Codere Online announced its financial results for the fiscal year 2025, with a record Net Gaming Revenue (NGR) of 224.1 million euros, up 6% year-over-year. The Mexican market continued to be the main engine of growth, with annual NGR soaring 12% and the average monthly active players increasing 38% to 88,700. Simply put, Mexican players have supported half the sky. Adjusted EBITDA doubled to 13.8 million euros, but the company still recorded a net loss of 1.8 million euros (compared to a net profit of 3.9 million in 2024). Want to know the latest trends in the Latin American gambling market? PASA's official website continues to track regional giants' financial reports.
First, Annual Performance: Mexico Leads, Spain Grows Steadily
Core data for fiscal year 2025:
Total NGR: 224.1 million euros (+6%)
Mexico: 133.6 million euros (+12%), average monthly active players 88,700 (+38%)
Spain: 90.5 million euros (+3%)
Other markets (Colombia, Panama, Argentina): down 18%
Adjusted EBITDA: 13.8 million euros (6.4 million in 2024)
Net loss: 1.8 million euros (net profit of 3.9 million in 2024)
The company achieved its 2025 guidance (NGR 220-230 million euros, adjusted EBITDA 10-15 million) and raised its 2026 targets to NGR 235-245 million euros, adjusted EBITDA 15-20 million.
Second, Q4 Explosion: Active Players Exceed 100,000, Warm-Up Before the World Cup
The fourth quarter NGR reached 60.7 million euros, up 15% year-over-year, setting a new historical quarterly high. Mexico contributed 32.8 million, up 31% year-over-year. In December, Mexican active players exceeded 100,000 for the first time, CEO Aviv Sher stated, this lays a solid foundation for the upcoming World Cup to be held in Mexico.
Q4 adjusted EBITDA was 6.7 million euros, up 4.8 million year-over-year, helping the company achieve the upper limit of its 2025 guidance.
Third, Regulatory Maze: Tax Rate Raised to 50%, Framework Reform Stalled
Despite strong market performance, the regulatory environment in Mexico remains uncertain. The current gambling regulations have been in use for about 80 years, and although reform is expected to progress this year, time is tight before the World Cup. Mexico recently raised the gambling tax rate to 50%, Sher believes this is a short-term solution, especially as the government is busy dealing with cartel violence.
"Regarding the federal regulatory framework, unfortunately, there is no new news. The government currently has no time to advance legislation, and the dialogue is a bit stuck. They choose to raise taxes first, at least as a short-term solution," Sher candidly stated during an investor call.
————
This article is from "PASA-Global iGaming Leader" gambling industry news channel:https://t.me/pasa_news
Original in-depth gambling channel:https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
