CDRO

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record quarterly revenue was driven by accelerated growth in Spain and Mexico, alongside a recovery in Colombia following the removal of a 19% VAT on customer deposits. The World Cup served as a major acquisition catalyst, with stakes reaching approximately EUR 63 million, representing a 180% increase over the 2022 tournament. In Mexico, revenue growth was driven primarily by higher spend per active customer as management intentionally cleaned the database to reduce promotional abuse and improve player quality. Spain's outperformance was attributed to structural market growth and successful market share recovery, supported by enhanced platform stability and AI-driven retention tools. Marketing efficiency improved as the company leveraged its strong brand to acquire customers organically during the World Cup, avoiding high-cost broadcast advertising. Profitability gains reflect inherent operating leverage, with marketing expenses decreasing as a percentage of net gaming revenue despite higher absolute spending. Full-year 2026 revenue guidance was raised to EUR 255-265 million, assuming continued momentum in Spain and a favorable competitive environment in Mexico. Adjusted EBITDA guidance was increased to EUR 20-25 million, reflecting strong cash conversion expectations and disciplined marketing spend. Management expects to gradually migrate marketing spend toward a stable-state range of 22% to 28% of revenue over the next few years. Future growth in Colombia remains contingent on further tax regulatory changes; management is maintaining a 'wait-and-see' approach before re-accelerating marketing investment there. The company is evaluating strategic M&A and licensing opportunities in Latin America, specifically targeting newly regulating markets like Uruguay and Chile. The Mexican Peso's strength contributed over EUR 4 million to the first half results, though it also increased the Euro-denominated cost of local marketing. New regulatory hurdles in Spain, including joint deposit limits and VIP restrictions, are expected to be manageable but remain a factor for future periods. The competitive landscape in Mexico remains 'harsh' with heavy-spending new entrants, requiring Codere to maintain high promotional activity for core and VIP segments. Management acknowledged that low liquidity in the company's shares continues to impact valuation relative to larger industry peers. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management observed approximately 30% to 40% cross-activation into iGaming (primarily table games) among new World Cup users. While early results are positive, management cautioned that tournament-acquired players often have lower long-term value and higher churn rates compared to core users. Nominal marketing spend for 2026 is expected to be between EUR 90 million and EUR 100 million, slightly higher than 2025 due to FX and opportunistic spending in Spain. Management confirmed the business is migrating toward a lower marketing-to-revenue ratio to align with mature industry peers while balancing growth in Mexico. With EUR 58 million in available cash and no debt, management expects to prioritize M&A and new market entries over share buybacks in the coming year. The share repurchase authorization remains in place through 2026 as a secondary tool to address valuation and liquidity concerns.

Interested in Codere Online Luxembourg, S.A.? Here are five stocks we like better. Record Q2 performance: Net gaming revenue rose 27% year over year to €69.4 million, while adjusted EBITDA increased to €5.8 million from €2.3 million, supported by growth in Spain and Mexico and strong World Cup activity. Customer and market momentum improved: Monthly active customers increased 12%, first-time depositors rose 37%, and customer acquisition costs declined. Spain and Mexico delivered roughly 25% and 24% revenue growth, respectively, while Colombia and Panama also rebounded. 2026 outlook raised: Codere Online now expects €255 million–€265 million in full-year net gaming revenue and €20 million–€25 million in adjusted EBITDA. The company ended the quarter with about €63 million in cash, no financial debt, and is evaluating acquisitions, market entries and share repurchases. Codere Online Luxembourg (NASDAQ:CDRO) reported record quarterly net gaming revenue and higher profitability for the second quarter of 2026, citing growth in Spain and Mexico, improved conditions in Colombia and Panama, and strong activity surrounding the World Cup. Chief Executive Officer Aviv Sher said the company generated consolidated net gaming revenue of €69.4 million, up 27% from the second quarter of 2025. The company said the result represented its highest quarterly revenue to date. Casino accounted for 62% of revenue during the period, with sports betting contributing the remaining 38%. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Adjusted EBITDA rose to €5.8 million from €2.3 million a year earlier, while adjusted EBITDA margin expanded to 8.4% from 4.3%. The company characterized its reported figures as preliminary and unaudited. Codere Online said average monthly active customers rose 12% year over year to about 173,000 in the second quarter. Average monthly spend per active customer increased 13% to €134. The company acquired approximately 108,000 first-time depositors, a 37% increase from the prior-year period, while customer acquisition cost declined to €200 from €217. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Sher attributed part of the activity to the World Cup, saying the company acquired nearly 40,000 new customers around the tournament. Excluding Colombia, unique users were approximately 556% above the level seen during the prior World Cup, while stakes reached roughly €63 million, up about 180% from the 2022 tournament. Net gaming revenue more than doubled from the prior World Cup despite what Sher described as generally favorable outcomes for customers. Management said it did not make a major investment in World Cup broadcasts, which Sher said were expensive. Instead, the company focused marketing spending around the event and benefited from brand awareness built through prior investments. Sher said the approach helped reduce customer acquisition costs during the period. