Core Insights - Codere Online Luxembourg, S.A. achieved its highest quarterly net gaming revenue of €60.7 million in Q4 2025, primarily driven by significant growth in Mexico [2][3][6] Financial Performance - The company's net gaming revenue in Mexico surged by 31%, with a 43% increase in active customers, reaching 100,000 players in December [3][6] - Full-year 2025 adjusted EBITDA more than doubled to €13.8 million from €6.4 million in 2024, with 2026 guidance projecting net gaming revenue of €235-245 million and adjusted EBITDA of €15-20 million [6] Customer Acquisition - The average cost-per-acquisition for new customers was €166, the lowest since early 2023, indicating effective customer acquisition strategies [3][6] - The increase in active customers and lower acquisition costs reflect a strong unit economics story for the company [3] Market Strategy - The company plans to focus its investments in Mexico, which now accounts for 53% of its full-year 2025 net gaming revenue, rather than expanding into new markets ahead of the World Cup [5][6] - Codere is preparing for the World Cup season with a loyal customer base and reduced competition, despite an increase in Mexico's gaming excise tax from 30% to 50% effective January 2026 [6]

Core Insights - RubyPlay has partnered with Codere Online to enhance its presence in Mexico, a significant market in Latin America for online gaming [1][5] - The partnership allows Codere Online to integrate a wide range of RubyPlay's popular gaming titles, including those from Koala Games, thereby diversifying its casino offerings [2][3] Company Overview - RubyPlay operates as a B2B iGaming company with a studio-based, layered content ecosystem, featuring multiple market-focused studios supported by a unified technology and distribution platform [7] - Codere Online, part of the Codere Group, has established itself as a leader in online sports betting and casino operations across Spanish-speaking markets, including Mexico [8][9] Market Impact - The collaboration is expected to significantly expand RubyPlay's audience reach in Mexico, supporting Codere Online's goal of providing a high-quality online casino experience [5][6] - RubyPlay's multi-layered content ecosystem is designed to enhance game variety and responsiveness to operator needs and player preferences, which is crucial for growth in the competitive LATAM market [4]

Core Insights - The company reported a strong finish to 2025, achieving record annual net gaming revenue (NGR) and improved profitability, particularly in Mexico and Spain [3][5] - For Q4, the company achieved NGR of EUR 60.7 million, a 15% year-over-year increase, marking the highest quarterly level in its history [2][5] - Adjusted EBITDA for Q4 was EUR 6.7 million, reflecting an approximately 11% margin, a significant improvement from less than 4% in the prior year [5][6] Financial Performance - Codere Online posted record annual NGR of EUR 224 million and Adjusted EBITDA of EUR 13.8 million for the full year, more than double the previous year [2][5] - The company ended 2025 with EUR 50 million in cash, with approximately EUR 45 million available, and negative net working capital of EUR 22 million [4][11] - Marketing expenses in Q4 were EUR 21.4 million, slightly lower than the previous year, and other operating expenses were in line with NGR growth [6] Customer Metrics - Average monthly active customers reached about 177,000 in Q4, a 20% increase year-over-year, with average monthly spend per active customer at EUR 114 [7][8] - The company reported 89,000 first-time depositors (FTDs) in Q4 at an average cost per acquisition of EUR 166, the lowest since early 2023 [8] - Active customers in Mexico grew to around 99,000 in Q4, up from 69,000 a year earlier, with the company exceeding 100,000 active customers in December for the first time [8] Market Outlook - For 2026, the company guided NGR to a range of EUR 235 million to EUR 245 million and Adjusted EBITDA to EUR 15 million to EUR 20 million, assuming marketing investment similar to 2025 [4][13] - Management noted potential risks from tax increases in Mexico and regulatory uncertainties but expressed confidence in mitigating impacts through operational efficiencies [4][14] - The company launched a poker app in Mexico and is preparing a "quiet launch" of bingo, aimed at supporting customer retention [15]

