Strong growth in Spain and Mexico drives Codere Online’s record Q1 2026 results

Codere Online reported record first-quarter 2026 results, driven by strong growth in Spain and Mexico.

The company posted total revenue of €60.3 million (US$71.1 million) for the quarter ended March 31, 2026, while net gaming revenue reached a record €64.4 million (US$75.9 million), up 13% from the same period in 2025.

Spain continued to be a key growth market, generating €25.5 million (US$30.1 million) in revenue and net gaming revenue, representing a 16% year-over-year increase. In Mexico, revenue totaled €30.4 million (US$35.8 million), while net gaming revenue rose 13% year-over-year to €34.6 million (US$40.8 million).

Adjusted EBITDA climbed to €6.0 million (US$7.1 million) in the first quarter, improving by €4.2 million (US$4.9 million) compared with Q1 2025. The company also reported net income of €7.0 million (US$8.2 million), reversing a net loss of €0.7 million (US$0.8 million) recorded a year earlier.

The company maintained its full-year 2026 outlook, forecasting net gaming revenue between €235 million (US$276.9 million) and €245 million (US$288.8 million), and Adjusted EBITDA in the range of €15 million (US$17.7 million) to €20 million (US$23.6 million).

“We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million (US$75.9 million), up 13% year-on-year,” said Chief Executive Officer Aviv Sher.

“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”.

Chief Financial Officer Marcus Arildsson said the quarter marked “a clear step forward in profitability,” citing strong earnings growth and the company’s solid cash position.