# EDGAR Filing Document

**Accession Number:** 0001866782
**File Stem:** 0001171843-23-001229
**Filing Date:** 2023-2
**Character Count:** 44883
**Document Hash:** 8d1a4a2c374624e43f88d283d9accbc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-23-001229.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001171843-23-001229

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20230228

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Codere Online Luxembourg, S.A.
- **CENTRAL INDEX KEY:** 0001866782
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41107
- **FILM NUMBER:** 23678410

**BUSINESS ADDRESS:**
- **STREET 1:** 7 RUE ROBERT STUMPER
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2557
- **BUSINESS PHONE:** 352 26 25 88 88

**MAIL ADDRESS:**
- **STREET 1:** 7 RUE ROBERT STUMPER
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-2557

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of February 2023**

Commission File Number: **001-41107**

**Codere Online Luxembourg, S.A.**

(Translation of registrant's name into English)

**7 rue Robert Stümper L-2557 Luxembourg, Grand Duchy of Luxembourg**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F ☐

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**Codere Online Luxembourg, S.A.**

**Explanatory Note**

The information in the attached Exhibit 99.1 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by Codere Online Luxembourg, S.A. under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.

**Exhibit Index**

<u>Exhibit</u> <u>Description of Exhibit</u> <br>[99.1](exh_991.htm) [Codere Online Q4 2022 Earnings Presentation](exh_991.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | <u>**&nbsp;&nbsp;&nbsp;&nbsp;Codere Online Luxembourg, S.A.&nbsp;&nbsp;&nbsp;&nbsp;**</u> |
|  | (Registrant) |
| Date: February 28, 2023 | <u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Oscar Iglesias&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Oscar Iglesias |
|  | Director and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![](exh991_01.jpg)

Codere Online Nasdaq: CDRO / CDROW Fourth Quarter 2022 Earnings February 28, 2023

![](exh991_02.jpg)

![](exh991_03.jpg)

Disclaimer (cont.) Financial Information and Non - GAAP Financial Measures Codere Online's financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), which can differ in certain significant respects from generally accepted accounting principles in the United States of America ("U . S . GAAP") . This Presentation includes certain financial measures not presented in accordance with U . S . GAAP or IFRS ("non - GAAP"), such as, without limitation, net gaming revenue, Adj . EBITDA or EBITDA . These non - GAAP financial measures are not measures of financial performance in accordance with U . S . GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online's financial results . Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U . S . GAAP or IFRS . You should be aware that Codere Online's presentation of these measures may not be comparable to similarly - titled measures used by other companies . In addition, the audit of Codere Online's financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non - GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material . Codere Online believes that the use of these non - GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online's financial measures with other similar companies, many of which present similar non - GAAP financial measures to investors . These non - GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non - GAAP financial measures . Reconciliations of non - GAAP financial measures to their most directly comparable measure under IFRS are included herein . This Presentation includes certain projections of non - GAAP financial measures . Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U . S . GAAP or IFRS financial measures without unreasonable effort . Consequently, no disclosure of estimated comparable U . S . GAAP or IFRS measures is included and no reconciliation of the forward - looking non - GAAP financial measures is included . Use of Projections This Presentation contains financial forecasts with respect to Codere Online's business and projected financial results, including net gaming revenue and Adjusted EBITDA . Codere Online's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation . These projections should not be relied upon as being necessarily indicative of future results . The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information . See "Forward - Looking Statements" above . Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information . Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved . For further information on the limitations and assumptions underlying these projections, please refer to Codere Online's filings with the SEC . Preliminary Information This Presentation contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the "Preliminary Information") . The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm . This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online's independent auditors . Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information . During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material . Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this Presentation as a result of new information, future events or otherwise, except as otherwise required by law . The Preliminary Information may differ from actual results . Therefore, you should not place undue reliance upon this Preliminary Information . The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS . In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period . Industry and Market Data In this Presentation, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third - party sources, which it believes to be reliable . Codere Online has not independently verified the accuracy or completeness of any such publicly - available and third - party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this Presentation . You are cautioned not to give undue weight to such industry and market data .

![](exh991_04.jpg)

Moshe Edree CEO Today's Presenters Oscar Iglesias CFO

![](exh991_05.jpg)

Corporate presentation **Table of Contents** 5 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21

![](exh991_06.jpg)

1. Codere Online At a Glance Corporate Overview 6 Codere Online offers online sports betting and online casino through its state - of - the art website and mobile applications. It is Nasdaq listed under symbol CDRO, and majority - owned by Codere Group. Codere Online launched operations in Spain Codere Group retail track record in Latin American and European markets Combined TAM of Codere Online Core Markets (Latam) (3) Codere Group registered retail player database Currently operating in Spain , Mexico, Colombia, Panama and the City of Buenos Aires Combined TAM of Codere Online Expansion Markets (Latam) (4) 2021 – 2023E Net Gaming Revenue (1) CAGR (2) Experienced and proven Israel - based digital management team hired to lead Codere Online's expansion 2014 5 C ore Markets 32% growth 2018 30+ years €2.1 bn 3.3 mm + €2.4 bn The Latin American online sports betting and casino market remains in its early innings and is expected to represent the next wave of strategic focus for the global gaming industry . Codere Online is uniquely positioned to become the leading player throughout the region. 1. See page 26 for the definition of Net Gaming Revenue, which is a non - GAAP measure and page 25 for a reconciliation of this and other measures to their most comparable GAAP measures. 2. Figure reflects 2 - year CAGR between €83.2 mm in 2021 and € 145 mm (midpoint of the €140 - 150 mm) Net Gaming Revenue outlook for 2023. 3. Includes Mexico, Colombia, Panama and Argentina. Source: 2027 estimates based H2GC 2026 projections as of April 2022, except Arg entina which reflects Codere Online estimates. 4. Includes Brazil, Chile, Peru, Puerto Rico, Uruguay and Rest of Latam . Source: Codere Online estimates.

