Codere Online sees 2024 net gaming revenue EUR 205M – EUR 215M

Oscar Iglesias, CFO of Codere Online, stated, “We are pleased to have delivered positive Adjusted EBITDA for the second consecutive quarter despite the increased marketing spend around the Eurocup and Copa America. The EUR 1.3 million in Adjusted EBITDA in the second quarter is nearly EUR 6 million better than the prior year period and for the year-to-date period we have generated EUR 3.0 million. Thanks to this solid performance in the first half of the year, we are well on track to meet the profitability and cash generation expectations we set out to achieve in the beginning of the year, while still delivering significant top line growth. As such, we are raising our outlook for the full year 2024 and now expect to generate between EUR 205 – 215 million of net gaming revenue, which represents a growth of 22% year-on-year at the midpoint, and between EUR 2.5 – 7.5 million of positive Adjusted EBITDA.”