Financial Data and Key Metrics Changes - The company reported a record Net Gaming Revenue (NGR) of EUR 224 million for the full year 2025, with Adjusted EBITDA reaching EUR 13.8 million, more than double the previous year [4][12] - In Q4 2025, NGR was EUR 60 million, a 15% increase compared to Q4 2024, marking the highest quarterly NGR in the company's history [5][10] - Adjusted EBITDA for Q4 2025 was EUR 6.7 million, significantly up from EUR 1.9 million in Q4 2024, resulting in an EBITDA margin of around 11% compared to less than 4% in the prior year [12][13] Business Line Data and Key Metrics Changes - Casino operations accounted for 64% of total NGR in Q4 2025, while sports betting contributed 36%, consistent with previous quarters [5] - The average monthly active users reached approximately 177,000 in Q4 2025, a 20% increase year-on-year, indicating strong customer acquisition and retention [6][13] - The company acquired 89,000 first-time depositors in Q4 2025 at an average cost per acquisition (CPA) of EUR 166, the lowest since early 2023 [8][14] Market Data and Key Metrics Changes - In Mexico, NGR grew by 31% year-on-year to EUR 32.8 million, driven by a significant increase in active customers [10][15] - In Spain, NGR increased by 7% to EUR 24.5 million, supported by a 14% rise in the number of active customers [14] - Other markets, including Colombia and Panama, contributed EUR 3.5 million in Q4 2025, a 25% decline from the previous year due to a 19% tax on deposits in Colombia [11] Company Strategy and Development Direction - The company plans to guide NGR for 2026 in the range of EUR 235 million to EUR 245 million, reflecting confidence in continued growth and profitability [9][18] - The focus remains on optimizing marketing spend and customer acquisition strategies, particularly in Mexico, to leverage the upcoming World Cup [19] - The company is cautious about entering new markets and will prioritize investments in existing core markets, Spain and Mexico, where growth opportunities are evident [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to grow profitability despite challenges, including regulatory changes and competitive pressures [4][20] - The regulatory environment in Mexico remains uncertain, with ongoing discussions about federal regulations and tax implications [25][26] - Management noted that the online business has not been significantly affected by recent cartel-related issues, maintaining stable operations [27][30] Other Important Information - The company has executed a share buyback program, purchasing approximately 391,000 shares for around $2.7 million, reflecting management's confidence in the business outlook [8][16] - The company ended 2025 with EUR 50 million in total cash, with EUR 45 million available for operations and investments [16][17] Q&A Session Summary Question: How competitive is Spain currently on promotional activity, and are margins stabilizing in that market? - Management noted that while Spain remains competitive, they have stabilized their promotional activities and are seeing growth in customer base [23][24] Question: Can you update us on the regulatory environment in Mexico? - Management indicated that there is no significant news on federal regulations, and while two major competitors have been shut down, the online business remains unaffected [25][26] Question: What is the financial impact of the tax hike in Mexico on guidance? - Management acknowledged the tax increase as a negative factor but stated that they have implemented mitigation measures and do not foresee a significant risk to revenue generation [33][34] Question: What are the implications of the VAT tax removal in Colombia? - Management is cautious about investing in Colombia until it is confirmed whether the VAT removal is permanent, but they are seeing positive trends in player engagement [42][43] Question: What competitors are rumored to be entering the Mexican market? - Management mentioned several companies, including Hard Rock and Sportium, that are considering entering the market, but no significant changes have been observed yet [55][56]

