Codere Online sees record first quarter results
Spain and Mexico drove record quarterly net gaming revenue for the operator.
Spain.- Codere Online has delivered its strongest first quarter results, yet, with new records for net gaming revenue (NGR) and adjusted EBITDA thanks to sustained momentum in Spain and Mexico. Net NGR for the three months to March 31 was up 13 per cent year-on-year to €64.4m, while adjusted EBITDA reached an all-time high of €6m.
The key markets of Mexico and Spain continued to lead the way. In Mexico, NGR rose 13 per cent to €34.m, while Spain contributed €25.5m. Growth was driven by increases in average monthly active players of 20 per cent in Mexico and 13 per cent in Spain.
NGR from its “Other” segment, which covers Argentina, Panama and Colombia slipped slightly 2 per cent to €4.4m, while adjusted EBITDA declined 3 per cent to €26.3m.
Codere previously announced a pause on new investment in Colombia due to the country’s implementation of a 19 per cent Value Added Tax (VAT) on online gambling deposits in February 2025. The tax has since been modified and replaced by a lower 16 per cent consumption tax following a period of legal challenges. In March, lawmakers passed a 10 per cent levy on online gambling revenues in Panama.
Overall, Codere Online’s net income came in at €7m, a turnaround from a €0.7m loss recorded in the prior-year period. CFO Marcus Arildsson described the quarter as a “clear step forward in profitability,” noting that the company closed March with €56.2 million in cash and no financial debt.
Based on the performance, the company reiterated its full-year 2026 outlook with net gaming revenue expected to come in at €235–245m and adjusted EBITDA at €15–20m.
