Net Gaming Revenue Growth
Codere Online reported €57 million in net gaming revenue for Q1 2025, representing an 8% increase from Q1 2024. In constant currency terms, the revenue would have been €62 million, a 17% increase.
Positive Adjusted EBITDA
The company achieved a positive adjusted EBITDA of €1.8 million, marking its fifth consecutive quarter of positive adjusted EBITDA.
Increase in Active Users and First-Time Depositors
There was a 13% increase in the number of average monthly active users and a 21% increase in first-time depositors, reaching 91,000 in the quarter.
Share Buyback Plan
Codere Online initiated a one-year share buyback plan for up to $5 million, having repurchased around 68,000 shares for approximately $0.5 million so far.
Mexico Market Performance
In Mexico, net gaming revenue grew by 15% to €30 million. On a constant currency basis, the growth would have been 34%.