Codere Online Luxembourg SA (NAS:CDROW)

Q3 2025 Codere Online Luxembourg SA Earnings Call Transcript

Nov 17, 2025 / 01:30 PM GMT

Transcript

Key Points

Positve

Codere Online Luxembourg SA (CDRO) reported a re-acceleration of net gaming revenue in the fourth quarter, with a 17% increase compared to the previous year.
The company experienced a 29% growth in Mexico and a 14% growth in Spain, indicating strong performance in key markets.
Codere Online Luxembourg SA (CDRO) achieved a 26% increase in first-time depositors (FTDs) compared to the third quarter of the previous year.
The company has authorized an increase in its share buyback plan from $5 million to $7.5 million, reflecting confidence in its business outlook.
Adjusted EBITDA grew by 30% from business units, with a positive contribution from both the Spanish and Mexican markets.

Negative

Net gaming revenue was flat compared to the prior year due to unfavorable foreign exchange impacts and a low sports betting margin.
The Mexican peso devaluation resulted in a $1.3 million negative impact on net gaming revenue.
The introduction of a value-added tax on deposits in Colombia significantly lowered contributions from that market.
The Mexican government's proposed increase in the gaming tax rate from 30% to 50% could negatively impact future profitability.
The company faces challenges in Colombia due to unfavorable tax conditions, making it a less viable market for future investment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CDRO.OQ - Codere Online Luxembourg SA
Q3 2025 Codere Online Luxembourg SA Earnings Call
Nov 17, 2025 / 01:30PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for joining us and welcome to the Code Online 3rd 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 into today's call, please press 9 to raise your hand and 6 to unmute. I will now hand the conference over to Guillermo Lancha, head of investor relations at Codear Online. Please go ahead.

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Unidentified_2 [2]
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Thanks operator and welcome everyone to Codere Online's earnings

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