Codere Online Q1 Net Gaming Revenue Climbs 13% to €64.4M, EBITDA €6M
Codere Online posted record Q1 net gaming revenue of €64.4 million, up 13% year-on-year, with Spain revenue rising 16% to €25.5 million and Mexico gaming revenue up 13% to €34.6 million. Adjusted EBITDA reached €6.0 million, net income was €7.0 million versus a €0.7 million loss, with €56.2 million cash and no financial debt.
1. Record Quarterly Growth
Codere Online delivered record Q1 net gaming revenue of €64.4 million, a 13% increase from the prior year, driven by a strong rebound in active players and favorable market conditions. This performance marks the highest quarterly revenue in the company's history.
2. Segment Highlights
Spain net gaming revenue rose 16% to €25.5 million, while Mexico's net gaming revenue increased 13% to €34.6 million. Total active players climbed 14% to 183,500 across all markets, with Mexico up 20% to 98,200.
3. Profitability and Cash Position
Adjusted EBITDA reached €6.0 million, up €4.2 million year-on-year, and net income swung to €7.0 million from a €0.7 million loss. The company ended Q1 with €56.2 million in cash and no financial debt, strengthening its balance sheet.
4. FY2026 Outlook
Management reaffirmed full-year guidance, targeting net gaming revenue of €235–245 million and adjusted EBITDA of €15–20 million. This outlook reflects confidence in sustained growth momentum and operational leverage through the rest of 2026.