Codere Online Delivers Q2 2025 Financial Highlights and Outlook
Codere Online Financial Performance Overview
In the second quarter of 2025, Codere Online reported total revenue of €51.4 million, with net gaming revenue reaching €54.8 million. This figure represents a 1% increase compared to the same quarter in the previous year, amounting to a 12% rise when evaluated in constant currency terms. The company's growth trajectory showcases robust underlying performance, especially in challenging market conditions.
Regional Revenue Contributions
A closer look at the revenues reveals that Mexico accounted for a significant portion, generating €26.3 million in total revenue. The net gaming revenue for the Mexican market stood at €29.0 million, reflecting a 3% increase from Q2 2024, and an impressive 23% growth when adjusted for currency fluctuations. This growth was accompanied by a substantial increase in active customers, which surged by 36% year-on-year.
Financial Losses and Cash Position
Despite the positive revenue figures, Codere Online reported a net loss of €3.1 million for the first half of 2025, compared to a loss of €0.2 million during the same period in 2024. The losses were primarily driven by adverse exchange rate movements, resulting in a €3.0 million loss in H1 2025 compared to a €4.8 million gain in H1 2024.
Future Guidance
Looking ahead, Codere Online has reiterated its net gaming revenue outlook for the full year, expecting between €220 million and €230 million. Moreover, the Adjusted EBITDA outlook is projected to fall between €10 million and €15 million. The company remains optimistic about maintaining its growth trajectory, underpinned by strong operational performance and a growing customer base.
Share Repurchase Program
The management also updated its shareholders on a recent share buyback initiative, having repurchased $0.7 million of its shares as part of a broader $5.0 million buyback plan that began earlier in the year. The buyback program, approved by shareholders, allows for the repurchase of up to 1 million ordinary shares and will remain in effect until March 3, 2026.
Compliance with Nasdaq Requirements
On June 2, Codere Online filed its annual report, and shortly thereafter, Nasdaq confirmed that the company had regained compliance with the necessary listing requirements. This affirmation allows Codere Online's shares to continue trading on the Nasdaq Capital Market without any concerns regarding delisting.
Recent Highlights and Management Perspectives
Aviv Sher, the CEO of Codere Online, highlighted the achievement of €54.8 million in net gaming revenue, positioning the company slightly above last year's figures despite external economic pressures. He noted that the company capitalized on growth opportunities in Mexico, even in the face of a 19% devaluation of the Mexican peso.
Oscar Iglesias, CFO, added insights into the performance dynamics in Mexico, where trends remain favorable. The contributions from local currency performance underscore the resilience and strategic initiatives being implemented within the company.
Additional Company Updates
Codere Online is part of Codere Group, a well-established entity in the entertainment sector, operating extensively across Europe and Latin America. The company has cultivated a robust online gaming presence through a seamless integration of technology in its operations, thereby enhancing customer engagement and satisfaction.
Frequently Asked Questions
What is Codere Online's primary market focus?
Codere Online focuses primarily on the online gaming market, operating notably in Spain and Latin America.
What were Codere Online's net gaming revenues for Q2 2025?
The net gaming revenue for Q2 2025 was reported at €54.8 million.
How has Codere Online's customer base changed in recent times?
The company experienced a 36% increase in active customers in Mexico compared to the same quarter last year.
What future projections does Codere Online have for 2025?
Codere Online anticipates a net gaming revenue between €220 million and €230 million for the year, along with an Adjusted EBITDA outlook of €10 million to €15 million.
What recent steps has Codere Online taken regarding shareholder returns?
Codere Online has initiated a share buyback program, under which it has repurchased $0.7 million of its shares to date.
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