OPAP H1 2025 results show steady year-on-year growth across the first six months. The company leant on online momentum while retail held up. OPAP H1 2025 results also arrive with an interim dividend decision.

  • Revenue reached €1.153bn GGR for H1, up 6.5% year on year; Q2 GGR was €557.9m, up 4.7%. Online contributed 31% of group GGR, lifted by iGaming. Management reiterated it is on track with the 2025 outlook.

  • EBITDA came in at €398.4m for H1, up 6.6%, with a 34.6% margin; Q2 EBITDA was €191.3m. Net profit was €233.4m for H1 and €110.0m for Q2. The company reported Net Debt of €147.7m and Net Debt/LTM EBITDA of 0.17x.

  • By product, Q2 tables show iGaming GGR up 24.4% to €86.4m, lottery up 2.2% to €180.9m, VLTs up 7.3% to €85.8m, betting down 1.9% to €178.2m, and instant & passives up 7.8% to €26.6m. H1 iGaming rose 22.1% to €171.3m. 

  • Operating costs edged higher: H1 OpEx €228.2m (+6.7%) with payroll €55.4m (+10.8%) on headcount growth. Marketing for H1 was €79.1m (+5.4%), with lower ad spend offset by higher CSR/sponsorships. Other operating expenses were €93.7m (+5.5%), with IT costs up.

  • Cash flow from operations was €327.8m in H1, versus €302.9m a year ago. Financing cash outflow of €302.9m largely reflects €286.9m dividends to shareholders. Investing cash outflow was €22.0m for capex.

  • The board approved a €0.50 interim dividend per share for FY2025. Cut-off is 3 November, record 4 November, payment 10 November; including this, total distributions in calendar 2025 reach €1.30 per share.

  • CEO Jan Karas said: “Q2 2025 was another strong quarter for OPAP, with solid financial results delivering 4.7% y-o-y top-line growth.” He credited Tzoker rollovers and iGaming improvements for momentum.

  • OPAP advanced an acquisition to 100% ownership of Stoiximan, buying the remaining 15.51% for €191.6m on a cash-free, debt-free basis. Completion is expected in Q3 2025, pending Cypriot approval. OPAP and Stoiximan will keep operating under separate licenses and brands.

  • The company progressed in the international tender for Greek State Lotteries, with OPAP Investment Ltd preselected for Phase B. The new concession would run at least 10 years. The current concession expires on 1 May 2026.

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