Total revenue between April and June was €309m.
Spain.- Codere shared its financial results obtained throughout the second quarter of 2024 independently from the report of Codere Online, the company's online gaming division.
According to the report, total revenue between April and June amounted to EUR309m, representing a year-on-year decrease of 10 percent, while adjusted EBITDA decreased by EUR12m, standing at EUR39m.
As explained by the company, these deviations are largely due to the adverse macroeconomic situation in Argentina, marked by a significant devaluation of the currency and a contraction in consumption, which significantly impacted the group's results (EUR40m in revenue for the quarter, 45 percent less than in the same period of the previous year).
However, Codere added that in recent weeks a partial recovery has been observed, with revenues growing above inflation, suggesting that the second half could mark a positive turning point.
In Mexico, although most operations have normalized, some minor restrictions persist that have affected the profitability of the business in the quarter (EUR6.6m of adjusted EBITDA in the quarter, 50 percent less than in the same period of the previous year). Despite this, signs of recovery are already beginning to be seen, reinforcing the expectation of a stronger performance in the coming months.
Regarding the Spanish market, Codere explained that, although it reported slightly lower revenues than the previous year, it has seen a 3 percent growth in its EBITDA, showing an improvement in profitability.
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Codere Online, for its part, continues to stand out with a year-on-year growth of 39 percent in its revenues, reaching EUR54m in the quarter. In Mexico, Codere Online's revenues grew by 57 percent year-on-year to EUR28.2m, while in Spain, growth was 25 percent, reaching EUR21.8m.
Regarding the cash position, the company closed the quarter with a solid situation, having EUR55m in retail and EUR40m in Codere Online, increased by the receipt of EUR20m in July as part of the group's recapitalization process. In the report, they explain that the company has maintained a conservative strategy in managing liquidity, awaiting the closure of the recapitalization process.
