Codere Online reports strong third quarter results as revenue rises 31%

Codere Online Luxembourg, S.A. (Nasdaq: CDRO and CDROW) reported higher revenue and adjusted EBITDA for Q3 2026, led by growth in Mexico. Preliminary unaudited results published on November 12 showed revenue of €62.6 million for the three months ended September 30, up 31% year-on-year. Gaming Win rose 30% to €67.1 million.

The company maintained its 2026 outlook and reported €65.6 million in cash with no financial debt at the end of September. The figures are preliminary and unaudited. The company also submitted a Form 6-K to the U.S. Securities and Exchange Commission containing its results announcement and financial presentation.

Revenue and adjusted EBITDA increase

Quarterly revenue rose from €47.7 million in Q3 2025 to €62.6 million in Q3 2026. Adjusted EBITDA reached €4.2 million, 45% higher than the €2.9 million reported a year earlier. Net income for the quarter was €5.5 million, compared with €1.4 million in Q3 2025.

Adjusted EBITDA is a non-IFRS measure and should be read alongside the company’s financial statements. Codere Online’s release provides a reconciliation with net income.

Mexico leads market growth

Mexico was the largest contributor to the quarterly revenue increase. Revenue in the market rose 37% to €32.9 million from €24.0 million in Q3 2025. Gaming Win increased 39% to €37.2 million from €26.8 million.

Spain also recorded gains. Revenue increased 13% to €24.8 million and Gaming Win rose by the same percentage to €24.8 million. The company’s other markets contributed €4.9 million in revenue and €5.2 million in Gaming Win.

Revenue includes Spain, Mexico and other markets. Gaming Win is a separate operating measure and is not interchangeable with revenue.

Aviv Sher, Chief Executive Officer of Codere Online, said, “Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39% and continued growth in Spain. During the quarter we also became Official Betting Partner of the NFL in Mexico, which further strengthens our positioning in one of our most important markets.”

The multi-year agreement with the National Football League (NFL) was announced on September 10, 2026. The company said the partnership includes its role as Official Betting Partner of the NFL in Mexico and sponsorship associations connected with the NFL Mexico Game and Super Bowl LXI. The Q3 results did not separately quantify its financial contribution.

Player activity shows different market trends

Average monthly active players increased 5% year-on-year to 166,800. Spain recorded 52,800 average monthly active players, up 5%, while Mexico reported 85,600, down 3%. Other markets recorded 28,400, an increase of 37%.

Player activity therefore did not move in the same direction in every market. In Mexico, revenue and Gaming Win increased even as average monthly active players declined. Across the first nine months, the company reported 174,400 average monthly active players, up 10% year-on-year.

Nine-month net income turns positive

For the first nine months of 2026, revenue totalled €187.3 million, up 22% from €153.3 million a year earlier. Gaming Win reached €201.0 million, an increase of 23% from €163.4 million.

Net income was €11.1 million, compared with a net loss of €1.7 million in the first nine months of 2025. Codere Online also reported €65.6 million in total cash and no financial debt as of September 30. The balance is a quarter-end snapshot, not a forecast of future cash generation.

Full-year 2026 outlook remains unchanged

Management reiterated its full-year guidance of €255 million to €265 million in Gaming Win and €20 million to €25 million in adjusted EBITDA. These are forward-looking estimates and depend on operating conditions during the rest of the year.

CFO Marcus Arildsson said, “Following a strong third quarter, we remain confident about meeting our full year 2026 outlook of €255 – 265 million of Gaming Win and €20 – 25 million of Adjusted EBITDA. Our third quarter benefited from the final stages of the World Cup in July and from favorable exchange rates and against a strong fourth quarter last year, we expect growth in the coming months to be more in line with our underlying trends.”

Arildsson cited the World Cup’s final stages in July and favourable exchange rates as factors in the quarter. He also said comparison with a strong Q4 2025 could bring future growth closer to underlying trends. These are management expectations, not a guarantee of future results.

Gaming Win replaces the previous operating metric

Beginning with the third-quarter report, Codere Online is presenting “Gaming Win” in place of “Net Gaming Revenue”. The company said historical amounts previously disclosed under the former label remain unchanged on the new basis.

Codere Online defines Gaming Win as the amount retained from customers’ settled sports betting and casino wagers after prizes and promotional credits have been paid. It is calculated before gaming taxes, value added taxes, other levies and other costs or adjustments. The company has stated that Gaming Win is not a measure of revenue and should not be treated as an alternative to revenue or another measure determined under IFRS.

Gaming Win should therefore be distinguished from reported revenue. Spain’s Dirección General de Ordenación del Juego (DGOJ) and Mexico’s Dirección General de Juegos y Sorteos publish official information about their respective regulatory frameworks. Their inclusion is not an assessment of any individual operator.

Conclusion

Codere Online’s Q3 2026 results show higher revenue, adjusted EBITDA and Gaming Win, with Mexico contributing the strongest market growth. Spain also advanced, although average monthly active player numbers were mixed across markets. The nine-month results add to the picture, showing higher revenue and Gaming Win alongside a return to positive net income.

The reported cash position and reiterated guidance provide further context. However, the results remain preliminary and unaudited, adjusted EBITDA is a non-IFRS measure and the outlook may change as market conditions develop. The revised use of Gaming Win also makes the distinction between operating metrics and recognised revenue important when assessing future reports.

FAQs

How much revenue did Codere Online report in Q3 2026?
Codere Online reported €62.6 million in revenue for the third quarter of 2026, representing an increase of 31% compared with the corresponding period in 2025.

How much did adjusted EBITDA increase during the quarter?
Adjusted EBITDA reached €4.2 million, up 45% from €2.9 million in Q3 2025.

What was Codere Online's Gaming Win in Q3 2026?
The company reported Gaming Win of €67.1 million, representing a year-on-year increase of 30%.

Which market contributed most to Codere Online's growth?
Mexico was the leading contributor. Revenue increased 37% to €32.9 million while Gaming Win rose 39% to €37.2 million.

How did the Spanish market perform?
Spain generated €24.8 million in quarterly revenue, representing growth of 13%. Gaming Win also increased 13% to €24.8 million.

How many average monthly active players did the company report?
Codere Online recorded 166,800 average monthly active players in Q3 2026, an increase of 5% compared with the previous year.

What was the company's net income for the first nine months of 2026?
Codere Online reported net income of €11.1 million, compared with a net loss of €1.7 million in the same period of 2025.

How much cash did Codere Online have at the end of September 2026?
The company reported a total cash position of €65.6 million as of September 30, 2026, with no financial debt.

What is Codere Online's financial guidance for 2026?
Management reiterated its full-year outlook of €255 million to €265 million in Gaming Win and €20 million to €25 million in adjusted EBITDA.

What does Gaming Win mean in Codere Online's financial reporting?
Gaming Win measures the amount retained from settled sports betting and casino wagers after prizes and promotional credits. It is calculated before gaming taxes and other levies and is not equivalent to reported revenue.