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Opap S.A. Interim / Quarterly Report 2025
2696_rns_2025-11-25_29f793a5-cf00-4fce-9ccb-dd930e183209.pdf
Interim / Quarterly Report
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Solid Q3 performance cements FY outlook delivery
ATHENS, Greece – November 25, 2025 – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the nine-month period ended September 30th, 2025, prepared in accordance with International Financial Reporting Standards (IFRS).
- 9M'25 Gross Gaming Revenues (GGR) landed at €1,755.9m vs €1,648.3m in 9M'24, higher by 6.5% y-o-y, driven by strong growth in retail and robust online performance. Q3'25 GGR stood at €602.9m, higher by 6.6% y-o-y, mainly attributable to numerical lotteries' strong performance.
- Gross Profit (from gaming operations) in 9M'25 up by 6.9% y-o-y at €740.4m (9M'24: €692.5m), driven by revenue growth and strong margins. Q3'25 higher by 4.8% y-o-y at €253.4m (Q3'24: €241.9m).
- Operating Expenses in 9M'25 were €339.8m vs €314.6m in 9M'24, higher by 8.0% y-o-y. Q3'25 OpEx increased by 10.9% y-o-y to €111.6m (Q3'24: €100.6m), mainly due to higher payroll expenses, on the back of increased headcount to support operational needs, and increased other operating expenses.
- EBITDA in 9M'25 increased by 4.4% y-o-y at €612.6m (9M'24: €586.9m) or +4.3% l-f-l. Q3'25 EBITDA came in at €214.2m (Q3'24: €213.2m), up by 0.5% y-o-y or +1.2% l-f-l, on the back of higher operating expenses.
- Net Profit in 9M'25 stood at €361.3m (9M'24: €339.9m), up by 6.3% y-o-y (+4.4% l-f-l). Q3'25 Net Profit stood at €127.9m (Q3'24: €120.5m), higher by 6.1% y-o-y (+2.9% l-f-l).
- Solid financial position, with Net Debt at €167.2m, and Net Debt / LTM EBITDA at 0.19x (0.23x incl. leases).
- 9M'25 solid profitability assures the delivery of our FY outlook.
1. OVERVIEW
| (€ 'm) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
|---|---|---|---|---|---|---|
| GGR (Gross Gaming Revenue) | 602.9 | 565.8 | 6.6 | 1,755.9 | 1,648.3 | 6.5 |
| NGR (Net Gaming Revenue) 1 | 409.9 | 386.8 | 6.0 | 1,197.8 | 1,127.0 | 6.3 |
| Gross Profit (from gaming operations) 2 |
253.4 | 241.9 | 4.8 | 740.4 | 692.5 | 6.9 |
| Operating Expenses | 111.6 | 100.6 | 10.9 | 339.8 | 314.6 | 8.0 |
| EBITDA | 214.2 | 213.2 | 0.5 | 612.6 | 586.9 | 4.4 |
| EBITDA margin | 35.5% | 37.7% | - | 34.9% | 35.6% | - |
| Recurring EBITDA | 215.8 | 213.2 | 1.2 | 614.2 | 588.7 | 4.3 |
| Net profit | 127.9 | 120.5 | 6.1 | 361.3 | 339.9 | 6.3 |
| Net profit margin | 21.2% | 21.3% | - | 20.6% | 20.6% | - |
| Recurring Net Profit | 129.9 | 126.2 | 2.9 | 363.3 | 348.1 | 4.4 |
| EPS (in €) | 0.3623 | 0.3339 | 8.5 | 1.0074 | 0.9370 | 7.5 |
1 GGR - GGR contribution
2 NGR - Agents' commission - other Direct costs
Revenues (GGR)
OPAP's revenues (GGR) in 9M 2025 increased by 6.5% y-o-y reaching €1,755.9m (9M 2024: €1,648.3m) on the back of strong retail performance and robust online growth.
Q3 2025 GGR came in higher at €602.9m (Q3 2024: €565.8m), up by 6.6% y-o-y, mainly on the back of Tzoker's strong performance and Powerspin's robust growth.
