URGENT UPDATE: Codere Online, a prominent gaming operator in Spain and Latin America, has just announced its Q3 financial results, revealing a net gaming revenue of EUR 51.6 million ($59.9 million). This performance was primarily stable compared to the previous year, despite facing significant headwinds in Mexico.
The company’s report, published earlier today, indicated a 5% increase in Spain’s net gaming revenue, totaling EUR 22 million ($25.5 million). However, Mexico’s figures stagnated, with net gaming revenue remaining flat at EUR 26.8 million ($31.1 million). The situation worsened in the Other segment, where revenue plummeted by 32% to EUR 2.8 million ($3.3 million), offsetting gains from Spain.
On a year-to-date basis, Codere Online reported a 3% rise in net gaming revenue to EUR 163.4 million ($189.5 million). Importantly, the company noted a reduced net loss of EUR 1.7 million ($2 million) for the year, a significant improvement over the EUR 3 million ($3.5 million) reported during the same period last year. As of September 30, 2025, Codere Online holds EUR 48.3 million ($56 million) in cash, providing a solid financial cushion.
Codere Online also confirmed its forecast for FY 2025, expecting net gaming revenue between EUR 220-230 million ($255.2-$266.8 million) and adjusted EBITDA of EUR 10-15 million ($11.6-17.4 million). The company recently executed a $1.7 million share repurchase under its $7.5 million buyback plan, aiming to extend the plan’s expiration from March 3, 2026 to December 31, 2026.
In a strategic move, Codere Online appointed Marcus Arildsson as its new Chief Financial Officer, succeeding Oscar Iglesias, who will transition to the board of directors. This leadership change signals the company’s commitment to navigating current challenges.
CEO Aviv Sher expressed optimism regarding the company’s growth trajectory, noting an 11% increase in average monthly active players, totaling 159.2 million across all markets. Despite the disappointing financial results in Mexico, active customers surged by 39% to 88.3 million.
Oscar Iglesias acknowledged the obstacles faced in Q3 but remains hopeful for a strong 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 Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”
As Codere Online navigates these challenges, all eyes are on the upcoming months to see if the company can regain momentum in Mexico and fulfill its ambitious revenue targets. The situation remains dynamic, and further updates are expected as developments unfold.
