Codere Online Luxembourg SA (CDRO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Codere Online third quarter 2025 financial results. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Codere Online 2025 年第三季財務業績發表會。（操作說明）

I will now hand the conference over to Guillermo Lancha, Head of Investor Relations at Codere Online. Please go ahead.

現在我將把會議交給 Codere Online 的投資人關係主管 Guillermo Lancha。請繼續。

Thanks, operator, and welcome everyone to Codere Online's earnings call for the third quarter of 2025. Today, you will hear from our CEO, Aviv Sher; and CFO, Oscar Iglesias. Our Executive Vice Chairman, Moshe Edree, will also join us in the Q&A section. Our new CFO, Marcus Arildsson, who has joined the company today, is also here with us.

謝謝接線生，歡迎大家參加 Codere Online 2025 第三季財報電話會議。今天，您將聽到我們執行長 Aviv Sher 和財務長 Oscar Iglesias 的演講。我們的執行副董事長莫舍·埃德里也將參加問答環節。我們新任財務長馬庫斯·阿里爾德森今天也來到了現場。

Please note that the 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.

請注意，今天簡報中反映的數據是初步的、未經審計的，並且包含某些非國際財務報告準則（IFRS）的財務指標，這些指標應與我們的國際財務報告準則（IFRS）結果一起考慮。核對結果及更多詳情請見附錄。在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明存在風險和不確定性。雖然這些陳述反映了我們目前的預期，但我們不承擔在本次通話後更新這些陳述的義務。會議錄影和文字稿將在 codereonline.com 上提供，投資者也可以在該網站註冊接收電子郵件提醒。

With that, I will go ahead and pass the call on to Aviv.

那麼，我就把電話轉給阿維夫了。

Thanks, Guillermo, and thanks to everyone for joining us today. First of all, I would like to welcome Marcus. who is joining Codere Online as new chief financial officer. Marcus brings with him 25 years of experience in investment banking and corporate finance, and we are confident that his expertise and international background will be great addition to our management team and support the continued success of the company.

謝謝吉列爾莫，也謝謝今天所有到場的各位。首先，我謹代表Codere Online歡迎Marcus加入，擔任新的財務長。Marcus擁有25年的投資銀行和企業融資經驗，我們相信他的專業知識和國際背景將大大增強我們的管理團隊，並支持公司的持續成功。

Moving now to the highlights of the third quarter of 2025 on page eight, we delivered EUR52 million in net gaming revenue, which was flat versus prior year period, despite the versus headwinds we faced in the quarter. More importantly, we are seeing encouraging recent trends with a re-acceleration of net gaming revenue in the fourth quarter through November 15 to 17% above last year, including a 29% growth in Mexico and 14% growth in Spain, which make us confident that the business is on track to return to double-digit top-line growth in the fourth quarter and which we hope will continue into next year.

現在來看第 8 頁 2025 年第三季的亮點，我們實現了 5,200 萬歐元的淨遊戲收入，與去年同期持平，儘管我們在本季面臨一些不利因素。更重要的是，我們看到了一些令人鼓舞的近期趨勢，截至 11 月 15 日的第四季度淨遊戲收入再次加速增長，比去年同期增長 17%，其中墨西哥增長 29%，西班牙增長 14%，這讓我們相信，該業務預計將在第四季度恢復兩位數的營收成長，我們希望這種增長勢頭能夠延續到明年。

In terms of product mix, the contribution from our casino segment was 65% of our total net gaming revenue in the third quarter, around 5% points above normal levels, and was largely driven by the decline in sports betting margin in September, which impacted sport betting net gaming revenue throughout the sector in the third quarter.

從產品組合來看，第三季賭場業務占我們總淨博彩收入的 65%，比正常水平高出約 5 個百分點，這主要是由於 9 月份體育博彩利潤率下降，從而影響了第三季度整個行業的體育博彩淨博彩收入。

Net gaming revenue performance in the quarter was driven by an 11% increase in average monthly active customers, which was offset by a 10% decrease in average monthly spend per active customer, primarily due to the weaker Mexican peso and lower sport betting margin. On the acquisition front, we continue to grow our portfolio of customer with 85,000 FTDs, 26% above those acquired in the third quarter last year, at an average CPA of EUR167.

本季淨遊戲營收表現主要得益於平均每月活躍用戶數成長 11%，但被每位活躍用戶平均每月消費額下降 10% 所抵消，這主要是由於墨西哥比索疲軟和體育博彩利潤率降低所致。在客戶獲取方面，我們持續擴大客戶組合，新增客戶達 85,000 名 FTD，比去年第三季新增客戶數量成長 26%，平均每次轉換成本為 167 歐元。

This is the lowest CPA since Q1 '23, which is largely reflects the efforts made by our acquisitions team throughout 2025 to explore new sources of traffic in Mexico. However, we are expecting that average CPA in Mexico will increase going forward as the team works to optimize further its acquisition strategy. Finally, and in regards to our share buyback plan, to date we have repurchased around 249,000 shares under the plan for a total investment of approximately $1.7 million.