Financial Data and Key Metrics Changes - Codere Online reported a record Net Gaming Revenue (NGR) of EUR 224 million for the full year 2025, with Adjusted EBITDA reaching EUR 13.8 million, more than double the previous year [4][12] - In Q4 2025, NGR was EUR 60 million, a 15% increase compared to Q4 2024, marking the highest quarterly NGR in the company's history [5][10] - Adjusted EBITDA for Q4 2025 was EUR 6.7 million, significantly up from EUR 1.9 million in Q4 2024, resulting in an EBITDA margin of approximately 11% [12][13] Business Line Data and Key Metrics Changes - Casino operations accounted for 64% of total NGR in Q4 2025, while sports betting contributed 36%, consistent with previous quarters [5] - The average monthly active users reached approximately 177,000 in Q4 2025, a 20% increase year-on-year, indicating strong customer acquisition and retention [6][12] - The average monthly spend per active user was EUR 114, about 4% lower than the same period last year, reflecting a more diversified customer base [6] Market Data and Key Metrics Changes - In Mexico, NGR grew by 31% year-on-year to EUR 32.8 million, driven by a significant increase in active customers [10][15] - Spain's NGR increased by 7% to EUR 24.5 million, supported by a 14% rise in the number of active customers [14] - Other markets, including Colombia, Panama, and Buenos Aires, contributed EUR 3.5 million, a 25% decline from the previous year due to a 19% tax on deposits in Colombia [11] Company Strategy and Development Direction - The company plans to guide NGR for 2026 in the range of EUR 235 million to EUR 245 million, reflecting confidence in continued growth despite recent regulatory changes [9][18] - Codere Online aims to optimize marketing efficiency and maintain profitability while investing in customer acquisition, particularly in Mexico, which is seen as a key growth market [8][19] - The company is focused on leveraging its brand and expanding its customer base in Mexico ahead of the World Cup, while also maintaining a disciplined approach to marketing spend [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to grow profitability in 2026 and beyond, despite challenges faced in 2025 [4][9] - The regulatory environment in Mexico remains uncertain, with ongoing discussions about federal regulations and tax implications, but management does not foresee significant risks to revenue generation [26][34] - The company is optimistic about the impact of the World Cup on its operations and marketing strategies, anticipating increased engagement and customer acquisition [19][34] Other Important Information - The company has executed a share buyback program, purchasing approximately 391,000 shares for around $2.7 million, reflecting management's confidence in the business's medium-term outlook [8] - Codere Online ended 2025 with EUR 50 million in total cash, with EUR 45 million available for operations and investments [16] Q&A Session Summary Question: How competitive is Spain currently on promotional activity, and are margins stabilizing in that market? - Management noted that Spain remains competitive but is stabilizing, with growth in the customer base achieved through current promotional activities [23][24] Question: Can you update us on the regulatory environment in Mexico? - Management indicated that there is no new information on federal regulations, and while two major competitors have been shut down, online business remains unaffected [26][27] Question: Can you walk us through the financial impact of the Mexico tax hike on guidance? - Management acknowledged the tax increase as a negative factor but emphasized that they have implemented mitigation measures to minimize its impact on revenue and EBITDA [33][34] Question: What are the implications of the VAT tax removal in Colombia? - Management is cautious about investing in Colombia until it is confirmed whether the VAT removal is permanent, but they are seeing positive trends in player engagement [42][43] Question: What competitors are rumored to be entering the Mexican market? - Management mentioned several companies, including Hard Rock and Sportium, as potential entrants into the Mexican market, but noted that the competitive landscape remains stable for now [54][55]

Financial Data and Key Metrics Changes - The company reported a record Net Gaming Revenue (NGR) of EUR 224 million for the full year 2025, with an Adjusted EBITDA of EUR 13.8 million, more than double the previous year [3][11] - In Q4 2025, NGR reached EUR 60 million, a 15% increase compared to Q4 2024, marking the highest quarterly NGR in the company's history [4][9] - Adjusted EBITDA for Q4 was EUR 6.7 million, significantly up from EUR 1.9 million in Q4 2024, resulting in an EBITDA margin of around 11% compared to less than 4% in the prior year [11][12] Business Line Data and Key Metrics Changes - Casino operations accounted for 64% of total NGR in Q4, while sports betting contributed 36%, consistent with previous quarters [4] - The average monthly active users reached approximately 177,000 in Q4, a 20% increase year-on-year, indicating strong customer acquisition and retention [5][12] - The company acquired 89,000 first-time depositors in Q4 at an average cost per acquisition (CPA) of EUR 166, the lowest since early 2023 [6][13] Market Data and Key Metrics Changes - In Mexico, NGR grew by 31% year-on-year to EUR 32.8 million, driven by a significant increase in active customers [9][14] - Spain's NGR increased by 7% to EUR 24.5 million, supported by a 14% rise in active customers [13][14] - Other markets, including Colombia and Panama, contributed EUR 3.5 million, a 25% decline from the previous year due to a 19% tax on deposits that was in effect for most of 2025 [10] Company Strategy and Development Direction - The company plans to guide NGR for 2026 in the range of EUR 235 million to EUR 245 million, reflecting confidence in continued growth despite recent regulatory and tax changes [7][18] - The focus remains on optimizing marketing spend and improving customer acquisition efficiency, particularly in Mexico, which is viewed as a key growth market [6][19] - The company is not currently looking to expand into new markets but will continue to invest in its core markets of Spain and Mexico [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to grow profitability in 2026 and beyond, despite challenges faced in 2025 [3][8] - The regulatory environment in Mexico remains uncertain, but management believes that the online business is not significantly affected by recent issues related to cartels [26][30] - The company anticipates that the World Cup will provide an opportunity to reinforce its brand and expand its customer base in Mexico [19][60] Other Important Information - The company has executed a share buyback program, purchasing approximately 391,000 shares for around $2.7 million, reflecting management's confidence in the business's medium-term outlook [6][15] - The company ended 2025 with EUR 50 million in total cash, with EUR 45 million available for operations and investments [15][17] Q&A Session Summary Question: How competitive is Spain currently on promotional activity, and are margins stabilizing in that market? - Management noted that while Spain remains competitive, they have stabilized their promotional activities and are seeing growth in their customer base [22][23] Question: Can you update us on the regulatory environment in Mexico? - Management indicated that there is no significant change in the regulatory framework, and the online business remains unaffected by recent cartel issues [25][26] Question: What is the financial impact of the tax hike in Mexico on guidance? - Management acknowledged the tax increase as a negative factor but stated that they have implemented mitigation measures to minimize its impact [33][35] Question: What are the plans for Colombia now that the VAT tax has been removed? - Management is cautious about investing in Colombia until it is confirmed whether the VAT removal is permanent, but they are seeing positive trends in player engagement [46][48] Question: How does the company view marketing spend as a percentage of revenue in the future? - Management believes that in mature markets like Spain, marketing spend will align with industry standards, while in Mexico, they are still in a growth phase and will continue to invest heavily [50][51]

