Organization of Football Prognostics S.A. (OPAP) Q3 2024 earnings summary

Executive summary

• Q3 and 9M 2024 saw robust growth driven by Joker/Tzoker Mega jackpot, strong sports betting, and dynamic online casino performance, with online operations contributing a record 31% of group revenues.

• Online GGR surged 35.2% year-over-year, with retail also posting double-digit growth.

• Profitability was supported by normalization of operating expenses and strong cash inflows from operations.

• Healthy cash position and low leverage, with Net Debt/LTM EBITDA at 0.15x.

• Management remains confident in achieving the upper end of 2024 outlook, with no concerning trends identified for Q4.

Financial highlights

• Q3 2024 revenues (GGR) rose 17.6% year-over-year to €566m; 9M 2024 GGR up 9.4% to €1,648m.

• Q3 EBITDA increased 46.6% to €213m; 9M EBITDA up 12.9% to €587m.

• Q3 net profit up 44.7% to €120m; 9M net profit up 14.4% to €352m.

• The extraordinary Joker jackpot series generated an estimated one-off €15 million in additional GGR in September.

• Online contributed 31% of GGR in Q3, with online casino GGR up 48.3% year-over-year.

Outlook and guidance

• Management is confident in reaching the upper end of the €2.2 billion GGR guidance for 2024, with Q4 expected to be seasonally strong.

• Continued organic growth expected, especially in online and retail gaming segments.

• No formal guidance upgrade was issued, as management prefers not to speculate on potential overperformance.

• No negative trends are currently observed, but caution remains due to potential external factors like weather.

• No material financial impact expected from the cessation of Greek horse races in 2024.