Codere Online preliminary Q3 revenue rises 31%
The multi-year NFL Mexico agreement includes the 2026 NFL Mexico City Game and Super Bowl LXI.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Codere Online Luxembourg, S.A. reported preliminary, unaudited third-quarter 2026 revenue of €62.6 million, up 31% year over year, and non-IFRS Adjusted EBITDA of €4.2 million, up 45%. Gaming Win, cash retained from settled wagering activity before gaming taxes and other costs, was €67.1 million, up 30%; it replaces “Net Gaming Revenue,” with historical amounts unchanged. Net income was €5.5 million versus €1.4 million in Q3 2025; average monthly active players rose 5% to 166,800.
Revenue increased 37% in Mexico to €32.9 million and 13% in Spain to €24.8 million. As of September 30, 2026, total cash was €65.6 million, including €61.0 million available; the company reported no financial debt and negative net working capital of €24.5 million. Management reiterated 2026 outlook of €255–265 million in Gaming Win and €20–25 million in Adjusted EBITDA. Management said Q3 benefited from the World Cup’s final stages in July and favorable exchange rates, and expects coming-month growth to be more in line with underlying trends against a strong prior-year fourth quarter. In September, the company became Official Betting Partner of the NFL in Mexico under a multi-year agreement.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly revenue increased 31% to €62.6 million.
- Moderate pointQuarterly Adjusted EBITDA increased 45% to €4.2 million.
- Moderate pointQuarterly Gaming Win increased 30% to €67.1 million.
Negative
- None.
Filing Explained
For Q3, Codere Online reported
Key Figures
Key Terms
Gaming Win financial
Adjusted EBITDA financial
Constant currency growth financial
First Time Deposits (FTD) financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CDRO's third-quarter 2026 revenue, Gaming Win and Adjusted EBITDA?
What is CDRO's 2026 outlook?
Is Gaming Win the same as revenue for CDRO?
What does CDRO's NFL partnership include?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-41107
Codere Online Luxembourg, S.A.
(Translation of registrant's name into English)
7 rue Robert Stümper
L-2557 Luxembourg,
Grand Duchy of Luxembourg
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Explanatory Note
On November 12, 2026, Codere Online Luxembourg, S.A. (the “Company”) issued a press release and a presentation regarding its unaudited financial results for the three months ended September 30, 2026. A copy of each of the press release and the presentation is furnished as Exhibits 99.1 and 99.2, respectively, to this Report on Form 6-K. The information in the attached Exhibit 99.1 and Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | Press Release dated November 12, 2026 | |
| 99.2 | Presentation dated November 12, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Codere Online Luxembourg, S.A. | ||
| (Registrant) | ||
| Date: November 12, 2026 | By: | /s/ Marcus Arildsson |
| Name: | Marcus Arildsson | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Codere Online Reports Third Quarter 2026 Results
Revenue of €62.6 million (+31%), Adj. EBITDA of €4.2 million (+45%), and
Gaming Win of €67.1 million (+30%) in the quarter
| · | Total revenue was €62.6 mm in Q3 2026 (+31%): Spain €24.8 mm (+13%) and Mexico €32.9 mm (+37%). |
| · | Adj. EBITDA reached €4.2 mm in Q3 2026, 45% (€1.3 mm) above Q3 2025. |
| · | Net income was €11.1 mm in 9M 2026, versus a net loss of €1.7 mm in 9M 2025. |
| · | Gaming Win1 was €67.1 mm in Q3 2026 (+30%): Spain €24.8 mm (+13%) and Mexico €37.2 mm (+39%). |
| · | Total cash position of €65.6 mm and no financial debt as of September 30, 2026. |
| · | Reiterating FY 2026 outlook of €255-265 mm of Gaming Win and €20-25 mm of Adj. EBITDA2. |
Madrid, Spain and Tel Aviv, Israel, November 12, 2026 – (GLOBE NEWSWIRE) Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW, the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 financial results for the quarter ended September 30, 2026. Below are the main financial and operating metrics of the period.
| Quarter ended September 30 | Nine months ended September 30 | ||||||
| 2025 | 2026 | Chg. % | 2025 | 2026 | Chg. % | ||
| Revenue (EUR mm) | |||||||
| Spain | 22.0 | 24.8 | 13% | 66.1 | 77.9 | 18% | |
| Mexico | 24.0 | 32.9 | 37% | 77.8 | 95.1 | 22% | |
| Other | 1.6 | 4.9 | n.m. | 9.4 | 14.3 | 52% | |
| Total | 47.7 | 62.6 | 31% | 153.3 | 187.3 | 22% | |
| Avg. Monthly Active Players (000s) | |||||||
| Spain | 50.2 | 52.8 | 5% | 50.4 | 55.4 | 10% | |
| Mexico | 88.3 | 85.6 | (3%) | 85.3 | 90.7 | 6% | |
| Other | 20.7 | 28.4 | 37% | 22.6 | 28.4 | 26% | |
| Total | 159.2 | 166.8 | 5% | 158.3 | 174.4 | 10% | |
| Gaming Win (EUR mm) | |||||||
| Spain | 22.0 | 24.8 | 13% | 66.1 | 77.9 | 18% | |
| Mexico | 26.8 | 37.2 | 39% | 86.3 | 107.8 | 25% | |
| Other | 2.8 | 5.2 | 86% | 11.0 | 15.3 | 39% | |
| Total | 51.6 | 67.1 | 30% | 163.4 | 201.0 | 23% | |
_____________________________
1 Gaming Win is a key operating metric that measures the cash amount we retain from customers' wagering activity, as compiled by our gaming platforms. It replaces the measure previously presented as "Net Gaming Revenue"; historical amounts are unchanged. See "Key Operating Metrics" below.
