OPAP posts record €2.41bn revenue driven by VLT and iGaming

OPAP has announced record financial results for the financial year 2025, reflecting sustained growth across key verticals and a continued shift toward digital gaming. The company posted Gross Gaming Revenue of €2,407.9 million, marking a 4.9 percent year on year increase and the highest annual figure in its history.

The results indicate steady operational performance despite a competitive and evolving regulatory environment in Greece. Growth was primarily supported by Video Lottery Terminals and online gaming, both of which delivered double digit expansion during the year. The company also advanced preparations for its planned business combination with Allwyn, which is expected to conclude in the second quarter of 2026.

Financial performance overview

Net Gaming Revenue for FY2025 reached €1,643.5 million, an increase of 4.7 percent compared to the previous year. Gross profit from gaming operations rose 5.1 percent to €1,018.9 million, demonstrating resilience in core segments.

Reported EBITDA stood at €824.6 million, representing a marginal decrease of 0.9 percent year on year. Recurring EBITDA, which adjusts for non recurring items, increased by 1.1 percent to €836.6 million. Reported net profit amounted to €483.4 million, reflecting a slight decline of 0.5 percent. Recurring net profit rose 0.9 percent to €496.1 million.

In the fourth quarter of 2025, Gross Gaming Revenue totalled €652.0 million, up 0.6 percent compared to the same period in 2024. Reported EBITDA for the quarter reached €212.0 million while recurring EBITDA amounted to €222.4 million.

The company maintained strong liquidity. Cash flow from operating activities reached €716.5 million. Cash and cash equivalents stood at €767.0 million as of 31 December 2025. The Net Debt to Last Twelve Months EBITDA ratio remained conservative at 0.20x or 0.24x including leases, underscoring a stable balance sheet and prudent financial management.

Strong growth in VLT and iGaming

A key driver of performance in FY2025 was the continued expansion of Video Lottery Terminals. VLT revenue for the full year reached €365.6 million. In the fourth quarter alone, VLT revenue increased 9.2 percent year on year to €103.5 million.

Online gaming also recorded robust gains. iGaming revenue totalled €350.6 million for the year, with a notable 16.2 percent increase in the fourth quarter to €99.0 million. The sustained digital momentum reflects OPAP’s long term investment in technology, product development and marketing initiatives.

The company has publicly stated its intention to strengthen its digital ecosystem. Increased marketing expenditure and additional hiring supported this objective. While these investments contributed to a 14.7 percent year on year rise in operating expenses to €488.4 million, management has presented them as strategic measures to reinforce competitive positioning.

Marketing expenses reached €156.5 million, including €102.3 million allocated to advertising. Payroll expenses totalled €119.3 million, reflecting higher headcount and digital capabilities.

Performance across core segments

Traditional lottery products continued to form a substantial part of OPAP’s portfolio. Lottery revenue for FY2025 amounted to €803.7 million, confirming stable demand in this segment. Betting revenue reached €782.2 million, supported by both retail and online channels. Instant and Passives generated €105.8 million in revenue.

The diversified revenue base demonstrates that while digital verticals are growing rapidly, land based and traditional lottery operations remain central to overall performance. This balance may offer a degree of risk mitigation in fluctuating market conditions.

Acquisition of Stoiximan stake

During FY2025, OPAP completed the acquisition of the remaining 15.51 percent stake in Stoiximan for €201.5 million. Stoiximan is a well established online gaming brand in Greece and other markets and has been a key contributor to OPAP’s digital growth.

By securing full ownership, OPAP has consolidated its position in the online sector and strengthened its control over strategic direction, product development and cross channel integration. The transaction aligns with the company’s broader objective of reinforcing its digital footprint while leveraging brand recognition.

Shareholder distributions and future plans

OPAP continued to return value to shareholders during the year. Dividends paid in FY2025 totalled €466.5 million in cash flow terms. Total distributions already paid within 2025 amounted to €1.30 per share.

The company has also announced an additional €0.80 per share distribution to be paid following the completion of the planned business combination with Allwyn. According to OPAP, Allwyn will distribute €0.80 per share after re domiciliation to Luxembourg. The transaction is expected to be finalised in the second quarter of 2026, subject to customary conditions and regulatory approvals.

The proposed combination forms part of a broader strategic alignment between the two entities. While specific operational implications will depend on final transaction terms, the announcement signals continuity in shareholder return policies.

Strategic direction and regulatory considerations

OPAP operates in a regulated environment and maintains compliance with Greek gaming legislation. Its financial disclosures reflect a structured reporting framework and differentiation between reported and recurring figures. The distinction offers greater transparency regarding operational performance and non recurring effects.

The company’s digital expansion strategy appears to be guided by long term structural changes in consumer behaviour. Increased use of online platforms and mobile applications has reshaped gaming participation patterns across Europe. OPAP’s investment in marketing, technology and personnel can therefore be interpreted as an effort to align with these trends.

At the same time, management has maintained a conservative leverage profile and strong liquidity position. This approach may provide flexibility to navigate regulatory developments and macroeconomic factors.

Outlook for 2026

While OPAP has not issued detailed forward looking projections within this summary, the completion of the business combination with Allwyn is expected to be a significant corporate milestone in 2026. The integration process, once concluded, may influence corporate governance structure, operational synergies and strategic priorities.

The company’s performance in FY2025 suggests that both retail and digital operations remain integral to its business model. The relative contribution of VLTs and iGaming is likely to continue growing if current market conditions persist.

Conclusion

OPAP’s FY2025 results demonstrate record revenue levels supported by strong digital expansion and steady performance across traditional segments. Growth in Video Lottery Terminals and iGaming underscores a strategic pivot toward online channels while preserving a diversified product portfolio.

The acquisition of the remaining Stoiximan stake and the planned business combination with Allwyn represent notable corporate developments. At the same time, the company has maintained disciplined financial management with low leverage and substantial liquidity.

Taken together, these elements reflect a business navigating digital transformation within a regulated framework while continuing to deliver shareholder returns. As the anticipated 2026 transaction approaches completion, OPAP’s performance in FY2025 provides a foundation for assessing its evolving role within the broader European gaming sector.

FAQs

What was OPAP’s Gross Gaming Revenue in FY2025?
OPAP reported Gross Gaming Revenue of €2,407.9 million for FY2025, marking a 4.9 percent increase compared to the previous year.

How did Net Gaming Revenue perform in FY2025?
Net Gaming Revenue reached €1,643.5 million, reflecting year on year growth of 4.7 percent.

Which segments contributed most to growth?
Video Lottery Terminals and iGaming delivered strong growth, particularly in the fourth quarter of 2025.

What was OPAP’s recurring EBITDA in FY2025?
Recurring EBITDA amounted to €836.6 million, representing a modest increase compared to FY2024.

How strong is OPAP’s balance sheet?
The company reported cash and cash equivalents of €767.0 million and maintained a low Net Debt to EBITDA ratio of 0.20x.

Did OPAP complete any acquisitions in 2025?
Yes, OPAP acquired the remaining 15.51 percent stake in Stoiximan for €201.5 million.

How much did OPAP distribute to shareholders in 2025?
Total distributions paid during 2025 amounted to €1.30 per share.

Is there an additional shareholder distribution planned?
An additional €0.80 per share distribution has been announced following the completion of the planned business combination with Allwyn.

When is the business combination with Allwyn expected to close?
The transaction is expected to be completed within the second quarter of 2026, subject to customary conditions.

What are the main strategic priorities for OPAP?
The company continues to focus on digital expansion, balanced portfolio growth and disciplined financial management.