Like so many Latin American businesses, Codere Online is facing strong exchange-rate headwinds. But its Q2 2025 results confirm that the Mexico-facing iGaming giant is steering a steady course.
While Codere Online’s Net Gaming Revenue (NGR) for Q2, ending June 30, was technically up by just one percent to €54.8 million (£47.52m/US$62.53m), in constant currency terms it showed infinitely greater growth of 12 percent, year-on-year.
As expected, Mexico continues to be Codere Online’s key engine, delivering €29 million (£25.14m/US$33.08m) in NGR, an increase of three percent on Q2 2024 — again, the equivalent of over 23 percent on a constant currency basis.
Codere Online’s performance in its Spanish-origin market, for reasons best known to the company, were not released in detail; but are believed to have broadly flat-lined.
Forex Impacts
Nevertheless, despite its topline resilience, Codere Online posted a net loss of -€3.1 million (-£2.68m/-US$3.53m) for H1 2025.
Management attributed this largely to foreign exchange losses, amounting to €3 million in the half.
Codere Online reported a cash position of €45.2 million (£39.2m/US$51.57m), as of June 30 this year, signalling a stable liquidity buffer as it continues to pursue controlled growth.
And despite market turbulence, the company also revealed it had continued its previously-announced US$5 million share buy-back programme by repurchasing another US$700,000 of its shares.
Outlook Unchanged
Looking forward, Codere Online’s guidance remains unchanged, with the company reaffirming its 2025 NGR forecast of between €220 million to €230 million (£190.79m-£199.46/US$251.14-US$262.59m).
Adjusted Full Year EBITDA is expected to be between €10m–€15m (£8.67m-£13m/US$11.41m-US$17.12m) million, dependent of course on those potentially volatile exchange rates.
