Codere Online CEO: The Online Gaming Opportunity in Latin America Is Just Getting Started

Core Insights - Codere Online Luxembourg, S.A. achieved its highest quarterly net gaming revenue of €60.7 million in Q4 2025, primarily driven by significant growth in Mexico [2][3][6] Financial Performance - The company's net gaming revenue in Mexico surged by 31%, with a 43% increase in active customers, reaching 100,000 players in December [3][6] - Full-year 2025 adjusted EBITDA more than doubled to €13.8 million from €6.4 million in 2024, with 2026 guidance projecting net gaming revenue of €235-245 million and adjusted EBITDA of €15-20 million [6] Customer Acquisition - The average cost-per-acquisition for new customers was €166, the lowest since early 2023, indicating effective customer acquisition strategies [3][6] - The increase in active customers and lower acquisition costs reflect a strong unit economics story for the company [3] Market Strategy - The company plans to focus its investments in Mexico, which now accounts for 53% of its full-year 2025 net gaming revenue, rather than expanding into new markets ahead of the World Cup [5][6] - Codere is preparing for the World Cup season with a loyal customer base and reduced competition, despite an increase in Mexico's gaming excise tax from 30% to 50% effective January 2026 [6]