Financial Performance - Codere Online's Q2 2025 Net Gaming Revenue (NGR) reached €54.8 million, a 1% increase compared to Q2 2024, but a 12% increase at constant FX [28] - The company achieved a positive Adjusted EBITDA of €2.3 million in Q2 2025 [28] - Spain's NGR increased by 1% in Q2 2025, reaching €22.1 million [33, 48] - Mexico's NGR increased by 3% in Q2 2025 to €29 million, but increased 23% at constant currency [33, 55] Key Performance Indicators - Average Monthly Actives were approximately 155,000 in Q2 2025, a 7% increase compared to Q2 2024 [28] - The Average Monthly Spend per Active was €118, a 5% decrease compared to Q2 2024 [28] - Codere Online had approximately 277,000 new customer registrations with 78,000 First Time Deposits (FTDs) in Q2 2025, resulting in a 28% Conversion Rate [28] - The Cost per Acquisition (CPA) was €218 in Q2 2025 [28] Outlook - Codere Online projects a 2025 Net Gaming Revenue (NGR) between €220 million and €230 million [78] - The company anticipates an Adjusted EBITDA between €10 million and €15 million for 2025 [78]

Core Insights - Codere Online reported a net gaming revenue of €54.8 million for Q2 2025, a slight increase of 1% compared to Q2 2024, with a 12% increase in constant currency terms [4] - The company experienced a net loss of €3.1 million in H1 2025, compared to a net loss of €0.2 million in H1 2024, primarily due to adverse exchange rate impacts [4][10] - The company maintains its net gaming revenue outlook for 2025 at €220-230 million and an Adjusted EBITDA outlook of €10-15 million [4][10] Financial Performance - Total revenue for Q2 2025 was €51.4 million, with net gaming revenue at €54.8 million, reflecting a 1% increase year-over-year [4][7] - In Mexico, net gaming revenue grew by 3% to €29.0 million in Q2 2025, with a 23% increase in local currency terms [4][7] - The average monthly active players increased by 7% to 155.1 thousand in Q2 2025 compared to the previous year [2] Market Dynamics - The company faced challenges in various markets but managed to grow its active customer base in Mexico by 36% compared to Q2 2024 [4] - The total cash position as of June 30, 2025, was €45.2 million, indicating a stable liquidity position [4] - The company has repurchased $0.7 million of its shares under a $5.0 million share buyback plan, which is set to expire on March 3, 2026 [9]

Core Insights - Codere Online strengthens its partnership with Club de Futbol Monterrey by becoming the main sponsor of Rayadas, a prominent women's team in Liga MX Femenil [1][5] - The Codere Online logo debuted on the Rayadas match-day jersey on July 13, 2025, during the Apertura 25 tournament [2] - The partnership aims to enhance the visibility of women's football in Mexico through various campaigns and fan experiences [4] Company Overview - Codere Online operates as a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services [8] - The company has a strong presence in core markets including Spain, Mexico, Colombia, Panama, and Buenos Aires, Argentina [8] - Codere Group, the parent company, has over four decades of experience in the entertainment and leisure industry, operating in seven countries across Europe and Latin America [9] Sponsorship Details - The sponsorship includes branding on the Rayadas jersey and participation in key matches, such as the "Campeón de Campeonas" trophy [2][5] - Codere Online's commitment to women's sports is highlighted by its previous partnership with the men's team, Rayados, and its ongoing support for Rayadas [5][6] - The collaboration reflects shared values of equity and excellence, aiming to promote the growth of women's football [4][6]

Core Viewpoint - Codere Online Luxembourg, S.A. is set to release its second quarter 2025 results on July 31, 2025, at 8:30 AM US Eastern Time, followed by a conference call for discussion and business updates [1]. Company Overview - Codere Online operates as a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services through its advanced website and mobile applications [3]. - The company is part of the Codere Group, which has a strong presence in the private gaming industry with operations in seven countries across Europe and Latin America [4]. - Codere Online was launched in 2014 and has established a significant omnichannel gaming presence, supported by the physical operations of Codere Group in Latin America [3][4]. Upcoming Events - The earnings press release and related materials will be available on Codere Online's website, and details for the conference call will also be accessible there [2]. - A recording of the conference call will be made available after the event [2].