2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Net Income to Adjusted EBITDA to at the end of the report. The Adjusted EBITDA outlook is a forward-looking non-IFRS measure; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.
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Aviv Sher, Chief Executive Officer of Codere Online, commented, “Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain. During the quarter we also became Official Betting Partner of the NFL in Mexico, which further strengthens our positioning in one of our most important markets.”
Marcus Arildsson, CFO of Codere Online, commented, “We delivered €62.6 million of revenue and Adjusted EBITDA of €4.2 million in the quarter, as well as €67.1 million of Gaming Win, while continuing to invest behind growth. We closed September with approximately €66 million of total cash and no financial debt.”
Mr. Arildsson further added, "Following a strong third quarter, we remain confident about meeting our full year 2026 outlook of €255 – 265 million of Gaming Win and €20 – 25 million of Adjusted EBITDA. Our third quarter benefited from the final stages of the World Cup in July and from favorable exchange rates, and against a strong fourth quarter last year, we expect growth in the coming months to be more in line with our underlying trends.”
Recent Events
Official Betting Partner of the NFL in Mexico
| · | On September 10, 2026, Codere Online announced a multi-year agreement to become Official Betting Partner of the NFL in Mexico, strengthening its premium brand positioning in one of its largest and most strategically important markets. |
| · | The agreement includes sponsorship of the 2026 NFL Mexico City Game, to be held in Mexico City on November 22, 2026, and of Super Bowl LXI, to be held in Los Angeles in February 2027. |
| · | It also provides a year-round platform for customer engagement, including hospitality programs, VIP experiences, activations across multiple cities in Mexico and official NFL merchandise opportunities. |
Transition from Net Gaming Revenue to Gaming Win
| · | Beginning this quarter, Codere Online reports Gaming Win as a key operating metric in place of the measure previously presented as “Net Gaming Revenue”. Gaming Win is a key operating metric that measures the cash amount we retain from our customers’ wagering activity: amounts staked by customers on settled sports betting and casino wagers, less prizes and promotional credits paid to customers, before gaming taxes, value added taxes, other levies and all other costs and adjustments, as compiled by our gaming platforms and translated into euros at average monthly exchange rates (as applicable). |
| · | Historical amounts previously reported as “Net Gaming Revenue” are unchanged and Codere Online’s FY 2026 outlook is reiterated on the same basis by reference to Gaming Win. |
| · | Gaming Win is not a measure of Revenue and should not be considered an alternative to Revenue or any other financial measure determined in accordance with IFRS. |
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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, November 12, 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 Net Income (IFRS) to Adj. EBITDA (non-IFRS)4
| Quarter ended September 30 | Nine months ended September 30 | ||||||
| Figures in EUR mm | 2025 | 2026 | Chg. | 2025 | 2026 | Chg. | |
| Net Income (Loss) | 1.4 | 5.5 | 4.2 | (1.7) | 11.1 | 12.8 | |
| (+/-) Provision for Corporate Income Tax | 0.6 | 0.8 | 0.2 | 1.8 | 2.1 | 0.3 | |
| (+/-) Interest Expense / (Income) | 1.4 | (0.3) | (1.7) | 4.4 | (2.9) | (7.4) | |
| (+/-) Var. In Fair Value of Public Warrants | (0.4) | (3.4) | (3.0) | 1.5 | (2.3) | (3.8) | |
| (+) D&A | 0.2 | 0.2 | 0.0 | 0.5 | 0.5 | 0.1 | |
| EBITDA | 3.2 | 2.9 | (0.3) | 6.5 | 8.5 | 2.0 | |
| (+) Employee LTIP Expense | (0.2) | 1.4 | 1.5 | (0.5) | 7.6 | 8.1 | |
| (+/-) Other Adjustments | (0.1) | 0.0 | 0.1 | (0.0) | 0.0 | 0.0 | |
| Adj. EBITDA (Pre Non-Recurring Items) | 2.9 | 4.2 | 1.3 | 6.0 | 16.1 | 10.1 | |
| (+) Non-Recurring Items | 0.0 | 0.0 | 0.0 | 1.1 | 0.0 | (1.1) | |
| Adj. EBITDA | 2.9 | 4.2 | 1.3 | 7.1 | 16.1 | 9.0 | |
______________________________
4 Interest includes realized foreign exchange results and the monetary impact of IAS 29 in Argentina. Other adjustments mainly reverse the impact of IAS 29 on operating results in Argentina and, from 2026, include shares withheld for taxes under the employee long-term incentive plan. Non-recurring items in 9M 2025 relate to excess audit-related fees. For further detail, see page 21 of our Q3 2026 Earnings Presentation, furnished on Form 6-K on November 12, 2026.
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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 rounding, numbers presented in this document may not add up precisely to the totals provided, and percentages may not precisely reflect the absolute figures.
