Codere Online sees strong growth in Mexico, driving 12% revenue increase in Q2 2025
The figures equate to 12% constant currency revenue growth despite 19% Mexican peso depreciation while maintaining full-year guidance.
Key Points
- The report shows net gaming revenue reached €54.8m in Q2 2025, up 1% year-over-year
- In Mexico, there was a 23% local currency growth and 36% increase in active players despite peso depreciation
- The company reaffirms its full-year outlook of €220-230m net gaming revenue and €10-15m adjusted EBITDA
Codere Online has reported mixed financial results for the second quarter of 2025, with net gaming revenue of €54.8m representing a 1% increase over the prior year period, though this translates to a 12% growth in constant currency terms.
The company reported total revenue of €51.4m in Q2 2025, with results impacted by foreign exchange pressures, most notably a 19% depreciation of the Mexican peso against the euro. It maintained a stable presence in the Spanish and LatAm online gaming markets.
Mexico generated €26.3m in revenue and €29.0m in net gaming revenue throughout the quarter. This represented a 3% increase in euro terms and 23% growth when measured in constant currency, showcasing the strength of the company’s Mexican operations.
Oscar Iglesias, CFO of Codere Online, commented, “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 €220-230m and Adj. EBITDA outlook of €10-15m that we shared earlier this year.”
Regarding customers, average monthly active players reached 155,100 in Q2 2025, representing a 7% increase from the prior year period. Mexico led this growth with a 36% increase in average monthly active players to 84,600.
Spain’s customer metrics went down by 3% year-over-year with 49,700 average monthly active players, while other markets saw a more pronounced 35% decline to 20,800 players.
The company reported a net loss of €3.1m for the first half of 2025, compared to a net loss of €0.2m for the prior year period. Management attributed this primarily to exchange rate impacts, with currency losses of €3.0m in H1 2025.
Despite these, Codere Online maintained €45.2mm in total cash as of June 30, 2025.
Good to know: On June 2, the company filed its 2024 annual report. On June 6, Nasdaq confirmed it had regained compliance with listing requirements, ensuring the Company’s continued trading on the Nasdaq Capital Market
The company reaffirmed its 2025 net gaming revenue projection of €220–230m and its adjusted EBITDA guidance of €10–15m.
Also, in recent news from the company, Codere Online has repurchased $0.7m worth of its shares at an average price of $6.89 per share under its authorized $5.0m share buyback plan through July 30, 2025.
This plan, approved by shareholders, allows the operator to buy back up to 1m ordinary shares and is set to expire on March 3, 2026.
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