· Total revenue was €47.7 mm in Q3 2025, while net gaming revenue was €51.6 mm in the period, flat versus Q3 2024 (3% in constant currency terms).
· Net loss was €1.7 mm in 9M 2025 versus a net loss of €3.0 mm in 9M 2024.
· Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million. 
· Total cash position of €48.3 mm as of September 30, 2025.
· Repurchased $1.7 million of the Company’s shares through November 14, 2025, under the Company’s (recently upsized to) $7.5 million share buyback plan.
· Mexico revenue was €24.0 mm in Q3 2025, while net gaming revenue was €26.8 mm in the period, flat versus Q3 2024 (5% in constant currency terms).
Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the quarter ended September 30, 2025.
Below are the main financial and operating metrics of the period.
| Quarter ended September 30 | Nine months ended September 30 | ||||||
| 2024 | 2025 | Chg. % | 2024 | 2025 | Chg. % | ||
| Net Gaming Revenue (EUR mm) | |||||||
| Spain | 20.9 | 22.0 | 5% | 64.9 | 66.1 | 2% | |
| Mexico | 26.7 | 26.8 | 0% | 81.5 | 86.3 | 6% | |
| Other | 4.1 | 2.8 | (32%) | 12.6 | 11.0 | (13%) | |
| Total | 51.7 | 51.6 | (0%) | 159.1 | 163.4 | 3% | |
| Avg. Monthly Active Players (000s) | |||||||
| Spain | 48.5 | 50.2 | 4% | 50.0 | 50.4 | 1% | |
| Mexico | 63.7 | 88.3 | 39% | 62.9 | 85.3 | 36% | |
| Other | 31.2 | 20.7 | (34%) | 31.2 | 22.6 | (28%) | |
| Total | 143.4 | 159.2 | 11% | 144.1 | 158.3 | 10% | |
Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €51.6 million in the third quarter of 2025, in line with the prior year period. In Mexico, our net gaming revenue was flat despite the 5% devaluation of the Mexican peso and the low sports betting margin on the back of customer friendly results in September. Still, we managed to grow our portfolio of active customers in the country by 39% versus Q3 2024, which puts us in a strong position for the remainder of the year.”
Oscar Iglesias, CFO of Codere Online, commented, “While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”
Recent Events
Appointment of Chief Financial Officer
- On November 13th, the Company’s board of directors (the “Board”) appointed Marcus Arildsson as Chief Financial Officer, effective today.
- Mr. Arildsson is a senior finance executive with over 25 years of international experience across investment banking, equity markets and corporate finance.
- Mr. Arildsson will succeed Oscar Iglesias, who is expected to join the Board, subject to the approval of shareholders at an Extraordinary General Meeting (“EGM”) scheduled for December 1st.
Repurchases, Upsizing and Extension of the Share Buyback Plan
- The Company has repurchased $1.7 million of the Company’s shares under its authorized share buyback plan through November 14, 2025.
- The plan had an authorized total investment of $5.0 million, which the Board has recently increased to $7.5 million.
- The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares. In the December 1st EGM, the Company will seek shareholder approval to extend its expiration from March 3, 2026 to December 31, 2026.
