Codere Online, a leading Spain and LATAM-facing gaming operator, has published its unaudited financial results for the third quarter of the year. The company, which reported significant growth earlier this year, reported stable results amid a significant decrease in net loss.

Codere Online Experienced Setbacks in Mexico

Codere Online’s Q3 results revealed net gaming revenue of EUR 51.6 million ($59.9 million). This figure was mostly consistent with the net gaming revenue in the prior-year period. This figure reflected a 5% increase in Spain net gaming revenue to EUR 22 million ($25.5 million). However, Mexico’s net gaming revenue remained flat at EUR 26.8 million ($31.1 million), while the Other segment experienced a 32% decrease in revenue to EUR 2.8 million ($3.3 million), offsetting some of the gains.

On a year-to-date basis, the operator reported net gaming revenue of EUR 163.4 million ($189.5 million), up 3% year-on-year. Codere Online’s report also highlighted net loss of EUR 1.7 million ($2 million) for the YTD period, marking a significant improvement from EUR 3 million ($3.5 million) in the prior-year period.

As of September 30, 2025, Codere Online had EUR 48.3 million ($56 million) in cash available.

Additionally, the company reiterated its FY 2025 forecasts, saying that it expects EUR 220-230 million ($255.2-$266.8 million) in net gaming revenue, as well as EUR 10-15 million ($11.6-17.4 million) in adjusted EBITDA.

The Company Repurchased $1.7M of Its Stock

Other recent notable events included the repurchase of $1.7 million in shares under the company’s $7.5 million share buyback plan. Codere Online added that it will seek shareholder approval to extend the expiration of the share buyback plan from March 3, 2026, to December 31, 2026.

Following the conclusion of Q3, Codere Online named the experienced finance executive Marcus Arildsson as its new chief financial officer. Arildsson will succeed Oscar Iglesias, who is expected to join the company’s board of directors.

The Leadership Is Looking Forward to a Stronger Q4

Aviv Sher, Codere Online’s chief executive officer, was largely pleased with the growth of the company’s portfolio. He also praised the 11% increase in average monthly active players to 159.2 million. Despite the unimpressive financial results in Mexico, the company’s active customers in the country increased by 39% to 88.3 million.

Oscar Iglesias, Codere Online’s chief financial officer, acknowledged certain Q3 headwinds but remained bullish on a stronger Q4. He explained: “While our net gaming revenue in the third quarter was negatively impacted by a number of headwinds, the fourth quarter is off to a strong start in both Mexico and Spain and we expect to meet the net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”