Codere Online reported a 6% year-on-year increase in net gaming revenue (NGR) for 2025, reaching €224 million ($264.32 million), up from with €212 million in 2024.
Fourth-quarter NGR rose 15% to €60.7 million ($71.63 million). Adjusted EBITDA for the quarter totaled €6.7 million ($7.91 million), compared with €1.8 million a year earlier. For the full year, the company posted a net loss of €1.8 million ($2.12 million), versus net income of €3.9 million in 2024.
Active customer metrics tracked revenue gains, with average monthly active players increasing 13% in 2025 and 20% in Q4.
“In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the company’s history,” said Aviv Sher, CEO of Codere Online.
“This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer,” Sher added.
Mexico accounts for over half of total revenue
Mexico remained the company’s largest market in 2025. Revenue from the country rose 12% year over year to €119.1 million ($140.54 million). In Q4, Mexico revenue increased 31% to €32.8 million.
The earnings deck shows Mexico represented 53% of total NGR in 2025, up from 50% in 2024. Spain contributed 40% of the 2025 NGR, with the remainder generated in Colombia, Argentina, and Panama.
On a quarterly basis, consolidated Q4 NGR was split 64% from casino and 36% from sports betting.
Tax changes in Mexico and Colombia
The company operates in Spain and several Latin American jurisdictions. In Mexico, gaming taxes increased from 30% to 50% effective Jan. 1. In Colombia, a 19% value-added tax on online deposits was implemented from February 21, 2025, through December 31, 2025, and later shifted to a tax on gross gaming revenue.
In November 2025, Codere Online halted investment in Colombia following the revised tax structure.
Sher said in an industry webinar that the Mexican tax increase would affect marketing and competition with unlicensed operators. “Less marketing means less visibility for regulated platforms,” he said.
Profitability and cash position
For full-year 2025, adjusted EBITDA reached €13.8 million ($16.28 million), up from €6.4 million in 2024. Q4 adjusted EBITDA of €6.7 million ($7.91 million) represented a 71% increase from Q4 2024.
“Beyond the strong top-line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7m in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year,” said Marcus Arildsson, CFO of Codere Online.
The consolidated balance sheet shows €50 million ($59 million) in total cash as of December 31, 2025, of which €45 million was available. Net working capital position was negative €22 million ($25.96 million) at year-end.
Codere Online expects 2026 NGR in the range of €235 million – €245 million ($277.30 million – $289.10 million) and adjusted EBITDA between €15 million – €20 million ($17.70 million – $23.60 million).
“As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain,” said Arildsson.
Original article: https://www.yogonet.com/international/news/2026/02/27/117810-codere-online-posts-6-revenue-growth-in-2025-with-mexico-driving-surge
