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Codere Online Luxembourg
Codere Online Luxembourg (CDRO) investor relations material
Codere Online Luxembourg Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record Net Gaming Revenue (NGR) of €224.1 million and Adjusted EBITDA of €13.8 million for FY 2025, both exceeding prior year results and meeting guidance.
Q4 2025 NGR reached €60.7 million, up 15% year-over-year, marking the highest quarterly NGR in company history.
Growth was driven by strong performance in Mexico (Q4 NGR up 31% YoY, active players up 43%) and continued gains in Spain (Q4 NGR up 7% YoY, active customers up 14%).
Active monthly customers grew 20% YoY in Q4 to 177,000, with customer acquisition costs (CPA) at €166, the lowest since early 2023.
Casino contributed 64% of NGR, with sports betting at 36%.
Financial highlights
Q4 2025 Adjusted EBITDA was €6.7 million, €4.8 million higher than Q4 2024; FY 2025 Adjusted EBITDA more than doubled to €13.8 million from €6.4 million in 2024.
Q4 2025 net income was -€1.8 million; FY 2025 net income was -€1.8 million.
Marketing expense for Q4 was €21.4 million, lower as a percentage of NGR, reflecting improved efficiency.
Cash flow before share repurchases and FX impact was €13.4 million for 2025, with available cash rising to €45 million and total cash at year-end €50 million.
391,000 shares repurchased under the share buyback plan through February 25, 2026, with €2.4 million spent in FY 2025.
Outlook and guidance
2026 guidance: NGR of €235–245 million and Adjusted EBITDA of €15–20 million, with management expecting continued strong trends in Mexico and Spain.
Marketing investment expected to remain broadly in line with 2025, leveraging the World Cup opportunity in Mexico.
Management expects continued operating leverage and a gradual decline in marketing as a percentage of NGR over time.
Continued focus on growth in core markets and operational efficiency.
Mexico market: impact of competitor exits and tax?
World Cup marketing strategy and long-term efficiency.
Colombia market: investment plans given tax uncertainty?
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Next Codere Online Luxembourg earnings date
Q1 202615 May, 2026
Codere Online Luxembourg
Next Codere Online Luxembourg earnings date
Q1 202615 May, 2026
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Frequently asked questions
Codere Online Luxembourg S.A., also known as Codere Online, operates primarily as an online sports betting and casino gaming company. The company, a part of the broader Codere Group, began its online operations in 2014 and has since expanded its presence to several high-growth markets across Europe and Latin America. Key markets include Spain, Italy, Mexico, Colombia, Panama, and Argentina. Codere Online offers a wide range of gaming options through its advanced web service and mobile applications. Codere Online Luxembourg S.A. is headquartered in Luxembourg, Luxembourg, and its shares are listed on the Nasdaq.
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