(AsiaGameHub) – Codere Online, a leading online gaming operator across Spain and Latin America, has released its preliminary unaudited financial results for the quarter ended March 31, 2026.
The company posted record quarterly net gaming revenue of €64.4 million and adjusted EBITDA of €6.0 million.
- Total revenue came in at €60.3 million in Q1 2026, while net gaming revenue reached €64.4 million, marking a 13% increase compared to Q1 2025.
- Spain’s revenue and net gaming revenue landed at €25.5 million in Q1 2026, representing a 16% uptick from Q1 2025.
- Mexico’s revenue totaled €30.4 million in Q1 2026, with net gaming revenue hitting €34.6 million, a 13% rise versus Q1 2025.
- Adjusted EBITDA reached €6.0 million in Q1 2026, €4.2 million higher than the same period last year.
- Net income stood at €7.0 million in Q1 2026, compared to a net loss of €0.7 million in Q1 2025.
- As of March 31, 2026, the company held a total cash position of €56.2 million and had no financial debt.
- The full-year 2026 outlook remains unchanged: projected net gaming revenue of €235 to €245 million and adjusted EBITDA of €15 to €20 million.
The following are the key financial and operating metrics for this period.
Aviv Sher, Chief Executive Officer of Codere Online, commented:
We delivered an exceptionally strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year-over-year. In Spain, performance accelerated notably, with net gaming revenue growing 16% — this clearly continues and builds on the positive trends we began seeing in the second half of 2025, particularly during the fourth quarter. Mexico also maintained double-digit growth, driven by a 20% increase in its active customer count.
Marcus Arildsson, CFO of Codere Online, commented:
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. 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.
Reconciliation of IFRS-compliant Revenue to Non-IFRS Net Gaming Revenue
Reconciliation of IFRS-compliant Net Income to Non-IFRS Adjusted EBITDA
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