OPAP : Q1 2024 Press Release

News Release

Q1 2024 FINANCIAL PERFORMANCE

2024 kicks-off strongly with online sustaining positive momentum

ATHENS, Greece - May 29, 2024 - OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece,

announces its consolidated financial results for the three-month period ended March 31st, 2024, prepared in accordance with International Financial Reporting Standards (IFRS).

• Q1 2024 Gross Gaming Revenues (GGR) stood at €549.7m, higher by 4.2% y-o-y (Q1 2023: €527.4m) driven by significant online growth.
• Q1 2024 EBITDA lower by 3.1% y-o-y at €190.3m (Q1 2023: €196.5m) or -2.5%y-o-y on a comparable basis due to higher Opex, in particular front-loading of marketing expenses, to support recent launch of Eurojackpot and revamp of Lotto and Tzoker. EBITDA margin remains at high levels of 35%.
• Net Profit in Q1 2024 came in at €113.3m (Q1 2023: €118.0m), lower by 3.9% y-o-y(-2.4%y-o-y on a comparable basis).
• Robust cash position with Net Debt/LTM EBITDA at 0.14x (0.18x incl. leases).
• Conclusion of the Draw-Based games revamp with the successful launch of Eurojackpot.
• Constant focus on offering innovative proposition by strengthening online channel, through launch of new loyalty schemes, while additionally enhancing our customers' digital experience in retail.
• On track to deliver 2024 outlook.

1. OVERVIEW

	(€ 'm)			Q1 2024			Q1 2023			Δ%
	GGR (Gross Gaming Revenue)		549.7		527.4			4.2%
	NGR (Net Gaming Revenue) 1		376.5		363.5			3.6%
	Gross Profit (from gaming operations) 2		226.6		218.1			3.9%
	Operating Expenses		105.4		88.9			18.6%
	EBITDA		190.3		196.5			-3.1%
	EBITDA margin			34.6%			37.2%			-
	Recurring EBITDA		191.9		196.9			-2.5%
	Net profit		113.3		118.0			-3.9%
	Net profit margin			20.6%			22.4%			-
	Recurring Net Profit		115.5		118.3			-2.4%
	EPS (in €)		0.3103		0.3263			-4.9%
1 GGR - GGR contribution
2 NGR - Agents' commission - other Direct costs

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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News Release

Q1 2024 FINANCIAL PERFORMANCE

Revenues OPAP's revenues (GGR) in Q1

(GGR) 2024 increased by 4.2% y-o-y, reaching €549.7m (Q1 2023: €527.4m), aided by the continued strong online contribution, which stood at €147.1m, higher by 15.4% y-o-y.

Gross Profit Gross Profit from gaming

(from operations in Q1 2024 stood at

gaming €226.6m (Q1 2023: €218.1m), operations)1 higher by 3.9% y-o-y, following

higher revenue generation.

EBITDA	EBITDA in Q1 2024 stood at	Reported figures
	€190.3m versus €196.5m in Q1
	2023, lower by 3.1% y-o-y or by
	2.5% y-o-y on a comparable basis,
	owing to higher Opex, mainly
	attributable to increased marketing
	expenses to promote new product
	launches and enhancements.

Recurring figures

*Excl. one-off expenses of €1.6m in Q1'24 and €0.4m in Q1'23

1 GGR - GGR contribution - Agents' commission - Other Direct costs

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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			News Release
			Q1 2024 FINANCIAL PERFORMANCE
Net Profit Net profit	in Q1 2024	stood at	Reported figures
€113.3m versus €118.0m in Q1
2023, down by 3.9% y-o-y, due to
increased	operating expenses,
part offset by lower financial
expenses.	On a comparable
basis, Q1'24 net profit reached
€115.5m	compared	with
€118.3m in Q1 2023, down by
2.4% y-o-y.

