Codere Online Luxembourg SA (CDRO) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Codere Online first-quarter 2026 financial results presentation. (Operator Instructions)

各位女士、先生，感謝各位參與，歡迎收聽 Codere Online 2026 年第一季財務業績簡報。（接線員指示）

I will now hand the conference over to [Gian Waloncha], Director of Investor Relations and Communications at Codere Online. Please go ahead.

現在我將把會議交給 Codere Online 投資人關係與傳播總監 [Gian Waloncha]。請開始。

Thanks, operator, and welcome, everyone, to Codere Online's earnings call for the first quarter of 2026. Today, you will hear from our CEO, Aviv Sher; and CFO, Marcus Arildsson. Our Executive Vice Chairman, Moshe Edree will also join us in the Q&A session.

謝謝接線員，也歡迎各位參加 Codere Online 2026 年第一季財報電話會議。今天將由我們的執行長 Aviv Sher 與財務長 Marcus Arildsson 與各位分享。我們的執行副董事長 Moshe Edree 也將在問答環節加入。

Please note that figures reflected in today's presentation, our preliminary 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.

請注意，今日簡報所呈現的數據為初步、未經審計，並包含若干非 IFRS 財務衡量指標，應與我們的 IFRS 結果一併考量。相關調節表與進一步細節載於附錄。

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 kodaironline.com, where investors can also sign up for e-mail alerts.

在本次電話會議中，我們將作出前瞻性陳述，該等陳述受風險與不確定性影響。雖然這些陳述反映我們目前的預期，但在本次會議後我們不承擔更新義務。重播與逐字稿將於 kodaironline.com 提供，投資人亦可在該網站訂閱電子郵件提醒。

Additionally, I would like to draw your attention to our recently filed annual report, where you can find detailed financial and other information regarding the company.

此外，我也想提醒各位留意我們近期提交的年度報告，您可在其中找到關於本公司的詳細財務及其他資訊。

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

接下來，我將把電話交給 Aviv。

Thanks, Guillermo, and thank you all for joining us today. We are very pleased with how we started 2026, delivering a solid first quarter that reflects continued momentum in the business and good execution across our key markets, despite the still demanding operating and regulatory environment.

謝謝 Guillermo，也感謝各位今天加入。我們對 2026 年的開局非常滿意，第一季交出穩健成績，反映業務動能持續、在主要市場的執行良好，儘管營運與監管環境仍具挑戰。

Starting with the highlights for the first quarter of 2026, on page eight, we delivered a consolidated net gaming revenue of EUR64.4 million, which represents a 13% increase versus first quarter of last year and 6% sequentially. This growth was supported by a healthy underlying trends across both casino and sports betting and confirms that the top-line re-acceleration we saw in the second half of 2025 has carried into the new year.

先看 2026 年第一季的重點（第 8 頁），我們合併淨博彩收入（NGR）達 6,440 萬歐元，較去年第一季成長 13%，較前一季成長 6%。此成長受惠於娛樂場與體育博彩兩大業務的健康基本面趨勢，也證實我們在 2025 年下半年看到的營收再加速已延續到新年度。

Looking at the revenue mix, casino once again accounted for the majority of our net revenue in the quarter, representing 63% of the total. With the remaining 37% coming from sports betting. This mix is very consistent with the recent quarters and continues to reflect the importance of casino as a key engagement and growth driver for our business.

從營收組合來看，娛樂場本季再次占我們淨營收的大宗，占比 63%；其餘 37% 來自體育博彩。此組合與近幾季非常一致，並持續反映娛樂場作為我們業務關鍵互動與成長驅動因素的重要性。

Turning to the operating KPIs, performance in this quarter was driven by further expansion of our active customer base. Average monthly active customers reached approximately 183,000 in Q1, which is 14% higher than the same period last year. This reflects continued strength in acquisition, combined with the solid retention across our portfolio.

接著看營運 KPI，本季表現主要由活躍客戶基礎的進一步擴張所帶動。第一季平均每月活躍客戶約 18.3 萬人，較去年同期高出 14%。這反映獲客持續強勁，並結合我們產品組合的穩健留存。

Average monthly spend per active customer was EUR117, around 1% below Q1 of last year. As we have mentioned before, this is consistent with a broader and more diversified customer base and does not change our positive view on the quality and long-term value of the players we are requiring. Although, we will cover later, we are working to optimize our active customer base in Mexico.

每位活躍客戶的平均每月消費為 117 歐元，較去年第一季低約 1%。如同我們先前提到的，這與客群更廣、更為多元一致，並不改變我們對所獲取玩家品質與長期價值的正面看法。不過我們稍後也會提到，我們正著手優化墨西哥的活躍客戶結構。

On the acquisition side, during the quarter, we have acquired approximately 90,000 FTDs at an average CPA of EUR212, which represents an increase both year-on-year and sequentially, this reflects a combination of more competitive marketing environment at the start of the year, particularly in our core markets and deliberately shift in mixed or higher-value cohorts and channels. As in prior periods, we remain disciplined in our approach and continue to prioritize customer quality, profitability, and lifetime value over short-term volume.