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? On the retention of tournament-acquired customers, Sher said it was too early to draw firm conclusions because the World Cup had ended only weeks earlier. He said early trends looked better than expected, and noted that roughly 30% to 40% of new users were also playing iGaming, particularly table games rather than slots. Spain generated net gaming revenue of €27.6 million, an increase of €5.5 million, or nearly 25%, from a year earlier. Revenue was also 8% above the first quarter. Chief Financial Officer Marcus Arildsson said the market benefited from customer acquisition, retention and higher player values. He added that Codere Online has been recovering market share in what the company described as a mature and tightly regulated market. Sher said platform stability and the use of artificial intelligence in technology operations had contributed to better execution in Spain. He also said the company has reinvested some incremental EBITDA into the Spanish market to support customer acquisition. However, he noted that further regulatory changes involving VIP customers and joint deposit limits are expected. Mexico, the company’s largest market, produced €36.1 million in net gaming revenue, up €7.1 million, or approximately 24% year over year. Management said the gain was driven primarily by higher spending per active customer after efforts to improve customer quality and reduce promotional abuse. Average active customers in Mexico declined sequentially from the first quarter, which management said reflected intentional database cleanup and the seasonal transition into summer rather than a deterioration in the customer base. Sher said the company expects Mexico to remain a significant growth opportunity, although competition is increasing as new operators enter the market and spend heavily on promotions. Other markets, including Colombia, Panama and the City of Buenos Aires, generated €5.7 million in quarterly net gaming revenue, more than 50% above the prior-year period. Colombia benefited from the removal of a 19% value-added tax on customer deposits that had been in effect for much of 2025. Arildsson said activity and deposit levels had broadly recovered to levels seen before the deposit tax was introduced. Management said Colombia still faces an elevated tax burden because the tax is now applied to gross gaming revenue. Sher said the company is focused on customer relationship management and retention in Colombia rather than broad marketing investment, pending greater clarity on the tax environment. Panama also performed ahead of management’s expectations and recorded its strongest quarter to date, according to Arildsson. Marketing expense totaled €26.2 million, rising in absolute euros but falling as a proportion of net gaming revenue to 37.7%, from 41.5% a year earlier. Management said it made incremental marketing investments in Spain and Mexico in response to favorable returns. Looking ahead, executives said full-year marketing expenditure could be somewhat higher in nominal terms than 2025, potentially landing between €90 million and €100 million, but should decline as a percentage of revenue. Based on second-quarter performance and current business momentum, Codere Online raised its 2026 outlook. The company now expects full-year net gaming revenue of €255 million to €265 million, up from prior guidance of €235 million to €245 million. It raised adjusted EBITDA guidance to €20 million to €25 million from €15 million to €20 million. Colombia’s recovery following the removal of the deposit VAT; Stronger-than-expected player values and marketing returns in Spain; A more favorable competitive environment in Mexico than initially anticipated; and A stronger Mexican peso, which management said contributed more than €4 million during the first half. The company ended the quarter with approximately €63 million in total cash, including €58 million available cash, and no financial debt. It generated €6.9 million in cash flow during the quarter. Codere Online did not repurchase shares in the second quarter, though its repurchase authorization remains in effect through the end of 2026. Arildsson said the company is evaluating opportunities to deploy cash, particularly through licenses, market entries and potential acquisitions in Latin America as additional jurisdictions develop online gaming regulations. Management said it also continues to view share repurchases as an available capital-allocation option. Codere Online Luxembourg SA is a publicly traded company incorporated under the laws of Luxembourg and listed on the Nasdaq Stock Market under the ticker CDRO. Established in December 2020 as a spin-off of Grupo Codere’s digital operations, Codere Online leverages the heritage and infrastructure of its Spanish parent to deliver a dedicated online gaming and sports betting platform. Headquartered in Luxembourg City, the company operates through locally licensed subsidiaries in multiple jurisdictions. The company’s core business revolves around an integrated online sportsbook and casino offering. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Codere Online Luxembourg Q2 Earnings Call Highlights" was originally published by MarketBeat. 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This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Codere Online Luxembourg SA (NASDAQ:CDRO) delivered its highest quarterly revenue to date at EUR69.4 million, a 27% year-over-year increase, driven by strong execution in Spain and Mexico. The company raised its full-year 2026 net gaming revenue guidance to between EUR255 million and EUR265 million, up from the previous range of EUR235 million to EUR245 million. Adjusted EBITDA improved significantly to EUR5.8 million in Q2 2026, compared to EUR2.3 million in Q2 2025, with the company also raising its full-year EBITDA guidance to EUR20 million to EUR25 million. Customer acquisition efficiency improved, with 108,000 first-time depositors acquired in the quarter (up 37% year-over-year) and cost per acquisition declining to approximately EUR200 from EUR217. The World Cup performance was outstanding, with stakes reaching approximately EUR63 million (180% above the 2022 tournament) and