Codere Online Luxembourg, S.A.

Thank you for standing by and welcome to the Cordair online first quarter 2025 results conference call. 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 again, press star one. Thank you. I'd now like to turn the call over to Guillermo Lancha, head of investor relations. You may begin.

Thanks, operator, and welcome everyone to Codere Online's earnings call for the first quarter of 2025. 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, 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-ifrs preliminary on an audited financial metrics such as net gaming revenue adjusted EBITDA and constant currency figures for which you can find reconciliations or disclaimers in the appendix of the presentation these non-ifrs financial measures should be considered in addition to and not as a substitute for our IFRS results. 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. During this call, we will make forward-looking statements, including those related to our net gaming revenue and adjusted video outlooks, which are subject to numerous risks and uncertainties, including those discussed in our earnings press release and other documents filed with the SEC, and which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements reflect our current expectations based on our beliefs, assumptions, and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Finally, please note that a replay and transcript of this call will be available on our website at CoderreOnline.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. Before we dive into first quarter earnings, let me please provide a quick update on where we stand in regards to our NASDAQ compliance issue. First and foremost, we filed our 2023 annual report on Form 20F on May 1st. that is, within the extended deadline granted to us by NASDAQ, and thereby regain compliance with applicable listing requirements. This was formally confirmed in a letter we received yesterday from NASDAQ. As you know, since engaging Malone Bailey as our new auditor on December 31st, we have been working on both our 2023 and 2024 audits in parallel. But in the back half of April, decided to focus most of our efforts on completing the 2023 audit to ensure that we met NASDAQ deadline a NASDAQ deadline for filling our 2023 annual report, which was both the source of our compliance issue and, as you would expect, our top priority. As a consequence, however, we have not yet been able to complete the work on 2024 audit. And as a result, we are not able to file our 2024 annual report by May 15, that is, within the 15-day grace period provided. Unlike last year, however, in which NASDAQ first issued a delinquency notice and provided us with the time to submit a plan to regain compliance, and given that we are currently under one-year mandatory monitoring period, we understand that Nasdaq will be sending us a new delisting notice over the coming days, shortly following receipt of the total delisting notice. We will be appealing this new delisting determination and requesting both a new hearing panel and further stay of any trading suspension. That said, and as already disclosed to the market, we expect to file our 2024 annual report by the end of May, so would expect to regain compliance with NASDAQ listing requirements ahead of any hearing actually taking place. In short, while we may still have a couple noisy weeks ahead of us giving the communication we are required to make to the market we expect to finally be putting this issue behind us soon as always we appreciate the patience and understanding that all of you have shown us through throughout this process and look forward to getting back to business as usual Moving now to the highlights of the first quarter of 2025. On page 8, we delivered 57 million in net gaming revenue, 8% above Q1 2024. As in prior two quarters, net gaming revenue was negatively impacted by a weaker Mexican peso. In constant currency terms, net gaming revenue would have been 62 million in the first quarter, 17% above prior year period. In terms of product mix, the contribution from our casino segment came in at 61% of our total net gaming revenue in the first quarter, due to not only focus have placed on this segment in the recent years, but also to a lower sports margin in Mexico. This growth in net gaming revenue was driven by a 13% increase in the number of average monthly active users while the average monthly spend per active customer dropped 5% to €118. In regards to customer acquisition, we had a very strong quarter with 91,000 first-time depositors, 21% above the 75,000 acquired in the prior year period and 25% higher than in Q4 2024. This increase resulted in an average CPA in the quarter of approximately 200 euros, making two consecutive quarters of moderation in our CPA level, which are back to the levels we had in 2023. Finally, as announced last quarter, we put in place a one-year share buyback plan for up to $5 million. That was approved by our shareholder on March 3rd. Through May 15, we have repurchased around 68,000 shares for approximately half a million dollars under this plan. With this, I will now turn the call over to Oscar to cover the financial highlights of the quarter.