| SEGMENT INFORMATION |
Under IFRS 8 (Segment Information), operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) which, in the case of Codere Online, is the Chief Executive Officer (“CEO”) of Codere Online. The CODM is responsible for allocating resources and assessing performance of the business. For management purposes, Codere Online’s operating segments are formed by Codere Online’s business in Spain, Mexico, Colombia, Panama and Argentina.
The CEO primarily measures the performance of Codere Online’s business by its revenue and EBITDA, which is calculated as net income/(loss), after adding back income tax benefit/(expense), net financial results, depreciation and amortization.
Codere Online will report financial information, both internally and externally, based on the organizational structure approved by the CEO of Codere Online. Thus, the reportable segments for the 2025 consolidated financial statements are formed by Codere Online’s operations in Spain and Mexico. Colombia, Panama and Argentina are grouped under “Other operations”. Codere Israel Marketing Support Services LTD, Codere Online Luxembourg S.A., Codere Online U.S. Corp., and Servicios de Juego Online S.A.U. have been grouped and reported under “Supporting”.
The entities that have been aggregated under “Other operations” and “Supporting” have been grouped in accordance with guidance allowed under IFRS 8, Operating Segments. Based on both IFRS 8: BC30 and the diagram included in the implementation guidance accompanying IFRS 8, if two or more components of a business meet the aggregation criteria, they may be combined for external reporting purposes into a single operating segment, notwithstanding that they may individually exceed the quantitative thresholds. Additionally, the entities aggregated in the “Other operations” and “Supporting” segments all meet the following conditions: (i) aggregation is consistent with the core principle of IFRS 8, (ii) the segments have similar economic characteristics, (iii) the segments are similar in the nature of the products and services offered, (iv) the segments are similar in the nature of their production processes, (v) the segments are similar in the type or class of customer for their products and services, (vi) the segments have similar methods used to distribute their products and provide their services and (vii) the segments have a similar nature of their regulatory environment. The segments referred to above include the information related to the online business provided in each country. Inter-segment transactions are carried out on an arm’s length basis and are included in the “Eliminations” column. Information relating to other Codere Online companies not specifically included in these segments is reported under “Other Operations”.
The following tables break down certain of the information presented in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 by Codere Online’s operating segments (amounts expressed in thousands of euros).
