Financial Performance - Codere Online's Q2 2025 Net Gaming Revenue (NGR) reached €54.8 million, a 1% increase compared to Q2 2024, but a 12% increase at constant FX [28] - The company achieved a positive Adjusted EBITDA of €2.3 million in Q2 2025 [28] - Spain's NGR increased by 1% in Q2 2025, reaching €22.1 million [33, 48] - Mexico's NGR increased by 3% in Q2 2025 to €29 million, but increased 23% at constant currency [33, 55] Key Performance Indicators - Average Monthly Actives were approximately 155,000 in Q2 2025, a 7% increase compared to Q2 2024 [28] - The Average Monthly Spend per Active was €118, a 5% decrease compared to Q2 2024 [28] - Codere Online had approximately 277,000 new customer registrations with 78,000 First Time Deposits (FTDs) in Q2 2025, resulting in a 28% Conversion Rate [28] - The Cost per Acquisition (CPA) was €218 in Q2 2025 [28] Outlook - Codere Online projects a 2025 Net Gaming Revenue (NGR) between €220 million and €230 million [78] - The company anticipates an Adjusted EBITDA between €10 million and €15 million for 2025 [78]

Financial Data and Key Metrics Changes - The company reported record revenue of $269 million, representing a 22% year-over-year increase [14] - Adjusted EBITDA grew 88% year-over-year, reaching a record $40.2 million, indicating strong profitability flow-through from revenue growth [6][16] - Gross margin improved to approximately 35.3%, up about 80 basis points year-over-year, reflecting ongoing revenue diversification [15] Business Line Data and Key Metrics Changes - Online casino revenue grew 25% year-over-year, while online sports betting revenue increased by 15% [7] - Monthly Active Users (MAUs) in North America grew by over 30%, with a notable increase in iCasino markets [8] - In Latin America, MAUs grew over 40% year-over-year, with Mexico showing over 125% growth [9][11] Market Data and Key Metrics Changes - Michigan's revenue grew 42% year-over-year, West Virginia grew 47%, and Delaware grew 74% [10] - Ontario in Canada saw a 25% growth year-over-year, the fastest since 2023 [11] - Colombia's Gross Gaming Revenue (GGR) increased over 70% year-over-year, although net revenue was flat due to higher bonusing [11] Company Strategy and Development Direction - The company is focusing on expanding its presence in Alberta and has launched multi-state poker with shared player pooling [12] - The strategy emphasizes markets where the full suite of gaming offerings can be deployed to maximize player value [8] - The company is optimistic about future growth despite headwinds from increased taxes in the U.S. and Colombia, raising full-year revenue and EBITDA guidance [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's positive momentum, which outweighs tax-related headwinds [13] - The company anticipates continued player engagement and growth in markets, particularly in Colombia post-VAT tax [39] - Management highlighted the importance of maintaining a strong cash position to invest in new market opportunities [30] Other Important Information - The company remains debt-free with cash reserves of $241 million as of the quarter-end [17] - A deferred tax asset of approximately $145 million was recognized, reflecting expected future tax benefits [19] Q&A Session Summary Question: What are the assumptions regarding taxes in the guidance? - The company has included the impacts of higher state taxes in Illinois and New Jersey in its guidance, along with the temporary VAT tax in Colombia [23] Question: What is the growth outlook for Mexico? - Mexico is expected to become one of the largest markets in Latin America due to its population size and the company's early success compared to Colombia [25][27] Question: How is cash being utilized, and are there plans for M&A? - The company is focused on investing in new markets, particularly iCasino, while being opportunistic with share repurchases [30][32] Question: What is the outlook for Colombia post-VAT tax? - Management expects an increase in revenue and player engagement once the VAT tax is lifted, with a significant uplift in margins and free cash flow anticipated [39] Question: How does the company view the prediction markets? - The company is monitoring the situation closely, believing that increased prediction markets could accelerate the legalization of iCasino, which is a priority [58] Question: What is the strategy for Live Dealer offerings? - The company is focusing on enhancing the Live Dealer experience by offering a diverse range of games and exclusive content [70][72] Question: What is the outlook for G&A expenses? - G&A expenses are expected to rise sequentially, but the company aims to maintain leverage over this line item [75]

Core Insights - Codere Online strengthens its partnership with Club de Futbol Monterrey by becoming the main sponsor of Rayadas, a prominent women's team in Liga MX Femenil [1][5] - The Codere Online logo debuted on the Rayadas match-day jersey on July 13, 2025, during the Apertura 25 tournament [2] - The partnership aims to enhance the visibility of women's football in Mexico through various campaigns and fan experiences [4] Company Overview - Codere Online operates as a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services [8] - The company has a strong presence in core markets including Spain, Mexico, Colombia, Panama, and Buenos Aires, Argentina [8] - Codere Group, the parent company, has over four decades of experience in the entertainment and leisure industry, operating in seven countries across Europe and Latin America [9] Sponsorship Details - The sponsorship includes branding on the Rayadas jersey and participation in key matches, such as the "Campeón de Campeonas" trophy [2][5] - Codere Online's commitment to women's sports is highlighted by its previous partnership with the men's team, Rayados, and its ongoing support for Rayadas [5][6] - The collaboration reflects shared values of equity and excellence, aiming to promote the growth of women's football [4][6]

Core Viewpoint - Codere Online Luxembourg, S.A. is set to release its second quarter 2025 results on July 31, 2025, at 8:30 AM US Eastern Time, followed by a conference call for discussion and business updates [1]. Company Overview - Codere Online operates as a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services through its advanced website and mobile applications [3]. - The company is part of the Codere Group, which has a strong presence in the private gaming industry with operations in seven countries across Europe and Latin America [4]. - Codere Online was launched in 2014 and has established a significant omnichannel gaming presence, supported by the physical operations of Codere Group in Latin America [3][4]. Upcoming Events - The earnings press release and related materials will be available on Codere Online's website, and details for the conference call will also be accessible there [2]. - A recording of the conference call will be made available after the event [2].