在獲客方面，本季我們取得約 9 萬名首次存款客戶（FTD），平均每位獲客成本（CPA）為 212 歐元，無論年增或季增皆上升；這反映年初行銷環境更具競爭性（尤其在核心市場），以及我們有意將組合轉向更高價值的客群與渠道。與以往期間相同，我們仍維持紀律，持續優先考量客戶品質、獲利能力與終身價值，而非短期量能。

With respect to capital allocation, we did not repurchase any shares under our share buyback plan during the first quarter. As a reminder, the program remains in place through the end of 2026, and we will continue to evaluate repurchases based on market condition and business priorities.

就資本配置而言，我們在第一季並未依據庫藏股回購計畫回購任何股份。提醒各位，該計畫將持續至 2026 年底，我們將依市場狀況與業務優先事項持續評估是否回購。

Finally, looking ahead, our outlook for the full year of 2026 remained unchanged. We continue to guide net gaming revenue in the range of EUR235 million to EUR245 million and adjusted EBITDA between EUR15 million to EUR20 million. This guidance reflects both the strong start of the year and our prudent approach to planning, taking into account the regulatory and tax environment in our markets.

最後，展望未來，我們對 2026 年全年的展望維持不變。我們仍預期淨博彩收入介於 2.35 億至 2.45 億歐元之間，調整後 EBITDA 介於 1,500 萬至 2,000 萬歐元之間。此指引同時反映年初的強勁開局，以及我們在規劃上的審慎態度，並納入各市場的監管與稅務環境考量。

As always, we will continue to assess performance as the year progresses, and if current trends and execution remain consistent, we would expect to visit our outlook after the first half of the year. Overall, we remain confident that our ability to deliver continued growth in both revenue and profitability in 2026.

一如既往，我們將在年度進行過程中持續評估表現；若目前趨勢與執行維持一致，我們預期在上半年結束後重新檢視我們的展望。整體而言，我們仍有信心在 2026 年持續實現營收與獲利的成長。

With that, I will now hand the call over to Marcus to walk you through the financial performance in more detail.

接下來，我將把電話交給 Marcus，請他更詳細說明財務表現。

Thanks, Aviv, and hello, everyone. If we turn to slide 10, you can see our consolidated net gaming revenue and adjusted EBITDA performance by country for the first quarter of 2026.

謝謝 Aviv，各位好。若我們看第 10 張投影片，您可以看到 2026 年第一季按國別劃分的合併淨博彩收入與調整後 EBITDA 表現。

Starting with NGR, in Q1, we delivered EUR64.4 million, representing, as Aviv mentioned, 13% year-over-year increase compared to the first quarter of 2025. Driven primarily by our two core markets, Spain and Mexico, both, which delivered solid performance. This also represented a 6% sequential increase versus an already very strong fourth quarter of 2025.

先從淨博彩收入（NGR）開始，第一季我們達到 6,440 萬歐元，如 Aviv 所提，較 2025 年第一季年增 13%。主要由兩個核心市場西班牙與墨西哥帶動，兩者皆表現穩健。相較於 2025 年第四季已非常強勁的基期，本季亦季增 6%。

In Spain specifically, NGR increased by EUR3.6 million year-over-year to EUR20.5 million (sic -- see press release, "EUR25.5 million), representing a growth of 16.4% and reflected a continued strong underlying trend.

以西班牙為例，NGR 年增 360 萬歐元至 2,050 萬歐元（原文如此——請參閱新聞稿，「2,550 萬歐元」），成長 16.4%，反映基本面趨勢持續強勁。

In Mexico, NGR revenue grew by EUR4.1 million to EUR34.6 million, an increase of 13.4% versus Q1 of last year, which further consolidates Mexico as our largest market and the key growth driver.

在墨西哥，NGR 成長 410 萬歐元至 3,460 萬歐元，較去年第一季增加 13.4%，進一步鞏固墨西哥作為我們最大市場與關鍵成長引擎的地位。

In other markets, which include, as Colombia, Panama and the city of Buenos Aires, we generated EUR4.4 million of net gaining revenue in the quarter, broadly stable year-over-year.

在其他市場（包括哥倫比亞、巴拿馬以及布宜諾斯艾利斯市），本季我們產生 440 萬歐元的淨博彩收入，整體而言與去年同期大致持平。

As expected, growth in these markets remained more volatile and continues to represent a smaller portion of the overall group, although we're seeing encouraging trends both in Panama and Colombia.

如預期，這些市場的成長仍較為波動，且在整體集團中占比仍較小；不過我們在巴拿馬與哥倫比亞都看到令人鼓舞的趨勢。

Looking at the last 12 months, net gaming revenue reached EUR231.6 million, up EUR7.3 million versus the prior period. Spain and Mexico continue to account for the vast majority of the business, together representing over 93% of LTM. Net gaining revenue, with Mexico contributing approximately 53% and Spain approximately 41%.

回顧過去 12 個月，淨博彩收入達 2.316 億歐元，較前一期間增加 730 萬歐元。西班牙與墨西哥仍占業務絕大部分，合計占近 12 個月（LTM）超過 93% 的淨博彩收入，其中墨西哥約貢獻 53%，西班牙約 41%。

This strong top line performance translated into a further step-up in profitability. In Q1 2026, we delivered adjusted EBITDA of EUR6 million, compared to EUR1.8 million in the first quarter of last year.

