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 - 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]