Codere Online has reported its Q2 2025 figures, showing a small year-on-year lift in net gaming revenue. The total came in at €54.8m, with Mexico again proving to be the key growth engine. The Codere Online Q2 results confirm the full-year outlook remains unchanged.

  • Net gaming revenue hit €54.8m in Q2 2025, edging up 1% compared with Q2 2024, or 12% when adjusted for currency movements. Full-year guidance remains at €220–230m in net gaming revenue, alongside adjusted EBITDA expectations of €10–15m.

  • Mexico delivered €29m in net gaming revenue, up 3% year-on-year, or 23% in constant currency. Average monthly active players in the country rose 36% to around 84,600. CEO Aviv Sher said the growth came “despite a 19% devaluation of the Mexican peso.”

  • Spain recorded €22.1m in net gaming revenue, roughly in line with last year. Active player numbers slipped 3% to just under 50,000. Market conditions are described as steady, though competitive.

  • The “Other” markets segment, covering Colombia, Argentina and Panama, posted €3.7m in net gaming revenue, down 16% from Q2 2024. Active users fell 35%, with regulatory and economic challenges weighing on performance.

  • Total revenue for the quarter stood at €51.4m. The H1 net loss came in at €3.1m, compared with a €0.2m loss a year earlier. Exchange rate impacts accounted for most of the difference, swinging from a €4.8m gain in H1 2024 to a €3m loss in H1 2025.

  • Adjusted EBITDA in Q2 reached €2.3m, compared with €1.3m last year. For H1, adjusted EBITDA was €4.1m. CFO Oscar Iglesias said these numbers support maintaining the 2025 outlook.

  • Cash stood at €45.2m as of June 30, 2025. The company repurchased $0.7m worth of shares under its $5m buyback programme at an average price of $6.89 per share.

  • Codere Online regained compliance with Nasdaq listing requirements in June after filing its 2024 annual report. Its shares continue to trade on the Nasdaq Capital Market.

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