(AsiaGameHub) – Codere Online kicked off 2026 with a record-breaking quarterly net gaming revenue and a return to profitability, driven by improved performance in Spain and Mexico.
Key Highlights
- Net gaming revenue reached €64.4 million, marking a 13% increase compared to the same period last year.
- Adjusted EBITDA rose to €6.0 million, up €4.2 million from Q1 2025.
- Net income climbed to €7.0 million, reversing a €0.7 million loss recorded one year earlier.
Codere Online maintained its full-year 2026 guidance following its strongest first quarter on record.
In the three months ended March 31, 2026, total revenue amounted to €60.3 million, or $71.1 million. Net gaming revenue increased to €64.4 million, or $75.9 million, representing a 13% rise from Q1 2025.
Spain And Mexico Boost Codere Online’s Financial Results
Mexico continued to be the top contributor. Revenue stood at €30.4 million, or $35.8 million, while net gaming revenue grew by 13% to €34.6 million, or $40.8 million. The company also reported a 20% increase in active customers within the market.
Spain saw even stronger growth. Both revenue and net gaming revenue reached €25.5 million, or $30.1 million, reflecting a 16% increase from the previous year. Codere Online noted that this performance extended the positive momentum observed during the latter half of 2025.
CEO Aviv Sher commented:
“We had an exceptionally strong start to 2026, delivering a record quarterly net gaming revenue of €64.4 million (US$75.9 million), up 13% year-on-year. In Spain, results accelerated significantly, with net gaming revenue growing 16%, underscoring the continuation and intensification of favorable trends we began noticing in the second half of 2025, especially in the fourth quarter. In Mexico, double-digit growth persisted thanks to a 20% rise in active customer numbers.”
Profitability also strengthened. Adjusted EBITDA totaled €6.0 million, or $7.1 million, an increase of €4.2 million from the prior year. Net income reached €7.0 million, or $8.2 million, compared to a €0.7 million loss in Q1 2025.
Chief Financial Officer Marcus Arildsson described the quarter as “a clear step forward in profitability,” highlighting improved earnings and a robust cash position.
Codere Online continues to forecast 2026 net gaming revenue between €235 million and €245 million, or $276.9 million to $288.8 million. Its adjusted EBITDA outlook remains unchanged at €15 million to €20 million, or $17.7 million to $23.6 million.
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