Codere Online has released its 2024 financial results, showing steady growth in net gaming revenue. The company reported €52.6 million in Q4 2024, marking a 5% increase from the same period in 2023. For the full year, net gaming revenue reached €212 million, exceeding initial projections.

• Q4 2024 net gaming revenue stood at €52.6 million, up 5% from Q4 2023. The company reported a net income of €6.8 million, compared to a €4.0 million loss in 2023, driven by operational efficiency.

• Full-year 2024 net gaming revenue reached €212 million, 10% above the midpoint of initial expectations. Adjusted EBITDA totaled €6.4 million, at the higher end of the projected range of €2.5-7.5 million.

• Mexico’s net gaming revenue remained steady at €25.1 million, impacted by currency devaluation. On a constant currency basis, Mexico’s revenue would have grown 14%. Meanwhile, Spain performed well, with 10% growth to €22.8 million.

• Codere Online forecasts 2025 net gaming revenue of €220-230 million, with Adjusted EBITDA of €10-15 million. The company remains confident in its ability to continue growing despite currency challenges.

• A $5.0 million share buyback plan was authorized by the Board of Directors, subject to shareholder approval. The plan allows for repurchasing shares over a one-year period without requiring a specific number of acquisitions.

• Codere Online secured a Nasdaq listing extension after a January 16, 2025, hearing. The company must file its 2023 annual report by May 12, 2025, to maintain compliance and is working to meet the deadline.

• A new 19% tax on online deposits was introduced in Colombia, effective February 21, 2025. Codere Online is evaluating its response and expects legal challenges regarding the tax’s constitutionality.

Find more news here www.ogqnews.com/category/news/ and find the OGQ Data Magazine via www.quarterly.og-q.com