![](exh991_07.jpg)

1. Q4 2022 Highlights 7 Corporate Overview Revenue Growth Portfolio KPIs (2) Cohort KPIs (2) Argentina Licenses • Consolidated Net Gaming Revenue (NGR) of €37.7 mm in Q4 2022, +70% vs. Q4 2021 (1) and +23% vs. Q3 2022. Full Year 2022 NGR of €122.9mm, + 48 % vs . 2021 • Full Year NGR equally split between Sports Betting and Casino • ~142k Avg. Monthly Actives (+54%) vs. Q4 2021 mainly driven by Mexico (+93%) • Avg. Monthly Spend per Active of €89 (+10%) vs. Q4 2021 • ~379k new customer registrations with 122k First Time Deposits (+90%) vs. Q4 2021 • 32% Conversion Rate and Cost per Acquisition of €179 1. Figure excludes revenues from our .com business (Greenplay), which was sold on December 31, 2021. 2. See page 26 for the definition of all operating metrics. We expect to begin operations in the Province of Córdoba in 2023 and continue pursuing licenses in both the Province of Buenos Aires and in the Province of Mendoza, where we recently participated in the tender process Strong operating results in the fourth quarter resulting in Full Year 2022 NGR of EUR 123 mm (48% above 2021) Management Changes • Our CEO, Moshe Edree will be stepping down from his position on March 1 st , but will continue to be involved in the company as Executive Vice Chairman of the Board • Our current COO , Aviv Sher, will be taking over as CEO, effective on the same date

![](exh991_08.jpg)

Corporate presentation **Table of Contents** 8 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21

![](exh991_09.jpg)

2. Consolidated Net Gaming Revenue and Adj. EBITDA (1) 9 Financial Results (Unaudited) 1. Net Gaming Revenue, EBITDA and Adj. EBITDA figures across all periods exclude .com business (Greenplay), which was sold on December 31, 2021 ; Net Gaming Revenue, EBITDA and Adj. EBITDA are non - GAAP measures -- see page 25 for a reconciliation of these and other non - GAAP measures to their most directly comparable GAAP measure. 2. Includes Panama, City of Buenos Aires (Argentina) and Italy, which was sold on December 30, 2022. 3. Q4 and FY 2022 figures exclude a €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 202 2 that was incorrectly accounted for in 2022 instead of 2021; this annual fee is payable to the DGOJ in January (of the following year) in an amount equal to 0.075% on prior year total am oun ts wagered, and is included in Gaming Taxes. 4. Reflects personnel, headquarter and other expenses that have not been allocated to the individual B2C business units. 5. Q4 and FY 2022 figures exclude a € 1.1 mm and €3.4 mm, respectively, non - cash provision related to the long term incentive plan for employees. FY 2022 figures also exc lude the €0.7 mm cash impact from the cyber - related fraud incident. FY 2021 figures exclude €45.4 mm of non - recurring expenses incurred in Q4 - 2021 (€35.8 mm impact from IFRS 2 and €9.6 mm of business combination transaction expenses). 70% NGR increase in Q4 2022 , driven by strong performance in Mexico and Spain Net Gaming Revenue Adj. EBITDA Figures in EUR mm Quarter Full Year Full Year (% Total) Q4-21 Q4-22 Var. % FY-21 FY-22 Var. % FY-21 FY-22 Chg. (p.p.) Spain 12.6 17.8 5.3 42.1% 49.8 60.0 10.3 20.7% 59.8% 48.8% -11.0 Mexico 7.9 16.3 8.4 106.1% 27.9 51.1 23.2 83.4% 33.5% 41.6% 8.1 Colombia 1.5 2.3 0.8 56.3% 4.6 7.9 3.3 71.7% 5.5% 6.4% 0.9 Other (2) 0.3 1.3 1.0 n.m. 1.0 3.9 2.9 n.m. 1.2% 3.2% 2.0 Total 22.2 37.7 15.5 69.7% 83.2 122.9 39.7 47.7% 100.0% 100.0% 0.0 Figures in EUR mm Quarter Full Year Full Year (% Total) Q4-21 Q4-22 Var. % FY-21 FY-22 Var. % FY-21 FY-22 Chg. (p.p.) Spain 12.6 17.8 5.3 42.1% 49.8 60.0 10.3 20.7% 59.8% 48.8% -11.0 Mexico 7.9 16.3 8.4 106.1% 27.9 51.1 23.2 83.4% 33.5% 41.6% 8.1 Colombia 1.5 2.3 0.8 56.3% 4.6 7.9 3.3 71.7% 5.5% 6.4% 0.9 Other (2) 0.3 1.3 1.0 n.m. 1.0 3.9 2.9 n.m. 1.2% 3.2% 2.0 Total 22.2 37.7 15.5 69.7% 83.2 122.9 39.7 47.7% 100.0% 100.0% 0.0 Figures in EUR mm Quarter Full Year Q4-21 Q4-22 Var. % FY-21 FY-22 Var. % Spain(3) 3.1 3.7 0.6 18.2% 6.6 14.6 8.0 120.3% Mexico -3.9 -8.3 -4.4 -112.1% -11.4 -28.2 -16.9 -148.0% Colombia -1.2 -2.1 -0.9 -76.0% -3.8 -6.9 -3.1 -82.1% Other (2) -1.1 -1.7 -0.6 -57.0% -1.6 -7.6 -6.0 n.m. B2C Adj. EBITDA -3.1 -8.4 -5.3 n.m. -10.2 -28.2 -18.0 n.m. Undistributed B2B / HQ Opex(4) -3.5 -6.1 -2.6 -76.7% -13.6 -22.1 -8.5 -62.3% Adj. EBITDA(5) -6.5 -14.5 -8.0 -122.4% -23.8 -50.3 -26.5 -111.2%

