The Nasdaq-listed betting group reported net gaming revenue (NGR) of €57 million for Q1 2025, an 8% increase year-on-year from €53 million.
Codere Online has reaffirmed its 2025 financial guidance following a strong first-quarter performance, buoyed by continued growth in Mexico and a stable showing in Spain.
The Nasdaq-listed betting group reported net gaming revenue (NGR) of €57 million for Q1 2025, an 8% increase year-on-year from €53 million. Growth was largely driven by Latin America, despite foreign exchange headwinds impacting results.
Mexico remains Codere Online’s strongest market, with NGR rising 15% to €30.5 million — or 34% on a constant currency basis. The number of monthly active players in Mexico grew 31% to 82,000, underlining sustained success in player acquisition and engagement.
CEO Aviv Sher commented:
“We are off to a good start in 2025. In Mexico, net gaming revenue grew 15% to €30.5m despite the 16% devaluation of the Mexican peso.”
In Europe, Spain generated €21.9 million in NGR, a slight dip from €22.3 million in Q1 2024. However, with 52,000 monthly active players, the company continues to demonstrate a resilient performance in its key European market.
Despite a reported net loss of €700,000 — compared to a €3.4 million net profit in the same period last year — Codere Online posted improved operational efficiency. Adjusted EBITDA grew to €1.8 million, up from €1.7 million, and the company ended the quarter with a strengthened cash position of €42 million.
Codere Online also confirmed it had repurchased $0.5 million in shares under its $5 million buyback programme, reinforcing confidence in its long-term strategy.
CFO Oscar Iglesias added:
“We are very pleased with our performance in Mexico and the underlying trends in local currency. We believe we are on track to meet our targets for the year.”
Codere Online continues to target full-year NGR between €220 million and €230 million, alongside an adjusted EBITDA of €10 million to €15 million. The company also reiterated its commitment to remaining compliant with Nasdaq listing standards, despite ongoing delays in annual reporting from certain regulatory bodies.
With Latin America fuelling its momentum and its European base remaining steady, Codere Online is well-positioned to achieve its 2025 objectives.