Codere Online Luxembourg, S.A.

Hello everyone, thank you for joining us and welcome to Codere Online's second quarter 2026 results. 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 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Guillermo Lancha, Director of Investor Relations and Communications. Guillermo, please go ahead.

Thanks, operator, and welcome everyone to Codere Online's earnings call for the second quarter of 2026. Today, you will hear from our CEO, Aviv Sher, and CFO, Marcus Arildsson. Please note that 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 codereonline.com where investors can also sign up for email alerts. With that, I will go ahead and pass the call on to Aviv.

Thanks, Guillermo, and thank you all for joining us today. The second quarter was a standout quarter for Kodere Online. We delivered our highest quarterly revenue to date alongside strong profitability and cash generation. Revenue growth accelerated meaningfully versus an already strong first quarter. and many more. and a significant sequential acceleration versus the first quarter. Casino accounted for 62% of revenue during the period, while sports betting represented the remaining 38%. These trends are consistent with recent quarters, although the contribution from sport increased slightly due to the World Cup. All operating KPIs improved in the quarter with an average monthly active customer reaching approximately 173,000, up 12% compared to Q2 of last year, and average monthly spend per customer up 13% year-over-year to €234, reflecting both strong engagement and a higher player value base. On the acquisition side, we acquired around 108,000 first-time depositors during the quarter, nearly 40% more than in prior year quarter. Once again, supported by strong activity around the World Cup, cost per acquisition improved approximately to 200 euros, demonstrating the continued efficiency of our marketing investments. Most importantly, based on strong performance delivered in the quarter and the momentum we continue to see across the business, we are raising our guidance for the full year of 2026. with now expecting gaming revenue of between 255 million to 265 million compared with our previous guidance of 235 million to 245 million. We are also raising guidance for adjusted EBITDA between 20 million to 25 million compared with our prior outlook of 15 million to 20 million. Marcus will cover later the different factors behind our decision to raise guidance. With respect to capital allocation, we did not repurchase any shares during the second quarter. As a reminder, our share repurchase authorization remained in place through the end of 2026. We continue to take disciplined approach to capital allocation and believe maintaining a strong balance sheet provide important strategic flexibility as we execute our growth strategy and evaluate opportunities to create shareholder values. Before moving on, I would like to briefly comment on the World Cup, which impacted both our Q2 and Q3 results. Overall, performance was outstanding and materially ahead of the 2022 tournament. Excluding Columbia, unique users were approximately 56% above the previous World Cup levels, and we acquired nearly 40,000 new customers around the event. The stakes reached around 63 million euros, approximately 180% above the previous tournament, demonstrating the significantly greater scale of the business and the strong engagement of our customers. Net gaming revenue more than doubled compared to the 2022 World Cup, despite generally favorable outcomes for the customers. We believe these results highlight the significant progress Codere Online has made over the last four years in terms of scale, customer engagement, and monetization. With that, I will now hand the call over to Marcus to review the financial performance in more details.