Codere Online Q3 2025 results show a fairly steady quarter, with headline revenue almost unchanged. . The most noticeable shift came from growing player numbers, led once again by Mexico.

• The company posted EUR 51.6m in net gaming revenue, level with Q3 last year, while reported revenue eased to EUR 47.7m. Spain generated EUR 22.0m, a 5% increase. Mexico contributed EUR 26.8m, flat on a reported basis.

• Customer activity kept climbing, particularly in Mexico. Average monthly actives there rose 39% to 88,300. Spain also inched higher, up 4% to 50,200.

• Over the first nine months of the year, Codere Online reduced its net loss to EUR 1.7m from EUR 3.0m. Adjusted EBITDA moved up to EUR 7.1m from EUR 4.5m. Q3 2025 delivered EUR 2.9m of that total.

• Full-year guidance remains unchanged, with the company still expecting EUR 220m – EUR 230m in net gaming revenue and EUR 10m – EUR 15m in Adjusted EBITDA. Management said early Q4 2024 trading in Spain and Mexico has been encouraging.

• The company has named Marcus Arildsson as its new CFO, with Oscar Iglesias expected to shift to a board role pending shareholder approval. Codere Online also expanded its share buyback to USD 7.5m (ca. EUR 6.5m), having purchased USD 1.7m (ca. EUR 1.5m) so far.

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