這是自 2023 年第一季以來的最低每次轉換費用 (CPA)，這主要反映了我們的收購團隊在 2025 年全年為探索墨西哥的新流量來源所做的努力。然而，我們預計隨著團隊努力進一步優化其客戶獲取策略，墨西哥的平均 CPA 將持續成長。最後，關於我們的股票回購計劃，迄今為止，我們已根據該計劃回購了約 249,000 股股票，總投資額約為 170 萬美元。

Given where the shares are currently trading and our increased confidence in the outlook of the business, our board has authorized an increase in the total investment under the plan from $5 million to $7.5 million. Additionally, in our upcoming shareholder meeting, we will be seeking approval to extend the term of the plan from its current expiration in March to December 2026, which will give us more time to acquire shares which we believe are significantly undervalued at the moment.

鑑於股票目前的交易情況以及我們對公司前景日益增長的信心，董事會已批准將該計劃下的總投資額從 500 萬美元增加到 750 萬美元。此外，在即將召開的股東大會上，我們將尋求批准將該計劃的期限從目前的 3 月到期日延長至 2026 年 12 月，這將使我們有更多的時間來收購我們認為目前被嚴重低估的股票。

With this, I will now turn the call over to Oscar to cover the financial highlights of this quarter.

接下來，我會把電話交給奧斯卡，讓他來介紹本季的財務亮點。

Thanks, Aviv. Looking at the financial performance for the quarter on page 10, consolidated net gaming revenue was EUR52 million. flat versus the prior year due to an unfavorable FX impact in Mexico, a very low sports betting margin in September, that is, customer-friendly results in the month, and a significantly lower contribution from Colombia due to the impact from the evaluated tax on deposits, which has been in place since February.

謝謝你，阿維夫。從第 10 頁的季度財務業績來看，合併淨博彩收入為 5,200 萬歐元，與上年持平，原因是墨西哥匯率受到不利影響，9 月份體育博彩利潤率非常低（即當月業績對客戶有利），以及哥倫比亞的貢獻大幅下降（因為自 2 月份以來實施了存款稅評估），這些因素都導致了這一結果。

For illustrative purposes, if we were to exclude these three impacts, our net gaming revenue would have been around EUR57 million, or 11% above the prior year period. Breaking it down by country, net gaming revenue in Spain was 5% above the prior year period, while Mexico was flat.

舉例來說，如果我們排除這三項影響，我們的淨遊戲收入將約為 5,700 萬歐元，比去年同期成長 11%。按國家/地區劃分，西班牙的淨遊戲收入比去年同期成長了 5%，而墨西哥則持平。

In our other segment, which includes Colombia, Panama, and the city of Buenos Aires, net gaming revenue was EUR1.3 million lower in the third quarter, driven by a decline in Colombia and Argentina of EUR1.4 million and EUR0.4 million, respectively, partially offset by a EUR0.4 million in higher net gaming revenue in Panama, which continues to show positive momentum on the back of certain product enhancements implemented in April.

在我們包括哥倫比亞、巴拿馬和布宜諾斯艾利斯市的其他業務板塊中，第三季淨博彩收入減少了 130 萬歐元，主要原因是哥倫比亞和阿根廷分別下降了 140 萬歐元和 40 萬歐元，但巴拿馬淨博彩收入增加了 40 萬歐元，部分抵消了上述損失。巴拿馬在 4 月實施了一些產品改進措施後，繼續保持積極的成長勢頭。

Adjusted EBITDA, meanwhile, was positive EUR2.9 million in the third quarter and included a contribution of EUR5.8 million from our Spanish business and EUR2 million from Mexico, resulting in an overall growth in adjusted EBITDA from our business units of 30%. which was only partially offset by a 9% increase in our undistributed and corporate costs, leading to a nearly doubling of adjusted EBITDA versus the prior year.

同時，第三季調整後 EBITDA 為 290 萬歐元，其中包括西班牙業務貢獻的 580 萬歐元和墨西哥業務貢獻的 200 萬歐元，使得我們各業務部門的調整後 EBITDA 整體成長了 30%。儘管未分配成本和公司成本增加了 9%，但僅部分抵消了這一增長，最終調整後 EBITDA 與去年同期相比幾乎翻了一番。

Turning to our P&L on page 11, adjusted EBITDA was EUR1.4 million above that of the third quarter of 2024, on the back of a EUR4 million reduction in marketing spend, partially offset by higher platform and content costs. This EUR18 million in total marketing spend in the quarter represents our lowest level of quarterly investments since listing this business and is consistent with the guidance we gave on our second quarter earnings call in regards to lower level of spend going into year end.

翻到第 11 頁的損益表，經調整後的 EBITDA 比 2024 年第三季高出 140 萬歐元，這得益於行銷支出減少了 400 萬歐元，但部分被更高的平台和內容成本所抵消。本季行銷總支出為 1800 萬歐元，是公司上市以來季度投資的最低水平，與我們在第二季財報電話會議上給出的關於年底支出水平降低的指導意見一致。

In the fourth quarter specifically, we are expecting a similar or perhaps slightly higher level of marketing investment resulting in strong EBITDA contribution in the period. Looking now at our consolidated figures on page 12, the flat net gaming revenue reflects an 11% increase in active customers, offset by a lower overall spend per active. On a constant currency basis, net gaming revenue would have grown 3%.

