Codere Online reports slight revenue growth despite currency challenges in Q2 2025

• Codere Online’s net gaming revenue rises 1% year-on-year to €54.8 million in Q2 2025.
• Mexico operations show 3% revenue growth, with a 36% increase in active customers.
• Company reiterates full-year net gaming revenue guidance of €220-230 million.

Codere Online, the online gaming operator active in Spain and Latin America, reports a 1% increase in net gaming revenue to €54.8 million for the second quarter ended June 30, 2025. Despite currency headwinds, particularly a 19% devaluation of the Mexican peso, the company delivered growth mainly driven by its Mexican market.

Revenue from Mexico rose to €29.0 million in Q2 2025, up 3% compared to the same period last year, supported by a substantial 36% increase in average monthly active players. In Spain, net gaming revenue held steady at €22.1 million, while other markets declined by 16% to €3.7 million.

Codere Online’s total cash position stood at €45.2 million as of June 30, 2025. The company also repurchased $0.7 million of shares under its $5 million buyback plan through July 30, 2025. For the first half of 2025, Codere reported a net loss of €3.1 million, largely impacted by exchange rate effects.

Aviv Sher, CEO of Codere Online, said, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, added, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Codere Online remains listed on the Nasdaq Capital Market after regaining compliance with listing requirements earlier this year. The company is scheduled to host a conference call to discuss its financial results on July 31, 2025.

Read the full report here.