The following is a summary of the Codere Online Luxembourg, S.A. (CDRO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Codere Online reported a consolidated Net Gaming Revenue of €54 million in Q2 2024, a 39% increase year-over-year.

• Adjusted EBITDA was positive at €1.3 million, nearly €6 million better than the previous year, reflecting efficient management and strategic marketing investments.

• Net income details were not provided explicitly, however, the positive Adjusted EBITDA highlights an overall improvement in profitability.

Business Progress:

• The company saw a record high contribution from the casino segment, which accounted for 59% of total net gaming revenue in the quarter, driven by successful cross-selling of betting customers into casino games.

• Customer engagement remained strong due to major sports events like the Eurocup and Copa America, despite generally favorable sports outcomes.

• There was a strategic increase in the number of active customers by 20% and average spend per customer by 16%, and the company introduced operational changes by adding new board members to enhance corporate governance.

Opportunities:

• The strategic focus on 'casino first' customer acquisition in key markets like Spain and Mexico has resulted in higher customer spend and more stable revenue streams.

• Continued expansion and solid performance in the Mexican market, which grew by 57% year-over-year, demonstrating the company's strong position to capture further growth.

Risks:

• Increased competition in the Mexican market, which is experiencing entry by new international competitors, could pressure market share and operational costs.

• Regulatory uncertainties in markets like Mexico, with possible changes on the horizon that could impact operational stances and tax structures.

More details: Codere Online Luxembourg IR

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