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Codere Online Luxembourg (CDRO) investor relations material
Codere Online Luxembourg Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Q2 2025 net gaming revenue was €54.8M, up 1% year-over-year (12% in constant currency), with strong customer growth in Mexico and stable performance in Spain.
Regained compliance with Nasdaq listing requirements in June 2025, ending uncertainty about public company status.
7% increase in average monthly active customers to approximately 155,000, offset by a 5% decrease in average spend per customer, mainly due to currency effects.
78,000 first-time depositors in Q2, up 7% year-over-year, mainly driven by Mexico, with a 28% conversion rate and €218 cost per acquisition.
Net loss for H1 2025 was €3.1M, compared to €0.2M in H1 2024, mainly due to adverse exchange rate impacts.
Financial highlights
Adjusted EBITDA for Q2 2025 was €2.3M, up 76.9% year-over-year, including €1.1M in nonrecurring audit-related fees.
Q2 net gaming revenue was €54.8M, up 1% year-over-year; H1 2025 net gaming revenue was €111.8M, up 4% from H1 2024.
Adjusted EBITDA margin improved to 4.3% in Q2 2025 from 2.4% in Q2 2024.
Marketing expenses decreased by 3% to €22.8M, representing 41.5% of NGR.
Total cash stood at €45M (of which €41M is available) as of June 30, 2025; net working capital was negative €24M.
Outlook and guidance
2025 net gaming revenue outlook is €220–230M, with adjusted EBITDA expected between €10–15M.
Marketing spend expected to decrease in the second half, supporting higher EBITDA generation.
The company targets continued growth in Latin America, leveraging market expansion and regulatory developments.
Positive outlook for Mexico due to strong customer returns and improving peso trends.
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Next Codere Online Luxembourg earnings date
Q3 202526 Nov, 2025
Next Codere Online Luxembourg earnings date
Q3 202526 Nov, 2025
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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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