Codere Online has reaffirmed its 2025 financial guidance, underpinned by strong growth in Mexico and a steady performance in Spain.
The Nasdaq-listed Spanish betting group reported net gaming revenue (NGR) of €57m for the first quarter of 2025, up 8% year-on-year from €53m. Growth was driven by continued momentum in Latin America, despite FX currency headwinds.
Once again, Mexico served as Codere Online’s leading market, as NGR reached €30.5m during the period, reflecting 15% growth (up 34% on a constant currency basis).
Key performance indicators showed monthly active players in Mexico increased by 31% to 82,000, signalling continued strength in customer acquisition and engagement.
“We are off to a good start in 2025,” said CEO Aviv Sher. “In Mexico, net gaming revenue grew 15% to €30.5m despite the 16% devaluation of the Mexican peso.”
Elsewhere, Spain generated NGR amounting to €21.9m, slightly lower than the €22.3m recorded during Q1 2024. The number of active players in Spain reached 52,000 during the period, demonstrating a steady performance in the company’s main European market.
Management said the figures reflect a “settled” performance amid a shifting regulatory environment, with Codere benefiting from its established retail and digital footprint.
Net Loss, But Operating Metrics Improve
Period trading saw Codere Online report a net loss of €700,000, compared to a net profit of €3.4m in Q1 2024. Interest expenses, together with public warrant valuation adjustments, contributed to the financial loss.
The company achieved a slight increase in its adjusted EBITDA, which reached €1.8m compared to the previous year’s €1.7m. The improvement in operational efficiency was evident.
Strengthened Cash Position
The company held €42m in cash and equivalents at the end of the quarter, enhancing its financial stability. It also completed $0.5m in share repurchases under its existing $5m share buyback authorisation.
2025 Outlook Reaffirmed
Leadership maintains its full-year guidance for NGR between €220m and €230m, as well as an adjusted EBITDA forecast of between €10m and €15m.
Chief Financial Officer Oscar Iglesias expressed satisfaction with Codere Online’s results: “We are very pleased with our performance in Mexico and the underlying trends in local currency. We believe we are on track to meet our targets for the year.”
The Q1 update also informed investors that the company will uphold compliance with Nasdaq listing rules, despite ongoing annual reporting delays from regulatory bodies.
The strong performance of Codere Online in Latin America, combined with its robust European operations, puts the company in a solid position to achieve its 2025 targets.