Forward-Looking Statements
This document contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the expectations, beliefs, intentions or strategies of Codere Online Luxembourg, S.A. and its subsidiaries (collectively, "Codere Online") regarding the future. Words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "plan," "project," "should," "would" and similar expressions may identify forward-looking statements, but are not the only means of doing so. Forward-looking statements in this document include, among others, statements regarding Codere Online's outlook, expected growth, financial performance, strategy and operations.
These statements are based on current expectations, forecasts and assumptions as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially. These include, among others: (i) changes in laws, regulations and taxes applicable to online gaming; (ii) volatility in sports betting results and in the outcome of sporting events; (iii) fluctuations in exchange rates, particularly of Latin American currencies against the euro; (iv) competition and changes in the gaming industry; (v) Codere Online's ability to execute its business plans and manage its growth; (vi) its reliance on third-party providers, including the Codere Group; (vii) its ability to obtain and maintain gaming licenses; (viii) data protection and cybersecurity risks; and (ix) political, economic and geopolitical conditions in the markets in which it operates. Additional risks are described in Codere Online's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 20-F. Codere Online's outlook has not been audited or reviewed by its independent auditors and should not be regarded as a representation that the results will be achieved. Codere Online undertakes no obligation to update any forward-looking statement, except as required by applicable law. All forward-looking statements attributable to Codere Online are expressly qualified in their entirety by these cautionary statements.
Key Operating Metrics
This document includes certain key operating metrics, such as Gaming Win and average monthly active players, which management uses to manage and assess the performance of the business. Gaming Win measures the cash amount we retain from our customers’ wagering activity: amounts staked by customers on settled sports betting and casino wagers, less prizes and promotional credits paid to customers, before gaming taxes, value added taxes, other levies and all other costs and adjustments, as compiled by our gaming platforms and translated into euros at average monthly exchange rates (as applicable). We use Gaming Win for budgeting and planning, monthly management and Board reporting, and assessing performance by market and product. Codere Online believes it is useful to investors because the taxes applicable to online gaming differ among our markets, and Gaming Win allows activity to be compared on a consistent basis. Gaming Win replaces the measure previously presented as "Net Gaming Revenue", and historical amounts are unchanged. Gaming Win is not a measure of revenue and should not be considered an alternative to revenue or any other IFRS measure. These metrics may not be comparable to similarly titled measures used by other companies.
Financial Information and Non-IFRS 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”). This document includes certain financial measures not presented in accordance with IFRS, such as Adjusted EBITDA. Codere Online believes these measures are useful to investors in evaluating its operating results and trends, but they are subject to limitations, may exclude items that are significant to understanding its financial results, and may not be comparable to similarly titled measures used by other companies. They should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or any other measure determined in accordance with IFRS. Reconciliations to the most directly comparable IFRS measures are included in this document. Codere Online does not provide a reconciliation of forward-looking Adjusted EBITDA to net income because it cannot predict, without unreasonable effort, certain items that would be required, such as finance results, foreign exchange effects and income taxes, which could be material.
| 4 |
Preliminary Information
The financial information and other data in this document are preliminary, unaudited and subject to change, and no independent registered public accounting firm has audited, reviewed or expressed any form of assurance on them. Adjustments, which may be material, may be identified as this information is finalized. This information is not a substitute for full financial statements prepared in accordance with IFRS, may differ from actual results and is not necessarily indicative of results for any future period.
Trademarks
This document contains trademarks and trade names of Codere Online and of other companies, including the National Football League, which are the property of their respective owners.
Contacts:
Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152
5
Exhibit 99.2
Codere Online Q3 2026 Earnings November 12, 2026
Disclaimer Note on Rounding Due to rounding, numbers presented in this document may not add up precisely to the totals provided, and percentages may not precisely reflect the absolute figures . Forward - Looking Statements This Presentation contains "forward - looking statements" within the meaning of the safe harbor provisions of the U . S . Private Securities Litigation Reform Act of 1995 , including statements regarding the expectations, beliefs, intentions or strategies of Codere Online Luxembourg, S . A . and its subsidiaries (collectively, "Codere Online") regarding the future . Words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "plan," "project," "should," "would" and similar expressions may identify forward - looking statements, but are not the only means of doing so . Forward - looking statements in this Presentation include, among others, statements regarding Codere Online's outlook, expected growth, financial performance, strategy and operations . These statements are based on current expectations, forecasts and assumptions as of the date of this Presentation and involve risks and uncertainties that could cause actual results to differ materially . These include, among others : ( i ) changes in laws, regulations and taxes applicable to online gaming ; (ii) volatility in sports betting results and in the outcome of sporting events ; (iii) fluctuations in exchange rates, particularly of Latin American currencies against the euro ; (iv) competition and changes in the gaming industry ; (v) Codere Online's ability to execute its business plans and manage its growth ; (vi) its reliance on third - party providers, including the Codere Group ; (vii) its ability to obtain and maintain gaming licenses ; (viii) data protection and cybersecurity risks ; and (ix) political, economic and geopolitical conditions in the markets in which it operates . Additional risks are described in Codere Online's filings with the U . S . Securities and Exchange Commission (the "SEC"), including its most recent Annual Report on Form 20 - F . Codere Online's outlook has not been audited or reviewed by its independent auditors and should not be regarded as a representation that the results will be achieved . Codere Online undertakes no obligation to update any forward - looking statement, except as required by applicable law . All forward - looking statements attributable to Codere Online are expressly qualified in their entirety by these cautionary statements . Key Operating Metrics This document includes certain key operating metrics, such as Gaming Win and average monthly active players, which management uses to manage and assess the performance of the business . Gaming Win measures the cash amount we retain from our customers’ wagering activity : amounts staked by customers on settled sports betting and casino wagers, less prizes and promotional credits paid to customers, before gaming taxes, value added taxes, other levies and all other costs and adjustments, as compiled by our gaming platforms and translated into euros at average monthly exchange rates (as applicable) . We use Gaming Win for budgeting and planning, monthly management and Board reporting, and assessing performance by market and product . We believe it is useful to investors because the taxes applicable to online gaming differ among our markets, and Gaming Win allows activity to be compared on a consistent basis .
