Codere Online has reported its preliminary unaudited financial results for the first quarter of 2025, showing year-on-year growth in net gaming revenue but a shift to a net loss for the period.
The company generated total revenue of €54.3 million, with net gaming revenue (NGR) rising 8% to €57.0 million compared to Q1 2024. On a constant currency basis, NGR grew 17%. The strongest growth was recorded in Mexico, where NGR increased 15% year-on-year to €30.5 million, representing a 34% rise in constant currency terms. In Spain, NGR fell slightly by 2% to €21.9 million, while revenue from other markets rose 10% to €4.5 million.
Codere Online posted a net loss of €0.7 million for the quarter, down from a net income of €3.4 million in the same period last year. Adjusted EBITDA for Q1 2025 was €1.3 million, while the company’s cash position stood at €41.8 million as of March 31.
Average monthly active players increased 13% year-on-year to 161,300. Mexico saw the largest increase in player activity, with a 31% rise, while Spain grew by 4%. Other markets saw an 11% decline.
The operator reiterated its full-year outlook, projecting NGR between €220 million and €230 million and adjusted EBITDA of €10 million to €15 million.
Codere Online also confirmed it had repurchased $0.5 million worth of its shares under a $5 million buyback programme authorised by shareholders in March 2025.
On regulatory matters, the company stated it had regained compliance with Nasdaq listing requirements following the timely submission of its 2023 annual report. However, a delay in filing the 2024 annual report may trigger a delisting notice. Codere Online intends to request a hearing and file the report before any action is taken.
The company continues to emphasise growth in Latin American markets, with Mexico emerging as a key driver of its iGaming revenue.
Aviv Sher, CEO of Codere Online, stated, “We are off to a good start in 2025, with net gaming revenue reaching €57.0 million in the first quarter, an 8% increase compared to the same period last year. In Mexico, net gaming revenue grew 15% to €30.5 million, despite the 16% devaluation of the Mexican peso. Meanwhile, net gaming revenue in Spain was slightly below last year’s at €21.9 million.”
Oscar Iglesias, CFO of Codere Online, commented, “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging”.
Mr. Iglesias added, “Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we provided to investors earlier this year.”
