At €549.7 million, OPAP's Q1 2024 net revenue before contributions (GGR) amounted to €549.7 million, up 4.2% year-on-year (Q1 2023: €527.4 million) due to the significant growth of online.

Q1 2024 earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 3.1% year-on-year to €190.3m (Q1 2023: €196.5m), or by 2.5% on a comparable basis, due to higher operating expenses, in particular mainly due to the front-loading of marketing expenses to support the recent launch of Eurojackpot and the renewal of Lotto and Joker. The EBITDA margin remained at a high level of 35%. Net profit in Q1 2024 amounted to €113.3m (Q1 2023: €118.0m), down 3.9% year-on-year or 2.4% on a comparable basis.

At the same time, it noted:

Strong cash position with a net debt/LTM EBITDA ratio at 0.14x (0.18x including leases).

Completion of the renewal of the draw games (Joker & Lotto) and successful launch of Eurojackpot.

We will continue to focus on offering innovative propositions by enhancing online through the creation of new loyalty programs while improving the digital experience of our customers in the retail business.

CEO STATEMENT

His statement is detailed:

"Our focus on enhancing our customer proposition and fostering innovation drove OPAP to deliver strong performance and organic growth in the first quarter of 2024. In this context, the online channel recorded strong activity, while the retail channel further strengthened its position.

The successful renewal of the lottery games portfolio, which began in late 2023 with the repositioning of Lotto and Joker and ended in March 2024 with the launch of Eurojackpot, was what drove additional GGR.

In addition, the OPAP Store App, the key pillar for the digitalization of our retail activities, maintained its strong momentum. In addition, our online offering to customers was further enhanced through an innovative loyalty program and a wide range of free games.

Looking ahead, we are focused on further upgrading our products in each category and making progress across all pillars of OPAP's Fast Forward business strategy. Overall, we are well positioned for another successful year, with our attention now turning to the upcoming major international sporting events.

Finally, we remain committed to delivering high returns for our shareholders, creating value for our partners, and making a social contribution."