Codere Online Q2 2025 results show resilience with strong performance in Mexico, despite FX headwinds and a net loss in H1.
Codere Online (Nasdaq: CDRO, CDROW), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the second quarter of 2025, demonstrating steady performance amid challenging macroeconomic conditions.
Total revenue for the quarter reached €51.4 million, while net gaming revenue (NGR) stood at €54.8 million, representing a 1% increase year-over-year or 12% growth in constant currency. The performance was particularly robust in Mexico, where net gaming revenue rose 3% year-over-year to €29.0 million, translating to a 23% increase in constant currency terms, despite the 19% depreciation of the Mexican peso.
“Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets,” said Aviv Sher, CEO of Codere Online. “In Mexico, we grew our portfolio of active customers by an impressive 36% versus Q2 2024.”
Despite the revenue growth, Codere Online posted a net loss of €3.1 million in H1 2025, compared to a net loss of €0.2 million in H1 2024, largely due to unfavorable foreign exchange impacts. The company recorded a €3.0 million FX loss in H1 2025, in contrast to a €4.8 million gain during the same period in 2024.
Key Metrics:
- Q2 2025 Total Revenue: €51.4 million
- Q2 2025 Net Gaming Revenue: €54.8 million (up 1% YoY; up 12% constant currency)
- Mexico NGR: €29.0 million (up 3% YoY; up 23% constant currency)
- H1 2025 Net Loss: €3.1 million
- Cash Position: €45.2 million as of June 30, 2025
- Share Buybacks: $0.7 million repurchased through July 30 under the $5.0 million plan
“We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency,” added Oscar Iglesias, CFO. “With the first half now behind us, we are reiterating our 2025 guidance of €220–230 million in NGR and €10–15 million in Adjusted EBITDA.”
Additional Highlights:
- Reaffirmed compliance with Nasdaq listing requirements following the June filing of its 2024 annual report.
- Continued execution of its $5.0 million share buyback plan, with $0.7 million repurchased to date.
- Strong growth in active user base, particularly in Mexico.
