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- **Mexico Dominance**: 31% NGR growth in Mexico, 22% customer base expansion, 89,000 new depositors. 
- **Spain Stability**: 7% NGR growth, 15-20% marketing spend. 
- **World Cup Play**: 7% NGR growth (EUR 235-245M), 2026 EBITDA guidance (EUR 15-20M). 
- **Tax Headwinds**: Colombia VAT repeal uncertainty delays investment, Mexico CPA decline signals efficiency. 
- **Competitor Exit**: 2 major players exited Mexico, creating consolidation: 2026 EBITDA guidance (EUR 15-20M).

**【CEO Summary Section】**
- **Mexico Growth**: Net gaming revenue (NGR) in Mexico increased by 31% year-over-year, driven by lower cost per acquisition (CPA) and higher customer retention. 
- **Spain Stability**: Spain's NGR remained stable with a 7% year-over-year increase, reflecting mature market dynamics.
- **Mexico Expansion**: Mexico's customer base expanded by 22% in Q4, with 89,000 new first-time depositors, signaling market share growth.
- **World Cup Strategy**: 2026 guidance includes 7% NGR growth (EUR 235-245M) as World Cup demand drives marketing spend, despite tax headwinds.

**【CFO Financial Commentary】**
- **Mexico Margin**: CPA in Mexico declined 4% YoY, with gold-standard ROI on marketing spend.
- **Regulatory Challenges**: Colombia VAT repeal uncertainty delays long-term investment.
- **FX Hedging**: Guidance assumes stable exchange rates, with EUR 245M NGR target.

**【Q&A Highlights】**
- **Tax Mitigation**: Mexico's 2026 EBITDA guidance (EUR 15-20M) assumes stable pricing, despite tax hikes.
- **Competitor Exit**: 2 major players exited Mexico, creating market consolidation.
- **Expansion**: Colombia VAT repeal could unlock growth if permanent, with CPA efficiency improving.
- **Market Share**: Spain's CPA trends stabilize, with 15-20% marketing spend: Mexico's CPA decline signals efficiency, Spain's CPA stabilizes.
- **New Markets**: No immediate expansion beyond Mexico/Spain, with Colombia on hold: 2026 EBITDA guidance (EUR 15-20M) reflects cautious optimism.
- **Regulatory Risk**: Colombia's tax changes (EUR 240M+ NGR) offset by growth: 2026 EBITDA guidance (EUR 245M+).

Codere Online Luxembourg, S.A.(CDRO)-20260226-2025 Q4 Earnings call transcript

- **Q4 Growth Acceleration**: NGR up 17% through November, with Mexico (+29%) and Spain (+14%) leading recovery.
- **Mexico Tax Challenge**: 50% gaming tax hike in 2026 may impact margins, but incumbents expect competitive stabilization.
- **Cost Efficiency**: Marketing spend reduced to EUR 18 million, driving EBITDA growth of 30% YoY.
- **AI and Innovation**: Exploring AI tools cautiously due to regulatory constraints, with focus on customer experience improvements.
- **Share Buyback Expansion**: Increased buyback plan to $7.5 million, reflecting confidence in undervalued shares.

**【CEO Summary Section】**
- **Q3 2025 Financial Highlights**: Net gaming revenue (NGR) of EUR 52 million, flat year-over-year (YoY) due to FX impacts and sports betting margin challenges. Q4 shows strong momentum with NGR up 17% through November 15, driven by 29% growth in Mexico and 14% in Spain.
- **Customer Growth**: 85,000 first-time depositors (FTDs), 26% YoY increase, at the lowest cost-per-acquisition (CPA) since Q1 2023. Casino segment contributed 65% of NGR due to sports betting margin decline.
- **Share Buyback**: Repurchased 249,000 shares ($1.7 million) under a $5 million plan, expanded to $7.5 million with potential extension to December 2026.

**【CFO Financial Commentary】**
- **Adjusted EBITDA**: EUR 2.9 million (up 30% YoY), with Spain and Mexico contributing EUR 5.8 million and EUR 2 million, respectively.
- **Cost Optimization**: Marketing spend reduced to EUR 18 million (lowest since listing), offset by higher platform costs. Q4 marketing spend expected to remain stable or increase slightly.
- **Market Performance**: Colombia and Argentina declined due to VAT and competitive pressures, while Panama showed improvement from product enhancements.
- **Mexico Tax Update**: Federal gaming tax rate increases to 50% from 30% in 2026, with potential impact on unit economics and investment strategy.

