The Group applies IFRS 16 to recognize, measure, present, and disclose leases. Under IFRS 16, Codere Online recognizes right-of-use assets and lease liabilities for all lease contracts, except for short-term leases (defined as leases with a term of 12 months or less) and low-value leases.
During 2024, the Group recognized several lease agreements under IFRS 16, including office and vehicle leases. These agreements vary in lease terms, jurisdictions, and conditions, and are assessed individually in accordance with IFRS 16 requirements. In particular, the agreement for the Group’s main office in Israel established a defined non-cancellable lease term of 64 months, running from July 2024 to October 2029, with a monthly rent of ILS 123 thousand.
Other active lease contracts accounted for under IFRS 16 include:
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An office lease in Melilla. |
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Four vehicle lease contracts. |
During 2025, the Company entered into several new lease agreements, which include:
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A new office lease in Israel, commencing on January 1, 2025, with a 58-month term and a monthly rent of ILS 24 thousand (€6,427). |
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A new office lease in Colombia, commencing on November 1, 2025, with a 60-month term and a monthly rent of COL 28 million (€6,342). |
These leases are recognized under IFRS 16 in the consolidated financial statements.
Below is a summary table with details of the lease contracts:
| Schedule of assets lease |
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| Category |
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Lessee |
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Country |
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CCY |
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Start date |
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End date |
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Lease duration (months) |
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Rent
Amount
(Monthly)
(EUR)(*) |
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| Main Israel office lease (unit n2) |
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Codere Israel Marketing Support Services Limited |
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Israel |
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ILS |
|
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01/07/24 |
|
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28/10/29 |
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64 |
|
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32,400 |
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| Melilla Office |
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Codere Online, S.A.U. (CDON) |
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Spain |
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|
EUR |
|
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19/04/2024 |
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19/04/2028 |
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48 |
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10,000 |
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| Vehicles leasing |
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Servicios de Juego Online S.A.U. (SEJO) |
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Spain |
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EUR |
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01/2024 – 04/2024 |
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03/2028 – 01/2029 |
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51 – 58 |
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594 – 740 |
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| Israel office additional lease (unit n3) |
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Codere Israel Marketing Support Services Limited |
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Israel |
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ILS |
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01/01/2025 |
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28/10/2029 |
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58 |
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6,427 |
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| Bogota office |
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Codere Online Colombia S.A.S. |
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Colombia |
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CCOP |
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01/11/2025 |
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31/10/2030 |
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60 |
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6,342 |
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* |
These figures are not presented in thousands of euros. |
Right-of-Use Assets
The reconciliation of the carrying amounts of the items comprising “Right-of-use assets” at the beginning and end of the reporting period is set forth below:
| Schedule of right-of-use assets |
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| Cost |
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Balance at
12/31/2024 |
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Additions |
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Derecognitions |
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Balance at
12/31/2025 |
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| Right of use assets |
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2,200 |
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570 |
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- |
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2,770 |
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| Total |
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2,200 |
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570 |
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- |
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2,770 |
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| Accumulated depreciation (Note 13) |
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| Right of use assets |
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(243 |
) |
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(506 |
)* |
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- |
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(749 |
) |
| Total |
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(243 |
) |
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(506 |
) |
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- |
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(749 |
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| Carrying amount |
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1,957 |
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63 |
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- |
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2,021 |
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* |
The difference between the depreciation expense disclosed in Note 6 and Note 13 arises from using different FX rates: period-end rates for statement of financial position and average rates for statement of operations. |
Lease Liabilities
The lease liabilities as of December 31, 2025, amounted to €2,119 thousand. The maturity analysis is as follows:
| Schedule
of lease liabilities |
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| Maturity Analysis: |
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12/31/2025 |
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| Year 1 |
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698 |
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| Year 2 |
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698 |
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| Year 3 |
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609 |
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| Year 4 |
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541 |
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| Year 5 |
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63 |
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| Onwards |
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- |
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| Total future lease payments |
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2,609 |
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| Less: unearned interest |
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490 |
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| Lease Liabilities as of December 31, 2025 |
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2,119 |
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| Analyses as: |
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| Non-Current |
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1,615 |
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| Current |
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504 |
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Lease Expenses and cash outflow
For the year ended 31 December 2025, Codere Online recognized the following lease-related expenses in the statement of profit or loss:
| Depreciation of right-of-use assets |
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12/31/2025 |
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| Depreciation of right-of-use assets |
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524 |
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| Lease Finance Interest |
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188 |
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| Operating expenses (short term and low-value leases) |
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32 |
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| Total |
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744 |
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The total cash outflow for leases amount to €0.7 million.
For the year ended 31 December 2024, Codere Online recognized the following lease-related expenses in the statement of profit or loss:
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12/31/2024 |
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| Depreciation of right-of-use assets |
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(242 |
) |
| Lease Finance Interest |
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(105 |
) |
| Operating expenses (short term and low-value leases) |
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(234 |
) |
| Total |
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(581 |
) |
The
total cash outflow for leases amount to €0.3 million in 2024.
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