Gross Profit (from gaming operations)1
Gross Profit from gaming operations in 9M 2025 stood at €740.4m compared with €692.5m in 9M 2024, higher by 6.9% y-o-y in line with top line growth.
Q3 2025 Gross Profit from gaming operations increased by 4.8% y-o-y, reaching €253.4m versus €241.9m in Q3 2024.
EBITDA EBITDA in 9M 2025 stood at €612.6m versus €586.9m in 9M 2024, higher by 4.4% y-o-y (+4.3% l-f-l).
Q3 2025 EBITDA reached €214.2m versus €213.2m in Q3 2024, up by 0.5% y-o-y or +1.2% on a comparable basis, negatively impacted by higher operating expenses while EBITDA margin shaped at 35.5%, in line with our FY guidance.
Reported figures
Recurring figures
*Excl. one-off expenses of €1.6m in 9M'25 and €1.9m in 9M'24 (expenses of €1.6m in Q3'25 and no one-off income or expenses in Q3'24)
1 GGR - GGR contribution - Agents' commission - Other Direct costs
Net Profit Net profit in 9M 2025 stood at €361.3m versus €339.9m in 9M 2024, up by 6.3% y-o-y or +4.4% on a l-f-l basis.
Q3 2025 Net profit came in at €127.9m, up by 6.1% y-o-y or +2.9% on a l-f-l basis. Recurring net profit margin increased to 21.5% (vs 19.7% in Q2'25).
Reported figures
*Excl. one-off expenses of €2.0m in 9M'25 and income of €3.9m in 9M'24 (expenses of €2.0m in Q3'25 and €5.8m in Q3'24).
Comment of OPAP's CEO, Mr. Jan Karas, on the Q3 2025 results:
"Building on the first half's strong performance, OPAP delivered a robust set of Q3 results, outperforming last year's strong respective quarter.
Similar to last year, the third quarter performance benefited from a significant jackpot in Tzoker, with this year's August giga jackpot being the biggest in the game's history, leading to increased retail footfall, online platforms' visitation and customers' activity in both channels. At the same time, iGaming grew for yet another quarter, while our iLottery offering was enriched with F1-related gamified loyalty experiences, during every Grand Prix weekend.
Overall, profitability has risen in tandem with healthy margins and a solid cash position. These positive trends reinforce our confidence in achieving our outlook for FY2025, as well as our broader strategic and business goals.
In this context, we are working toward a strong finish to the year and are looking forward to operating in 2026 under the new brand of Allwyn, which will mark a new era of growth opportunities, innovation, and best-in-class gaming entertainment experiences for our customers."
2. FINANCIAL REVIEW
| Revenues (GGR) per game | ||||||
|---|---|---|---|---|---|---|
| (€ '000) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
| Lottery | 219,647 | 200,016 | 9.8 | 607,299 | 573,138 | 6.0 |
| % total revenues | 36.4 | 35.3 | - | 34.6 | 34.8 | - |
| Betting | 180,107 | 181,325 | -0.7 | 557,778 | 535,577 | 4.1 |
| % total revenues | 29.9 | 32.0 | - | 31.8 | 32.5 | - |
| VLTs | 88,446 | 83,466 | 6.0 | 262,099 | 249,945 | 4.9 |
| % total revenues | 14.7 | 14.8 | - | 14.9 | 15.2 | - |
| Instant & Passives | 24,940 | 22,519 | 10.8 | 77,129 | 74,975 | 2.9 |
| % total revenues | 4.1 | 4.0 | - | 4.4 | 4.5 | - |
| iGaming (Online Casino) | 89,788 | 78,509 | 14.4 | 251,588 | 214,712 | 17.2 |
| % total revenues | 14.9 | 13.9 | - | 14.3 | 13.0 | - |
| TOTAL REVENUES | 602,928 | 565,835 | 6.6 | 1,755,893 | 1,648,347 | 6.5 |
Lottery Revenues from lottery reached €607.3m in 9M 2025 versus €573.1m in 9M 2024, higher by 6.0% y-o-y, on the back of strong Tzoker performance. Lottery GGR in Q3 2025 came in materially higher at €219.6m (Q3 2024: €200.0m), up by 9.8% y-o-y, mostly due to Tzoker's record-breaking jackpot in August and solid KINO performance.
