Codere Online Reports Financial Results for the First Quarter of 2026

Codere Online has released its preliminary unaudited financial results for the quarter ended March 31, 2026.

The net gaming revenue rose to €64.4M during the first quarter of 2026, marking a 13% increase compared to the same period in 2025. Spain generated €25.5M in revenue, reflecting a 16% year-on-year rise, while Mexico contributed €34.6M, up 13%. Revenue from other markets totaled €4.4M, slightly down by 2%.

Average monthly active players also showed strong growth, reaching 183,500, a 14% increase year-on-year. Spain recorded 59,000 active players (+13%), while Mexico saw a significant jump to 98,200 (+20%). Other markets experienced a slight decline to 26,300 players (-3%).

Aviv Sher, CEO of Codere Online, said: “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year‑on‑year. In Spain, performance accelerated meaningfully, with net gaming revenue growing 16%, reflecting a clear continuation and acceleration of the positive trends we began to see in the second half of 2025, particularly in the fourth quarter. Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers.”

The company also reported a significant improvement in profitability. Adjusted EBITDA reached €6.0M in Q1 2026, an increase of €4.2M compared to the previous year. Net income stood at €7.0M, a marked turnaround from a €0.7M loss in Q1 2025.

Marcus Arildsson, CFO of Codere Online, said: “Q1 2026 marked a clear step forward in profitability, with Adjusted EBITDA reaching €6.0 million, €4.2 million above the same period last year and a net profit of €7.0 million. We closed the quarter with a solid total cash position of €56.2 million and no financial debt, providing a strong balance sheet. Based on this performance, we reiterate our outlook for full year 2026, with expected net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million.”

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