Recurring figures

*Excl. one-off expenses of €2.1m in Q1'24 and €0.4m in Q1'23

Comment of OPAP's CEO, Mr. Jan Karas, on the Q1 2024 results:

"OPAP reported solid performance and organic growth in Q1 '24, driven by our focus on enhancing our proposition and promoting innovation, with online recording strong activity and retail further solidifying its position.

The successful revamp of our Draw-Based Games portfolio, which started in late 2023 with the repositioning of Lotto and Tzoker and was completed with Eurojackpot's launch in March 2024, has resulted in incremental GGR. Additionally, the OPAP Store App, our main retail digitalization pillar, sustained its strong momentum. Moreover, our online proposition was further improved, through an innovative loyalty scheme and a variety of appealing free-to-play games.

Looking ahead, we are focused on further upgrading our offering in every vertical and achieving progress in all pillars of OPAP's Fast Forward business strategy. Overall, we are well positioned for another successful year, with our focus now turning to the forthcoming major international sporting events. Finally, we remain committed to offering generous returns to our shareholders, as well as to creating value for our stakeholders and giving back to society."

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

2. FINANCIAL REVIEW

Revenues (GGR) per game

	(€ '000)			Q1 2024			Q1 2023			Δ%
	Lottery		196,042		188,707			3.9
	% total revenues		35.7		35.8			-
	Betting		168,487		168,889			-0.2
	% total revenues		30.7		32.0			-
	VLTs		86,496		84,427			2.5
	% total revenues		15.7		16.0			-
	Instant & Passives		27,768		30,512			-9.0
	% total revenues		5.1		5.8			-
	Online Casino		70,904		54,911			29.1
	% total revenues		12.9		10.4			-
	TOTAL REVENUES			549,698			527,445			4.2

Lottery Lottery revenues reached €196.0m in Q1 2024 versus €188.7m in Q1 2023, higher by 3.9% y-o-y on the back of strong new Lotto & Tzoker performance both in online and retail. In addition, Eurojackpot (launched in March '24) recorded a promising start and contributed incremental revenues.

Betting Total betting revenues reached €168.5m in Q1 2024 versus €168.9m in Q1 2023 remaining broadly stable while being supported by healthy growth of Pame Stoixima and the solid contribution of Powerspin and Virtuals.

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

VLTs VLTs revenues in Q1 2024 reached €86.5m, higher by 2.5% y-o-y (Q1 2023: €84.4m), maintaining their upward trend aided by ongoing machines optimization and overall experience enhancement efforts.

Instant & Revenues from Instant & Passives stood

Passives at €27.8m in Q1 2024 compared with €30.5m in Q1 2023, lower by 9.0% y-o- y, while Ethniko & Laiko posted solid growth (+19.0% & +4.6%, respectively).

Online Revenues from Online Casino grew to

Casino €70.9m in Q1 2024 vs €54.9m in Q1 2023, up by 29.1% y-o-y, demonstrating strong growth on the back of higher player engagement levels and spending.

Gaming revenue related expense

	(€ '000)			Q1 2024			Q1 2023			Δ%
	Agents' commission		104,973		102,245			2.7
	Other Direct costs		44,886		43,192			3.9
	Total			149,860			145,437			3.0
	% of total revenues (GGR)		27.3		27.6

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

Gaming Gaming revenue related expense in Q1

revenue 2024 increased by 3.0% y-o-y reaching

related €149.9m versus €145.4m in Q1 2023,

expense because of increased revenue generation in retail and online.

Payroll expense

	(€ '000)				Q1 2024			Q1 2023			Δ%
	Wages and salaries		19,287		17,507			10.2
	Social security costs		3,050		2,707			12.6
	Other staff costs		3,236		1,863			73.7
	Total cost				25,572			22,078			15.8
	% of total revenues (GGR)		4.7		4.2
Payroll	Payroll expense in Q1 2024 stood at
expense	€25.6m compared with €22.1m in Q1
		2023, up by 15.8% y-o-y, mostly affected
		by initiatives	to support employees'

increased cost of living and redundancy costs related to the cessation of Markopoulo Park horseracing activities.

