Codere Online Reports Strong Q4 2024 Performance

Growth Across Core Markets

Codere Online continues to strengthen its position in Spain and Latin America, with notable growth in both net gaming revenue and active players.

• Spain recorded a 10% increase in net gaming revenue, reaching €22.8 million in Q4. The full-year figure rose 16% to €87.7 million.
• Mexico’s Q4 revenue remained steady at €25.1 million, impacted by the devaluation of the Mexican peso. However, on a constant currency basis, revenue would have grown by 14%. For the full year, Mexico generated €106.6 million, a 30% increase from 2023.
• Other markets contributed €4.6 million in Q4, reflecting a 10% year-on-year increase, bringing the total for 2024 to €17.3 million (+19%).

The company also reported a 6% increase in average monthly active players in Q4, reaching 147,500. Growth in Spain (+3%) and Mexico (+17%) offset a 9% decline in other markets.

Strong Financial Performance and Adjusted EBITDA Growth

Codere Online exceeded its initial full-year revenue forecast of €185-200 million, closing 2024 with €211.6 million, 23% higher than the previous year. Additionally, the company recorded a full-year Adjusted EBITDA of €6.4 million, at the upper end of its expected range of €2.5-7.5 million.

Oscar Iglesias, CFO of Codere Online, emphasized the company’s progress, stating:

“Our strong fourth-quarter performance brought our full-year net gaming revenue to nearly €212 million, 10% above the midpoint of our initial €185-200 million outlook from early 2024. More importantly, we delivered a fourth consecutive quarter of positive Adjusted EBITDA, allowing us to reach €6.4 million for the full year, at the higher end of our outlook of €2.5-7.5 million.”

2025 Outlook and Share Buyback Program

Looking ahead to 2025, Codere Online expects net gaming revenue between €220-230 million and an Adjusted EBITDA of €10-15 million. Additionally, the company announced a $5.0 million share buyback plan, reinforcing its confidence in future growth and cash flow generation.

CEO Aviv Sher expressed optimism for the upcoming year:

“We delivered another solid quarter, with net gaming revenue reaching €52.6 million, a 5% increase compared to the fourth quarter of 2023. In Mexico, net gaming revenue was flat at €25.1 million, driven by the significant devaluation of the Mexican peso. On a constant currency basis, our growth in Mexico would have been 14%. Meanwhile, Spain continued to perform well, with net gaming revenue rising 10% to €22.8 million.”