Codere Online announced its financial results for the first half of 2025, with Net Gaming Revenue (NGR) reaching 111.8 million euros, a 4% increase year-over-year; of which, the revenue for the second quarter was 54.8 million euros, up 1% year-over-year. Mexico continues to be the biggest driver of growth for the company, contributing more than half of the revenue.
In the second quarter of 2025, Codere's adjusted EBITDA was 2.3 million euros, approximately 1 million euros higher than the same period last year; net losses decreased by 42.6%, narrowing to 2.4 million euros. The Mexican market performed exceptionally well, with a second-quarter NGR of 28.2 million euros, up 3% year-over-year; Spain followed closely with 22.1 million euros, up 1% year-over-year.
The overall data for the first half of the year also showed robust growth: revenue in the Mexican market increased by 9% year-over-year to 59.5 million euros, while the Spanish market remained steady at 44 million euros. Adjusted EBITDA reached 4.1 million euros, a significant increase of 30.9% year-over-year, but net losses widened to 3.1 million euros.
This year, Codere has been very active: not only establishing a partnership with Greentube in Spain but also regaining NASDAQ compliance and appointing AG Burnett as the new chairman of the Compliance Committee.
Codere Online CEO Aviv Sher stated: "Despite facing exchange rate pressures, we still achieved strong growth in Mexico, with a 36% increase in active users year-over-year." CFO Oscar Iglesias added: "We remain confident in achieving our full-year revenue target of 220 to 230 million euros, with an expected adjusted EBITDA of 10 to 15 million euros."
