Codere Online ( (CDRO) ) has released its Q3 earnings. Here is a breakdown of the information Codere Online presented to its investors.
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Codere Online, a prominent online gaming operator in Spain and Latin America, offers digital sports betting and casino services, leveraging its strong presence in these regions. In its latest earnings report for the third quarter of 2025, Codere Online reported total revenue of €47.7 million and net gaming revenue of €51.6 million, maintaining a steady performance compared to the same period last year. The company also reported a reduced net loss of €1.7 million for the first nine months of 2025, compared to a €3.0 million loss in the same period of 2024. Codere Online’s cash position stood at €48.3 million as of September 30, 2025.
Key financial highlights include a stable net gaming revenue in Mexico despite currency devaluation and low sports betting margins, with a notable 39% increase in active players in the region. Spain saw a 5% increase in net gaming revenue, while other regions experienced a decline. The company has also been active in repurchasing shares, with $1.7 million worth of shares repurchased under an upsized $7.5 million buyback plan.
Strategically, Codere Online appointed Marcus Arildsson as the new Chief Financial Officer, succeeding Oscar Iglesias, who is expected to join the board. The company is optimistic about meeting its 2025 net gaming revenue outlook of €220-230 million and an adjusted EBITDA of €10-15 million, as indicated by a strong start to the fourth quarter in both Mexico and Spain.
Looking ahead, Codere Online remains focused on expanding its customer base and maintaining its financial targets, leveraging its strong market presence in Spain and Latin America to drive growth and profitability.