具體到第四季度，我們預計行銷投入水準將與上一季持平，甚至可能略高，這將為該季度帶來強勁的 EBITDA 貢獻。現在來看看我們第 12 頁的綜合數據，淨遊戲收入持平，這反映了活躍客戶數量增加了 11%，但被每位活躍客戶的總支出下降所抵消。以固定匯率計算，淨遊戲收入將成長 3%。

As Aviv mentioned, we had a significant increase in FTDs, which grew 26% to 85,000 in the quarter, and were mostly driven by Mexico, where we acquired a substantially higher amount of FTDs than in the prior year quarter and where we continue to build upon an already sizable portfolio of customers.

正如 Aviv 所提到的，我們的首次客戶數量大幅成長，本季成長了 26%，達到 85,000 人次，這主要得益於墨西哥市場。我們在墨西哥獲得的首次客戶數量比去年同期大幅增加，我們繼續在墨西哥擴大我們已有的龐大客戶群。

Turning to Spain on page 13, net gaming revenue in the third quarter was 5% above the prior year at EUR22 million as a result of a slightly higher spend per active and a 4% increase in the number of active customers. In recent months, we have seen positive momentum from both our existing and acquired customers in Spain as we fine-tune our operating model in the face of the more competitive landscape in Spain on the back of the reintroduction of welcome bonuses in 2024.

翻到第 13 頁，西班牙的情況是，由於每位活躍用戶的消費略有增加以及活躍用戶數量增加了 4%，第三季度淨遊戲收入比上年同期增長了 5%，達到 2200 萬歐元。近幾個月來，隨著我們在西班牙競爭日益激烈的市場環境中不斷調整營運模式，以及2024年重新推出迎新獎金，我們在西班牙的現有客戶和新客戶都取得了積極的進展。

Moving to Mexico on page 14, net gaming revenue was EUR27 million in the third quarter, flat against the prior year period. The Mexican PISO devalued by nearly 5% in the third quarter of 2025, resulting in a EUR1.3 million negative impact to net gaming revenue in the quarter. On a constant currency basis, our net gaming revenue would have grown 5%.

翻到第 14 頁，墨西哥第三季淨博彩收入為 2,700 萬歐元，與去年同期持平。2025 年第三季度，墨西哥比索貶值近 5%，導致該季度淨博彩收入減少 130 萬歐元。以固定匯率計算，我們的遊戲淨收入將成長 5%。

And as Aviv mentioned earlier, we have seen a re-acceleration of growth in the fourth quarter now that we have lapped the PISO devaluation on the back of the June 24 federal election. And are otherwise expecting a continuation of the more benign evolution we have seen recently for the Bessel going into year end. Our portfolio of average monthly active customers, meanwhile, reached 88,000, 39% above Q3 2024.

正如 Aviv 之前提到的，隨著 6 月 24 日聯邦選舉後 PISO 貶值的影響過去，我們在第四季度看到了成長的再次加速。否則，我們預期貝塞爾指數在年底前將繼續保持近期較為溫和的發展趨勢。同時，我們的每月活躍客戶平均數量達到 88,000，比 2024 年第三季成長 39%。

As discussed last quarter, player values from customers acquired throughout 2025 have been lower than in prior years, but they have also come with a lower upfront acquisition cost. And we are confident that overall we will continue to optimize both the existing portfolio and new acquisitions to drive overall returns from our investment in Mexico, and are also positioned well to benefit meaningfully from the World Cup next year, which will be co-hosted by Mexico.

如同上個季度所討論的，2025 年全年獲得的客戶的價值低於往年，但其前期獲客成本也較低。我們有信心，總體而言，我們將繼續優化現有投資組合和新收購項目，以推動我們在墨西哥的投資獲得整體回報，並且我們已做好充分準備，從明年由墨西哥聯合主辦的世界杯中獲益匪淺。

Finally on Mexico, and as many of you have already seen, the federal government has included in its 2026 budget an increase in the gaming tax rate from 30% to 50%, which we expect will be in effect on January 1st. Other sectors have also been affected by similar increases in their respective excise or consumption taxes, which is part of the government's effort to reduce its budgetary deficit for next year. For now, all we can say is that we are working to analyze not only the full impact of this tax increase, but also any and all measures available to us to mitigate the impact of said increase.

最後說說墨西哥，正如你們許多人已經看到的，聯邦政府已在其 2026 年預算中將博彩稅率從 30% 提高到 50%，我們預計該稅率將於 1 月 1 日生效。其他行業也受到了各自消費稅或消費稅類似上調的影響，這是政府為減少明年預算赤字而採取的措施之一。目前，我們只能說，我們正在努力分析這項增稅的全部影響，以及我們可以採取的一切措施來減輕增稅的影響。

Also, and while it is difficult to know how other operators will react, we are expecting that this tax increase may have a chilling effect on both new market entrants in regards to their appetite for further investment in the Mexican market and on those not yet operating in Mexico, but with near or medium-term plans or ambitions to enter the market. And while it is difficult to quantify the impact of that chilling effect, we would at least directionally expect a more benign competitive landscape in Mexico going forward, which we believe will be to our and other incumbents' benefit.

