Codere Online Luxembourg SA has reported its financial results for the first quarter of 2025. The company's total revenue for Q1 2025 was €54.3 million, reflecting a 4% increase from €50.4 million in Q1 2024. Net gaming revenue experienced an 8% rise, reaching €57.0 million in Q1 2025, compared to €53.0 million in the same period the previous year. The company reported a net loss of €0.7 million in Q1 2025, a decline from a net income of €3.4 million in Q1 2024. In regional performance, Mexico's revenue for Q1 2025 was €27.6 million, with net gaming revenue at €30.5 million, marking a 15% improvement over Q1 2024 figures. However, revenue in Spain decreased by 2%, from €22.3 million in Q1 2024 to €21.9 million in Q1 2025. The company maintains its 2025 outlook with a projected net gaming revenue of €220-230 million and an adjusted EBITDA of €10-15 million. Codere Online reported a total cash position of €41.8 million as of March 31, 2025. Additionally, the company has repurchased $0.5 million of its shares under a $5.0 million share buyback plan through May 15, 2025.
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