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Q4-21 Q4-22 Chg. (p.p.) FY-21 FY-22 Chg. (p.p.) FY-20 FY-21 FY-22 Net Gaming Revenue 100.0% 100.0% 0.0 100.0% 100.0% 0.0 100.0% 100.0% 100.0% Marketing (2) -66.6% -82.9% -16.3 -65.4% -78.8% -13.4 -52.1% -65.4% -78.8% Platform & Content (3) -32.5% -24.7% 7.8 -33.4% -29.5% 4.0 -27.9% -33.4% -29.5% Gaming Taxes(4) -15.2% -17.7% -2.4 -15.7% -16.7% -0.9 -15.3% -15.7% -16.7% Personnel -10.6% -9.4% 1.2 -9.8% -9.9% -0.1 -9.2% -9.8% -9.9% Other -4.5% -4.0% 0.6 -4.3% -6.0% -1.8 -3.4% -4.3% -6.0% Adj. EBITDA(5) -29.4% -38.5% -9.1 -28.6% -40.9% -12.3 -7.9% -28.6% -40.9% Figures in EUR mm Quarter Full Year Historical Evolution Q4-21 Q4-22 Var. % FY-21 FY-22 Var. % FY-20 FY-21 FY-22 Net Gaming Revenue 22.2 37.7 15.5 69.7% 83.2 122.9 39.7 47.7% 71.3 83.2 122.9 Marketing (2) -14.8 -31.2 -16.4 -111.2% -54.4 -96.9 -42.5 -78.0% -37.1 -54.4 -96.9 Platform & Content (3) -7.2 -9.3 -2.1 -29.1% -27.8 -36.2 -8.4 -30.3% -19.9 -27.8 -36.2 Gaming Taxes(4) -3.4 -6.7 -3.3 -96.8% -13.1 -20.5 -7.4 -56.4% -10.9 -13.1 -20.5 Personnel -2.4 -3.5 -1.2 -49.8% -8.1 -12.2 -4.1 -49.9% -6.6 -8.1 -12.2 Other -1.0 -1.5 -0.5 -48.5% -3.6 -7.4 -3.9 -108.1% -2.4 -3.6 -7.4 Adj. EBITDA(5) -6.5 -14.5 -8.0 -122.3% -23.8 -50.3 -26.5 -111.2% -5.6 -23.8 -50.3 2. Consolidated Income Statement (1) 10 Financial Results (Unaudited) 1. Figures across all periods exclude .com business (Greenplay), which was sold on December 31, 2021. 2. Includes all direct marketing, indirect marketing and affiliate fees (see page 26 for definitions of these items). Figures for 2022 include a reclassification of certain Marketing expenses previously included in Other. 3. Includes payment service provider fees and sports streaming / data feeds. 4. Q4 and FY 2022 figure excludes a €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 that was incorrectly accounted for in 2022 instead of 2021; this annual fee is payable to the DGOJ in January (of the following year) in an amount equal to 0.075% on prior year total amounts wagered, and is inclu ded in Gaming Taxes. 5. Q4 and FY 2022 figures exclude a € 1.1 mm and €3.4 mm, respectively, non - cash provision related to the long term incentive plan for employees. FY 2022 figures also exc lude the €0.7 mm cash impact from the cyber - related fraud incident. FY 2021 figures exclude €45.4 mm of non - recurring expenses incurred in Q4 - 2021 (€35.8 mm impact from IFRS 2 and €9.6 mm of business comb ination transaction expenses). Consolidated Income Statement Increase in EBITDA loss primarily driven by higher investment in marketing, supporting the acceleration in revenue growth . Consolidated Income Statement (% of Net Gaming Revenue)

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179 101 150 194 172 159 155 154 204 148 200 179 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EUR 2. Consolidated Financial and Operating Metrics (1) 11 Financial Results (Unaudited) 1. Figures across all periods exclude .com business (Greenplay), which was sold on December 31, 2021 . 2. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives and will differ from repor ts prior to Q2 2022 which only included real money sports betting actives. 3. Increase in Consolidated CPA due to mix effect. Figures for Q2 - 22 and Q3 - 22 impacted by timing effect of certain marketing inves tments in Mexico Net Gaming Revenue FTDs Cost per Acquisition (CPA) Avg. Monthly Actives (2) 16.3 13.9 18.9 22.3 20.5 20.7 19.8 22.2 25.5 29.2 30.6 37.7 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EUR mm 34,538 30,510 41,952 43,450 52,888 57,588 53,094 64,359 78,024 84,868 86,252 121,991 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 # 62,814 42,599 67,830 79,082 82,697 81,435 78,017 92,233 101,823 104,614 104,311 141,760 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 # 70% 23% 54% 36% 90% 41% Significant acceleration in NGR growth, customer acquisitions and actives in the quarter on the back of the World Cup 2021 Avg : €160 2022 Avg : €182 (3)

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11.2 10.3 12.3 14.4 13.0 12.6 11.6 12.6 13.2 14.1 14.9 17.8 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EUR mm 37,052 22,295 34,037 42,176 42,791 38,211 33,917 38,186 39,287 36,765 35,191 41,302 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 # 2. Spain Financial and Operating Metrics 12 Financial Results (Unaudited) Net Gaming Revenue (Quarterly) Avg. Monthly Actives (1) (Quarterly) 42% 19% 42% Net Gaming Revenue growth in Q4 2022 versus the prior year period despite marketing restrictions Net Gaming Revenue (Full Year) 49.8 60.0 FY 2021 FY 2022 EUR mm 21% 8% 17% 38,276 38,137 FY 2021 FY 2022 # Avg. Monthly Actives (1) (Full Year) - 1. Avg . Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives and will differ from reports pri or to Q2 2022 which only included real money sports betting actives.

