OPAP – part of Allwyn – closed 2025 with record revenue and a clear digital shift. The benchmarks show stable top-line growth but some margin pressure. OPAP online growth is increasingly shaping the earnings profile of the new Allwyn structure.
Gross gaming revenue (GGR) rose 4.9% to EUR 2.41bn, while net gaming revenue increased 4.7% to EUR 1.64bn. Gross profit from gaming operations was up 5.1% to EUR 1.02bn. This points to stable core product economics despite changes in mix.
EBITDA declined 0.9% to EUR 824.6m, with margin down to 34.2% from 36.2%. In Q4 2025, EBITDA fell 13.5% due to higher operating expenses. Recurring EBITDA increased 1.1% to EUR 836.6m, showing limited underlying pressure.
Net profit slipped 0.5% to EUR 483.4m, while recurring net profit rose 0.9% to EUR 496.1m. EPS (Earnings per share) edged up to EUR 1.3481 for the year. Earnings remained broadly stable despite higher payroll and marketing costs.
OPAP online growth drove online activities to 32% of total GGR in 2025. iGaming revenue climbed 16.9% to EUR 350.6m, lifting its GGR share to 14.6% from 13.1%. Digital is expanding faster than retail segments.
Within the new Allwyn structure, the 32% online share is material. The revenue base is now more diversified and less retail-heavy. Further OPAP online growth will influence margins and capital allocation going forward.
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