**【Q&A Key Highlights】**
- **Mexico Tax Mitigation**: Analyzing strategies to offset 50% tax hike, including promotions and partnerships. Expect competitive landscape to stabilize post-tax hike.
- **AML Crackdown Impact**: No direct impact on operations, but monitoring market share shifts amid peers' temporary shutdowns.
- **Customer Acquisition Strategy**: Balancing low CPA, lower LTV players with long-term portfolio optimization. CPA expected to rise as acquisition channels mature.
- **Spain Recovery**: Welcome bonus reintroduction boosted engagement, with KPIs returning to pre-regulatory change levels.
- **AI Exploration**: Testing AI for customer service and recommendation engines, but regulatory constraints limit adoption.
- **Colombia Outlook**: No immediate plans to expand beyond current operations, as VAT on deposits remains unsustainable.
- **US Market Expansion**: Focused on core Latin American markets for next four years, per DSPAC commitments.

Codere Online US Corp (CDRO) Q3 2025 Earnings Call Transcript

- **NASDAQ Compliance Resolved**: Removed uncertainty as a listed company.
- **Mexico Growth Strong**: Constant currency NGR +23% YoY, despite peso devaluation. Active customers +36% YoY.
- **Spain Resilient**: EBITDA +5% YoY despite competitive welcome bonuses.
- **Colombia Challenges**: VAT on deposits caused EUR 1.6M NGR decline; Panama growth offset部分影响.
- **Buyback Plan Active**: Repurchased EUR 700K in shares; Board considering expanded program.
- **2026 World Cup Catalyst**: Mexico's sponsorship and 2026 co-host status may drive long-term growth.

**【CEO Summary Section】**
- Regained compliance with NASDAQ listing requirements, ending uncertainty as a publicly traded company.
- Q2 2025 net gaming revenue: EUR 55 million (flat YoY), EUR 61 million in constant currency (+12%).
- Casino segment contributed 61% of total NGR, with 7% increase in monthly active customers offset by 5% decline in spend per customer.
- 78,000 first-time depositors (+7% YoY), average CPA EUR 218.
- Repurchased 106,000 shares under buyback plan (EUR 700,000 invested).

**【CFO Financial Commentary】**
- Adjusted EBITDA: EUR 2.3 million (positive), driven by Spain (+5% YoY) and cost control.
- Mexico: EUR 29 million NGR (+3% YoY), 23% growth in constant currency. Peso devaluation caused EUR 5.7 million headwind.
- Colombia: EUR 1.6 million NGR decline due to 19% VAT on deposits; Panama NGR doubled YoY.
- Outlook: Back-half EBITDA expected to improve with lower marketing spend and peso stabilization.
- Full-year guidance: NGR EUR 220-230 million, EBITDA EUR 10-15 million.

**【Q&A Key Highlights】**
- **Spain**: Competitive landscape remains challenging, but selective promotions maintained KPIs. Club World Cup sponsorship helped bridge sports betting slowdown.
- **Mexico**: Testing new UA channels (e.g., mobile app) led to lower LTV players, but strong unit economics and scale drive long-term growth. 2026 World Cup sponsorship could accelerate momentum.
- **Colombia**: VAT on deposits reduced NGR, but focus on Panama growth (+100% YoY). Colombia may not be viable if VAT persists.
- **Share Buybacks**: Board evaluating more aggressive repurchases as cash position strengthens. NOLs from prior losses could benefit future transactions.

Codere Online Luxembourg (CDRO)-31 Jul 25-2025 Q2 Earnings call transcript

- **Mexico Dominance**: Q1 NGR up 15% YoY to €30.5M, 34% local currency growth despite sports margin headwinds. Share buyback underway with €0.5M executed.
- **Spain Resilience**: Flat NGR but 4% active user growth, improving customer quality amid competitive bonusing.
- **Cost Control**: €1M annual savings from ending Argentina sponsorship. Operating expenses up 5% YoY but within guidance.
- **Risk Watch**: Nasdaq compliance uncertainty, peso volatility, and Latin America regulatory challenges.

**【CEO Compliance & Financial Highlights】**
- Regained Nasdaq compliance with timely filing of 2023 annual report, but delayed 2024 audit due to resource allocation. Facing potential delisting notice, company plans to appeal and expects to file 2024 report by end of May.
- Q1 2025 NGR €57M (+8% YoY), driven by Mexico (+15%) and Spain (flat). Constant currency NGR up 17% YoY, with 13% active user growth and 21% FTD increase.
- Mexico sports betting margin lower than target (-1ppt, €1.5M NGR impact), but sees long-term growth potential. Repurchased €0.5M shares under $5M buyback plan.

