Codere Online Sees Player Growth and Steady Revenue in Q2 2025

odere Online released its financial results for the second quarter of 2025, reporting net gaming revenue of €54.8 million, a 1% increase year-over-year, or 12% growth in constant currency. Strong performance in Mexico offset the pressure from unfavorable foreign exchange movements.

Good to know

• Mexico generated €26.3 million in revenue and €29 million in net gaming revenue.
• Average monthly active players rose to 155,100, with 36% growth in Mexico.
• Q2 2025 total revenue reached €51.4 million, affected by peso depreciation.

Revenue and Currency Performance in Q2 2025

Total revenue for Q2 2025 came in at €51.4 million, down slightly from net gaming revenue due to foreign exchange effects. The Mexican peso depreciated 19% against the euro, impacting reported figures despite solid local performance.

Mexico remains Codere Online’s largest market, contributing €26.3 million in revenue and €29 million in net gaming revenue, a 23% increase in constant currency. Spain stayed relatively stable, while other Latin American markets saw lower activity.

CFO Oscar Iglesias highlighted Mexico’s strength and reaffirmed full-year guidance:

“We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230m and Adj. EBITDA outlook of €10-15m that we shared earlier this year.”

Customer Growth and Market Highlights

Codere Online saw an overall 7% increase in average monthly active players, reaching 155,100.

• Mexico: 84,600 players (+36% year-over-year)
• Spain: 49,700 players (-3% year-over-year)
• Other markets: 20,800 players (-35% year-over-year)

These numbers reflect Codere Online’s focus on strengthening its Mexican base while facing softer trends in other regions.

Net Loss, Cash Position, and Full-Year Outlook

The company reported a net loss of €3.1 million for H1 2025, compared to €0.2 million last year. Currency movements accounted for €3 million in losses.

Despite the loss, Codere Online maintained €45.2 million in cash as of June 30, 2025, and reaffirmed its 2025 net gaming revenue target of €220–230 million with adjusted EBITDA guidance of €10–15 million.

Share Buyback and Nasdaq Compliance

The company has been actively repurchasing shares, buying back $0.7 million worth at an average of $6.89 per share under its $5 million buyback plan, which allows repurchases of up to 1 million shares until March 3, 2026.

Codere Online also confirmed that Nasdaq deemed the company compliant with listing requirements as of June 6, 2025, ensuring continued trading on the Nasdaq Capital Market. Its 2024 annual report was filed on June 2.

With robust growth in Mexico, a firm cash position, and shareholder initiatives like the buyback plan, Codere Online is navigating currency headwinds while aiming to hit its 2025 revenue and EBITDA targets.

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