Q4 2024 Codere Online Luxembourg SA Earnings Call Transcript
Key Points
- Codere Online Luxembourg SA (CDRO) reported a 5% increase in net gaming revenue for Q4 2024, reaching EUR 53 million.
- The company's Spanish business saw a 10% revenue growth, contributing significantly to the overall performance.
- Adjusted EBITDA was positive at EUR 1.9 million for the fourth quarter, marking consistent profitability throughout 2024.
- The company experienced a 6% increase in average monthly active customers, indicating strong customer retention and engagement.
- A share buyback plan of up to EUR 5 million was approved, reflecting confidence in the company's financial position and future prospects.
- The Mexican Peso's devaluation by 14% negatively impacted net gaming revenue, which would have been 15% higher on a constant currency basis.
- The company faces challenges from a new tax on deposits in Colombia, which could affect future investments in the region.
- Despite a 6% increase in active customers, first-time depositors (FTDs) dropped by 10% compared to the previous year.
- The competitive landscape in Mexico remains challenging, with a lower sports betting margin impacting revenue.
- The company's guidance for 2025 reflects a conservative outlook due to potential headwinds, including currency fluctuations and regulatory changes.
Good morning and welcome to Codere Online fourth quarter 2024 results conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Guillermo Lancha, Head of Investor Relations. Please go ahead.
Thanks, operator, and welcome everyone to code online training call for the fourth quarter of 2024. Today you will hear from our CEO, Aviv Sher and CFO, Oscar Iglesias. Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be referring to a presentation we uploaded to our website earlier today, which includes non-IFRS preliminary and an audited financial metrics such as net gaming revenue, adjusted and constant currency figures for which you can find reconciliations or disclaimers in the appendix of the presentation.
These non-IFRS financial measures should be considered in addition to and not as a substitute for our IFRS results. Please note that all growth rates discussed during
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