Multinational operator Codere Online has closed its 2025 fiscal year with a robust financial performance, characterized by significant profitability gains and a successful operational recovery.
The group reported a Gross Win of €1.357 billion, a 3.2% increase (or 13% at constant currency), proving its resilience against macroeconomic headwinds.
Profitability and Cash Generation
The standout figure of the report was a 26.1% increase in adjusted EBITDA, which reached €225.1 million. Management attributed this surge to improved cost management and high operational efficiency across its core business units. Codere also maintained a stable financial footing, reporting three consecutive quarters of positive cash generation and ending the year with €118.6 million in cash on hand.
Spain, Argentina, and the Omnichannel Model
The group’s performance was anchored by its primary markets:
- Spain: Profitability improved through machine optimization and a focus on higher margin-per-terminal results.
- Argentina: Despite currency volatility, the market delivered strong growth fueled by targeted venue upgrades.
- Online Division: The segment continued its strategic evolution, advancing Codere Online’s omnichannel model, a critical bridge between retail and digital play.
Codere remains highly optimistic about the immediate future, guiding for 5% revenue growth and an 8% EBITDA increase in 2026. The firm is also preparing to unveil its comprehensive 2026–2030 Strategic Plan in the coming weeks, which is expected to outline the next phase of its international expansion.
