Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q2 2025 Earnings Presentation
28 slides from Codere Online Luxembourg's earnings presentation, Jul 31, 2025
Slide 1: Codere Online Q2 2025 Earnings
Codere Online Q2 2025 Earnings July 31, 2025
Slide 2: Disclaimer
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 p
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) Financial Information and non-IFRS Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respec
Slide 4: Today's Presenters
Today’s Presenters Aviv Sher Oscar Iglesias CEO CFO
Slide 5: Table of Contents
Table of Contents 1 Corporate Overview 7 2 Financial Results (Preliminary Unaudited) 10 3 2025 Outlook 19 4 Appendix 22
Slide 6: Corporate Overview
iC | codere online Corporate Overview
Slide 7: Codere Online At a Glance
1 Codere Online At a Glance Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. It is Nasdaq listed under symbol CDRO, and majority-owned by Codere Group. 28% 2014 Codere Online launched operations in Spain 2021 – 2025E Net Gamin
Slide 8: Q2 2025 Highlights
1 Q2 2025 Highlights Q2 2025 Net Gaming Revenue (NGR) of €55 mm (1% above Q2 2024) and positive Adj. EBITDA of €2.3 mm Revenue Consolidated NGR of €54.8 mm in Q2 2025, +1% vs. Q2 2024 (+12% at constant FX) Growth / Mix 61% from Casino 39% from Sports Betting Portfolio ~155k Avg. Monthly Actives, +7%
Slide 9: Financial Results (Preliminary Unaudited)
2 Financial Results (Preliminary Unaudited1) 1. See "Preliminary Information" disclaimer on slide 3.
Slide 10: Consolidated Net Gaming Revenue and Adj. EBITDA
2 Consolidated Net Gaming Revenue and Adj. EBITDA(1) Flat NGR in Q2 2025 primarily driven by FX in Mexico and decline in Colombia and €2.3 mm positive Adj. EBITDA in the quarter Figures in EUR mm Quarter YTD LTM Q2-24 Q2-25 Var. % Q2-24 Q2-25 Var. % Q2-24 Q2-25 Var. % Net Gaming Revenue Spain 21.8 2
Slide 11: Consolidated Income Statement
2 Consolidated Income Statement Adj. EBITDA of positive €2.3 mm in Q2-25, €1.0 mm above Q2-24 Figures in EUR mm Quarter YTD LTM Q2-24 Q2-25 Var. % Q2-24 Q2-25 Var. % Q2-24 Q2-25 Var. % Consolidated Income Statement Net Gaming Revenue 54.4 54.8 0.4 0.7% 107.4 111.8 4.4 4.1% 200.6 216.0 15.4 7.7% (1)
Slide 12: Consolidated Income Statement
2 Consolidated Income Statement 1% NGR growth (12% in constant currency) versus Q2 2024 driven by FX headwind in Mexico and decline in Colombian NGR Net Gaming Revenue FTDs Actual 1% 7% (4%) Constant currency 12% (14%) (2%) EUR mm 000s 54.4 57.0 54.8 91 50.1 53.0 51.7 52.6 80 81 78 69 69 75 73 73 39
Slide 13: Spain Financial and Operating Metrics
2 Spain Financial and Operating Metrics 1% increase in Net Gaming Revenue in Q2 2025 despite the 3% decrease in active customers due to higher spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 1% 16% 1% 26% EUR mm EUR mm 22.3 21.8 20.9 22.8 21.9 22.1 18.9 20.8 87.7 18.4
Slide 14: Mexico Financial and Operating Metrics
2 Mexico Financial and Operating Metrics Q2 2025 NGR 3% above Q2 2024 (+23% in constant currency) driven by a 36% increase in active customers Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) Actual 3% 30% (5%) Constant currency 23% (2%) 60% EUR mm EUR mm 30.5 29.0 106.6 26.6 28.2 26.7
Slide 15: Mexico Exchange Rate Evolution
2 Mexico Exchange Rate Evolution The Mexican peso devalued by more than 19% in Q2 2025 versus the prior year period, reducing our NGR in the country by €5.7 mm MXN / EUR Exchange Rate(1) 24.0 Q2 2025 Avg. +19.2% 22.1 23.0 22.0 Q2 2024 Avg. 21.0 18.6 20.0 19.0 18.0 17.0 15 1. Source: Banxico