此外，雖然很難知道其他業者會作何反應，但我們預計此次增稅可能會對新進入墨西哥市場的企業以及尚未在墨西哥開展業務但有近期或中期計劃或雄心進入該市場的企業產生抑製作用。雖然很難量化這種寒蟬效應的影響，但我們至少預期墨西哥未來的競爭環境將更加良性，我們相信這將有利於我們和其他現有企業。

Turning to the balance sheet on page 16, As of September 30th, we had EUR48 million of total cash on the balance sheet, of which approximately EUR43 million was available. These figures include the impact of EUR1.1 million in share repurchases completed in the year-to-date period through September 30th. In terms of our net working capital position, we ended the quarter with negative EUR24 million, or around 11% of our LTM net gaming revenue. which is in line with prior quarters and reflects a normalized level of working capital.

翻到第 16 頁的資產負債表，截至 9 月 30 日，我們的資產負債表上共有 4,800 萬歐元現金，其中約有 4,300 萬歐元可用。這些數字包括截至 9 月 30 日的今年迄今完成的 110 萬歐元股票回購的影響。就我們的淨營運資本狀況而言，本季末為負2,400萬歐元，約佔過去12個月淨博彩收入的11%，這與前幾季的情況一致，反映了營運資本的正常水準。

Looking at our cash flow on page 17, in the first nine months of 2025, we generated EUR11.5 million of available cash, partially offset by a EUR2.6 million negative FX impact on ending cash balances. Due to the devaluation of both the Mexican peso and the US dollar, and as already mentioned, by the EUR1.1 million in share repurchases, resulting in total period cash flow generation of nearly EUR8 million.

查看第 17 頁的現金流量，在 2025 年前九個月，我們產生了 1150 萬歐元的可用現金，部分被 260 萬歐元的匯率負面影響所抵消，該影響導致期末現金餘額減少。由於墨西哥比索和美元貶值，以及如前所述，110萬歐元的股票回購，導致該期間的總現金流產生接近800萬歐元。

In regards to our outlook for 2025, on page 19, we are reiterating our expectation to meet both our net gaming revenue guide of between EUR220 million and EUR230 million and adjusted EBITDA on the range of EUR10 million to EUR15 million. In regards to 2026, meanwhile, we will be providing our initial outlook together with our Q4 earnings in February. That's all from my end.

關於我們對 2025 年的展望，我們在第 19 頁重申了我們的預期，即實現 2.2 億歐元至 2.3 億歐元的淨博彩收入指導目標，以及 1000 萬歐元至 1500 萬歐元的調整後 EBITDA。至於 2026 年的展望，我們將在 2 月發布第四季財報時同時提供初步展望。我這邊就介紹到這裡。

With this being my last earnings call as CFO, I'd just like to take a moment to thank Moshe, Aviv, my team, and all of my colleagues here at Codere for their hard work, and to thank our investors and analysts for the continued support over the years. I wish Marcus every success, and I look forward to continuing to support the company as a member of the board of directors.

這是我作為財務長的最後一次財報電話會議，我想藉此機會感謝 Moshe、Aviv、我的團隊以及 Codere 的所有同事的辛勤工作，並感謝我們的投資者和分析師多年來的持續支持。我祝福馬庫斯一切順利，並期待繼續以董事會成員的身份支持公司發展。

With that said, I will turn it back to the operator to open the call to Q&A.

綜上所述，我將把電話轉回給接線生，讓她開啟問答環節。

(Operator Instructions) Jeff Stantial Stifel.

（操作說明）傑夫·斯坦蒂爾·斯蒂費爾。

Great, good morning. Can you guys hear me all right?

太好了，早安。你們能聽清楚我說話嗎？

Yes.

是的。

Perfect. Good morning, everyone. Welcome, Marcus and Oscar. Thanks for all your help and support over these past few years. Maybe if we could start off on Mexico and the tax rate. I recognize it sounds like it's still early in terms of your process of analyzing, ability to mitigate.

完美的。各位早安。歡迎馬庫斯和奧斯卡。感謝您在過去幾年給予我的幫助和支持。或許我們可以先從墨西哥和稅率著手。我知道，就你的分析過程和緩解能力而言，這聽起來還處於早期階段。

Based on the work you've done so far, whether it's comping to other markets who have gone through this experience or what have you, Oscar, could you just share any thoughts on sort of the opportunity to mitigate some of the higher taxes, whether that's through promos, over-rounds, just anything on strategy and opportunity, and then more philosophically, how does the higher tax rate factor into your capital allocation strategy when you think about the two core markets as well as potential to lean into some other markets?

奧斯卡，根據你目前所做的工作，無論是與其他經歷過類似情況的市場進行比較，還是其他方面，你能否分享一下你對如何減輕較高稅收影響的一些想法，例如通過促銷、超額融資等方式，以及任何關於策略和機會的建議？從更深層的思考來看，當你考慮兩個核心市場以及進入其他市場的潛力時，較高的稅率是如何影響你的資本配置策略的？

Thanks. Yeah, it's a good question, and thanks for that, Jeff. Look, I think as a starting point this hasn't yet come into effect. I think this still, it should be days from now, but this hasn't yet been signed by the president. This budget bill as part of the 26th budget hasn't yet been approved, but our expectation is that it will be approved and it'll be in place on January 1.

