Growth in Q2 2025 Revenue for Codere Online Despite Challenges Posed by Currency Fluctuations
Codere Online Reports Q2 Results, Mexico Remains Strongest Market
Codere Online, the online gaming company, has reported its Q2 2025 results, showing a modest revenue growth but increased losses. The company's strongest market remains Mexico, contributing €29 million in net gaming revenue, a 3% year-on-year (YoY) increase.
The company's total net gaming revenue for Q2 2025 was €54.8 million, a 1% YoY increase (12% increase on a constant currency basis). Total revenue slightly declined by 1% to €51.4 million, partially affected by the Mexican peso devaluation.
Mexico's performance was particularly noteworthy, with a significant 36% growth in monthly active players. This growth reinforces the country's strategic importance to the company's operations. In local currency terms, the growth in Mexico was more robust at 23%, despite the Mexican peso's 19% devaluation.
However, the company recorded a net loss of €3.1 million in the first half of 2025, compared to a minimal loss of €0.2 million in H1 2024. This increase in losses is primarily attributed to adverse exchange rate impacts.
In contrast, the "Other" segment, which includes Colombia, Panama, and Argentina, saw a 16% decline in net gaming revenue and a 35% decrease in active users.
Codere Online reiterated its 2025 guidance, maintaining a net gaming revenue outlook of €220m-€230m and an adjusted EBITDA target between €10m-€15m. The company continued its share buyback program, repurchasing $0.7 million of shares by end of July 2025.
The share buyback program permits up to 1 million ordinary shares to be bought back and remains in effect until March 2026. Oscar Iglesias, Codere Online's CFO, stated that the company saw strong underlying trends in Mexico, where net gaming revenue grew by 23% in local currency.
Despite the growth in Mexico, average monthly active users in Spain dropped by 3%, potentially indicating challenges in user retention or market saturation. Nasdaq confirmed that Codere Online had regained compliance with listing standards, ending the threat of delisting and ensuring continued trading on the Nasdaq Capital Market.
In terms of financials, the company's adjusted EBITDA reached €4.1m for the first half of the year, up from €3.0m in H1 2024. However, this increase was partially offset by a €3 million foreign exchange loss in H1 2025, compared to a €4.8 million gain from exchange rate movements in H1 2024.
[1] Codere Online Q2 2025 Earnings Release [2] Codere Online Q2 2025 Earnings Presentation [5] Codere Online H1 2024 Earnings Release
- Codere Online's mobile casino and investing activities, a significant part of its gaming business, experienced a setback due to increased losses in Q2 2025, despite the growth in Mexico.
- In the realm of finance and business, Codere Online has allotted resources for the repurchase of up to 1 million ordinary shares, as part of its share buyback program, which is set to continue until March 2026.
- The gaming sector compliance remains crucial for Codere Online, as Nasdaq confirmed the company had regained compliance with listing standards, thereby averting delisting and ensuring continued trading on the Nasdaq Capital Market.
