Codere Online has reported its preliminary unaudited financial results for the second quarter and first half of 2025, ended June 30. The company delivered 1% year-over-year growth in net gaming revenue (12% in constant currency), reaching €54.8 million in Q2 2025, despite macroeconomic headwinds in several of its markets.
Mexico was the key growth driver, reporting €29.0 million in net gaming revenue, up 3% year-over-year and 23% in local currency. The average number of monthly active players in Mexico rose sharply by 36% to 84,600. In Spain, net gaming revenue grew 1% to €22.1 million, with monthly active players down 3%. Other markets (including Colombia, Panama, and Argentina) saw a 16% decline in net gaming revenue and a 35% drop in active users.
For the first half of 2025, total net gaming revenue reached €111.8 million, up 4% from the first half of 2024. The company recorded a net loss of €3.1 million, compared to a €0.2 million net loss in H1 2024, mainly due to a negative foreign exchange impact of €3.0 million, versus a €4.8 million gain in the same period last year.
Adjusted EBITDA for Q2 stood at €2.3 million, up from €1.3 million in Q2 2024. For the six-month period, adjusted EBITDA totaled €4.1 million, compared to €3.0 million in H1 2024.
Aviv Sher, CEO of Codere Online, stated: “Our net gaming revenue reached €54.8 million in the second quarter, slightly above the prior year despite the headwinds we faced across most of our markets. In Mexico, we achieved remarkable growth despite the peso devaluation and increased our active customer base by 36%.”
Oscar Iglesias, CFO, commented: “We continue to see strong underlying trends in Mexico, where net gaming revenue grew by 23% in local currency. With the first half now behind us, we are reiterating our full-year outlook of €220 to €230 million in net gaming revenue and €10 to €15 million in adjusted EBITDA.”
Codere Online also disclosed that it has repurchased $0.7 million of its own shares through July 30 at an average price of $6.89, under the company’s authorized $5.0 million share buyback plan, which remains valid through March 3, 2026.
Additionally, the company regained compliance with Nasdaq listing requirements after filing its 2024 annual report on June 2. Nasdaq confirmed compliance on June 6, allowing Codere Online’s shares to continue trading on the Nasdaq Capital Market without risk of delisting.
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