Codere Continues To Investigate Possible Sales While Reporting An Increase In EBITDA

With an eye towards a possible $2 billion (£1.73 billion) sale, Codere Group has released its FY2025 figures, showing growth in both retail and online operations.

Group gross win, or the total amount it has won (and its clients have lost) over a specific time period, was €1.36 billion, up 3.2% from the previous year (13% in constant currency). Adjusted EBITDA, on the other hand, increased 26% to €225.1 million, demonstrating increased profitability as a result of the company’s recent balance sheet reform. Core retail markets, especially Argentina and Spain, were the main players in performance. While Argentina produced strong growth despite currency challenges thanks to ongoing investments in gaming floors and equipment, Spain’s profitability was enhanced by operational efficiency and “optimisation of its machine fleet.”

Listed on the Nasdaq Capital Market in New York, Codere’s online division added to its position as a crucial growth component by increasing profitability and supporting the company’s larger omnichannel strategy throughout Spanish-speaking areas. After three consecutive quarters of positive income generation, the corporation ended 2025 with €118.6m in cash after investing €121.2m, mostly in maintaining and improving current operations.

Following a debt-for-equity restructuring in late 2024, net debt was dramatically decreased. As a result, leverage currently stands at about 1.1x EBITDA, providing the group with a more sound financial foundation while it develops a new 2026–2030 strategic plan. But ownership is becoming more and more important. Just a year after that restructure gave power to a large number of bondholders and institutional creditors, Codere is apparently considering a $2 billion sale.

There are still unanswered questions about Codere

Regarding a possible sale, Ted Menmuir, SBC’s Editor at Large, stated on the iGaming Daily podcast: “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.” Additionally, they will have established a foothold in the markets of Colombia, Argentina, Uruguay, and Mexico.

Long-term sustainability is another issue. Potential purchasers may compare the company’s better financial condition with its recent emergence from a long period of high debt. As previously stated, Codere Online recently revealed revenue growth, which increased by 6% annually to €224 million in 2025, thanks to an increase in players.

Rising tax rates in important areas like Mexico and Colombia, however, are a problem for the outlook and might put future pressure on margins. In Colombia, gross gaming revenue (GGR) from online gambling is subject to a 19% VAT penalty. In the meantime, a financial package for 2026 that increased the Special Tax on Production and Services (IEPS) on land-based casinos and online gambling from 30% to 50% of GGR was approved by the Mexican Senate.

Taxation has also been a major topic of discussion in Spain, but it will be interesting to see if Codere can find a buyer willing to spend $2 billion for the company and possibly take on Cirsa, the largest competitor in the Spanish market.

Source: sbcnews.co.uk

Codere Continues To Investigate Possible Sales While Reporting An Increase In EBITDA

There are still unanswered questions about Codere

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