Online gambling operator Codere Online announced its first quarter 2025 financial results, with net gaming revenue (NGR) increasing by 8% year-over-year to 57 million euros (64 million USD), and a 17% increase at constant exchange rates. The Mexican market performed particularly well, with NGR reaching 30.5 million euros, up 15% year-over-year (34% increase at constant exchange rates), making it the main engine driving overall performance growth. Despite a 16% depreciation in the Mexican peso, the strong growth in local currency terms highlights the market's huge potential.
Total revenue was 54.3 million euros, with a net loss of 700,000 euros, down from a profit of 3.4 million euros in the same period of 2024. However, management remains optimistic about the full-year performance, reiterating NGR expectations of 220 to 230 million euros, with adjusted EBITDA targets maintained at 10 to 15 million euros. Outside of Mexico, other markets saw a 10% increase in NGR to 4.5 million euros, while the Spanish market experienced a slight decline of 2% to 21.9 million euros.
In terms of user data, Codere Online saw an average monthly active player count increase by 13% to 161,300 this quarter, with player numbers in Mexico surging by 31%, demonstrating strong user attraction.
CEO Avi Shalel called this quarter a "good start to 2025," particularly highlighting the growth momentum and user acquisition in Mexico. CFO Oscar Iglesias also expressed satisfaction with current business trends, confident in achieving the annual financial targets.
It is noteworthy that Codere Online has regained compliance with NASDAQ listing requirements after submitting its 2023 annual report, but expects to receive a delisting notice from the exchange due to a delay in the 2024 financial report. This potential risk could impact the company's stock price, but current performance shows that its core business continues to grow robustly, especially with ongoing expansion in key markets like Mexico providing strong support for future development.
