Codere Online has reported net gaming revenue (NGR) of €51.6m for Q3 2025 as net losses at the New York-listed firm swung to profit.

NGR was flat versus Q3 2024 (€51.7m), as gains in Spain were offset by weaker performances across Latam.

Adjusted EBITDA jumped from €1.5m to €2.9m, while net losses swung from a €2.8m loss to €1.4m in profit.

Breaking revenue down by region, Spain reported a 5% NGR jump from €20.9m to €22m, alongside a 4% uptick in average monthly players to 50,200.

Mexican revenue was flat at €26.8m, although there was a 39% leap in actives to 88,300. The devaluation of the peso in the market had an impact on operations, bosses said.

In Codere Online’s other Latam markets, including Panama, Colombia and Argentina, revenue slumped 32% to €2.8m, while actives also dropped 34% to 20,700.

The firm said 65% of group NGR came from online casino, while total actives hit 159,000, up 11%.

The reporting period also saw 281,000 new customer registrations, with 85,000 first time deposits.

Full-year 2025 guidance for revenue is between €220m and €230m, with adjusted EBITDA to hit between €10m and €15m.

Alongside the Q3 report, Codere Online confirmed it had repurchased $1.7m of stock via the buyback scheme through to 14 November.

The firm has also added Marcus Arildsson as its new CFO, replacing Oscar Iglesias.

Aviv Sher, Codere Online CEO, said: “Our net gaming revenue reached €51.6m in the third quarter of 2025, in line with the prior year period.

“In Mexico, our net gaming revenue was flat despite the 5% devaluation of the Mexican peso and the low sports betting margin on the back of customer friendly results in September.

“Still, we managed to grow our portfolio of active customers in the country by 39% versus Q3 2024, which puts us in a strong position for the remainder of the year.”

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