Codere Online Luxembourg, S.A. · NASDAQ:CDRO
Codere Online Luxembourg — Codere Online — Q3 2026 Earnings Presentation
24 slides from Codere Online Luxembourg's earnings presentation, Nov 12, 2026
Slide 1: Codere Online Q3 2026 Earnings
Codere Online Q3 2026 Earnings November 12, 2026
Slide 2: Disclaimer
Disclaimer Note on Rounding Due to rounding, numbers presented in this document may not add up precisely to the totals provided, and percentages may not precisely reflect the absolute figures. Forward-Looking Statements This Presentation contains "forward-looking statements" within the meaning of th
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”). This document includes certain financial measu
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 Quarter Highlights 7 2 Financial & Operating Results 9 3 2026 Outlook 17 4 Appendix 20
Slide 6: Quarter Highlights
1 Quarter Highlights
Slide 7: Q3 2026 Highlights
1 Q3 2026 Highlights Q3 2026 Revenue of €62.6 mm (+31%), Adj. EBITDA(1) of €4.2 mm (+45%) and Gaming Win(2) of €67.1 mm (+30%) Gaming Win of €67.1 mm (+30%), of which: Mix 67% from Casino 33% from Sports Betting Portfolio ~167k Avg. Monthly Actives, +5% vs. Q3 2025 KPIs Avg. Monthly Spend per Active
Slide 8: Financial & Operating Results
2 Financial & Operating Results (Preliminary Unaudited1) 1. See "Preliminary Information" disclaimer on slide 3.
Slide 9: Revenue, Adj. EBITDA and Gaming Win
2 Revenue, Adj. EBITDA and Gaming Win 31% Revenue increase in Q3 2026 driven by both Spain and Mexico and €4.2 mm Adj. EBITDA(1) in the quarter Figures in EUR mm Quarter YTD LTM Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Revenue Spain 22.0 24.8 2.8 12.7% 66.1 77.9 11.8 17.9% 88.8 102.4
Slide 10: Operating Expenses (Management View)
2 Operating Expenses (Management View) Marketing and gaming taxes drove cost growth in Q3 2026, while platform and personnel costs grew well below revenue Figures in EUR mm Quarter YTD LTM Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Operating Expenses Marketing(1) 18.4 25.2 6.8 37.0% 65
Slide 11: Key Performance Metrics
2 Key Performance Metrics 30% Gaming Win growth versus Q3 2025 driven by a 5% increase in active customers and a 24% increase in spend per active Gaming Win FTDs Actual 30% 7% (3%) Constant currency(1) 23% (16%) (4%) EUR mm 000s 69.4 67.1 108 60.7 64.4 91 89 90 91 53.0 54.5 51.9 52.7 57.0 54.8 51.6
Slide 12: Spain Performance Metrics
2 Spain Performance Metrics 13% increase in Gaming Win in Q3 2026 driven by a 5% increase in active customers and a 7% increase in spend per active Gaming Win (Quarterly) Gaming Win (Full Year) 13% 3% (10%) 16% 26% EUR mm EUR mm 25.5 27.6 22.8 24.5 24.8 87.7 90.5 22.3 21.8 20.9 21.9 22.1 22.0 75.7 6
Slide 13: Mexico Performance Metrics
2 Mexico Performance Metrics 39% increase in Gaming Win in Q3 2026 driven by a 43% increase in spend per active Gaming Win (Quarterly) Gaming Win (Full Year) Actual 39% 3% Constant currency(1) 26% 12% 3% 30% 60% EUR mm EUR mm 34.6 36.1 37.2 30.5 32.8 26.6 28.2 26.7 29.0 26.8 119.1 25.1 106.6 81.7 51
Slide 14: Consolidated Balance Sheet, NWC and Cash (30/09/26)
2 Consolidated Balance Sheet, NWC and Cash (30/09/26) €66 mm in total cash (of which €61 mm is available) and negative NWC position of €25 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 15: Consolidated Cash Flow Statement
2 Consolidated Cash Flow Statement 2026 Cash Flow Statement Figures in EUR mm Q1-26 Q2-26 Q3-26 9M-26 Net Income 7.0 -1.4 5.5 11.1 Plus: Provision for Corporate Income Taxes 0.3 1.0 0.8 2.1 Less: Corporate Income Taxes Paid -0.4 -1.5 -0.8 -2.7 Plus: Decr./(Incr.) in Reserved Cash(1) 0.4 0.2 0.0 0.6
Slide 16: 2026 Outlook
3 2026 Outlook
Slide 17: 2026 Gaming Win and Adj. EBITDA Outlook
3 2026 Gaming Win and Adj. EBITDA Outlook 2026 Gaming Win outlook of €255-265 mm and Adj. EBITDA outlook of €20-25 mm Historicals(1) Outlook(3) 16%(2) 255 – 265 6% Gaming Win (EUR mm) 212.0 224.1 171.9 122.9 63.0 71.3 83.2 2019 2020 2021 2022 2023 2024 2025 2026 20 – 25 13.8 Adj. EBITDA 6.4 (EUR mm)
Slide 18: Q&A
iC | codere online Q&A
Slide 19: Appendix
iC | codere online 4 Appendix
Slide 20: Historical Adj. EBITDA and Gaming Win
4 Historical Adj. EBITDA(1) and Gaming Win Adj. EBITDA Figures in EUR mm FY-21 FY-22 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 Q3-26 (3) Spain 6.6 14.6 27.6 6.8 6.0 5.8 7.1 25.7 5.5 6.3 5.8 7.1 24.8 7.0 7.8 7.2 Mexico -11.4 -28.2 -8.5 0.3 0.2 0.8 -0.9 0.5 1.8 -0.2
Slide 21: Adj. EBITDA Reconciliation
4 Adj. EBITDA Reconciliation Figures in EUR mm IFRS 2022 2023 2024 2025 Q1-26 Q2-26 Q3-26 9M-26 Net Income (Loss) -46.4 -2.4 3.9 1.3 7.0 -1.4 5.5 11.1 (1) (+/-) Provision for Corporate Income Tax 3.0 -6.5 1.5 2.0 0.3 1.0 0.8 2.1 (+/-) Interest Expense / (Income)(2) -8.2 -4.9 -4.3 1.7 -3.0 0.3 -0.3 -
Slide 22: Market Overview (Latam and Spain)
4 Market Overview (Latam and Spain) (1) (1) (1) Country 2025A (€mm) 2028E (€mm) 2030E (€mm) 3Y CAGR 5Y CAGR Spain 1,628 2,171 2,540 10% 9% Mexico 2,457 4,267 5,667 20% 18% Colombia 488 607 695 8% 7% Panama 29 63 91 30% 26% Argentina 820 1,513 2,106 23% 21% Total Core Markets 5,422 8,620 11,098 17% 1
Slide 23: 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 Gaming Win during a given period divided by Avg. Monthly Actives during the period. • C
Slide 24: codereonline.com ir@codereonline.com
codereonline.com ir@codereonline.com (+34) 91.354.2800