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31 July 2025 – Codere Online (Nasdaq: CDRO / CDROW) has reported €54.8 million in net gaming revenue for Q2 2025, a 1% year-on-year increase and 12% rise in constant currency terms. Total reported revenue was €51.4 million for the quarter.
Mexico remained the company’s top-performing market, generating €26.3 million in total revenue and €29.0 million in net gaming revenue, up 3% year-on-year or 23% in local currency. The region also recorded 84,600 average monthly active players, a 36% increase from Q2 2024. Spain contributed €22.1 million, with no significant change from the previous year, while other markets fell 16% to €3.7 million.
For the first half of 2025, Codere Online posted €111.8 million in net gaming revenue, up 4% from H1 2024. However, the company reported a net loss of €3.1 million, compared to a €0.2 million loss in H1 2024, mainly due to foreign exchange impacts. Cash and equivalents stood at €45.2 million as of 30 June 2025.
Aviv Sher, CEO, 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, 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.”
The company also confirmed that it repurchased $0.7 million in shares at an average price of $6.89 under its $5.0 million share buyback plan, which allows for up to 1 million ordinary shares to be repurchased until 3 March 2026.
On 6 June 2025, Codere Online received notice from Nasdaq that it had regained full compliance with listing requirements, following the submission of its 2024 annual report.
![Net Income to Adj. EBITDA reconciliation – Q2 + H1]](https://www.igamingtoday.com/wp-content/uploads/2025/07/image004-1.png)
Management will host a conference call and webcast at 8:30am ET on 31 July 2025. Access details and a replay are available at www.codereonline.com.