Disclaimer (cont.) Financial Information and Non - IFRS 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”) . This document includes certain financial measures not presented in accordance with IFRS, such as Adjusted EBITDA . Codere Online believes these measures are useful to investors in evaluating its operating results and trends, but they are subject to limitations, may exclude items that are significant to understanding its financial results, and may not be comparable to similarly titled measures used by other companies . They should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or any other measure determined in accordance with IFRS . Reconciliations to the most directly comparable IFRS measures are included in this document . Codere Online does not provide a reconciliation of forward - looking Adjusted EBITDA to net income because it cannot predict, without unreasonable effort, certain items that would be required, such as finance results, foreign exchange effects and income taxes, which could be material . Preliminary Information The financial information and other data in this document are preliminary, unaudited and subject to change, and no independent registered public accounting firm has audited, reviewed or expressed any form of assurance on them . Adjustments, which may be material, may be identified as this information is finalized . This information is not a substitute for full financial statements prepared in accordance with IFRS, may differ from actual results and is not necessarily indicative of results for any future period . Trademarks This document contains trademarks and trade names of Codere Online and of other companies, including the National Football League, which are the property of their respective owners . Industry and Market Data In this Presentation, 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 Presentation . You are cautioned not to give undue weight to such industry and market data .
Today’s Presenters Aviv Sher CEO Marcus Arildsson CFO Guillermo Lancha Head of IR
1 Quarter Highlights 2 Financial & Operating Results 3 2026 Outlook 4 Appendix Table of Contents 7 9 17 20
1 Quarter Highlights
7 Q3 2026 Highlights 1 1. Adj. EBITDA is a non - IFRS measure. See page 21 for a reconciliation to its most directly comparable IFRS measure (Net Income). 2. Gaming Win is a key operating metric that measures the cash amount we retain from our customers’ wagering activity: amounts s tak ed by customers on settled sports betting and casino wagers, less prizes and promotional credits paid to customers, before gaming taxes, value added tax es, other levies and all other costs and adjustments, as compiled by our gaming platforms and translated into euros at average monthly exchange rates (as applicab le) . Mix Portfolio KPIs Cohort KPIs Gaming Win of €67.1 mm (+30%) , of which: 67% from Casino 33% from Sports Betting ~167k Avg. Monthly Actives, +5% vs. Q3 2025 Avg. Monthly Spend per Active of €134, +24% vs. Q3 2025 ~251k new customer registrations with 91k First Time Deposits in Q3 2026 36% Conversion Rate and Cost per Acquisition of €209 Became Official Betting Partner of the NFL in Mexico in September under a multi - year agreement which includes the 2026 NFL Mexico City Game and Super Bowl LXI Gaming Win From Q3 we report Gaming Win , a key operating metric generated directly by our gaming platforms, in place of Net Gaming Revenue. Historical amounts are unchanged FY 2026 outlook of €255 – 265 mm Gaming Win and €20 – 25 mm Adj. EBITDA reiterated Q3 2026 Revenue of €62.6 mm (+31%), Adj. EBITDA (1) of €4.2 mm (+45%) and Gaming Win (2) of €67.1 mm (+30%)
