UPDATE: Codere Online, a prominent gaming operator in Spain and LATAM, has just released its Q3 financial results, revealing critical insights into its revenue performance. The company faced significant headwinds in Mexico, impacting overall results, but remains optimistic about a rebound in Q4.
In the third quarter, Codere Online reported a net gaming revenue of EUR 51.6 million (approximately $59.9 million), maintaining consistency with the previous year’s figures. Notably, Spain saw a 5% increase in net gaming revenue, totaling EUR 22 million (around $25.5 million). However, the company’s performance in Mexico was stagnant, with net gaming revenue unchanged at EUR 26.8 million (about $31.1 million). The Other segment suffered a significant decline of 32%, dropping to EUR 2.8 million (approximately $3.3 million).
Year-to-date figures show a net gaming revenue of EUR 163.4 million (approximately $189.5 million), reflecting a modest 3% increase year-on-year. Codere Online’s net loss decreased to EUR 1.7 million (around $2 million), a notable improvement from EUR 3 million (approximately $3.5 million) last year. As of September 30, 2025, the company reported cash reserves of EUR 48.3 million (about $56 million).
Codere Online is maintaining its full-year forecast for 2025, anticipating net gaming revenue between EUR 220-230 million (approximately $255.2-$266.8 million) and adjusted EBITDA of EUR 10-15 million (around $11.6-17.4 million).
In a move to bolster its financial positioning, Codere Online executed a stock repurchase of $1.7 million under its $7.5 million buyback program, with plans to seek shareholder approval to extend this program until December 31, 2026.
Recently appointed Chief Financial Officer Marcus Arildsson will succeed Oscar Iglesias, who is transitioning to the board of directors. CEO Aviv Sher expressed optimism about Codere’s growth, highlighting an 11% increase in average monthly active players, totaling 159.2 million. Despite challenges in Mexico, active customer numbers surged by 39%, reaching 88.3 million.
Oscar Iglesias acknowledged the pressures faced in Q3 but remains bullish about the company’s trajectory into the fourth quarter. He stated:
“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 adjusted EBITDA outlook of €10-15 million that we shared earlier this year.”
As Codere Online navigates these challenges, stakeholders and investors alike will be closely monitoring the company’s performance as it aims for a stronger Q4.