | (437,651) | (646,864) | (18,102) | (664,966) |
| Balance at 31 December 2023 | 111,019 | 12,966 | 37,006 | (159,842) | 578,263 | 579,413 | 29,968 | 609,381 |
| Balance at 1 January 2025 | 111,019 | 12,966 | 37,006 | (159,842) | 578,263 | 579,413 | 29,968 | 609,381 |
| Profit for the year | - | - | - | - | 483,417 | 483,417 | 7,713 | 491,130 |
| Other comprehensive income for the year | - | - | 2,509 | - | 33 | 2,543 | - | 2,543 |
| Total comprehensive income for the year | - | - | 2,509 | - | 483,450 | 485,959 | 7,713 | 493,672 |
| Transactions with owners of the Company | ||||||||
| Acquisition of the non-controlling interests of the subsidiary STOIXIMAN LTD | - | - | - | - | (174,041) | (174,041) | (27,432) | (201,473) |
| Acquisition of the non-controlling interests of the subsidiary HELLENIC LOTTERIES S.A. | - | - | - | - | (1,910) | (1,910) | 1,860 | (50) |
| Dividends provided for or paid | - | - | - | - | (466,185) | (466,185) | (8,140) | (474,325) |
| Total transactions with owners of the Company | - | - | - | - | (642,136) | (642,136) | (33,712) | (675,848) |
| Balance at 31 December 2025 | 111,019 | 12,966 | 39,516 | (159,842) | 419,577 | 423,237 | 3,969 | 427,206 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
4.2. Separate Statement of Changes in Equity
| Amounts in thousands of euro | Share capital | Share premium | Reserves | Treasury shares | Retained earnings | Total equity |
|---|---|---|---|---|---|---|
| Balance at 1 January 2024 | 111,019 | 105,482 | 37,006 | (43,145) | 335,070 | 545,432 |
| Profit for the year | - | - | - | - | 504,193 | 504,193 |
| Total comprehensive income for the year | - | - | - | - | 504,053 | 504,053 |
| Share capital increase/decrease expenses | - | - | - | - | (278) | (278) |
| Acquisition of treasury shares | - | - | - | (118,883) | - | (118,883) |
| Capitalization of share premium | 92,516 | (92,516) | - | - | - | - |
| Share capital return to the shareholders | (92,516) | - | - | 2,186 | - | (90,330) |
| Dividends provided for or paid | - | - | - | - | (438,296) | (438,296) |
| Balance at 31 December 2024 | 111,019 | 12,966 | 37,006 | (159,842) | 400,549 | 401,699 |
| Balance at 1 January 2025 | 111,019 | 12,966 | 37,006 | (159,842) | 400,549 | 401,699 |
| Profit for the year | - | - | - | - | 463,062 | 463,062 |
| Other comprehensive income for the year | - | - | 2,509 | - | 42 | 2,551 |
| Total comprehensive income for the year | - | - | 2,509 | - | 463,104 | 465,613 |
| Dividends provided for or paid | - | - | - | - | (466,185) | (466,185) |
| Balance at 31 December 2025 | 111,019 | 12,966 | 39,516 | (159,842) | 397,469 | 401,128 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025
opap
News Release
FY 2025 FINANCIAL PERFORMANCE
- Cash Flow Statement
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in thousands of euro | GL01-31/12/2025 | GL01-31/12/2024 | GL01-31/12/2025 | GL01-31/12/2024 | |
| OPERATING ACTIVITIES | |||||
| Profit before income tax | 668,003 | 677,759 | 579,375 | 620,363 | |
| Adjustments for: | |||||
| Depreciation & amortisation | 139,169 | 135,215 | 114,082 | 109,579 | |
| Net finance costs | 15,372 | 9,276 | 19,277 | 12,521 | |
| Employee benefit plans | 1,560 | 2,585 | 1,491 | 2,589 | |
| Loss allowance for trade receivables | (153) | (65) | (183) | (69) | |
| Write-off of trade receivables | - | 13 | - | 13 | |
| Other provisions | (139) | (6,922) | (139) | (6,923) | |
| Provision for obsolete inventories | - | 500 | - | 500 | |
| Impairment losses on intangible assets and goodwill | 2,037 | 9,704 | - | - | |
