Codere Online reported its Q4 results, posting net gaming revenue (NGR) of €60.7 million, a 15% year-on-year increase. Q4 adjusted EBITDA reached €6.7 million, compared to 2024’s €1.8 million. Average monthly active players increased by 20% in Q4 and by 13% for FY 2025. Consolidated NGR for Q4 was split 64% from casino and 36%
Codere Online reported its Q4 results, posting net gaming revenue (NGR) of €60.7 million, a 15% year-on-year increase.
Q4 adjusted EBITDA reached €6.7 million, compared to 2024’s €1.8 million. Average monthly active players increased by 20% in Q4 and by 13% for FY 2025. Consolidated NGR for Q4 was split 64% from casino and 36% from sports betting.
Aviv Sher, CEO of Codere Online, commented:
“In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the company’s history. This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer.”
Net gaming revenue from Mexico rose by 31% to €32.8 million in Q4 and by 12% to €119.1 million for 2025 in general.
Marcus Arildsson, CFO of Codere Online, added:
“Beyond the strong top-line performance in the fourth quarter, we also had a significant uplift in adjusted EBITDA to €6.7m in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year.”
For the full-year 2025, adjusted EBITDA more than doubled and reached €13.8 million, compared to €6.4 million in 2024.