URGENT UPDATE: Codere Online, a prominent gaming operator in Spain and Latin America, has just released its Q3 financial results, revealing challenges primarily stemming from its operations in Mexico. The company reported a net gaming revenue of EUR 51.6 million ($59.9 million) for the third quarter, a figure that remains consistent with last year’s performance but indicates underlying issues in key markets.
The results show a 5% increase in net gaming revenue in Spain, amounting to EUR 22 million ($25.5 million). However, in stark contrast, Mexico’s revenue stagnated at EUR 26.8 million ($31.1 million), while the Other segment saw a drastic 32% decrease in revenue to EUR 2.8 million ($3.3 million), contributing to the disappointing overall results.
For the year-to-date, Codere Online recorded a net gaming revenue of EUR 163.4 million ($189.5 million), reflecting a modest 3% increase year-on-year. The net loss improved significantly to EUR 1.7 million ($2 million), down from EUR 3 million ($3.5 million) in the same period last year. As of September 30, 2025, the company has EUR 48.3 million ($56 million) in cash available, providing a cushion as it navigates these challenges.
Codere Online remains optimistic, reiterating its FY 2025 forecasts, projecting net gaming revenue between EUR 220-230 million ($255.2-$266.8 million) and adjusted EBITDA between EUR 10-15 million ($11.6-17.4 million). The company also announced a $1.7 million stock repurchase under its $7.5 million buyback plan, seeking to extend the plan’s expiration from March 3, 2026, to December 31, 2026.
In a significant leadership change, Codere Online appointed Marcus Arildsson as its new Chief Financial Officer, succeeding Oscar Iglesias, who will transition to the board of directors. This move signals a strategic shift as the company aims to bolster its financial performance.
CEO Aviv Sher expressed cautious optimism about the company’s trajectory, noting an 11% increase in average monthly active players to 159.2 million. Despite the challenges in Mexico, active customers in the region surged by 39% to 88.3 million, indicating potential for growth.
Oscar Iglesias acknowledged the Q3 headwinds but remains confident about a robust Q4. He stated,
“While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”
As Codere Online navigates these challenges, all eyes will be on the upcoming quarter to see if it can capitalize on its growing customer base and improve its financial performance. The developments in the gaming sector are critical, not only for shareholders but also for the broader economic landscape in the regions where it operates. Stay tuned for updates as this story unfolds.