| Dividend income | - | - | (70,000) | (105,000) | |
| Reversal of loss allowance of other current & non-current assets | - | 47 | - | - | |
| (Profit) / loss from sale of intangible assets, PPE and investment property | (22) | 8 | (5) | 76 | |
| Rent concessions | (22) | - | (24) | (2) | |
| Total | 825,788 | 828,121 | 643,075 | 633,042 | |
| Changes in Working capital | |||||
| (Increase) / Decrease in inventories | 770 | (1,091) | 738 | (777) | |
| (Increase) / Decrease in receivables | (10,002) | 47,405 | (794) | 41,010 | |
| Increase / (Decrease) in payables (except banks) | 93,062 | 28,432 | 53,168 | 21,749 | |
| Total | 866,618 | 866,867 | 656,167 | 665,825 | |
| Interest paid | (23,879) | (15,985) | (24,150) | (20,496) | |
| Income taxes paid | (169,216) | (162,131) | (121,395) | (117,706) | |
| Net cash inflow from operating activities | 716,524 | 704,851 | 550,642 | 557,422 | |
| INVESTING ACTIVITIES | |||||
| Proceeds from sale of intangible assets, PPE and investment property | 36 | 93 | 8 | 4 | |
| Repayment of loans by related & other third parties | 1,132 | 1,402 | 1,132 | 1,402 | |
| Repayment of loans by subsidiaries | - | - | 420 | 9,420 | |
| Proceeds from sale of subsidiary/associate | - | 6,537 | - | - | |
| Share capital increase of subsidiaries | - | - | (190,000) | - | |
| Loans granted to related & other third parties | (792) | (1,325) | (792) | (1,325) | |
| Loans granted to subsidiaries | - | - | - | (9,000) | |
| Purchase of intangible assets | (35,569) | (25,882) | (25,111) | (19,425) | |
| Purchase of property, plant and equipment | (11,223) | (6,879) | (6,113) | (5,979) | |
| Dividends received | - | - | 45,000 | 115,000 | |
| Interest received | 9,834 | 10,684 | 4,075 | 3,578 | |
| Net change in long term & short-term investments | 525 | (2,619) | - | - | |
| Net cash outflow from investing activities | (35,558) | (18,488) | (171,381) | 93,676 | |
| FINANCING ACTIVITIES | |||||
| Proceeds from borrowings from third parties | 530,000 | 20,000 | 530,000 | 20,000 | |
| Proceeds from borrowings from subsidiaries | - | - | - | 14,000 | |
| Repayment of borrowings to third parties | (240,092) | (30,092) | (240,000) | (30,000) | |
| Repayment of borrowings to subsidiaries | - | - | - | (10,000) | |
| Transaction costs related to borrowings | (4,360) | - | (4,360) | - | |
| Proceeds from share capital increase of subsidiary from NCI | - | 3,960 | - | - | |
| Share capital increase expenses | - | (278) | - | (278) | |
| Payment of lease liabilities | (10,406) | (8,740) | (8,151) | (7,280) | |
| Share capital return to the shareholders (excl. Treasury shares) | (91) | (90,465) | (91) | (90,465) | |
| Dividends paid to Company's shareholders | (466,490) | (438,650) | (466,490) | (438,650) | |
| Dividends paid to non-controlling interests in subsidiaries | (8,140) | (21,139) | - | - | |
| Payment for acquisition of the STOIXIMAN LTD 15.51% and the HELLENIC LOTTERIES S.A. 16.50% | (201,523) | - | - | - | |
| Acquisition of treasury shares | - | (118,883) | - | (118,883) | |
| Net cash outflow from financing activities | (401,102) | (684,286) | (189,093) | (661,558) | |
| Net increase in cash and cash equivalents | 279,466 | 2,077 | 190,168 | (10,458) | |
| Cash and cash equivalents at the beginning of the period | 487,514 | 485,437 | 139,494 | 149,952 | |
| Cash and cash equivalents at the end of the period | 766,980 | 487,514 | 329,662 | 139,494 |
OPAP S.A. Consolidated Financial Statements
for the Fiscal Year ended December 31st, 2025