Codere Online Luxembourg Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 13% NGR growth year-over-year and a significant jump in adjusted EBITDA, driven by strong performance in Spain and Mexico. Guidance for 2026 is unchanged, with disciplined marketing and cash generation supporting continued growth.
Fiscal Year 2025
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Record 2025 results with NGR of €224M and Adjusted EBITDA of €13.8M, driven by strong growth in Mexico and Spain. 2026 guidance targets further top-line and EBITDA growth, with continued investment in core markets and share buybacks.
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Q3 2025 net gaming revenue was flat at EUR 52 million, but Q4 trends show a strong rebound, especially in Mexico and Spain. Adjusted EBITDA nearly doubled year-over-year, and guidance for 2025 is reiterated. Regulatory and tax changes in Mexico and Colombia present ongoing risks.
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Q2 2025 net gaming revenue was flat at €55M due to Mexican peso devaluation, but up 12% in constant currency. Adjusted EBITDA improved, with Spain stable and Mexico showing strong customer growth despite currency headwinds. 2025 guidance is maintained.
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Net gaming revenue grew 8% year-over-year to EUR 57 million, with strong user growth but FX headwinds from Mexico. Adjusted EBITDA was EUR 1.8 million, and guidance for 2025 is reaffirmed. Share buyback and cost savings from ending the River Plate sponsorship support capital allocation.
Fiscal Year 2024
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Q4 2024 saw 5% Net Gaming Revenue growth (15% in constant currency), with strong performance in Spain and stable results in Mexico despite FX headwinds. 2025 guidance anticipates 6% revenue growth and €10–15 million adjusted EBITDA, with continued focus on core markets and a proposed $5 million share buyback.
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Q3 2024 saw 20% year-over-year Net Gaming Revenue growth to €52 million, with strong performance in Mexico and Spain despite FX headwinds. Adjusted EBITDA was €1.5 million, and management expects to finish the year at the upper end of guidance.
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Q2 2024 saw 39% net gaming revenue growth to €54M, led by strong casino and Mexico performance. Guidance for 2024 was raised, with adjusted EBITDA expected between €2.5–7.5M. Risks include peso volatility and increased competition in Mexico.