Codere Online reported record net gaming revenue of €224.1m for 2025 and an adjusted EBITDA of €13.8m. The result reflects stronger performance in Mexico, which brings optimism ahead of the World Cup 2026.
Fourth quarter net gaming revenue reached €60.7m, representing a 15% increase year-over-year and the highest quarterly figure in the company’s history. Growth during the period was driven by Mexico, which generated €32.8m in net gaming revenue for the quarter.
For the full year, Mexico contributed €119.1m in net gaming revenue, an increase of 12% from 2024. The market accounted for more than half of the group’s annual total.
Mexico drives player growth ahead of World Cup
Average monthly active players in Mexico rose 43% during Q4. The company recorded 100,000 active players in December, a new high for the market.
Aviv Sher, CEO of Codere Online, said: “In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company’s history. This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country.
“In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”
The momentum in Mexico strategically positions Codere ahead of this summer’s FIFA World Cup.
Spain growth offsets weakness elsewhere
Spain generated €24.5m in net gaming revenue during the fourth quarter, a 7% increase year-on-year. Other segments declined 26% to €3.5m in the same period.
Adjusted EBITDA for Q4 came in at €6.7m, an improvement of €4.8m compared with the prior year period. The company ended the year with a net loss of €1.8m, compared with net income of €3.9m in 2024.
Marcus Arildsson, CFO of Codere Online, said: “As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245m range and adjusted EBITDA between €15m and 20m.”
Balance sheet strength and regulatory updates
Codere Online closed the year with €50m in cash and no financial debt on its balance sheet. The company also renewed its Colombian online gaming licence for five years, extending it through November 2030.
In Mexico, a gaming excise tax increase took effect on 1 January 2026, rising from 30% to 50%. During the year, the company repurchased 391,000 shares for $2.7m under its existing buyback programme.
The plan authorises up to $7.5m in repurchases through the end of 2026.
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