Codere Online posts flat Q3
Codere Online reported Q3 2025 net gaming revenue of €51.6m, broadly in line with last year, as strong customer growth in Mexico offset margin pressure and currency headwinds.
Codere Online reported Q3 2025 total revenue of €47.7m and net gaming revenue of €51.6m, unchanged year-on-year. Mexico delivered €26.8m in net gaming revenue, flat on Q3 2024, while Spain grew five per cent to €22.0m. The company ended the quarter with €48.3m in cash.
The group recorded a €1.7m net loss for the first nine months of 2025, compared to a €3.0m loss a year earlier. Codere Online reiterated its full-year outlook of €220–230m in net gaming revenue and €10–15m in Adjusted EBITDA. The operator has repurchased $1.7m of shares to date under its expanded $7.5m buyback programme.
Aviv Sher, CEO of Codere Online, said: “Our net gaming revenue reached €51.6m in the third quarter of 2025, in line with the prior year period. In Mexico, our net gaming revenue was flat despite the five per cent devaluation of the Mexican peso and the low sports betting margin on the back of customer friendly results in September. Still, we managed to grow our portfolio of active customers in the country by 39 per cent versus Q3 2024, which puts us in a strong position for the remainder of the year.”
CFO Oscar Iglesias added: “While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230m and Adj. EBITDA outlook of €10-15m that we shared earlier this year.”
The board has appointed Marcus Arildsson as the new Chief Financial Officer. Iglesias is expected to join the board, subject to shareholder approval at an EGM on December 1.
Codere Online’s buyback approval will also be extended to 31 December 2026, subject to shareholder approval. The company will host its Q3 results call at 8:30am ET on 17 November.
