Codere Online Luxembourg (CDRO) Q4 2025 earnings summary

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.