nearly 40,000 new customers acquired, highlighting the company's increased scale and engagement. Spain's net gaming revenue grew nearly 25% year-over-year to EUR27.6 million, driven by strong retention, healthy acquisition, and improved player values, with the company recovering market share in a mature market. Mexico, the company's largest market, saw net gaming revenue increase 24% year-over-year to EUR36.1 million, benefiting from a more rational competitive environment and higher spend per active customer. Colombia benefited from the removal of the 19% VAT on customer deposits, allowing the company to reengage players and recover activity levels to pre-tax levels. The company ended the quarter with a strong balance sheet, holding approximately EUR63 million in total cash with no financial debt, providing significant strategic flexibility. Marketing expense as a percentage of net gaming revenue decreased to 37.7% from 41.5% in the prior year quarter, demonstrating improving operating leverage. Average monthly active customers in Mexico declined 10% sequentially from Q1 2026, as the company intentionally cleaned its customer database to improve quality, which may impact short-term growth metrics. The competitive environment in Mexico is intensifying, with new large competitors entering the market and offering aggressive promotional incentives like large free bets, requiring continued investment to maintain market position. Colombia still faces tax uncertainty, as an additional layer of tax remains in place, preventing the company from resuming full marketing investment until a more favorable regulatory environment is confirmed. The company did not repurchase any shares during the second quarter, despite having an active buyback authorization, which may disappoint investors seeking immediate capital return. The World Cup's impact on customer retention is still uncertain, as it is too early to determine if the 40,000 new customers acquired during the tournament will remain active long-term, with historical patterns suggesting many may be event-specific bettors. Spain faces upcoming regulatory changes, including new restrictions on VIP players and joint deposit limits, which could pose headwinds to future growth in the market. The company's share price suffers from a lack of liquidity compared to larger peers like Rush Street and Super Group, which may limit the effectiveness of buyback programs and investor interest. Gaming taxes as a percentage of net gaming revenue increased materially in the quarter, driven primarily by Mexico and Colombia, putting pressure on margins. The strong Mexican peso has increased marketing costs in euro terms, as local currency spending translates into higher euro-denominated expenses. The implied EBITDA flow-through for the second half of 2026 is lower than the first half, suggesting potential for slower margin expansion in the coming quarters. Warning! GuruFocus has detected 5 Warning Sign with CDRO. Is CDRO fairly valued? Test your thesis with our free DCF calculator. Q: Can you talk about what you've seen in terms of retention and cross-sell from the 40,000 new bettors acquired during the World Cup? Also, how did the cost per acquisition (CAC) come down quarter-over-quarter despite more competition around the tournament?A: Aviv Sher, CEO: It's still early to say as the World Cup just ended a few weeks ago. We already see players continuing to play, but we need more time to know their exact value. Regarding the CAC, we didn't invest as much as others in expensive World Cup broadcasts. Our strong brand likely attracted users searching for betting, and our strategy of keeping money around the event proved effective, leading to a lower CPA. Q: With the updated guidance implying a lower EBITDA flow-through in the second half, can you help us think about the puts and takes and the right go-forward EBITDA flow-through?A: Marcus Arilson, CFO: We don't expect material differences in flow-through between the first and second half. Over time, we see leverage in marketing and other overhead expenses. Gaming taxes and platform costs are more variable. We expect to progress by keeping marketing as a lower percentage of NGR and gaining additional operating leverage in other expenses. Q: How are you thinking about investment in Colombia now that the VAT tax has been removed? Is there a wait-and-see approach on marketing investment due to tax uncertainty?A: Aviv Sher, CEO: The current tax level is enough for good CRM and retention but not for marketing investment with a good ROI. We are in a wait-and-see mode. If another layer of tax is removed with a potential political change, we can discuss increasing marketing investment again. We are happy with the ROI on our current customer base. Q: What percent of new activations from the World Cup are also playing iCasino?A: Aviv Sher, CEO: We see around 30% to 40% cross-activation. These new users are playing iGaming, more table games than slots. The team is doing a good job cross-selling them, and the profile fits our regular profile so far. Q: Monthly actives in Spain and Mexico took a sequential step down despite the World Cup. Is this concerning?A: Aviv Sher, CEO: It's not concerning. We entered the summer, and half of the World Cup is missing from these results. The active user base is healthy, and we are intentionally cleaning it, which is why spend per customer and revenue are going up. Looking at the active KPI alone is not enough. Q: Excluding the World Cup, how have betting volumes and customer activity trended during July? Is the momentum continuing into Q3?A: Aviv Sher, CEO: We saw a lot of iGaming activity, and casino beat expectations by a lot. The trajectory continues. We have a few weeks until La Liga returns, but I am optimistic for Q3. Marcus Arilson, CFO: The World Cup NGR effect fell roughly 50% in June and 50% in July. Q: Historically, what percentage of tournament-acquired customers remain active 6 to 12 months after a major event?A: Aviv Sher, CEO: In general, these players don't last a long time and often return for the next big tournament. They are not one-timers but may be single-bet players. Our rule of thumb is if the CPA is low, the return is likely lower. We can provide more specific figures via email. Q: Can