Quarterly ResultMay 7, 2026, 07:22 AM
Codere Online Q1 NGR 64.4M (+13% YoY); Adj. EBITDA 6.0M
AI Summary
Codere Online Luxembourg, S.A. reported strong preliminary unaudited financial results for the first quarter of 2026, achieving record quarterly net gaming revenue of 64.4 million, a 13% increase year-over-year. The company also reached an Adjusted EBITDA of 6.0 million and a net income of 7.0 million, marking a significant improvement in profitability. Performance was driven by double-digit growth in both Spain and Mexico, and the company reiterated its full-year 2026 outlook for net gaming revenue and Adjusted EBITDA.
Key Highlights
- Codere Online reported record quarterly net gaming revenue of 64.4 million, up 13% YoY.
- Adjusted EBITDA reached 6.0 million in Q1 2026, an increase of 4.2 million from Q1 2025.
- Net income was 7.0 million in Q1 2026, 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.
- The company maintained a total cash position of 56.2 million with no financial debt as of March 31, 2026.
- Codere Online reiterated its FY 2026 net gaming revenue outlook of 235-245 million.
- The FY 2026 Adjusted EBITDA outlook remains unchanged at 15-20 million.
Price Impact
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