Codere Online has reported net gaming revenue (NGR) of €60.7m (£53m) for Q4 2025, a record quarterly amount for the operator, driven by gains in Mexico.
Group NGR grew 15% year on year (YoY), while adjusted EBITDA jumped from €1.9m in Q4 2024 to €6.7m.
Breaking down NGR by market, Mexico delivered the strongest growth, with the metric jumping 31% YoY to €32.8m.
This was on the back of a 43% YoY spike in average monthly players to 98,800. The firm noted that in December, it hit a record of 100,000 active players.
Spain NGR rose 7% YoY to €24.5m, coupled with monthly actives increasing 14% YoY to 55,600.
In Codere Online’s other Latam markets, including Panama and Colombia, NGR slumped 26% YoY to €3.5m.
The operator also saw a 23% YoY decline in average monthly players in its other markets.
Management said 64% of group NGR came from online casino operations. Average monthly spend per active was €114 during the last three months of the year.
For its full-year 2025 results, NGR grew 6% YoY to €224.1m and adjusted EBITDA jumped from €6.4m to €13.8m.
The Nasdaq-listed firm has set full-year 2026 guidance for NGR between €235m and €245m, with adjusted EBITDA at €15m to €20m.
Commenting on the performance, CEO Aviv Sher said: “In the fourth quarter of 2025, our net gaming revenue reached €60.7m, marking the highest quarterly figure in the company’s history.
“This increase was mostly driven by Mexico, where our net gaming revenue grew 31% [YoY] 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.”
Marcus Arildsson, CFO, 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.
“As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235m and €245m range and adjusted EBITDA between €15m and €20m.”
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The post Codere Online reports record Q4 NGR on the back of strong Mexico performance first appeared on EGR Intel.
Operator also posts all-time high in full-year NGR, as average monthly customers in the region spikes 43% YoY to 98,800
The post Codere Online reports record Q4 NGR on the back of strong Mexico performance first appeared on EGR Intel.