Codere Online Luxembourg, S.A. released its preliminary unaudited financial results for the first quarter ended March 31, 2025, on May 16, 2025. The company reported net gaming revenue (NGR) of €57.0 million, an 8% increase compared to the same period last year.
Mexico was a key growth driver, with NGR increasing 15% to €30.5 million, despite a 16% devaluation of the Mexican peso. The company also saw an impressive 31% year-over-year growth in its portfolio of active customers, indicating successful engagement strategies.
Based on these results, Codere Online reaffirmed its 2025 guidance, expecting net gaming revenue between €220 million and €230 million and Adjusted EBITDA in the range of €10 million to €15 million. This reiteration signals management's confidence in its operational trajectory.
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