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

Executive summary

• Achieved record-high Gross Gaming Revenue (GGR) of €2,408m in FY 2025, up 4.9% year-over-year, driven by robust online, retail, and VLT performance.

• Net profit for FY 2025 was €491m, with a recurring net profit margin of 21%; like-for-like net profit was €496m, and basic EPS reached €1.3481.

• Online activities contributed 32% to GGR, with iGaming revenues up 16.9% year-over-year.

• Transitioned to operating under the Allwyn brand, with positive customer feedback and around 50% brand awareness.

• Entered final stages of business combination with Allwyn, expected to close in Q2 2026, with strategic and financial benefits anticipated.

Financial highlights

• FY 2025 GGR rose 4.9% year-over-year to €2,408m; Q4 2025 GGR was €652m, up 0.6% year-over-year.

• Gross profit from gaming operations increased 5.1% to €1,018.9m, with a margin of 42%.

• FY recurring EBITDA reached €837m, with a margin aligned to guidance at 35%.

• Net profit margin for FY 2025 was 20.1%–21%; Q4 2025 net profit margin was 20.4%.

• Net Debt/LTM EBITDA at 0.20x, with interest coverage at 53.6x.

Outlook and guidance

• Confident in continued strong performance for Greek operations and digital expansion in 2026, with VLTs and iGaming expected to sustain momentum.

• Recurring EBITDA margin guidance maintained at approximately 35%.

• No official outlook for 2026 revenue or profitability, but positive prospects anticipated; Allwyn to provide further guidance in upcoming analyst call.

• €0.80 per share distribution planned post-Allwyn transaction in Q2 2026.