Betting Total betting revenues reached €557.8m in 9M 2025 versus €535.6m in 9M 2024, higher by 4.1% y-o-y, as a result of the solid sportsbetting performance and strong Powerspin growth. Betting GGR in Q3 2025 decreased by 0.7% y-o-y, reaching €180.1m (Q3 2024: €181.3m), negatively impacted by the customer-friendly sports results in September, as reported across the industry, supported though by robust growth in Powerspin.
VLTs VLTs revenues in 9M 2025 stood higher by 4.9% y-o-y reaching €262.1m versus €249.9m in 9M 2024. In Q3 2025, VLTs revenues reached €88.4m, higher by 6.0% y-o-y (Q3 2024: €83.5m), benefitting from product enhancements and the ongoing terminal upgrades, resulting in higher player engagement.
Instant & Passives
Revenues from Instant & Passives shaped at €77.1m in 9M 2025 compared with €75.0m in 9M 2024, higher by 2.9% y-o-y. Q3 2025 GGR stood at €24.9m, up by 10.8% y-o-y, with both Scratch and Laiko experiencing solid performance following commercial enhancements and new Scratch ticket launches.
iGaming (Online Casino)
Revenues from iGaming (Online Casino) increased by 17.2% y-o-y to €251.6m in 9M 2025 (9M 2024: €214.7m). Q3 2025 revenues came in at €89.8m compared with €78.5m in Q3 2024, up by 14.4% y-o-y, on the back of strong demand for gaming experiences by the players.
| Gaming revenue related expense | ||||||||
|---|---|---|---|---|---|---|---|---|
| (€ '000) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% | ||
| Agents' commission | 108,555 | 100,784 | 7.7 | 315,759 | 303,052 | 4.2 | ||
| Other Direct costs | 47,932 | 44,122 | 8.6 | 141,645 | 131,411 | 7.8 | ||
| Total | 156,488 | 144,906 | 8.0 | 457,404 | 434,463 | 5.3 | ||
| % of total revenues (GGR) | 26.0 | 25.6 | - | 26.0 | 26.4 | - |
Gaming revenue related expense
Gaming revenue related expense in 9M 2025 stood at €457.4m versus €434.5m in 9M 2024, higher by 5.3% y-o-y, as a result of increased revenue generation in both channels. Q3 2025 gaming revenue related expense reached €156.5m versus €144.9m in Q3 2024, higher by 8.0% y-o-y.
| Payroll expense | ||||||
|---|---|---|---|---|---|---|
| (€ '000) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
| Wages and salaries | 22,882 | 19,855 | 15.2 | 64,653 | 56,599 | 14.2 |
| Social security costs | 3,533 | 3,291 | 7.3 | 11,241 | 10,510 | 7.0 |
| Other staff costs | 2,985 | 2,498 | 19.5 | 8,901 | 8,547 | 4.1 |
| Total cost | 29,400 | 25,644 | 14.6 | 84,795 | 75,657 | 12.1 |
| % of total revenues (GGR) | 4.9 | 4.5 | - | 4.8 | 4.6 | - |
Payroll expense
Payroll expense in 9M 2025 stood at €84.8m compared with €75.7m in 9M 2024, higher by 12.1% y-o-y. Q3 2025 payroll expense increased by 14.6% y-oy to €29.4m, due to higher headcount mainly to support increased operating needs.
