Codere Online Luxembourg, S.a. · NASDAQ:CDRO
Codere Online Luxembourg — Q4 2025 Earnings Presentation
27 slides from Codere Online Luxembourg's earnings presentation, Feb 26, 2026
Slide 1: Codere Online Q4 2025 Earnings
Codere Online Q4 2025 Earnings February 26, 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
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 resp
Slide 4: Today's Presenters
Today’s Presenters Aviv Sher CEO Marcus Arildsson CFO Guillermo Lancha Head of IR
Slide 5: Table of Contents
1 Corporate Overview 2 Financial Results (Preliminary Unaudited) 3 2026 Outlook 4 Appendix Table of Contents 7 10 18 21
Slide 6: Corporate Overview
codere 1 online Corporate Overview
Slide 7: Codere Online At a Glance
7 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. Codere Online launched operations in Spain Listed on Nasdaq after
Slide 8: Q4 2025 Highlights
8 1 Q4 2025 Highlights 1. See page 26 for the definition of all operating metrics and page 25 for reconciliations of non - IFRS measures. 2. Considering the shares repurchased under the Share Buyback Plan, the Company had 45,391,179 shares issued and outstanding as of February 25, 2026. 3. See Use o
Slide 9: Financial Results (Preliminary Unaudited)
2 Financial Results (Preliminary Unaudited 1 ) 1. See "Preliminary Information" disclaimer on slide 3.
Slide 10: Consolidated NGR and Adj. EBITDA
10 Adj. EBITDA 2 Consolidated Net Gaming Revenue and Adj. EBITDA (1) 15% NGR increase in Q4 2025 primarily driven by Mexico and €6.7 mm positive Adj. EBITDA in the quarter 1. Net Gaming Revenue, EBITDA and Adj. EBITDA are non - IFRS measures - - see page 25 for a reconciliation of these and other no
Slide 11: Consolidated Income Statement
11 2 Consolidated Income Statement Adj. EBITDA of positive €6.7 mm in Q4 2025, €4.8 mm above Q4 2024 Consolidated Income Statement 224.1 122.9 171.9 211.6 12.1 5.7% 224.1 212.0 8.0 15.2% 60.7 52.7 Net Gaming Revenue - 86.4 - 96.9 - 83.7 - 90.0 3.6 4.0% - 86.4 - 90.0 0.4 1.8% - 21.4 - 21.8 Marketing
Slide 12: Consolidated Operating Metrics
2 Consolidated Income Statement 1. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives. 2. Increase in Consolidated CPA in 2023 and 2024 due to mix effect (i.e. more FTDs acquired in Spain and Mexico and less in Colombia and Argentina as well as more ca
Slide 13: Spain Financial and Operating Metrics
13 60.0 75.7 87.7 90.5 FY 2022 FY 2023 FY 2024 FY 2025 EUR mm 18.4 17.5 18.9 20.8 22.3 21.8 20.9 22.8 21.9 22.1 22.0 24.5 Q1 - 23 Q2 - 23 Q3 - 23 Q4 - 23 Q1 - 24 Q2 - 24 Q3 - 24 Q4 - 24 Q1 - 25 Q2 - 25 Q3 - 25 Q4 - 25 EUR mm 38 42 50 52 FY 2022 FY 2023 FY 2024 FY 2025 000s 2 Spain Financial and Oper
Slide 14: Mexico Financial and Operating Metrics
14 51.1 81.7 106.6 119.1 FY 2022 FY 2023 FY 2024 FY 2025 EUR mm 17.6 18.0 21.0 25.1 26.6 28.2 26.7 25.1 30.5 29.0 26.8 32.8 Q1 - 23 Q2 - 23 Q3 - 23 Q4 - 23 Q1 - 24 Q2 - 24 Q3 - 24 Q4 - 24 Q1 - 25 Q2 - 25 Q3 - 25 Q4 - 25 EUR mm 2 Mexico Financial and Operating Metrics 31% increase in NGR in Q4 2025 d
Slide 15: Consolidated Balance Sheet, NWC and Cash
