CDROW · Codere Online Luxembourg, S.A.

Codere Online delivered a strong first quarter in 2026, achieving record net gaming revenue of €64.4 million, a 13% increase year-over-year. The growth was driven by robust performance in both Spain and Mexico. Spain net gaming revenue rose 16% to €25.5 million, reflecting an acceleration of positive trends seen in the second half of 2025. Mexico net gaming revenue grew 13% to €34.6 million, supported by a 20% increase in average monthly active players. The company reported a net income of €7.0 million, a significant turnaround from a net loss of €0.7 million in the prior year quarter. Adjusted EBITDA reached €6.0 million, up from €1.8 million in Q1 2025, driven by revenue growth and operational leverage. The balance sheet remains strong with €56.2 million in cash and no financial debt. Management reiterated its full-year 2026 outlook, expecting net gaming revenue between €235 million and €245 million and Adjusted EBITDA between €15 million and €20 million. The company also noted recent SEC filings, including its 2025 annual report on Form 20-F and S-8 forms for long-term incentive plans.