Earnings release
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NEWS RELEASE Codere Online Reports Second Quarter 2026 Results and Raises Full Year Outlook 2026-07-30 The Company once again delivered record quarterly net gaming revenue of €69.4 million and Adj. EBITDA of €5.8 million Total revenue was €64.4 mm in Q2 2026, while net gaming revenue1 was €69.4 mm, 27% above Q2 2025. Spain revenue and net gaming revenue were €27.6 mm in Q2 2026, 25% above Q2 2025. Mexico revenue was €31.8 mm in Q2 2026, while net gaming revenue was €36.1 mm, 24% above Q2 2025. Adj. EBITDA reached €5.8 mm in Q2 2026, €3.5 mm above Q2 2025. Net income was €5.6 mm in H1 2026 versus a net loss of €3.1 mm in H1 2025. Total cash position of €62.6 mm and no nancial debt as of June 30, 2026. Increasing FY 2026 outlook of net gaming revenue to €255-265 mm and Adj. EBITDA2 to €20-25 mm. Madrid, Spain and Tel Aviv, Israel, July 30, 2026 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited3 nancial results for the quarter ended June 30, 2026. Below are the main nancial and operating metrics of the period. 1
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Quarter ended June 30 Six months ended June 30 20252026Chg. % 20252026Chg. % Net Gaming Revenue (EUR mm) Spain 22.1 27.6 25% 44.0 53.1 21%Mexico 29.0 36.1 24% 59.5 70.6 19%Other 3.7 5.7 54% 8.2 10.1 23% Total 54.869.427% 111.8133.820% Avg. Monthly Active Players (000s) Spain 49.0 54.4 11% 50.5 56.7 12%Mexico 85.7 88.2 3% 83.9 93.2 11%Other 19.8 30.4 54% 23.5 28.4 21% Total 154.5173.012% 157.9178.313% Aviv Sher, Chief Executive O cer of Codere Online, commented, “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date. Net gaming revenue in the second quarter reached approximately €69 million, up 27% year-on-year, with the World Cup providing an additional boost to customer activity and engagement. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.” Marcus Arildsson, CFO of Codere Online, commented, “Q2 represented another major step forward in our nancial performance, with net gaming revenue being around €15 million above the prior-year period, and Adjusted EBITDA of approximately €6 million, more than doubling compared to Q2 2025. This strong pro tability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup. We closed June with approximately €63 million of total cash and no nancial debt. Mr. Arildsson further added, “Given our record Q2 performance and the continued acceleration of the business, we are raising our outlook for the full year 2026 and now expect to generate between €255 – 265 million of net gaming revenue, which is €20 million more than the prior range and represents a growth of 16% year-on-year at the midpoint, and between €20 – 25 million of Adjusted EBITDA, €5 million above the prior range”. Recent Events World Cup Performance World Cup performance has been outstanding, with results materially ahead of the 2022 tournament and underscoring the step-change in scale, engagement and monetization achieved by the Company: 2
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Unique users were approximately 56% above World Cup 2022 levels (excluding Colombia) and we acquired nearly 40 thousand new customers just around the event; Stakes reached 63 million euros, 180% above World Cup 2022 levels, demonstrating the signi cantly greater scale of the business and strong customer activity around the event; Net gaming revenue more than doubled World Cup 2022 levels, re ecting strong monetization of the increased betting volumes despite generally favorable customer results (i.e. relatively low sports betting margin). Conference Call Information Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 30, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call. Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS) Quarter ended June 30 Six months ended June 30 Figures in EUR mm20252026Chg. % 20252026Chg. % Total Revenue 51.4 64.425% 105.7124.718% (+) Accounting Adjustments4 3.5 4.9 40% 6.1 9.1 49% Net Gaming Revenue54.8 69.427% 111.8133.820% Spain Revenue 22.1 27.625% 44.0 53.121% (+) Accounting Adjustments4 - - n.m. - - n.m. Net Gaming Revenue22.1 27.625% 44.0 53.121% Mexico Revenue 26.3 31.821% 53.9 62.215% (+) Accounting Adjustments4 2.7 4.3 59% 5.6 8.4 50% Net Gaming Revenue29.0 36.124% 59.5 70.619% Other Revenue 3.0 5.067% 7.8 9.421% (+) Accounting Adjustments4 0.7 0.7 - 0.4 0.7 75% Net Gaming Revenue3.7 5.754% 8.2 10.123% 3
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Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)5 Quarter ended June 30 Six months ended June 30 Figures in EUR mm 20252026Change 20252026Change Net Income (Loss)(2.4)(1.4) 1.0 (3.1) 5.6 8.7 (+/-) Provision for Corporate Income Tax1.1 1.0 (0.0) 1.3 1.3 0.0(+/-) Interest Expense / (Income)1.9 0.3 (1.6) 3.0 (2.7) (5.7)(+/-) Var. In Fair Value of Warrants1.3 1.7 0.4 1.9 1.1 (0.8)(+) D&A 0.2 0.2 0.0 0.3 0.4 0.1 EBITDA 2.1 1.8 (0.3) 3.4 5.7 2.3 (+) Employee LTIP Expense(0.9) 3.9 4.8 (0.4) 6.2 6.6(+/-) Other Accounting Adjustments0.0 0.1 0.0 0.1 0.0 (0.1) Adj. EBITDA (Pre Non-Recurring Items)1.3 5.8 4.5 3.1 11.9 8.8 (+) Non-Recurring Items1.1 0.0 (1.1) 1.1 0.0 (1.1) Adj. EBITDA 2.3 5.8 3.5 4.1 11.9 7.7 About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, o ers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence. About Codere Group Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay). Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely re ect the absolute gures. Forward-Looking Statements Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other 4