Slide 16: Consolidated Balance Sheet, NWC and Cash (30/06/25)
2 Consolidated Balance Sheet, NWC and Cash (30/06/25) €45 mm in total cash (of which €41 mm is available) and negative NWC position of €24 mm Balance Sheet Net Working Capital (NWC) Accounts Payable, Net Figures in EUR mm Figures in EUR mm Figures in EUR mm (-) A/P, Net Assets A/P A/R Actual Adj. PF
Slide 17: Consolidated Cash Flow Statement
2 Consolidated Cash Flow Statement H1-25 Cash Flow Statement Change in NWC – H1-25 Cash Impact Figures in EUR mm H1-25 Figures in EUR mm Dec 2024 Jun 2025 Chg. Net Income -3.1 Plus: Provision for Corporate Income Taxes(1) 1.3 Working Capital - Assets 25.5 18.2 7.3 Less: Corporate Income Taxes Paid -
Slide 18: 2025 Outlook
3 2025 Outlook
Slide 19: 2025 NGR and Adj. EBITDA Outlook
3 2025 Net Gaming Revenue and Adj. EBITDA Outlook 2025 NGR outlook of €220-230 mm and Adj. EBITDA outlook of €10-15 mm Historicals(1) Outlook(3) 6%(2) 23% 220 - 230 Net Gaming Revenue (EUR mm) 211.6 171.9 122.9 63.0 71.3 83.2 2019 2020 2021 2022 2023 2024 2025E 10 - 15 Adj. EBITDA (EUR mm) 6.4 -5.6
Slide 20: Q&A
iC | codere online Q&A
Slide 21: Appendix
iC | codere online 4 Appendix
Slide 22: Consolidated Net Gaming Revenue and Adj. EBITDA
4 Consolidated Net Gaming Revenue and Adj. EBITDA(1) Net Gaming Revenue Figures in EUR mm Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Spain 13.0 12.6 11.6 12.6 49.8 13.2 14.1 14.9 17.8 60.0 18.4 17.5 18.9 20.8 75
Slide 23: Consolidated Income Statement
4 Consolidated Income Statement(1) Consolidated Income Statement Figures in EUR mm Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Q1-23 Q2-23 Q3-23 Q4-23 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Net Gaming Revenue 20.5 20.7 19.8 22.2 83.2 25.5 29.2 30.6 37.7 122.9 39.5 39.1 43.2
Slide 24: Regulatory Overview
4 Regulatory Overview Regulation / Launch # Licensed Codere Online Codere Online Retail Effective Gaming Regulator Date(1) Operators(2) Launch Date License Expiry Requirements(3) Tax (% NGR 2024) Latin America Secretaria de May 2027 Mexico Gobernacion (SEGOB) 2014 / 2016 25+ 2016 (LIFO License) Yes
Slide 25: Market Overview - Online B2C (Latam)
4 Market Overview - Online B2C (Latam) Codere Online’s Core Markets (Mexico, Colombia, Argentina and Panama) represented over 79% of the LatAm market in 2024 but will represent approximately 36% of the overall market by 2029, with the regulation of gaming in Brazil, which alone is expected to repres
Slide 26: Net Gaming Revenue and Adj. EBITDA Reconciliation
4 Net Gaming Revenue and Adj. EBITDA Reconciliation Figures in EUR mm IFRS 2020 2021 2022 2023 2024 Q1-25 Q2-25 H1-25 (1) Accounting Revenue 70.5 80.3 115.7 161.6 201.4 54.3 51.4 105.7 (-) Greenplay(2) -1.2 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 (+) Accounting Adjustments (3) 2.0 3.3 7.2 10.3 10.3 2.6 3.5 6.1
Slide 27: Defined Terms
4 Defined Terms • Avg. Monthly Actives : Average number of sports betting and casino customers who placed a real money bet (i.e. excludes free bets) in a given month. • Avg. Monthly Spend per Active: Avg. Monthly Net Gaming Revenue (NGR) during a given period divided by Avg. Monthly Actives during t
Slide 28: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com (+34) 91.354.2800
Codere Online Luxembourg — Q2 2025 Earnings Presentation on 6ix