| Schedule of condensed income statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/2025 |
|
Spain |
|
|
Mexico |
|
|
Other
Operations |
|
|
Supporting |
|
|
Eliminations |
|
|
Total
Codere
Online |
|
| Revenue |
|
|
90,533 |
|
|
|
107,221 |
|
|
|
12,652 |
|
|
|
60,918 |
|
|
|
(60,917 |
) |
|
|
210,407 |
|
| Personnel expenses |
|
|
(2,718 |
) |
|
|
(2,267 |
) |
|
|
(1,094 |
) |
|
|
(18,925 |
) |
|
|
- |
|
|
|
(25,004 |
) |
| Depreciation and amortization |
|
|
(139 |
) |
|
|
(17 |
) |
|
|
(13 |
) |
|
|
(476 |
) |
|
|
- |
|
|
|
(645 |
) |
| Other operating expenses |
|
|
(73,485 |
) |
|
|
(103,145 |
) |
|
|
(12,688 |
) |
|
|
(50,619 |
) |
|
|
60,917 |
|
|
|
(179,020 |
) |
| Operating expenses |
|
|
(76,342 |
) |
|
|
(105,429 |
) |
|
|
(13,795 |
) |
|
|
(70,020 |
) |
|
|
60,917 |
|
|
|
(204,669 |
) |
| OPERATING INCOME/(LOSS) |
|
|
14,191 |
|
|
|
1,792 |
|
|
|
(1,143 |
) |
|
|
(9,102 |
) |
|
|
- |
|
|
|
5,738 |
|
| Finance income |
|
|
1,710 |
|
|
|
1,154 |
|
|
|
3,451 |
|
|
|
21,189 |
|
|
|
(20,857 |
) |
|
|
6,647 |
|
| Finance costs |
|
|
(36 |
) |
|
|
(1,185 |
) |
|
|
(7,056 |
) |
|
|
(8,113 |
) |
|
|
7,317 |
|
|
|
(9,073 |
) |
| Net finance income/(costs) |
|
|
1,674 |
|
|
|
(31 |
) |
|
|
(3,605 |
) |
|
|
13,076 |
|
|
|
(13,540 |
) |
|
|
(2,426 |
) |
| NET INCOME/(LOSS) BEFORE TAX |
|
|
15,865 |
|
|
|
1,761 |
|
|
|
(4,748 |
) |
|
|
3,974 |
|
|
|
(13,540 |
) |
|
|
3,312 |
|
| Income tax benefit/(expense) |
|
|
(1,803 |
) |
|
|
(11 |
) |
|
|
(8 |
) |
|
|
(195 |
) |
|
|
- |
|
|
|
(2,017 |
) |
| NET INCOME/(LOSS) FOR THE YEAR |
|
|
14,062 |
|
|
|
1,750 |
|
|
|
(4,756 |
) |
|
|
3,779 |
|
|
|
(13,540 |
) |
|
|
1,295 |
|
| Attributable to equity holders of the Company |
|
|
14,062 |
|
|
|
1,747 |
|
|
|
(4,756 |
) |
|
|
3,779 |
|
|
|
(13,540 |
) |
|
|
1,292 |
|
| Attributable to non-controlling interests |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/2024 |
|
Spain |
|
|
Mexico |
|
|
Other
Operations |
|
|
Supporting |
|
|
Eliminations |
|
|
Total
Codere
Online |
|
| Revenue |
|
|
87,778 |
|
|
|
95,699 |
|
|
|
17,216 |
|
|
|
52,204 |
|
|
|
(52,193 |
) |
|
|
(200,704 |
) |
| Personnel expenses |
|
|
(2,360 |
) |
|
|
(1,746 |
) |
|
|
(1,372 |
) |
|
|
(13,306 |
) |
|
|
- |
|
|
|
(18,784 |
) |
| Depreciation and amortization |
|
|
(123 |
) |
|
|
(30 |
) |
|
|
(9 |
) |
|
|
(226 |
) |
|
|
- |
|
|
|
(388 |
) |
| Other operating expenses |
|
|
(67,786 |
) |
|
|
(96,322 |
) |
|
|
(20,380 |
) |
|
|
(44,906 |
) |
|
|
52,193 |
|
|
|
(177,201 |
) |
| Operating expenses |
|
|
(70,269 |
) |
|
|
(98,098 |
) |
|
|
(21,761 |
) |
|
|
(58,438 |
) |
|
|
52,193 |
|
|
|
(196,373 |
) |
| OPERATING INCOME/(LOSS) |
|
|
17,509 |
|
|
|
(2,399 |
) |
|
|
(4,545 |
) |
|
|
(6,234 |
) |
|
|
- |
|
|
|
4,331 |
|
| Finance income |
|
|
2,105 |
|
|
|
622 |
|
|
|
11,522 |
|
|
|
4,659 |
|
|
|
(10,727 |
) |
|
|
8,181 |
|
| Finance costs |
|
|
(69 |
) |
|
|
(3,552 |
) |
|
|
(5,984 |
) |
|
|
(8,262 |