2 Financial & Operating Results ( Preliminary Unaudited 1 ) 1. See "Preliminary Information" disclaimer on slide 3.
9 Spain 22.0 24.8 2.8 12.7% 66.1 77.9 11.8 17.9% 88.8 102.4 13.6 15.3% Mexico 26.8 37.2 10.4 38.8% 86.3 107.8 21.5 24.9% 111.5 140.6 29.1 26.1% Other (2) 2.8 5.2 2.4 85.7% 11.0 15.3 4.3 39.1% 15.7 18.7 3.0 19.1% Total 51.6 67.1 15.5 30.0% 163.4 201.0 37.6 23.0% 216.0 261.7 45.7 21.2% Figures in EUR mm Quarter YTD LTM Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Spain 22.0 24.8 2.8 12.7% 66.1 77.9 11.8 17.9% 88.8 102.4 13.6 15.3% Mexico 24.0 32.9 8.9 37.1% 77.8 95.1 17.3 22.2% 100.2 124.5 24.3 24.3% Other (2) 1.6 4.9 3.3 n.m. 9.4 14.3 4.9 52.1% 13.7 17.5 3.8 27.7% Total 47.7 62.6 14.9 31.2% 153.3 187.3 34.0 22.2% 202.7 244.4 41.7 20.6% Adj. EBITDA Revenue, Adj. EBITDA and Gaming Win 2 31% Revenue increase in Q3 2026 driven by both Spain and Mexico and €4.2 mm Adj. EBITDA (1) in the quarter Gaming Win 1. Adj. EBITDA is a non - IFRS measure. See page 21 for a reconciliation to its most directly comparable IFRS measure (Net Income). 2. Includes Colombia, Panama and the City of Buenos Aires (Argentina). 3. Reflects personnel and headquarter expenses that have not been allocated to the individual B2C business units. 4. Country level Adj. EBITDA (i.e. B2C) and Undistributed Adj. EBITDA (i.e. B2B) reflect management’s allocation criteria of cer tai n operating expenses. Adj. EBITDA excludes the non - cash provision related to the long term incentive plan for employees and €1.1 mm in excess audit - related fees provisioned for and paid in Q2 - 25. Adj. EBITDA excludes the impact of inf lation accounting (IAS 29) in Argentina and reflects the impact from the capitalization of certain office and car leases pursuant to IFRS 16. Revenue Spain 5.8 7.2 1.4 24.1% 17.7 22.0 4.3 24.3% 24.8 29.0 4.2 16.9% Mexico 2.0 1.7 -0.3 -15.0% 3.6 8.2 4.6 n.m. 2.7 12.2 9.5 n.m. Other (2) 0.0 0.6 0.6 n.m. 0.2 2.0 1.8 n.m. 0.0 2.3 2.3 n.m. B2C Adj. EBITDA 7.8 9.6 1.8 23.1% 21.4 32.1 10.7 50.0% 27.5 43.6 16.1 58.5% Undistributed B2B / HQ Opex (3) -4.9 -5.3 -0.4 -8.2% -14.4 -16.0 -1.6 -11.1% -18.5 -20.8 -2.3 -12.4% Adj. EBITDA (4) 2.9 4.2 1.3 44.8% 7.1 16.1 9.0 n.m. 9.0 22.8 13.8 n.m.
10 Figures in EUR mm Quarter YTD LTM Historical Evolution Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Q3-25 Q3-26 Chg. % Marketing (1) 18.4 25.2 6.8 37.0% 65.0 76.4 11.4 17.5% 86.8 97.7 10.9 12.6% Platform & Content (2) 14.5 16.0 1.5 10.3% 42.4 47.0 4.6 10.8% 56.2 61.9 5.7 10.1% Gaming Taxes(3) 8.8 13.6 4.8 54.5% 28.5 38.0 9.5 33.3% 37.4 47.9 10.5 28.1% Personnel(4) 4.6 5.2 0.6 13.0% 14.2 17.0 2.8 19.7% 18.9 22.3 3.4 18.0% Other(5) 2.4 2.9 0.5 20.8% 6.3 6.5 0.2 3.2% 7.8 9.0 1.2 15.4% Total Operating Costs 48.7 62.9 14.2 29.2% 156.3 184.9 28.6 18.3% 207.0 238.9 31.9 15.4% Operating Expenses (Management View) 2 Marketing and gaming taxes drove cost growth in Q3 2026, while platform and personnel costs grew well below revenue Operating Expenses Costs are presented on a management basis and differ from those reported in our annual reports on Form 20 - F as described below. All figures exclude the impact of inflation accounting (IAS 29) in Argentina. 1. Includes direct marketing, indirect marketing and affiliate fees (see page 23 for definitions). Differs from Form 20 - F due to th e reclassification of affiliate fees. 2. Includes payment service provider fees and sports streaming / data feeds. Reported under "Professional services and other exp ens es" in Form 20 - F. 3. Includes other taxes, mainly value - added tax in Mexico, which are not included in this caption in Form 20 - F. 4. Excludes the non - cash expense related to the long - term incentive plan for employees. 5. Reported under "Professional services and other expenses" in Form 20 - F. Excludes €1.1 mm of excess audit - related fees provisione d for and paid in Q2 - 25.
11 Key Performance Metrics 2 1. Constant currency growth is calculated by translating current - period results in local currency at the average exchange rates of the prior - year period. 2. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives. Gaming Win FTDs Cost per Acquisition (CPA) Avg. Monthly Actives (2) 30% Gaming Win growth versus Q3 2025 driven by a 5% increase in active customers and a 24% increase in spend per active 53.0 54.5 51.9 52.7 57.0 54.8 51.6 60.7 64.4 69.4 67.1 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EUR mm 75 73 67 73 91 79 85 89 90 108 91 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 000s 143 146 143 147 161 154 159 177 183 173 167 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 000s 216 236 250 211 198 217 167 166 212 200 209 203 217 230 228 224 219 198 187 190 186 196 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EUR Quarterly LTM 7% (16%) 5% (3%) 30% 23% (3%) (4%) Actual Constant currency (1)
12 60.0 75.7 87.7 90.5 FY 2022 FY 2023 FY 2024 FY 2025 EUR mm 22.3 21.8 20.9 22.8 21.9 22.1 22.0 24.5 25.5 27.6 24.8 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EUR mm 38 42 50 52 FY 2022 FY 2023 FY 2024 FY 2025 000s Spain Performance Metrics 2 13% increase in Gaming Win in Q3 2026 driven by a 5% increase in active customers and a 7% increase in spend per active 1. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives. Gaming Win (Quarterly) Gaming Win (Full Year) Avg. Monthly Actives (1) (Full Year) Avg. Monthly Actives (1) (Quarterly) 26% 16% 50 52 49 49 52 49 50 56 59 54 53 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 000s 3% 11% 17% 4% 13% (10%) 5% (3%)
13 63 62 64 69 82 86 88 99 98 88 86 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 000s 51.1 81.7 106.6 119.1 FY 2022 FY 2023 FY 2024 FY 2025 EUR mm 26.6 28.2 26.7 25.1 30.5 29.0 26.8 32.8 34.6 36.1 37.2 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EUR mm Mexico Performance Metrics 2 39% increase in Gaming Win in Q3 2026 driven by a 43% increase in spend per active Gaming Win (Quarterly) Gaming Win (Full Year) Avg. Monthly Actives (1) (Full Year) Avg. Monthly Actives (1) (Quarterly) 38 53 64 89 FY 2022 FY 2023 FY 2024 FY 2025 000s 60% 30% 12% 39% 23% 38% (3%) (3%) 39% 26% 3% 3% Actual Constant currency (1) 1. Constant currency growth is calculated by translating current - period results in local currency at the average exchange rates of the prior - year period. 2. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives.
