Codere Online began the third quarter of 2025 with consistent revenue figures, maintaining a strong foothold in its key markets and reaffirming its financial outlook for the year. The company recorded total revenue of 47.7 million euros and net gaming revenue of 51.6 million euros for the quarter. These figures closely mirrored last year’s results, bolstered by growth in strategic markets such as Mexico and Spain. On a constant currency basis, net gaming revenue saw a 3 percent increase, providing a subtle, yet positive momentum as the company looks to close out the year.
Steady Performance in Core Markets
The stability in Codere Online’s quarterly performance was largely driven by its operations in Mexico and Spain. In Mexico, the company achieved net gaming revenue of 26.8 million euros, maintaining last year’s level despite a challenging 5 percent devaluation of the peso and a lower sports betting margin in September. Spain contributed 22 million euros, reflecting a 5 percent year-on-year growth. Other markets, however, saw a decline, generating only 2.8 million euros, a significant 32 percent decrease.
Here’s a detailed view of Q3 2025 performance:
– Mexico: 26.8 million euros (flat, with a 5 percent growth on a constant currency basis)
– Spain: 22.0 million euros (5 percent increase)
– Other markets: 2.8 million euros (32 percent decrease)
– Total: 51.6 million euros (consistent with last year)
During the first nine months of 2025, Codere Online reported a net gaming revenue of 163.4 million euros, compared to 159.1 million euros in the same period the previous year.
Increase in Customer Activity in Mexico and Spain
An increase in active customers in Mexico and Spain helped the company navigate currency fluctuations and reduced margins. Codere Online reported an average of 159,000 monthly active players in Q3, marking an 11 percent rise from the previous year. Breaking it down by market:
– Mexico saw 88,000 active users, a significant 39 percent increase.
– Spain experienced a 4 percent rise in active users.
The growing customer base provided a solid platform to counterbalance challenges like currency movements and the lower sports betting margins noted in September. CEO Aviv Sher expressed confidence in this expansion, suggesting it provides a robust foundation as the company heads into the final quarter.
Financial Position and Losses
Codere Online’s financial health showed improvement, with the company reporting a net loss of 1.7 million euros for the first nine months of 2025. This marks an improvement from the 3 million euro loss recorded during the same period last year. As of September 30, the company held cash reserves of 48.3 million euros, offering financial flexibility to meet its full-year targets.
The company’s leadership reaffirmed the financial guidance for 2025, forecasting:
– Net gaming revenue of between 220 million and 230 million euros.
– Adjusted EBITDA projected between 10 million and 15 million euros.
Both CEO Aviv Sher and CFO Oscar Iglesias expressed optimism, noting that early Q4 performance in Mexico and Spain was strong enough to support these projections.
Strategic Updates and Leadership Changes
Codere Online continued to refine its leadership and capital strategies. Marcus Arildsson was appointed as the new Chief Financial Officer, while his predecessor Oscar Iglesias was nominated to join the Board of Directors, pending approval at the Extraordinary General Meeting scheduled for December 1.
The company also expanded its share buyback program, increasing the allocation from 5 million dollars to 7.5 million dollars, with a proposed extension of the program’s expiry from March 2026 to December 2026.
These developments, along with a broader business update, were set to be discussed during a conference call on November 17.
Outlook Towards Year-End
With stable revenues, an expanding customer base, and confidence in its targets, Codere Online enters Q4 in a strong position. Although Q3 did not present drastic changes in performance, it provided the steady results needed as the company approaches the year-end. The growth observed in Mexico and Spain, along with improved losses and a solid cash position, poses the significant question of whether Codere Online can maintain its momentum and meet the guidance set for 2025.
A second perspective from industry analysts suggests that while Codere Online’s performance is commendable, the dip in other markets could be a point of concern if not addressed. This viewpoint highlights the importance of diversifying growth strategies to mitigate any regional weaknesses. Nonetheless, the company’s strategic adjustments and robust customer base indicate a readiness to tackle upcoming challenges as it advances towards its financial goals for the year.
Sarah Thompson is a seasoned writer specializing in casino gaming and online gambling. With over a decade of experience in the industry, Sarah brings in-depth knowledge and a keen eye for detail to her work at CasinoNoDeposits.com. Her expertise lies in uncovering the latest no deposit bonuses and providing comprehensive reviews of online casinos. Passionate about helping players maximize their gaming experience, Sarah combines her analytical skills with a flair for engaging storytelling.
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