Opap S.A.

Quarterly Report • Sep 7, 2022

6 September 2022 Board of Directors: Kamil Ziegler, Jan Karas, Pavel Saroch, Pavel Mucha, Robert Chvátal,

PricewaterhouseCoopers S.A. Certified Auditors - Accountants (SOEL REG No 113) Theodore Panagos, Georgios Mantakas

Review report: Conclusion without qualification

Website: www.opap.gr Responsible Supervisory Authority: Ministry of Development and Investments Certified Auditors: Socrates Leptos-Bourgi (SOEL REG No. 41541) Katarina Kohlmayer, Igor Rusek, Nicole Conrad-Forker, Cherrie Mae Chiomento Ferreria, Approval date of the financial report from the BoD:

(Amounts in thousand euro)					(Amounts in thousand euro except earnings per share)
GROUP COMPANY					GROUP
	30.06.2022	31.12.2021	30.06.2022	31.12.2021		01.01-30.06.2022	01.01-30.06.2021 (Restated)	01.04-30.06.2022	01.04-30.06.2021 (Restated)
					Revenue (GGR)	899,302	570,082	442,108	395,893
	1,061,860	1,133,295	763,895	801,942	Net gaming revenue (NGR)	616,652	373,676	304,047	268,046
	63,908	70,383	61,413	68,101	Results from operating activities	249,507	132,536	114,479	107,370
	31,655	35,222	18,093	21,002	Profit before tax	222,059	111,031	102,559	96,859
	1,473	1,521	1,473	1,521	Profit for the period (A)	167,240	79,767	77,380	70,547
	455,680	454,560	693,667	500,311	-Owners of the Company	167,249	78,939	78,970	70,259
	12,557	4,682	3,112	2,689	-Non-controlling interests	(9)	828	(1,591)	288
	77,891	90,881	47,026	49,216	Other comprehensive income, net of tax (B)	1,115	487	-	265
	2,576,774	2,702,497	2,175,208	2,084,919	Total comprehensive income (A)+(B)	168,355	80,254	77,380	70,812
					-Owners of the Company	168,364	79,426	78,970	70,524
	105,857	105,857	105,857	105,857	-Non-controlling interests	(8)	828	(1,591)	288
	478,333	805,003	384,732	709,165	Earnings per share - basic (in € )	0.4765	0.2325	0.2250	0.2069

