Codere Online sees 2023 net gaming revenue EUR 150M – EUR 160M

Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative EUR 4.5 million in the second quarter. We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between EUR 150-160 million of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative EUR 15-25 million, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”