Codere Online Luxembourg (CDRO) Q4 2024 earnings summary

Executive summary

• Q4 2024 Net Gaming Revenue reached €52.6 million, up 5% year-over-year, with full-year NGR at €211.6 million, a 23% increase from 2023; constant currency growth in Q4 was 15% due to Mexican peso devaluation.

• Achieved four consecutive quarters of positive Adjusted EBITDA, totaling €6.4 million for 2024, at the high end of guidance.

• Average monthly active customers increased 6% year-over-year to approximately 147,000 in Q4, with improved customer acquisition efficiency and stable spend per active.

• Board approved a one-year share buyback plan for up to $5 million, pending shareholder approval.

• Net income excluding non-cash warrant fair value changes was €6.8 million in 2024, compared to a €4.0 million net loss in 2023.

Financial highlights

• Q4 2024 Adjusted EBITDA was €1.9 million, with full-year Adjusted EBITDA at €6.4 million, reversing a loss of €11.7 million in 2023.

• Spanish revenue grew 10% to €22.8 million in Q4; Mexico revenue was flat at €25.1 million due to currency headwinds but up 14% in constant currency.

• Marketing spend reduced by €3 million, with Q4 marketing expenses down 13% and improved to 41.5% of NGR.

• Total cash at year-end was €40.5 million, with €35 million available; net working capital was negative €18 million.

• Average monthly active players grew 13% year-over-year to 144,900 in 2024.

Outlook and guidance

• 2025 Net Gaming Revenue expected between €220–230 million, a 6% increase at midpoint, with Adjusted EBITDA guidance of €10–15 million.

• Management expects continued growth in core markets and further margin improvement.

• Guidance reflects headwinds from currency, new Colombian tax, and Spanish promotional environment.