The half-year financial results announced by OPAP are at the same level as last year. Net profit amounted to €231.6 million compared to €224.4 million in the same period last year.

EBITDA amounted to €373.7 million compared to €374.4 million last year. The Board of Directors of OPAP approved the distribution of €0.60 per share as an interim dividend for the financial year 2024, with a cut-off date of November 4, 2024.

ΙΝ DETAIL

• Net income before contributions (GGR) for the first half of 2024 was €1,082.5m compared to €1,025.6m in H1 2023, up 5.6% year-on-year, while GGR in Q2 2024 amounted to €532.8m, up 7.0% year-on-year, as a consequence of the notable performance of online, which had a nearly 30% contribution to Group revenues, and the contribution of the terrestrial (retail) business. GGR also benefited from popular sports events at the end of the quarter, driving customer engagement to higher levels.
• GGR growth and high margins drove a 6.6% year-over-year increase in gross profit (from games) in H1 2024 to €450.6m (H1 2023: €422.6m). In Q2 2024, gross profit (from games) was €223.9m (Q2 2023: €204.6m), up 9.5% year-on-year.
• Operating expenses in H1 2024 at €213.9m compared to €184.4m in H1 2023, up 16.0% year-on-year. Q2 2024 operating expenses of €108.5m, up 13.6% year-on-year, to support expanded activities and Euro'24 advertising amid inflationary pressures and a competitive online landscape.
• Earnings before interest, tax, depreciation and amortisation (EBITDA) in H1 2024 were marginally lower by 0.2% year-on-year to €373.7m (H1 2023: €374.4m) or up 0.1% on a recurring basis. EBITDA in Q2 2024 reversed the weaker performance of the first quarter and increased by 3.0% year-on-year to €183.4m (Q2 2023: €178.0m), driven by higher revenues.
• Net profit in H1 2024 was €231.6m (H1 2023: €224.4m), an increase of 3.2% year-on-year (or a decrease of 1.6% on a recurring basis). Net profit in Q2 2024 amounted to €118.2m (Q2 2023: €106.4m), up 11.1% year-on-year (or down 0.8% on a recurring basis), mainly due to one-off financial income related to the Cyprus IPA concession agreement.
• Strong cash position, with net debt at €193.1m, and Net Debt / LTM EBITDA ratio at 0.26x (0.30x including leases).
• On track to achieve its 2024 targets.
• The Board of Directors of OPAPOPAP -0.31% approved the distribution of €0.60 per share as an interim dividend for the 2024 financial year, with a record date of November 4, 2024.

CEO STATEMENT

CEO Jan Karas said: "After a strong start to the year, Q2 2024 was another strong quarter, with positive results for OPAP, driven primarily by our sports betting business, which was significantly boosted during Euro 2024. Eurojackpot, our new game, continued its upward momentum, playing a key role in the overall transformation of our lottery games portfolio. We also enriched our virtual games portfolio with a new NBA product and introduced local jackpots in our Play stores. In addition, penetration of our online games grew to record levels, reflecting the successful execution of our dual strategy in this market. In this context, and based on our firm commitment to rewarding our shareholders, we are pleased to recommend the distribution of an interim dividend of €0.60 per share. Looking ahead, we are optimistic that OPAPOP -0.31% is well positioned to achieve its financial and strategic objectives for FY2024, meet its priorities in the areas of sustainability and social responsibility, and continue to deliver tangible value to all stakeholders."