Quarterly ResultMay 7, 2026, 07:03 AM
Codere Online Q1 Net Gaming Revenue 64.4M; Adj. EBITDA 6.0M
AI Summary
Codere Online reported a strong start to 2026, achieving record quarterly net gaming revenue of 64.4 million, a 13% increase year-on-year. The company also marked a significant step forward in profitability, with Adjusted EBITDA reaching 6.0 million and a net income of 7.0 million, a substantial improvement from a net loss in the prior year. Performance was particularly strong in Spain and Mexico, with double-digit growth in net gaming revenue and active customers. Codere Online maintains a solid balance sheet with 56.2 million in cash and no financial debt, and has reiterated its full-year 2026 outlook for both net gaming revenue and Adjusted EBITDA.
Key Highlights
- Q1 2026 net gaming revenue reached a record 64.4 million, up 13% year-on-year.
- Adjusted EBITDA for Q1 2026 was 6.0 million, an increase of 4.2 million from Q1 2025.
- Net income for Q1 2026 was 7.0 million, compared to a net loss of 0.7 million in Q1 2025.
- Spain's net gaming revenue grew 16% to 25.5 million in Q1 2026.
- Mexico's net gaming revenue increased 13% to 34.6 million in Q1 2026.
- Total cash position was 56.2 million with no financial debt as of March 31, 2026.
- Reiterated FY 2026 outlook for net gaming revenue of 235-245 million.
- Reiterated FY 2026 outlook for Adjusted EBITDA of 15-20 million.