Codere Online has delivered record-breaking financial results for the first quarter of 2026, posting net gaming revenue of €64.4 million – a 13% increase compared to the same period in 2025. The operator achieved a dramatic turnaround in profitability, recording a net profit of €7 million versus a net loss of €0.7 million reported in Q1 2025.
The company's adjusted EBITDA reached €6 million, representing an improvement of €4.2 million compared to the previous year's performance. This financial transformation reflects strengthening operational efficiency across Codere Online's key markets.
Spain drives exceptional performance
Spain emerged as the standout performer, with net gaming revenue reaching €25.5 million – a robust 16% growth compared to Q1 2025. The Spanish market generated adjusted EBITDA of €7 million, marking a significant 27.3% increase over the previous year.
The operator's Spanish customer base expanded by 13%, reaching 59,000 monthly active players. Monthly average spend per active player also demonstrated positive growth trends, contributing to the market's overall revenue acceleration.
Mexico maintains strong momentum
Mexico continued its solid performance trajectory, delivering net gaming revenue of €34.6 million, representing 13% year-on-year growth. This expansion was underpinned by a 20% increase in the active customer base, demonstrating the operator's successful market penetration strategy.
Globally, Codere Online closed the quarter with an average of 183,500 monthly active players, reflecting a 14% increase. The company maintained a strong balance sheet position with total cash holdings of €56.2 million, including €51.4 million in available cash, while carrying no financial debt.
“We had a very solid start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year-on-year. In Spain, performance accelerated significantly, with net gaming revenue growth of 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 thanks to a 20% increase in active customers.”
— Aviv Sher, Chief Executive Officer
€64.4M
Q1 2026 Net Gaming Revenue
13%
Year-on-Year Revenue Growth
€7M
Net Profit (vs €0.7M loss in Q1 2025)
€6M
Adjusted EBITDA
183,500
Monthly Active Players
€56.2M
Total Cash Holdings
€51.4M
Available Cash
Guidance maintained despite strong start
Based on the strength of Q1 results, Codere Online has opted to maintain its full-year 2026 guidance unchanged. The company projects net gaming revenue between €235-245 million and adjusted EBITDA in the €15-20 million range.
Market Analysis
Codere's conservative guidance approach despite outperforming Q1 targets suggests management anticipation of seasonal variations or potential regulatory headwinds. European operators typically see softer Q2-Q3 performance due to summer sports calendar changes and vacation spending patterns, making Codere's cautious outlook strategically prudent for investor expectations management.
Strategic implications for European operators
Codere Online's Spanish market acceleration signals broader opportunities within regulated European jurisdictions. The 16% revenue growth alongside customer base expansion demonstrates that established markets retain significant growth potential when operators execute targeted engagement strategies.
The company's debt-free position and strong cash generation provide operational flexibility for potential market expansion or technology investments. For competitors, Codere's performance illustrates the importance of market-specific approaches, particularly in mature regulatory environments where customer acquisition costs continue rising across the sector.
Competitive Positioning
Codere's debt-free status positions it uniquely among mid-tier European operators, most of whom carry leverage ratios between 2-4x EBITDA. This financial flexibility enables counter-cyclical marketing investments during competitor budget constraints and potential acquisition opportunities as smaller operators face refinancing pressures in higher interest rate environments.
According to AzarPlus.