14 Figures in EUR mm Figures in EUR mm Figures in EUR mm Assets A/P A/R Net Cash & Equivalents (1) 65.6 Working Capital - Assets 14.4 3rd Party 15.5 -0.0 15.5 Financial Assets (2) 8.4 Working Capital - Liabilities 39.0 Codere Group 7.4 -1.3 6.1 Accounts Receivable (3) 1.4 Net Working Capital -24.5 Total 23.0 -1.4 21.6 Current Assets 75.4 % Q3-26 LTM Gaming Win (6) -9% Deferred Tax Assets, Net (4) 10.7 Intangible & Other Assets 2.1 Total Assets 88.2 Working Capital - Assets Figures in EUR mm Reserved Cash (7) 4.6 USD mm % Total Liabilities & Owners' Equity Financial Assets 8.4 Available 61.0 69.3 Europe/Israel 45.3 69% Customer Balances 11.1 Accounts Receivable 1.4 Reserved 4.6 5.2 Latam 20.3 31% Accounts Payable 23.0 Total 14.4 Total 65.6 74.5 Total 65.6 100% Accrued Wages 3.3 Warrant Liability 2.1 Working Capital - Liabilities Lease Liabilities (IFRS 16) 1.7 Customer Balances 11.1 Taxes Payable, Net (5) 1.5 Accounts Payable 23.0 Total Liabilities 42.8 Accrued Wages 3.3 Owner's Equity 45.4 Taxes Payable, Net (5) 1.5 Total Liabilities & Owners' Equity 88.2 Total 39.0 Consolidated Balance Sheet, NWC and Cash (30/09/26) 2 Balance Sheet Net Working Capital (NWC) 3 rd Party vs Codere Group - Payables and Receivables Cash & Equivalents 1. Excludes impact of IFRS 9. 2. Figure includes cash in transit (i.e. pending settlement with payment service providers) and other restricted cash (e.g. cash co llateralizing bank guarantees). Figures excludes impact of IFRS 9. 3. Figure excludes IFRS 9 and the netting of certain Accounts Payables. 4. Figure net of Deferred Tax Liabilities to better reflect the Company’s net tax position. Figure primarily reflects deferred t ax assets related to ( i ) the recognition of net operating losses in Spain and (ii) the long term incentive plan provisions (which give rise to temporary differences in regards to deductibility). 5. Figure net of Taxes Receivable to better reflect the Company’s net tax position. 6. Figure based on Q3 - 26 LTM Gaming Win of €261.7 mm. 7. Figure reflects reserved customer balances as required by applicable local regulation in certain jurisdictions. €66 mm in total cash (of which €61 mm is available) and negative NWC position of €25 mm
15 Consolidated Cash Flow Statement 2 2026 Cash Flow Statement 1. Figure reflects increases or decreases in available cash from the decrease or increase, respectively, of reserved cash. 2. Figure reflects the non - cash portion of D&A. 3. Figure reflects expenses related to the long - term incentive plan, financial expenses (unrealized FX impacts, gains or losses on variation in the fair value of public warrants and non - cash gain or losses related to hyperinflation in Argentina). 4. Includes variations in borrowings and leases. 5. Figure reflects the period exchange rate impact on cash balances. Figures in EUR mm Q1-26 Q2-26 Q3-26 9M-26 Net Income 7.0 -1.4 5.5 11.1 Plus: Provision for Corporate Income Taxes 0.3 1.0 0.8 2.1 Less: Corporate Income Taxes Paid -0.4 -1.5 -0.8 -2.7 Plus: Decr./(Incr.) in Reserved Cash (1) 0.4 0.2 0.0 0.6 Plus: D&A (2) 0.2 0.2 0.2 0.5 Plus: Non-Cash Expenses/(Income) (3) -1.3 6.0 -2.3 2.4 Plus: Decr./(Incr.) in NWC (4) 0.5 2.5 -0.4 2.5 Cash Flow from Operations 6.6 7.0 3.0 16.5 Capital Expenditures 0.0 0.0 0.0 -0.1 Cash Flow from Investing 0.0 0.0 0.0 -0.1 Repurchase of Company Shares 0.0 0.0 0.0 0.0 Cash Flow from Financing 0.0 0.0 0.0 0.0 Period Cash Flow 6.5 6.9 3.0 16.4 Available Cash Beginning of Period 44.8 51.4 58.0 44.8 Plus: Period Cash Flow 6.5 6.9 3.0 16.4 Plus: FX Impact on Cash (5) 0.0 -0.3 0.0 -0.3 End of Period 51.4 58.0 61.0 61.0
3 2026 Outlook
17 63.0 71.3 83.2 122.9 171.9 212.0 224.1 2019 2020 2021 2022 2023 2024 2025 2026 Gaming Win (EUR mm) 255 – 265 - 15.2 - 5.6 - 23.8 - 51.2 - 11.7 6.4 13.8 Adj. EBITDA (EUR mm) 2026 Gaming Win and Adj. EBITDA Outlook 3 2026 Gaming Win outlook of €255 - 265 mm and Adj. EBITDA outlook of €20 - 25 mm Outlook (3) Historicals (1) 1. Figures exclude our .com business ( Greenplay ) sold on December 31, 2021. 2. Figure reflects growth rate versus €260 mm (midpoint of our €255 - 265 mm Gaming Win outlook for 2026). 3. See Forward Looking Statements disclaimer on page 2. 6% 16% (2) 20 – 25
