Codere Online Luxembourg SA Q4 FY2024 earnings call

• Former auditor Marcum resigned in December, replaced by MaloneBailey, allowing filing extension to May 12, 2024. - Q4 net gaming revenue was €53M, +5% YoY, with casino segment at 62% of total. - Board approved $5 million share buyback plan, shareholder meeting on March 3. - Adjusted EBITDA was positive €1.9M in Q4, with Spanish business contributing ~€7M.

Consolidated net gaming revenue grew 5% to nearly €53 million. Spanish business revenue increased 10% to €23 million, while Mexico's net gaming revenue was flat at €25 million due to currency and sports betting margin headwinds. The casino segment contributed 62% of total net gaming revenue in Q4 2024. Average monthly active customers increased 6%, with 71,000 first-time depositors in Q4, and CPA was €211, the lowest since Q4 2023.

• 2025 net gaming revenue expected between €220M-€230M, 6% increase vs 2024 midpoint. - Adjusted EBITDA expected in range €10M-€15M, similar marketing spend to 2024. - Headwinds include weaker Mexican peso in Q1 2025, new Colombia deposit tax, and less restrictive promotions in Spain.

• NASDAQ compliance: Delayed filing of 2023 Annual Report but expecting to meet May 12 deadline. - Currency fluctuations: Mexican peso devaluation impacted revenue, with continued headwinds. - Colombia tax: New deposit tax assessed, affecting investment and operations. - Competitive landscape: Competitors moving resources, though some slowed in Mexico.

Q: Guidance on Euro assumption and constant currency growth in 2025?

A: Oscar mentioned he'd get FX forecast details after the call.

Q: CPA of €211, drivers of improvement?

A: Aviv said mix of competitors slowing investment in Mexico and solving technical tracking issues improved CPA.

Q: Competitive dynamics in Mexico and other markets?

A: Aviv noted some competitors slowed investment in Mexico, and discussed Brazil partnership search, Argentina license challenges.