Mexico drives quarterly growth for Codere Online
Revenue was up by 12 per cent in constant currency.
Spain.- Codere Online has reported revenue of €51.4m for Q2 2025, with net gaming revenue up 1 per cent (and 12 per cent in constant currency) to €54.8m.
Mexico led the charge, contributing €29m in net gaming revenue, a rise of 3 per cent nominal and 23 per cent in constant currency. In Spain, revenue was flat at €21.8m.
The net loss for the first half was €3.1m compared to €0.2m in H1 2024, mainly due to the impact of exchange rates.
The operator maintains its 2025 net gaming revenue outlook of €220-230m and adjusted EBITDA forecast of €10-15m. It noted that it had repurchased $0.7 million of shares under the company’s $5m share buyback plan through July 30, 2025.
CEO Aviv Sher said: “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”
CFO Oscar Iglesias added: “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 €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”
The company confirmed that it had regained compliance with Nasdaq listing rules after the late filing of its 2024 annual report. It received notification in June that its shares would remain listed.