you add more color on the competitive environment in Mexico and the changes in promotional intensity, especially following the World Cup?A: Aviv Sher, CEO: While two big competitors are out, four new big ones are coming in. The more they expose gambling, it benefits us as a veteran with heavy TV investment. The environment is harsh with competitors offering large free bets. We are confident in our strong brand and retention schemes, but we must continue investing in top-of-mind awareness and promotions to compete. Q: You have significant cash and no debt. How are you thinking about capital allocation and improving shareholder value?A: Marcus Arilson, CFO: We are evaluating strategic options, mostly in Latin America, looking at how to get licenses in newly regulating markets. This is a key avenue for deploying cash. The share repurchase program is still in place, though we haven't been active this year. We expect to allocate more money through M&A than the buyback program over the next year. Q: What is a more normalized, non-growth level of marketing for this business? Should we expect it to migrate to the 15-25% of revenue range seen at competitors?A: Aviv Sher, CEO: We should migrate to the higher end of that range, around 22% to 28%. In Spain, we are already close to those levels. In Mexico, we still see it as a growth market and need to spend to hold our position. It's a strategic decision on how much EBITDA to generate versus growth. Marcus Arilson, CFO: In Colombia and Argentina, we are in a wait-and-see mode with low marketing. In Panama and Spain, we are in the stable-state ballpark. The answer lies principally in Mexico. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The Company once again delivered record quarterly net gaming revenue of €69.4 million and Adj. EBITDA of €5.8 million Total revenue was €64.4 mm in Q2 2026, while net gaming revenue1 was €69.4 mm, 27% above Q2 2025. Spain revenue and net gaming revenue were €27.6 mm in Q2 2026, 25% above Q2 2025. Mexico revenue was €31.8 mm in Q2 2026, while net gaming revenue was €36.1 mm, 24% above Q2 2025. Adj. EBITDA reached €5.8 mm in Q2 2026, €3.5 mm above Q2 2025. Net income was €5.6 mm in H1 2026 versus a net loss of €3.1 mm in H1 2025. Total cash position of €62.6 mm and no financial debt as of June 30, 2026. Increasing FY 2026 outlook of net gaming revenue to €255-265 mm and Adj. EBITDA2 to €20-25 mm. Madrid, Spain and Tel Aviv, Israel, July 30, 2026 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended June 30, 2026. Below are the main financial and operating metrics of the period. Aviv Sher, Chief Executive Officer of Codere Online, commented, “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date. Net gaming revenue in the second quarter reached approximately €69 million, up 27% year-on-year, with the World Cup providing an additional boost to customer activity and engagement. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.” Marcus Arildsson, CFO of Codere Online, commented, “Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15 million above the prior-year period, and Adjusted EBITDA of approximately €6 million, more than doubling compared to Q2 2025. This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup. We closed June with approximately €63 million of total cash and no financial debt. Mr. Arildsson further added, “Given our record Q2 performance and the continued acceleration of the business, we are raising our outlook for the full year 2026 and now expect to generate between €255 – 265 million of net gaming revenue, which is €20 million more than the prior range and represents a growth of 16% year-on-year at the midpoint, and between €20 – 25 million of Adjusted EBITDA, €5 million above the prior range”. Recent Events World Cup Performance World Cup performance has been outstanding, with results materially ahead of the 2022 tournament and underscoring the step-change in scale, engagement and monetization achieved by the Company: Unique users were approximately 56% above World Cup 2022 levels (excluding Colombia) and we acquired nearly 40 thousand new customers just around the event; Stakes reached 63 million euros, 180% above World Cup 2022 levels, demonstrating the significantly greater scale of the business and strong customer activity around the event; Net gaming revenue more than doubled World Cup 2022 levels, reflecting strong monetization of the increased betting volumes despite generally favorable customer results (i.e. relatively low sports betting margin). Conference Call Information Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 30, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call. Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS) Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5 About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence. About Codere GroupCodere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay). Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures. Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans. These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Financial Information and Non-GAAP Financial MeasuresCodere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”). This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material. Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein. This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Use of Projections This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC. Preliminary InformationThis document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period. No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. TrademarksThis document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Industry and Market Data In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data. Contacts: Investors and MediaGuillermo LanchaDirector, Investor Relations and [email protected](+34) 628.928.152 1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report. 2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.3 See “Preliminary Information” below. 4 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from service fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.5 Please refer to page 23 of our Q2 2026 Earnings Presentation for further details regarding this reconciliation.