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2. Mexico Financial and Operating Metrics 13 Financial Results (Unaudited) 4.5 3.1 5.6 7.0 6.4 6.4 7.1 7.9 10.0 11.9 12.9 16.3 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EUR mm 16,664 13,409 23,102 25,325 25,304 22,259 23,153 26,281 33,382 32,253 37,414 50,775 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 # Q4 2022 Net Gaming Revenue more than doubled that of last year on the back of a substantial increase in active customers Net Gaming Revenue (Quarterly) Avg. Monthly Actives (1) (Quarterly) Net Gaming Revenue (LTM) Avg. Monthly Actives (1) (LTM) 106% 26% 93% 3 6% 27.9 51.1 FY 2021 FY 2022 EUR mm 24,249 38,456 FY 2021 FY 2022 # 83% 59% 1. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives and will differ from repor ts prior to Q2 2022 which only included real money sports betting actives.

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4.6 7.9 FY 2021 FY 2022 EUR mm 2. Colombia Financial and Operating Metrics 14 Financial Results (Unaudited) 0.5 0.5 0.8 0.7 0.8 1.4 0.9 1.5 1.5 2.2 1.9 2.3 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 EUR mm 8,726 6,845 10,567 11,160 14,128 20,279 20,043 25,977 24,030 27,967 24,179 38,511 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 # 56% Net Gaming Revenue growth versus Q4 2021 on the back of both higher active customers and higher spend per active. Net Gaming Revenue (Quarterly) Avg. Monthly Actives (1) (Quarterly) Net Gaming Revenue (LTM) Avg. Monthly Actives (1) (LTM) 56% 21% 48% 59% 7 2% 43% 20,107 28,672 FY 2021 FY 2022 # 1. Avg. Monthly Actives include real money (i.e. exclude free bets) sports betting and casino actives and will differ from repor ts prior to Q2 2022 which only included real money sports betting actives.

![](exh991_15.jpg)

2. Consolidated Balance Sheet, NWC and Cash (31/12/22) 15 Financial Results (Unaudited) Approximately €54 mm in total cash. Normalized negative NWC position of € 23.6 mm driven by €27.0 mm in Accounts Payable Balance Sheet Net Working Capital (NWC) Accounts Payable, Net 1. Figure includes cash in transit (i.e. pending settlement with payment service providers) and other restricted cash (e.g. cash collat era lizing bank guarantees). 2. Other includes the €0.2 mm deferred tax asset due to the book expense related to the long term incentive plan for employees. 3. Figure reflects Codere Online Luxembourg S.A. deferred tax liability due to the book income from unrealized exchange rate variations. 4. Figure based on 2022 Full Year Net Gaming Revenue of €122.9 mm. 5. Figure reflects restricted customer balances as required by applicable local regulation in certain jurisdictions. 6. Figures reflects amounts due to Codere Group pursuant to platform, technology, affiliate and shared services provided by Codere Group to Codere Online . 7. Figures reflect amounts due to/from Codere Group related to on - going segregation of certain Latin American businesses pursuant t o the Business Combination. 8. Figure reflects online customer deposit and withdrawal activity (as applicable) in Codere Group retail venues pursuant to the omnichannel strategy. Cash & Equivalents Figures in EUR mm Figures in EUR mm Figures in EUR mm (-) A/P, net Assets A/P A/R Actual Adj. PF Cash & Equivalents 53.8 Working Capital - Assets 16.1 3rd Party 16.4 -0.1 16.3 0.0 16.3 Financial Assets (1) 6.9 Working Capital - Liabilities 39.7 Codere Group 10.6 -4.2 6.4 0.0 6.4 Accounts Receivable 4.4 Net Working Capital -23.6 Total 27.0 -4.4 22.7 0.0 22.7 Current Assets 65.1 % FY 2022 NGR (4) -19% Intangible Assets & Other (2) 1.0 Codere Group Total Assets 66.1 Working Capital - Assets Services Provided (6) 4.0 0.0 4.0 0.0 4.0 Restricted Cash (5) 4.8 Legal Reorganization (7) 2.5 -0.9 1.6 0.0 1.6 Liabilities & Owners' Equity Financial Assets 6.9 Sub-Total 6.5 -0.9 5.5 0.0 5.5 Customer Balances 7.4 Accounts Receivable 4.4 Retail Transactions (8) 4.1 -3.3 0.8 0.0 0.8 Accounts Payable 27.0 Total 16.1 Total 10.6 -4.2 6.4 0.0 6.4 Taxes Payable 3.4 Accrued Wages 1.9 Working Capital - Liabilities Public Warrant Liability 1.3 Customer Balances 7.4 Figures in EUR mm, except where otherwise indicated Deferred Tax Liability (3) 0.1 Accounts Payable 27.0 USD mm % Total Total Liabilities 41.1 Taxes Payable 3.4 Available 49.0 52.3 Europe/Israel 51.0 95% Owners Equity 25.0 Accrued Wages 1.9 Restricted 4.8 5.2 Latam 2.8 5% Total Liabilities & O. Equity 66.1 Total 39.7 Total 53.8 57.4 Total 53.8 100%