**【CFO Financial Breakdown】**
- Mexico NGR €30.5M (+15% YoY), 34% growth in local currency. Spain NGR €22M (flat YoY) with 4% active user growth, focusing on high-value customer acquisition.
- Adjusted EBITDA €1.8M (5th consecutive quarter positive), with €5.5M from Spain and €1.8M from Mexico. Operating expenses up €4M YoY due to marketing and investment.
- Cash balance €42M, generating €2.2M available cash in Q1. Expect exchange rate headwinds to ease post-Q2 as 2024 peso devaluation laps.

**【Q&A Key Takeaways】**
- **Mexico Growth**: Testing new acquisition channels lowered CPA but reduced player value. Anticipate return to balanced user acquisition strategy in coming quarters.
- **Spain Strategy**: Adjusting to competitive welcome bonus environment, focusing on high-value customers. April/May trends show improved unit economics.
- **Argentina**: Ended River Plate sponsorship, saving ~€1M annually. Argentina license acquisition remains stalled due to pricing disputes.
- **Latin America Expansion**: Colombia VAT challenges limit growth, but Panama showing promise. 2025 focus on Mexico and Club World Cup activations.

Codere Online Luxembourg, S.A. (CDRO) Q1 2025 Earnings Call Transcript

- **Operational Resilience**: Navigated auditor transition and NASDAQ compliance, maintaining €53M Q4 NGR (+5% YoY).
- **Cost Efficiency**: CPA down to €211, lowest in 12 months, driven by reduced competition in Mexico.
- **2025 Outlook**: Conservative guidance of €220-230M NGR (+6% YoY) reflects peso headwinds and Colombia tax risks.
- **Strategic Focus**: Prioritizes high-ROI markets (Mexico, Spain) over new geographies, with cautious Brazil exploration.
- **Cash Management**: €40M cash on hand, supporting buyback plan and operational flexibility.

**【CEO Opening Remarks】**
- Solved auditor transition smoothly, securing NASDAQ extension until May 12, 2025 for 2023 annual report filing.
- Q4 2024 net gaming revenue (NGR) €53M (+5% YoY), €57M in constant currency (+15% YoY). Casino segment grew to 62% of NGR due to sports betting margin decline in Mexico.
- Active customers +6% to 70K, monthly spend €120, with 71K first-time depositors (FTD) and CPA €211, lowest since Q4 2023.
- Board approves €5M share buyback plan, signaling confidence in cash flow and valuation.

**【CFO Financial Breakdown】**
- Spain: NGR €23M (+10% YoY), EBITDA €7M, driven by higher spend per active (+3% to 49K actives).
- Mexico: NGR flat YoY at €25M, 14% peso devaluation caused €3.4M headwind. Constant currency NGR +14% YoY.
- 2024 full-year adjusted EBITDA €6.4M, positive in all quarters.
- 2025 guidance: NGR €220-230M (+6% YoY), EBITDA €10-15M, conservative due to peso weakness, Colombia tax, and Spain promotional environment.
- Cash €40M as of Q4, with €35M available, down €3M QoQ due to payment service provider balances.

**【Q&A Highlights】**
- **FX Assumptions**: 2025 guidance includes worst-case peso scenario, with 14% Q4 devaluation impact.
- **Colombia Tax Impact**: New 19% deposit tax could reduce FTDs, though Colombia contributes <5% of NGR. Legal challenge ongoing.
- **Competitive Dynamics**: European competitors reduced Mexico investment in Q4, allowing Codere to lower CPA to €211.
- **Market Expansion**: Brazil too capital-intensive; focus on Mexico and Spain with 15-20% ROI. Chile/Peru potential but low priority due to high upfront costs.
- **Argentina Update**: Province licensing stalled; exploring partnerships for growth.

Actual				-0.2548	-0.4174	-0.0325			-0.0221	0.0863	-0.0428	-0.0668	0.1553	-0.0216	-0.0589	0.0352	0
Forecast				-0.294	-0.3318	-0.233			-0.138	-0.0324	-0.0321	0	0.0155	0.0541	-0.0118	0.0645	0.0763
Surprise	0.00%	0.00%	0.00%	+13.33%	-25.80%	+86.05%	0.00%	0.00%	+83.99%	+366.36%	-33.33%	0.00%	+901.94%	-139.93%	-399.15%	-45.43%	-100.00%

CDRO

CDRO fundamentals

CDRO Q4 2025 Earnings

Earnings Call

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CDRO

CDRO fundamentals

CDRO Q4 2025 Earnings

Earnings Call

CDRO Earnings Call Summary for Q4/20258:30 AM on Feb 26, 2026

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CDRO Earnings Call Summary for Q2/20258:30 AM on Jul 31, 2025

CDRO Earnings Call Summary for Q1/20258:30 AM on May 16, 2025

CDRO Earnings Call Summary for Q4/20248:30 AM on Feb 20, 2025

You can ask Aime