這項強勁的營收表現也帶動獲利能力進一步提升。2026 年第一季，我們的調整後 EBITDA 為 600 萬歐元，去年第一季為 180 萬歐元。

Spain contributed EUR7 million of adjusted EBITDA in the quarter, up 27% year-over-year, reflecting continued operating leverage while Mexico delivered EUR2.9 million of adjusted EBITDA, also representing an increase of over 60% year-over-year as the country continues to inflict towards profitability.

西班牙本季貢獻 700 萬歐元的調整後 EBITDA，年增 27%，反映營運槓桿持續釋放；同時墨西哥貢獻 290 萬歐元的調整後 EBITDA，年增亦超過 60%，因該國持續朝向獲利能力改善。

Our undistributed and headquarter costs were slightly lower in the quarter at EUR5 million, despite the increase in revenues, reflecting ongoing cost discipline and operating leverage as the business scales.

我們的未分攤及總部成本在本季略有下降至 500 萬歐元，儘管營收增加，這反映出隨著業務規模擴大，我們持續的成本紀律與營運槓桿。

On an LTM basis, adjusted EBITDA reached EUR18 million compared to EUR6.5 million a year ago, which already positions us in the upper part of our outlook range for the full year. Overall, the first quarter shows a solid start to the year with continued revenue growth in our core markets and further improvements in profitability, consistent with the outlook Aviv mentioned earlier.

以 LTM 基礎計算，調整後 EBITDA 達到 1,800 萬歐元，較一年前的 650 萬歐元成長，這已使我們處於全年展望區間的上緣。整體而言，第一季展現了穩健的年度開局，我們在核心市場持續實現營收成長並進一步提升獲利能力，與 Aviv 先前提到的展望一致。

Turning to our consolidated P&L on page 11, marketing expense was EUR25 million in the quarter, EUR1.2 million above Q1 of last year, but noteworthy, it was 3 percentage points lower as a percentage of NDR.

接著看第 11 頁的合併損益表，本季行銷費用為 2,500 萬歐元，較去年第一季高出 120 萬歐元；但值得注意的是，若以 NDR 的百分比計算，則下降了 3 個百分點。

The rest of our operating expenses, namely platform and content costs, gaming taxes and personnel were in line, if not below the growth in NGR, resulting in adjusted EBITDA of EUR6 million in the quarter. This translated into an adjusted EBITDA margin of around 9% compared to 3% in the first quarter of 2025.

其餘營運費用，包括平台與內容成本、博彩稅以及人事費用，與 NGR 的成長相比持平甚至更低，使本季調整後 EBITDA 達到 600 萬歐元。這對應的調整後 EBITDA 利潤率約為 9%，相較於 2025 年第一季的 3%。

Now turning to page 12, we can see that the operating trends behind our Q1 performance. NGR increased 13% year-on-year, supported primarily by a continued expansion of our active customer base.

現在翻到第 12 頁，我們可以看到支撐第一季表現的營運趨勢。NGR 年增 13%，主要受惠於活躍客戶基礎持續擴張。

Average monthly actives reached approximately 183,000 players in the quarter, up 14% compared to Q1 as of last year. This increase in player engagement was primarily driven by improvements in retention and reactivation of players as acquisition remained flat at around 90,000 FTDs, in line with recent quarters.

本季平均每月活躍用戶約達 183,000 名玩家，較去年第一季成長 14%。玩家參與度的提升主要來自留存與喚回的改善，而獲客維持持平，FTD 約為 90,000，與近幾季一致。

The cost per acquisition increased approximately EUR212 in the quarter. As discussed earlier, this reflects both a more competitive start to the year and a conscious shift toward higher-value channels and cohorts.

本季每次獲客成本約增加至 212 歐元。如先前所述，這反映了年初競爭更為激烈，以及我們有意識地轉向更高價值的渠道與客群（cohorts）。

Turning to page 13 and Spain, net gaming revenue in the first quarter of 2026 was EUR25.5 million, up 16% versus Q1 2025 and 4% sequentially. This was a result of a 13% increase in the number of active customers to approximately 59,000 players. With Spain being a more mature and tightly regulated market, especially in terms of advertising, we're pleased to continue to grow in our portfolio of customers while maintaining a strong profitability.

接著看第 13 頁的西班牙，2026 年第一季淨博彩收入為 2,550 萬歐元，較 2025 年第一季成長 16%，並較前一季成長 4%。這主要來自活躍客戶數增加 13% 至約 59,000 名玩家。由於西班牙是較成熟且監管更嚴格的市場，尤其在廣告方面，我們很高興能在維持強勁獲利能力的同時，持續擴大客戶組合。

Moving now to Mexico on page 14, net gaming revenue in the country increased by 13% year-on-year in the first quarter of 2026, reaching EUR34.6 million. Growth in the quarter was primarily driven by a continued expansion of the active customer base, which increased by approximately 20% year-on-year to around 98,000 average monthly actives. This more than offset the lower average spend per active customer, reflecting the broader and more diversified player base we're continuing to build in the market.

現在看第 14 頁的墨西哥，2026 年第一季該國淨博彩收入年增 13% 至 3,460 萬歐元。本季成長主要由活躍客戶基礎持續擴張所帶動，平均每月活躍用戶年增約 20% 至約 98,000。這已足以抵消每位活躍客戶平均支出下降的影響，反映出我們在該市場持續打造更廣泛且更多元的玩家基礎。

On a sequential basis, active customer levels were slightly lower compared to the fourth quarter and have continued to decline into the second quarter of 2026. This was expected and reflects the implementation of tighter promotional rules aimed at reducing the participation of bonus hunters who were taking advantage of short-term promotions.

