Codere Online has released its financial report for the second quarter and first half of 2025, revealing steady growth and a significant reduction in net loss.
The operator posted a net gaming revenue (NGR) of €54.8 million for Q2, a 1% year-on-year increase. This contributed to a total H1 2025 NGR of €111.8 million, representing a 4% rise compared to the first half of the previous year. Mexico was a standout performer and the company’s primary market, driving revenue growth in both periods.
During the second quarter, Codere Online’s adjusted EBITDA reached €2.3 million, an increase of €1 million compared to Q2 2024.
The company also made significant progress in managing its finances, reducing its net loss by an impressive 42.6% year-over-year to just €2.4 million for the quarter. The Mexican market was the main engine of this performance, contributing €28.2 million in NGR during Q2, up 3% from the prior year.
The Spanish market followed with a Q2 NGR of €22.1 million, also up 1%. The company’s focus on Mexico was further evident in its H1 results, where the market accounted for €59.5 million of the total revenue, a 9% year-on-year increase.
In his comments on the results, Codere Online CEO Aviv Sher highlighted the company’s success in Mexico, noting that the revenue growth was achieved despite a 19% devaluation of the Mexican peso.
He also pointed to an “impressive 36% growth” in the portfolio of active customers in the country compared to Q2 2024. CFO Oscar Iglesias added that in local currency, Mexico’s NGR grew by 23%, demonstrating strong underlying trends.
Despite some remaining challenges, the company remains confident in its full-year outlook, expecting to meet its NGR guidance of €220-230 million.
The positive financial report follows a busy first half of the year for Codere, during which it regained its Nasdaq compliance, announced a new partnership with Greentube in Spain, and appointed A.G. Burnett as the Chairman of its Compliance Committee.
