iGaming operator Codere Online has reported total revenue of €57.1m for the fourth quarter of 2025 and net gaming revenue of €60.7m, representing year-on-year growth of 15%. For the full year, net gaming revenue reached €224.1m, up 6% compared to 2024, according to preliminary unaudited results.
In Mexico, net gaming revenue increased 31% year-on-year in Q4 to €32.8m, while Spain delivered net gaming revenue of €24.5m, up 7%. Other markets contributed €3.5m in Q4, a decline of 26%. For the full year, Mexico generated €119.1m in net gaming revenue, up 12%, while Spain recorded €90.5m, up 3%. Revenue in other markets declined 18% to €14.5m.
Average monthly active players rose 20% in Q4 to 177,200, driven by growth in Mexico, where active players increased 43% year-on-year to 98,800. Spain reported 55,600 average monthly active players in the quarter, up 14%, while other markets declined 23%. For the full year, total average monthly active players increased 13% to 163,000.
Adjusted EBITDA reached €6.7m in Q4 2025, an increase of €4.8m compared to the same period in 2024. For the full year, the company reported a net loss of €1.8m, compared to net income of €3.9m in 2024. As of 31 December 2025, Codere Online held a total cash position of €50.0m and reported no financial debt.
The company has issued 2026 guidance of net gaming revenue between €235m and €245m and adjusted EBITDA in the range of €15m to €20m. The outlook reflects continued activity across its core igaming markets in Spain and Latin America.
During the period, Codere Online renewed its online gaming licence in Colombia for a further five years, extending its validity to November 2030. The company also noted regulatory changes in Mexico, where the statutory excise tax rate on gaming increased from 30% to 50% effective 1 January 2026, and in Colombia, where a 19% value-added tax on online deposits introduced in February 2025 expired on 31 December 2025.
Under its authorised share buyback programme, Codere Online repurchased 391,000 shares for an aggregate amount of $2.7m through 25 February 2026. The programme permits total repurchases of up to $7.5m or one million shares and is set to expire on 31 December 2026.
The company’s management is scheduled to host a conference call to discuss the results and provide a business update, with a webcast available via its corporate website.
Aviv Sher, Chief Executive Officer of Codere Online, commented, “In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the Company’s history.” This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer”.
Marcus Arildsson, CFO of Codere Online, commented, “Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7 mm in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year.”
Mr. Arildsson further stated, “As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245 million range and Adj. EBITDA between €15 and 20 million.”
