Codere Online has reported outstanding results for the first quarter of 2026, fueled by significant growth in both Spain and Mexico.
The company's total revenue for the quarter ending March 31, 2026, reached €60.3 million (approximately US$71.1 million), while net gaming revenue hit a record €64.4 million (around US$75.9 million), marking a 13% increase compared to the same quarter in 2025.
Spain remained a crucial market for growth, contributing €25.5 million (about US$30.1 million) in revenue and net gaming revenue, reflecting a year-over-year increase of 16%. In Mexico, revenue amounted to €30.4 million (approximately US$35.8 million), with net gaming revenue rising by 13% year-over-year to €34.6 million (around US$40.8 million).
Adjusted EBITDA for the first quarter rose to €6.0 million (around US$7.1 million), an improvement of €4.2 million (approximately US$4.9 million) from Q1 2025. Additionally, the company reported a net income of €7.0 million (about US$8.2 million), reversing a net loss of €0.7 million (approximately US$0.8 million) from the previous year.
Codere Online has maintained its full-year outlook for 2026, projecting net gaming revenue between €235 million (around US$276.9 million) and €245 million (approximately US$288.8 million), along with Adjusted EBITDA expected to range from €15 million (about US$17.7 million) to €20 million (approximately US$23.6 million).
“We have made a strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million (US$75.9 million), up 13% year-on-year,” stated CEO Aviv Sher.
“In Spain, we saw a significant acceleration in performance, with net gaming revenue increasing by 16%, indicating a clear continuation and acceleration of the positive trends we observed in the latter half of 2025, especially in the fourth quarter. Mexico also showed robust double-digit growth, supported by a 20% rise in the number of active customers,” he added.
Chief Financial Officer Marcus Arildsson remarked that this quarter represents “a clear step forward in profitability,” highlighting the strong earnings growth and the company’s solid cash position.