Codere Online posts double-digit NGR spike with growth across all markets
Operator continues to grow in Mexico and Spain and reports third consecutive month of positive adjusted EBITDA
Codere Online reported net gaming revenue (NGR) of €51.7m for Q3 2024, a 20% year-on-year (YoY) increase on the equivalent period in 2023.
Total revenue for the three months ending 30 September stood at €49.2m, up from €41m the year prior.
Breaking it down by market, Mexico revenue came in at €24.2m for the quarter, with NGR standing at €26.7m – a 27% YoY rise. Average monthly active players for the region spiked 23% YoY from 51,800 to 63,700.
In Spain, both revenue and NGR reached €20.9m for Q3, an 11% YoY increase, while average monthly users grew 18% from 41,000 to 48,500.
In Codere Online’s other markets across Latam, NGR grew 24% YoY to €4.1m. However, average monthly active players fell slightly by 2%, down from 31,700 to 31,200.
Adjusted EBITDA for the third quarter stood at €1.5m, up from zero in Q3 2023.
For the nine months ending September 30, total NGR increased 31% YoY to €159.1m. In Mexico, that figure stood at €81.5m, a 44% YoY jump, while in Spain there was a 18% YoY jump to €64.9m.
Aviv Sher, Codere Online CEO, said: “In Mexico, net gaming revenue reached €26.7m, 27% above the prior year period, despite the significant devaluation of the Mexican peso following the presidential election in June.
“In constant currency terms, our net gaming revenue in the country would have grown by 43%.
“Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9m in the quarter, 11% above last year.”
Oscar Iglesias, Codere Online CFO, noted: “Beyond the significant top-line growth, we also generated €1.5m of adjusted EBITDA and €3.5m of cash in the quarter.
“This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5m.”
Codere Online says it expects to finish 2024 in the upper part of its guidance, with a NGR outlook of between €205m and €215m and adjusted EBITDA outlook of €2.5m to €7.5m.
On that outlook, Iglesias added: “With regard to our existing outlook for 2024, we expect to finish the year in the upper part of the range with respect to both our net gaming revenue and adjusted EBITDA guidance.”
The operator added in its notable events for the quarter that its request for a hearing into the delisting from the Nasdaq Stock Market had been accepted and is scheduled for 16 January 2025.