Take-Two Interactive Software TTWO posted a fourth-quarter fiscal 2026 GAAP net loss of 32 cents per share, narrower than a loss of $21.08 reported in the year-ago quarter.TTWO reported adjusted earnings of 80 cents per share, down 26.6% year over year, but surpassed the Zacks Consensus Estimate by 42.86%.GAAP net revenues increased 6.1% year over year to $1.68 billion and beat the Zacks Consensus Estimate of $1.55 billion. The largest contributors to GAAP net revenues included NBA 2K26 and NBA 2K25, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, Match Factory!, Color Block Jam, Red Dead Redemption 2 and Red Dead Online, Words With Friends, Borderlands 4 and WWE 2K26. The quarter again highlighted the breadth of Take-Two’s portfolio across console, PC and mobile.Revenues from the United States increased 4.8% year over year to $991.7 million and accounted for 59% of GAAP net revenues. The rest came from international revenues, which rose 8.1% year over year to $688.1 million. Take-Two Interactive Software, Inc. price-consensus-eps-surprise-chart | Take-Two Interactive Software, Inc. Quote Game revenues increased 6.4% year over year to $1.57 billion and accounted for 93.4% of total revenues. The rest came from advertising revenues, which rose 2.5% year over year to $111.4 million, representing the remaining 6.6%.Net Bookings were essentially flat year over year at $1.58 billion. Bookings from the United States decreased 3.0% year over year to $932.7 million, accounting for 59% of total Net Bookings. The rest came from international bookings, which increased 4.4% year over year to $647.6 million. Recurrent consumer spending grew 7% year over year for the period and accounted for 82% of total Net Bookings.In terms of distribution channels, Digital online revenues increased 7.2% year over year to $1.64 billion and represented 97.4% of GAAP net revenues. Physical retail and other revenues decreased 22.1% year over year to $44.3 million and accounted for the remaining 2.6% of GAAP net revenues. Digital online net bookings edged up 0.8% year over year to $1.54 billion and comprised 97.5% of net bookings, while Physical retail and other net bookings fell 24.2% year over year to $40.0 million, representing 2.5% of net bookings.In terms of platform, mobile, console, and PC and other contributed 50.2%, 40.2% and 9.6% of GAAP net revenues, respectively. Mobile revenues rose 12.9% year over year to $843.9 million, while console revenues increased 14.1% to $674.6 million. PC and other revenues declined 33.8% year over year to $161.3 million.On the bookings side, mobile, console, and PC and other represented 52.5%, 38.1% and 9.4% of net bookings, respectively. Mobile net bookings climbed 13.6% year over year to $829.1 million, console net bookings were essentially flat (up 0.1%) at $602.1 million, and PC and other net bookings decreased 40.3% year over year to $149.1 million. Management emphasized that live services and add-on monetization remained a primary driver of performance. The company pointed to growth in NBA 2K’s recurrent spending, continued expansion in mobile and ongoing strength in Grand Theft Auto Online during the quarter.This mix matters for investors because it can reduce reliance on one-off releases and extend the earnings power of established franchises. With live services contributing a large share of bookings and revenues, engagement levels across NBA 2K, Grand Theft Auto and mobile titles remain a key near-term swing factor. Take-Two's GAAP gross profit rose 16.9% year over year to $938.7 million. Gross margin expanded to 55.9% from 50.8% in the year-ago quarter.Total operating expenses were $927.8 million, down sharply from $4.58 billion in the year-ago quarter. The prior-year period included a $3.55 billion goodwill impairment.Selling expenses decreased 2.5% year over year to $392.2 million. General and administrative expenses declined 2.8% year over year to $223.8 million. Research & development expenses decreased 11.9% year over year to $262.5 million. Business reorganization expenses decreased significantly to $0.9 million from $17.1 million in the year-ago quarter.Operating income was $10.9 million compared with the year-ago quarter's operating loss of $3.78 billion, representing a significant improvement. As of March 31, 2026, TTWO has cash and cash equivalents of approximately $1.55 billion compared with $2.16 billion as of Dec. 31, 2025. The company also had short-term investments of $443.8 million. It had total debt of $2.79 billion as of Dec. 31, 2025 (consisting of $30 million in short-term debt and $2.49 billion in long-term debt).For fiscal 2026, net cash provided by operating activities was $624.3 million, a significant improvement from the operating cash outflow of $45.2 million in fiscal 2025. Capital expenditures for fiscal 2026 were $163 million, while the company expects approximately $200 million in capital expenditures for fiscal 2027. For the first quarter of fiscal 2027, management expects Net Bookings of $1.32-$1.37 billion and GAAP total net revenues of $1.45-$1.50 billion. The company also forecast a GAAP net loss per share between 23 cents and 15 cents, alongside expected EBITDA of $155-$179 million, reflecting continued investment as it positions its pipeline for the remainder of the year.Take-Two introduced initial fiscal 2027 Net Bookings guidance of $8.0-$8.2 billion, implying a step up from fiscal 2026. The company also guided to GAAP total net revenues of $7.9-$8.1 billion and GAAP diluted net income per share of 55 to 75 cents for the year ending March 31, 2027.The company projects operating cash flow to exceed $1 billion in fiscal 2027, with capital expenditures expected to be approximately $200 million. Currently, TTWO carries a Zacks Rank #2 (Buy).Alto Ingredients ALTO, Codere Online Luxembourg CDRO and Hasbro HAS are some other top-ranked stocks that investors can consider in the broader Zacks Consumer Discretionary sector. While Alto Ingredients currently sports a Zacks Rank #1 (Strong Buy), Codere Online Luxembourg and Hasbro carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.Alto