Codere Online has posted a resilient set of Q2 trading results, as growth in Mexico offset wider currency challenges and helped the Nasdaq-listed operator reaffirm its full-year guidance.

The Madrid based gaming group reported €54.8m in net gaming revenue (NGR) for Q2 2025, up 1% year-on-year or 12% when adjusted for currency fluctuations. Total revenue for the period stood at €51.4m.

Mexico continued to stand out as Codere’s strongest market, contributing €29m in NGR, up 3% from the previous year — equivalent to a 23% increase in constant currency. The company noted a 36% rise in monthly active users in the country, despite a 19% devaluation of the Mexican peso.

Codere’s net loss widened to €3.1m in H1 2025, compared to just €200,000 in the first half of 2024. Management attributed the swing largely to adverse exchange rate movements, with a €3m FX loss compared to a €4.8m gain the previous year.

The company maintained a cash position of €45.2m at the end of June and reiterated its full-year outlook, guiding for net gaming revenue of €220–230m and adjusted EBITDA between €10–15m.

Aviv Sher, Group CEO of Codere Online, said the group had “slightly exceeded” last year’s figures despite facing pressure in several of its key territories. “In Mexico, we were successful in growing net gaming revenue and active customers significantly, even with the peso devaluation,” he said.

CFO Oscar Iglesias echoed the confidence, noting that Mexico’s underlying momentum remained strong and that the company was still on course to meet its 2025 targets.

The update also confirmed that Codere Online has regained compliance with Nasdaq listing rules following the delayed filing of its 2024 annual report. The company was notified in June that its shares would remain listed on the Nasdaq Capital Market, ending a potential delisting process.