Codere Online achieved record NGR in its 2025 financial year, powered by a strong Q4 and full-year performance in its core market of Mexico.
Codere Online announced its FY2025 results on Thursday. NGR for the 12 months ending 31 December 2025 reached a record €224.1 million, a 6% increase from the €212 million reported in 2024.
Adjusted EBITDA was €13.8 million, over double the €6.4 million generated in Codere Online’s FY2024, although the company still ended the year with a net loss of €1.8 million after achieving a net income of €3.9 million in 2024.
Mexico continued to be the company’s main growth driver, with Codere Online’s NGR from the market rising 12% year-on-year across 2025, while average monthly active players in Mexico soared 38% to 88,700.
Codere Online also observed growth in its second biggest market of Spain, from which revenue edged up by 3% year-on-year from €87.7 million to €90.5 million.
Its growth in Mexico and Spain helped to offset an 18% decline in its ‘Other’ segment, which includes its three remaining markets of Colombia, Panama and Argentina.
The results meant Codere Online met its FY2025 guidance of NGR between €220 million and €230 million and an adjusted EBITDA of €10 million to €15 million.
The company is upping its guidance for 2026, expecting to reach NGR of between €235 million and €245 million, as well as an adjusted EBITDA of €15 million to €20 million.
Marcus Arildsson, who succeeded Oscar Iglesias as Codere Online CFO in November, said the company was confident it could meet its new guidance having been “encouraged by the strong trends in both Mexico and Spain”.
Record Q4 for Codere Online
Codere Online not only achieved record full-year NGR, but its Q4 was also the highest-ever quarterly figure in the business’ history.
The company’s Q4 NGR reached €60.7 million, a 15% increase on the €52.7 million reported in the same quarter of 2024.
This was again powered by growth in Mexico, where NGR for Q4 stood at €32.8 million, a 31% year-on-year rise.
Average monthly active players in Mexico for Q4 was 98,800, a 43% surge. Codere Online CEO Aviv Sher revealed that, in December, the business hit a record of 100,000 active players in Mexico. This, he said, positions the company well for the upcoming World Cup, which will be co-hosted by Mexico.
Adjusted EBITDA stood at €6.7 million in Q4, €4.8 million above the final quarter of FY2024, with Arildsson stating this allowed Codere Online to meet the upper part of its 2025 guidance.
Codere Online awaiting Mexico regulatory update
With Mexico Codere Online’s current biggest market, the company is keeping one eye on the long-discussed modernisation of the nation’s gambling regulations.
Gambling in Mexico is largely regulated by a system of laws that is around 80 years old and, while reform is expected this year, time is running out before the World Cup gets under way.
On the post-Q4 investor call, Codere Online CEO Sher was asked for an update on the regulatory environment.
With Mexico recently upping the rate of its gambling tax to 50%, he said that has served as a short-term fix, especially with the government dealing with an on-going flare-up in cartel violence.
Sher stated: “Regarding the regulatory framework or the federal regulatory framework, unfortunately, I have no news.
“The government has been busy, as you probably know, with other things like what you’ve mentioned with the cartels. They are not cooperating at the moment, building a regulatory framework, so I would say that the conversation with them is a bit stuck.
“Maybe at the beginning of this year, they will come back and continue this legislation process. As you know, they increased the tax. I think they chose that over completing the regulatory framework and this is their solution at least for the short term.”
Original article: https://igamingbusiness.com/finance/codere-online-record-revenue-mexico-powers-fy25-growth/
