- Codere Online increased its revenues by 41% year-on-year, reaching €41M. The turnover of retail activities reached €260M.
- The group's normalized EBITDA reached €42M, with a consequent EBITDA margin of 14%.
- The liquidity of the business retail amounted to €102M at the end of the period, while Codere Online closed the quarter with €43M.
- Codere, a leading multinational in the entertainment and gaming sector, today announced its financial results for the third quarter of 2023, which highlight a turnover of €301M. While this figure represents a 12% decrease compared to the same quarter last year, it also demonstrates the company's resilience in the face of operational challenges in Mexico and Argentina, the latter of which have already been resolved.
During the third quarter, Codere Online recorded notable year-on-year growth, increasing its revenue by 41% to €41M. The turnover of retail activities in the third quarter was €260M. These revenues, together with those generated in previous quarters, represent an increase in the group's consolidated turnover of 3% compared to the first 9 months of the previous year. The group's growth, however, was slowed down in this last quarter by the closures and restrictions of some cinemas in Mexico and Argentina (the latter already fully resolved) by the local authorities due to alleged regulatory non-compliance, negatively impacting the turnover of the third quarter, by 6% and 47%, respectively.
The group's normalized EBITDA in this period stood at €42M, reaching €158M in the first 9 months of 2023, 4% less than the same period of the previous year. The EBITDA margin in the third quarter was 14%.
In the third quarter, the company's net loss was €46M, compared to the €41M loss recorded in 2022. However, the group's total liquidity reached €145M – spread across €102M across the business retail and €43M in Codere Online-, which shows the group's current solid cash position.
In terms of gaming capacity, Codere ended the quarter with a total of 45.282 machines and a network that includes 138 gaming rooms, 915 lounges, 160 sports betting outlets and more than 8.000 bars.
