Codere Online sees 2024 net gaming revenue EUR 185M – EUR 200M

Oscar Iglesias, CFO of Codere Online, stated, “Our fourth quarter results have allowed us to reach nearly EUR 172 million of net gaming revenue for the full year, 19% above the midpoint of the initial EUR 140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative EUR 12mm in Adjusted EBITDA versus the initial outlook of negative EUR 20-30mm. We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of EUR 185-200 mm. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”