The following is a summary of the Codere Online Luxembourg, S.A. (CDRO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Codere Online reported a 20% increase in net gaming revenue to €52 million, driven primarily by strong performance in Mexico.

• Adjusted EBITDA for the quarter stood at a positive €1.5 million, reflective of improved operational performance despite increased marketing investments and platform expenses.

Business Progress:

• Focus on enhancing the casino segment led to revenue contribution aligning with second quarter levels despite a seasonal decline in sports betting.

• Introduced measures to improve retention rates, resulting in a 15% increase in average monthly active customers.

Opportunities:

• Positive outlook for continued expansion in core markets like Spain and Mexico, with plans to explore potential market expansions or strategic acquisitions in new regions.

Risks:

• The significant devaluation of the Mexican peso poses a financial impact, with a need to continuously monitor and potentially implement hedging strategies in the future.

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