Codere Online Reports Record Q1 2026 Revenue
Codere Online (Nasdaq: CDRO / CDROW), a major online gaming operator in Spain and Latin America, has released its preliminary unaudited results for the quarter ending March 31, 2026, showing strong growth across revenue and profitability metrics.
The company posted record quarterly net gaming revenue of €64.4 million, up 13% year-on-year. Spain generated €25.5 million, reflecting a 16% increase, while Mexico delivered €34.6 million, also up 13%. Revenue from other markets stood at €4.4 million, representing a slight 2% decline.
Player activity also expanded during the period, with average monthly active users rising 14% to 183,500. Spain recorded 59,000 active players, up 13%, while Mexico grew strongly to 98,200 users, a 20% increase. Other regions saw a small dip to 26,300 users.
CEO Aviv Sher said the company had made a strong start to 2026, highlighting the record revenue performance and continued acceleration in Spain alongside sustained double-digit growth in Mexico, driven by higher customer activity.
Profitability also improved significantly. Adjusted EBITDA reached €6.0 million in Q1 2026, up €4.2 million compared to the same period last year. Net profit was €7.0 million, reversing a €0.7 million loss recorded in Q1 2025.
CFO Marcus Arildsson noted that the quarter marked a clear improvement in earnings, supported by a strong cash position of €56.2 million and no financial debt. He also confirmed the company’s full-year outlook remains unchanged, with expected net gaming revenue between €235–245 million and Adjusted EBITDA projected at €15–20 million.
Under IFRS reporting, revenue totaled €60.3 million, an 11% increase year-on-year, with adjustments of €4.2 million linked mainly to accounting treatments in Colombia, Mexico and Argentina bringing total net gaming revenue to €64.4 million.
The company also confirmed recent regulatory filings, including its 2025 annual report submitted to the U.S. SEC on April 28, 2026 and S-8 filings related to long-term incentive plans on May 5, 2026.
Codere Online management is scheduled to host a conference call on May 7, 2026, where results and business updates will be discussed, with a live webcast and replay available through the company’s website.