謝謝。是的，這是一個很好的問題，謝謝你，傑夫。你看，我認為首先這一點還沒有生效。我認為這件事應該還會持續幾天，但總統還沒簽署。作為第 26 份預算案的一部分，該預算案尚未獲得批准，但我們預計它將獲得批准，並於 1 月 1 日生效。

So I think as a starting point, it's reaching out to all our partners, whether they be media partners, other suppliers, and just taking a look at our agreements, how they're structured and how we best as a sector can help mitigate the impact or share in the impact of what is obviously a meaningful increase in gaming taxes.

所以我認為，首先應該聯繫所有合作夥伴，無論是媒體合作夥伴還是其他供應商，仔細審視我們的協議，看看它們的結構，以及我們作為一個行業如何才能最好地幫助減輕或分擔博彩稅顯著增長帶來的影響。

The discussions around capital allocation, I think, is a broader one, and it's in the context of the discussions we're having at the board level and with respect to our 26 budget and our, let's say, medium-term plan as a company. And the tax obviously factors into that in terms of our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.

我認為，關於資本配置的討論是一個更廣泛的問題，它與我們在董事會層面進行的討論，以及我們2026年的預算和我們公司的中期計劃都有關係。稅收顯然會影響我們對市場的熱情和投資意願，因為它會影響單位經濟效益，也就是企業中每一美元淨利潤轉化為息稅折舊攤銷前利潤的金額。

The return profile of our acquisitions, all else being equal, does change and that's what we're working through. But I can't say, it's still a little bit early to say what that means in terms of our plans for next year to invest in Mexico. I think that's something we'll have to dive into in the Q4 call when we all get together in February. But directionally, obviously a tax increase is not good.

在其他條件相同的情況下，我們收購專案的回報情況確實會發生變化，而這正是我們正在努力解決的問題。但我現在還不能說，要說這對我們明年在墨西哥的投資計畫意味著什麼，還為時過早。我認為這是我們需要在2月的第四季電話會議上深入探討的問題。但從方向上看，顯然增加稅收不是好事。

We always are looking for governments to look to increase compliance with anyone operating offshore, operating in the gray or black markets. That's the first place we prefer for governments to look for additional revenues. But we're partnered with the Mexican government, we're partnered with governments in every market in which we operate, and we're going to find a way through this and continue to be confident that the Mexican market is going to be a winner for us over the short, medium, and long term.

我們一直希望各國政府能加強對在境外、灰色市場或黑市經營者的監管。這是我們建議政府首先考慮的增加收入來源的途徑。但是我們與墨西哥政府建立了合作關係，我們與我們運營的每個市場的政府都建立了合作關係，我們將找到渡過難關的方法，並繼續相信墨西哥市場在短期、中期和長期內都將為我們帶來成功。

That's great. Thanks for that, Oscar. Maybe actually sticking on Mexico, there were some reports, I think it was late last week, of some AML crackdown in the market that sounds like it impacted several of your peers or the ability for players to get onto the platforms for some of your peers. Can you just add a little bit of color in terms of what you're seeing from this on the ground, maybe clarify for us whether you've specifically been impacted in any way, and with some of these competitors shutting down at least temporarily, is there a bit of a market share opportunity here?

那太棒了。謝謝你，奧斯卡。或許應該繼續關注墨西哥，我記得上週晚些時候有一些報道，稱市場上出現了反洗錢行動，這似乎影響了你們的一些同行，或者影響了你們一些同行玩家進入平台的能力。您能否就目前所見的情況補充一些細節，例如您是否受到了任何具體影響？鑑於一些競爭對手至少暫時停業，這是否帶來了一些市佔率的機會？

Thanks. Aviv, do you want to take that one?

謝謝。阿維夫，你想接那個嗎？

Yes, so basically we are following the news, the same as you probably. From our perspective on the company level, we have not seen anything or heard anything officially that came to us. We continue to operate within all the standards that the local regulator is demanding for us, whether it's an AML or any other thing related to that. And so we are not aware of anything that has any impact on us and we are following closely the news but for now we have no other source than the news themselves.

是的，所以基本上我們跟你一樣，都在關注新聞。從公司層級來看，我們還沒有看到或聽到任何官方通知。我們將繼續按照當地監管機構對我們提出的所有標準進行運營，無論是反洗錢還是其他相關事項。因此，我們目前還沒有了解到任何對我們產生影響的事情，我們正在密切關注新聞，但目前除了新聞本身之外，我們沒有其他資訊來源。

Jeff, the news sometimes isn't the best source of information so I think we're still figuring out what's happening and we'll see where that takes us further down the road but we've seen the same articles or following the events but it's too early to say what what's there and what impact this might have on the sector or us.

傑夫，新聞有時並不是最好的資訊來源，所以我覺得我們還在弄清楚到底發生了什麼，看看接下來會發生什麼，但我們都看到了同樣的報道，也一直在關注這些事件，現在就斷言發生了什麼以及這會對行業或我們產生什麼影響還為時過早。

Sure. Okay. Great. Thanks. If I can just squeeze in one more here, I think also sticking on Mexico, CAC of 167 is the lowest I think you've seen since the first quarter of 2023. Aviv, you talked about it a little bit, and I think this has been a trend for several quarters now in terms of leaning into lower CPA, the lower LTV players. Could you just remind us, I guess, sort of who are these players? What are the channels you're sort of leaning into more aggressively to acquire them?

