CDROW

• Regained compliance with NASDAQ listing requirements after filing 2023 and 2024 annual reports. - Delivered EUR 55 million in net gaming revenue in Q2 2025, roughly flat vs prior year but 12% up in constant currency. - Casino segment contribution stabilized at around 60% of total net gaming revenue. - Acquired 78,000 first-time depositors, 7% above prior year. - Repurchased around 106,000 shares under the buyback plan for approx. EUR 700,000. - Adjusted EBITDA was EUR 2.3 million in Q2, with Spanish business contributing EUR 6.3 million (5% above prior year) and Mexico slightly negative due to increased marketing investment. - Expect marketing spend in back half to be less than front half, leading to higher EBITDA in back half.

• Expect net gaming revenue for 2025 to be between EUR 220 million and EUR 230 million. - Expect adjusted EBITDA for 2025 to be in the range of EUR 10 million to EUR 15 million. - Marketing spend in the back half of 2025 is expected to be less than the front half, leading to higher EBITDA generation in the back half. - Positive outlook due to strong returns from existing and new players in Mexico and better than expected evolution of the Mexican peso going into year-end.

In Q2 2025, Codere Online's consolidated net gaming revenue was EUR 55 million. The Casino segment contributed 61% of total net gaming revenue. In terms of other segments, net gaming revenue in Colombia was EUR 1.6 million lower, while Panama saw a EUR 0.8 million higher net gaming revenue (doubling compared to the prior year). Mexico's net gaming revenue was EUR 29 million, 3% above the prior year period, with a 36% increase in average monthly active customers but a 5% decrease in average monthly spend per active customer. Spain's net gaming revenue was flat at EUR 22 million.

• Competitive landscape in Spain remains challenging with competitors offering generous welcome bonuses. - Impact of Mexican peso devaluation on net gaming revenue. - Regulatory changes in Colombia, such as the value-added tax on player deposits, affecting net gaming revenue in that market. - Uncertainties in other Latin American markets and their potential impact on business performance.

Q: How is the competitive environment in Spain since the reintroduction of welcome bonuses?

A: Aviv Sher stated the competitive landscape in Spain is still hard due to competitors spending to bring players onto their platforms with generous welcome bonuses, but the company has found a formula to keep on track with goals and KPIs.

Q: Can the playbook from Mexico be applied to other Latin American countries?

A: Aviv Sher said the playbook can be applied, but more money is needed as media prices are higher and competition is harsher in new territories.

Q: What is the impact of the VAT on deposits in Colombia on net gaming revenue and GGR?

A: Oscar Iglesias mentioned the VAT had a significant impact on top line, with the company taking approaches to mitigate EBITDA and cash impact, but it was a fluid competitive environment throughout the quarter.

Q: Why isn't the company leaning more into share repurchases?

A: Oscar Iglesias said it's a discussion at the Board level, with capital allocation decisions being Board decisions and discussions ongoing.