| Marketing expense | |||||||
|---|---|---|---|---|---|---|---|
| (€ '000) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% | |
| CSR & sponsorship expense | 10,203 | 11,521 | -11.4 | 41,115 | 36,077 | 14.0 | |
| Advertising expense | 20,802 | 19,779 | 5.2 | 68,979 | 70,288 | -1.9 | |
| Total | 31,005 | 31,299 | -0.9 | 110,094 | 106,364 | 3.5 | |
| % of total revenues (GGR) | 5.1 | 5.5 | - | 6.3 | 6.5 | - |
Marketing expense
Marketing expense in 9M 2025 increased by 3.5% y-o-y to €110.1m versus €106.4m in 9M 2024. Q3 2025 marketing expense decreased by 0.9% y-o-y reflecting lower spending on sponsorships and CSR initiatives.
| Other operating expense | ||||||
|---|---|---|---|---|---|---|
| (€ '000) | Q3 2025 | Q3 2024 | Δ% | 9M 2025 | 9M 2024 | Δ% |
| IT related costs | 13,550 | 10,477 | 29.3 | 37,996 | 31,604 | 20.2 |
| Utilities & Telco costs | 3,183 | 2,726 | 16.8 | 9,160 | 9,122 | 0.4 |
| Rentals | 249 | 225 | 10.3 | 530 | 1,439 | -63.1 |
| Inventory consumption | 1,288 | 1,533 | -16.0 | 4,343 | 5,138 | -15.5 |
| Other | 32,914 | 28,726 | 14.6 | 92,847 | 85,230 | 8.9 |
| Total | 51,184 | 43,687 | 17.2 | 144,877 | 132,533 | 9.3 |
Other operating expense
Other operating expense in 9M 2025 stood at €144.9m versus €132.5m in 9M 2024, higher by 9.3% y-o-y. Q3 2025 other operating expense landed at €51.2m, higher by 17.2% y-o-y (Q3 2024: €43.7m), on the back of higher spending on IT-related projects.
| Cash Flows | |||
|---|---|---|---|
| (€' '000) | 9M 2025 | 9M 2024 | Δ% |
| Cash Flow from Operating Activities | 521,375 | 493,775 | 5.6% |
| Cash Flow from Investing Activities | -22,719 | -10,688 | 112.6% |
| Cash Flow from Financing Activities | -217,724 | -445,117 | -51.1% |
Cash Flow from Operating Activities
Cash flows from operating activities in 9M 2025 stood at €521.4m versus €493.8m in 9M 2024, due to higher profitability.
Cash Flow from Investing Activities
Cash flows from investing activities in 9M 2025 amounted to an outflow of €22.7m to support Group's capex needs.
Cash Flow from Financing Activities
Cash flows from financing activities in 9M 2025 amounted to an outflow of €217.7m reflecting net borrowing of €289.9m, dividend distributions to shareholders of €295.4m and the acquisition of the remaining 15.51% stake in Stoiximan for €201.5m.
3. MAIN DEVELOPMENTS
OPAP and Allwyn Business Combination
On October 13th, 2025, Allwyn International AG and OPAP S.A. announced a business combination through an allshare transaction. This transaction will create the world's second largest listed lottery and gaming operator, bringing together two industry leaders with strong market positions across Europe, the United States, and other international markets. The Combined Company, to be renamed Allwyn, will remain listed on the Athens Stock Exchange, with plans for an additional international listing post-closing. The structure of the transaction includes OPAP's hive-down to new Greek subsidiaries, transfer of its statutory seat to Luxembourg, and subsequent re-domiciliation to Switzerland. Allwyn will hold approximately 78.5% economic interest in the Combined Company, with OPAP shareholders (excluding Allwyn) holding the remaining 21.5%. Completion is expected in the first half of 2026, subject to shareholder and regulatory approvals.
2025 Interim Dividend Distribution
In November 2025 the Company distributed an interim dividend of €179.3 million (€0.50 per share) for the fiscal year 2025.
2020 Common Bond Loan Early Repayment
At its meeting on September 26th, 2025, OPAP Board of Directors decided to exercise the call option for early repayment of all bonds issued under the Common Bond Loan, in accordance with terms 4.2 and 4.3 of the Common Bond Loan program, as part of its refinancing and debt extension strategy. The early repayment was carried out on October 27th, 2025, with bondholders receiving 100.5% of the Common Bond Loan's nominal value plus accrued interest, expenses, and taxes. Following this full repayment, the bonds were canceled in accordance with term 4.6 of the Program and ATHEX CSD Rulebook. The Common Bond Loan was substituted by a new bank loan agreement.
