Organization of Football Prognostics S.A. (OPAP) CMD 2025 summary

Strategic vision and transaction rationale

• The combination creates the world's second-largest listed lottery and gaming operator by EBITDA, offering scale, diversification, and access to high-growth markets such as the U.S., Latin America, and emerging regions.

• The transaction is an all-share combination, enabling public listing on the Athens Stock Exchange, better access to capital, and a streamlined group structure.

• Shareholders benefit from exposure to a broader product portfolio, including lottery, sports betting, iGaming, and innovative offerings like daily fantasy sports via PrizePicks, with double-digit accretion to adjusted EPS and free cash flow per share in the first year post-completion.

• The deal is expected to close in Q2 2026, subject to regulatory and antitrust approvals, and includes the acquisition of Novibet and PrizePicks to further strengthen the portfolio.

• Minimum annual dividend of €1.00 per share from FY2026, with potential for special dividends and buybacks, and a target net leverage of ~2.5x.

Financial performance and guidance

• Revenue, EBITDA, and free cash flow have grown at a 20% CAGR since 2019, with robust cash generation funding M&A, dividends, and deleveraging without external equity.

• Pro forma EBITDA reached €1.9 billion in the 12 months to June 2025, with high margins and strong cash flow.

• Financial guidance projects mid-20s consolidated net revenue growth in 2026 (boosted by acquisitions), low double-digit medium-term growth, and margin expansion to 40%+.

• The combined company maintains a minimum €1 per share dividend, with potential for growth, special dividends, and buybacks, supported by diversified cash flows.

• The business model is capital-light, with low capex intensity and a long-dated, diversified funding profile.

Growth levers and business development

• Organic growth is driven by customer focus, digitalization, product innovation, and omnichannel strategies, with retail and online channels both showing resilience.

• Inorganic growth targets bolt-on acquisitions in technology, content, and new verticals, exemplified by PrizePicks and IWG, enhancing platform capabilities and market reach.

• Betano and PrizePicks provide exposure to fast-growing online sports betting and DFS segments, with Betano holding the #1 position in Brazil and PrizePicks leading the US DFS market.

• North America is a key growth region, with PrizePicks leading in daily fantasy sports and IWG dominating e-instants, both showing high margins and rapid expansion.

• The U.K. National Lottery is undergoing a tech transformation, with expectations for improved growth, margins, and cash flow as investments take effect.