Codere Online Reports Financial Results for the Second Quarter 2025

Core Insights - Codere Online reported a net gaming revenue of €54.8 million for Q2 2025, a slight increase of 1% compared to Q2 2024, with a 12% increase in constant currency terms [4] - The company experienced a net loss of €3.1 million in H1 2025, compared to a net loss of €0.2 million in H1 2024, primarily due to adverse exchange rate impacts [4][10] - The company maintains its net gaming revenue outlook for 2025 at €220-230 million and an Adjusted EBITDA outlook of €10-15 million [4][10] Financial Performance - Total revenue for Q2 2025 was €51.4 million, with net gaming revenue at €54.8 million, reflecting a 1% increase year-over-year [4][7] - In Mexico, net gaming revenue grew by 3% to €29.0 million in Q2 2025, with a 23% increase in local currency terms [4][7] - The average monthly active players increased by 7% to 155.1 thousand in Q2 2025 compared to the previous year [2] Market Dynamics - The company faced challenges in various markets but managed to grow its active customer base in Mexico by 36% compared to Q2 2024 [4] - The total cash position as of June 30, 2025, was €45.2 million, indicating a stable liquidity position [4] - The company has repurchased $0.7 million of its shares under a $5.0 million share buyback plan, which is set to expire on March 3, 2026 [9]