以季比來看，活躍客戶水準較第四季略低，並在 2026 年第二季持續下滑。這在預期之內，反映出我們實施更嚴格的促銷規則，以降低利用短期促銷的「獎金獵人」參與。

While these players had limited impact on net gaming revenue, they, so to speak, polluted our customer database and made segmentation more complex.

雖然這些玩家對淨博彩收入的影響有限，但可以說，他們污染了我們的客戶資料庫，並使分群（segmentation）更為複雜。

We view this as a positive step that improves the overall quality and sustainability of our customer base as we head up into the World Cup coming up in the coming months. Overall, Mexico remains a key growth driver for Codere Online. We continue to invest in expanding our customer base, improving the product and customer experience and leveraging our scale.

我們將此視為正向的一步，因為在未來幾個月即將迎來世界盃之際，這能提升我們客戶基礎的整體品質與可持續性。整體而言，墨西哥仍是 Codere Online 的關鍵成長動能。我們持續投資於擴大客戶基礎、改善產品與客戶體驗，並運用規模優勢。

At the same time, we're being selective and disciplined in our marketing investments. For example, we have recently secured an opportunistic content partnership with a leading television broadcaster that provides brand exposure immediately following goals during football games.

同時，我們在行銷投資上保持選擇性與紀律性。舉例來說，我們近期把握機會，與一家領先的電視廣播商達成內容合作夥伴關係，可在足球比賽進球後立即提供品牌曝光。

This has been very effective in terms of reach and visibility, and this approach reflects our focus on pursuing efficient, high-impact opportunities rather than chasing more expensive and increasingly crowded World Cup-related content that we're currently seeing across the market, and it supports our continued focus on marketing efficiency and return on investment.

這在觸及率與能見度方面非常有效；此作法反映出我們專注於追求高效率、高影響力的機會，而非追逐目前市場上愈來愈昂貴且愈發擁擠的世界盃相關內容，同時也支持我們持續聚焦行銷效率與投資報酬率。

Now, on page 15, looking at the balance sheet briefly, we closed the quarter with EUR56 million of total cash on the balance sheet, of which approximately EUR51 million was available. As in prior quarters, our structured negative working capital remained in line at EUR22 million or approximately 10% of our LTM net gaming revenue and supported the cash generation we have seen in the quarter and that we expect going forward.

現在看第 15 頁，簡要談一下資產負債表：本季末資產負債表上的現金總額為 5,600 萬歐元，其中約 5,100 萬歐元為可用現金。與前幾季相同，我們結構性的負營運資金維持在 2,200 萬歐元，約占 LTM 淨博彩收入的 10%，並支撐了我們本季所見的現金產生，以及我們對未來的預期。

Looking at cash flow on page 16, we generated EUR6.5 million of cash flow in the first quarter 2026. Please note that this quarter, we're breaking down how much available cash was generated or used by decreases or increases respectively in reserved cash. This was previously included within changes in working capital.

看第 16 頁的現金流，2026 年第一季我們產生了 650 萬歐元的現金流。請注意，本季我們將可用現金的產生或使用，按保留現金（reserved cash）的減少或增加分別拆分呈現；過去這部分是包含在營運資金變動之中。

Overall, we continue to see an encouraging trend, not only in delivering positive adjusted EBITDA, but also in converting most of it into cash flow. Having said that, the precise timing of certain cash flow items can impact the cash generation in any given quarter. Although across several quarters, this tends to even out. As a result, our available cash, as discussed, was EUR51 million at the end of March.

整體而言，我們持續看到令人鼓舞的趨勢，不僅實現正向的調整後 EBITDA，也將其中大部分轉化為現金流。不過，某些現金流項目的精確時點可能會影響單一季度的現金產生；但跨越數個季度後通常會趨於平衡。因此，如前所述，我們在 3 月底的可用現金為 5,100 萬歐元。

Very briefly on page 18, we are maintaining our 2026 net gaming and adjusted EBITDA outlook. As Aviv mentioned, we're off to a strong start of the year, and we are comfortable in our ability to meet it. As opposed to last year, in 2026, we're enjoying some tailwinds.

非常簡要地看第 18 頁，我們維持 2026 年淨博彩收入與調整後 EBITDA 的展望。如 Aviv 所提到，我們今年開局強勁，並對達成該目標的能力感到有把握。與去年不同的是，2026 年我們正享有一些順風因素。

For example, in the Mexican exchange rate or in the Colombian gaming tax, which is more favorable this year and is helping us grow again our top line. If these trends and our strong execution in Spain and Mexico holds into the second quarter, we would expect to revisit our outlook with our second-quarter results.

例如，墨西哥匯率或哥倫比亞博彩稅，今年的情況更為有利，並正協助我們再次推動營收成長。若這些趨勢以及我們在西班牙與墨西哥的強勁執行力延續到第二季，我們預期將在公布第二季業績時重新檢視我們的展望。

That's all from my end. I will now hand it back to Aviv for closing remarks.

