Codere Online Increased Revenue by 23% and Became Profitable in 2024
Codere Online, a leading online gaming operator in Spain and Latin America, has released its financial results for the fourth quarter and the full year of 2024. The company showed strong revenue growth and significantly improved its financial performance despite currency fluctuations and other challenges.
Fourth Quarter 2024 Financial Results
For the fourth quarter of 2024, Codere Online reported the following results:
- Revenue amounted to €52.6 million, a 5% increase compared to the same period in 2023.
- Net profit was €6.7 million, whereas the company recorded a loss of €1.0 million in 2023.
- Adjusted EBITDA reached €1.9 million, improving by €6.0 million compared to 2023.
- Monthly average active players increased by 6%, reaching 147,500.
Full Year 2024 Results
For the entire year of 2024, the company achieved impressive results:
- Revenue grew by 23%, reaching €211.6 million.
- Net profit was €6.8 million, compared to a loss of €4.0 million in 2023.
- Adjusted EBITDA stood at €6.4 million, compared to a loss of €11.7 million in 2023.
- Monthly average active players increased by 13%, reaching 144,900.
Regional Performance
The company reported strong results in key markets:
| Region | Revenue Growth | Active Players Growth |
|---|---|---|
| Spain | Revenue grew by 16%, totaling €87.7 million | Number of active players increased by 17% |
| Mexico | Revenue amounted to €106.6 million, 30% higher compared to 2023. However, accounting for the devaluation of the Mexican peso, the real growth was 14%. | Not specified |
| Other markets | Revenue grew by 19%, reaching €17.3 million | Not specified |
Note: In Argentina, the company’s operations are limited to Buenos Aires as Codere Online does not have licenses to operate in other provinces.
2025 Outlook
The company is optimistic about the future, forecasting the following financial results for 2025:
- Expected revenue: €220–230 million.
- Adjusted EBITDA: €10–15 million.
Share Buyback Plan
The Board of Directors of Codere Online approved a share buyback plan of up to $5.0 million, which will be executed subject to shareholder approval at the meeting on March 3, 2025. This move underscores the company’s confidence in its financial stability and ability to generate cash flow.
Challenges and Issues
Despite the successful results, Codere Online faced some challenges:
- In Colombia, a new 19% tax on online deposits was introduced, effective from February 21, 2025, and will remain in place until the end of 2025. The company is assessing the potential legal and operational implications of this tax.
- In Mexico, the company faced the devaluation of the peso, which affected results. However, revenue growth on a constant currency basis was 14%.
Conclusion
Codere Online ended 2024 on a positive note, demonstrating significant revenue and profitability growth. The company is actively expanding its operations in key regions and expects continued success in 2025, despite potential challenges related to tax policies in some countries.