Marketing expense

(€ '000)

Q1 2024

Q1 2023

Δ%

CSR & sponsorship expense

12,448

10,181

22.3

Advertising expense

22,528

17,425

29.3

Total

34,975

27,607

26.7

% of total revenues (GGR)

6.4

5.2

Marketing

Marketing

expense

in Q1

2024

expense

increased by 26.7% y-o-y at €35.0m vs

€27.6m in Q1 2023, to promote new

customer

propositions,

most

notably

Eurojackpot's recent launch.

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

Other operating expense

	(€ '000)			Q1 2024			Q1 2023			Δ%
	IT related costs		10,496		9,592			9.4
	Utilities & Telco costs		3,350		3,338			0.4
	Rentals			982		201			387.5
	Inventory consumption		1,858		1,644			13.0
	Other			28,153		24,429			15.2
	Total			44,839			39,204			14.4
Other	Other operating expenses in Q1 2024
operating	increased by 14.4% y-o-y standing at
expense	€44.8m versus €39.2m in Q1 2023,
		while on a l-f-l basis, Other Opex
		increased by 11.6% y-o-y.

Cash Flows

	(€ '000)			Q1 2024			Q1 2023			Δ%
	Cash Flow from Operating Activities		107,723		143,727		-25.1%
	Cash Flow from Investing Activities		-6,523		-4,498		45.0%
	Cash Flow from Financing Activities		-35,166		-102,742		-65.8%

Cash Flow from Cash flows from operating

Operating activities in Q1 2024 came in at

Activities €107.7m versus €143.7m in Q1 2023, reflecting increased tax outflows and lower payables.

Cash Flow from	Cash flows from investing
Investing	activities in Q1 2024 amounted to
Activities	an outflow of €6.5m.

Cash Flow from Cash flows from financing

Financing activities in Q1 2024 amounted to

Activities an outflow of €35.2m, mostly attributable to the purchase of treasury shares within the context of the ongoing Share Buyback Program.

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

3. MAIN DEVELOPMENTS

24th Annual General Meeting (AGM)

The Annual General Meeting of OPAP's shareholders was held on 25.04.2024.

The meeting was hybrid with 764 Shareholders participating, both domestic and international, either by proxy or live in the room or via electronic platform where the GM was broadcasted.

The overall quorum stood high at 78.39%, while all Agenda items were approved with an average rate of 99.6%.

Shareholders remuneration

• Dividend for the year 2023

The Annual General Meeting ("AGM") of OPAP's Shareholders, held on 25.04.2024, approved the distribution of a gross amount of €0.60 per share as remaining dividend for the fiscal year 2023, on top of the €1.00 per share already paid in November 2023 as an interim dividend. The remaining dividend for the fiscal year 2023 was distributed on 09.05.2024 (cut-off date: 29.04.2024 and record date: 30.04.2024).

• Capital Return

In addition, the Company's AGM dated 25.04.2024 approved the distribution of a capital return amounting to €0.25 per share. The capital return will be distributed on 01.07.2024 (cut-off date: 25.06.2024 and record date: 26.06.2024).

Share Buyback Program update

As of 24.05.2024, 5,878,375 own shares have been purchased, since 03.10.2023 at a total cost of €92.2 million, resulting in the Company owning 7,707,999 treasury shares or 2.08% of shares issued.

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

Conference Call Invitation

Q1 2024 Financial Results Conference Call

An analyst call will be held on Thursday, May 30th, 2024

at 04:00 PM (Athens) / 02:00 PM (London) / 09:00 AM (New York)

The corresponding video presentation will be posted on the Company's website / IR section

https://investors.opap.gr/en/results-and-news/financial-statements/2024

Participants will have the opportunity to watch the video presentation in advance

and join the Q&A conference call.

