Codere Online Luxembourg, S.A.

Ladies and gentlemen, thank you for joining us and welcome to the Codir Online fourth 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 dialed in to today's call, please press star nine to raise your hand and star six to unmute. I will now hand the conference over to Guillermo Lancha, Director of Investor Relations and Communications at Codir. Please go ahead.

Thanks, operator, and welcome everyone to Codere Online's earnings call for the fourth quarter of 2025. Today, you will hear from our CEO, Aviv Sher, and CFO, Marcus Harrelson. Our Executive Vice Chairman, Moshe Edre, will also join us in the Q&A session. Please note that the figures reflected in today's presentations 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 codereonline.com where investors can also sign up for email alerts. With that, I will go ahead and pass the call on to Babib.

Thanks, Guillermo, and thanks to everyone for joining us today. Before we go into details, I would like to say that we are very pleased with how we finished 2025. especially considering the number of challenges we face during the year. We delivered a strong set of results with a record net gaming revenue of €224 million and adjusted EBITDA of €13.8 million, more than double than prior year. And we once again met the guidance range we had provided for them. This gives us a lot of confidence in the strength of our business and our ability to continue growing profitability in 2026 and beyond. Starting with the highlights of the fourth quarter of 2025, On page 8, we delivered $60 million in net gaming revenue, which represents a 15% increase versus the fourth quarter of 2024 and the highest quarterly NGR in the company's history. This strong finish to the year was driven primarily by Mexico, where net gaming revenue grew 31% year-on-year, and by continued growth in Spain, where NGR increased by 7%. confirming that the re-acceleration in top line that we started to see in the second half of the year continued through year end. In terms of product mix, Casino accounted for 64% of our total net gaming revenue in the quarter, with remaining 36% coming from sport betting, broadly in line with what we have seen over the last few quarters. we continue to see Casino a very important growth and engagement driver for the business, especially in markets like Mexico. From an operating KPI standpoint, the performance in the quarter was mainly driven by continued growth in our active customer base. We reached around 177,000 average monthly actives in Q4, which is 20% above the same period last year. reflecting both the strength of our acquisition funnel and improvement in retention. Average monthly spend per active was €114, approximately 4% below Q4 of last year, which is consistent with the larger and more diversified portfolio of customers, including a higher proportion of Mexican players. On the acquisition front, we continue to invest in growing our customer base. During the quarter, we acquired 89,000 first-time depositors at an average CPA of €166, the lowest level since early 2023, and which remain an attractive level given the quality of the customers we are bringing onto the platform. We will continue to optimize the mix of the channels and campaigns, particularly in Mexico, but always with a clear focus on profitability and payback rather than absolute volume. In relation to our share buyback plan, we have continued to execute on the program we announced last year. Through yesterday, we had purchased approximately 391,000 shares of a total consideration of around $2.7 million under the plan, which has a total authorized investment of $7.5 million and runs through December 31st of 2026. We see this as a very attractive use of capital at the current share price levels and a clear reflection of the board and management confidence in the medium-term outlook for the business. Looking ahead, as Marcus will detail later for 2026, we are guiding net gaming revenue in the range of $235 million to $230. 245 million and adjusted EBITDA between 15 to 20 million euros. This guidance incorporates the management initiatives we are planning for 2026, as well as the impact of recent regulatory and tax changes in our markets, and we think it reflects confidence that we can continue and grow both the top line and profitability going forward. With this, I will now turn the call over to Marcus for the first time, I think. Good luck, Marcus, and cover the financial highlights for the quarter.