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3. Consolidated Cash Flow Statement 16 Financial Results (Unaudited) 2022 Cash Flow Statement Change in NWC – FY 2022 Cash Impact 1. Net Income includes a €0.7 mm cyber - related fraud incident cash expense, a €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 that was incorrectly accounted for in 2022 instead of 2021 and a €3.4 mm non - cash provision related to the long term incentive plan for employees. 2. Figure reflects the period unrealized exchange rate impact on cash balances which is included in Net Income and which in certain prior period reports was reported under cash flow from financing. 3. Includes a €4.2 mm gain on variation in fair value of public warrants, a €3.4 mm expense related to the long term share based incentive plan and a €0.8 mm provision related to the 2021 regulatory fee paid in Spain. 4. Figures primarily reflect working capital position of our online business in Argentina, which (at the time of publication of our Q4 2021 earnings resul ts) was not yet included in Codere Online's consolidation perimeter as well as other adjustments resulting from the full year 2021 audit which (at the time of publication of our Q4 2021 earnings results) was still ongoing. Figures in EUR mm FY 2022 Net Income (1) -45.9 Plus: Provision for CIT 2.5 Less: CIT Paid -0.8 Less: FX Impact on Cash (2) -4.1 Plus: D&A 0.6 Plus: Non-Cash Expenses/(Income) (3) 0.0 Plus: Decr./(Incr.) in NWC 1.9 Cash Flow from Operations -45.9 Capital Expenditures -0.2 Other 0.0 Cash Flow from Investing -0.2 Other 0.0 Cash Flow from Financing 0.0 Period Cash Flow -46.0 Available Cash Beginning of Period 90.9 Period Cash Flow -46.0 Plus: FX Impact on Cash (2) 4.1 End of Period 49.0 Dec 2021 As Reported Adjustments (4) Actual Dec 2022 Chg. Working Capital - Assets 11.7 -1.0 10.7 16.1 -5.4 Working Capital - Liabilities 27.5 1.8 29.3 39.7 10.4 Net Working Capital (BS) -15.8 -2.8 -18.7 -23.6 5.0 FX Impact -3.1 Net Working Capital (CFS) 1.9 Working Capital - Assets Restricted Cash 4.0 -0.7 3.2 4.8 -1.6 Financial Assets 4.1 -0.2 3.9 6.9 -3.0 Accounts Receivable & Other 3.6 -0.1 3.5 4.4 -0.8 Total 11.7 -1.0 10.7 16.1 -5.4 Working Capital - Liabilities Customer Balances 5.1 0.0 5.2 7.4 2.3 Accounts Payable 19.3 2.4 21.7 27.0 5.3 Taxes Payable 1.3 -0.1 1.2 3.4 2.1 Accrued Wages 1.8 -0.5 1.3 1.9 0.6 Total 27.5 1.8 29.3 39.7 10.4

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Corporate presentation **Table of Contents** 17 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21

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- 15.2 - 5.6 - 23.8 - 50.3 (20) - (30) 2019 2020 2021 2022 2023E Adj. EBITDA (EUR mm) 63.0 71.3 83.2 122.9 140 - 150 2019 2020 2021 2022 2023E Net Gaming Revenue (EUR mm) 3. 2023 Net Gaming Revenue and Adj. EBITDA 2023 expected to be a pivotal year in our path to profitability with a c.50% reduction in EBITDA losses, paving the way to be com e EBITDA and cash flow positive by 2024. 18 2023 Outlook Outlook Historicals (1) 1. Figures exclude our .com business (Greenplay) sold to Vita Media Group on December 31, 2021. 2. Figure reflects growth rate versus €145 mm (midpoint of the € 140 - 150 mm Net Gaming Revenue outlook for 2023. 48% 18% (2)

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Questions & Answers

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Corporate presentation **Table of Contents** 20 1. Corporate Overview Page 6 2. Financial Results (Unaudited) Page 9 3. 2023 Outlook Page 18 4. Appendix Page 21