Core Insights - Codere Online has improved its brand ranking in Spain, moving from 85 in 2024 to 77 in 2025 according to Brand Finance [1] - The company remains the only gaming brand in the Top 100 most valuable brands in Spain, highlighting its leadership in the sector [2] - Codere Online has expanded its operations in Spain and Mexico, leveraging partnerships with major football clubs to enhance brand awareness [3] Company Performance - In the twelve months ending March 31, 2025, Codere Online generated over 87 million euros in net gaming revenue in Spain, with an average of more than 50,000 monthly active players [4] - Codere Online operates in multiple countries including Spain, Mexico, Colombia, Panama, and Argentina, providing online sports betting and casino services [5] Company Background - Codere Online is part of the Codere Group, a multinational entertainment and leisure company with over four decades of experience in the private gaming industry [6]

Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, operating under Nasdaq: CDRO / CDROW [1] - The company offers online sports betting and casino services through its advanced website and mobile applications, with a presence in Spain, Mexico, Colombia, Panama, and Argentina [7] Annual General Meeting (AGM) Highlights - The AGM held on June 30, 2025, resulted in the favorable resolution of all 24 agenda items, including the confirmation and renewal of all currently serving Board members, maintaining the existing Board composition [1] - A.G. Burnett was appointed as Chairman of the Compliance Committee, effective July 1, 2025, succeeding Mark Dunn [3][6] Board of Directors - A.G. Burnett brings over 20 years of experience in gaming regulation and law, having previously served as Chairman and Executive Director of the Nevada Gaming Control Board from 2012 to 2017 [4] - Burnett is recognized for his expertise in gaming law, regulatory compliance, and sports betting law, and currently advises gaming clients at McDonald Carano [5] Codere Group Background - Codere Group is a multinational entertainment and leisure company with four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [8]

Core Points - Codere Online has regained compliance with Nasdaq Listing Rule 5250(c)(1) and will continue to be listed on the Nasdaq Capital Market, avoiding delisting [1][2] - The compliance confirmation follows the filing of the annual report on Form 20-F for the year ended December 31, 2024, with the SEC on June 2, 2025 [2] - Nasdaq has canceled the hearing requested on May 22 regarding the delisting determination [2] Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, launched in 2014 as part of the Codere Group [3] - The company offers online sports betting and casino services through its website and mobile applications, operating in Spain, Mexico, Colombia, Panama, and Argentina [3] - Codere Online's online business is supported by the physical presence of Codere Group throughout Latin America, establishing a strong omnichannel gaming presence [3]

Core Viewpoint - Codere Online has filed its annual report on form 20-F for the year ended December 31, 2024, with the SEC, indicating a step towards compliance with Nasdaq Listing Rule 5250(c)(1) [1][2]. Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, launched in 2014 as part of the Codere Group, which is known for its casino operations [5]. - The company offers online sports betting and casino services through its website and mobile applications, operating in key markets including Spain, Mexico, Colombia, Panama, and Argentina [5]. Compliance and Regulatory Updates - By filing the 2024 20-F, the company believes it has regained compliance with Nasdaq Listing Rule 5250(c)(1), which may eliminate the need for a hearing regarding a delisting determination [2]. - The company is awaiting formal confirmation from Nasdaq regarding its compliance status [2]. Environmental Considerations - To reduce environmental impact, the company encourages shareholders to read the annual report in digital format, although hard copies are available upon request [4].

Core Insights - Codere Online has launched a commemorative jersey for Club de Futbol Monterrey as part of the club's 80th Anniversary celebrations and its participation in the 2025 Club World Cup [1][7] - The Codere logo will be prominently displayed on the front of the Monterrey Football Club's jersey during the tournament, which features 32 teams [2] - An advertising campaign will be initiated by Codere Online and Rayados to promote the tournament and the club's anniversary across various media channels [3] Company and Industry Overview - Codere Online is a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services through its website and mobile applications [9] - The company operates in key markets including Spain, Mexico, Colombia, Panama, and Argentina, and is part of the Codere Group, which has a strong physical presence in these regions [9][10] - Codere Group has over four decades of experience in the entertainment and leisure industry, being a significant player in the private gaming sector across Europe and Latin America [10]

Financial Performance - Codere Online achieved a Q1 2025 Net Gaming Revenue (NGR) of €57 million, an 8% increase compared to Q1 2024, despite facing foreign exchange headwinds[25] - The company reported a positive Adjusted EBITDA of €18 million in Q1 2025[25] - Mexico's NGR increased by 15% year-over-year in Q1 2025, or 34% in constant currency, driven by a 31% increase in active customers[49] - Spain experienced a 2% decline in NGR in Q1 2025, but saw a 4% increase in active customers[43] Customer Acquisition and Engagement - Codere Online acquired approximately 322,000 new customer registrations with 91,000 First Time Deposits (FTDs) in Q1 2025, resulting in a 28% conversion rate[25] - The Cost per Acquisition (CPA) was €198 in Q1 2025[25] - Average Monthly Actives reached approximately 161,000 in Q1 2025, a 13% increase compared to Q1 2024[25] - Average Monthly Spend per Active was €118, a 5% decrease compared to Q1 2024[25] Financial Position - Codere Online has €42 million in total cash, with €37 million available, and a negative Net Working Capital (NWC) position of €18 million as of March 31, 2025[58] Outlook - The company projects a 2025 Net Gaming Revenue (NGR) between €220 million and €230 million and an Adjusted EBITDA between €10 million and €15 million[67]