Codere Online Q3 2025 results show stable growth

Codere Online has released its financial results for the third quarter of 2025, reporting steady performance across its core markets. The company recorded total revenue of €47.7 million and net gaming revenue (NGR) of €51.6 million for Q3 2025, broadly consistent with results from the same period last year. On a constant currency basis, NGR showed a modest increase of 3%, highlighting resilience in an environment characterized by currency fluctuations and varying market conditions.

The company confirmed that its financial guidance for the full year 2025 remains unchanged. Codere Online projects NGR between €220 million and €230 million, while adjusted EBITDA is expected to range from €10 million to €15 million. This guidance reflects the company’s ongoing focus on operational efficiency, strategic growth in key markets, and careful management of financial resources.

Market performance: Mexico and Spain lead growth

Codere Online’s performance in individual markets underscores the continued importance of its diversified presence.

In Mexico, the company generated €26.8 million in NGR during Q3 2025, matching last year’s performance and demonstrating a 5% increase on a constant currency basis. Despite challenges such as a 5% devaluation of the Mexican peso and lower sports betting margins in September due to customer-friendly outcomes, the market maintained stability.

Spain also contributed positively, producing €22.0 million in NGR, marking a 5% year-on-year increase. These results were supported by incremental growth in user engagement and sustained activity in online slot and table games.

Conversely, other markets experienced a decline, with NGR falling by 32% to €2.8 million. These declines are attributed to local market conditions, including regulatory adjustments and seasonal fluctuations in player activity.

Overall, total NGR for the first nine months of 2025 reached €163.4 million, reflecting a 3% increase compared with €159.1 million for the same period in 2024.

Player engagement drives growth

Codere Online’s user metrics indicate a healthy trajectory for customer engagement. Average monthly active players increased by 11% year-on-year in Q3 2025, reaching 159,000. This growth was driven primarily by Mexico, where active users expanded by 39% to 88,000. Spain also contributed to the positive trend, with a 4% increase in monthly active users.

The rise in active users underscores the company’s focus on customer acquisition and retention strategies. By enhancing the player experience through tailored promotions, localized content, and an improved digital interface, Codere Online has successfully strengthened its relationship with users across core markets.

Financial results and cash position

Despite stable revenue performance, Codere Online reported a net loss of €1.7 million for the first nine months of 2025. While a loss remains, it represents an improvement from the €3.0 million loss reported during the same period in 2024. The reduction in losses is attributed to a combination of efficient operational management, increased player engagement, and disciplined cost control measures.

The company maintained a solid liquidity position, holding €48.3 million in cash reserves as of September 30, 2025. This cash position provides financial flexibility to support ongoing strategic initiatives, including market expansion, technology investments, and shareholder returns through share buybacks.

Corporate developments

Codere Online has made notable changes in its executive leadership. Marcus Arildsson has been appointed as Chief Financial Officer, succeeding Oscar Iglesias. Iglesias has been nominated to join the company’s Board of Directors, pending shareholder approval at the upcoming Extraordinary General Meeting scheduled for December 1, 2025.

This leadership transition aims to enhance the company’s financial oversight while maintaining strategic continuity. According to company officials, Arildsson brings extensive experience in financial management and operational strategy, which will support Codere Online’s long-term growth objectives.

Share buyback programme

The company has also confirmed progress on its share buyback programme. As of mid-November, Codere Online had repurchased $1.7 million in shares. In addition, the total allocation for the programme has been increased from $5.0 million to $7.5 million. The company is seeking shareholder approval to extend the programme’s expiration from March 2026 to December 2026.

This expansion reflects Codere Online’s commitment to returning value to shareholders while strategically managing its capital structure. Share buybacks are viewed as a tool to enhance shareholder value and demonstrate confidence in the company’s long-term prospects.

Q3 conference call and investor communication

Codere Online’s management will host a conference call on November 17, 2025, to discuss Q3 results and provide a business update. The webcast and accompanying presentation materials will be made available on the company’s website. This approach underscores the company’s transparency and proactive engagement with investors and stakeholders.

Management commentary

Aviv Sher, CEO of Codere Online, commented on the quarter’s results:

“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% 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% versus Q3 2024, which puts us in a strong position for the remainder of the year.”

Sher emphasized that while external factors such as currency devaluation and sports betting margins influenced revenue, the company’s robust user growth and diversified market strategy position it well for sustained performance.

Oscar Iglesias, CFO of Codere Online, 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 €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Iglesias highlighted the company’s focus on operational efficiency, market penetration, and revenue stabilization as critical factors in achieving its financial targets for 2025.

Outlook for the remainder of 2025

Looking forward, Codere Online anticipates that its key markets, particularly Mexico and Spain, will continue to drive revenue growth. Management has expressed confidence in its ability to meet full-year financial guidance, supported by increasing active player numbers, targeted marketing initiatives, and ongoing investment in its technology platform.

The company’s strategic priorities include expanding its digital offerings, enhancing user engagement, and maintaining regulatory compliance across all operational markets. By focusing on these areas, Codere Online aims to consolidate its position as a leading online gaming operator in the Americas and Europe.

Conclusion

Codere Online’s Q3 2025 financial results demonstrate stability and resilience in a complex iGaming environment. With steady revenue, improved player engagement, and effective cost management, the company is positioned to achieve its full-year targets. Strategic initiatives, including leadership changes, share buybacks, and technology investments, reinforce its long-term growth trajectory while maintaining a low-risk operational framework.

The company’s focus on transparency, financial discipline, and market expansion underscores its commitment to delivering sustainable value to shareholders, players, and stakeholders alike.

Frequently asked questions

What was Codere Online’s total revenue for Q3 2025?
Codere Online reported total revenue of €47.7 million for Q3 2025.

How much net gaming revenue did Codere Online generate in Q3 2025?
The company reported €51.6 million in net gaming revenue for the quarter.

Which market contributed the most to Codere Online’s NGR in Q3 2025?
Mexico was the largest contributor, generating €26.8 million in NGR.

How did player numbers change in Q3 2025?
Average monthly active players increased 11% year-on-year to 159,000.

What was Codere Online’s net loss for the first nine months of 2025?
The net loss was €1.7 million, an improvement from €3.0 million the previous year.

Who is the new CFO of Codere Online?
Marcus Arildsson has been appointed as Chief Financial Officer, succeeding Oscar Iglesias.

What is the status of Codere Online’s share buyback programme?
As of mid-November, $1.7 million in shares had been repurchased, with the programme allocation increased to $7.5 million.

What are Codere Online’s full-year 2025 financial projections?
The company expects NGR between €220 million and €230 million, with adjusted EBITDA of €10-15 million.

How did Spain perform in Q3 2025?
Spain contributed €22.0 million in NGR, marking a 5% year-on-year increase.

When is Codere Online’s Q3 2025 conference call scheduled?
The conference call is scheduled for November 17, 2025, with webcast materials available on the company’s website.