Q&A
4 Appendix
20 Figures in EUR mm FY-21 FY-22 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 Q3-26 Spain 49.8 60.0 75.7 22.3 21.8 20.9 22.8 87.7 21.9 22.1 22.0 24.5 90.5 25.5 27.6 24.8 Mexico 27.9 51.1 81.7 26.6 28.2 26.7 25.1 106.6 30.5 29.0 26.8 32.8 119.1 34.6 36.1 37.2 Other (2) 5.6 11.8 14.5 4.2 4.5 4.3 4.7 17.6 4.5 3.7 2.8 3.5 14.5 4.4 5.7 5.2 Total 83.2 122.9 171.9 53.0 54.5 51.9 52.7 212.0 57.0 54.8 51.6 60.7 224.1 64.4 69.4 67.1 Historical Adj. EBITDA (1) and Gaming Win 4 Gaming Win Adj. EBITDA 1. Adj. EBITDA is a non - IFRS measure. See page 21 for a reconciliation to its most directly comparable IFRS measure (Net Income). 2. Includes Colombia, Panama, the City of Buenos Aires (Argentina) and Italy which was sold on December 30, 2022. 3. FY - 23 figure excludes the €0.5 mm impact of a retail withdrawal fraud. 4. FY - 23 and FY - 22 figures are proforma for a reclassification of Colombian non - deductible VAT from CIT to Gaming Taxes and Other expenses, resulting in a €0.8 mm and €0.9 mm lower EBITDA, respectively each year. 5. Reflects personnel, headquarter and other expenses that have not been allocated to individual B2C business units. Starting in 20 24, certain expenses previously reported as B2B expenses have been allocated to individual B2C units. 6. Figures exclude non - cash provisions related to the long term incentive plan for employees and €1.1 mm in excess audit - related fe es provisioned for and paid in Q2 - 25. FY - 22 figures also exclude the €0.7 mm cash impact from a cyber - related fraud incident. Since Q1 - 23, Adj. EBITDA excludes the impact of inflation accounting (IAS 29) in Argentina. Since Q2 - 24, Adj. EBITDA reflects the impact from the capitalization of certain office and car leases pursuant to IFRS 16. Figures in EUR mm FY-21 FY-22 FY-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 Q3-26 Spain (3) 6.6 14.6 27.6 6.8 6.0 5.8 7.1 25.7 5.5 6.3 5.8 7.1 24.8 7.0 7.8 7.2 Mexico -11.4 -28.2 -8.5 0.3 0.2 0.8 -0.9 0.5 1.8 -0.2 2.0 4.0 7.6 2.9 3.6 1.7 Other (2) -5.4 -15.6 -5.5 -0.8 -1.0 -0.6 -0.1 -2.5 -0.3 0.5 0.0 0.4 0.5 1.1 0.2 0.6 B2C Adj. EBITDA -10.2 -29.2 13.6 6.3 5.2 6.0 6.1 23.6 7.0 6.6 7.8 11.4 32.9 11.0 11.6 9.6 Undistributed B2B / HQ Opex (4,5) -13.6 -22.0 -25.3 -4.6 -3.9 -4.5 -4.2 -17.2 -5.2 -4.3 -4.9 -4.7 -19.1 -5.0 -5.8 -5.3 Adj. EBITDA (6) -23.8 -51.2 -11.7 1.7 1.3 1.5 1.9 6.4 1.8 2.3 2.9 6.7 13.8 6.0 5.8 4.2
21 Adj. EBITDA Reconciliation 4 1. FY - 22 figure will vary from prior presentations which were proforma for a reclassification of non - deductible VAT in Colombia fro m CIT to EBITDA, resulting in a €0.8 mm lower Provision for CIT and corresponding decreases in EBITDA. To properly align the Provision for CIT with that reported in our Annual Reports on form 20 - F, that impact is now being reflected i n “Other Accounting Adjustments”. 2. Figures include losses / (gains) from realized exchange rate variations and impact from the application of IAS 29 (Financial Rep orting in Hyperinflationary Economies) in Argentina. 3. In our Annual Reports on form 20 - F, variations in fair value of public warrants are included within interest expense / income. 4. 2022 figures primarily reflect costs related to a legacy affiliate program in Mexico, post - closing adjustments to financial acco unts to reflect commercially agreed platform and technology services fees, and actual costs of doing business and, in 2022, a Provision for CIT (see footnote 1 above). Since Q1 - 23, figure reverses the impact of inflation accounting (IAS 29 ) on operating results and, since 2026, the impact of shares withheld for tax (i.e. cash settled) under the LTIP. 5. 2022 figures reflect the €0.7 mm cash impact from the cyber - related fraud incident and the €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 that was incorrectly accounted for in 2022 instead of 2021; 2023 figures reflect the €0.5 mm impact of a retail withdrawal fraud in Spain. 