Codere Online posted record quarterly net gaming revenue of €64.4m in Q1 2026, up 13% year-on-year, as double-digit growth in Mexico and Spain drove the company to its strongest profitability since its Nasdaq listing.
Mexico and Spain lead the quarter
Mexico remained Codere Online’s largest market, delivering NGR of €34.6m, a 13.4% increase year-on-year. Total revenue from Mexico came in at €30.4m. Spain contributed €25.5m in NGR, up 16% compared with Q1 2025. Combined, the two markets account for the overwhelming share of group revenue. The remaining markets — Argentina, Colombia and Panama — contributed €4.4m collectively, down 2% year-on-year, though management noted encouraging trends in Panama and Colombia.
Player activity reinforced the revenue trajectory. Average monthly active players across the group rose 14% year-on-year to 183,500. Mexico recorded the steeper increase, with active players up 20% to 98,200. Spain reached 59,000 active players, a 13% gain. Casino represented 63% of total NGR in the quarter; sports betting contributed the remaining 37%.
Spain’s online gambling market hit €405m in GGR in Q3 2025, with casino already the dominant vertical — a structural backdrop that favoured Codere Online’s product mix in the quarter.
Profitability improvement
Total revenue under IFRS reached €60.3m, up 11% year-on-year. The reported NGR of €64.4m includes €4.2m in adjustments linked primarily to accounting treatments in Colombia, Mexico and Argentina.
Adjusted EBITDA was €6.0m, up from €1.8m in Q1 2025. The EBITDA margin expanded to approximately 9% from 3% in the year-ago period. Net income was €7.0m, compared with a net loss of €0.7m in Q1 2025. The company closed the quarter with a total cash position of €56.2m and no financial debt. Cash flow generated in the quarter was €6.5m.
“Q1 2026 marked a clear step forward in profitability, with Adjusted EBITDA reaching €6.0 million, €4.2 million above the same period last year and a net profit of €7.0 million. We closed the quarter with a solid total cash position of €56.2 million and no financial debt, providing a strong balance sheet.”
— Marcus Arildsson, CFO, Codere Online
The profitability swing is notable relative to peers reporting in the same period. Evolution posted flat revenue and a 9% EBITDA decline in FY2025 as European regulatory pressure weighed on margins — a contrast to the trajectory Codere Online recorded in Spain during the same stretch.
CEO cites Spain acceleration and Mexico customer growth
CEO Aviv Sher pointed to Spain as a market where momentum built through the second half of 2025 and continued into Q1. He attributed the 16% NGR growth in Spain to a structural improvement rather than a one-off effect. In Mexico, he credited a 20% increase in active customers as the primary growth driver.
“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, 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.”
— Aviv Sher, CEO, Codere Online
Both markets carry regulatory headwinds. Mexico introduced a gambling sin tax in 2025 and the company noted a reported competitor entry from Stake.com, though Sher said Codere Online had not observed the operator’s presence in TV advertising or paid search and had seen no pressure on customer acquisition costs or player lifetime value at the point of reporting. Spain continues to operate under marketing restrictions, and there is renewed political debate around bonus restrictions for online operators. Codere Online’s management has previously stated that Spain and Mexico remain its primary investment priorities regardless of those constraints.
Full-year guidance unchanged
Codere Online left its FY2026 guidance unchanged. The company projects NGR of €235-245m and adjusted EBITDA of €15-20m, compared with FY2025 figures of €224.1m in NGR and €13.8m in EBITDA. Hitting the €240m midpoint would represent a compound annual growth rate of 24% since the company was spun off from Grupo Codere in 2021.
On capital allocation, Sher confirmed the company did not repurchase shares in Q1 under its existing buyback plan, though the programme remains active through the end of 2026. AI tools are being used in support functions including customer service but have not been deployed in core business operations. Shares in Codere Online (Nasdaq: CDRO) rose more than 7% in early trading on 7 May following the results release.
Soft2bet, another operator targeting rapid expansion in 2026, reported 85% revenue growth earlier this year — part of a broader pattern of differentiated performance across operators entering the year with distinct market strategies.
Source: Codere Online
