Codere Online, the NASDAQ-listed Spanish betting group, has reported strong financial performance for the first quarter of 2025. The company’s net gaming revenue (NGR) saw significant growth. This growth was primarily fueled by continued momentum in its key Latin American market, Mexico. This performance has led the company to reaffirm its financial guidance for the full year.

For the first quarter ending March 31, 2025, Codere Online reported total net gaming revenue (NGR) of €57 million. This figure shows an 8% increase year-on-year compared to €53 million recorded in the first quarter of 2024. The company stated that its overall growth was driven by continued momentum in Latin America. It faced some FX currency headwinds in this time.

Mexico Leads Growth Amidst FX Headwinds

Mexico served as Codere Online’s leading market in Q1 2025. NGR from the country reached €30.5 million during the period, reflecting 15% growth year-on-year. On a constant currency basis, growth in Mexico was even stronger, showing a 34% increase. Key performance indicators for Mexico demonstrated continued strength in customer acquisition. Engagement has also been strong, with monthly active players increasing by 31% to 82,000. Codere Online CEO Aviv Sher made a statement, as reported by iGaming Times. He mentioned that the company is “off to a good start in 2025.” He highlighted Mexico’s NGR growth in spite of the 16% devaluation of the Mexican peso in that time frame.

Financial Performance and Outlook

Performance in other regions also contributed to the overall picture. In Spain, NGR amounted to €21.9 million, slightly lower than the €22.3 million recorded during Q1 2024. The number of active players in Spain reached 52,000 at this time. This demonstrates a steady performance in the company’s main European market. Management indicated, as reported by iGaming Times, that the figures show a ‘settled’ performance in Spain. This comes amid a shifting regulatory environment. Codere benefits from its established retail and digital footprint.

While operational efficiency showed some improvement, Codere Online reported a net loss of €700,000 in Q1 2025. This compares to a net profit of €3.4 million in the first quarter of 2024. The net loss was attributed to factors including interest expenses and public warrant valuation adjustments. Despite the net loss, the company achieved a slight increase in its adjusted EBITDA, which reached €1.8 million compared to the previous year’s €1.7 million, indicating some improvement in operational efficiency. The company held €42 million in cash and equivalents at the end of the quarter. This was described as enhancing its financial stability. It also completed $0.5 million in share repurchases under its existing $5 million share buyback authorisation.

Reaffirming Full-Year Guidance

Following the release of the Q1 results, company leadership is maintaining its full-year guidance for 2025. Codere Online continues to forecast NGR for the full year between €220 million and €230 million. It also predicts an adjusted EBITDA of between €10 million and €15 million. Codere Online CFO Oscar Iglesias expressed satisfaction with the Q1 results, as reported by iGaming Times. He stated that he was “very pleased with our performance in Mexico and the underlying trends in local currency.” He believes the company is on track to meet its targets for the year. The Q1 update also informed investors that the company will uphold compliance with Nasdaq listing rules. This decision is despite ongoing annual reporting delays from regulatory bodies.

Codere Online’s strong NGR growth in the first quarter of 2025 is noteworthy. This growth, primarily driven by its performance in Mexico, underpins the company’s decision to reaffirm its full-year targets. The results highlight continued momentum in Latin America. The steady performance in Spain also contributes to this. These factors position the company favourably, despite a reported net loss linked to interest expenses and adjustments. The company’s financial stability is supported by its cash position, and management expresses confidence in achieving its 2025 objectives.