Codere Online Posts Steady Q3 Results as Customer Activity Rises in Mexico and Spain

Codere Online shared preliminary Q3 2025 figures that show stable revenue and growing customer engagement across its core markets. The operator, active in Spain and Latin America, released unaudited results for the quarter ending September 30.

Good to Know

• Mexico remained the largest market, with strong customer growth despite currency pressure.
• Spain delivered higher net gaming revenue and rising monthly active players.
• Codere Online kept its full-year guidance unchanged while adding a new CFO.

Q3 Revenue Holds Steady as Customer Numbers Climb

Total revenue reached €47.7 million ($55.33 million), while net gaming revenue came in at €51.6 million ($59.85 million). That level matched last year on a reported basis and increased 3 percent when measured in constant currency. Across all regions, average monthly active players rose 11 percent to 159,200.

Chief Executive Officer Aviv Sher highlighted the steady performance:

“Our net gaming revenue reached €51.6 million in the third quarter of 2025, in line with the prior year period. In Mexico, our net gaming revenue was flat despite the 5 percent 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 percent versus Q3 2024, which puts us in a strong position for the remainder of the year.”

Mexico Remains Key Market Despite Low Margin Month

Mexico continued to contribute the largest share of revenue, generating €24 million ($27.84 million) and €26.8 million ($31 million) in net gaming revenue. Both figures were flat year over year due to a weaker peso and a September sports betting margin that tilted toward customers.

Even with those obstacles, Mexico saw a sharp rise in active customers, growing 39 percent compared with the same quarter last year.

Spain Shows Steady Improvements in Player Activity

In Spain, net gaming revenue reached €22 million ($25.52 million), up from €20.9 million. Average monthly active players increased by 4 percent, signaling continued momentum in that market.

The company saw softer performance in smaller regions, where net gaming revenue fell to €2.8 million ($3.25 million).

Nine-Month Results Show Narrower Losses

For the first nine months of 2025, Codere Online reported a net loss of €1.7 million ($1.97 million), an improvement from a €3 million loss in the same period of 2024. Net gaming revenue rose to €163.4 million ($189.5 million), and the company closed September with €48.3 million ($56 million) in cash.

Chief Financial Officer Oscar Iglesias commented on the quarter and outlook:

“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 €220–230 million and Adj. EBITDA outlook of €10–15 million that we shared earlier this year.”

Codere Online reaffirmed full-year expectations, forecasting net gaming revenue of €220–230 million and adjusted EBITDA of €10–15 million.

Leadership Changes and Share Buyback Update

The board appointed Marcus Arildsson as Chief Financial Officer on November 13. He brings more than 25 years of experience in investment banking, equity markets, and corporate finance. He assumed the role immediately. Iglesias is expected to join the board after shareholder approval at the Extraordinary General Meeting on December 1.

Codere Online also expanded its share buyback program. The company repurchased $1.7 million in shares through November 14. The plan, initially authorized for $5 million, increased to $7.5 million and allows for the repurchase of up to one million ordinary shares. The company plans to seek approval to extend the program through December 31, 2026.

FAQ

How did Codere Online perform overall in Q3 2025?

Revenue and net gaming revenue stayed in line with last year, while customer activity grew across major markets.

Why were Mexico results flat year over year?

A weaker peso and a low betting margin held back growth, though active customer numbers expanded sharply.

Did Spain show improvement?

Yes. Net gaming revenue increased, and monthly active players grew 4 percent.

Is the company sticking to its full-year guidance?

Yes. Codere Online reaffirmed its revenue and adjusted EBITDA targets.

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