Codere Online reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2024, on February 20, 2025. Net gaming revenue (NGR) for Q4 2024 reached €52.6 million, a 5% increase compared to Q4 2023. Full-year 2024 NGR was nearly €212 million, exceeding the midpoint of its initial €185-200 million outlook.
The company achieved positive Adjusted EBITDA for the fourth consecutive quarter, with €1.9 million in Q4 2024. For the full year 2024, Adjusted EBITDA reached €6.4 million, landing at the higher end of its €2.5-7.5 million outlook. Mexico's NGR was flat at €25.1 million in Q4, but would have grown 14% on a constant currency basis, while Spain's NGR rose 10% to €22.8 million.
Codere Online announced a share buyback plan for up to $5.0 million, subject to shareholder approval, reflecting confidence in the business and future cash flow generation. The company also provided its 2025 guidance, projecting net gaming revenue between €220 million and €230 million and Adjusted EBITDA in the range of €10 million to €15 million.
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