Codere Online, a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the quarter and year ended December 31, 2025.
The Company delivered a strong set of results, with record net gaming revenue of €224.1 million and Adj. EBITDA of €13.8 million for FY 2025.
- Total revenue was €57.1 mm in Q4 2025, while net gaming revenue was €60.7 mm, 15% above Q4 2024.
- Mexico revenue was €29.4 mm in Q4 2025, while net gaming revenue was €32.8 mm, 31% above Q4 2024.
- Adj. EBITDA reached €6.7 mm in Q4 2025, €4.8 mm above Q4 2024.
- Net loss was €1.8 mm in 2025 versus a net income of €3.9 mm in 2024.
- Total cash position of €50.0 mm and no financial debt as of December 31, 2025.
- Outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA of €15-20 mm.
- 391 thousand repurchased shares for an aggregate amount of $2.7 mm under the Company’s share buyback plan through February 25, 2026.
Below are the main financial and operating metrics of the period.
Aviv Sher, Chief Executive Officer of Codere Online, commented:
In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the Company’s history.” This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.
Marcus Arildsson, CFO of Codere Online, commented:
Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7 mm in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year. As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245 million range and Adj. EBITDA between €15 and 20 million.
Recent Events
Board Appointments
- On December 1, 2025, Mr. Oscar Iglesias, who previously served as the Company’s Chief Financial Officer, was appointed as member of the Company’s board of directors (the “Board”).
- On December 9, 2025, Mr. Gaëtan Dumont was appointed as member of the Board.
Colombia License Renewal
- On November 13, 2025, the Company renewed its online gaming license in Colombia for a period of 5 years.
- The current license will expire in November 2030.
Changes in Gaming Taxes
- Effective January 1, 2026, the statutory excise tax rate applicable to gaming in Mexico (“IEPS”) was increased from 30 to 50%.
- The value added (i.e. indirect) tax of 19% on all online deposits introduced through executive decree in Colombia in February 2025 expired on December 31, 2025.
Repurchases Under the Share Buyback Plan
- The Company has repurchased 391 thousand shares for an aggregate amount of $2.7 million under its authorized share buyback plan through February 25, 2026.
- The plan has an authorized total investment of $7.5 million or up to 1 million shares and expires on December 31, 2026.
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 26, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)