Dial-in Numbers:
UK participants please dial	+44	(0) 800 368 1063
Greek participants please dial	+30	211 180 2000
US participants please dial	+ 1 516 447 5632
Other International please dial	+44	(0) 203 0595 872

Live Webcast:

The conference call will be available via audio webcast in real time and you may join by linking at: https://www.opap.gr/24Q1or https://87399.themediaframe.eu/links/opap24Q1.html

If you experience any difficulty, please call + 30 210 94 60 803 or email at [e-mail]

CONTACTS

OPAP - 112, Athinon Ave., 104 42 Athens, Greece

Investor Relations - Tel: [phone] - [e-mail]

ATTACHMENTS

1. Statement of Financial Position
2. Income Statement & Statement of Comprehensive Income
3. Statement of Changes in Equity
4. 1. Consolidated Statement of Changes in Equity
   2. Separate Statement of Changes in Equity
5. Cash Flow Statement

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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Q1 2024 FINANCIAL PERFORMANCE

1. Statement of Financial Position

	Amounts in thousands of euro				GROUP		COMPANY
			31.03.2024		31.12.2023		31.03.2024		31.12.2023
	ASSETS
Non - current assets
	Intangible assets			907,352		930,483		656,194		674,583
	Property, plant and equipment			43,616		45,470		42,284		44,183
	Right-of-use assets			27,322		24,871		22,457		21,218
	Investment properties			1,351		1,356		1,351		1,356
	Goodwill			342,688		342,688		-		-
	Investments in subsidiaries			-		-		446,412		446,412
	Trade receivables			2,530		3,093		2,530		3,093
	Other non - current assets			49,347		56,965		49,275		57,776
	Deferred tax assets			14,135		14,860		-		-
	Long - term investments			550		550		-		-
	Total non - current assets			1,388,890		1,420,335		1,220,502		1,248,621
Current assets
	Inventories			14,113		5,075		3,359		2,496
	Trade receivables			80,657		104,259		40,688		50,668
	Current income tax assets			6,675		12,738		-		-
	Other current assets			66,424		66,791		42,733		43,864
	Short - term investments			7,058		3,556		-		-
	Cash and cash equivalents			553,369		487,334		212,919		149,953
	Total current assets			728,296		679,751		299,699		246,981
	Total Assets			2,117,186		2,100,086		1,520,201		1,495,603
	EQUITY & LIABILITIES

Equity

Share capital	111,019	111,019	111,019	111,019
Share premium	105,482	105,482	105,482	105,482
Reserves	37,006	37,006	37,006	37,006

	Treasury shares		(74,897)		(43,145)		(74,897)		(43,145)
	Retained earnings		643,631		530,289		432,451		335,070
	Equity attributable to owners of the		822,241		740,651		611,061		545,432
	Company
	Non-controlling interests		36,521		34,112		-		-
	Total equity		858,762		774,763		611,061		545,432

Non-current liabilities

Borrowings	586,830	586,569	586,738	586,454
Lease liabilities	21,420	19,527	17,623	16,762
Deferred tax liability	121,782	123,087	44,471	44,724
Employee benefit plans	4,149	3,524	4,020	3,374

Other non-current liabilities	2,141	2,312	-	-
Total non-current liabilities	736,322	735,018	652,853	651,314
Current liabilities
Borrowings	74,440	73,976	52,944	61,804
Lease liabilities	7,082	6,512	6,003	5,658
Trade payables	152,211	201,501	57,481	87,695
Employee benefit plans	-	3,508	-	1,501
Provisions	10,724	12,291	10,678	12,244
Current income tax liabilities	111,643	119,047	53,037	59,984
Other current liabilities	166,002	173,469	76,144	69,971
Total current liabilities	522,102	590,305	256,287	298,856
Total liabilities	1,258,424	1,325,323	909,140	950,171
Total Equity & Liabilities	2,117,186	2,100,086	1,520,201	1,495,603

OPAP S.A. Interim Management Statements

for the three-month period ended March 31st, 2024

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