Codere Group posted Q3 gaming revenue of €344m, up 6% year-on-year, while adjusted EBITDA rose 39% to €65.4m. The figures land as the group actively seeks a buyer.
What drove the growth
The land-based business has now grown for eight consecutive quarters. Cumulative adjusted EBITDA over the last twelve months reached €210.7m, a 23% increase on the prior year. Codere Online outpaced the retail arm: gaming revenue climbed 30% to €67.1m and adjusted EBITDA nearly doubled from €6.2m to €11.3m. The group attributes the gains to operational improvements in Mexico and positive performance in Argentina and Spain. According to the Blask Index, Codere ranks as the fourth-largest operator in both Spain and Mexico, and 40th in Argentina.
Sale process and debt
Codere has been in sale mode since March, when it retained Jeffries and Macquarie as financial advisers and set a target price of €2bn. That asking price appears to have cooled interest, and a split of the group into three separate blocks — European, Latin American, and the Nasdaq-listed online business — is now under discussion. Codere Online was spun off in 2021; Codere remains its controlling shareholder.
Corporate debt sits at around €190m. The group held €136.9m in cash at the end of September, split between retail (€71.3m) and online (€65.6m). That debt-to-cash ratio is a material factor for any buyer weighing a full acquisition or a divisional carve-out.
