Codere Online delivers stable Q3 revenue while expanding in Mexico and Spain

Codere Online reported a steady set of preliminary unaudited results for the third quarter of 2025, with overall revenue and net gaming revenue in line with last year and a rise in customer activity across its main markets. The online gaming operator, active in Spain and Latin America, published its financial update for the period ended September 30, 2025.

Total revenue for the quarter was €47.7 million ($55.33 million). Net gaming revenue reached €51.6 million ($59.85 million), matching the level recorded in the same quarter of 2024 and rising 3 percent when measured in constant currency.

Mexico remained the company’s largest contributor. Revenue in the country amounted to €24 million ($27.84 million), while net gaming revenue totaled €26.8 million ($31 million). Both figures were flat year on year on a reported basis. 

Codere Online noted that the Mexican peso depreciated by 5% over the period and that September delivered a low sports betting margin due to customer-friendly results. Despite these factors, Codere Online expanded its portfolio of active customers in Mexico by 39% from a year earlier.

In Spain, net gaming revenue increased to €22 million ($25.52 million) from €20.9 million, supported by 4% growth in average monthly active players. Activity declined in the company’s smaller markets, where net gaming revenue fell to €2.8 million ($3.25 million). Across all regions, average monthly active players grew 11% to 159,200 during the quarter.

For the nine-month period, Codere Online reported a net loss of €1.7 million ($1.97 million), an improvement from a €3 million ($3.48 million) loss in the same period of 2024. Net gaming revenue for the first nine months rose to €163.4 million ($189.5 million) from €159.1 million. The company ended September with €48.3 million ($56 million) in cash.

Codere Online reiterated full-year expectations, forecasting net gaming revenue of €220–230 million ($255 –266.8 million) and adjusted EBITDA of €10–15 million ($11.6–17.4 million).

Chief Executive Officer Aviv Sher

Chief Executive Officer Aviv Sher said: "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."

Chief Financial Officer Oscar Iglesias 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."

The company also announced a leadership transition. On November 13, the board appointed Marcus Arildsson as Chief Financial Officer.

Arildsson, who has more than 25 years of international experience in investment banking, equity markets, and corporate finance, assumed the position immediately. Iglesias is expected to join the board following shareholder approval at an Extraordinary General Meeting on December 1.

Codere Online continued activity under its share buyback program, repurchasing $1.7 million worth of shares through November 14. The plan, previously authorized for $5 million, has been increased to $7.5 million.

It currently allows the repurchase of up to one million ordinary shares, and the company will seek shareholder approval to extend the plan’s expiration to December 31, 2026, from March 3, 2026.