Codere Online Luxembourg, S.A.

Ladies and gentlemen, thank you for joining us and welcome to the Cold Year Online first quarter 2026 financial results presentation. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad to raise your hand. I will now hand the conference over to Guillermo Lancha, Director of Investor Relations and Communications at Cold Year Online. Please go ahead.

Thanks, operator, and welcome everyone to Caldera Online's earnings call for the first quarter of 2026. 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 figures reflected in today's presentation are preliminary and unedited 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 CoderingOnline.com where investors can also sign up for email alerts. Additionally, I would like to draw your attention to our recently filed annual report where you can find detailed financial and other information regarding the company. With that, I will go ahead and pass the call on to Aviv.

Thanks, Guillermo, and thank you all for joining us today. We are very pleased with how we started 2026, delivering a solid first quarter that reflects continued momentum in the business and good execution across our key markets, despite a still demanding operating and regulatory environment. Starting with the highlights for the first quarter of 2026 on page 8, we delivered a consolidated net gaming revenue of 64.4 million, which represents a 13% increase versus first quarter of last year and 6% sequentially. This growth was supported by by a healthy underlying trend across both casino and sports betting, and confirms that the top-line re-acceleration we saw in the second half of 2025 has carried into the new year. Looking at the revenue mix, casino once again accounted for the majority of our net revenue in the quarter, representing 63% of the total, with the remaining 37% coming from sports betting. This mix is very consistent with the recent quarters and continues to reflect the importance of Casino as a key engagement and growth driver for our business. Turning to the operating KPIs, performance in this quarter was driven by further expansion of our active customer base. Average monthly active customers reached approximately 183,000 in Q1, which is 14% higher than the same period last year. This reflects continued strength in acquisition combined with a solid retention across our portfolio. Average monthly spend per active customer was €117, around 1% below Q1 of last year. As we have mentioned before, this is consistent with a broader and more diversified customer base and does not change our positive view on the quality and long-term value of the players we are acquiring. Although We will cover later, we are working to optimize our active customer base in Mexico. On the acquisition side, during the quarter we have acquired approximately 90,000 FTDs at an average CPA of 212 euros, which represents an increase both year-on-year and sequentially, and sequentially. This reflects a combination of more competitive marketing environments at the start of the year, particularly in our core markets, and deliberately shifts in mix towards higher value cohorts and channels. And in prior periods, we remained disciplined in our approach and continued to prioritize customer quality, profitability, and lifetime value over short-term volumes. With respect to capital allocation, we did not repurchase any shares under our share buyback plan during the first quarter. As a reminder, the program remains in place through the end of 2026, and we will continue to evaluate repurchases based on market condition and business priorities. Finally, looking ahead, our outlook for the full year of 2026 remained unchanged. We continue to guide net gaming revenue in the range of 235 to 245 million and adjusted EBITDA between 15 to 20 million. This guidance reflects both the strong start of the year and our prudent approach to planning, taking into account the regulatory and tax environment in our market. As always, we will continue to assess performance as the year progresses. And if current trends and execution remain consistent, we would expect to visit our outlook after the first half of the year. Overall, we remain confident that our ability to deliver continued growth in both revenue and profitability in 2026. With that, I will now hand the call over to Marcus to walk you through the financial performance in more details.