Codere Online reported record first-quarter 2026 net gaming revenue of €64.4 million, representing year-on-year growth of 13%, as the operator continued to expand its iGaming operations across Spain and Latin America.
The company reported total revenue of €60.3 million for the quarter, while adjusted EBITDA increased to €6 million, up from €1.8 million during the same period in 2025. Net income reached €7 million compared to a net loss of €0.7 million a year earlier.
Spain remained one of the operator’s largest iGaming markets, with net gaming revenue increasing 16% year-on-year to €25.5 million. In Mexico, revenue reached €30.4 million, while net gaming revenue rose 13% to €34.6 million.
Average monthly active players across the business increased 14% to 183,500 during the quarter. Mexico recorded the highest user growth, with average monthly active players rising 20% year-on-year to 98,200, while Spain increased 13% to 59,000 users.
Codere Online also reported a cash position of €56.2 million as of 31 March 2026 and stated that it held no financial debt at the end of the quarter.
The operator maintained its full-year 2026 guidance, forecasting net gaming revenue between €235 million and €245 million, alongside adjusted EBITDA expectations of between €15 million and €20 million.
Codere Online operates across regulated iGaming markets in Spain and Latin America, with continued focus on online sportsbook and casino growth. The latest results reflect ongoing expansion in regional iGaming activity, particularly in Mexico, where operators continue to increase investment amid growing digital betting participation.
The company also confirmed recent regulatory filings with the US Securities and Exchange Commission, including its 2025 annual report and documentation related to long-term incentive plans.
Aviv Sher, Chief Executive Officer of Codere Online, commented, “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”.
Marcus Arildsson, CFO of Codere Online, commented, “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”.
