Codere Online closed 2025 with record net gaming revenue of €224.1m ($264.7m) and an adjusted EBITDA of €13.8m, driven primarily by an acceleration in its Mexican operations that management says positions the company ahead of this summer's FIFA World Cup.
In the fourth quarter alone, net gaming revenue reached €60.7m, up 15% year-over-year and the highest quarterly figure in the company's history. Mexico was the engine behind that growth, with net gaming revenue climbing 31% to €32.8m on the back of a 43% surge in average monthly active players, which hit a record 100,000 in December. For the full year, Mexico generated net gaming revenue of €119.1m, a 12% increase over 2024.
Aviv Sher, CEO of Codere Online, said: "In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company's history. This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country.
"In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer."
Spain contributed €24.5m in net gaming revenue for Q4, up 7%, while other segments contracted 26% to €3.5m in the same period. On the profitability side, adjusted EBITDA for Q4 came in at €6.7m, €4.8m above Q4 2024. For the full year, the company posted a net loss of €1.8m, compared to net income of €3.9m in 2024.
Marcus Arildsson, CFO of Codere Online, said: "As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245m range and adjusted EBITDA between €15m and 20m."
The company closed December 31, 2025 with a cash position of €50m and no financial debt. On the regulatory front, Codere renewed its Colombia online gaming license for five years through November 2030, though Mexico's excise tax on gaming rose from 30% to 50% effective January 1, 2026.
The company has also repurchased 391,000 shares for $2.7m under its buyback plan, which carries a $7.5m authorization through year-end 2026.
Codere Online has recently launched a dedicated poker app in Mexico via Playtech