15 2 Consolidated Balance Sheet, NWC and Cash (31/12/25) €50 mm in total cash (of which €45 mm is available) and negative NWC position of €22 mm Accounts Payable, Net Net Working Capital (NWC) Balance Sheet Figures in EUR mm Figures in EUR mm Figures in EUR mm A/P A/R Net Assets 15.9 - 0.1 16.0 3rd
Slide 16: Consolidated Cash Flow Statement
16 2 Consolidated Cash Flow Statement Change in NWC – FY - 25 Cash Impact FY - 25 Cash Flow Statement Chg. Dec 2025 Dec 2024 Figures in EUR mm FY - 25 Figures in EUR mm - 1.8 Net Income 3.4 22.0 25.5 Working Capital - Assets 2.4 Plus: Provision for Corporate Income Taxes (1) 0.8 43.7 42.9 Working Ca
Slide 17: 2026 Outlook
3 2026 Outlook
Slide 18: 2026 NGR and Adj. EBITDA Outlook
18 63.0 71.3 83.2 122.9 171.9 212.0 224.1 2019 2020 2021 2022 2023 2024 2025 Net Gaming Revenue (EUR mm) - 15.2 - 5.6 - 23.8 - 51.2 - 11.7 6.4 13.8 Adj. EBITDA (EUR mm) 2026 15 - 20 3 2026 Net Gaming Revenue and Adj. EBITDA Outlook 2026 NGR outlook of €235 - 245 mm and Adj. EBITDA outlook of €15 - 2
Slide 19: Q&A
@ codere online Q&A
Slide 20: Appendix
@ codere online 4 Appendix
Slide 21: Consolidated and Adj. EBITDA
21 4 Consolidated Net Gaming Revenue and Adj. EBITDA (1) Net Gaming Revenue Adj. EBITDA 1. Net Gaming Revenue, EBITDA and Adj. EBITDA are non - IFRS measures - - see page 25 for a reconciliation of these and other non - IFRS measures to their most directly comparable IFRS measure. 2. Includes Colomb
Slide 22: Consolidated Income Statement
22 4 Consolidated Income Statement (1) Consolidated Income Statement % of Net Gaming Revenue 1. FY - 20 and FY - 21 figure 2. Includes all direct marketing, indirect marketing and affiliate fees (See page 27 for definitions of these items). Figures for 2022 include a reclassification of certain Mark
Slide 23: Regulatory Overview
23 4 Regulatory Overview Latin America Mexico Colombia City of BA Spain Europe Statutory Gaming Tax (% GGR) Retail Requirements (3) Codere Online License Expiry Codere Online Launch Date # Licensed Operators (2) Regulation / Launch Date (1) Regulator Panama Secretaria de Gobernacion (SEGOB) 25+ 50%
Slide 24: Market Overview - Online B2C (Latam)
4 Market Overview - Online B2C (Latam) (1) Figures reflect total online onshore (excl. lotteries) GGR as per H2GC as of May 2025. (2) Figures reflect total online offshore (excl. lotteries) GGR as per H2GC as of May 2025. Codere Online’s Core Markets (Mexico, Colombia, Argentina and Panama) represen
Slide 25: EBITDA and Adj. EBITDA Reconciliation
25 4 Net Gaming Revenue and Adj. EBITDA Reconciliation 1. 2021 figure differs from that included in our Q4 2021 earnings presentation where we excluded Greenplay’s Accounting Revenue (see footnote 2). 2023 figure varies from prior earnings presentations given certain minor adjustments that emerged i
Slide 26: Defined Terms
26 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 durin
Slide 27: codereonline.com
codereonline.com ir@codereonline.com (+34) 91.354.2800
Codere Online Luxembourg — Q4 2025 Earnings Presentation on 6ix