Revenue

The breakdown of Codere Online’s revenues for the years ended December 31, 2025, 2024, and 2023 is as follows:

No customer contributed more than 10% of revenue for the years ended December 31, 2025, 2024, and 2023. “Others” for the 2025 period include €534 thousand, of which €489 thousand relates to revenue recognized in connection with customer online wallet balances deemed inactive and written off pursuant to applicable regulatory requirements in each jurisdiction.

Additionally, the distribution of sales by geographical market during the reporting periods is as follows:

Personnel expenses

The heading personnel expenses for the 2025, 2024, and 2023 periods include expenses for wages, salaries, long term incentive plans, benefits (and other similar concepts) and social security and other social contributions expenses payable by Codere Online.

Other social contribution includes those expenses resulting from the LTIP executive bonus. For the years ended December 31, 2025, 2024 and 2023, it amounted to €6,028 thousand, €1,858 thousand, and €2,246 thousand, respectively.

Depreciation and amortization

The breakdown of depreciation and amortization for the years ended December 31, 2025, 2024, and 2023 is as follows:

The depreciation and amortization increase is mainly due to the two new leases in Colombia and Israel mentioned in Note 6.

Other operating expenses

The breakdown of other operating expenses for the years ended December 31, 2025, 2024, and 2023 is as follows:

Codere Online recognizes lease payments as an operating expense on a straight-line basis over the term of the lease for the short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value.

Professional services and other expenses in 2025, 2024, and 2023 mainly include: (i) Platform services; (ii) external providers for some of our sports odds; (iii) payment processing which allows our customers to deposit and withdraw using platforms and (iv) streaming services contracted to external parties offered to our customers as a complement to our sports betting offer. Additionally, this also includes certain other expenses, such as those relating to marketing and customer relationship management (CRM) tools.

Finance income/(cost), net

The breakdown of finance income/(cost), net for the years ended December 31, 2025, 2024, and 2023 is as follows:

Finance income/(cost), net for the years ended December 31, 2025, 2024, and 2023 includes both realized and unrealized foreign exchange gains/(losses) that have been created due to the fluctuation of the exchange rates between the euro and the other currencies, mainly the Mexican peso, the Colombian peso, Argentine peso and the Panamanian balboa, that Codere Online uses in its operations as well as interest income related to Codere Online’s outstanding borrowings to related parties.

Earnings per share

Basic earnings per share amounts are calculated by dividing (a) the net income/(loss) for the year attributable to equity holders of the Company by (b) the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net income/(loss) for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares, if any. Warrants and stock options throughout 2025, 2024, and 2023 were antidilutive because their exercise prices were below the share price of the Company. In accordance with IAS 33, antidilutive potential ordinary shares, those that would increase earnings per share or decrease the loss per share if included, are disregarded in the calculation of diluted earnings per share. This is due to Codere Online reporting net loss for the year ended December 31, 2023, which results in all such instruments being considered anti-dilutive. For the years ended December 31, 2025 and 2024, the Company reported a net profit and evaluated all applicable dilutive instruments. As a result, for the years ended December 31, 2025 and 2024, 392,521 and 586,120 restricted shares have been included in the diluted earnings per share calculation for the years ended December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company had 45,640,814 issued shares. Of these, 391,002 shares correspond to treasury shares repurchased under the buyback program and therefore are not considered outstanding. The total number of issued and outstanding shares as of December 31, 2025 was 45,249,812.

As of December 31, 2024, the Company had 45,491,175 shares issued and outstanding.

Both basic and diluted earnings per share attributable to equity holders of Codere Online are calculated based on the following data, in each case for the years ended December 31, 2025, 2024, and 2023: