Codere Online (Nasdaq: CDRO) has released its preliminary unaudited financial results for the first quarter of 2026, showcasing a period of historic growth and a significant pivot toward sustained profitability.
The leading operator in the Spanish and Latin American digital markets reported record quarterly net gaming revenue of €64.4 million, representing a 13% increase over the previous year.
Market Performance and Player Engagement
The company’s primary markets provided the backbone for this success. Spain generated €25.5 million in revenue (a 16% year-on-year rise), while Mexico contributed €34.6 million, growing 13%. This financial growth was mirrored by an expanding user base; average monthly active players reached 183,500, a 14% increase. Mexico was particularly impressive in this metric, seeing a 20% jump in active customers.
Aviv Sher, Chief Executive Officer of Codere Online, highlighted the momentum:
“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… Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers.”
A Turnaround in Profitability
Financially, the quarter marked a major milestone as Adjusted EBITDA reached €6.0 million, a massive €4.2 million improvement over Q1 2025. The company also turned a prior-year loss into a €7.0 million net profit.
Marcus Arildsson, CFO of Codere Online, added:
“Q1 2026 marked a clear step forward in profitability… 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.”