2025 figures include €1.1 mm in excess audit - rela ted fees provisioned for and paid in Q2 - 25. Figures in EUR mm IFRS 2022 2023 2024 2025 Q1-26 Q2-26 Q3-26 9M-26 Net Income (Loss) -46.4 -2.4 3.9 1.3 7.0 -1.4 5.5 11.1 (+/-) Provision for Corporate Income Tax (1) 3.0 -6.5 1.5 2.0 0.3 1.0 0.8 2.1 (+/-) Interest Expense / (Income) (2) -8.2 -4.9 -4.3 1.7 -3.0 0.3 -0.3 -2.9 (+/-) Var. In Fair Value of Public Warrants (3) -4.2 -0.9 3.3 0.7 -0.6 1.7 -3.4 -2.3 (+) D&A 0.6 0.1 0.4 0.6 0.2 0.2 0.2 0.5 EBITDA (1) -55.3 -14.6 4.7 6.3 3.8 1.8 2.9 8.5 (+) Employee LTIP Expense 3.4 2.2 1.9 6.0 2.3 3.9 1.4 7.6 (+/-) Other Adjustments (4) -0.8 0.3 -0.2 0.3 -0.1 0.1 0.0 0.0 Adj. EBITDA (Pre Non-Recurring Items) -52.7 -12.2 6.4 12.7 6.0 5.8 4.2 16.1 (+) Non-Recurring Items (5) 1.5 0.5 0.0 1.1 0.0 0.0 0.0 0.0 Adj. EBITDA -51.2 -11.7 6.4 13.8 6.0 5.8 4.2 16.1
22 Market Overview (Latam and Spain) 4 (1) Figures reflect total online onshore (excl. lotteries, bingo and poker) gross gaming revenue. Source: H2GC as of April 2026. Country 2025A (€mm) (1) 2028E (€mm) (1) 2030E (€mm) (1) 3Y CAGR 5Y CAGR Spain 1,628 2,171 2,540 10% 9% Mexico 2,457 4,267 5,667 20% 18% Colombia 488 607 695 8% 7% Panama 29 63 91 30% 26% Argentina 820 1,513 2,106 23% 21% Total Core Markets 5,422 8,620 11,098 17% 15% Peru 457 662 839 13% 13% Chile 13 841 1,064 303% 142% Uruguay 62 86 106 11% 11% Puerto Rico 41 51 59 7% 7% Total Expansion Markets 574 1,640 2,066 42% 29% Rest of LatAm 1,461 1,771 2,142 7% 8% Grand Total 7,456 12,032 15,306 17% 15%
23 Defined Terms 4 • Avg. Monthly Actives : Average number of sports betting and casino customers who placed a real money bet (i.e. excludes free bets) in a given month. • Avg. Monthly Spend per Active: Avg. Monthly Gaming Win during a given period divided by Avg. Monthly Actives during the period. • Conversion Rate: Number of FTDs in a given period divided by the number of new registrations during the period. • Core Markets: Markets in which Codere Online is currently operating (Spain, Mexico, Colombia, Panama and the City of Buenos Aires). • Cost Per Acquisition (CPA): Direct Marketing Spend during a given period divided by number of FTDs acquired during the period. • Marketing Spend includes : • Direct Marketing Spend: brand - building and acquisition campaigns, including: • Brand (ATL): Broad - reach advertising focused on long - term brand awareness. • Performance (BTL): Targeted digital spend focused on immediate customer acquisition. • Omni - Channel: Retail - to - online conversion initiatives leveraging Codere Group’s physical footprint. • Indirect Marketing Spend: Costs supporting marketing execution (e.g., sponsorships, agencies, production, CRM tools). • Affiliate Fees: Revenue - share and similar payments to third - party and internal affiliates driving traffic and acquisition. • Expansion Markets: Currently regulated and unregulated markets in which Codere Online does not have an existing presence (Chile, Peru, Puerto Ri co , Uruguay, and Argentina excluding City of Buenos Aires). • First Time Deposits (FTD): New players who make a deposit for the first time during a given period. • Gaming Win: amounts staked by customers on settled sports betting and casino wagers, less prizes and promotional credits paid to customer s, before gaming taxes, value added taxes, other levies and all other costs and adjustments, as compiled by our gaming platforms and translated into euros at average monthly exchange rates (as ap pli cable). • Lifetime Value (LTV): The average amount of Gaming Win generated per FTD (based on all FTDs acquired in a given period) in the first 5 years follow ing acquisition. • Omni - channel Players: Existing Codere Group registered retail customers who are then converted to online. • Pure Online Players: Codere Online customers who were not previously registered through a Codere Group retail location.
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