Codere Online Luxembourg (CDRO) Q2 2025 earnings summary

Executive summary

• Q2 2025 net gaming revenue was €54.8 million, up 1% year-over-year (12% at constant currency), with Adjusted EBITDA of €2.3 million, and regained NASDAQ compliance after delayed filings.

• Casino segment contributed 61% of total net gaming revenue, with a stabilized product mix.

• 78,000 first-time depositors acquired in Q2, up 7% year-over-year, with a 28% conversion rate and €218 CPA.

• Share buyback plan executed, with over 105,000 shares repurchased for $0.7 million at an average price of $6.89.

• Net loss for H1 2025 was €3.1 million, mainly due to adverse exchange rate impacts.

Financial highlights

• Adjusted EBITDA was €2.3 million in Q2 2025, up 76.9% year-over-year, with margin improving to 4.3%.

• Net gaming revenue for H1 2025 was €111.8 million, up 4% from H1 2024.

• Marketing expenses decreased by 3% to €22.8 million, representing 41.5% of NGR.

• Net working capital at negative €24 million (11% of LTM NGR), considered normalized.

• Total cash stood at €45 million as of June 30, 2025, with €41 million available.

Outlook and guidance

• 2025 guidance maintained: net gaming revenue of €220–230 million and adjusted EBITDA of €10–15 million.

• Marketing spend expected to decrease in H2 2025, supporting higher EBITDA generation.

• Positive outlook for Mexico due to strong player returns and improved peso expectations.

• The company targets continued growth in Latin America, leveraging market expansion and regulatory developments.