Spanish Armada: Codere Online posts 13% Q1 revenue rise

Codere Online posted its strongest quarterly performance to date in the first quarter of 2026, reporting net gaming revenue of €64.4m ($75.7m), a 13% increase compared to the same period last year, alongside adjusted EBITDA of €6.0m.

The operator saw growth primarily driven by its two largest markets: Spain and Mexico. Spain generated €25.5m in net gaming revenue during the quarter, up 16% year-over-year, supported by a 13% increase in average monthly active players and higher customer spending. Mexico contributed €34.6m, a 13% increase from Q1 2025, as active players in the market rose 20%, partially mitigated by lower spend per active user.

Average monthly active players across the group reached approximately 183,500 during the quarter, up 14% year-over-year, while first-time depositors totaled around 90,000. The company also registered approximately 244,000 new customers during the period.

Profitability improved significantly during the quarter. Adjusted EBITDA increased from €1.8m in Q1 2025 to €6.0m, while net income reached €7.0m, compared to a net loss of €0.7m in the prior-year period.

Codere Online ended the quarter with a total cash position of €56.2m, including €51.4m in available cash, and reported no financial debt. The company also confirmed that it did not repurchase any shares under its buyback plan during Q1.

Casino continued to represent the largest share of the company’s business mix during the quarter, accounting for 63% of total net gaming revenue, while sports betting contributed the remaining 37%. It also reported that customer acquisition costs reached €212 per user during Q1 2026, while conversion rates stood at 37%.

On a market-by-market basis, Spain and Mexico continued to strengthen their contribution to the company’s overall revenue mix. Mexico represented 53.2% of total net gaming revenue during the quarter, compared to 40.6% for Spain, while other regulated markets including Colombia, Panama and Argentina accounted for the remaining 6.2%.

The company maintained its full-year guidance despite ongoing competitive pressures across regulated Latin American markets. The expectations for net gaming revenue are between €235m and €245m in 2026, alongside adjusted EBITDA in the range of €15m to €20m, reflecting continued expectations of profitability growth throughout the year.

CEO Aviv Sher said the company had delivered “a very strong start to 2026,” highlighting accelerating momentum in Spain and continued double-digit growth in Mexico. 

CFO Marcus Arildsson added that the quarter represented “a clear step forward in profitability,” with the company reiterating its full-year guidance of €235m–245m in net gaming revenue and adjusted EBITDA of €15m–20m.