當然。好的。偉大的。謝謝。如果我還能再補充一點，我認為墨西哥的 CAC 指數為 167，是自 2023 年第一季以來的最低值。Aviv，你剛才也稍微談到了這一點，我認為這種趨勢已經持續了好幾個季度，那就是傾向於更低CPA、更低LTV的玩家。能否請您簡單介紹一下這些球員是誰？為了獲取這些客戶，你們正在更積極地利用哪些管道？

What gives you comfort that sort of that LTV prediction is going to hold up and the LTV to CAC is going to sort of hold up versus the higher CPA platform players that you've kind of gone after in the past. And then when you talk about CPA drifting higher moving forward, I guess, just to be clear, is this strategically moving away from some of these channels and some of these players, or is this more a function of market rate cap drifting higher into World Cup.

是什麼讓您感到安心，認為這種 LTV 預測將會成立，而 LTV 與 CAC 的比值將會相對於您過去追求的那些高 CPA 平台玩家而言保持穩定呢？然後，當您談到 CPA 未來會逐漸走高時，我想澄清一下，這是策略性地放棄某些管道和某些參與者，還是更多地由於世界盃期間市場價格上限的走高所致？

Thanks. Yes, so basically I think we always see a correlation between the level of CPA and the lifetime value of the player. I know it's a little bit weird, but when you buy cheap, you get lower player value. And when we are saying that it will shift higher is that we are optimizing the sources to find better player value and better returns than what we are seeing now.

謝謝。是的，所以基本上我認為我們總是能看到 CPA 水平與玩家終身價值之間的相關性。我知道這有點奇怪，但買便宜貨，球員的價值也會降低。我們所說的「價格會上漲」是指我們正在優化資源，以找到比現在更好的球員價值和更好的回報。

It's ongoing. It's like waves. In Spain, we had a similar situation. We managed to flip it over. In Mexico, we tried new sources. They brought a lot of FTDs with low value, so it's constant optimizing. I'm sure that the decisions that we are making, we have a very powerful BI behind it, so the decisions that we are making are relevant, and this is one of our strengths as a company.

仍在進行中。就像波浪一樣。在西班牙，我們也曾經遇到類似的情況。我們成功地把它翻了過來。在墨西哥，我們嘗試了新的資源。他們帶來了很多低價值的 FTD，所以需要不斷優化。我相信，我們所做的每一個決定都有強大的商業智慧系統作為支撐，所以我們所做的決定都是相關的，這也是我們公司的優勢之一。

That's great. That's all from us. I'll pass it on. Thanks very much, and thanks for everything.

那太棒了。以上就是我們全部的內容。我會轉達的。非常感謝，也感謝您所做的一切。

Thanks again, Jeff.

再次感謝你，傑夫。

Thank you, Jeff.

謝謝你，傑夫。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Hey, guys. Can you hear me?

嘿，夥計們。你聽得到我嗎？

Yes. Hi, Ryan.

是的。嗨，瑞恩。

Hi. Very good. Oscar, I will reiterate Jeff's comments as well. It's a pleasure working with you. Marcus, welcome. I want to kind of stay on the optimization, so helpful comments on Mexico. I want to shift over to Spain. Obviously, we're well past the year kind of from changing that market. I'm curious how you feel about your kind of marketing, EPA optimization, just go-to-market strategy now that we're kind of getting well past the changes in that market.

你好。非常好。奧斯卡，我同意傑夫的觀點。和你一起工作很愉快。馬庫斯，歡迎。我想繼續討論優化方面的問題，所以請大家對墨西哥的情況提出一些有益的建議。我想搬去西班牙。顯然，改變這個市場的時間已經遠遠超過了一年。我很好奇，既然我們已經基本上度過了市場變化期，您對您目前的營銷方式、EPA優化以及市場進入策略有何感想。

So I think, thanks for the question. I think it's already shown in the numbers. We are already seeing growth in our KPIs as well. All the bars are back to similar levels at the first quarter or even the end of last year. So I think going forward, we will continue to see this trend. We are aware that some regulation changes are about to happen. As always, we don't know the direction that it will influence us.

所以，謝謝你的提問。我認為數據已經說明了一切。我們的關鍵績效指標也已經成長。所有指標都已恢復到去年第一季甚至年底的水平。所以我認為，未來我們還會繼續看到這種趨勢。我們了解到一些監管規定即將改變。就像以往一樣，我們不知道它將如何影響我們。

So we are in Spain again following closely the news and the demands that will come from the regulator. Last time that certain restrictions came into the market, it actually benefited us a little bit since we are a very strong brand in Spain, at least still top of mind of the players. So restrictions might benefit us a little bit, but we are following closely the news as well over there. But currently the KPIs that we are seeing in Spain are very encouraging.

所以我們再次來到西班牙，密切關注新聞以及監管機構將提出的要求。上次市場出現某些限制時，實際上對我們略有好處，因為我們在西班牙是一個非常強大的品牌，至少在球員心中仍然是首選。所以這些限制措施可能對我們有點好處，但我們也密切關注那邊的新聞。但目前我們在西班牙看到的關鍵績效指標非常令人鼓舞。

I would say, I would just add very, very quickly that we're probably a little bit more constructive or positive on the business now than we were last quarter. And again, this is since the reintroduction of the welcome bonus, this has gone from a great business to a very good business.

