Codere Group has reported its FY2025 results, with growth reported across both retail and online operations as the company eyes a potential $2bn (£1.73bn) sale.
Group gross win – the amount it has won (and its customers have lost) over a given period – reached €1.36bn, up 3.2% year-on-year (13% in constant currency). Meanwhile, adjusted EBITDA rose 26% to €225.1m, highlighting improved profitability following its recent balance sheet restructuring.
Performance was driven by core retail markets, particularly Spain and Argentina. In Spain, operational efficiencies and “optimisation of its machine fleet” boosted margins, while Argentina delivered strong growth despite currency headwinds, supported by continued investment in gaming floors and equipment.
Codere’s online division, which is listed on the Nasdaq Capital Market in New York, also strengthened its role as a key growth pillar, delivering improved profitability and supporting the group’s broader omnichannel strategy across Spanish-speaking markets.
The company invested €121.2m in 2025, largely focused on maintaining and upgrading existing operations, while ending the year with €118.6m in cash after three consecutive quarters of positive cash generation.
With net debt reduced significantly following a late 2024 debt-for-equity restructuring, leverage now stands at around 1.1x EBITDA – giving the group a more stable financial base as it prepares a new 2026-2030 strategic plan.
The Madrid-headquartered firm slashed its debt from around €1.4bn to under €200m following the restructuring.
However, attention is increasingly turning to ownership. Codere is reportedly exploring a sale at around $2bn, a move that would come just a year after said restructuring handed control to a broad group of bondholders and institutional creditors.
Question marks over Codere remain
Speaking on the iGaming Daily podcast, SBC’s Editor at Large, Ted Menmuir, said regarding a potential sale: “It seems that the spin here is clearly that whoever buys this company is securing the second largest gambling brand in Spain with a retail and online presence. They will have also secured [a presence] in the markets of Mexico, Uruguay, Argentina and Colombia.
“However, I think you have to be reflective of Codere’s track record. This is a company that was anchored to €2bn of debt over the last ten years. It only just recently came out of its capital renegotiation with bondholders, which reduced it by 95%, so the jury is very much out on what Codere has proven.
“If you look at this from the top down, it screams that you would need some form of private equity fund coming in. From a European level, a company that’s talked of leading global expansion is Lottomatica, but I don’t think that they’ll have the stomach to take a company which carries so many liabilities.”
Questions also remain over long-term sustainability. The business only recently emerged from a prolonged period of heavy debt, and potential buyers may weigh that history against its improved financial profile.
As mentioned above, Codere Online has recently reported revenue growth – a yearly increase of 6% to €224m in 2025, supported by rising player numbers.
However, the outlook is plagued by rising tax rates in key markets such as Mexico and Colombia, which could pressure margins going forward.
A 19% VAT penalty has been applied to online gambling gross gaming revenue (GGR) in Colombia. Meanwhile, the Mexican Senate approved a fiscal package for 2026, raising the Special Tax on Production and Services (IEPS) on online gambling and land-based casinos from 30% to 50% of GGR.
Taxation in Spain has also been a key talking point, but it will be interesting to see going forward whether Codere can find a buyer which will be prepared to pay $2bn for the firm and potentially tackle Cirsa as the industry’s biggest player in Spain.