Codere reports €1.36bn in Gross Win and €225.1m in adjusted EBITDA, driven by Spain, Argentina and its Online division
Grupo Codere has reported its financial results for the 2025 fiscal year, confirming a continued improvement in operating performance with Gross Win of €1.3571bn and adjusted EBITDA of €225.1m, representing a 26.1 percent increase compared with the previous year.
On a comparable basis and at constant currency, Gross Win increased by 13 percent, while EBITDA rose by 40 percent versus 2024. The company said these indicators underline the group’s operating profitability and its ability to mitigate macroeconomic pressures across its international markets.
The 2025 results were supported by positive performance across Codere’s main business units. In the retail segment, Spain and Argentina consolidated their position as the group’s main value generation drivers, with almost all countries showing improvement during the year.
In Spain, the group improved profitability through the optimisation of its machine estate and a strategy focused on operational efficiency, allowing Codere to maximise margin per terminal. In Argentina, growth was significant despite exchange rate adjustments, supported by a major investment plan focused on renewing machines and gaming venues.
The Online division also reaffirmed its position as a strategic pillar for the group, consolidating profitability improvements and further developing Codere’s omnichannel business model. The performance of the digital business reinforces the company’s strategy of combining retail operations with online channels across key markets.
Codere also strengthened its commitment to reinvestment in the business, reporting 2025 CAPEX of €121.2m. Of this total, €111.5m was allocated to maintenance and upgrades, while €9.8m was directed toward expansion.
In terms of cash position, the company closed 2025 with three consecutive quarters of cash generation. This enabled the group to end the year with a cash balance of €118.6m, comprising €68.4m in retail and €50.2m in Online.
The positive trend recorded at the end of 2025 has continued into the start of 2026, with activity tracking in line with expectations for the new fiscal year. The company expects revenue growth of around 5 percent in 2026, while adjusted EBITDA is forecast to increase by more than 8 percent.
The group is also finalising its 2026–2030 Strategic Plan, which is expected to be presented in the coming weeks. This plan will define the next stage of Codere’s growth strategy as the company seeks to reinforce its position across international gaming and entertainment markets.
With debt equivalent to 1.1 times adjusted EBITDA, Codere said it has a healthy capital structure that provides the stability required to undertake its next growth cycle and consolidate its leadership in the international market.
Codere is an international operator in the entertainment and gaming sector, with presence in seven countries across Europe and Latin America, including Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay. The group operates gaming machines, bingo positions and sports betting terminals through an omnichannel model, both online through Codere Online, and directly in Italy through codere.it, as well as through retail points including gaming halls, amusement arcades, bars, betting shops and racetracks.
The company also reaffirmed its commitment to responsible gaming, stating that it supports the development of a gaming offer that provides safeguards for users. Codere said it carries out its activity by implementing responsible gaming best practices, promoting transparency and supporting public policies that protect users, safeguard vulnerable groups and ensure the sustainability of the industry.
