Codere reports €111.8m H1 NGR, Q2 up 1%
Mexico remains the operator's primary driver, with the latest figures displaying Q2 & H1 revenue increases.
Key points:
– Codere has revealed NGR upswings of 1% and 4% year-on-year for Q2 & H1, respectively
– The operator’s net debt was reduced during Q2, but increased for H1
– Mexico has been the company’s most lucrative market in 2025 so far
Codere Online has unveiled its latest financial report, highlighting revenue figures of €54.8m ($62.7m) and €111.8m for Q2 and H1 2025, respectively.
These results mark net gaming revenue (NGR) increases across both the second quarter and full first half of this calendar year, with Mexico acting as the company’s primary market across both periods.
Q2 2025 key figures
Indeed, the overall NGR figure of €54.8m reported by Codere for this year’s second quarter represents a 1% year-on-year increase and comes paired with an adjusted EBITDA of €2.3m during the quarter – up €1m in comparison to results from Q2 2024.
Elsewhere, the operator’s net loss was reduced by 42.6% year-over-year, settling at a loss of €2.4 for the end of the quarter. As specified, Mexico was Codere’s most lucrative market, driving out €28.2m in revenue during Q2, up 3% compared to results from the year prior. Spain followed closely behind with a Q2 NGR figure of €22.1m, up 1%.
H1 2025 key figures
During the year’s full first half period, Codere achieved a 4% year-on-year revenue rise to €111.8m, up 4% year-on-year. €59.5m of this overall figure was accounted for by the Mexican market – a 9% increase compared to H1 2024 – with the Spanish market remaining flat at €44m.
Adjusted EBITDA also rose by 30.9% year-on-year to €4.1m during the year’s first half, with net loss also rising from a figure of €0.2m during H1 2024 to €3.1m during H1 2025.
2025 highlights
It was a busy first half of the year for Codere, with the operator announcing a new partnership with Greentube in the Spanish market towards the end of the first quarter. Indeed, the company also managed to regain its Nasdaq compliance following issues relating to the filing of its 2024 annual financial report.
More recently, the operator announced the official appointment of A.G. Burnett as the Chairman of its Compliance Committe last month – a role he assumed as of the 1 July 2025.
Good to know: In 2024, Codere underwent a global recapitalisation process as part of a campaign to help reduce company net debt
CEO comments
Speaking on these latest results, Codere Online CEO Aviv Sher said: “Our net gaming revenue reached €54.8m in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”
Also commenting was CFO Oscar Iglesias, who stated: “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230m and Adj. EBITDA outlook of €10-15m that we shared earlier this year.”
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