Codere Online posts 5% Q4 revenue growth, unveils 2025 outlook and buyback plan

Codere Online has published preliminary unaudited results for the fourth quarter and full year ended 31 December 2024, reporting total revenue of €50.0m and net gaming revenue of €52.6m for the quarter, up 5% on the same period in 2023.

The Madrid and Tel Aviv-based operator, listed on Nasdaq under CDRO and CDROW, said net income for 2024, excluding the non-cash impact of changes in the fair value of public warrants, came to €6.8m, compared with a €4.0m net loss in 2023. The company ended the year with total cash of €40.5m.

Regional performance

Spain delivered net gaming revenue of €22.8m in the quarter, a 10% year-on-year rise, while Mexico held flat at €25.1m, which chief executive Aviv Sher attributed to the devaluation of the Mexican peso, noting growth would have reached 14% on a constant currency basis. Other markets grew net gaming revenue by 10% to €4.6m.

For the full year, group net gaming revenue rose 23% to €211.6m, with Mexico up 30% to €106.6m and Spain up 16% to €87.7m. Chief financial officer Oscar Iglesias said the full-year figure came in 10% above the midpoint of the company’s initial €185-200m guidance, and that the business achieved a fourth consecutive quarter of positive Adjusted EBITDA, reaching €6.4m for the year, at the top end of its €2.5-7.5m target range.

Outlook and buyback

Codere Online has set 2025 guidance of €220-230m in net gaming revenue and Adjusted EBITDA of €10-15m. The board has also authorised, subject to shareholder approval, a share buyback of up to $5.0m over a one-year period. A shareholder meeting to approve the plan is scheduled for 3 March 2025. The buyback carries no obligation to purchase a fixed number of shares and can be halted at any time.

Nasdaq listing and regulatory developments

The company confirmed that following a hearing on 16 January 2025, the Nasdaq Hearings Panel agreed on 12 February to extend its listing, conditional on Codere Online filing its 2023 annual report by 12 May 2025. The company said it continues working to file the report within that window.

Separately, Codere Online flagged a new Colombian tax measure. On 14 February 2025, the country’s Ministry of Finance introduced a 19% value added tax on all online deposits via executive decree, effective from 21 February 2025 until the end of the year. The company said it expects industry legal challenges over the tax’s constitutionality and is reviewing its potential impact on Colombian operations.

Management discussed the results and business update on a conference call held on 20 February 2025, with materials made available via the company’s investor website.