Codere Online has announced its third quarter 2025 financial results, reporting net gaming revenue of €51.6m ($59.8m), remaining flat compared to the same period in 2024.
The online gaming operator, which focuses on Spain and Latin America, achieved total revenue of €47.7m during the quarter.
The company's Mexican operations generated €26.8m in net gaming revenue for Q3, matching the previous year's figures despite facing a 5% devaluation of the Mexican peso. CEO Aviv Sher noted that results were also impacted by lower sports betting margins due to customer-friendly outcomes in September.
However, the company demonstrated significant growth in customer engagement, with average monthly active players in Mexico increasing by 39% year-over-year to 88,300.
In Spain, Codere's second-largest market, net gaming revenue grew 5% to €22m, while average monthly active players rose 4% to 50,200.
The company's other markets experienced a 32% decline in net gaming revenue to €2.8m.
For the nine-month period ending 30 September 2025, Codere reported a net loss of €1.7m, representing an improvement from the €3m loss recorded during the same period in 2024. The company maintained a cash position of €48.3m as of quarter-end.
Commenting on the results, Codere Online CFO Oscar Iglesias stated: "While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230m and Adjusted EBITDA outlook of €10-15m that we shared earlier this year."
Earlier today, the company also confirmed recent changes to its leadership team, with the board appointing Marcus Arildsson as Chief Financial Officer. Arildsson replaces Oscar Iglesias, who is expected to join the board.
Codere Online has additionally repurchased $1.7m worth of shares since the launch of its buyback programme, which has been increased from $5m to $7.5m and may be extended through the end of 2026