我這邊就到此為止。接下來我會把時間交回給 Aviv 做結語。

Thank you, Marcus. Before we move on to the Q&A session, I would like to thank all Codere Online employees for their hard work in delivering a great start of the year.

謝謝你，Marcus。在進入問答環節之前，我想感謝所有 Codere Online 員工的辛勤付出，讓我們今年有一個非常好的開局。

I would also like to thank the investors and analysts joining us today for their ongoing support and interest in Codere Online. With that, I will now hand the call back to the operator to open the line for questions.

我也要感謝今天與會的投資人與分析師，感謝各位對 Codere Online 持續的支持與關注。接下來我會把電話交回給接線員，開放提問。

(Operator Instructions)

（接線員指示）

Jeffrey Stantial, Stifel.

Jeffrey Stantial，Stifel。

Good morning. This is Aidan Young on for Jeff Stantial. Thanks for taking our question.

早安。我是 Aidan Young，代 Jeff Stantial 發言。感謝讓我們提問。

So starting off on guidance, if you look back historically, it looks like Q1 is typically one of the weakest quarters in terms of adjusted EBITDA seasonality. And then this year, you have the benefit of the World Cup coming in Q2 and Q3.

先從財測指引開始，如果回頭看歷史數據，第一季在調整後 EBITDA 的季節性上通常是相對較弱的季度。而今年你們又有世界盃在第二季與第三季帶來的利多。

So, Marcus, can you help us think about the bridge from that EUR6 million of EBITDA you generated. In Q1 to the EUR15 million to EUR20 million for the year? Is this mostly marketing investment around the World Cup or how should we bridge those two?

所以，Marcus，你能幫我們思考一下，如何從你們在第一季產生的 600 萬歐元 EBITDA，銜接到全年 1,500 萬至 2,000 萬歐元的目標嗎？這主要是圍繞世界盃的行銷投資，還是我們應該如何把這兩者串起來？

Well, I mean, it's undoubtedly we've come up to a very strong start during the first quarter, and our full-year forecast is the EUR15 million to EUR20 million that we have set out in the previous call as we began this year.

嗯，我的意思是，毫無疑問，我們在第一季有一個非常強勁的開局，而我們的全年預測是 1,500 萬至 2,000 萬歐元，這也是我們在今年開始時、在上一通電話會議中所提出的。

The World Cup in past World Cups and in past similar events. We haven't seen a tremendous amount of impact on NGR, we have seen an uplift and we expect that for this year as well, we expect an uplift in activity, but with a limited impact in NGR and on the financials. So the World Cup is there, it's going to impact a few weeks in Q2 and a few weeks in Q3, but at this stage, we don't expect a very substantial impact on our figures.

世界盃——在過去的世界盃以及過去類似的活動中，我們沒有看到對 NGR 產生非常巨大的影響；我們確實看到活動量有所提升，而且我們也預期今年同樣會有提升。我們預期活動會增加，但對 NGR 以及財務的影響有限。因此世界盃確實存在，會在第二季影響幾週、第三季也影響幾週，但在現階段，我們不預期它會對我們的數字造成非常顯著的影響。

Great. Thanks for that. Turning to Mexico, it looks like stake recently entered the market. Can you update us on the competitive environment there and whether you're seeing any upward pressure to CAC heading into the World Cup?

很好，謝謝。轉到墨西哥，看起來 stake 最近進入了市場。你能更新一下那裡的競爭環境嗎？以及在世界盃前夕，你們是否看到 CAC 有上行壓力？

Well, we saw the announcements of stake coming into the market. We didn't see them, for example, yet on TV or on Google PPC, I'm sure they will become strong on that. But at the moment, we are not seeing any of that. Some of our competitors are still down since late last year, as you all know. But other than that, we continue our activities as usual, continue to grow the database and the customer base.

嗯，我們看到了 stake 進入市場的公告。不過例如在電視或 Google PPC 上，我們還沒有看到他們；我相信他們會在那方面變得很強勢。但目前我們還沒有看到這些。一些競爭對手自去年底以來仍然處於低迷，大家都知道。除此之外，我們照常持續推進各項活動，持續擴大資料庫與客戶基礎。

I don't think it has anything to any pressure on our CAC or LTV, the opposite. I think it helps us a little bit. And for us, we continue to comply with all regulations, all the taxes, everything required in Mexico to keep operating smoothly as before and to continue and deliver the results with yours.

我不認為這會對我們的 CAC 或 LTV 造成任何壓力；反而相反，我覺得這對我們還有一點幫助。對我們而言，我們持續遵循所有法規、所有稅務，以及在墨西哥維持順利營運所需的一切要求，像以前一樣平穩運作，並持續交付與各位一致的成果。

Great. Thank you. And if I can just squeeze in one more. Can you update us on the implementation of AI into your processes? Where have you been able to see some benefits and how should we think about that as a potential impact to the model, whether through cost mitigation or revenue enhancing initiatives?

很好，謝謝。如果我再擠一個問題：你能更新一下 AI 導入你們流程的進展嗎？你們在哪些地方看到一些效益？我們應該如何看待它對模型的潛在影響——不論是透過成本緩解或提升營收的措施？

Listen, to be honest, at the moment in the core business, we did not implement AI. Everything else, all the supporting areas. Whether it's the last employee, everybody's using it. As a process right now, we are not using it in the core business. We didn't see any AI trading benefits or anything like that that you can right now imagine or have seen in the news. We didn't see a working product yet. We are already using it in the customer service and maybe some outbound calls, we see good results.

