Codere Online Q3: Revenue reaches €62.6m as EBITDA surges 45%

Codere Online has unveiled its latest financial statistics for the third quarter of 2026, highlighting a revenue rise of 31% year-on-year to €62.6m ($69.5m).  

Indeed, the operator has seen rises across revenue, EBITDA and net income for both the third quarter and first nine months of the calendar year, with full-year outlook having been formally reiterated.  

Codere Online Q3: Mexico a key driver 

Mexican revenues rose 37% in comparison to the prior year during the third quarter of 2026, settling at €32.9m. Further, Codere Online’s Spanish operations also observed a notable 13% increase in revenue year-on-year, reaching €24.8m. Revenue from additional markets also experienced an upswing, reaching €4.9m up from €1.6m during Q3 2025. 

With regards to adjusted EBITDA, Codere Online has reported a rise of 45% to €4.2m, complemented by a significant 292.8% surge in net income, which reached €5.5m during the quarter. In comparison to results from Q2, however, third quarterly revenue has declined by 9.8%.  

During Q3 2026, Codere Online brokered a new partnership which saw the operator become an official NFL betting partner in the Mexican market. 

Year-to-date marks a loss recovery 

Over the course of the year-to-date, Codere Online has turned over a previous loss of €1.7m recorded during the first nine months of 2025 to an income figure of €11.1m this year. Elsewhere, revenues reached €187.3m, up 22% year-on-year, with Mexico again being the key revenue driver, recording a figure of €95.1m – also up 22%.  

Spain trailed close behind, reporting an 18% revenue increase to €77.9m, while revenues from other regional operations advanced 52% to €14.3m. Regarding adjusted EBITDA, Codere Online has reported a figure of €16.1m for the year so far, up 55.9%.   

Comments from the boardroom 

Speaking on these latest results, Codere Online CEO Aviv Sher stated: " 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.” 

Echoing this sentiment was company CFO Marcus Arildsson, who said: " We delivered €62.6m of revenue and Adjusted EBITDA of €4.2m in the quarter, as well as €67m of Gaming Win, while continuing to invest behind growth. We closed September with approximately €66m of total cash and no financial debt.” 

"Following a strong third quarter, we remain confident about meeting our full-year 2026 outlook of €255m – 265m of Gaming Win and €20m – 25m of adjusted EBITDA. Our third quarter benefited from the final stages of the World Cup in July and from favourable 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.”