Codere Online Q4 Revenue Rises 15% to €60.7m
Codere Online reported total revenue of €57.1m for the fourth quarter of 2025 and net gaming revenue (NGR) of €60.7m, representing a 15% year-on-year increase, according to preliminary unaudited figures. For the full year, NGR reached €224.1m, up 6% compared to 2024.
Mexico remained the primary growth driver. Q4 NGR in the country rose 31% to €32.8m, while Spain generated €24.5m, up 7%. Other markets contributed €3.5m during the quarter, reflecting a 26% decline. On a full-year basis, Mexico delivered €119.1m in NGR, an increase of 12%, and Spain recorded €90.5m, up 3%. Revenue from other markets fell 18% to €14.5m.
Average monthly active players climbed 20% in Q4 to 177,200. Mexico saw a 43% rise to 98,800 active players, while Spain reported 55,600, up 14%. Other markets declined 23%. Across the full year, average monthly active players increased 13% to 163,000.
Adjusted EBITDA for Q4 reached €6.7m, an improvement of €4.8m year-on-year. For 2025 overall, the company posted a net loss of €1.8m, compared with net income of €3.9m in 2024. As of 31 December 2025, Codere Online held €50.0m in cash and reported no financial debt.
Looking ahead, the company expects 2026 NGR to range between €235m and €245m, with adjusted EBITDA projected between €15m and €20m, reflecting ongoing activity in Spain and Latin America.
During the period, Codere Online extended its online gaming licence in Colombia for five additional years, now valid through November 2030. It also referenced regulatory developments in Mexico, where the statutory excise tax on gaming increased from 30% to 50% from 1 January 2026, and in Colombia, where a 19% VAT on online deposits introduced in February 2025 expired at the end of December 2025.
Under its approved share repurchase programme, Codere Online bought back 391,000 shares for $2.7m as of 25 February 2026. The programme allows for repurchases of up to $7.5m or one million shares and runs until 31 December 2026.
CEO Aviv Sher described Q4 2025 as the strongest quarterly performance in the company’s history, highlighting record activity levels in Mexico. CFO Marcus Arildsson noted the EBITDA improvement placed results at the upper end of previously issued 2025 guidance and expressed confidence in continued momentum heading into 2026.
