Codere Online (Nasdaq: CDRO) closed 2025 with record net gaming revenue of €224.1 million, a 6% increase year-on-year, while swinging to a net loss of €1.8 million from a net income of €3.9 million in 2024.
The Nasdaq-listed operator, which runs online sports betting and casino across Spain, Mexico, Colombia, Panama, and Argentina, reported total IFRS revenue of €210.4 million for the full year, up 5% from €200.7 million in 2024. Adjusted EBITDA more than doubled to €13.8 million from €6.4 million the prior year.
Q4 Delivers Highest Quarterly Revenue on Record
Net gaming revenue in Q4 2025 reached €60.7 million, 15% above Q4 2024’s €52.7 million. Total IFRS revenue for the quarter was €57.1 million, also up 15%. Adjusted EBITDA came in at €6.7 million, a €4.8 million improvement on the same period a year earlier.
“In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the Company’s history. This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”
— Aviv Sher, Chief Executive Officer, Codere Online
Mexico Carries the Growth Story
Mexico is now Codere Online’s largest market by net gaming revenue and its fastest-growing. Full-year net gaming revenue from Mexico reached €119.1 million, up 12% from €106.6 million in 2024. In Q4 alone, Mexico net gaming revenue hit €32.8 million, 31% above the prior-year quarter.
Average monthly active players in Mexico grew 38% year-on-year for the full year, reaching 88,700, and 43% in Q4, reaching 98,800. The company reached 100,000 active players in the country in December 2025.
That growth trajectory faces a direct headwind in 2026. Mexico’s statutory excise tax on gaming — the IEPS — rose from 30% to 50% effective January 1, 2026. The impact of that increase on net gaming revenue will be a key variable in the company’s ability to meet its guidance range. The tax increase had been signalled since mid-2025, when Mexico proposed raising gaming taxes from 30% to 50% of GGR.
Spain: Steady Contribution, Modest Growth
Spain generated net gaming revenue of €90.5 million for the full year, up 3% from €87.7 million in 2024. Q4 Spain net gaming revenue was €24.5 million, a 7% year-on-year increase. Average monthly active players in Spain reached 51,700 for the full year, up 4%, and 55,600 in Q4, up 14%.
Spain’s online gambling market continues to expand. Spain’s total online GGR hit €405 million in Q3 2025, with casino increasingly dominant — a trend that works in Codere Online’s favour given its product mix.
Other Markets Contract
The “Other” segment — covering Colombia, Panama, and Argentina — posted full-year net gaming revenue of €14.5 million, down 18% from €17.6 million in 2024. Q4 net gaming revenue from the segment fell 26% to €3.5 million. Average monthly active players declined 27% year-on-year for the full year to 22,600.
Colombia brought two offsetting developments in the period. The company renewed its online gaming licence in Colombia in November 2025 for five years, with the licence running to November 2030. Separately, Colombia’s 19% value-added tax on online deposits — introduced by executive decree in February 2025 — expired on December 31, 2025, removing a cost that had weighed on the market during the year.
Net Loss Reflects Interest and Compensation Costs
The swing from a €3.9 million net income in 2024 to a €1.8 million net loss in 2025 reflects two main accounting movements. Interest expense shifted from net income of €4.3 million in 2024 to net expense of €4.4 million in 2025, an €8.8 million swing. Employee long-term incentive plan (LTIP) expenses also rose sharply, from €1.7 million in FY 2024 to €6.0 million in FY 2025. In Q4 alone, LTIP expense was €6.6 million, compared with €0.1 million in Q4 2024.
The company held a cash position of €50.0 million as of December 31, 2025, with no financial debt.
Under its active share buyback plan, Codere Online repurchased 391,000 shares for an aggregate $2.7 million through February 25, 2026. The plan carries an authorised total investment of $7.5 million or up to 1 million shares and expires December 31, 2026.
2026 Guidance: Growth Expected Despite Mexico Tax Headwind
Management guided for full-year 2026 net gaming revenue of €235–245 million and adjusted EBITDA of €15–20 million. The guidance implies top-line growth of between 5% and 9% on the FY 2025 record, alongside EBITDA expansion, despite the Mexican tax increase and the absence of the Colombian deposit VAT as a comparative tailwind.
“As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245 million range and Adj. EBITDA between €15 and 20 million.”
— Marcus Arildsson, CFO, Codere Online
The World Cup in summer 2026, which will feature Mexico as a host nation, is a near-term catalyst the company has flagged explicitly. Whether the IEPS increase absorbs enough margin to constrain EBITDA growth will be closely watched as Q1 2026 results emerge. European and Latin American iGaming markets continue to expand, providing a supportive backdrop for Codere Online’s cross-regional footprint.
Source: Codere Online