我想補充一點，我們現在對業務的看法可能比上個季度更積極樂觀。再次強調，自從重新推出迎新獎金以來，這家公司已經從一家很棒的公司變成了一家非常好的公司。

So we continue to be positive in the outlook, but I would say even more so than we were in Q2 when we were still working through that optimization, given the competitive landscape, the impact of the welcome bonus and finding the right solution for us given how we're positioning our brand, our operating model, and all the rest. So good news in Spain in terms of how we're tracking.

因此，我們對前景依然保持樂觀，但我認為，考慮到競爭格局、迎新獎金的影響以及我們如何定位品牌、營運模式等等，找到適合我們的正確解決方案，我們現在的樂觀程度甚至超過了第二季度，當時我們還在努力進行優化。就我們目前的追蹤情況來看，西班牙傳來好消息。

Staying on regulation, let's shift to Colombia. So recently passed their budget. They do still need a tax reform bill, which is separate but being debated right now. What do you guys expect or what are you hearing from the VAT tax? Do you expect it to be removed to extend to next year? Any thoughts, I guess, in kind of real time on what's going on in Columbia? And then is it a sustainable market going forward for you guys if the VAT continues?

繼續討論監管問題，我們來看看哥倫比亞的情況。他們最近通過了預算。他們仍然需要一項稅制改革法案，該法案是另一項單獨的法案，目前正在討論中。你們對增值稅有什麼預期或聽到的消息？你認為這項禁令會取消並延到明年嗎？大家對哥倫比亞正在發生的事情有什麼即時看法嗎？如果增值稅繼續徵收，那麼對你們來說，這還能是一個永續的市場嗎？

Aviv, do you want me to start or do you want to go? Yes. Yeah, I would say that if they do nothing in terms of the tax legislation or the budget bill going forward in this respect, in theory, this extraordinary measure falls away at year-end. We continue operating under the assumption that this will continue, that this will get legislated in a more permanent way, and that's how we're, that's governing the discussions that we're having internally as it relates to next year or appetite to invest in our perspectives on the market.

阿維夫，你想讓我先開始還是你想先開始？是的。是的，我認為如果他們在稅收立法或預算案方面不採取任何措施，理論上講，這項非常措施將在年底失效。我們繼續秉持著這樣的假設：這種情況會持續下去，這種情況會以更持久的方式被立法規定。這就是我們內部討論明年市場前景或投資意願的方式。

That said, that may not necessarily be the case. And if it's not the case, then we will rethink what it is we want to do. And obviously, that's a game changer. fixes the primary problem in Colombia, which is the unit economics are not good in the context of a tax on customer deposits. So it's a situation we're monitoring and you also have elections next year. So in May of 26, you also have elections.

也就是說，情況未必總是如此。如果情況並非如此，那麼我們將重新考慮我們想要做什麼。顯然，這將改變遊戲規則。它解決了哥倫比亞的主要問題，即在對客戶存款徵稅的情況下，單位經濟效益並不理想。所以我們正在密切關注局勢，而且明年你們還要舉行選舉。所以5月26日也有選舉。

Unclear what direction that those elections will go, but that's another possibility here is even if it gets legislated that somehow you have more centrist right-leaning parties come into power and unwind what has been a tax that has not been helpful in terms of reaching that objective of actually generating additional tax revenues for the government coffers. So I think it was a little bit counterproductive and we're monitoring developments. But as you say, as things stand today, it's a tough market for us to find a way forward that makes sense for us.

目前還不清楚這些選舉會朝著哪個方向發展，但還有一種可能性是，即使立法通過，也可能出現更多中間偏右的政黨上台執政，並取消這項稅收，因為這項稅收對於實現為政府金庫創造額外稅收的目標並沒有幫助。所以我覺得這有點適得其反，我們會密切關注事態發展。但正如你所說，就目前的情況來看，在這個市場中，我們很難找到一條對我們有意義的前進道路。

Good luck, guys.

祝你們好運。

Thanks, Ryan. Go ahead, Moshe.

謝謝你，瑞恩。請繼續，莫舍。

No, no. I just want to say that any of our plan, like three years and five years plan, does not include Colombia. I mean, we just monetize it as it is. So we're not going to invest any further unless the tax was changed.

不，不。我只想說明，我們的任何計劃，例如三年計劃和五年計劃，都不包括哥倫比亞。我的意思是，我們只是複製它目前的獲利模式。所以，除非稅收政策改變，否則我們不會再進行任何投資。

That's it for me. Good luck.

就這些了。祝你好運。

Okay. Thanks, Ryan.

好的。謝謝你，瑞恩。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to Guillermo Lancha.

（操作說明）目前沒有其他問題。現在我將把電話轉回給吉列爾莫·蘭查。

Okay, so we have a few questions that came in through email. So the first one is about the customer acquisition in Panama and Argentina, and generally performance in those two markets, if we can mention.

好的，我們收到了一些透過電子郵件提出的問題。所以第一個問題是關於巴拿馬和阿根廷的客戶獲取情況，以及這兩個市場的整體表現（如果可以提及的話）。

Yeah, I think in general, Oscar correct me if I'm wrong, but we are not reporting them separately. In general, in both countries, we see good trends. I think you can see it in the results, some mitigation to Colombia. But other than that, I don't think it's right for us to comment on it further. We see good trends, both in Argentina and in Panama, without going into too much details.