) |
|
|
10,727 |
|
|
|
(7,140 |
) |
| Net finance income/(costs) |
|
|
2,036 |
|
|
|
(2,930 |
) |
|
|
5,538 |
|
|
|
(3,603 |
) |
|
|
- |
|
|
|
1,041 |
|
| NET INCOME/(LOSS) BEFORE TAX |
|
|
19,545 |
|
|
|
(5,329 |
) |
|
|
993 |
|
|
|
(9,837 |
) |
|
|
- |
|
|
|
5,372 |
|
| Income tax benefit/(expense) |
|
|
(4,154 |
) |
|
|
7 |
|
|
|
27 |
|
|
|
2,658 |
|
|
|
- |
|
|
|
(1,462 |
) |
| NET INCOME/(LOSS) FOR THE YEAR |
|
|
15,391 |
|
|
|
(5,322 |
) |
|
|
1,020 |
|
|
|
(7,179 |
) |
|
|
- |
|
|
|
3,910 |
|
| Attributable to equity holders of the Company |
|
|
15,391 |
|
|
|
(5,324 |
) |
|
|
1,020 |
|
|
|
(7,179 |
) |
|
|
- |
|
|
|
3,908 |
|
| Attributable to non-controlling interests |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/2023 |
|
Spain |
|
|
Mexico |
|
|
Other
Operations |
|
|
Supporting |
|
|
Eliminations |
|
|
Total
Codere
Online |
|
| Revenue |
|
|
75,669 |
|
|
|
73,315 |
|
|
|
12,663 |
|
|
|
45,263 |
|
|
|
(45,263 |
) |
|
|
161,647 |
|
| Personnel expenses |
|
|
(1,968 |
) |
|
|
(1,776 |
) |
|
|
(992 |
) |
|
|
(12,701 |
) |
|
|
- |
|
|
|
(17,437 |
) |
| Depreciation and amortization |
|
|
(24 |
) |
|
|
(32 |
) |
|
|
(8 |
) |
|
|
(50 |
) |
|
|
- |
|
|
|
(114 |
) |
| Other operating expenses |
|
|
(60,362 |
) |
|
|
(83,181 |
) |
|
|
(19,484 |
) |
|
|
(41,086 |
) |
|
|
45,263 |
|
|
|
(158,850 |
) |
| Operating expenses |
|
|
(62,354 |
) |
|
|
(84,989 |
) |
|
|
(20,484 |
) |
|
|
(53,837 |
) |
|
|
45,263 |
|
|
|
(176,401 |
) |
| OPERATING INCOME/(LOSS) |
|
|
13,315 |
|
|
|
(11,674 |
) |
|
|
(7,821 |
) |
|
|
(8,574 |
) |
|
|
- |
|
|
|
(14,754 |
) |
| Finance income |
|
|
1,030 |
|
|
|
6,552 |
|
|
|
8,989 |
|
|
|
28,553 |
|
|
|
(23,406 |
) |
|
|
21,718 |
|
| Finance costs |
|
|
(51 |
) |
|
|
(4,920 |
) |
|
|
(8,579 |
) |
|
|
(275,423 |
) |
|
|
273,081 |
|
|
|
(15,892 |
) |
| Net finance income/(costs) |
|
|
979 |
|
|
|
1,632 |
|
|
|
410 |
|
|
|
(246,870 |
) |
|
|
249,675 |
|
|
|
5,826 |
|
| NET INCOME/(LOSS) BEFORE TAX |
|
|
14,294 |
|
|
|
(10,042 |
) |
|
|
(7,411 |
) |
|
|
(255,444 |
) |
|
|
249,675 |
|
|
|
(8,928 |
) |
| Income tax benefit/(expense) |
|
|
(1,500 |
) |
|
|
(8 |
) |
|
|
202 |
|
|
|
7,819 |
|
|
|
- |
|
|
|
6,513 |
|
| NET INCOME/(LOSS) FOR THE YEAR |
|
|
12,794 |
|
|
|
(10,050 |
) |
|
|
(7,209 |
) |
|
|
(247,625 |
) |
|
|
249,675 |
|
|
|
(2,415 |
) |
| Attributable to equity holders of the Company |
|
|
12,794 |
|
|
|
(10,052 |
) |
|
|
(7,209 |
) |
|
|
(247,625 |
) |
|
|
249,675 |
|
|
|
(2,417 |
) |
| Attributable to non-controlling interests |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
Codere Online does not have any customers that individually account for 10% or more of its total revenue for the years ended December 31, 2025, 2024, and 2023.
The following tables break down certain of the information presented in the consolidated statements of financial position as of December 31, 2025 and 2024 by Codere Online’s operating segments (amounts expressed in thousands of euros).
