Codere Online Luxembourg, S.A. reported fiscal‑year 2025 net gaming revenue of €224.1 million, a 6 % year‑over‑year increase from €212.0 million in 2024, and adjusted EBITDA of €13.8 million. The company posted a net loss of €1.8 million for the year, a swing from the €3.9 million profit recorded in 2024, driven largely by higher operating costs and one‑time charges that offset the revenue growth.
In the fourth quarter, Codere Online generated €60.7 million in net gaming revenue, the highest quarterly figure in its history, and €6.7 million in adjusted EBITDA. Mexico was the key growth engine: active customers rose 43 % and net gaming revenue increased 31 % year‑over‑year in Q4, while the company reached a record 100,000 active players in the country as of December, positioning it well for the World Cup season.
The net loss for FY 2025 reflects a combination of higher operating expenses and the impact of a forthcoming regulatory change. Mexico’s gaming tax will rise from 30 % to 50 % effective January 1, 2026, a headwind that management highlighted as a significant risk to future profitability.
Looking ahead, Codere Online guided for fiscal‑year 2026 net gaming revenue of €235‑245 million and adjusted EBITDA of €15‑20 million. The guidance signals confidence in continued growth in Mexico and Spain, but the company cautions that the new tax regime could temper margins. The share buyback program remains active to support shareholder value.
Analysts have maintained a “Hold” consensus, with some recent downgrades and concerns about delisting risks noted prior to the earnings release. No immediate market reaction data were available, but the guidance and headwind discussion provide a balanced view for investors.
The results underscore a paradox: record top‑line growth driven by Mexico’s strong demand is offset by a net loss and a looming tax increase. Investors should weigh the company’s expansion potential against the regulatory risk that could erode future profitability.
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