OPAP announced an increase in revenues for the first half of the year, with the Organization moving forward in the distribution of an interim dividend of €0.60 per share to its shareholders, with a cut-off date of November 4, 2024.

In particular, as stated in a relevant announcement, the net income before contributions (GGR) in the first half was €1.083 billion, against €1.026 billion in the first half of 2023, increased by 5.6% on an annual basis , while GGR in the second quarter of 2024 amounted to €532.8 million, up 7.0% year-on-year, as a consequence of the remarkable performance of online, which contributed almost 30% to the Group’s revenue, and the contribution of ground activity (retail). The GGRs they were also favored by the popular sports events at the end of the quarterdriving customer engagement to higher levels.

Gross profit (from games) in H1 2024 increased by 6.6% year-on-year to €450.6 million (H1 2023: €422.6 million), due to the increase in GGRs to combined with high profit margins. Q2 2024 gross profit (from games) was €223.9 million (Q2 2023: €204.6 million), up 9.5% year-on-year.

Operating expenses for the first half of 2024 amounted to €213.9 million compared to €184.4 million in the first half of 2023, increased by 16.0% on an annual basis. Q2 2024 operating expenses totaled €108.5m, up 13.6% year-on-year to support Euro’24’s expanded operations and advertising exposure amid inflationary pressures and a competitive online landscape.

Earnings before interest, taxes and depreciation (EBITDA) in the first half of 2024 were marginally lower by 0.2% year-on-year at €373.7 million (first half of 2023: €374.4 million) or increased by 0.1% on a recurring basis. EBITDA in Q2 2024 reversed the weaker performance of the first quarter and increased by 3.0% YoY to €183.4m (Q2 2023: €178.0m), due to increased revenues.

The net profits in the first half of 2024 amounted to €231.6 million. (H1 2023: €224.4 million), marking an increase of 3.2% on an annual basis (or a decrease of 1.6% on a recurring basis). Net profit in Q2 2024 was €118.2m (Q2 2023: €106.4m), up 11.1% YoY (or down 0.8% on a recurring basis) , mainly due to non-recurring financial income related to the OPAP Cyprus concession agreement.

Finally, it is noted that OPAP’s cash position remains strong, with net borrowing at €193.1 million, and a Net Debt / LTM EBITDA ratio
at 0.26x (0.30x including leases), while the 2024 targets remain on track.

Commenting on the results, the Managing Director of OPAP Mr. Jan Karasstated: “After a strong start to the year, the second quarter of 2024 was another strong quarter, with positive results for OPAP and mainly driven by sports betting activity, which was significantly boosted during Euro 2024. Eurojackpot, the our new game, continued its upward trajectory, playing a key role in the overall transformation of the lottery game portfolio. We also enriched our portfolio of virtual games with a new NBA product, while introducing local jackpots in Play stores. In addition, our online gaming penetration increased to record levels, which reflects the successful implementation of our two-pronged strategy in this market.

In this context and based on our firm commitment to rewarding our shareholders, we are pleased to propose the distribution of an interim dividend of €0.60 per share.

Looking ahead, we are optimistic that OPAP is well positioned to achieve its financial and strategic goals for FY2024, meet its priorities in the areas of sustainability and social responsibility, and continue to deliver tangible value to all stakeholders. places.”