Codere Online confirms its confidence in achieving its financial targets for 2025 and once again emphasizes its resilience as a global company listed on Nasdaq.
The outlook was maintained despite third-quarter trading showing stagnant revenue of €52 million ($60.3 million), a result attributed to the significant weakening of the Mexican peso, which reduced revenues when converted into euros.
For the third quarter, Codere Online reported total net gaming revenue (NGR) of €163.4 million ($189.4 million), up 3% year-on-year, along with a reduced net loss of €1.7 million ($1.97 million) compared to €3.0 million ($3.48 million) in the same period of 2024. A disciplined approach to operational efficiency and controlled investments continues to guide the company toward sustainable profitability.
Although Codere Online did not disclose a specific Q3 EBITDA figure, management reaffirmed the full-year adjusted EBITDA range of €10–15 million ($11.6–17.4 million), indicating a more margin-friendly performance in the second half of the year.
In its key markets, Spain remained a steady contributor, delivering 5% NGR growth year-on-year to €22 million ($25.5 million), confirming Codere Online’s strong position in one of Europe’s most regulated jurisdictions. Mexico continued to be the main growth driver, with active players up 39% year-on-year. Despite a 5% devaluation of the peso, high engagement levels offset the currency impact on euro-denominated revenues.
Management remains confident in achieving the group’s 2025 target of €220–230 million ($255–266.6 million) in net gaming revenue, supported by a cash balance of €48.3 million ($56 million) as of September 30, 2025. The company reiterated its focus on disciplined growth and profitability to deliver consistent financial results in line with long-term shareholder objectives.
Reflecting that confidence, Codere Online expanded its share buyback program from $5 million to $7.5 million, with $1.7 million already repurchased by mid-November. The company plans to seek shareholder approval at its December extraordinary general meeting to extend the program through December 31, 2026.
Corporate governance also evolved during the quarter, with Marcus Arildsson appointed as Chief Financial Officer effective November 13. A seasoned finance professional with over 25 years of experience in investment banking and corporate finance, Arildsson succeeds Oscar Iglesias, who, subject to shareholder approval, will take a seat on Codere Online’s board.
CEO Aviv Sher said: “Our net gaming revenue remained strong even with a 5% drop in the Mexican peso and low margins on wagering in September. We are in a good position moving into the year ahead with a 39% increase in our active customers in Mexico. We remain confident in meeting our full-year financial goals.”
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