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characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward- looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s nancial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative nancial information; and changes in Codere Online’s strategy, future operations and target addressable market, nancial position, estimated revenues and losses, projected costs, prospects and plans. These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to re ect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially di erent from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to di er from those contained in the forward-looking statements. Some factors that could cause actual results to di er include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience signi cant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain pro tability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences di culties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected bene ts due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq 5
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and (xiii) the possibility that Codere Online may be adversely a ected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s lings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly quali ed in their entirety by the cautionary statements above. Financial Information and Non-GAAP Financial Measures Codere Online’s nancial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can di er in certain signi cant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”). This document includes certain nancial measures not presented in accordance with U.S. GAAP or IFRS (“non- GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP nancial measures are not measures of nancial performance in accordance with U.S. GAAP or IFRS and may exclude items that are signi cant in understanding and assessing Codere Online’s nancial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash ows from operations or other measures of pro tability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s nancial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP nancial measures, and we cannot assure you that there would not be di erences, and such di erences could be material. Codere Online believes that the use of these non-GAAP nancial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s nancial measures with other similar companies, many of which present similar non-GAAP nancial measures to investors. These non-GAAP nancial measures are subject to inherent limitations as they re ect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP nancial measures. Reconciliations of non-GAAP nancial measures to their most directly comparable measure under IFRS are included herein. This document may include certain projections of non-GAAP nancial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS nancial measures without unreasonable e ort, due to the inherent di culty and variability of accurately forecasting the occurrence and nancial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS nancial results. 6
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Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP nancial measures is included. Use of Projections This document contains nancial forecasts with respect to Codere Online’s business and projected nancial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective nancial information are inherently uncertain and are subject to a wide variety of signi cant business, economic and competitive risks and uncertainties that could cause actual results to di er materially from those contained in the prospective nancial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not di er materially from those presented in the prospective nancial information. Inclusion of the prospective nancial information in this document should not be regarded as a representation by any person that the results contained in the prospective nancial information will be achieved. For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s lings with the SEC. Preliminary Information This document contains gures, nancial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting rm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting rm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of nalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identi ed, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may di er from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of nancial results, and should not be viewed as a substitute for full nancial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period. 7
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No O er or Solicitation This document does not constitute an o er to sell or the solicitation of an o er to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such o er, solicitation or sale would be unlawful prior to registration or quali cation under the securities laws of any such jurisdiction. No o ering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. Trademarks This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Industry and Market Data In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently veri ed the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data. Contacts: Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codereonline.com (+34) 628.928.152 1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report. 2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report. 8
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3 See “Preliminary Information” below. 4 Figures primarily re ect di erences in recognition of revenue related to certain partner and a liate agreements in place in Colombia, VAT impact from service fees in Mexico and the impact from the application of in ation accounting (IAS 29) in Argentina. 5 Please refer to page 23 of our Q2 2026 Earnings Presentation for further details regarding this reconciliation. Source: Codere Online Luxembourg, S.A. 9