Gaming operator Codere reported adjusted EBITDA of €225.1 million for 2025, representing a 26.1% increase from the previous year as Spain and Argentina markets delivered strong performance.
May 2, 2026 · 4 min read
Gaming multinational Codere has delivered robust financial results for 2025, posting adjusted EBITDA of €225.1 million – a substantial 26.1% increase that exceeded budget targets and demonstrated the operator's strengthening market position across key territories.
The Madrid-headquartered entertainment and gaming group reported Gross Win of €1,357.1 million alongside the €46.6 million EBITDA improvement versus 2024. On a comparable basis with constant currency, Gross Win expanded by 13% while EBITDA surged by 40% year-on-year, highlighting the company's operational efficiency gains despite macroeconomic headwinds.
Spain emerged as a primary value generator, with Codere optimising its machine portfolio and implementing efficiency-focused strategies that maximised margins per terminal. The market consolidation approach has strengthened profitability across the Spanish retail network.
Argentina delivered significant growth despite currency adjustment challenges, supported by substantial machine and venue renovation investments. The strategic capital deployment has enhanced the division's revenue-generating capacity in this key Latin American market.
Codere's online division reinforced its position as a strategic pillar, improving profitability while advancing the group's omnichannel business model integration. The digital platform continues expanding its contribution to overall group performance.
The operator committed €121.2 million in CAPEX during 2025, allocating €111.5 million to maintenance and updates while directing €9.8 million toward expansion initiatives. This investment strategy supports both operational stability and selective growth opportunities.
Financial discipline yielded three consecutive quarters of positive cash generation, enabling Codere to close 2025 with €118.6 million in cash – comprising €68.4 million in retail operations and €50.2 million in the online division.
Investment Analysis
Codere's 92% CAPEX allocation to maintenance versus 8% to expansion reflects a mature operator prioritizing operational excellence over aggressive territory acquisition. This conservative approach typically signals market saturation in core regions and focus on margin optimization rather than revenue growth through geographic expansion.
Early 2026 performance aligns with management projections, with the company targeting approximately 5% revenue growth and exceeding 8% adjusted EBITDA expansion for the full year.
Codere is finalising its 2026-2030 Strategic Plan, scheduled for presentation in the coming weeks. With debt standing at 1.1 times adjusted EBITDA, the group maintains a healthy capital structure positioned to support the next growth cycle and international market leadership objectives.
The strong 2025 performance positions Codere advantageously as regulatory environments continue evolving across its core markets. The combination of retail market optimisation in established territories and digital platform development creates multiple growth vectors for the operator. With Spain and Argentina providing stable cash generation and the online division expanding its strategic importance, Codere's diversified approach offers resilience against single-market volatility while capitalising on omnichannel opportunities that remain underdeveloped across many competitors.
According to AzarPlus.
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Written by
Olga MuntyanDirector of Project Management
Olga has been leading project management at We–Right™ Factory since 2020, coordinating multilingual content delivery for iGaming operators and affiliates. She manages timelines, team capacity, and cross-market workflows that keep large-scale content production on track. On iGamingWriter.blog, Olga writes about project coordination, content pipeline management, and operational efficiency in iGaming content teams.
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