Q2 2025 Codere Online Luxembourg SA Earnings Call Transcript
Key Points
- Codere Online Luxembourg SA (CDRO) regained compliance with NASDAQ listing requirements, ending uncertainty about its status as a publicly traded company.
- Net gaming revenue in constant currency terms would have been nearly €61 million, 12% above the prior year period.
- The company saw a 7% increase in average monthly active customers, indicating growth in user engagement.
- The acquisition of 78,000 first-time depositors was 7% higher than the previous year, showing effective customer acquisition strategies.
- The company expects a positive outlook for net gaming revenue and higher EBITDA generation in the second half of the year due to strong returns from existing and new players in Mexico.
- Net gaming revenue was roughly flat at €55 million due to the devaluation of the Mexican peso.
- The introduction of a value-added tax on player deposits in Colombia negatively impacted net gaming revenue.
- The competitive landscape in Spain remains challenging due to the reintroduction of welcome bonuses.
- The Mexican peso devaluation resulted in a €5.7 million negative impact on net gaming revenue.
- Colombia's business is struggling due to a harsh VAT, leading to reduced operations to maintain break-even.
Thank you for standing by. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to the online 2nd quarter 2025 results conference call.
All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one in your telephone keypad. If you would like to withdraw your question, press one again.
Thank you. I would now like to turn the call over to Mr. Gualero Laa, head of investor relations.
Thanks, operator, and welcome everyone to Core Online's earnings call for the 2nd quarter of 2025.
Today you will hear from our CEO Avi Sher and CFO Oscar Iglesias. Our executive Vice Chairman, Moshe Hedre will also join us in the Q&A section.
Please note that while our financial accounts are prepared under IFRS accounting standards, the
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