Codere Online Q4 2025 Earnings February 26, 2026 INFORMACION COLOR: R169 G103 B 171 R121 G192 B 0 R51 G63 B 72 Disclaimer This presentation (this "Presentation"), its contents and any information provided during the meeting to present this document are for discussion purposes only, and must not be relied upon for any purpose. This Presentation is not for release, publication or distribution, in whole or in part, in or into any jurisdiction where such distribution would be unlawful. Certain terms used throug ...

Core Insights - Codere Online reported record net gaming revenue of €224.1 million and Adjusted EBITDA of €13.8 million for FY 2025, indicating strong financial performance [1][4]. Financial Performance - For Q4 2025, net gaming revenue reached €60.7 million, a 15% increase compared to Q4 2024, with significant contributions from Mexico, where revenue grew by 31% [3][6]. - The average monthly active players increased to 177.2 thousand in Q4 2025, a 20% rise from the previous year, driven by a 43% increase in Mexico [3][4]. - Total revenue for Q4 2025 was €57.1 million, with a notable Adj. EBITDA of €6.7 million, up €4.8 million from Q4 2024 [6][11]. Regional Performance - In Spain, net gaming revenue for Q4 2025 was €24.5 million, a 7% increase year-over-year, while Mexico's net gaming revenue reached €32.8 million, marking a 31% increase [3][10]. - The "Other" category saw a decline in net gaming revenue, dropping 26% in Q4 2025 compared to the previous year [3][10]. Future Outlook - The company anticipates net gaming revenue for FY 2026 to be in the range of €235-245 million and Adjusted EBITDA between €15 million and €20 million [4][6]. - The management expressed optimism regarding growth trends in both Mexico and Spain, positioning the company well for future performance [4][6]. Recent Developments - Codere Online renewed its online gaming license in Colombia for five years, expiring in November 2030 [9]. - The company has repurchased 391 thousand shares for a total of $2.7 million under its share buyback plan [9].

Core Insights - Codere Online has launched a new iOS Poker application in Mexico, aiming to enhance its online gaming product offerings and meet customer demand [1][5] - The iOS Poker app is developed in partnership with Playtech, integrating with their player-vs-player (P2P) Poker network, which enhances user experience through real-time competition and increased liquidity [2][6] - The company has observed strong demand for Poker in Mexico, with over 1,300 unique active users per month, indicating the product's relevance and growth potential [4] Product Development - The new iOS Poker app features a stable interface, cash tables, multi-table tournaments, Sit & Go formats, and fast-paced modes, while also incorporating responsible gaming tools [5][6] - The launch of the Poker app is part of Codere Online's strategy to broaden its product offerings and improve user experience across key gaming verticals [6] Market Position - Codere Online operates in several core markets including Spain, Mexico, Colombia, Panama, and Argentina, leveraging its physical presence in Latin America to support its online business [8] - The partnership with Playtech allows Codere Online to provide access to one of the most competitive poker networks in the industry, enhancing its market position [6]

Core Viewpoint - Codere Online, a leading online gaming operator in Spain and Latin America, is set to release its fourth quarter 2025 results on February 26, 2026, at 8:30 AM US Eastern Time, followed by a conference call for discussion and business updates [1]. Company Overview - Codere Online Luxembourg, S.A. and its subsidiaries collectively operate as Codere Online, which was launched in 2014 as part of the Codere Group, a renowned casino operator [3]. - The company provides online sports betting and online casino services through its advanced website and mobile applications, operating primarily in Spain, Mexico, Colombia, Panama, and Argentina [3]. - Codere Group, the parent company, is a multinational entity focused on entertainment and leisure, with a significant presence in the private gaming industry across seven countries in Europe and Latin America [4].