Codere reported earnings results for the second quarter of 2017. For the quarter, adjusted EBITDA decreased 3.3% to EUR 63.5 million. The decrease in EBITDA versus second quarter of 2016 was driven by results in Spain, Italy, Colombia and Panama, which were partially offset by growth in Argentina, and Mexico. Second quarter revenue increased 13% to EUR 148 million, while adjusted EBITDA increased a lower 6% to EUR 32 million due to tax increases. On a constant currency basis, reported revenue and adjusted EBITDA would have grown 22% and 14% respectively. Total financial debt as of June 30 was EUR 5.1 million higher than in December 2016 reaching EUR 885 million.

For the third quarter of 2017, the company expects adjusted EBITDA to be EUR 64 million to EUR 67 million. Stripping inflation on FX impact, the company expects EUR 5 million to EUR 8 million of real decline in EBITDA, based on continued weak, though improving, results in Spain, and impact of tax increases in Italy and Argentina.

For the year 2017, the company expects CapEx guidance of around EUR 75 million, excluding catch-up CapEx and license renewals.