Codere Online sees increases in Mexico and Spain
Codere Online generated revenue of €54.3m in Q1 2025, with net gaming revenue was €57m in the period, eight per cent above Q1 2024.
Mexico revenue was €27.6m in Q1 2025, while net gaming revenue was €30.5m in the period, 15 per cent above Q1 2024. Spain generated €22.3m, up two per cent.
Aviv Sher, CEO of Codere Online, stated: “We are off to a good start in 2025, with net gaming revenue reaching €57m in the first quarter, an eight per cent increase compared to the same period last year. In Mexico, net gaming revenue grew 15 per cent to €30.5m, despite the 16 per cent devaluation of the Mexican peso. Meanwhile, net gaming revenue in Spain was slightly below last year’s at €21.9m.”
Oscar Iglesias, CFO of Codere Online, commented: “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging”.
Mr. Iglesias added: “Based on these results, we believe that we are on track to meet our net gaming revenue outlook of €220 to 230m and Adj. EBITDA outlook of €10 to 15m that we provided to investors earlier this year.”