Ingredients’ shares have jumped 58% year to date. ALTO’s long-term earnings growth rate is projected at 53.7%.Codere Online Luxembourg’s shares have gained 17.3% year to date. CDRO’s long-term earnings growth rate is projected at 10.53%.Hasbro shares have returned 9.8% year to date. HAS’ long-term earnings growth rate is projected at 8.53%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Hasbro, Inc. (HAS) : Free Stock Analysis Report Take-Two Interactive Software, Inc. (TTWO) : Free Stock Analysis Report Alto Ingredients, Inc. (ALTO) : Free Stock Analysis Report Codere Online Luxembourg, S.A. (CDRO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Performance was driven by a 13% year-over-year increase in net gaming revenue, fueled by top-line reacceleration in core markets and a 14% expansion of the active customer base. Casino remains the primary engagement driver, accounting for 63% of total revenue, while sports betting contributed the remaining 37%. Management attributed the increase in Cost Per Acquisition (CPA) to a more competitive marketing environment and a deliberate strategic shift toward higher-value customer cohorts and channels. In Mexico, the company is intentionally reducing the participation of 'bonus hunters' through tighter promotional rules to improve the long-term sustainability and quality of the database. Spain's growth of 16% was supported by favorable trading margins and technological stability during high-volume sporting events. Profitability improved significantly with adjusted EBITDA reaching EUR 6 million, driven by operating leverage as undistributed and headquarter costs remained disciplined relative to revenue growth. Management maintained full-year 2026 guidance but indicated they would likely revisit and potentially raise the outlook after the first half of the year if current execution trends persist. The company expects an uplift in activity from the upcoming World Cup in Q2 and Q3, though management anticipates a limited impact on net gaming revenue based on historical patterns. Strategic focus remains on pursuing efficient, high-impact marketing opportunities, such as opportunistic content partnerships, rather than competing for expensive World Cup-related media. Guidance assumes continued tailwinds from the Mexican exchange rate and a more favorable gaming tax structure in Colombia. Management intends to balance discretionary marketing spend against EBITDA targets to maximize company value rather than pursuing volume at the expense of margins. The Colombian market remains in a reactive mode; while the removal of the 19% VAT is positive, the new 16% consumption tax currently limits aggressive new marketing investment, with management awaiting the results of upcoming elections at the end of the month to determine if the environment will become favorable for future investment. Regulatory maturity in Spain continues to present a tightly controlled advertising environment, though the company is successfully growing its portfolio within these constraints. The company maintains a structural negative working capital position of approximately EUR 22 million, which supports ongoing cash generation. A share buyback program remains in place through 2026, though no repurchases were executed in Q1 as the company evaluates market conditions. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management clarified that while Q1 was strong, they are being prudent regarding the World Cup's financial impact, which typically increases activity but has a limited effect on net gaming revenue. The bridge to the EUR 15 million to EUR 20 million range accounts for potential fluctuations in marketing intensity during major sporting windows. Management has not yet observed significant competitive pressure on acquisition costs from new entrants like Stake in traditional media or search channels. The exit or reduced activity of other competitors since late last year has provided a relatively favorable environment for Codere's continued expansion. AI is currently utilized in supporting areas like customer service and outbound calls, but it has not yet been integrated into the 'core' trading or business logic. The company is collaborating with Google to implement advanced advertising tools, with substantial results expected in approximately two quarters. A significant portion of the EUR 56 million cash balance is tied up as working capital across five markets and is not considered 'excess' for immediate large-scale M&A. Priorities remain focused on organic growth where ROI is consistent, with the share buyback program serving as the primary mechanism for returning capital to shareholders. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Interested in Codere Online Luxembourg, S.A.? Here are five stocks we like better. Codere Online reported a strong Q1 with EUR 64.4 million in net gaming revenue, up 13% year-over-year, and adjusted EBITDA of EUR 6.0 million (margin ~9% vs 3% a year earlier). Growth was driven by core markets: Spain delivered EUR 20.5 million NGR (+16.4% YoY) and Mexico EUR 34.6 million NGR (+13.4% YoY), with Mexico now the company’s largest market and a major profitability contributor. Management maintained 2026 guidance of EUR 235–245 million NGR and EUR 15–20 million adjusted EBITDA, ended Q1 with EUR 56 million total cash (~EUR 51 million available), and keeps a share buyback program in place. Codere Online Luxembourg (NASDAQ:CDRO) reported what executives described as a strong start to 2026, with first-quarter net gaming revenue rising 13% year over year and profitability improving meaningfully amid continued growth in its core markets, Spain and Mexico. CEO Aviv Sher said the company delivered “a solid first quarter” despite a “demanding operating and regulatory environment.” Consolidated net gaming revenue (NGR) totaled EUR 64.4 million, up 13% versus the first quarter of 2025 and up 6% sequentially. → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? The revenue mix remained consistent with recent quarters, Sher said, with casino representing 63% of total NGR and sports betting 37%. CFO Marcus