聽著，老實說，目前在核心業務上，我們還沒有導入 AI。其他所有支援領域——不管是最基層的員工，大家都在用。就流程而言，現在我們沒有在核心業務中使用它。我們沒有看到任何 AI 交易方面的好處或類似的東西，也就是你現在可能想像得到或在新聞上看到的那些。我們還沒有看到一個可運作的產品。我們已經在客服以及可能一些外撥電話上使用，看到不錯的結果。

I think we need a couple of more quarters before we can say that we found something really interesting in that area. It does support our operation in the day-to-day. I think every employee, every few hours, request another ChatGPT or [cloud] license. So it's not yet arrived to the core of the business, but in the surrounding, we are using it.

我認為我們還需要再過幾個季度，才能說我們在那個領域找到真正有趣的東西。它確實在日常運營上支援我們。我想每位員工每隔幾個小時，就會再申請一個 ChatGPT 或 [cloud] 授權。所以它還沒有進入業務核心，但在周邊領域我們正在使用。

No, more than that. It's Moshe. We already engage with Google Israel that they are supporting us in implementing tools that related to Google advertising tools and they will start the process with us about implementing their tools into our system.

不，補充一下。我是 Moshe。我們已經與 Google Israel 合作，他們正在支援我們導入與 Google 廣告工具相關的工具，並且他們將與我們一起啟動把他們的工具導入我們系統的流程。

But still early. I think two more quarters and we'll see something substantial.

但仍然還早。我認為再兩個季度，我們就會看到一些實質性的成果。

Great. Thanks for the color. That's all from us. Pass it on.

很好，謝謝補充資訊。我們這邊就到這裡。請繼續。

Ryan Sigdahl, Craig Holland Capital Group.

Ryan Sigdahl，Craig Holland Capital Group。

Hey, good morning. This is Will on for Ryan. Thanks for taking our questions. First, I wanted to ask on Spain. You've had relatively strong performance there this quarter relative to what we've seen in prior years. Curious if you think this trend can continue and what you're seeing in terms of the competitive environment there?

嗨，早安。我是 Will，代 Ryan 發言。謝謝回答我們的問題。首先我想問西班牙。相較於過去幾年你們的表現，你們本季在那裡的表現相對強勁。想了解你是否認為這個趨勢能持續，以及你們看到當地競爭環境如何？

Yes, I think in general, I think for the last few quarters, we are already reporting Spain to that we see a growth, that we see good results. It's important to say that we also see that the market itself grows a lot, at least from the regulator we saw last year, a big growth in the market for the whole year.

是的，我想整體而言，在過去幾個季度，我們已經在報告中提到西班牙的成長、以及我們看到的良好成果。也很重要的一點是，我們也看到市場本身成長很多；至少從監管機構的數據來看，去年整個年度市場有很大的成長。

And we continue to push and optimize our customer acquisition to a higher value. We continue with that. We see good success with it. We also enjoy a couple of quarters of strong technology stability, which allowed us to cruise through a few big gains with good results.

我們也持續推進並優化我們的客戶獲取，朝更高價值的方向。我們持續這麼做，也看到很好的成效。我們也享受了幾個季度的強勁技術穩定性，讓我們能在幾次大幅成長中順利運行並取得良好結果。

Also important to say in the first quarter, trading margin was favorable for us, a lot of surprises along the way. And so we also enjoy trading margin here. But overall, we are very happy with the result in Spain, and yes, we think it will continue with this trend.

另外也很重要的是，第一季的交易毛利對我們有利，過程中有很多意外驚喜。因此我們在這裡也受益於交易毛利。但整體而言，我們對西班牙的結果非常滿意，是的，我們認為這個趨勢會持續。

Great. Thanks for that. And then just a quick follow-up on Columbia. I know it's a relatively small exposure for you, but with the removal of the 19% VAT, you've got a new 16% consumption tax onto that. Curious how you think of investment maybe there going forward and as well as if you're looking into any potentially new markets? Thanks.

很好，謝謝。接著快速追問哥倫比亞。我知道你們在那裡的曝險相對較小，但隨著 19% 增值稅（VAT）被取消，改為新增 16% 的消費稅。想了解你們如何看待未來在那裡的投資？以及你們是否也在研究任何潛在的新市場？謝謝。

Yeah. So basically, the 16% tax allows us to continue and operate the current database that we have, which we did with, I think, very good success. We see it in the results, although it's part of the other lines, but Colombia recovered quite nicely. Unfortunately, this current structure doesn't allow us to really invest again into marketing, only operate and reactivate the large database that we have.

是的。基本上，16% 的稅讓我們能夠繼續營運我們目前擁有的資料庫，而我們在這方面我認為做得非常成功。我們在結果中也看得到，雖然它被歸在其他項目裡，但哥倫比亞的復甦相當不錯。不幸的是，現行結構不允許我們真的重新投入行銷，只能營運並重新活化我們擁有的大型資料庫。

We are, like everyone, I think, waiting for the results -- the political results of the elections that are coming by the end of the month and hopefully. The political environment will change there and will be more favorable toward the business, and then we will be able to invest. This is how we look at it. We are very encouraged by the results of activating the database, which we thought would be harder, but actually we did pretty well with that.