Core Insights - Codere Online has improved its brand ranking in Spain, moving from 85 in 2024 to 77 in 2025 according to Brand Finance [1] - The company remains the only gaming brand in the Top 100 most valuable brands in Spain, highlighting its leadership in the sector [2] - Codere Online has expanded its operations in Spain and Mexico, leveraging partnerships with major football clubs to enhance brand awareness [3] Company Performance - In the twelve months ending March 31, 2025, Codere Online generated over 87 million euros in net gaming revenue in Spain, with an average of more than 50,000 monthly active players [4] - Codere Online operates in multiple countries including Spain, Mexico, Colombia, Panama, and Argentina, providing online sports betting and casino services [5] Company Background - Codere Online is part of the Codere Group, a multinational entertainment and leisure company with over four decades of experience in the private gaming industry [6]

Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, operating under Nasdaq: CDRO / CDROW [1] - The company offers online sports betting and casino services through its advanced website and mobile applications, with a presence in Spain, Mexico, Colombia, Panama, and Argentina [7] Annual General Meeting (AGM) Highlights - The AGM held on June 30, 2025, resulted in the favorable resolution of all 24 agenda items, including the confirmation and renewal of all currently serving Board members, maintaining the existing Board composition [1] - A.G. Burnett was appointed as Chairman of the Compliance Committee, effective July 1, 2025, succeeding Mark Dunn [3][6] Board of Directors - A.G. Burnett brings over 20 years of experience in gaming regulation and law, having previously served as Chairman and Executive Director of the Nevada Gaming Control Board from 2012 to 2017 [4] - Burnett is recognized for his expertise in gaming law, regulatory compliance, and sports betting law, and currently advises gaming clients at McDonald Carano [5] Codere Group Background - Codere Group is a multinational entertainment and leisure company with four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [8]

Core Viewpoint - Codere Online, a prominent online gaming operator in Spain and Latin America, has announced its 2025 Annual General Meeting of Shareholders scheduled for June 30, 2025 [1] Company Overview - Codere Online operates under Codere Online Luxembourg, S.A. and its subsidiaries, having launched in 2014 as part of the Codere Group, a well-known casino operator [3] - The company provides online sports betting and casino services through its advanced website and mobile applications, primarily in Spain, Mexico, Colombia, Panama, and Argentina [3] - Codere Online's online operations are supported by the physical presence of Codere Group across Latin America, establishing a strong omnichannel gaming and casino presence [3] AGM Details - The AGM will take place at the registered office of the company at 3:00 PM CET [1] - The convening notice, including the agenda, proposed resolutions, and voting instructions, is available on the company's website and has been submitted to the U.S. Securities and Exchange Commission [2] - Shareholders recorded as of June 4, 2025, are eligible to attend and vote at the meeting [2]

Core Points - Codere Online has regained compliance with Nasdaq Listing Rule 5250(c)(1) and will continue to be listed on the Nasdaq Capital Market, avoiding delisting [1][2] - The compliance confirmation follows the filing of the annual report on Form 20-F for the year ended December 31, 2024, with the SEC on June 2, 2025 [2] - Nasdaq has canceled the hearing requested on May 22 regarding the delisting determination [2] Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, launched in 2014 as part of the Codere Group [3] - The company offers online sports betting and casino services through its website and mobile applications, operating in Spain, Mexico, Colombia, Panama, and Argentina [3] - Codere Online's online business is supported by the physical presence of Codere Group throughout Latin America, establishing a strong omnichannel gaming presence [3]

Group 1 - The individual investor focuses on undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1] - The investor has over 50 companies on their watchlist and has been investing personal capital for more than 7 years globally [1] - The investor holds a Master's degree in Electrical Engineering and works as an automotive battery R&D engineer in Sweden [1] Group 2 - The investor aims to identify asymmetric investment opportunities to achieve market-beating returns through diligent research of small to mid-cap companies [1]

Core Viewpoint - Codere Online has filed its annual report on form 20-F for the year ended December 31, 2024, with the SEC, indicating a step towards compliance with Nasdaq Listing Rule 5250(c)(1) [1][2]. Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, launched in 2014 as part of the Codere Group, which is known for its casino operations [5]. - The company offers online sports betting and casino services through its website and mobile applications, operating in key markets including Spain, Mexico, Colombia, Panama, and Argentina [5]. Compliance and Regulatory Updates - By filing the 2024 20-F, the company believes it has regained compliance with Nasdaq Listing Rule 5250(c)(1), which may eliminate the need for a hearing regarding a delisting determination [2]. - The company is awaiting formal confirmation from Nasdaq regarding its compliance status [2]. Environmental Considerations - To reduce environmental impact, the company encourages shareholders to read the annual report in digital format, although hard copies are available upon request [4].