Codere, in the first 9 months of 2021, turnover of 499.6 million (+ 8.5%)

Codere, a leading multinational in the gaming sector, today announced the results for the first nine months of the year, approved yesterday by its Board of Directors. The company begins to show signs of recovery from the pandemic and increases its turnover by 8.5% until September, reaching 499.6 million euros. A growth that is largely due to the progressive reactivation of operations in the presence of the group in the third quarter, with the reopening of Argentina and Uruguay in July, and after the closures resulting from Covid-19 in the previous months. Mexico (+ 50%), Argentina (+ 26%), Spain (+ 22.5%) and Online (+ 22%), are the business units that recorded the greatest increases in turnover year on year. At constant exchange rates, the group’s turnover up to September recorded an increase of 18% compared to the first nine months of 2020. Normalized EBITDA grew by 90% in the first nine months of the year, to 54.4 million, driven by better results in all markets; with the exception of Italy, where the measures to close the cinemas until July and the obligation from August to present a vaccination certificate or Green Pass had a negative impact on the results; and Uruguay, for the closure of the Hotel Casino Carrasco, which should resume its activity throughout this month of November. The normalized EBITDA margin in these first nine months of 2021 increased by 4.7 percentage points on an annual basis, to 10.9%, favored by the reactivation of the business and by the rigorous efficiency measures implemented in this period. The closures resulting from the pandemic during the first half of the year are reflected in a net loss of 243 million euros in these first nine months, compared to 240 million in the same period of the previous year. The company closes this period with 86 million euros of liquidity. Currently, the group keeps its business open in all markets, albeit still under numerous restrictions on schedules, capacities, etc. In terms of installed park, as of 30 September 2021 Codere had 41,530 operational gaming machines, 137 open gaming rooms, 1,131 salons, 191 sports betting points and 8,335 bars. of the financial restructuring of the group will be on November 19, 2021. The company also expects to have completed the merger of its online gaming subsidiary with Spac DD3 Acquisition Corp. II during this month, which will lead to the creation of Codere Online, the first operator of Latin American online game to go public on the US Nasdaq stock market.