OPAP Shares: Record Revenue Overshadowed by Profit Pressure

OPAP's 2025 revenue hit €2.4B, but rising costs squeezed profit. Shares slump despite high dividend and Allwyn reverse merger completion in 2026.

Despite a flurry of corporate activity and record-breaking top-line figures, shares in Greek gaming operator OPAP are languishing near a one-year low. The company's recent financial and structural developments present a complex picture for investors.

Structural Overhaul and Financial Performance

A significant corporate transformation was finalized in late March 2026, as Allwyn International AG completed its acquisition of OPAP via a reverse merger. The entity now trades on the Athens Exchange under the name "OPAP Holding Société Anonyme," a change effective since February 25. The resulting new capital structure was formally documented in a mandatory announcement on March 27.

Financially, 2025 was a year of contrasts. Gross gaming revenue reached a historic €2.4 billion, marking a 4.9% increase from the prior year. This growth was notably fueled by the digital segment, where revenues surged by 16.9% to €350.6 million.

Soaring Costs Dampen Bottom Line

However, this revenue achievement was accompanied by a substantial rise in operational expenditures. Operating costs climbed 14.7% year-over-year to €488.4 million, driven primarily by increased spending on marketing and personnel. Consequently, net profit experienced a slight contraction, coming in at €483.4 million for 2025 compared to €485.8 million the year before. While not a collapse, this represents a stagnation in net earnings growth.

Shareholder Returns and Future Outlook

For shareholders, the dividend policy offers a tangible positive. Following the €1.30 per share payout for 2025, a further distribution of €0.80 per share is anticipated for 2026. Furthermore, market analysts project a realistic return on equity of approximately 58.9% over the coming three-year period.

The share price performance, however, reflects the mixed nature of these developments. The stock has declined more than 25% since the start of the year and currently trades over 13% below its 50-day moving average, indicating sustained downward pressure. The upcoming quarterly results for the first half of 2026 will be a critical test of whether the attractive dividend yield and the strategic repositioning within the global Allwyn group can provide sufficient counterbalance to current market concerns.