Codere Online reported third‑quarter 2025 net gaming revenue of €51.6 million, a figure that is essentially flat compared with the same period a year earlier. The company’s revenue mix remained heavily weighted toward online casino, which accounted for 65 % of the group’s net gaming revenue, underscoring the continued importance of that segment to the business.
In Mexico, net gaming revenue held steady at €26.8 million, even as the peso weakened by 5 %. The flat result was largely offset by a 39 % year‑over‑year increase in the portfolio of active customers, a growth that reflects successful acquisition and retention efforts. However, the currency devaluation and a lower sports‑betting margin—driven by customer‑friendly pricing in September—constrained revenue growth in that market.
Chief Financial Officer Oscar Iglesias highlighted that the fourth quarter has begun strongly in both Mexico and Spain and reiterated the company’s full‑year guidance of €220‑€230 million in net gaming revenue and €10‑€15 million in adjusted EBITDA. The guidance, unchanged from earlier in the year, signals management’s confidence that the company can sustain profitability despite the headwinds that tempered revenue in Q3.
Investors responded positively to the results, and Codere Online expanded its share‑buyback program to $7.5 million, repurchasing $1.7 million of shares during the quarter. The company also announced that CFO Oscar Iglesias will step down at the end of 2025 to join the board, with Marcus Arildsson named as the new CFO, a move that reinforces leadership continuity.
The company faces several headwinds, including the ongoing peso devaluation and a potential 50 % increase in Mexico’s gaming tax slated for 2026. Nevertheless, the strong customer‑growth trajectory—particularly the 39 % rise in active players in Mexico—and the company’s focus on expanding its online‑casino offering provide a solid foundation for future revenue generation.
Overall, Codere Online’s flat Q3 revenue, coupled with robust customer growth and a reaffirmed guidance, suggests that the company remains on a stable profitability path while navigating currency and regulatory challenges.
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