Codere Online Luxembourg SA (NAS:CDROW)

Q1 2025 Codere Online Luxembourg SA Earnings Call Transcript

May 16, 2025 / 12:30PM GMT

Transcript

Key Points

Positve

Codere Online Luxembourg SA (CDRO) delivered EUR 57 million in net gaming revenue for Q1 2025, marking an 8% increase compared to Q1 2024.
The company experienced a 13% increase in average monthly active users, contributing to revenue growth.
First-time depositors increased by 21% to 91,000, indicating successful customer acquisition strategies.
Codere Online Luxembourg SA (CDRO) achieved its fifth consecutive quarter of positive adjusted EBITDA, with a contribution of EUR 5.5 million from Spain and EUR 1.8 million from Mexico.
The company has initiated a share buyback plan for up to EUR 5 million, demonstrating confidence in its financial position and future prospects.

Negative

Codere Online Luxembourg SA (CDRO) is facing a potential delisting notice from NASDAQ due to delays in filing its 2024 annual report.
Net gaming revenue was negatively impacted by a weaker Mexican peso, with a EUR 5 million headwind in Q1 2025.
The average monthly spend per active customer dropped by 5% to EUR 118, indicating potential challenges in customer spending behavior.
In Spain, net gaming revenue was flat compared to the prior year, reflecting increased competition and a challenging promotional environment.
The company experienced a lower sports betting margin in Mexico, impacting net gaming revenue by approximately EUR 1.5 million.

Operator

Thank you for standing by and welcome to the Codere Online first quarter 2025 results conference call. (Operator Instructions)

Thank you. I'd now like to turn the call over to Guillermo Lancha, Head of Investor Relations. You may begin.

Guillermo Lancha

Codere Online Luxembourg SA - Head of Investor Relation

Thanks, operator, and welcome everyone to Codere Online's earnings call for the first quarter of 2025. Today you will hear from our CEO Aviv Sher and Chief Financial Officer Oscar Iglesias. Our executive Vice Chairman, Moshe Edree will also join us in the Q&A section.

Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be ref referring to a presentation we uploaded to our website earlier today, which includes non-IFRS preliminary and unaudited financial metrics such as net gaming revenue, adjusted EBITDA, and constant currency figures for which you can find the reconciliations or disclaimers in the appendix of the presentation.

These non-IFRS financial measures should be

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