Codere Online has reported total revenue of €47.7 million and net gaming revenue (NGR) of €51.6 million for Q3 2025, broadly in line with the same period last year. When adjusted for constant currency, net gaming revenue increased by 3%. The company’s financial guidance for full-year 2025 remains unchanged, with projected NGR between €220 million and €230 million and adjusted EBITDA between €10 million and €15 million.
By market, Mexico generated €26.8 million in NGR during the quarter, matching last year’s performance and showing a 5% increase on a constant currency basis. Spain contributed €22.0 million in NGR, representing a 5% year-on-year rise, while other markets declined by 32% to €2.8 million. Overall, total NGR for the first nine months of 2025 reached €163.4 million, up 3% from €159.1 million during the same period in 2024.
Average monthly active players increased 11% year-on-year in Q3 to 159,000, driven mainly by growth in Mexico, where actives rose 39% to 88,000. Spain also recorded a 4% increase in monthly active users.
Codere Online reported a net loss of €1.7 million for the first nine months of 2025, an improvement from the €3.0 million loss reported during the same period last year. As of September 30, 2025, the company held €48.3 million in cash reserves.
In corporate developments, Codere Online appointed Marcus Arildsson as Chief Financial Officer, succeeding Oscar Iglesias, who has been nominated to join the company’s Board of Directors pending shareholder approval at the upcoming Extraordinary General Meeting on December 1.
The company also confirmed progress on its share buyback programme, having repurchased $1.7 million in shares as of mid-November. The plan’s total allocation has been increased from $5.0 million to $7.5 million, with shareholder approval being sought to extend the programme’s expiration from March 2026 to December 2026.
Codere Online’s management will host a conference call on November 17 to discuss its Q3 results and provide a business update. The webcast and accompanying materials will be made available on the company’s website.
Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €51.6 million in the third quarter of 2025, in line with the prior year period. In Mexico, our net gaming revenue was flat despite the 5% devaluation of the Mexican peso and the low sports betting margin on the back of customer friendly results in September. Still, we managed to grow our portfolio of active customers in the country by 39% versus Q3 2024, which puts us in a strong position for the remainder of the year.”
Oscar Iglesias, CFO of Codere Online, commented, “While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”
