Codere Online, a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the quarter ended March 31, 2026.
The Company delivered record quarterly net gaming revenue of €64.4 million and Adj. EBITDA of €6.0 million.
- Total revenue was €60.3 mm in Q1 2026, while net gaming revenue was €64.4 mm, 13% above Q1 2025.
- Spain revenue and net gaming revenue were €25.5 mm in Q1 2026, 16% above Q1 2025.
- Mexico revenue was €30.4 mm in Q1 2026, while net gaming revenue was €34.6 mm, 13% above Q1 2025.
- Adj. EBITDA reached €6.0 mm in Q1 2026, €4.2 mm above Q1 2025.
- Net income was €7.0 mm in Q1 2026 versus a net loss of €0.7 mm in Q1 2025.
- Total cash position of €56.2 mm and no financial debt as of March 31, 2026.
- Unchanged outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA of €15-20 mm.
Below are the main financial and operating metrics of the period.
Aviv Sher, Chief Executive Officer of Codere Online, commented:
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.
Marcus Arildsson, CFO of Codere Online, commented:
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.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)