Conference Call Invitation
Q3 2025 Financial Results Conference Call
An analyst call will be held on Wednesday, November 26th, 2025 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/25Q3 or https://87399.themediaframe.eu/links/opap25Q3.html
If you experience any difficulty, please call + 30 210 9460803 or email at [email protected]
CONTACTS
OPAP – 112. Athinon Ave., 104 42 Athens, Greece Investor Relations – Tel: +30 (210) 5798930 - [email protected]
ATTACHMENTS
-
- Condensed Statement of Financial Position
-
- Condensed Income Statement & Statement of Comprehensive Income
-
- Condensed Statement of Changes in Equity
- 3.1. Condensed Consolidated Statement of Changes in Equity
- 3.2. Condensed Separate Statement of Changes in Equity
-
- Condensed Cash Flow Statement
1. Condensed Statement of Financial Position
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 30.09.2025 | 31.12.2024 | 30.09.2025 | 31.12.2024 | ||
| ASSETS | |||||
| Non - current assets | |||||
| Intangible assets | 824,893 | 892,847 | 551,209 | 605,288 | |
| Property, plant and equipment | 33,330 | 36,233 | 29,767 | 34,759 | |
| Right-of-use assets | 27,882 | 28,204 | 19,502 | 20,187 | |
| Investment properties | 2,180 | 2,184 | 2,180 | 2,184 | |
| Goodwill | 340,384 | 340,384 | - | - | |
| Investments in subsidiaries | - | - | 661,412 | 446,412 | |
| Trade receivables | 601 | 1,446 | 601 | 1,446 | |
| Other non - current assets | 44,943 | 42,375 | 44,423 | 42,318 | |
| Deferred tax assets | 10,945 | 13,782 | - | - | |
| Long – term investments | - | 2,457 | - | - | |
| Total non - current assets | 1,285,158 | 1,359,912 | 1,309,095 | 1,152,593 | |
| Current assets | |||||
| Inventories | 3,910 | 5,665 | 2,195 | 2,773 | |
| Trade receivables | 63,954 | 86,715 | 19,636 | 31,325 | |
| Current income tax assets | 142 | 12,674 | - | - | |
| Other current assets | 37,765 | 40,352 | 37,618 | 31,482 | |
| Short – term investments | 6,593 | 4,768 | - | - | |
| Cash and cash equivalents | 771,032 | 490,099 | 378,192 | 139,494 | |
| Total current assets | 883,395 | 640,274 | 437,641 | 205,074 | |
| Total Assets | 2,168,553 | 2,000,187 | 1,746,736 | 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 | 37,211 | 37,006 | 37,211 | 37,006 | |
| Treasury shares | (159,842) | (159,842) | (159,842) | (159,842) | |
| Retained earnings | 299,292 | 578,263 | 272,696 | 400,549 | |
| Equity attributable to owners of the | |||||
| Company | 300,647 | 579,413 | 274,051 | 401,699 | |
| Non-controlling interests | 3,326 | 29,968 | - | - | |
| Total equity | 303,974 | 609,381 | 274,051 | 401,699 | |
| Non-current liabilities | |||||
| Borrowings | 348,425 | 607,611 | 308,425 | 567,611 | |
| Lease liabilities | 20,099 | 21,066 | 13,375 | 14,767 | |
| Deferred tax liability | 113,687 | 118,676 | 42,340 | 44,232 | |
| Employee benefit plans | 4,075 | 6,349 | 3,854 | 6,179 | |
| Other non-current liabilities | 82,766 | 65,493 | 31,380 | 10,851 | |
| Total non-current liabilities | 569,051 | 819,195 | 399,374 | 643,640 | |
| Current liabilities | |||||
| Borrowings | 596,390 | 44,497 | 628,529 | 75,711 | |
| Lease liabilities | 8,492 | 8,241 | 6,687 | 6,397 | |
| Trade payables | 188,569 | 207,514 | 83,932 | 94,561 | |
| Employee benefit plans | 4,234 | - | 4,234 | - | |
| Provisions | 3,382 | 3,614 | 3,334 | 3,567 | |
