OPAP Shareholders Face a Payout Decision

OPAP to distribute capital reserves, offering shareholders a choice between cash and stock. The move follows record revenue and a strategic realignment within the Allwyn Group.

Following its successful integration into the Allwyn Group, OPAP Holding is set to distribute portions of its capital reserves. This move places investors at a crossroads, requiring them to select between a cash payment, new shares, or a combination of both.

The company's robust financial health provides a solid foundation for this special distribution. OPAP concluded its last fiscal year with record gross gaming revenue exceeding €2.4 billion and maintains a very low debt ratio, granting it significant financial flexibility. For shareholders, the planned €0.80 per share payout arrives at an opportune moment, as the stock has declined approximately 21% in value since the start of the year. This capital return offers a welcome component of yield.

Market sentiment responded positively to the detailed announcement, with OPAP shares climbing 2.56% to €14.83 at the week's close. The distribution will be financed from the company's share premium account. This initiative represents a pivotal step in OPAP's strategic realignment, coming after Allwyn increased its stake in the gaming operator to 78.5%.

Key Dates for Investor Consideration

The execution of this scrip dividend option necessitates careful attention from investors in the coming weeks. The reference price for any newly issued shares will be determined based on the volume-weighted average price at the end of April.

• 7 April 2026: Cash-exit payment for minority shareholders with cash exit rights.
• 8 April 2026: Ex-date for the special distribution (cut-off date).
• 9 April 2026: Record date for eligible shareholding positions.
• 14–27 April 2026: Election period for shareholders to choose between cash or stock.
• 4 May 2026: Final settlement and commencement of trading for new shares.

Once the dividend process concludes, operational performance will return to the forefront. Management aims to sustain growth momentum this year, particularly within the online segment, which recently contributed nearly one-third of total revenue. The completed rebranding and targeted synergies across digital platforms have established the structural groundwork for OPAP's deeper integration within the Allwyn Group.