我們跟大家一樣，我想，都在等待月底即將到來的選舉政治結果，希望政治環境會改變，並且對商業更友善，然後我們就能投資。我們是這樣看的。我們對活化資料庫的成果非常受到鼓舞；我們原本以為會更難，但實際上我們做得相當不錯。

And I think if the business environment will change a little bit more or, for example, when they remove completely the 19%, we were already ready to make new investments into Colombia and start considering it back as a -- not as significant, but as a separate market, let's call it, with a separate investment line. And hopefully, the business environment will change after the elections and then we can grow it faster than now.

而且我認為，如果商業環境能再改善一些，或者例如他們完全移除 19%（稅負），我們其實已經準備好對哥倫比亞進行新的投資，並開始把它重新視為——不算是非常重要，但作為一個獨立市場來看待——也就是有一條獨立的投資線。希望選後商業環境會改變，然後我們就能比現在更快地成長。

(multiple speakers) Regarding other markets, currently no plans for new markets.

（多位發言者）關於其他市場，目前沒有進入新市場的計畫。

I hope it goes in your favor. Thanks, guys.

希望結果對你們有利。謝謝，各位。

Yes. Thank you.

是的，謝謝。

(Operator Instructions)

（接線員指示）

Michael Kupinski, Noble Capital Markets.

Michael Kupinski，Noble Capital Markets。

Thank you. And thank you for taking the question. I was just wondering in terms of this, obviously, was a great quarter in terms of an inflection for EBITDA. And I was just wondering, at what scale do you believe the business can consistently generate double-digit EBITDA margins? And I have a couple of follow-ups.

謝謝。也謝謝讓我提問。我只是想請教，就這方面而言，顯然本季在 EBITDA 的拐點上表現非常出色。我想問的是，您認為在什麼樣的規模下，公司的業務才能夠穩定地產生雙位數的 EBITDA 利潤率？我還有幾個追問。

Yes. Can you repeat the question just to try to really get the gist of it?

好的。你可以重複一下問題嗎？我想更清楚地掌握問題的重點。

Yeah. I was just wondering in terms of what scale do you think the business can consistently generate double-digit EBITDA margins?

好的。我只是想問，您認為在什麼樣的規模下，公司的業務才能夠穩定地產生雙位數的 EBITDA 利潤率？

Yeah, obviously, as one of the key drivers of that is our marketing spend. The remaining cost license we haven't in P&L. There are many of those like gaming taxes, platform costs, et cetera, which are quite variable in nature. And one of the most important spend line, of course, is marketing. And as you know, our strategy is to continue to grow the business, but over time, maturing to a lower percentage of NGR in terms of marketing spend.

是的。顯然，其中一個關鍵驅動因素是我們的行銷支出。其餘我們在損益表中的成本項目有很多，例如博彩稅、平台成本等等，這些本質上都相當具變動性。而其中最重要的一條支出線，當然就是行銷。如你所知，我們的策略是持續成長業務，但隨著時間推進，行銷支出占 NGR 的比例會隨業務成熟而下降。

So we think to be able to get to a double-digit EBITDA margin, we need to probably be below 30% in terms of marketing as percentage of NGR. When do we get there has to be seen. I don't think we're in a position to make a forecast on it, but I think that's the way we see it. When we start to get marketing below -- with the current cost structure we have and as we're looking forward, when we start to get be able to get marketing below 30%, that's when our EBITDA margin can start to approach 20% or maybe go above 20%, but in that range. So I think that's sort of how we look at it, just looking out a few.

因此我們認為，要達到雙位數的 EBITDA 利潤率，我們可能需要把行銷支出占 NGR 的比例降到 30% 以下。何時能達到還有待觀察。我不認為我們目前有能力對此做出預測，但這就是我們的看法。以我們目前的成本結構以及對未來的展望來看，當我們能把行銷支出降到 30% 以下時，我們的 EBITDA 利潤率就可能開始接近 20%，或許也可能超過 20%，大概就在那個區間。所以我想這就是我們的思考方式，往前看幾季大致如此。

I would maybe add to that, Mike, that as our marketing investment is pretty much entirely discretional. So, it's a bit also a decision that we take as a management team to sort of how much we want to keep on investing and if the priority was at some time to deliver that will be there, that's something that we could do by reducing that investment. But obviously, what we are managing for is sustainable growth in EBITDA and for that percentage to decrease over time organically as relative to NDR.

Mike，我可能補充一點：我們的行銷投資幾乎完全是可自行裁量的。因此，這在某種程度上也是管理團隊的決策——我們想持續投入多少。如果某個時間點的優先事項是交付（更高的利潤率），那我們是可以透過降低這項投資來做到的。但顯然，我們目前管理的目標是 EBITDA 的可持續成長；為了達到這點，該比例會隨時間推移相對於 NDR 自然下降。

(multiple speakers) I think the key here is to balance, right? We are balancing between the revenues and the EBITDA as we see fit to generate the highest company value. This is the goal here.

（多位發言者）我認為關鍵在於平衡，對吧？我們會在收入與 EBITDA 之間做我們認為合適的平衡，以創造最高的公司價值。這就是目標。

Fair enough. Obviously, you have EUR56 million in cash and no debt. And I was just wondering in terms of how management's thinking about capital allocation priorities at this point, how much cash does the management believe is necessary to support its growth? So if you could just talk a little bit about capital allocation at this point.