| Current income tax liabilities | 141,217 | 127,198 | 72,538 | 57,462 | |
| Other current liabilities | 353,244 | 180,547 | 274,058 | 74,629 | |
| Total current liabilities | 1,295,528 | 571,611 | 1,073,311 | 312,328 | |
| Total liabilities | 1,864,580 | 1,390,806 | 1,472,685 | 955,967 | |
| Total Equity & Liabilities | 2,168,553 | 2,000,187 | 1,746,736 | 1,357,667 | |
2. Condensed Income Statement & Statement of Comprehensive Income
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 01.01- | 01.01- | 01.01- | 01.01- | ||
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | ||
| Revenue (GGR) | 1,755,893 | 1,648,347 | 1,126,773 | 1,069,430 | |
| GGR contribution and other levies and duties |
(558,045) | (521,376) | (345,241) | (327,697) | |
| Net gaming revenue (NGR) | 1,197,847 | 1,126,971 | 781,532 | 741,733 | |
| Agents' commissions | (315,759) | (303,052) | (267,077) | (257,417) | |
| Other direct costs | (141,645) | (131,411) | (66,196) | (61,114) | |
| Revenue from non-gaming activities | 74,941 | 78,368 | 34,471 | 36,839 | |
| Income related to the extension of the concession of the exclusive right 2020- 2030 |
176,169 | 174,789 | 176,169 | 174,789 | |
| Cost of sales related to non-gaming activities |
(39,185) | (44,239) | (40) | (36) | |
| Payroll expenses | (84,795) | (75,657) | (59,497) | (56,041) | |
| Marketing expenses | (110,094) | (106,364) | (44,654) | (43,707) | |
| Other operating expenses | (144,887) | (132,366) | (76,938) | (73,847) | |
| Net impairment losses on financial assets | 10 | (167) | 88 | (67) | |
| Profit before interest, tax, depreciation and amortisation (EBITDA) |
612,604 | 586,870 | 477,858 | 461,132 | |
| Depreciation and amortisation | (103,675) | (101,165) | (85,012) | (81,681) | |
| Impairment of intangible assets and goodwill |
- | (7,400) | - | - | |
| Results from operating activities | 508,928 | 478,305 | 392,846 | 379,451 | |
| Finance income | 10,772 | 13,104 | 6,339 | 6,980 | |
| Finance costs | (21,719) | (20,325) | (20,042) | (16,646) | |
| Dividend income | - | - | 45,000 | 60,000 | |
| Profit before income tax | 497,981 | 471,084 | 424,142 | 429,784 | |
| Income tax expense | (129,528) | (122,910) | (85,811) | (82,428) | |
| Profit for the period | 368,453 | 348,175 | 338,331 | 347,356 | |
| Profit is attributable to: | |||||
| Owners of the Company | 361,255 | 339,944 | 338,331 | 347,356 | |
| Non-controlling interests | 7,198 | 8,230 | - | - | |
| Profit after tax | 368,453 | 348,175 | 338,331 | 347,356 | |
| Basic and diluted earnings per share in € | 1.0074 | 0.9370 | 0.9435 | 0.9574 | |
| Profit for the period | 368,453 | 348,175 | 338,331 | 347,356 | |
| Other comprehensive income - items that are or may be reclassified subsequently to the Income Statement | |||||
| Profit from valuation of hedging derivatives |
263 | - | 263 | - | |
| Related tax | (58) | - | (58) | - | |
| Total items that may be reclassified to the Income Statement |
205 | - | 205 | - | |
| Other comprehensive income for the period, net of tax |
205 | - | 205 | - | |
| Total comprehensive income for the | 368,658 | 348,175 | 338,536 | 347,356 | |
| period Total comprehensive income is |
|||||
| attributable to: | |||||
| Owners of the Company Non-controlling interests |
361,460 7,198 |
339,944 8,230 |
338,536 - |
347,356 - |
3. Condensed Statement of Changes in Equity
