Codere Online Posts €224M Gaming Revenue, €13.8M EBITDA in 2025
Codere Online reported FY2025 net gaming revenue of €224.1 million and Adj. EBITDA of €13.8 million, while Q4 revenue rose 15% to €57.1 million and EBITDA reached €6.7 million. The operator ended 2025 with €50 million cash, zero debt, a €2.7 million share buyback, and forecasts €235–245 million net gaming revenue and €15–20 million EBITDA for 2026.
1. Q4 and Full Year 2025 Financial Results
Codere Online posted 4Q25 revenue of €57.1 million and net gaming revenue of €60.7 million, a 15% year-over-year increase, with Adj. EBITDA rising to €6.7 million, up €4.8 million. For full year, net gaming revenue reached €224.1 million and Adj. EBITDA was €13.8 million, while net loss was €1.8 million versus €3.9 million net income in 2024.
2. Regional Performance Drivers
Mexico led growth with €32.8 million net gaming revenue in 4Q25, up 31%, and average monthly active players rising 43% to 98.8 thousand. Spain net gaming revenue hit €24.5 million, up 7%, contributing to a 20% increase in total active customers to 177.2 thousand.
3. Strong Balance Sheet and Share Buyback
The company ended 2025 with €50.0 million cash, zero financial debt, and repurchased 391,000 shares for $2.7 million under its share buyback plan, which has €7.5 million authorization through December 2026.
4. 2026 Financial Outlook
Management forecasts net gaming revenue of €235–245 million and Adj. EBITDA between €15 million and €20 million for 2026, driven by continued momentum in Spain and Mexico operations.