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 30 th, 2023.

• 9M’23 Gross Gaming Revenues (GGR) landed at €1,506.5m vs €1,398.1m in 9M’22, higher by 7.8% y-o-y driven by solid growth in retail and strong online performance. Q3’23 GGR stood at €481.0m, lower by 3.6% y-o-y, mainly attributed to Tzoker’s unfavourable jackpot roll-overs, Sports betting higher payout across the industry and adverse one-off natural events (floods, wildfires).

• Gross Profit (from gaming operations) in 9M’23 up by 7.2% y-o-y at €616.1m (9M’22: €574.8m), in line with revenue growth. Q3’23 lower by 5.5% compared to respective period last year at €193.5m (Q3’22: €204.6m).

• Operating Expenses in 9M’23 at €299.0m vs €251.2m in 9M’22, higher by 19.0% y-o-y in order to support the uplift of operations in both channels. Q3’23 Opex reached €114.6m or €87.9m excluding one-off items, higher by 11.2% l-f-l compared to Q3’22.

• EBITDA in 9M’23 decreased by 2.5% y-o-y at €519.9m (9M’22: €533.3m) or +0.9% l-f-l. Q3’23 EBITDA came in at €145.4m (Q3’22: €197.6m), down by 26.4% y-o-y or -12.9% l-f-l., due to headwinds impacting the top line performance, while operating expenses increased.

• Net Profit in 9M’23 stood at €307.7m (9M’22: €285.8m) up by 7.7% y-o-y (+6.8% l-f-l). Q3’23 Net Profit stood at €83.3m (Q3’22: €118.5m), decreased by 29.8% y-o-y (-12.5% l-f-l).

• Solid financial position, with Net Cash at €147.8m, and Net Cash / LTM EBITDA at 0.20x (0.13x incl. leases).

• Considering the recent unusual volatility in Sports Betting market, as widely reported across industry, coupled with the effect of domestic one-off events, FY recurring EBITDA outlook €720 - 740m.

Revenues (GGR)

OPAP’s revenues (GGR) in 9M 2023 increased by 7.8% y-o-y reaching €1,506.5m (9M 2022: €1,398.1m) on the back of strong retail performance coupled with solid online contribution, which accounted for 27% of total revenues in Q3’23 (+3pp q-o-q).

Q3 2023 stood lower by 3.6% y-oy at €481.0m (Q3 2022: €498.8m) negatively impacted by adverse weather conditions (floods affected c.3% of our retail network) & customer friendly results.

Gross Profit (from gaming operations) 

Gross Profit from gaming operations in 9M 2023 stood at €616.1m compared to €574.8m in 9M 2022 higher by 7.2% y-o-y as a result of top line growth.

Q3 2023 Gross Profit decreased by 5.5% y-o-y reaching €193.5m vs €204.6m in Q3 2022.

EBITDA

EBITDA in 9M 2023 stood at €519.9m versus €533.3m in 9M 2022 lower by 2.5% y-o-y (+0.9% l-f-l). Q3 2023 EBITDA reached €145.4m versus €197.6m in Q3 2022, down by 26.4% y-o-y or on a comparable basis -12.9% y-o-y, on the back of lower top line performance alongside inflationary pressures on our cost base.

Adjusted EBITDA margin remained at solid levels, as per previous quarter Q2’23, of 35.8%.

Net Profit

Net profit in 9M 2023 stood at €307.7m versus €285.8m in 9M 2022 up by 7.7% y-o-y or 6.8%
on a l-f-l basis.

Q3 2023 Net Profit came in at €83.3m decreased by 29.8% yo-y or lower by 12.5% on a l-f-l basis, following the top line decrease, partially offset by lower financial expenses.