Codere Online Luxembourg, S.A. Q4 FY2025 earnings call

• CEO Aviv Sher noted strong finish to 2025 with record net gaming revenue and adjusted EBITDA, met guidance range. Fourth quarter net gaming revenue was EUR 60 million, highest quarterly NGR. Driven by Mexico (31% y-o-y growth) and Spain (7% growth). Casino is important growth driver. • CFO Marcus Arildsson discussed consolidated net gaming revenue and adjusted EBITDA by country. Mexico and Spain were key drivers. Marketing expense was EUR 21.4 million, slightly below last year, lower as percentage of NGR. Rest of operating expenses in line with NGR growth. Key operating metrics showed growth in average monthly active players and first-time depositors. • Aviv Sher thanked the team and investors, mentioned hard year but strong finish. • Marcus Arildsson provided 2026 guidance: net gaming revenue range EUR 235 million - EUR 245 million, adjusted EBITDA range EUR 15 million - EUR 20 million, assuming marketing investment broadly in line with 2025 with focus on Mexico and operating leverage.

In the fourth quarter of 2025, net gaming revenue was EUR 60 million, a 15% increase vs Q4 2024. Casino accounted for 64% of total net gaming revenue, sports betting 36%. Mexico saw net gaming revenue grow 31% y-o-y to EUR 32.8 million, Spain grew 7% to EUR 24.5 million. Other markets (Colombia, Panama, City of Buenos Aires) contributed EUR 3.5 million, 25% less than prior year. Full year 2025 net gaming revenue was EUR 224 million, adjusted EBITDA EUR 13.8 million, more than double 2024. Q4 adjusted EBITDA was EUR 6.7 million, EBITDA margin around 11%. Average monthly actives in Q4 were ~177,000, 20% above Q4 2024. Acquired 89,000 first-time depositors in Q4 with average CPA of EUR 166.

• 2026 guidance: net gaming revenue in range of EUR 235 million to EUR 245 million, adjusted EBITDA between EUR 15 million to EUR 20 million. • Assumes marketing investment broadly in line with 2025, considering 2026 is World Cup year and competitive landscape in Mexico, with expectation of operating leverage as brand matures and customer base grows, marketing as percentage of net gaming revenue to trend down over time.

• Regulatory uncertainties in Mexico, with government focused on other issues like cartels and internal fights, legislation process for regulatory framework stuck. • Uncertainty around VAT removal in Colombia being permanent, and recent additional legislative changes in Colombia introducing small additional tax. • Competitive environment in Spain and Mexico with other competitors potentially entering the market, affecting marketing and promotional activities.

Q: How competitive is Spain currently on promotional activity? And are margins stabilizing in that market?

A: Aviv Sher said still competitive but going into a plateau, able to grow customer base with current promotional activity, seen 2 consecutive quarters of growth.

Q: Update on regulatory environment in Mexico and impact on business?

A: Aviv Sher said regulatory framework conversation stuck, 2 large competitors shut down due to regulatory issues, online business not affected by cartel news.

Q: Financial impact of Mexico tax hike and mitigation?

A: Marcus Arildsson said tax hike is negative but mitigation measures taken in marketing and operational efficiencies, revenue generation not at risk, EBITDA effect but business will continue to grow.

Q: Competitors in Mexico following tax hike?

A: Aviv Sher said 2 big competitors shut down, no new comers with big budgets yet.

Q: Colombia VAT removal and investment?

A: Aviv Sher said not sure if permanent, seeing good recovery in clear database but not investing yet until permanence clear.

Q: Marketing as percent of revenue and steady state?

A: Aviv Sher said in Spain meeting criteria, in Mexico still in growth phase, will take more time to meet criteria.

Q: FX assumption in revenue guidance?

A: Marcus Arildsson said forecast built into observing foreign exchange market and forwards, guidance subject to exchange rates moving.

Q: Competitors rumored to enter Mexican market?

A: Aviv Sher said Hard Rock, VERSUS, Sportium with Ganabet, Big Bola are rumored to enter.

Q: World Cup marketing spend cadence?

A: Aviv Sher said will spread spend more evenly, no increase relatively to other months around World Cup.

Q: Poker app in Mexico?

A: Aviv Sher said poker is supportive product, launched as supportive game, no exciting developments yet