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Codere Online opened 2026 with record quarterly net gaming revenue and a return to profit, helped by stronger results in Spain and Mexico.
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Codere Online kept its 2026 guidance unchanged after posting its strongest first quarter to date.
For the three months ended March 31, 2026, total revenue reached €60.3 million, or $71.1 million. Net gaming revenue climbed to €64.4 million, or $75.9 million, a 13% increase from Q1 2025.
Mexico remained the largest contributor. Revenue reached €30.4 million, or $35.8 million, while net gaming revenue increased 13% to €34.6 million, or $40.8 million. The operator also reported a 20% increase in active customers in the market.
Spain added faster growth. Revenue and net gaming revenue both reached €25.5 million, or $30.1 million, up 16% from a year earlier. Codere Online said the Spanish performance continued the stronger trend seen during the second half of 2025.
CEO Aviv Sher said:
“We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million (US$75.9 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”.
Profit also improved. Adjusted EBITDA reached €6.0 million, or $7.1 million, up €4.2 million from the prior year. Net income came in at €7.0 million, or $8.2 million, compared with a €0.7 million loss in Q1 2025.
Chief Financial Officer Marcus Arildsson called the quarter “a clear step forward in profitability,” pointing to stronger earnings and a solid cash position.
Codere Online still expects 2026 net gaming revenue of €235 million to €245 million, or $276.9 million to $288.8 million. Adjusted EBITDA guidance remains between €15 million and €20 million, or $17.7 million to $23.6 million.