Codere Online has reported record quarterly net gaming revenue (NGR) of €64.4m (£55.6m) for Q1 2026, which management said represented a “clear continuation and acceleration of the positive trends” seen in H2 2025 in Spain.
Adjusted EBITDA for the quarter was €6m, up from the €1.8m in Q1 2025, as CEO Aviv Sher described the opening three months to 2026 a “strong start”.
Breaking down NGR by market, Spain and Mexico saw double-digit increases of 16% and 13%, respectively.
Spain NGR was €25.5m, up from €21.9m, while Mexico’s amounted to €34.6m up from €30.5m.
Mexico’s figure came on the back of average monthly active players spiking 20% YoY to 98,200, while Spain saw a 13% YoY jump to 59,000 in the same metric.
Codere Online is having to deal with the hike in GGR tax in Mexico from 30% to 50%.
In total, average monthly active players for the Nasdaq-listed operator grew 14% YoY to 183,500.
However, Codere Online’s other markets, including Panama and Colombia, saw NGR fall 2% YoY to €4.4m.
Average monthly active players also saw a 3% YoY decline to 26,300.
Net income for the three months ending 31 March was €7m, up from the €700,000 loss reported 12 months prior.
Codere has reportedly hired Jefferies and Macquarie Capital to explore a sale valuing the business at €2bn. Codere Online is expected to be involved in any deal that could see the land-based firm sold.
Commenting on the results, Sher said the operator delivered a “very strong start to 2026”.
Marcus Arildsson, Codere Online CFO, added: “Q1 2026 marked a clear step forward in profitability, with adjusted EBITDA reaching €6m, €4.2m above the same period last year and a net profit of €7m.
“We closed the quarter with a solid total cash position of €56.2m 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 €235m to €245m and adjusted EBITDA of €15m to €20m.”
Following the release of its Q1 figures, Codere Online’s share price remained $9.05.
In March, Sher told EGR that the operator was not threatened by prediction markets in its core markets and that event contracts would not “cannibalise” its operations.
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Nasdaq-listed operator hails “acceleration of positive trends” from 2025 after strong performance in Spain and Mexico resulted in Q1 NGR of €64.4m
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