3.1. Condensed Consolidated Statement of Changes in Equity
| 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 period 01.01-30.09.2024 | _ | = | _ | _ | 339,944 | 339,944 | 8,230 | 348,175 |
| Total comprehensive income for the period | - | - | - | - | 339,944 | 339,944 | 8,230 | 348,175 |
| Transactions with owners of the Company | ||||||||
| Share capital increase | - | - | - | - | - | - | 3,960 | 3,960 |
| Share capital increase/decrease expenses | - | - | - | - | (278) | (278) | - | (278) |
| Acquisition of treasury shares | - | - | - | (104,231) | - | (104,231) | - | (104,231) |
| 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 | = | = | = | Ξ | (438,296) | (438,296) | (10,079) | (448,375) |
| Total transactions with owners of the Company | - | (92,516) | - | (102,045) | (438,574) | (633,135) | (6,119) | (639,254) |
| Balance at 30 September 2024 | 111,019 | 12,966 | 37,006 | (145,190) | 431,659 | 447,460 | 36,223 | 483,684 |
| Balance at 1 January 2025 | 111,019 | 12,966 | 37,006 | (159,842) | 578,263 | 579,413 | 29,968 | 609,381 |
| Profit for the period 01.01-30.09.2025 | - | - | - | - | 361,255 | 361,255 | 7,198 | 368,453 |
| Other comprehensive income for the period | - | Ξ | 205 | Ξ | Ξ | 205 | _ | 205 |
| Total comprehensive income for the period | - | - | 205 | - | 361,255 | 361,460 | 7,198 | 368,658 |
| Transactions with owners of the Company | ||||||||
| Share capital increase | - | - | - | - | - | - | 1,733 | 1,733 |
| Other movements following the STOIXIMAN LTD merger | - | - | - | - | (174,041) | (174,041) | (27,432) | (201,473) |
| Dividends provided for or paid | = | = | = | Ξ | (466,185) | (466,185) | (8,140) | (474,325) |
| Total transactions with owners of the Company | - | - | - | - | (640,226) | (640,226) | (33,840) | (674,066) |
| Balance at 30 September 2025 | 111,019 | 12,966 | 37,211 | (159,842) | 299,292 | 300,647 | 3,326 | 303,974 |
3.2. Condensed Separate Statement of Changes in Equity
| 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 period 01.01-30.09.2024 | - | - | - | - | 347,356 | 347,356 |
| Total comprehensive income for the period | - | - | - | - | 347,356 | 347,356 |
| Share capital increase/decrease expenses | - | - | - | - | (278) | (278) |
| Acquisition of treasury shares | - | - | - | (104,231) | - | (104,231) |
| 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 30 September 2024 | 111,019 | 12,966 | 37,006 | (145,190) | 243,852 | 259,653 |
| Balance at 1 January 2025 | 111,019 | 12,966 | 37,006 | (159,842) | 400,549 | 401,699 |
| Profit for the period 01.01-30.09.2025 | - | - | - | - | 338,331 | 338,331 |
| Other comprehensive income for the period | - | - | 205 | - | - | 205 |
| Total comprehensive income for the period | - | - | 205 | - | 338,331 | 338,536 |
| Dividends provided for or paid | - | - | - | - | (466,185) | (466,185) |
| Balance at 30 September 2025 | 111,019 | 12,966 | 37,211 | (159,842) | 272,696 | 274,051 |
4. Condensed Cash Flow Statement
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 01.01- | 01.01- | 01.01- | 01.01- | |
| 30.09.2025 | 30.09.2024 | 30.09.2025 | 30.09.2024 | |
| OPERATING ACTIVITIES | ||||
| Profit before income tax | 497,981 | 471,084 | 424,142 | 429,784 |
| Adjustments for: | ||||
| Depreciation & amortisation | 103,675 | 101,165 | 85,012 | 81,681 |