了解。顯然，你們有 5,600 萬歐元現金且沒有負債。我想請教管理層目前如何思考資本配置的優先順序；管理層認為支持成長需要保留多少現金？所以如果可以的話，請談談目前的資本配置。

Sure. (multiple speakers) Okay, just let me add something, Marcus. Hi, it's Moshe. Well, so first and foremost, as a public company, we are waiver guidelines by the Board of Directors and our forecast based on the Board of Directors' decision about the targets and the EBITDA and the organic growth that from time to time we were looking, if there's anything that we do with the cash that it's more than just marketing.

當然。（多位發言者）好，我補充一下，Marcus 你好，我是 Moshe。首先也是最重要的，作為一家上市公司，我們遵循董事會的指引，以及董事會就目標、EBITDA 與有機成長所做決策下的預測。我們也會不時檢視，是否有任何現金用途不僅僅是行銷。

Obviously, up until now, there wasn't anything substantial that we brought to the board. But as it's not just about invest the money in marketing, but it's also to keep the same ratio on the CAC of the investment, and that's what we are keen for. I mean that any additional dollar that we spend in Spain or Mexico, which is our like biggest markets and the major markets that receive the same ratio of investment versus the ROI on this investment. And that's how we're managing the cash.

顯然，到目前為止，我們沒有向董事會提出任何重大的事項。但這不只是把錢投在行銷上，也要維持投資的 CAC 比例，這是我們非常重視的。也就是說，我們在西班牙或墨西哥（我們最大的市場與主要市場）多花的每一美元，都必須維持相同的投資比例與該投資的 ROI。這就是我們管理現金的方式。

Now, although it seems that it's quite liquid, having like EUR50 million in cash, but it's not still, I would say, sufficient amount that we will do anything that just in the order of investing it. I don't know, as lately we had like some buyback process that we use some of this cash. But other than that, there isn't anything that we're looking at in terms of acquisition.

另外，雖然看起來我們的流動性很高，手上大約有 5,000 萬歐元現金，但我仍會說，這還不足以讓我們去做任何只是為了把錢拿去投資的事情。我不知道——最近我們有做一些庫藏股回購流程，使用了部分現金。但除此之外，我們目前沒有在看任何併購。

Maybe just to -- thank you, Moshe. Maybe just add to that. The cash we have, obviously, a very significant part of it is invested in the business, it's working capital. As you know, we operate in five markets, we have a number of different payment alternative for our customers, et cetera. And so a very substantial portion of our cash is invested in the business and it's working capital, and it's not sort of say readily available. I mean, it's invested in the business and it's -- and there it is, we are generating cash, as so net we're adding to our cash as we speak, so that's great news that we have turned the corner and we're adding to our position.

也許我補充一下——謝謝你，Moshe。我再補充：我們的現金中，顯然有很大一部分是投入在業務中，屬於營運資金。如你所知，我們在五個市場營運，並為客戶提供多種不同的支付方式等等。因此，我們相當大一部分現金是投入在業務中的營運資金，並不是所謂可隨時動用的。我是說，它是投在業務裡——而且就放在那裡。我們也正在產生現金，所以淨額而言，我們的現金正在增加；這是個好消息，代表我們已經度過拐點，並且正在強化我們的部位。

And beyond the comments that Moshe mentioned, of course, we will look at and we are looking at certain expansion opportunities, if and when opportunities come around for either further investments in our current markets, we will look at that, and we can also contemplate entry into other markets. But this time, I think the important piece is to think about that, yes, we are generating cash, too, most of the cash today is invested in the business and as working capital.

除了 Moshe 提到的內容之外，當然，我們也會評估、且正在評估某些擴張機會；若未來出現機會，無論是在現有市場進一步投資，我們都會考慮；我們也可能思考進入其他市場。但此時我認為重要的是：是的，我們也在產生現金；但目前大部分現金仍投入在業務中，作為營運資金。

But as the quarters go by, we will amass a little bit more quarter or a little bit more cash. And one of the vows that we have to use that is to return to shareholders to do our buyback. And I think that's the position we're in at this stage.

但隨著季度推進，我們會逐季累積更多現金。我們的一項承諾是把其中一部分回饋給股東，進行庫藏股回購。我認為這就是我們目前所處的位置。

Perfect. Thank you for taking the question.

非常好。謝謝讓我提問。

(Operator Instructions)

（接線員指示）

There are no further questions at this time. I will now turn the call back to Guillermo Lancha, Director of Investor Relations and Communications, for closing remarks.

目前沒有其他問題。我現在把電話交回給投資人關係與傳播總監 Guillermo Lancha，請他做結語。

Thanks, Derek. If there are no further questions, I guess we will leave it here. If anyone has any follow-ups where to reach us. And if not, we will be talking again with our Q2 results by the end of July. Thanks. Thanks, everyone, for joining.

謝謝你，Derek。如果沒有其他問題，我想我們就到這裡。如果有人有任何追問，知道如何聯絡我們。若沒有的話，我們將在 7 月底前後，隨著第二季（Q2）業績再次與各位交流。謝謝。謝謝大家參與。

Thank you.

謝謝。

Thank you, Mr. CEO.

謝謝您，執行長先生。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。