Codere Online Luxembourg, S.A. (CDRO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for joining us and welcome to the Codir Online fourth quarter 2025 financial results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Guillermo Lancha, Director of Investor Relations and Communications at Codir. Please go ahead. Thanks, operator, and welcome everyone to Codere Online's earnings call for the fourth quarter of 2025. Today, you will hear from our CEO, Aviv Sher, and CFO, Marcus Harrelson. Our Executive Vice Chairman, Moshe Edre, will also join us in the Q&A session. Please note that the figures reflected in today's presentations are preliminary and unaudited, and include certain non-IFRS financial metrics which should be considered in addition to our IFRS results. Reconciliations and further details are available in the appendix. During this call, we will make forward-looking statements which are subject to risks and uncertainties. While these statements reflect our current expectations, we undertake no obligation to update them after this call. A replay and transcript will be available at codereonline.com where investors can also sign up for email alerts. With that, I will go ahead and pass the call on to Babib. Thanks, Guillermo, and thanks to everyone for joining us today. Before we go into details, I would like to say that we are very pleased with how we finished 2025. especially considering the number of challenges we face during the year. We delivered a strong set of results with a record net gaming revenue of €224 million and adjusted EBITDA of €13.8 million, more than double than prior...