Organization of Football Prognostics S.A. (OPAP) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 and 9M 2025 results, with revenue (GGR) up 6.5% YoY to €1,756m, driven by robust online and retail growth, including a record Tzoker jackpot.

• Management highlights robust performance across key business segments, digital innovation, and ongoing commercial initiatives.

• Ongoing rebranding to Allwyn and proposed business combination to create the world's second-largest listed lottery and gaming operator, with closing targeted for H1 2026.

Financial highlights

• Q3 2025 revenues (GGR) rose 6.6% YoY to €603m; EBITDA up 0.5% YoY to €181m; net profit up 6.1% YoY to €128m.

• 9M 2025 revenues (GGR) increased 6.5% YoY to €1,756m; EBITDA up 4.4% YoY to €613m; net profit up 6.3% YoY to €361m.

• EBITDA margin at 35.5% in Q3 and c.35% for 9M; gross profit margin at 42% in Q3 and 42.2% for 9M.

• Net profit margin at c.21% for both Q3 and 9M.

• Online GGR up 4.5% YoY in Q3 and 10.8% YoY for 9M; iLottery up 29% YoY in Q3.

Outlook and guidance

• Confident in meeting full-year 2025 outlook, expecting a strong Q4 to support results, with sustainable online growth in the mid to high single digits.

• Guidance for low single-digit GGR growth for the full year, with commercial actions in Q4 aimed at exceeding 5% growth.

• Business combination with Allwyn expected to materially enhance growth and be accretive to adjusted EPS and FCF per share.