Codere Online reports strong Q1 2026 revenue and profit growth

Codere Online has reported a strong set of preliminary financial results for the first quarter of 2026, supported by continued expansion across its core markets in Spain and Latin America. The online gaming operator announced record quarterly net gaming revenue alongside a significant improvement in profitability and customer activity during the three-month period ending March 31, 2026.

The Nasdaq-listed company stated that momentum from the second half of 2025 continued into the opening months of 2026, particularly in Spain and Mexico where customer engagement and revenue growth remained strong. The latest results also highlighted improvements in operational efficiency and financial stability as the company maintained a debt-free balance sheet and increased cash reserves.

Revenue reaches record quarterly level

Codere Online reported net gaming revenue of €64.4 million for the first quarter of 2026, representing a 13% increase compared to the same period in 2025. The company described the performance as its highest quarterly net gaming revenue to date.

Spain remained one of the operator’s strongest contributors during the quarter. Revenue from the Spanish market rose to €25.5 million, reflecting year-on-year growth of 16%. The company indicated that performance in Spain continued to accelerate following positive trends that began to emerge during the latter half of 2025.

Mexico also remained a key growth market for the operator. Revenue generated in the country totaled €34.6 million during the quarter, marking an increase of 13% compared to the prior year period. The company attributed much of this growth to rising customer engagement and higher active player levels.

Revenue from other international markets reached €4.4 million, representing a slight decline of 2% year-on-year. Despite the modest decrease in smaller regional markets, overall group performance remained positive due to strong contributions from the company’s two largest operating territories.

Active player growth continues

Codere Online also reported growth in its active customer base during the first quarter. Average monthly active players increased by 14% year-on-year to 183,500 users.

Spain recorded approximately 59,000 active monthly players during the period, representing growth of 13% compared to the first quarter of 2025. Mexico experienced an even stronger rise in player activity, with average monthly active users climbing 20% to 98,200.

The company’s other markets reported a slight decline in player numbers to 26,300 users, down 3% from the prior year period.

The increase in active users across major markets reflects broader customer engagement trends in regulated online gaming markets across Europe and Latin America. Industry analysts have noted that operators with strong local brand recognition and established regional operations have generally benefited from growing digital adoption in sports betting and online casino gaming.

Management highlights operational momentum

Aviv Sher, Chief Executive Officer of Codere Online, commented on the company’s quarterly performance and highlighted the continuation of positive trends from late 2025.

“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”.

The company’s management indicated that marketing efficiency, customer retention and improved product offerings contributed to the quarter’s performance. Codere Online has continued investing in digital technology, sportsbook features and customer acquisition strategies across regulated jurisdictions where it operates.

Profitability improves significantly

Alongside higher revenue figures, Codere Online also reported a notable improvement in profitability metrics during the quarter.

Adjusted EBITDA reached €6.0 million for Q1 2026, representing an increase of €4.2 million compared to the same period in the previous year. The improvement reflected stronger operational leverage as revenue growth outpaced cost increases.

Net income for the quarter totaled €7.0 million, marking a significant turnaround from the €0.7 million net loss reported during Q1 2025.

The company also emphasized the strength of its financial position. At the end of the quarter, Codere Online held total cash reserves of €56.2 million while carrying no financial debt.

Marcus Arildsson, Chief Financial Officer of Codere Online, commented on the results and reiterated the company’s financial guidance for the full year.

“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”.

IFRS revenue and accounting adjustments

Under International Financial Reporting Standards (IFRS), Codere Online reported quarterly revenue of €60.3 million, representing year-on-year growth of 11%.

The company explained that accounting adjustments totaling €4.2 million were applied primarily due to specific accounting treatments in Colombia, Mexico and Argentina. Following these adjustments, reported net gaming revenue reached €64.4 million.

Such accounting differences are common within the international online gaming sector due to varying regulatory structures, tax frameworks and reporting standards across jurisdictions. Operators frequently provide both IFRS revenue figures and supplementary net gaming revenue metrics to offer additional operational clarity for investors and analysts.

Regulatory filings and corporate developments

In addition to its financial update, Codere Online confirmed several recent corporate developments during the quarter.

The company filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission on April 28, 2026. It later submitted S-8 filings on May 5, 2026 related to long-term employee incentive plans.

These filings form part of the company’s ongoing compliance obligations as a publicly traded entity listed on Nasdaq. Public gaming companies operating across multiple jurisdictions are subject to both financial disclosure standards and industry-specific regulatory oversight.

Codere Online stated that its management team would host a conference call on May 7, 2026 at 8:30 a.m. U.S. Eastern Time to discuss quarterly results and provide additional business updates. The company also confirmed that a live webcast and presentation would be made available through its investor relations platform.

Competitive position in regulated markets

Codere Online continues to focus primarily on regulated online gaming markets in Spain and Latin America where the company maintains an established regional presence. Industry observers have identified Spain and Mexico as strategically important jurisdictions due to their scale, growing online gaming participation and evolving digital infrastructure.

Competition within regulated online gaming remains intense as operators continue investing heavily in customer acquisition, product innovation and brand development. However, companies with strong local market familiarity and regional partnerships may retain advantages in customer retention and operational execution.

The company’s latest results suggest that Codere Online has maintained stable momentum despite broader macroeconomic uncertainty affecting some international consumer sectors. Growth in active customers and improved profitability may strengthen investor confidence as the company pursues its full-year objectives.

Conclusion

Codere Online’s first quarter 2026 results reflect a period of strong operational and financial progress for the company. Record net gaming revenue, expanding customer activity and a substantial improvement in profitability demonstrated continued momentum across its primary markets in Spain and Mexico.

The company’s debt-free balance sheet and healthy cash position also provide additional financial flexibility as competition in regulated online gaming markets continues to intensify. While market conditions and regulatory developments remain important factors for the wider industry, Codere Online has entered 2026 with positive performance indicators and reaffirmed expectations for further annual growth.

Looking ahead, the company’s ability to sustain customer growth, maintain operational efficiency and adapt to changing regulatory requirements will likely remain central to its long-term strategy. Based on its first quarter performance, Codere Online appears positioned to continue pursuing expansion opportunities while strengthening its financial foundation during the remainder of 2026.

FAQs

What was Codere Online’s net gaming revenue in Q1 2026?
Codere Online reported net gaming revenue of €64.4 million during the first quarter of 2026.

How much did Codere Online’s revenue grow year-on-year?
The company’s net gaming revenue increased by 13% compared to Q1 2025.

Which market generated the highest revenue for Codere Online?
Mexico generated the highest quarterly revenue for the company with €34.6 million.

How did Spain perform during the quarter?
Spain recorded revenue growth of 16% year-on-year with total revenue reaching €25.5 million.

What was Codere Online’s Adjusted EBITDA in Q1 2026?
Adjusted EBITDA totaled €6.0 million during the quarter.

Did Codere Online report a profit in Q1 2026?
Yes. The company reported net income of €7.0 million during the quarter.

How many active monthly players did the company report?
Codere Online reported 183,500 average monthly active players during Q1 2026.

Does Codere Online currently have financial debt?
The company stated that it ended the quarter with no financial debt.

What is Codere Online’s full-year 2026 revenue outlook?
The company expects full-year net gaming revenue between €235 million and €245 million.

When did Codere Online file its annual report with the SEC?
The company filed its 2025 annual report on Form 20-F on April 28, 2026.