Arildsson said the higher revenue translated into a “further step-up in profitability.” Adjusted EBITDA was EUR 6.0 million in the quarter, compared with EUR 1.8 million a year earlier. Arildsson added that adjusted EBITDA margin was “around 9% compared to 3% in the first quarter of 2025.” → A Prada Payday: Is AMC Back in Style? Arildsson attributed the year-over-year NGR growth primarily to Spain and Mexico. In Spain, he said NGR increased by EUR 3.6 million year over year to EUR 20.5 million, representing 16.4% growth. In Mexico, NGR rose by EUR 4.1 million to EUR 34.6 million, up 13.4%, which Arildsson said “further consolidates Mexico as our largest market and the key growth driver.” For other markets—including Colombia, Panama, and the city of Buenos Aires—Codere Online generated EUR 4.4 million of NGR, which Arildsson said was “broadly stable year-over-year,” while noting “encouraging trends both in Panama and Colombia.” → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% On an adjusted EBITDA basis, Arildsson said Spain contributed EUR 7.0 million in the quarter, up 27% year over year, while Mexico delivered EUR 2.9 million, an increase of “over 60% year-over-year” as Mexico “continues to inflict towards profitability.” He added that undistributed and headquarters costs were “slightly lower” at EUR 5.0 million despite higher revenue, citing cost discipline and operating leverage. In the Q&A, Sher said Spain’s performance also benefited from market conditions and execution. He pointed to broad market growth reported by the regulator last year, continued optimization of acquisition “to a higher value,” “strong technology stability,” and a “favorable” trading margin in the quarter with “a lot of surprises along the way.” Sher said he believes the positive trend in Spain can continue. Operationally, Sher said results were driven by an expanding active customer base. Average monthly active customers reached approximately 183,000, up 14% year over year. Average monthly spend per active customer was EUR 117, about 1% below the prior-year quarter, which Sher said reflected a “broader and more diversified customer base.” Customer acquisition totaled approximately 90,000 first-time depositors (FTDs), with an average cost per acquisition (CPA) of EUR 212, which increased both year over year and sequentially. Sher said the increase reflected a more competitive marketing environment, particularly in core markets, and a deliberate mix shift toward “higher value cohorts and channels.” Arildsson said retention and reactivation improvements drove engagement, while acquisition stayed “flat at around 90,000 FTDs.” Marketing spend was EUR 25.0 million, up EUR 1.2 million from the prior-year quarter, though Arildsson noted it was three percentage points lower as a percentage of NGR. In Mexico, Arildsson said average monthly actives grew about 20% year over year to around 98,000. However, he noted active customer levels were slightly lower sequentially and “have continued to decline into the second quarter,” which he said was expected due to “tighter promotional rules aimed at reducing the participation of bonus hunters.” Arildsson said these players had limited impact on NGR but “polluted our customer database and made segmentation more complex,” adding the change should improve customer quality ahead of the World Cup. Arildsson also highlighted a “content partnership with a leading television broadcaster” that provides brand exposure immediately after goals during football games. He described it as effective for “reach and visibility,” and said it aligns with the company’s focus on “efficient, high-impact opportunities” rather than pursuing more expensive World Cup-related content. Management maintained its full-year 2026 guidance. Sher said the company continues to expect full-year NGR of EUR 235 million to EUR 245 million and adjusted EBITDA of EUR 15 million to EUR 20 million. He described the approach as prudent given regulatory and tax considerations, adding that if trends and execution remain consistent, management would “expect to visit our outlook after the first half of the year.” Arildsson similarly said the company would consider revisiting guidance after second-quarter results if favorable trends persist. Asked about the World Cup’s impact, Arildsson said prior events have not had a “tremendous” effect on NGR, though the company expects some uplift in activity with “a limited impact” on financials and does not expect a “very substantial impact” on figures. On longer-term margins, Arildsson said marketing spend is a key driver and indicated that reaching double-digit EBITDA margins would likely require marketing to fall below 30% of NGR under the current cost structure. Guillermo Lancha, Director of Investor Relations and Communications, added that marketing is “pretty much entirely discretional,” and that higher margins could be achieved by reducing investment, though management’s focus is “sustainable growth in EBITDA” with marketing as a percentage of NGR decreasing organically over time. Sher said the company aims to balance revenue growth and EBITDA to “generate the highest company value.” Arildsson said Codere Online ended the quarter with EUR 56 million in total cash, with approximately EUR 51 million available. He also noted a “structured negative working capital position” of EUR 22 million, about 10% of last-twelve-months NGR, which he said supports cash generation. The company generated EUR 6.5 million of cash flow in the first quarter, and Arildsson said management is encouraged by its ability to convert adjusted EBITDA into cash over time, while acknowledging quarter-to-quarter timing can vary. On capital allocation, Sher said the company did not repurchase shares in the first quarter under its buyback plan, but the program remains in place through the end of 2026. Executive Vice Chairman Moshe Edree said the board provides guidelines and that beyond marketing there was “nothing substantial” brought to the board, adding the company remains focused on maintaining ROI and CAC efficiency in its major markets. Arildsson added