Codere Online cites confidence in achieving its 2025 financial objectives and further underscored its stability as a Global NASDAQ enterprise.

The outlook was maintained despite Q3 trading generating stagnant revenues of €52m – a result attributed to a significantly weakened Mexican Peso diminishing returns against the Euro.

At the close of the third quarter, Codere Online reported overall net gaming revenue (NGR) of €163.4m, up 3% year-on-year, alongside a reduced net loss of €1.7m, compared to €3.0m in the same period of 2024. A disciplined approach to operational efficiency and controlled investment has continued to guide the company toward sustainable profitability.

While Codere Online did not break out a specific figure for Q3 EBITDA, management reaffirmed the full-year Adjusted EBITDA range of €10–15m, signalling a more margin-friendly performance in the second half of the year.

In its key markets, Spain remained a steady contributor, delivering 5% NGR growth year-on-year to €22m, affirming the strength of Codere Online’s position in one of Europe’s most regulated environments. Mexico continued to be the company’s principal growth driver, with active players up 39% year-on-year. Despite a 5% devaluation of the peso, strong engagement levels offset currency impacts on euro-denominated revenues.

Management remains confident in achieving its 2025 group goal of €220–230m in net gaming revenue, supported by a €48.3m cash balance as of 30 September 2025. The company reiterated its focus on disciplined growth and profitability to deliver consistent financial results in line with long-term shareholder objectives.

Reflecting that confidence, Codere Online expanded its share buyback programme from $5m to $7.5m, with $1.7m already repurchased by mid-November. The company will seek shareholder approval at its December EGM to extend the programme through to 31 December 2026.

Corporate governance also evolved during the quarter with the appointment of Marcus Arildsson as Chief Financial Officer, effective 13 November. A seasoned finance leader with more than 25 years of experience in investment banking and corporate finance, Arildsson succeeds Oscar Iglesias, who will take a seat on Codere Online’s board subject to shareholder approval.

 CEO Aviv Sher said: “Our net gaming revenue remained strong even with a 5% drop in the Mexican peso and low margins on wagering in September. We are in a good position moving into the year ahead with a 39% increase in our active customers in Mexico. We remain confident in meeting our full-year financial goals.”