Codere Online posts modest revenue growth in Q2 despite currency headwinds

Codere Online has reported preliminary unaudited financial results for the second quarter of 2025, showing total revenue of €51.4 million and net gaming revenue of €54.8 million, up 1% year on year, or 12% in constant currency terms.

The Madrid and Tel Aviv-based operator, listed on Nasdaq under CDRO and CDROW, said Mexico remained its strongest performing market. Revenue there reached €26.3 million and net gaming revenue €29.0 million, a 3% increase on Q2 2024, or 23% at constant currency, despite a 19% devaluation of the Mexican peso during the period.

Half-year loss widens

For the first half of 2025, Codere Online reported a net loss of €3.1 million, compared with a €0.2 million loss in H1 2024. The company attributed the wider loss mainly to foreign exchange effects, which resulted in a €3.0 million loss in H1 2025 versus a €4.8 million gain in the same period last year. Total cash stood at €45.2 million as of 30 June 2025.

The company reiterated its full-year 2025 outlook, targeting net gaming revenue of between €220 million and €230 million and adjusted EBITDA of €10 million to €15 million.

CEO Aviv Sher said net gaming revenue had grown slightly year on year despite market headwinds, highlighting that active customer numbers in Mexico rose 36% compared with Q2 2024. CFO Oscar Iglesias said underlying trends in Mexico remained strong, with local currency net gaming revenue up 23%, and said the company still expected to meet its full-year guidance despite ongoing challenges.

Nasdaq compliance and buyback

Codere Online confirmed it has regained compliance with Nasdaq listing requirements after filing its 2024 annual report on 2 June, with Nasdaq confirming compliance on 6 June. The company said its securities would continue to trade on the Nasdaq Capital Market and were no longer subject to a delisting process.

Separately, the company said it had repurchased $0.7 million worth of its own shares at an average price of $6.89 per share, as part of a $5.0 million share buyback plan authorised by shareholders. The scheme allows for the repurchase of up to one million ordinary shares and is set to expire on 3 March 2026.

Codere Online operates online sports betting and casino products across Spain, Mexico, Colombia, Panama and Argentina, complementing the wider Codere Group’s land-based presence across Europe and Latin America.