是的，我認為總的來說，奧斯卡，如果我說錯了請糾正我，但我們並沒有將它們分開報道。整體而言，兩國的發展趨勢都很好。我認為從結果中可以看出，對哥倫比亞的某些影響有所緩解。但除此之外，我認為我們不宜對此事作進一步評論。我們看到阿根廷和巴拿馬都呈現出良好的發展趨勢，這裡就不贅述細節了。

We mentioned in the prepared marks that we've made some product improvements in Panama, and obviously that's taken that's being reflected in some of the improvement that we're seeing in that market. Obviously the customer likes the things we're doing and we're going to continue leaning into that.

我們在準備的標誌中提到，我們在巴拿馬進行了一些產品改進，顯然，這些改進已經反映在我們在該市場上看到的一些改進中。顯然，客戶喜歡我們正在做的事情，我們將繼續朝著這個方向努力。

You have a question? Yeah, I have another two. One is about AI tools. If we are personalizing the customer experience with the use of AI,

你有問題嗎？是的，我還有兩個。其中之一是關於人工智慧工具的。如果我們利用人工智慧來實現客戶體驗的個人化，

Yes, well, we've done a few sessions trying to understand the AI in versus aspects of the company, whether internally for the employees, which currently is being facilitated either through a co-pilot of Microsoft or ChatGPT, of course. I think most of, if not all, the employees are using it on a daily basis. Customer-facing solutions, at the moment, we have tried a few solutions that should replace, let's say, some of the customer service or maybe some of the outbound calls. At the moment, not with great success.

是的，我們已經進行了一些培訓，試圖了解人工智慧在公司各個方面的作用，無論是內部員工培訓，目前都是透過微軟的 Copilot 或 ChatGPT 等工具來實現的。我認為即使不是全部，大部分員工也都在每天使用它。目前，我們已經嘗試了一些面向客戶的解決方案，這些方案應該可以取代一些客戶服務或一些外撥電話。目前來看，效果並不理想。

We are examining other product lines related to sports and maybe related to casino recommendation engine. And still not with a big success around that. But we are keeping monitoring the market and looking for new innovations around it. I think it will come. At the moment, we didn't find or we didn't see any relevant product that actually works. We see a lot of products that are close or... are delivering close results to what we want, but still not being able to replace any human interaction.

我們正在研究其他與體育相關的產品線，也可能研究與賭場推薦引擎相關的產品線。但至今仍未取得顯著成功。但我們會持續關注市場動態，並尋找相關的創新機會。我覺得它會來的。目前，我們還沒有找到或看到任何真正有效的相關產品。我們看到很多產品已經非常接近或能夠提供接近我們想要的結果，但仍然無法取代人與人之間的互動。

Yeah, I would just add that all of that with the backdrop of their significant regulation that's coming to place at the EU level that I think everyone is still, us and other digital operators, still working through in terms of how to ensure that we don't breach any requirements that we have, but obviously mindful of the commercial interests that we have in the business to deploy any tools that can benefit us and improve the customer experience. We're trying to find that balance, but I think up till now, we've taken a fairly conservative approach in this regard.

是的，我還要補充一點，所有這一切都發生在歐盟層級即將出台的重大監管法規的背景下。我認為，包括我們和其他數位營運商在內的所有人，仍在努力理解這些法規，以確保我們不會違反任何規定。但顯然，我們也意識到我們在業務中的商業利益，需要部署任何能夠使我們受益並改善客戶體驗的工具。我們正在努力尋找這種平衡，但我認為到目前為止，我們在這方面採取了相當保守的做法。

One final question that came in through email. Given that there is such a large Hispanic population in the US and that the US will be hosting the World Cup, Would it be a good time to introduce Codere to the US markets?

最後一個問題是透過郵件收到的。鑑於美國有如此龐大的西班牙裔人口，而且美國將舉辦世界杯，現在是不是將 Codere 引入美國市場的好時機？

It would be a great time. Yes, Moshe, continue.

那將會是一段美好的時光。是的，莫舍，繼續。

No, we discussed it a few times in the past. I mean, obviously, the US market, North American markets, it's a huge market. And it's correct that it has a big population of Latin Americans and Spanish speakers. But at the moment, we're very much focused, as we delivered and as we promised in the D-SPAC process, to the core countries, and that's the plan for the next, for seniors.

不，我們以前討論過幾次。我的意思是，很顯然，美國市場、北美市場，都是一個巨大的市場。沒錯，那裡確實有很多拉丁美洲人和西班牙語使用者。但目前，我們非常注重核心國家，正如我們在 D-SPAC 進程中所做的那樣，也正如我們承諾的那樣，而接下來的計劃是為老年人服務。

Okay, so that's it on email. So operator, unless there are any other questions coming through the line, I think we can leave it here. So thanks everyone for joining us today. Feel free to reach out if you have any follow-ups, and otherwise we will be speaking again with our Q4 earnings at the end of February.

好了，郵件就到這裡。接線員，除非還有其他問題，我想我們可以到此為止了。感謝各位今天收看我們的節目。如有任何後續問題，請隨時與我們聯繫；否則，我們將在二月底公佈第四季度財報時再次與您溝通。

Thank you. That concludes today's call. Thank you for attending. You may now disconnect.

謝謝。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。