OPAP Shareholders Face Choice Between Cash and Stock in Special Payout

OPAP to distribute a special dividend of €0.80 per share, backed by record 2025 revenue. Shareholders must choose between cash or new stock by April 27, 2026.

OPAP Holding's management has finalized the details for an upcoming capital return to shareholders. The company will distribute €0.80 per share, but investors are presented with an option: receive the payment in cash or in newly issued stock. This decision must be made during a specific window in April.

Strong 2025 Performance Underpins Distribution

This capital return initiative is supported by robust 2025 full-year results. Gross gaming revenue increased by 4.9% to a record €2.41 billion. Furthermore, the company's balance sheet demonstrates significant stability, with a net debt to EBITDA ratio of just 0.20x. The market has responded favorably to these operational developments; shares gained 5.78% last week, closing at €14.83 on Friday.

Key Dates for the Special Dividend

The technical execution of this special distribution is governed by a strict timeline:

• 8 April 2026: Ex-dividend date (trading without distribution rights begins)
• 9 April 2026: Record date for shareholder eligibility
• 14–27 April 2026: Election period for the cash-or-stock option
• 4 May 2026: Payment date and first day of trading for new shares

When the ex-dividend date arrives this Wednesday, the share price will adjust downward by the amount of the payout. Following this, eligible shareholders have until 27 April to determine which form of distribution best suits their individual portfolio strategy.

Understanding the Shareholder Election

This "scrip dividend" option allows shareholders to elect to receive new shares instead of cash. The issuance price for these new shares will be determined by the volume-weighted average price (VWAP) during the trading week of 20–24 April 2026. The company will increase its share capital proportionally based on the uptake of this stock option. Should shareholders not actively exercise their right to choose within the stipulated period, the company will automatically disburse the €0.80 per share payment in cash.