Codere Online Releases Financial Results for Q4 and FY 2023

By Saloni Sehmi
Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2023

Codere Online, a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the fourth quarter and year ended December 31, 2023.

Main Financial and Operating Metrics:

– Net Gaming Revenue in Spain: 17.8 million euros in Q4 2023, 60.0 million euros in the full year 2023
– Net Gaming Revenue in Mexico: 16.3 million euros in Q4 2023, 51.1 million euros in the full year 2023
– Net Gaming Revenue in Colombia: 2.3 million euros in both Q4 2023 and the full year 2023
– Net Gaming Revenue in Other regions: 1.3 million euros in Q4 2023, 3.9 million euros in the full year 2023

CEO of Codere Online, Aviv Sher, stated that they achieved a 33% growth in net gaming revenue in Q4 2023, reaching 50 million euros, their highest quarterly figure to date. They saw significant increases in active customer base and spend per customer in both the Mexico and Spain markets.

CFO of Codere Online, Oscar Iglesias, added that their full-year net gaming revenue reached nearly 172 million euros, exceeding their initial outlook of 140-150 million euros. They expect to generate positive Adjusted EBITDA and cash flow in 2024, with a net gaming revenue target of 185-200 million euros.

The company will host a conference call to discuss the results and provide a business update.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS):

– Total Net Gaming Revenue: 37.7 million euros in Q4 2023, 122.9 million euros in the full year 2023
– Spain: 17.8 million euros in Q4 2023, 60.0 million euros in the full year 2023
– Mexico: 16.3 million euros in Q4 2023, 51.1 million euros in the full year 2023
– Colombia: 2.3 million euros in Q4 2023, 7.9 million euros in the full year 2023
– Other regions: 1.3 million euros in Q4 2023, 3.9 million euros in the full year 2023

These financial results indicate the strong performance of Codere Online in the online gaming industry, especially in Spain and Mexico markets.

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