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Codere Online has posted its Q1 2026 earnings, revealing that the company reached a record quarterly revenue of €64.4 million, representing a 13% year-on-year rise.
Adjusted EBITDA for Q1 stood at €6 million, while net income was at €7 million, with the boost closely connected to strong performance in Spain and Mexico.
Regionally, revenue in Spain was up by 16% compared to Q1 2026, standing at €25.5 million, and Mexico saw a 13% year-on-year growth, as revenue was €30.4 million and net gaming revenue was €34.6 million. Both Spain and Mexico increased their average monthly players by 13% and 20%, respectively. Additional markets (Argentina, Panama, Colombia) added €4.4 million to the total revenue.
CEO of Codere Online, Aviv Sher, 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.”
Casino operations comprised 63% of Codere’s revenue, and sportsbooks generated 37% of the total.
The company is looking to reach between €235 million and €245 million for its full-year earnings.