	STATEMENT INFORMATION OF FINANCIAL POSITION					STATEMENT INFORMATION OF COMPREHENSIVE INCOME
	(Amounts in thousand euro) GROUP		COMPANY			(Amounts in thousand euro except earnings per share)		GROUP
							01.01-30.06.2021	01.04-30.06.2022	01.04-30.06.2021
	30.06.2022	31.12.2021	30.06.2022	31.12.2021		01.01-30.06.2022	(Restated)		(Restated)
ASSETS Intangible assets	1,061,860	1,133,295	763,895	801,942	Revenue (GGR) Net gaming revenue (NGR)	899,302 616,652	570,082 373,676	442,108 304,047	395,893 268,046
Property, plant & equipment	63,908	70,383	61,413	68,101	Results from operating activities	249,507	132,536	114,479	107,370
Right of use asset	31,655	35,222	18,093	21,002	Profit before tax	222,059	111,031	102,559	96,859
Investment property	1,473	1,521	1,473	1,521	Profit for the period (A)	167,240	79,767	77,380	70,547
Other non-current assets	455,680	454,560	693,667	500,311	-Owners of the Company	167,249	78,939	78,970	70,259
Inventories	12,557	4,682	3,112	2,689	-Non-controlling interests	(9)	828	(1,591)	288
Trade receivables	77,891	90,881	47,026	49,216	Other comprehensive income, net of tax (B)	1,115	487	-	265
Other current assets	871,750	911,954	586,529	640,137
TOTAL ASSETS	2,576,774	2,702,497	2,175,208	2,084,919	Total comprehensive income (A)+(B)	168,355	80,254	77,380	70,812
LIABILITIES & EQUITY Share capital	105,857	105,857	105,857	105,857	-Owners of the Company -Non-controlling interests	168,364 (8)	79,426 828	78,970 (1,591)	70,524 288
Other items of equity holders' equity	478,333	805,003	384,732	709,165	Earnings per share - basic (in € )	0.4765	0.2325	0.2250	0.2069
Equity attributable to owners of the Company (a)	584,190	910,860	490,589	815,022	Profit before interest, tax, depreciation
Non controlling interests (b)	32,873	38,513	-	-	and amortization (EBITDA)	335,713	204,841	166,871	143,497
Total equity (c)=(a)+(b)	617,063	949,372	490,589	815,022
Provisions / Other non-current liabilities	183,995	189,984	70,647	72,230				COMPANY
							01.01-30.06.2021		01.04-30.06.2021
Long term loans	506,276	991,673	466,141	941,517		01.01-30.06.2022	(Restated)	01.04-30.06.2022	(Restated)
Short term loans	333,699	54,965	361,456	82,677	Revenue (GGR)	624,816	303,396	308,942	254,670
Other current liabilities	935,741	516,503	786,375	173,474	Net gaming revenue (NGR)	432,787	210,878	214,110	177,691
Total liabilities (d) TOTAL LIABILITIES & EQUITY (c)+(d)	1,959,711 2,576,774	1,753,125 2,702,497	1,684,619 2,175,208	1,269,897 2,084,919	Results from operating activities Profit before tax	234,178 216,699	105,960 91,978	116,415 113,034	92,327 88,410
					Profit for the period (A)	169,488	72,766	89,042	67,909
STATEMENT INFORMATION OF CHANGES IN EQUITY (Amounts in thousand euro)					-Owners of the Company	169,488	72,766	89,042	67,909
	GROUP		COMPANY		Other comprehensive income, net of tax (B)	1,112	487	-	266
		30.06.2021		30.06.2021
	30.06.2022	(Restated)	30.06.2022	(Restated)	Total comprehensive income (A)+(B)	170,600	73,253	89,042	68,175
Equity balance as of January 1st, 2022 and 2021					-Owners of the Company	170,600	73,253	89,042	68,175
respectively	949,372	782,710	815,022	640,045	Basic and diluted earnings (after tax) per share in €	0.4828	0.2116	0.2537	0.2000
Total comprehensive income	168,355	80,254	170,600	73,253	Profit before interest, tax, depreciation
Dividends Share capital increase expenses	(498,716) (1,949)	(190,845) (8)	(493,084) (1,949)	(186,778) (8)	and amortization (EBITDA)	285,337	161,274	141,815	119,857
Equity balance as of June 30th, 2022 and 2021
respectively	617,063	672,111	490,589	526,512
CASH FLOW STATEMENT INFORMATION (Amounts in thousand euro)						ADDITIONAL INFORMATION
	GROUP		COMPANY
	01.01-30.06.2022	01.01-30.06.2021	(Restated) 01.01-30.06.2022	01.01-30.06.2021 (Restated)	1. The assets of the Company and the Group have not been pledged.
Operating activities
					2. The number of the employees on 30.06.2022 and 30.06.2021 for the Company were 1,170 and 1,132 respectively (1,652 and 1,470
					respectively for the Group).
Profit before tax Plus / (minus) adjustments for:	222,059	111,031	216,699	91,978	3. The Group's and company's total inflow, outflow, receivables and payables to related companies and related parties, according to IAS
Depreciation & Amortization	67,366	72,108	51,159	55,314	24, are as follows:
Net finance costs	27,448	21,505	24,479	17,982
Employee benefit plans	889	833	871	762
Loss allowance for trade receivables	345	(1,382)	305	(1,136)			GROUP	COMPANY
Write-off of trade receivables	31	1,612	31	1,612			(amounts in thousand euro)
Other provisions	1,191	(686)	1,190	(686)	Inflow		-	22,620
Profit from associates Profit from the sale of PPE and intangible assets	(2,330) (3)	(814) (1)	- (3)	- (3)	Outflow Receivables		22,756 4,881	5,717 38,442
Impairment losses on PPE, intangible assets, Right-of-use assets & goodwill	18,840	198	-	-	Payables		265,203	133,181
Other non-cash items	(85)	(3,227)	(7,009)	(3,799)	Transactions and salaries of executive and administration members		2,635	2,413
Plus / (minus) adjustments for changes					Liabilities from executive and administration members		196	195
in working capital or connected
to operating activities:
(Inrease) / decrease in inventories	(7,875)	(4,596)	(423)	2,566	From the above transactions, the transactions and balances with the subsidiaries have been removed from the consolidated financial
(Increase) / decrease in receivables	124	(54,615)	(1,521)	(53,885)	statements of the Group. 4. Τhe Company's share capital amounts to 105,856,886 euro, divided into 352,856,287 shares with voting rights, par value of 0.30 euro
Increase / (decrease) in payables (except banks) Minus:	(32,405)	16,280	(21,526)	18,016	each.
Interest paid	(13,804)	(14,918)	(12,768)	(13,456)	5. There was no modification in the method of consolidation compared to the year ended on 31.12.2021.
Income tax paid	(5,537)	(2,921)	(5,403)	(1,773)	6. There were no changes in the structure of the Group as at 30.06.2022.
Net cash inflow from operating activities (a)	276,255	140,405	246,084	113,493	7. The accounting principles applied in preparing these interim condensed financial statements are the same as those applied for preparing the financial statements for the fiscal year 2021 considering the changes to Standards and Interpretations applicable from
Investing activities					01.01.2022.
Proceeds from sale of tangible & intangible assets	3	3	3	3	8. The fixed assets purchases concerning the period 01.01-30.06.2022 reached € 3,709 th. (€ 4,780 th. for the Group).
Additional consideration for the acquisition of subsidiary	(106,444)	(19,007)	-	-	9. There has not been any cease of operations in any of the Group's segments or companies.
Loan repayments from third parties	1,393	863	693	573	10. The amounts are presented in thousand euro as in the six month financial report. 11. Any differences in sums are due to roundings.
Loan repayments from subsidiaries Share capital increase of subsidiaries	- -	- -	3,000 (100,000)	4,000 -	12. The Company's Board of Directors decided during its meeting on 22.03.2022 to distribute a gross amount of € 211,714 th. or € 0.60
Loans granted to third parties	(302)	(276)	(302)	(276)	per share as final dividend for the fiscal year 2021 of which € 0.10 per share having already been paid as interim dividend in November
Loans granted to subsidiaries		-	(7,000)	(16,000)	2021. In addition to the dividend distribution, a capital return to Shareholders of € 0.90 per share was proposed to the Annual General
Purchase of intangible assets	(3,007)	(11,864)	(2,571)	(6,549)	Meeting ("AGM") of the Shareholders of 2022 which was held on 09.06.2022. Consequently, the total distributions to the shareholders
Purchase of property, plant and equipment	(1,772)	(779)	(1,138)	(554)	during the six months ended 30.06.2022 amount to € 1.50 per share. 13. The six month financial report of 2022 was approved with the 06.09.2022 BoD resolution.
Interest received	38	351	82	341
Net change in short-term & long-term investments	-	1,000	-	-
Net cash (outflow)/inflow from investing activities (b)	(110,092)	(29,709)	(107,234)	(18,462)
Financing activities Proceeds from loans & borrowings	364	2,014	-	-
Payments of loans & borrowings	(210,046)	(228)	(200,000)	(2)