| Schedule of financial position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/2025 |
|
Spain |
|
|
Mexico |
|
|
Other operations |
|
|
Supporting |
|
|
Eliminations |
|
|
Total
Codere
Online |
|
| Non-current assets |
|
|
611 |
|
|
|
16 |
|
|
|
378 |
|
|
|
226,009 |
|
|
|
(213,636 |
) |
|
|
13,378 |
|
| Current assets |
|
|
69,684 |
|
|
|
22,285 |
|
|
|
10,118 |
|
|
|
114,179 |
|
|
|
(148,783 |
) |
|
|
67,483 |
|
| Trade receivables and other current assets |
|
|
13,157 |
|
|
|
4,731 |
|
|
|
(1,442 |
) |
|
|
52,878 |
|
|
|
(61,483 |
) |
|
|
7,841 |
|
| Current financial assets |
|
|
40,157 |
|
|
|
3,511 |
|
|
|
2,572 |
|
|
|
50,689 |
|
|
|
(87,270 |
) |
|
|
9,659 |
|
| Cash and cash equivalents |
|
|
16,370 |
|
|
|
14,043 |
|
|
|
8,988 |
|
|
|
10,612 |
|
|
|
(30 |
) |
|
|
49,983 |
|
| Total Assets |
|
|
70,295 |
|
|
|
22,301 |
|
|
|
10,496 |
|
|
|
340,188 |
|
|
|
(362,419 |
) |
|
|
80,861 |
|
| EQUITY |
|
|
47,023 |
|
|
|
(19,669 |
) |
|
|
(12,943 |
) |
|
|
228,193 |
|
|
|
(213,906 |
) |
|
|
28,698 |
|
| NON-CURRENT LIABILITIES |
|
|
151 |
|
|
|
- |
|
|
|
229 |
|
|
|
1,268 |
|
|
|
1,232 |
|
|
|
2,880 |
|
| CURRENT LIABILITIES |
|
|
23,121 |
|
|
|
41,970 |
|
|
|
23,210 |
|
|
|
110,727 |
|
|
|
(149,745 |
) |
|
|
49,283 |
|
| Lease obligations |
|
|
104 |
|
|
|
- |
|
|
|
44 |
|
|
|
1,588 |
|
|
|
(1,232 |
) |
|
|
504 |
|
| Borrowings |
|
|
4,048 |
|
|
|
5,074 |
|
|
|
11,225 |
|
|
|
71,496 |
|
|
|
(90,035 |
) |
|
|
1,808 |
|
| Trade payables and other current liabilities |
|
|
18,969 |
|
|
|
36,896 |
|
|
|
11,941 |
|
|
|
37,643 |
|
|
|
(58,478 |
) |
|
|
46,971 |
|
| Total EQUITY AND LIABILITIES |
|
|
70,295 |
|
|
|
22,301 |
|
|
|
10,496 |
|
|
|
340,188 |
|
|
|
(362,419 |
) |
|
|
80,861 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12/31/2024 |
|
Spain |
|
|
Mexico |
|
|
Other
Operations |
|
|
Supporting |
|
|
Eliminations |
|
|
Total
Codere
Online |
|
| Non-current assets |
|
|
709 |
|
|
|
31 |
|
|
|
80 |
|
|
|
220,495 |
|
|
|
(209,698 |
) |
|
|
11,617 |
|
| Current assets |
|
|
72,540 |
|
|
|
15,408 |
|
|
|
10,176 |
|
|
|
104,118 |
|
|
|
(139,319 |
) |
|
|
62,923 |
|
| Trade receivables and other current assets |
|
|
13,403 |
|
|
|
3,672 |
|
|
|
1,457 |
|
|
|
39,739 |
|
|
|
(49,149 |
) |
|
|
9,122 |
|
| Current financial assets |
|
|
46,819 |
|
|
|
2,915 |
|
|
|
2,691 |
|
|
|
51,209 |
|
|
|
(90,140 |
) |
|
|
13,494 |
|
| Cash and cash equivalents |
|
|
12,318 |
|
|
|
8,821 |
|
|
|
6,028 |
|
|
|
13,170 |
|
|
|
(30 |
) |
|
|
40,307 |
|
| Total Assets |
|
|
73,249 |
|
|
|
15,439 |
|
|
|
10,256 |
|
|
|
324,613 |
|
|
|
(349,017 |
) |
|
|
74,540 |
|
| EQUITY |
|
|
48,448 |
|
|
|
(21,134 |
) |
|
|
(11,467 |
) |
|
|
218,341 |
|
|
|
(209,968 |
) |
|
|
24,220 |
|
| NON-CURRENT LIABILITIES |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
5,359 |
|
|
|
2 |
|
|
|
5,358 |
|
| CURRENT LIABILITIES |
|
|
24,801 |
|
|
|
36,573 |
|
|
|
21,726 |
|
|
|
100,913 |
|
|
|
(139,051 |
) |
|
|
44,962 |
|
| Lease obligations |
|
|
350 |
|
|
|
- |
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
|
|
364 |
|
| Borrowings |
|
|
5,921 |
|
|
|
3,329 |
|
|
|
13,231 |
|
|
|
72,925 |
|
|
|
(92,041 |
) |
|
|
3,365 |
|
| Trade payables and other current liabilities |
|
|
18,530 |
|
|
|
33,244 |
|
|
|
8,495 |
|
|
|
27,974 |
|
|
|
(47,010 |
) |
|
|
41,233 |
|
| Total EQUITY AND LIABILITIES |
|
|
73,249 |
|
|
|
15,439 |
|
|
|
10,256 |
|
|
|
324,613 |
|
|
|
(349,017 |
) |
|
|
74,540 |
|
|