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4. Consolidated Net Gaming Revenue and Adj. EBITDA (1) 21 Appendix 1. Net Gaming Revenue, EBITDA and Adj. EBITDA figures across all periods exclude .com business (Greenplay), which was sold on December 31, 2021 . Net Gaming Revenue, EBITDA and Adj. EBITDA are non - GAAP measures -- see page 25 for a reconciliation of these and other non - GAAP measures to their most directly comparable GAAP measure. 2. Includes Panama, City of Buenos Aires (Argentina) and Italy. 3. Q4 and FY 2022 figure excludes a €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 that was incorrectly accounted for in 2022 instead of 2021; this annual fee is payable to the DGOJ in January (of the following year) in an amount equal to 0.075% on prior year total amounts wagered, and is included in Gaming Taxes. 4. Reflects personnel, headquarter and other expenses that have not been allocated to the individual B2C business units. 5. Q4 and FY 2022 figures exclude a €1.2 mm and €3.4 mm, respectively, non - cash provision related to the long term incentive plan for employees. FY 2022 figures also exclude the € 0.7 mm cash impact from the cyber - related fraud incident. FY 2021 figures exclude €45.4 mm of non - recurring expenses incurred in Q4 - 2021 (€35.8 mm impact from IFRS 2 and €9.6 mm of business combination transaction expenses). Net Gaming Revenue Adj. EBITDA Figures in EUR mm Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Spain 11.2 10.3 12.3 14.4 48.3 13.0 12.6 11.6 12.6 49.8 13.2 14.1 14.9 17.8 60.0 Mexico 4.5 3.1 5.6 7.0 20.2 6.4 6.4 7.1 7.9 27.9 10.0 11.9 12.9 16.3 51.1 Colombia 0.5 0.5 0.8 0.7 2.5 0.8 1.4 0.9 1.5 4.6 1.5 2.2 1.9 2.3 7.9 Other (2) 0.1 0.0 0.0 0.1 0.2 0.2 0.3 0.3 0.3 1.0 0.8 1.0 0.9 1.3 3.9 Total 16.3 13.9 18.9 22.3 71.3 20.5 20.7 19.8 22.2 83.2 25.5 29.2 30.6 37.7 122.9 Figures in EUR mm Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Spain(3) 0.7 3.8 2.3 2.9 9.6 0.2 0.5 2.8 3.1 6.6 2.5 3.6 4.8 3.7 14.6 Mexico -1.1 -1.0 -0.8 -1.6 -4.5 -1.8 -2.2 -3.5 -3.9 -11.4 -7.7 -4.1 -8.1 -8.3 -28.2 Colombia -0.3 -0.1 -0.3 -0.4 -1.1 -0.7 -0.8 -1.0 -1.2 -3.8 -1.7 -1.8 -1.3 -2.1 -6.9 Other (2) 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 -0.5 -1.1 -1.6 -1.2 -1.9 -2.8 -1.7 -7.6 B2C Adj. EBITDA -0.6 2.6 1.1 0.9 4.0 -2.3 -2.6 -2.2 -3.1 -10.2 -8.1 -4.2 -7.5 -8.4 -28.2 Undistributed B2B / HQ Opex(4) -2.5 -2.0 -2.4 -2.7 -9.6 -3.3 -3.3 -3.6 -3.5 -13.6 -5.1 -5.7 -5.2 -6.1 -22.1 Adj. EBITDA(5) -3.1 0.5 -1.3 -1.7 -5.6 -5.6 -5.8 -5.8 -6.5 -23.8 -13.2 -9.9 -12.7 -14.5 -50.3

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4. Consolidated Income Statement (1) 22 Appendix 1. Figures across all periods exclude .com business (Greenplay), which was sold on December 31, 2021. 2. Includes all direct marketing, indirect marketing and affiliate fees (see page 24 for definitions of these items). 3. Includes payment service provider fees and sports streaming / data feeds. 4. Q4 and FY 2022 figure excludes a €0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 that was incorrectly accounted for in 2022 instead of 2021; this annual fee is payable to the DGOJ in January (of the following year) in an amount equal to 0.075% on prior year to tal amounts wagered, and is included in Gaming Taxes. 5. Q4 and FY 2022 figures exclude a €1.2 mm and €3.4 mm, respectively, non - cash provision related to the long term incentive plan f or employees. FY 2022 figures also exclude the €0.7 mm cash impact from the cyber - related fraud incident. FY 2021 figures exclude €45.4 mm of non - recurring expenses incurred in Q4 - 2021 (€35.8 mm impact from IFR S 2 and €9.6 mm of business combination transaction expenses). Consolidated Income Statement Consolidated Income Statement (% of Net Gaming Revenue) Figures in EUR mm Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Net Gaming Revenue 16.3 13.9 18.9 22.3 71.3 20.5 20.7 19.8 22.2 83.2 25.5 29.2 30.6 37.7 122.9 Marketing (2) -9.6 -5.8 -9.7 -12.0 -37.1 -13.4 -14.2 -12.0 -14.8 -54.4 -22.1 -19.3 -24.3 -31.2 -96.9 Platform & Content (3) -5.0 -3.7 -5.4 -5.9 -19.9 -6.6 -6.6 -7.4 -7.2 -27.8 -8.6 -9.2 -9.1 -9.3 -36.2 Gaming Taxes(4) -2.5 -2.0 -2.8 -3.5 -10.9 -3.3 -3.2 -3.2 -3.4 -13.1 -3.9 -4.8 -5.1 -6.7 -20.5 Personnel -1.7 -1.6 -1.6 -1.7 -6.6 -1.9 -1.9 -2.0 -2.4 -8.1 -2.7 -2.9 -3.1 -3.5 -12.2 Other -0.6 -0.3 -0.6 -0.9 -2.4 -1.0 -0.7 -0.9 -1.0 -3.6 -1.4 -2.8 -1.7 -1.5 -7.4 Adj. EBITDA(5) -3.1 0.5 -1.3 -1.7 -5.6 -5.6 -5.8 -5.8 -6.5 -23.8 -13.2 -9.9 -12.7 -14.5 -50.3 Q1-20 Q2-20 Q3-20 Q4-20 FY-20 Q1-21 Q2-21 Q3-21 Q4-21 FY-21 Q1-22 Q2-22 Q3-22 Q4-22 FY-22 Net Gaming Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Marketing (2) -59.0% -41.6% -51.6% -54.0% -52.1% -65.6% -68.5% -60.7% -66.6% -65.4% -86.5% -66.2% -79.5% -82.9% -78.8% Platform & Content (3) -30.5% -26.7% -28.4% -26.4% -27.9% -32.1% -31.9% -37.4% -32.5% -33.4% -33.8% -31.6% -29.6% -24.7% -29.5% Gaming Taxes(4) -15.3% -14.7% -15.0% -15.8% -15.3% -15.9% -15.5% -16.4% -15.2% -15.7% -15.4% -16.6% -16.5% -17.7% -16.7% Personnel -10.3% -11.3% -8.7% -7.5% -9.2% -9.2% -9.1% -10.1% -10.6% -9.8% -10.5% -9.8% -10.2% -9.4% -9.9% Other -3.8% -2.1% -3.3% -4.0% -3.4% -4.7% -3.2% -4.7% -4.5% -4.3% -5.5% -9.7% -5.6% -4.0% -6.0% Adj. EBITDA(5) -18.8% 3.6% -7.0% -7.8% -7.9% -27.5% -28.3% -29.3% -29.4% -28.6% -51.8% -33.9% -41.5% -38.5% -40.9%

