OPAP reports H1 2025 results with growth across key segments
GGR rose 6.5% year-on-year to €1.15bn, while NGR increased to €787.9m, also up 6.5%.
Key points:
– OPAP Group GGR rose 6.5% in H1 2025 to €1.15bn, with profit after tax up 6.6% to €239.7m
– Online GGR grew 14.4%, while retail increased 3.4%, with casino operations the standout performer (+22.1%)
– The company refinanced €490m in loans, launched a new share buy-back programme and paid a €503m dividend for FY 2024
Greek gaming operator OPAP has reported robust financial results for the first half of 2025, with group revenue increasing 6.5% to €1.15bn ($1.34bn) compared to the same period in 2024.
The company’s net gaming revenue reached €787.9m, representing a 6.5% year-on-year increase. EBITDA rose 6.6% to €398.4m, while profit before income tax climbed 6.9% to €324.2m.
Net profit for the period totalled €239.7m, up 6.6% from the previous year.
Growth was driven primarily by online operations, which recorded a 14.4% increase in gross gaming revenue, alongside solid retail sector performance with a 3.4% increase.
Individual gaming verticals showed varied performance, with casino operations leading growth at 22.1%, followed by betting activities at 5.2%, VLT operations at 4.3% and lottery games at 3.9%.
During the period, OPAP undertook significant financial restructuring activities. The company refinanced two existing credit facilities, establishing new loan agreements worth €240m and €250m, with extended maturities to 2032 and 2031 respectively.
Interest rate swap agreements were implemented to hedge floating rate exposure on both facilities.
Good to know: Following shareholder approval, OPAP launched a share buyback program allowing purchases up to 5% of paid-up capital through June 2027, with a price range between €0.30 and €25 per share
Additionally, OPAP distributed €286.9m in dividends to shareholders in May 2025, representing €0.80 per share excluding treasury shares.
The company also received dividends from subsidiaries, including €40m from OPAP Investment and €5m from OPAP Sports.
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