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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Q1 2025 net gaming revenue rose 8% to EUR 57 million, led by strong growth in Mexico, while Spain remained flat. Adjusted EBITDA was EUR 1.8 million, and full-year guidance was reiterated despite currency headwinds and regulatory challenges.
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.