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].

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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].

Core Viewpoint - VICI Properties (VICI) is currently undervalued at an 11.7X AFFO multiple, despite concerns about the changing gaming environment and declining travel to Las Vegas [2][43]. Industry Analysis - The legal landscape for online sports betting changed significantly in 2018 when the Supreme Court overturned PASPA, allowing states to regulate their own sports betting laws [4]. - Online gaming revenue has surged, now accounting for 30% of commercial gaming revenue, up from 11% in 2021, raising concerns that it may cannibalize traditional casino revenues [6]. - Visitor numbers to Las Vegas have declined, with a reported 3.09 million visitors in September, a 9% decrease from the previous year, and convention attendance down over 18% [7]. Company Analysis - VICI has a favorable leasing structure where tenants are responsible for property upgrades, and it has the most efficient overhead among REITs [5]. - Major tenants, Caesars Entertainment and MGM Resorts, account for 70% of VICI's rental revenue [31]. - VICI's revenues are derived from long-term master leases with built-in escalators, providing stability despite the volatility in casino earnings [33]. Financial Performance - VICI's AFFO has remained stable, showing no significant impact from the current weakness in Las Vegas or the rise of online sports betting [36]. - The company is expected to achieve a 6.3% dividend yield and 4% annual AFFO growth, with potential for higher returns if the stock appreciates to a higher multiple [47]. Market Sentiment - The current market valuation of VICI appears to be overly pessimistic, trading at a discount compared to peers despite its superior track record and growth potential [46]. - Analysts believe that the downturn in Las Vegas is cyclical rather than secular, suggesting a recovery is likely [21].

Group 1 - Codere Online Luxembourg, S.A. is a leading online gaming operator in Spain and Latin America, participating in upcoming investor conferences [1] - Key management attendees for the conferences include CEO Aviv Sher, former CFO Oscar Iglesias, CFO Marcus Arildsson, and Head of Investor Relations Guillermo Lancha [1] - Codere Online was launched in 2014 as part of the Codere Group, offering online sports betting and casino services through its website and mobile applications [3] Group 2 - Codere Group is a multinational entertainment and leisure company with over four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [4] - The company operates in core markets including Spain, Mexico, Colombia, Panama, and Argentina, with a strong omnichannel presence combining online and physical gaming [3][4] - Upcoming investor conferences include the Annual Craig-Hallum Online Gaming Conference on December 2, 2025, and the BTIG Digital GameDay on December 10, 2025, both held virtually [5]

Core Insights - Codere Online reported its preliminary unaudited financial results for Q3 2025, indicating stable net gaming revenue of €51.6 million, unchanged from Q3 2024, with a total revenue of €47.7 million [1][4] - The company anticipates meeting its net gaming revenue outlook of €220-230 million and adjusted EBITDA outlook of €10-15 million for the year [4][8] Financial Performance - Net Gaming Revenue by Region: - Spain: €22.0 million, up 5% from €20.9 million in Q3 2024 - Mexico: €26.8 million, flat compared to €26.7 million in Q3 2024 - Other: €2.8 million, down 32% from €4.1 million in Q3 2024 - Total: €51.6 million, unchanged from Q3 2024 [2][4] - Average Monthly Active Players: - Spain: 50.2 thousand, up 4% from 48.5 thousand in Q3 2024 - Mexico: 88.3 thousand, up 39% from 63.7 thousand in Q3 2024 - Other: 20.7 thousand, down 34% from 31.2 thousand in Q3 2024 - Total: 159.2 thousand, up 11% from 143.4 thousand in Q3 2024 [2][4] Recent Developments - Marcus Arildsson has been appointed as the new Chief Financial Officer, succeeding Oscar Iglesias, who is expected to join the Board [3][8] - The company has repurchased $1.7 million of its shares under an increased share buyback plan, now totaling $7.5 million [8][4]

Core Viewpoint - Codere Online has appointed Marcus Arildsson as the new Chief Financial Officer, succeeding Oscar Iglesias, who will assist in the transition and is expected to join the Board of Directors pending shareholder approval [1][5]. Company 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 [6]. - 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 [6][7]. Leadership Background - Marcus Arildsson brings over 25 years of international finance experience, having worked in investment banking and corporate finance, including significant roles at Lehman Brothers and Merrill Lynch [2]. - He has executed over €9 billion in cross-border M&A, IPO, and equity-linked transactions and has advised on more than €5 billion in M&A, debt, and equity transactions during his tenure at Arcano Partners [2]. - Arildsson has held CFO and executive roles at various companies, including Millenium Hospitality Real Estate, Sonae Sierra, and Ladorian [3]. Executive Statements - Arildsson expressed enthusiasm about joining Codere Online, highlighting the company's strong execution and vision [4]. - CEO Aviv Sher emphasized the value of Arildsson's leadership and experience in executing the company's plans, while also acknowledging Oscar Iglesias's contributions during the transition [5]. - Chairman Gonzaga Higuero welcomed Arildsson, noting his extensive experience in corporate finance and investment banking as a significant asset to the leadership team [5].

Core Insights - Banijay Group reported a revenue increase of 4.0% to €3,224 million for the first nine months of 2025, with adjusted EBITDA rising by 9.8% to €597 million, reflecting strong performance across its diversified business model [7][12][40]. Financial Performance - Revenue for 9M 2025 reached €3,224 million, up from €3,125 million in 9M 2024, marking a 4.0% increase [12][25]. - Adjusted EBITDA increased to €597 million, a 9.8% rise compared to €546 million in the same period last year, with an adjusted EBITDA margin improvement of 100 basis points to 18.5% [7][40]. - Adjusted net income rose by 9.3% to €271 million, compared to €248 million in 9M 2024 [12][43]. - Adjusted free cash flow reached €465 million, up 6.4% year-on-year, with a conversion rate of 78% [8][44]. Business Segments Banijay Entertainment & Live - Revenue from Banijay Entertainment & Live grew by 1.7% to €2,094 million, driven by live experience activities and a robust pipeline of scripted content [7][25]. - The segment experienced low-single digit organic revenue growth, impacted by the postponement of some deliveries [23][27]. - Live experiences revenue surged by 15.1% to €248 million, reflecting the consolidation of Lotchi and strong performance at Balich Wonder Studio [33][34]. Banijay Gaming - Banijay Gaming's revenue increased by 8.5% to €1,130 million, with a notable 23% growth in Unique Active Players [7][36]. - Online poker revenue saw a significant rise of 32.7%, while online casino revenue grew by 16.4% [38][39]. - The segment's organic revenue growth was around 10%, despite temporary impacts from adverse sports results in September 2025 [23][36]. Strategic Developments - The acquisition of Tipico Group was announced, positioning Banijay as a leader in sports betting in Continental Europe, expected to double revenue and free cash flow at Banijay Gaming [10][17]. - The company continues to focus on digital transformation and AI integration to enhance content distribution and monetization capabilities [13][9]. Outlook - The company confirmed its FY 2025 guidance on adjusted EBITDA growth and free cash flow conversion, while adjusting revenue growth expectations due to adverse sports results and delivery postponements [20][6].

Core Points - Codere Online Luxembourg, S.A. will release its third quarter 2025 results on November 17, 2025, before 8:30 AM US Eastern Time [1] - A conference call will be held at 8:30 AM US Eastern Time on the same day to discuss the results and provide a business update [1] - Earnings press release and related materials will be available on Codere Online's website [2] Company Overview - Codere Online operates as a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services [3] - The company was launched in 2014 as part of the Codere Group, which has a strong physical presence in Latin America [3] - Codere Group is a multinational entertainment and leisure company with over four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [4]