Codere Online Luxembourg (CDRO) Q3 2025 earnings summary

Executive summary

• Q3 2025 net gaming revenue was €51.6 million, flat year-over-year (up 3% in constant currency), with Adjusted EBITDA of €2.9 million, nearly double the prior year.

• Average monthly active customers grew 11% year-over-year, with 85,000 first-time depositors acquired at the lowest CPA since Q1 2023.

• Casino segment contributed 65% of total net gaming revenue, above normal levels due to lower sports betting margins.

• CFO transition: Marcus Arildsson appointed, succeeding Oscar Iglesias, who will join the Board.

• Share buyback plan increased to $7.5 million, with 249,000 shares repurchased and term extended to December 2026.

Financial highlights

• Adjusted EBITDA margin improved to 5.6% in Q3 2025 from 2.8% in Q3 2024, driven by an 18% reduction in marketing spend.

• Spain contributed €5.8 million and Mexico €2 million to adjusted EBITDA.

• Marketing spend in Q3 was €18 million, the lowest since listing, supporting EBITDA growth.

• Total cash at quarter-end was €48 million, with €43 million available; net working capital at negative €24–25 million.

• Net loss for Q3 2025 was €1.4 million, compared to a loss of €2.8 million in Q3 2024.

Outlook and guidance

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

• Initial 2026 outlook to be provided with Q4 earnings.

• Management expects a strong Q4 start in both Mexico and Spain, with double-digit top-line growth.