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4. Regulatory Overview 23 Appendix 1) Regulation for online sports betting and casino unless indicated otherwise. 2) As per the latest available public information and / or Codere Online estimates. 3) Retail license or operation required to operate online. 4) We expect to begin operations in 2023 subject to obtaining a license. 5) Partnership with a local operator required for international operators. Latin America Mexico Colombia City of BA Province of BA Spain Europe Regulator # Licensed Operators (2) Effective Gaming Tax (% NGR 2021) Regulation / Launch Date (1) Codere Online License Expiry Retail Requirements (3) Codere Online Launch Date Panama Secretaria de Gobernacion (SEGOB) 18+ 22% 2014 / 2016 May 2027 (LIFO License) Yes 2016 Coljuegos 17 19% 2016 / 2017 November 2025 No 2018 Lotería de Buenos Aires (LOTBA) 10 15.4% (Statutory) (7) 2020 / 2021 December 2026 No 2021 Instituto Provincial de Loteria y Casinos (IPLYC) 7 23.5% (Statutory) (8) 2019 / 2021 N.A. No (5) 2023E (4) Junta de Control de Juego (JCJ) 3+ 16% No Dirección General de Ordenación del Juego (DGOJ) 78 12% 2012 / 2012 May 2032 (Extended in May 2022) No 2012 Sports: 2002 / 2016 Casino: 2020 / 2020 2017 (Sports Betting) 2022 (Casino) December 2041 Province of Córdoba Lotería de Córdoba 10 21.2% (Statutory) (9) 2022 / 2023E 2037 (4) No (5) 2023E (4) 6) Retail presence not required but contributed additional points in the tender process. 7) Figure includes 10% gaming tax (% of NGR) and 6% gross revenue tax (% of NGR less gaming taxes). 8) Figure includes 10% gaming tax (% of NGR) and 15% gross revenue tax (% of NGR less gaming taxes). 9) Figure includes 10% gaming tax (% of NGR),12% gross revenue tax (% of NGR less gaming taxes) and 0.4% local fee (% of NGR less gaming taxes). 10) Figure reflects expected tax structure including 10% gaming tax (% of NGR) and 12% gross revenue tax (% of NGR less gaming taxes). Province of Mendoza Instituto Provincial de Juegos y Casinos (IPJC) 2 - 5 20.8% (Statutory) (10) 2022 / TBD 2033 No (6) 2023E (4)

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4. Market Overview - Online B2C (LatAm) 24 Appendix (1) Figures reflect onshore (excl. lotteries) G GR as per H2GC. (2) Figures reflect estimated market size based on linear interpolation for all countries except for Mexico, Colombia, Panama and Rest of LatAm which are as per H2GC. (3) Figures reflect Codere Online estimates for all countries except Mexico, Colombia, Panama and Rest of Latam which reflect 2027 estimates based on H2GC 2026 projections as of April 2022. Codere Online's Core Markets (Mexico, Colombia, Argentina and Panama) today represent over 80% of the LatAm market but will only represent approximately 55% by 2024 and 45% of the overall TAM (2027), with the potential regulation of gaming in Brazil, which alone is expected to represent more than one - third of the TAM in LatAm . 4Y CAGR Country TAM (€mm) (3) % Total % Total % Total 2021E (€mm) (1) 2024E (€mm) (2) Brazil Mexico Colombia Argentina Chile Peru Puerto Rico Panama Uruguay NM 1,582 1% 35% 29% 6 791 17% 1,002 49% 22% 26% 447 710 20% 601 29% 13% 17% 266 463 NM 422 3 % 9% 8 % 24 211 NM 288 1% 6% 5% 7 144 NM 189 0% 4% 3 % 0 94 NM 115 1 % 3 % 2% 6 57 55% 109 2% 2 % 2% 22 83 NM 53 0% 1% 1% 0 26 45% Total 4,554 100% 100% 100% 904 2,749 Rest of LatAm 10% 194 14% 4 % 6 % 126 94

