The Greek gambling operator OPAP has reported its highest-ever annual revenue for the 2025 fiscal year, yet this milestone has been overshadowed by a sharp decline in its share price. Investor sentiment has turned negative as profitability, particularly in the final quarter, failed to keep pace with top-line growth. This divergence is raising questions about the effectiveness of the company’s ongoing corporate restructuring.
Profitability Concerns Eclipse Sales Performance
For the full year, OPAP achieved a record Gross Gaming Revenue (GGR) of approximately €2.41 billion, representing an increase of 4.9%. This growth was primarily fueled by the company’s online segment and its network of Video Lottery Terminals (VLTs). However, this operational success did not translate to the bottom line. Net profit for the period did not merely stagnate; it experienced a slight contraction of 0.5% to €483.4 million.
The fourth-quarter performance was notably disappointing and has heavily influenced market perception. Revenue saw marginal growth, but net profit fell sharply by 16.2% year-over-year to €122.2 million. This earnings pressure is being reflected directly in the equity’s valuation. The stock closed its latest session at €15.28, precisely marking a new 52-week low.
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Strategic Restructure Completed Alongside Results
Coinciding with the earnings release, the company finalized a significant strategic reorganization. At the end of February, its core gambling operations were spun off into a wholly-owned subsidiary. The former parent company has now been renamed OPAP Holding S.A. This structural shift is intended to facilitate smoother integration within the broader Allwyn group and aims to provide greater transparency for the investment community.
While the record revenue figures underscore sustained demand for OPAP’s services, the declining profitability witnessed in the last quarter is currently carrying more weight with investors. The market has delivered its preliminary verdict: a year-to-date decline of over 18% in the share price clearly mirrors shareholder skepticism regarding the future trajectory of profit margins.
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