Codere Online’s Q3 Financial Results: Challenges in Mexico Affect Overall Performance
Overview of Codere Online’s Third Quarter Performance
Codere Online, a prominent gaming operator focused on the Spanish and Latin American markets, has disclosed its unaudited financial outcomes for the third quarter. After a period of notable growth earlier in the year, the company reported steady results while achieving a substantial reduction in net losses.
Financial Highlights and Regional Performance
In the third quarter, Codere Online generated net gaming revenue of EUR 51.6 million (approximately $59.9 million), maintaining a level similar to the same period last year. The Spanish market contributed positively with a 5% increase, reaching EUR 22 million ($25.5 million). Conversely, Mexico’s net gaming revenue remained stable at EUR 26.8 million ($31.1 million), while the revenue from other regions declined sharply by 32% to EUR 2.8 million ($3.3 million), which offset some of the gains.
Looking at the year-to-date figures, the company posted net gaming revenue of EUR 163.4 million ($189.5 million), marking a 3% increase compared to the previous year. Codere Online also improved its financial standing by reducing net losses to EUR 1.7 million ($2 million) from EUR 3 million ($3.5 million) in the prior year period.
As of the end of September 2025, the operator held cash reserves totaling EUR 48.3 million ($56 million).
The company reaffirmed its full-year 2025 forecasts, anticipating net gaming revenue between EUR 220 million and EUR 230 million ($255.2–$266.8 million) and adjusted EBITDA ranging from EUR 10 million to EUR 15 million ($11.6–$17.4 million).
Share Buyback and Leadership Changes
In recent developments, Codere Online repurchased shares worth $1.7 million as part of its $7.5 million share buyback program. The company plans to seek shareholder approval to extend this buyback period from March 3, 2026, to December 31, 2026.
Following the third quarter, the company appointed Marcus Arildsson, an experienced finance professional, as the new chief financial officer. He will replace Oscar Iglesias, who is set to join the board of directors.
Positive Outlook for the Fourth Quarter
Codere Online’s CEO, Aviv Sher, expressed satisfaction with the company’s portfolio expansion, highlighting an 11% growth in average monthly active players to 159.2 million. Notably, despite financial challenges in Mexico, active customers there increased by 39% to 88.3 million.
Oscar Iglesias, the outgoing CFO, acknowledged the difficulties faced in Q3 but remained optimistic about the final quarter of the year. He stated that although various headwinds impacted net gaming revenue in Q3, the fourth quarter has started strongly in both Mexico and Spain. The management expects to achieve the previously set financial targets for net gaming revenue and adjusted EBITDA for the year.
