Codere Online Luxembourg, S.A.

Ladies and gentlemen, thank you for joining us and welcome to the Codeir Online third quarter 2025 financial results. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialled into today's call, please press star 9 to raise your hand and star 6 to unmute. I will now hand the conference over to Guillermo Lancha, Head of Investor Relations at Codeir Online. Please go ahead.

Thanks, operator, and welcome everyone to Codere Online's earnings call for the third 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. Our new CFO, Marcus Adelson, who has joined the company today, is also here with us. Please note that the figures reflected in today's presentation are preliminary and unaudited and include certain non-IFRS financial metrics which should be considered in addition to our IFRS results. Reconciliations and further details are available in the appendix. During this call, we will make forward-looking statements which are subject to risks and uncertainties. While these statements reflect our current expectations, we undertake no obligation to update them after this call. A replay and transcript will be available at CoderreOnline.com, where investors can also sign up for email alerts. With that, I will go ahead and pass the call on to Aviv.

Aviv, you're on mute, I believe. Are we sure the system is okay? Because I see only two people. I can start reading, but we have no technical problems, right? Yes, go ahead, Aviv. Okay. Thanks, Guillermo, and thanks to everyone for joining us today. First of all, I would like to welcome Markus. who is joining Codere Online as new Chief Financial Officer. Marcus brings with him 25 years of experience in investment banking and corporate finance, and we are confident that his expertise and international background will be a great addition to our management team and support the continued success of the company. Moving now to the highlights of the third quarter of 2025 on page eight, we delivered 52 million in net gaming revenue, which was flat versus prior year period, despite the versus headwinds we faced in the quarter. More importantly, we are seeing encouraging recent trends with a re-acceleration of net gaming revenue in the fourth quarter through November 15 to 17% above last year, including a 29% growth in Mexico and 14% growth in Spain, which make us confident that the business is on track to return to double-digit top-line growth in the fourth quarter and which we hope will continue into next year. In terms of product mix, the contribution from our casino segment was 65% of our total net gaming revenue in the third quarter, around 5% points above normal levels, and was largely driven by the decline in sports betting margin in September, which impacted sports betting net gaming revenue throughout the sector in the third quarter. Net gaming revenue performance in the quarter was driven by an 11% increase in average monthly active customers, which was offset by a 10% decrease in average monthly spend per active customer, primarily due to the weaker Mexican peso and lower sport betting margin. On the acquisition front, we continue to grow our portfolio of customer with 85,000 FTDs, 26% above those acquired in the third quarter last year at an average CPA of 167 euros. This is the lowest CPA since Q1 23, which is largely reflects the efforts made by our acquisitions team throughout 2025 to explore new sources of traffic in Mexico. However, we are expecting that average CPA in Mexico will increase going forward as the team works to optimize further in its acquisition strategy. Finally, and in regards to our share buyback plan, to date we have repurchased around 249,000 shares under the plan for a total investment of approximately $1.7 million. Given where the shares are currently trading and our increased confidence in the outlook of the business, our board has authorized an increase in the total investment under the plan from $5 to $7.5 million. Additionally, in our upcoming shareholder meeting, we will be seeking approval to extend the term of the plan from its current expiration in March to December, 2026, which will give us more time to acquire shares, which we believe are significantly undervalued at the moment. With this, I will now turn the call over to Oscar to cover the financial highlights of this quarter.