Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q1 2026 Earnings Presentation
26 slides from Codere Online Luxembourg's earnings presentation, May 7, 2026
Slide 1: Codere Online Q1 2026 Earnings
Codere Online Q1 2026 Earnings May 7, 2026
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 Marcus Arildsson Guillermo Lancha CEO CFO Head of IR
Slide 5: Table of Contents
Table of Contents 1 Corporate Overview 7 2 Financial Results (Preliminary Unaudited) 10 3 2026 Outlook 18 4 Appendix 21
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. 24% 2014 Codere Online launched operations in Spain 2021 – 2026E Net Gamin
Slide 8: Q1 2026 Highlights
1 Q1 2026 Highlights Q1 2026 Net Gaming Revenue (NGR) of €64 mm (13% above Q1 2025) and Adj. EBITDA of €6.0 mm Revenue Consolidated NGR of €64.4 mm in Q1 2026, +13% vs. Q1 2025 Growth / Mix 63% from Casino 37% from Sports Betting Portfolio ~183k Avg. Monthly Actives, +14% vs. Q1 2025 KPIs(1) Avg. Mo
Slide 9: Financial Results
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) 13% NGR increase in Q1 2026 primarily driven by both Spain and Mexico and €6.0 mm Adj. EBITDA in the quarter Figures in EUR mm Quarter LTM LTM (% Total) Q1-25 Q1-26 Chg. % Q1-25 Q1-26 Chg. % Q1-25 Q1-26 Chg. (p.p.) Net Gaming Revenue Spain 21.9 25
Slide 11: Consolidated Income Statement
2 Consolidated Income Statement €6.0 mm Adj. EBITDA in Q1 2026, €4.2 mm above Q1 2025 Figures in EUR mm Quarter LTM Historical Evolution Q1-25 Q1-26 Chg. % Q1-25 Q1-26 Chg. % FY-22 FY-23 FY-24 FY-25 Consolidated Income Statement Net Gaming Revenue 57.0 64.4 7.4 13.0% 215.9 231.6 15.7 7.3% 122.9 171.
Slide 12: Consolidated Financial and Operating Metrics
2 Consolidated Financial and Operating Metrics 13% NGR growth versus Q1 2025 driven by a 14% increase in active customers Net Gaming Revenue FTDs 13% (1%) 6% 1% EUR mm 000s 60.7 64.4 91 85 89 90 53.0 54.5 51.9 52.7 57.0 54.8 75 79 51.6 73 67 73 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q
Slide 13: Spain Financial and Operating Metrics
2 Spain Financial and Operating Metrics 16% increase in NGR in Q1 2026 driven by a 13% increase in active customers and higher spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 3% 16% 4% 16% 26% EUR mm EUR mm 24.5 25.5 87.7 90.5 22.3 21.8 20.9 22.8 21.9 22.1 22.0 75.7 60
Slide 14: Mexico Financial and Operating Metrics
2 Mexico Financial and Operating Metrics 13% increase in NGR in Q1 2026 driven by a 20% increase in active customers partially offset by lower spend per active Net Gaming Revenue (Quarterly) Net Gaming Revenue (Full Year) 12% 13% 6% 30% 60% EUR mm EUR mm 32.8 34.6 28.2 30.5 29.0 119.1 26.6 26.7 25.1
Slide 15: Consolidated Balance Sheet, NWC and Cash
2 Consolidated Balance Sheet, NWC and Cash (31/03/26) €56 mm in total cash (of which €51 mm is available) and negative NWC position of €22 mm Balance Sheet Net Working Capital (NWC) 3rd Party vs Codere Group - Payables and Receivables Figures in EUR mm Figures in EUR mm Figures in EUR mm Assets A/P
Slide 16: Consolidated Cash Flow Statement
2 Consolidated Cash Flow Statement Q1-26 Cash Flow Statement Figures in EUR mm Q1-26 Net Income 7.0 Plus: Provision for Corporate Income Taxes 0.3 Less: Corporate Income Taxes Paid -0.4 Plus: Decr./(Incr.) in Reserved Cash(1) 0.4 (2) Plus: D&A 0.2 Plus: Non-Cash Expenses/(Income)(3) -1.3 Plus: Decr.
Slide 17: 2026 Outlook
3 2026 Outlook
Slide 18: 2026 NGR and Adj. EBITDA Outlook
3 2026 Net Gaming Revenue and Adj. EBITDA Outlook 2026 NGR outlook of €235-245 mm and Adj. EBITDA outlook of €15-20 mm Historicals(1) Outlook(3) 7%(2) Net Gaming Revenue 6% 235 - 245 (EUR mm) 212.0 224.1 171.9 122.9 63.0 71.3 83.2 2019 2020 2021 2022 2023 2024 2025 2026 15 - 20 13.8 Adj. EBITDA 6.4
Slide 19: Q&A
iC | codere online Q&A
Slide 20: Appendix
iC | codere online 4 Appendix
Slide 21: 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 Q3-25 Q4-25 FY-25 Q1-26 Spain 13.0 12.6 11.6 12.6 49.8 13.2 14.1 14.9 17.8 60.
Slide 22: 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 Q3-25 Q4-25 FY-25 Q1-26 Net Gaming Revenue 20.5 20.7 19.8 22.2 83.2 25.5 29.2 30.6 37
Slide 23: Market Overview (Latam and Spain)
4 Market Overview (Latam and Spain) (1) (1) (1) Country 2025A (€mm) % Total 2028E (€mm) % Total 3Y CAGR 2030E (€mm) % Total 5Y CAGR Brazil 5,434 42% 6,390 35% 6% 7,735 34% 7% Mexico 2,457 19% 4,267 23% 20% 5,667 25% 18% Argentina 820 6% 1,513 8% 23% 2,106 9% 21% Colombia 488 4% 607 3% 8% 695 3% 7% P
Slide 24: Net Gaming Revenue and Adj. EBITDA Reconciliation
4 Net Gaming Revenue and Adj. EBITDA Reconciliation Figures in EUR mm IFRS 2021 2022 2023 2024 2025 Q1-26 Accounting Revenue (1) 80.3 115.7 161.6 200.7 210.4 60.3 (2) -0.4 0.0 0.0 0.0 0.0 0.0 (-) Greenplay (+) Accounting Adjustments (3) 3.3 7.2 10.3 11.3 13.7 4.2 Net Gaming Revenue 83.2 122.9 171.9
Slide 25: 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 26: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com (+34) 91.354.2800
Codere Online Luxembourg — Q1 2026 Earnings Presentation on 6ix