				COMPANY
			01.01-30.06.2021		01.04-30.06.2021
			(Restated)	01.04-30.06.2022	(Restated)
	Profit for the period (A)	169,488	72,766	89,042	67,909
	-Owners of the Company	169,488	72,766	89,042	67,909
	Other comprehensive income, net of tax (B)	1,112	487	-	266
30.06.2021
(Restated)	Total comprehensive income (A)+(B)	170,600	73,253	89,042	68,175

FOR THE PERIOD JANUARY 1 TO JUNE 30, 2022 In accordance with the Decision 4/507/28.4.2009 of the Hellenic Capital Market Commission

The following financial data provide summary information about the financial positiion and the results of operations of OPAP S.A. (the Company) and its subsidiaries (collectively the Group). We advise the reader, before making any investment decision or other transaction with the Group or the Company, to visit the Company's website, where the consolidated and separate financial statements, according to the IFRS, together with review report of the external auditors are presented.

SUMMARY FINANCIAL INFORMATION

OPAP S.A.
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GREEK ORGANIZATION OF FOOTBALL PROGNOSTICS S.A.

Register Number: 46329/06/Β/00/15

General Electronic Commercial Registry-G.Ε.ΜI. Number: 3823201000

112, Athinon Ave, 104 42 Athens

Payment of lease liabilities	(4,634)	(1,676)	(3,001)	(846)
Dividends paid to Company's shareholders	(172)	(318)	(172)	(318)
Net cash outflow from financing activities (c)	(216,437)	(216)	(205,122)	(1,174)
Net increase / (decrease) in cash						Athens, 6 September 2022
and cash equivalents (a)+(b)+(c)	(50,275)	110,481	(66,271)	93,857
Cash and cash equivalents at the beginning of the period	860,361	506,873	609,088	279,491	Chairman of the Board	Board Member and Chief	Board Member and	Operational Finance Director
Effects of exchange rate changes on cash and cash equivalents	-	1	-	-		Executive Officer	Chief Financial Officer
Cash and cash equivalents at the end of the period	810,086	617,354	542,817	373,348
					Kamil Ziegler	Jan Karas	Pavel Mucha	Petros Xarchakos

	GROUP (amounts in thousand euro)	COMPANY
Inflow		22.620
Outflow	22.756	5.717
Receivables	4.881	38.442
Pavables	265.203	133.181
Transactions and salaries of executive and administration members	2.635	2.413
Liabilities from executive and administration members	196	195