| Net finance costs | 10,947 | 7,220 | 13,704 | 9,666 |
| Employee benefit plans | 1,923 | 1,915 | 1,876 | 1,923 |
| Loss allowance for trade receivables | (10) | 134 | (88) | 54 |
| Write-off of trade receivables | - | 13 | - | 13 |
| Other provisions | (257) | (953) | (257) | (954) |
| Impairment losses on intangible assets and goodwill | - | 7,400 | - | - |
| Dividend income | - | - | (45,000) | (60,000) |
| Profit from sale of intangible assets, PPE and | ||||
| investment property | (22) | (3) | (5) | 65 |
| Rent concessions | (23) | (23) | (2) | |
| Total | 614,213 | 587,977 | 479,362 | 462,231 |
| Changes in Working capital | ||||
| (Increase) / Decrease in inventories | 1,755 | (2,826) | 577 | (1,045) |
| Decrease in receivables | 21,963 | 68,997 | 5,338 | 39,570 |
| Increase / (Decrease) in payables (except banks) | 3,624 | (24,692) | 8,610 | (1,550) |
| Total | 641,555 | 629,456 | 493,887 | 499,207 |
| Interest paid | (14,594) | (27,222) | (13,832) | (12,129) |
| Income taxes paid | (105,586) | (108,458) | (72,697) | (76,021) |
| Net cash inflow from operating activities | 521,375 | 493,775 | 407,359 | 411,056 |
| INVESTING ACTIVITIES | ||||
| Proceeds from sale of intangible assets, PPE and | ||||
| investment property | 33 | 93 | 5 | 4 |
| Repayment of loans by related & other third parties | 899 | 1,095 | 899 | 1,095 |
| Repayment of loans by subsidiaries | - | - | 210 | 5,210 |
| Proceeds from sale of subsidiary/associate | - | 6,537 | - | - |
| Share capital increase of subsidiaries | - | - | (190,000) | - |
| Loans granted to related & other third parties | (534) | (1,006) | (534) | (1,006) |
| Loans granted to subsidiaries | - | - | - | (9,000) |
| Purchase of intangible assets | (22,777) | (17,462) | (15,417) | (11,434) |
| Purchase of property, plant and equipment | (7,917) | (5,104) | (5,283) | (4,570) |
| Dividends received | - | - | 45,000 | 63,000 |
| Interest received | 6,945 | 8,271 | 2,722 | 2,726 |
| Net change in long term & short-term investments | 632 | (3,113) | - | - |
| Net cash outflow from investing activities | (22,719) | (10,688) | (162,398) | 46,025 |
| FINANCING ACTIVITIES | ||||
| Proceeds from borrowings from third parties | 330,000 | 20,000 | 330,000 | 20,000 |
| Repayment of borrowings to third parties | (40,121) | (31,074) | (40,000) | (30,001) |
| Repayment of borrowings to subsidiaries | - | - | - | (10,000) |
| Transaction costs related to borrowings | (2,760) | - | (2,760) | - |
| Share capital increase expenses | - | (278) | - | (278) |
| Payment of lease liabilities | (7,843) | (6,413) | (6,117) | (5,376) |
| Share capital return to the shareholders (excl. Treasury | ||||
| shares) | (85) | (90,464) | (85) | (90,464) |
| Dividends paid to Company's shareholders | (287,301) | (222,577) | (287,301) | (222,577) |
| Dividends paid to non-controlling interests in | ||||
| subsidiaries | (8,140) | (10,079) | - | - |
| Payment for acquisition of the STOIXIMAN LTD 15.51% | (201,473) | - | - | - |
| Acquisition of treasury shares | - | (104,231) | - | (104,231) |
| Net cash outflow from financing activities | (217,724) | (445,117) | (6,264) | (442,928) |
| Net increase in cash and cash equivalents | 280,932 | 37,969 | 238,697 | 14,154 |
| Cash and cash equivalents at the beginning of the | ||||
| period | 490,099 | 487,334 | 139,494 | 149,953 |