Financial Data and Key Metrics Changes - The company reported EUR 52 million in net gaming revenue for Q3 2025, which was flat compared to the prior year despite facing headwinds [6][11] - Adjusted EBITDA was positive EUR 2.9 million, reflecting a nearly doubling compared to the prior year, driven by a EUR 4 million reduction in marketing spend [12][13] - On a constant currency basis, net gaming revenue would have grown by 3% [13] Business Line Data and Key Metrics Changes - The casino segment contributed 65% to total net gaming revenue, which is approximately 5 percentage points above normal levels, while sports betting margins declined [7] - The average monthly active customers increased by 11%, but the average monthly spend per active customer decreased by 10% due to the weaker Mexican peso [8] Market Data and Key Metrics Changes - Net gaming revenue in Spain was 5% above the prior year at EUR 22 million, while Mexico's revenue remained flat at EUR 27 million, impacted by a nearly 5% devaluation of the peso [11][15] - The company acquired 85,000 first-time depositors (FTDs), a 26% increase from the previous year, with the lowest cost per acquisition (CPA) since Q1 2023 at EUR 167 [8][14] Company Strategy and Development Direction - The company plans to increase its share buyback program from $5 million to $7.5 million, reflecting confidence in the business outlook [10] - The management is analyzing the impact of a proposed increase in the gaming tax rate in Mexico from 30% to 50%, which is expected to take effect on January 1, 2026 [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a re-acceleration of net gaming revenue in Q4 2025, with expectations of double-digit growth continuing into the next year [7] - The company is monitoring regulatory changes in Spain and Colombia, with a cautious approach to future investments in Colombia due to unfavorable tax conditions [44][47] Other Important Information - The company has EUR 48 million in total cash on the balance sheet, with EUR 43 million available, reflecting a normalized level of working capital [18] - The company is exploring the use of AI tools to enhance customer experience, although current implementations have not yet achieved significant success [53][55] Q&A Session Summary Question: Impact of higher tax rate in Mexico - Management acknowledged the potential impact of the tax increase and is exploring ways to mitigate it through partnerships and strategic adjustments [22][24] Question: AML crackdown in Mexico - Management confirmed no direct impact on their operations from recent AML crackdowns affecting competitors, and they are monitoring the situation closely [26][27] Question: Customer acquisition strategy - Management discussed the correlation between CPA and player lifetime value, emphasizing ongoing optimization of acquisition strategies [29][31] Question: Marketing strategy in Spain - Management noted positive trends in Spain following regulatory changes and the reintroduction of welcome bonuses, indicating a constructive outlook for the market [36][40] Question: VAT situation in Colombia - Management is monitoring the VAT situation closely, indicating that current tax conditions make it challenging to invest further in Colombia [41][44]