Codere Online reports net gaming revenue of €54.8 million in Q2 2025 which is 12% in constant currency terms. However, over Q2 2024, it is just a 1% increase.
Total revenue, excluding adjustments, came in at €51.4 million, slightly below the prior year. The company posted a net loss of €3.1 million for the first half of 2025, primarily because of a €3 million foreign exchange loss. In contrast, H1 2024 had an €4.8 million growth from exchange rate movements.
Oscar Iglesias, CFO at Codere Online, shared in a statement:
“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 €220m-€230m and Adj. EBITDA outlook of €10m-€15m that we shared earlier this year.”
Mexico is Codere’s strongest performing market, adding €29 million in net gaming revenue during Q2, up 3% from last year.
The growth was 23% in local currency, despite the Mexican peso’s 19% devaluation. Monthly active players in Mexico increased 36% year-on-year, supporting the country’s strategic importance to the company’s operations.
Codere Online repeated its 2025 guidance, maintaining a net gaming revenue outlook of €220 million – €230 million and an adjusted EBITDA target between €10 million – €15 million. For the first half of the year, adjusted EBITDA reached €4.1 million, up from €3.0 million in H1 2024.
