Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Codere Online closed 2025 with record net gaming revenue, fueled by sustained momentum in Mexico and a record fourth quarter. The company reported FY2025 results Thursday, confirming it met and exceeded internal profitability targets.
Net gaming revenue for the 12 months ended 31 December 2025 reached €224.1M, up 6% from €212M in 2024.
Good to Know
- FY2025 NGR reached €224.1M, up 6% year over year
- Adjusted EBITDA more than doubled to €13.8M
- Mexico average monthly active players rose 38% to 88,700
Adjusted EBITDA climbed to €13.8M, more than double the €6.4M posted in 2024. Despite stronger operating performance, Codere Online recorded a net loss of €1.8M, compared with net income of €3.9M the prior year.
Mexico remained the primary growth engine. NGR from Mexico increased 12% across 2025. Average monthly active players in that market jumped 38% to 88,700, reinforcing Mexico position as the company largest revenue contributor.
5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
Spain, the second biggest market, also delivered steady gains. Revenue increased 3% from €87.7M to €90.5M. Growth in Mexico and Spain offset an 18% decline in the other segment, which includes Colombia, Panama, and Argentina.
Performance landed within company guidance of €220M to €230M in NGR and €10M to €15M in adjusted EBITDA.
Management raised its 2026 outlook. Codere Online now expects NGR between €235M and €245M, with adjusted EBITDA projected between €15M and €20M.
Marcus Arildsson, who took over as CFO in November following Oscar Iglesias departure, expressed confidence in achieving the upgraded targets. He said the company was encouraged by strong trends in Mexico and Spain.
177% up to 5BTC + 77 Free Spins!
New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins
Fourth quarter performance strengthened that outlook.
Q4 NGR reached €60.7M, up 15% from €52.7M in Q4 2024. Mexico once again led the expansion. Q4 NGR from Mexico totaled €32.8M, representing 31% year over year growth.
Average monthly active players in Mexico during Q4 climbed 43% to 98,800. CEO Aviv Sher noted that December marked a milestone, with 100,000 active players reached in Mexico for the first time. He said that momentum positions the company well ahead of the upcoming World Cup, which Mexico will co host.
Adjusted EBITDA in Q4 reached €6.7M, an increase of €4.8M versus the same quarter in 2024. Arildsson stated that the result allowed the company to finish at the upper end of 2025 guidance.
The post Codere Online Posts Record €224.1M 2025 Revenue appeared first on iGaming.org.