Organization of Football Prognostics S.A. (OPAP) Q4 2025 pre-recorded earnings summary

Executive summary

• Achieved record-breaking GGR of €2,407.9m in FY 2025, up 4.9% year-over-year, driven by strong Joker, iGaming, and robust retail growth.

• Recurring EBITDA reached €837m, the highest since privatization, with a 35% margin.

• Net profit for FY 2025 was €483.4m, with a recurring net profit margin of 21%.

• Shareholder distributions totaled €1.30 per share in 2025; post-merger, an additional €0.80 per share will be distributed.

• Major rebranding to Allwyn underway, with transition completed in January 2026 and full digital and network migration expected by 2027.

Financial highlights

• Q4 2025 GGR was €652m, up 0.6% year-on-year; full-year GGR reached €2,407.9m, up 4.9%.

• Full-year gross profit from gaming operations rose 5.1% to €1,018.9m.

• Recurring EBITDA for FY 2025 was €837m; recurring net profit €496m (21% margin).

• Cash reserves stood at €767m at year-end, with net debt/EBITDA at 0.2x.

• EPS for FY 2025 was €1.3481, slightly up from €1.3427 in FY 2024.

Outlook and guidance

• 2026 expected to be another successful year, entering a new era post-merger with Allwyn, with strategic and financial benefits anticipated.

• VLTs and iGaming expected to sustain strong performance into 2026.

• Retail and online channels positioned for continued growth, supported by product enhancements and digital initiatives.

• No official outlook for Greek operations, but positive trends and prospects highlighted.