Codere Online Luxembourg, S.A.

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time, I would like to welcome everyone to the Coderre Online second quarter 2024 financial results. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, Simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one again. Thank you. I would now like to turn the call over to Mr. Guillermo Lancha, head of investor relations. Please go ahead, sir.

Thanks, operator, and welcome everyone to Cadare Online's earnings call for the second quarter of 2024. Today, you will hear from our CEO, Aviv Sher, and CFO, Oscar Iglesias. Our executive vice chairman, Moshe Edre, will also join us in the Q&A section. Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be referring to a presentation we uploaded to our website earlier today, which includes non-GAAP preliminary and audited financial metrics, such as net gaming revenue or adjusted EBITDA, for which you can find reconciliations in the appendix of the presentation. Please note that all growth rates discussed during this call are year-on-year comparisons unless noted otherwise. Let me also remind you that our accounting information is prepared under IFRS accounting standards and that throughout this presentation all monetary figures will be in euro unless expressed otherwise. Finally, please note that a replay and transcript of this call will be available on our website at codereonline.com, where you can also sign up for our investor email alerts. With that, I will go ahead and pass the call on to Aviv.

Thanks, Guillermo, and thanks everyone for joining us today. I'm once again pleased to report a strong set of earnings for the second quarter and to share our expectations for the remainder of the year. With two quarters behind us, this year is poised to be a pivotal one in our company history, as we expect to achieve profitability in our third year post-D-Spec. So jumping straight into the highlights of the second quarter of 2024, on page 8, we delivered €54 million in net gaming revenue, more than €15 million or 13% above Q2 2023. This was also a sequential uplift versus the 53 million in Q1, thanks in part to the busy sports calendar with the Euro Cup and Copa America. In terms of product mix, the contribution from our casino segment reached a record high of 59% of total net gaming revenue in the quarter and continues to be the key driver behind our growth. as we not only acquire more customers in this segment, but also continue crossing sport betting customers over to the casino. This was a particularly relevant dynamic this quarter, where customers remained engaged with us, notwithstanding the generally favorable sport results they enjoyed, especially here in Spain, with Real Madrid winning the Champions League and Spain winning the Euro Cup. This growth in net gaming revenue was driven by a 20% increase in average monthly spend per customer to 125 euros, together with a 16% increase in the number of average monthly active customers. In terms of customer acquisitions, we had 73,000 first-time depositors and an average of 236 euros CPA. As we have discussed in prior quarters, our increased focus on casino first customers acquisitions in Spain and in Mexico is the main driver behind the increase in CPA. But the spend we see from customers in this segment is both higher and more stable, leading to better returns on investment despite the higher level of upfront investment. Oscar will cover our improved outlook later, so we will conclude with my remarks with a quick mention of the changes we've done in the board during June. As previously disclosed, we have three new board members joining us recently, an existing board member, Gonzaga Higaro, will be succeeding Pat Ramsey as chairman going forward. We look forward to working with Gonzaga in his new role and would like to thank Pat, who was recently named to the board of directors of Codera Group, for his support, dedication and contributions over the past two and a half years. With this, I will now turn the call over to Oscar to cover the financial highlights of the quarter and our revised 2024 outlook. Thanks, Aviv.