Codere Online’s Strong Performance in Q1 2024: Growth in Mexico and Spain

Júlia Moura September 17, 2024

Mexican market drives impressive 51% revenue increase as Codere Online surpasses €53 million in Q1

Codere Online (Nasdaq: CDRO / CDROW), a prominent online gaming operator in Spain and Latin America, has announced its preliminary unaudited financial results for the first quarter of 2024, revealing strong performance and solid growth.

Financial and Operational Highlights

In Q1 2024, Codere Online reported total revenue of €50.4 million, with net gaming revenue reaching €53.0 million, representing a 34% increase compared to the same period in 2023. This marks a significant achievement for the company, driven in large part by its growth in the Mexican market.

Mexico accounted for €26.6 million in net gaming revenue, a remarkable 51% increase year-over-year, showcasing its importance as a growth driver for Codere Online. Spain, another key market, contributed €22.3 million in net gaming revenue, reflecting a solid 21% growth from the previous year. This robust performance across both regions highlights the company’s successful focus on these key markets.

Codere Online CEO Aviv Sher expressed his enthusiasm for the company’s performance, stating: “We are starting 2024 strongly, with a net gaming revenue of €53 million in the first quarter, up 34% from last year and our highest quarterly figure yet. Our focus on Mexico and Spain continues to yield impressive results.”

Continued Growth in Q2 2024

The momentum carried over into the second quarter of 2024, where Codere Online achieved total revenue of €51.7 million and net gaming revenue of €54.4 million, marking a 39% year-over-year increase. Mexico once again stood out, generating €28.2 million in net gaming revenue, up 57% from Q2 2023. Spain also showed continued growth, with net gaming revenue rising 25% to €21.8 million.

Codere Online’s CFO, Oscar Iglesias, remarked on the company’s continued success: “We are pleased to have achieved positive Adjusted EBITDA for the second consecutive quarter, despite the increase in marketing spending around the Euro Cup and Copa America.”

Outlook for 2024

On the back of its strong results in the first half of 2024, Codere Online has adjusted its full-year projections. The company now expects to generate between €205 million and €215 million in net gaming revenue, with positive Adjusted EBITDA ranging from €2.5 million to €7.5 million.

Expansion and Strategic Moves

Codere Online continues to expand its footprint across Latin America, recently securing regulatory approval to commence operations in the Province of Mendoza, Argentina. The company also renewed its partnership with Monterrey Rayados football club, extending its main sponsorship to the women’s team, Rayadas.

Additionally, the company announced changes to its Board of Directors, with the reelection of Gonzaga Higuero as chairman and the appointment of new directors, signaling a fresh direction for governance as the company looks to the future.

With these developments and strong financial performance, Codere Online is positioned for continued success in 2024.