The company’s Mexican operations emerged as the strongest performer, with revenue reaching €27.6m and net gaming revenue of €30.5m, marking a 15% year-over-year increase (34% in constant currency).
By Jack Found
Key points:
– Net gaming revenue grew 8% to €57m in Q1 2025, driven by 15% growth in Mexico despite peso devaluation
– Mexican active players surged 31% year-over-year, while the Spanish market remained flat with a 2% revenue decline
– The company reported €0.7m net loss but maintained full-year 2025 guidance of €220-230m revenue and €10-15m adjusted EBITDA
Codere Online has reported a solid start to 2025 with net gaming revenue (NGR) rising 8% year-on-year to €57m ($64m) in Q1, or 17% in constant currency terms.
While total revenue for the quarter stood at €54.3m, the company posted a net loss of €0.7m, down from a €3.4m profit in Q1 2024.
Despite this, management reaffirmed its full-year NGR guidance of €220–230m and adjusted EBITDA forecast of €10–15m.
The company’s performance in Mexico was a key growth driver, with NGR climbing 15% to €30.5m. Adjusted for the 16% devaluation of the Mexican peso, this represented a 34% increase in local currency terms.
Spain, by contrast, saw a slight dip in NGR to €21.9m, down 2% year-on-year, while other markets grew 10% to €4.5m.
Codere Online also reported strong customer engagement, with average monthly active players rising 13% to 161,300. Growth in Mexico was particularly notable, with player numbers increasing 31%.
Good to know: The company also regained Nasdaq listing compliance after filing its 2023 annual report, but expects a delisting notice due to delayed 2024 reporting
CEO Aviv Sher described the quarter as “a good start to 2025,” highlighting growth momentum in Mexico and customer acquisition.
CFO Oscar Iglesias added that the company is encouraged by underlying trends and believes it is on track to meet its financial targets for the year.
