Codere Group has released a strong set of results, increasing its hopes of securing potential buyers.
The business saw gaming revenue rise 6% year-on-year to €344m in Q3 as adjusted EBITDA shot up by 39% to reach €65.4m.
The group, which focuses on Spanish-speaking markets, has been looking for a buyer since March this year when it hired Jeffries and Macquarie as financial advisors and set a target price of €2bn.
There have been more recent rumours of it splitting its three core European, Latin American and US-listed online business divisions to further entice the market.
What drove Codere’s Q3 growth?
Land-based and online activity both contributed to this quarter’s sizable improvement.
Its land-based business has now experienced consistent growth for the past eight quarters, as cumulative adjusted EBITDA over the last twelve months reached €210.7m – a 23% increase compared to the previous year.
Codere Online’s gaming revenue rose by 30% to €67.1m and adjusted EBITDA almost doubled to €11.3m (Q3 2025: €6.2m).
Progress has been attributed to “operational improvements implemented in Mexico, as well as positive performance in Argentina, Spain, and the online business.”
According to the Blask Index, the group is now the fourth-largest operator in both Spain and Mexico, and the 40th-largest in Argentina.
Success across key markets is exactly what is necessary as it takes a different approach to a sale. Potential buyers may well have been put off by the hefty initial asking price.
With other avenues now being explored, notably the aforementioned divestment of the group, these results could help the sales pitch for any of Codere’s core divisions after growth was displayed across the board in Q3.
There are still a lot of factors to consider regarding any deal, however – notably a corporate debt figure which remains at around €190m.
Codere held a cash position of €136.9m at the end of September, split between the retail (€71.3m) and online (€65.6m) businesses.
Nasdaq-listed Codere Online, which spun off from Codere in 2021, is expected to release its standalone Q3 results later today. Codere is still the controlling shareholder in the online company.
