Sparks commentary - Allwyn

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Sparks - Allwyn

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OPAP (ASE: OPAP) – Good growth in H125 and on track to deliver FY25 guidance
Published by Russell Pointon

OPAP has reported H125 revenue and EBITDA growth of over 6%, giving a margin of 34.6%. Revenue growth in Q225 was slightly lower at c 5% versus c 8% in Q125, although Q225 had a much tougher comparative from Q224 (7%) than Q125 did from Q124 (c 4%).

There was good growth from most of the businesses in Q225. However, total sports revenue declined by c 2% in Q225 as it faced a tough comparative due to the UEFA Euro Football Championship. Particularly notable was strong revenue growth in Q225 from Video Lottery Terminals (7%) and Instant & Passives, which grew for the first time since H123.

Management has indicated that OPAP is on track to deliver FY25 guidance, with low-single-digit revenue growth and a margin of c 35%.

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