Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2025

• Total revenue was €57.1 mm in Q4 2025, while net gaming revenue
  1
  was €60.7 mm, 15% above Q4 2024.
• Mexico revenue was €29.4 mm in Q4 2025, while net gaming revenue was €32.8 mm, 31% above Q4 2024.
• Adj. EBITDA reached €6.7 mm in Q4 2025, €4.8 mm above Q4 2024.
• Net loss was €1.8 mm in 2025 versus a net income of €3.9 mm in 2024.
• Total cash position of €50.0 mm and no financial debt as of December 31, 2025.
• Outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA
  2
  of €15-20 mm.
• 391 thousand repurchased shares for an aggregate amount of $2.7 mm under the Company’s share buyback plan through February 25, 2026.
  
  

– (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the quarter and year ended December 31, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended December 31				Year ended December 31
	2024	2025	Chg. %		2024	2025	Chg. %
Net Gaming Revenue (€ mm)
Spain	22.8	24.5	7%		87.7	90.5	3%
Mexico	25.1	32.8	31%		106.6	119.1	12%
Other	4.7	3.5	(26%)		17.6	14.5	(18%)
Total	52.7	60.7	15%		212.0	224.1	6%
Avg. Monthly Active Players (000s)
Spain	48.7	55.6	14%		49.7	51.7	4%
Mexico	68.9	98.8	43%		64.4	88.7	38%
Other	29.8	22.9	(23%)		30.8	22.6	(27%)
Total	147.5	177.2	20%		144.9	163.0	13%

Aviv Sher, Chief Executive Officer of Codere Online, commented, “In the fourth quarter of 2025, our net gaming revenue reached €60.7 million, marking the highest quarterly figure in the Company’s history.” This increase was mostly driven by Mexico, where our net gaming revenue grew 31% on the back of a 43% increase in our portfolio of active customers in the country. In December, we hit a record of 100,000 active players in the country, positioning us well for the upcoming World Cup this summer”.

Marcus Arildsson, CFO of Codere Online, commented, “Beyond the strong top line performance in the fourth quarter, we also had a significant uplift in Adj. EBITDA to €6.7 mm in the period, allowing us to meet the upper part of the 2025 outlook range we provided last year.”

Mr. Arildsson further stated, “As we look out to 2026, we are encouraged by the strong trends in both Mexico and Spain and expect our net gaming revenue for the year to be in the €235-245 million range and Adj. EBITDA between €15 and 20 million.”

• On December 1, 2025, Mr. Oscar Iglesias, who previously served as the Company’s Chief Financial Officer, was appointed as member of the Company’s board of directors (the “Board”).
• On December 9, 2025, Mr. Gaëtan Dumont was appointed as member of the Board.

• On November 13, 2025, the Company renewed its online gaming license in Colombia for a period of 5 years.
• The current license will expire in November 2030.

• Effective January 1, 2026, the statutory excise tax rate applicable to gaming in Mexico (“IEPS”) was increased from 30 to 50%.
• The value added (i.e. indirect) tax of 19% on all online deposits introduced through executive decree in Colombia in February 2025 expired on December 31, 2025.

• The Company has repurchased 391 thousand shares for an aggregate amount of $2.7 million under its authorized share buyback plan through February 25, 2026.
• The plan has an authorized total investment of $7.5 million or up to 1 million shares and expires on December 31, 2026.

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 26, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at

. A recording of the webcast will also be available following the conference call.

	Quarter ended December 31				Year ended December 31
Figures in € mm	2024	2025	Chg. %		2024	2025	Chg. %
Total
Revenue	49.8	57.1	15%		200.7	210.4	5%
(+) Accounting Adjustments 4	2.8	3.6	29%		11.4	13.7	20%
Net Gaming Revenue	52.7	60.7	15%		212.0	224.1	6%
Spain
Revenue	22.8	24.5	7%		87.7	90.5	3%
(+) Accounting Adjustments 5	-	-	n.m.		-	-	n.m.
Net Gaming Revenue	22.8	24.5	7%		87.7	90.5	3%
Mexico
Revenue	22.3	29.4	32%		95.7	107.2	12%
(+) Accounting Adjustments 5	2.8	3.4	21%		10.9	11.9	9%
Net Gaming Revenue	25.1	32.8	31%		106.6	119.1	12%
Other
Revenue	4.7	3.2	(32%)		17.2	12.7	(26%)
(+) Accounting Adjustments 5	0.0	0.2	n.m.		0.4	1.8	n.m.
Net Gaming Revenue	4.7	3.5	(26%)		17.6	14.5	(18%)

	Quarter ended December 31				Year ended December 31
Figures in € mm	2024	2025	Chg.		2024	2025	Chg.
Net Income (Loss)	7.0	(0.1)	(7.0)		3.9	(1.8)	(5.7)
(+/-) Provision for Corporate Income Tax	(1.6)	0.5	2.1		1.5	2.4	0.9
(+/-) Interest Expense / (Income)	(1.5)	(0.0)	1.5		(4.3)	4.4	8.8
(+/-) Var. in Fair Value of Public Warrants	(2.5)	(0.8)	1.7		3.3	0.7	(2.6)
(+) D&A	0.2	0.2	(0.1)		0.4	0.6	0.3
EBITDA	1.7	(0.2)	(1.8)		4.7	6.4	1.7
(+) Employee LTIP Expense	0.1	6.6	6.4		1.7	6.0	4.3
(+/-) Other Accounting Adjustments	0.1	0.3	0.2		(0.0)	0.3	0.3
Adj. EBITDA (Pre Non-Recurring Items)	1.9	6.7	4.8		6.4	12.7	6.3
(+) Non-Recurring Items	0.0	0.0	0.0		0.0	1.1	1.1
Adj. EBITDA	1.9	6.7	4.8		6.4	13.8	7.3

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies,