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Investing.com - Benchmark has reiterated its Hold rating on Codere Online Luxembourg S.A. (NASDAQ:CDRO) following the company’s third-quarter 2025 financial results, which showed flat net gaming revenue (NGR) but improved adjusted EBITDA.
The online gaming operator demonstrated disciplined cost management and healthier unit economics during the quarter, despite facing headwinds including foreign exchange pressure in Mexico, low September sports betting margins, and ongoing regulatory challenges in Colombia.
Early fourth-quarter trends indicate accelerating NGR growth in Codere’s core markets, providing increased visibility toward meeting the company’s full-year 2025 guidance targets.
Mexico remains a strategically important market for Codere Online, though a proposed federal gaming tax increase presents a potential structural headwind. Management has noted that elevated taxes could deter new entrants and reduce competitive intensity, potentially benefiting incumbent operators.
The company’s Spanish operations continue to strengthen following the reinstatement of welcome bonuses in 2024, with key performance indicators showing renewed momentum, while regulatory uncertainty in Colombia remains a key risk for the business.
In other recent news, Codere Online Luxembourg reported its third-quarter earnings for 2025, showing a steady financial performance. The company achieved a net gaming revenue of €52 million, remaining flat compared to the previous year, while its adjusted EBITDA nearly doubled to €2.9 million. These results were accompanied by a strategic focus on reducing marketing expenses and enhancing operational efficiency. However, the earnings fell short of expectations, with net gaming revenue missing projections by 8%. Consequently, Stifel lowered its price target for Codere Online from $10.00 to $9.00, though it maintained a Buy rating.
In other developments, Codere Online Luxembourg’s shareholders approved the appointment of Oscar Iglesias to the Board of Directors. Additionally, they extended the authorization to repurchase up to one million ordinary shares on the Nasdaq Stock Market until December 31, 2026. The company attributed its third-quarter underperformance to factors such as peso devaluation, the impact of Colombia’s VAT, and unfavorable sports betting outcomes.
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