that a “very substantial portion” of cash is invested in the business as working capital, and that buybacks remain one lever to return capital to shareholders as cash accumulates. He also said the company is looking at “certain expansion opportunities,” including potentially entering other markets, though Sher later said there are “currently no plans for new markets.” In Mexico, Sher addressed a question about reported competitor entry, saying Codere Online had seen announcements regarding Stake.com but had not yet observed its presence “on TV or on Google PPC.” He said the company was not currently seeing pressure on customer acquisition cost or lifetime value from that development and emphasized Codere Online’s compliance with regulations and taxes in Mexico. On artificial intelligence, Sher said the company has not implemented AI “in the core business” and has not seen “AI trading benefits” yet. However, he said AI tools are being used in supporting functions, including customer service and some outbound calls, with “good results.” Edree added that the company has engaged with Google Israel to support implementing Google-related advertising tools into Codere Online’s systems, while Sher said it remains early and the company expects clearer developments in “two more quarters.” In Colombia, Sher said a new 16% tax structure allows Codere Online to continue operating and reactivating its existing database, but “doesn’t allow us to really invest again into marketing.” He said management is watching the country’s upcoming elections and hopes for a more favorable environment that could support renewed investment, adding that the company has been encouraged by the results of database reactivation. Codere Online Luxembourg SA is a publicly traded company incorporated under the laws of Luxembourg and listed on the Nasdaq Stock Market under the ticker CDRO. Established in December 2020 as a spin-off of Grupo Codere’s digital operations, Codere Online leverages the heritage and infrastructure of its Spanish parent to deliver a dedicated online gaming and sports betting platform. Headquartered in Luxembourg City, the company operates through locally licensed subsidiaries in multiple jurisdictions. The company’s core business revolves around an integrated online sportsbook and casino offering. The article "Codere Online Luxembourg Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

The Company delivered record quarterly net gaming revenue of €64.4 million and Adj. EBITDA of €6.0 million Total revenue was €60.3 mm in Q1 2026, while net gaming revenue1 was €64.4 mm, 13% above Q1 2025. Spain revenue and net gaming revenue were €25.5 mm in Q1 2026, 16% above Q1 2025. Mexico revenue was €30.4 mm in Q1 2026, while net gaming revenue was €34.6 mm, 13% above Q1 2025. Adj. EBITDA reached €6.0 mm in Q1 2026, €4.2 mm above Q1 2025. Net income was €7.0 mm in Q1 2026 versus a net loss of €0.7 mm in Q1 2025. Total cash position of €56.2 mm and no financial debt as of March 31, 2026. Unchanged outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA2 of €15-20 mm. Madrid, Spain and Tel Aviv, Israel, May 7, 2026 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended March 31, 2026. Below are the main financial and operating metrics of the period. Aviv Sher, Chief Executive Officer of Codere Online, commented, “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year‑on‑year. In Spain, performance accelerated meaningfully, with net gaming revenue growing 16%, reflecting a clear continuation and acceleration of the positive trends we began to see in the second half of 2025, particularly in the fourth quarter. Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers”. Marcus Arildsson, CFO of Codere Online, commented, “Q1 2026 marked a clear step forward in profitability, with Adjusted EBITDA reaching €6.0 million, €4.2 million above the same period last year and a net profit of €7.0 million. We closed the quarter with a solid total cash position of €56.2 million and no financial debt, providing a strong balance sheet. Based on this performance, we reiterate our outlook for full year 2026, with expected net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million”. Recent Events Filings with the U.S. Securities and Exchange Commission On April 28, 2026, the Company filed its 2025 annual report on Form 20-F; On May 5, 2026, the Company filed its forms S-8 relating to the Company’s long term incentive plans. Conference Call Information Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, May 7, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call. Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS) Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5 About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence. About Codere Group Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay). Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures. Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans. These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Financial Information and Non-GAAP Financial Measures Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”). This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material. Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein. This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included. Use of Projections This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC. Preliminary Information This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period. No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Trademarks This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. 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Contacts: Investors and Media Guillermo Lancha Director, Investor Relations and Communications [email protected] (+34) 628.928.152 1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report. 2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report. 3 See “Preliminary Information” below. 4 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina. 5 Please refer to page 24 of our Q1 2026 Earnings Presentation for further details regarding this reconciliation.