OPAP had a convincing quarterly recovery & solid capability to face future challenges

• Gross Gaming Revenues (GGR) in 9M 2020 stood at €898.9m lower by 23.4% y-o-y and Q3’20 GGR at €391.0m marginally decreased by 0.7% y-o-y demonstrating a convincing, gradual recovery towards business normality.


• Gross Profit (from gaming operations) in 9M’20 down by 25.9% at €338.2m (9M 2019: €456.5m). Q3 2020 gross profit (from gaming operations) stood at €147.1m (Q3 2019: €152.5m) lower by 3.6% y-o-y


• EBITDA in 9M 2020 lower by 31.9% at €207.6m (9M 2019: €304.9m) or -27.8% l-f-l after excluding one-off items in both years. Q3 2020 EBITDA came in at €105.0m (Q3 2019: €103.5m) increased by 1.5%, as a result of cost efficiencies and increased Kaizen Gaming contribution.


• Operating Expenses in 9M 2020 at €182.5m, decreased by 5.9% y-o-y as a result of well-timed cost containment actions during the lockdown. Operating expenses in Q3 2020 came in at €57.7m lower by 3.8% y-o-y demonstrating persistent focus on cost optimization.


• Net Profit in 9M 2020 lower by 47.9% to €73.2m (9M 2019: €140.6m) or -38.3% on a l-f-l basis after excluding one-off items in both years. Q3 2020 Net Profit came in at €52.8m (Q3 2019: €48.8m) increased by 8.3%.


• Solid cash position, with Net Debt at €555.7m, and Net Debt/LTM EBITDA at 1.7x.  Issuance of €200m 7-year bond loan at a low 2.1% interest rate.


• Growing contribution of Kaizen Gaming coupled with OPAP’s improving online offering.


• Well positioned to address the impact of lockdown measures and sustain business continuity.

OPAP published its financial results for the period ended Sep 30th, 2020. Our financial performance in Q3 2020 demonstrates OPAP’s ability to ensure operational readiness during unfortunate times and deliver resilient results upon the lifting of lockdown measures.

According to Jan Karas, Acting CEO of OPAP, “Going forward, in the volatile environment of the pandemic and the second lockdown, our focus remains on protecting and actively supporting our employees, partners and stakeholders, safeguarding our healthy financial position and enhancing our product proposition. We remain confident in our ability to face future challenges and deliver positive results”.

For a detailed review, you may read the relevant press release:: https://bit.ly/33lf4zT