Q325 strength prompts forecast upgrade

OPAP delivered a strong set of results in Q325, with broad-based operational momentum across its portfolio and continued progress in its digital transformation. OPAP was also successful in retaining the concession for the State Lotteries with a consideration in line with our estimate, and a lower minimum annual payment of €20m. OPAP’s Q325 performance prompts us to upgrade our FY25 EBITDA estimate by c 2%, with conservatism baked in given the challenging comparative from Q424. News in the coming quarters will be dominated by the proposed business combination with Allwyn.