Codere Online Reports Growth in Q1 2024

Codere Online reported a 34% increase in net gaming revenue for Q1 2024, reaching €53 million compared to €39.5 million in the same period last year. The growth was driven by strong performances in Spain and Mexico, with net gaming revenues of €22.3 million and €26.6 million, respectively. The other markets contributed €4.1 million, marking a 17% increase.

Quarterly Highlights

• Spain: Net gaming revenue rose by 21% to €22.3 million.
• Mexico: Net gaming revenue surged by 51% to €26.6 million.
• Other Markets: Net gaming revenue increased by 17% to €4.1 million.

The average number of monthly active players also saw a significant rise, growing by 16% to 143,200 compared to the previous year. This increase was fueled by targeted marketing efforts and the acquisition of higher quality customers.

CEO’s Statement

Aviv Sher, CEO of Codere Online, commented on the results: “We are off to a strong start in 2024, with net gaming revenue of €53 million in the first quarter, 34% above that of last year and once again our highest ever quarterly figure. Our focus on Mexico and Spain continues to yield impressive results, with net gaming revenue in Mexico growing by 51% in the first quarter to nearly €27 million. In Spain, meanwhile, net gaming revenue grew by 21% to over €22 million. In both markets, our targeted marketing efforts allowed us to grow our active customer base by c. 25% as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”

CFO’s Insights

Oscar Iglesias, CFO of Codere Online, added, “Once again, top line growth exceeded our expectations in the first quarter, with Mexico continuing to put distance on Spain as our largest market by revenue. We are particularly excited, however, to see Mexico now also contributing positive Adjusted EBITDA for the first time. This, together with a strong performance by Spain, allowed us to generate €1.7 million in total Adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full year profitability targets.”

Iglesias further stated, “On the back of this strong performance in the first quarter and based on recent trading activity, we now expect to generate between €195-210 million of net gaming revenue in 2024, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”