Codere Online sees encouraging growth in Mexico ahead of World Cup
The Spain and Latin America-facing gambling operator saw a particularly strong final quarter of 2025.
Spain.- Codere Online wrapped up 2025 with encouraging revenue growth. The operator posted a 6 per cent rise in annual revenue, climbing from €212m to €224m. Fourth-quarter results were particularly robust, with revenue up 15 per cent to €60.7m, supported by a 20 per cent surge in active users.
Financial results underscore Mexico’s importance. Revenue from the country rose 12 per cent year-on-year to €119.1m, while Q4 revenue jumped 31 per cent to €32.8m. Mexico is likely to remain a major focus for the Spain and Latin America-focusing operator in 2026 with the country co-hosting the FIFA World Cup.
Chief Executive Officer Aviv Sher, who took the helm in 2023, noted: “In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company’s history. This increase was mostly driven by Mexico, where our net gaming revenue grew 31 per cent on the back of a 43 per cent increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”
Despite its gains, Codere felt the financial strain of higher taxes, especially in Mexico and Colombia. Mexico’s gaming tax hike from 30 to 50 per cent entered effect from January last year, while Colombia introduced a 19 per cent VAT on online deposits between February and December 2025. The company paused investment in Colombia as a result of tax measures.
Codere Online’s adjusted EBITDA for Q4 was up 71 per cent to €6.7m. However, the company reported a net loss of €1.8m for 2025, reversing the €3.9m net income achieved in 2024.
For 2026, it projects net gaming revenue of €235m–€245m and adjusted EBITDA of €15m–€20m.
Chief Financial Officer Marcus Arildsson commented: “Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7m in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year. As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245m range and Adj. EBITDA between €15 and 20m.”
