Codere Online sees 2024 net gaming revenue EUR 195M – EUR 210M

Oscar Iglesias, CFO of Codere Online, stated, “Once again, top line growth exceeded our expectations in the first quarter, with Mexico continuing to put distance on Spain as our largest market by revenue. We are particularly excited, however, to see Mexico now also contributing positive Adjusted EBITDA for the first time. This, together with a strong performance by Spain, allowed us to generate EUR 1.7 million in total Adjusted EBITDA in the first quarter, which represents a significant step towards achieving our full year profitability targets.” Mr. Iglesias further added, “On the back of this strong performance in the first quarter and based on recent trading activity, we now expect to generate between EUR 195-210 million of net gaming revenue in 2024, and reaffirm that we expect to generate positive Adjusted EBITDA and cash flow for the full year in 2024.”