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Organization of Football Prognostics S.A. (OPAP) investor relations material

Organization of Football Prognostics S.A. M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary13 Oct, 2025

Deal rationale and strategic fit

  • Creates a leading global lottery and gaming operator with top positions in multiple markets and strong diversification.

  • Combines physical retail and digital capabilities, leveraging both companies' strengths.

  • Positions shareholders to benefit from industry trends and mitigates risks through scale, growth, and technology.

  • Offers a platform for further organic and inorganic growth, with significant exposure to growth markets.

  • Unlocks access to equity capital markets and elevates the global profile of the combined platform.

Financial terms and conditions

  • All-share combination, with OPAP public shareholders expected to own 21.5% of the combined company.

  • €0.80 dividend payable shortly after completion, in lieu of the remaining 2025 dividend.

  • Minimum dividend of €1.00 per share from FY2026, with a scrip option; special dividends or buybacks considered.

  • Target net leverage of ~2.5x, with flexibility for value-accretive growth.

  • Pro forma EBITDA for the 12 months to June 2025 is €1.9 billion.

Synergies and expected cost savings

  • Double-digit accretive earnings in the first year post-completion.

  • Enhanced cash flow generation and shareholder income, supported by diversified and scalable operations.

  • Unified branding, sponsorship strategies, and in-house technology and content.

  • Post-tax return on invested capital expected to exceed OPAP’s cost of capital by the end of the second full financial year post-completion.

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Frequently asked questions

Organization of Football Prognostics S.A. (OPAP) is a gaming and lottery company engaged in the operation of betting, lottery, and online gaming services. The company offers a range of gaming products, including sports betting, numerical lotteries, scratch cards, and casino-style games. OPAP operates through a network of retail outlets and digital platforms, serving customers across Greece and Cyprus. The company is headquartered in Athens, Greece, and its shares are listed on the ATHEX.

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