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4. Net Gaming Revenue and Adj. EBITDA Reconciliation 25 Appendix 1. 2021 figure differs from that included in our Q4 2021 earnings presentation where we excluded Greenplay's Accounting Revenue (see footnote 2). 2. Reflects Accounting Revenue from our former .com business, which we sold on December 31, 2021 and have excluded for comparability purposes . 2020 and 2021 figures differ from those included in our Q4 2021 earnings presentation as those reflected Greenplay's Net Gaming Revenue. 3. Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia and VAT impact from entry fees in Mexico . 4. Figures include losses / (gains) from exchange rate variations and impact from the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) in Argentina. 5. 2021 figure differs from our Annual Report on form 20 - F where variations in fair value of public warrants were included in EBITDA while in our management reporting they are included as interest income (i.e. no impact on EBITDA). 6. Figures primarily reflect costs related to a legacy affiliate program in Mexico, post - closing adjustments to financial accounts to reflect commercially agreed platform and technology services fees, and actual costs of doing business (i.e. invoicing between Codere Group companies and Codere Online companies). 7. Reflects Codere Online fees and related expenses in connection with the merger with DD3 Acquisition Corp. II . 2021 figure differs from that included in our Q4 2021 earnings presentation as a portion of the business combination transa cti on costs that were supported by Codere Online's majority owner (Codere NewCo , S.A.) was ultimately accounted for as a capital increase thereby increasing the expense related to transaction costs (i.e. imp act to income statement) in the applicable accounting period . 8. Reflects non - cash impact from the application of IFRS 2 (the difference in the fair value of shares and warrants issued to holders of DD3 Acquisition Corp. II Common Stock in excess of its net assets). 9. Reflects the €0.7 mm cash impact from the cyber - related fraud incident and the € 0.8 mm non - cash provision related to the 2021 regulatory fee (i.e. canon) paid to the Spanish regulator (DGOJ) in January 2022 t hat was incorrectly accounted for in 2022 instead of 2021; this annual fee is payable to the DGOJ in January (of the following year) in an amount equal to 0.075% on prior year total am oun ts wagered, and is included in Gaming Taxes. Figures in EUR mm GAAP 2020 2021 Q1-22 Q2-22 H1-22 Q3-22 Q4-22 2022 Accounting Revenue (1) 70.5 80.3 23.9 27.4 51.3 28.9 35.6 115.7 (-) Greenplay (2) -1.2 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 (+) Accounting Adjustments (3) 2.0 3.3 1.6 1.8 3.4 1.7 2.1 7.2 Net Gaming Revenue 71.3 83.2 25.5 29.2 54.6 30.6 37.7 122.9 Net Income (Loss) -16.3 -68.0 -10.1 -6.7 -16.8 -11.6 -17.4 -45.9 (+/-) Provision for Corporate Income Tax 1.5 1.0 0.5 1.2 1.7 1.1 -0.3 2.5 (+/-) Interest Expense / (Income) (4) 0.5 -4.0 -1.6 -5.0 -6.6 -3.1 1.4 -8.2 (+/-) Var. In Fair Value of Public Warrants (5) 0.0 0.0 -2.3 -1.3 -3.6 -0.1 -0.6 -4.2 (+) D&A 0.9 0.7 0.2 0.1 0.3 0.2 0.1 0.6 EBITDA -13.4 -70.3 -13.3 -11.7 -25.0 -13.4 -16.8 -55.3 (+) Employee LTIP Expense 0.0 0.0 0.0 1.0 1.0 1.3 1.1 3.4 (+/-) Other Accounting Adjustments (6) 7.8 1.1 0.1 0.1 0.2 -0.6 0.4 0.0 Adj. EBITDA (Pre Non-Recurring Items) -5.6 -69.2 -13.2 -10.6 -23.8 -12.7 -15.3 -51.8 (+) Business Combination Transaction Expenses (7) 0.0 9.6 0.0 0.0 0.0 0.0 0.0 0.0 (+) IFRS 2 Impact (8) 0.0 35.8 0.0 0.0 0.0 0.0 0.0 0.0 (+) Other Non-Recurring Items (9) 0.0 0.0 0.0 0.7 0.7 0.0 0.8 1.5 Adj. EBITDA -5.6 -23.8 -13.2 -9.9 -23.1 -12.7 -14.5 -50.3

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4. Defined Terms 26 Appendix Avg. Monthly Actives : Average number of sports betting and casino customers who placed a real money bet (i.e. excludes free bets) in a given month . Avg. Monthly Spend per Active: Avg. Monthly Net Gaming Revenue (NGR) during a given period divided by Avg. Monthly Actives during the period. Conversion Rate: Number of FTDs in a given period divided by the number of new registrations during the period. Core Markets: Markets in which Codere Online is currently operating (Mexico, Colombia, Panama, City of Buenos Aires and Spain). Cost Per Acquisition (CPA): Direct Marketing Spend during a given period divided by number of FTDs acquired during the period. Direct Marketing Spend means the sum of all ATL Marketing Spend, BTL Marketing Spend and Omni - Channel Marketing Spend: • Above - the - Line (ATL) Marketing Spend means the sum of all discretionary investment in i) traditional media channels (TV, radio, etc.) in an effort to reach a broader audience but with low frequency and ii) digital media channels (direct deals, programmatic advertising, influencers) to reach a narrower audience but with hi gh frequency; priority is building brand awareness (which benefits medium/long - term acquisition, retention and player value) versus immediate acquisition. • Below - the - Line (BTL) Marketing Spend means the sum of all discretionary investment in i) search engine management (i.e. paid search), ii) social media (Facebook, Instagram, Twitter, etc.) and iii) other targeted digital acquisition media; priority is more immediate acquisition than building brand awareness. • Omni - Channel Marketing Spend means the sum of all discretionary investment in advertising, campaigns and promotions taking place in Codere controlled reta il venues in furtherance of converting Codere retail customers into online customers (i.e. the omnichannel strategy). Expansion Markets: Currently regulated and unregulated markets in which Codere Online does not have an existing presence (Brazil, Chile, Peru, Puerto Rico, Uruguay, and Argentina excluding City of Buenos Aires). First Time Deposits (FTD): New players who make a deposit for the first time during a given period. Gross Gaming Revenue (GGR): Gross value of wagers less player winnings. Lifetime Value (LTV): The average amount of NGR generated per FTD (based on all FTDs acquired in a given period) in the first 5 years following acq uis ition. Net Gaming Revenue (NGR): GGR less impact from player bonuses / promotional bets. Omnichannel Players: Existing Codere Group registered retail customers who are then converted to online. Pure Online Players: Codere Online customers who were not previously registered through a Codere Group retail location.

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For additional information, please contact: Codere Online Investor Relations ir@codereonline.com +34 91 354 28 00 codereonline.com