Madrid-based online gambling operator Codere Online delivered an impressive report card for the first quarter of 2026. The company's net gaming revenue reached a record 64.4 million euros (approximately 75.8 million US dollars), a year-on-year increase of 13%, and adjusted EBITDA also reached a historical high of 6 million euros. What is even more remarkable is the profitability turning point—the net profit turned from a loss of 700,000 euros in the same period last year to a profit of 7 million euros. Chief Financial Officer Markus Arildsen characterized this profit leap as a definitive step on the path to profitability in the earnings statement, with the company ending the quarter with a cash position of 56.2 million euros and no financial debt.
Mexico's monthly active growth increased by 20%, Spain by 13%
Codere Online's growth engine continues to be driven by its two core markets, Mexico and Spain. Mexico contributed 34.6 million euros in net gaming revenue, a year-on-year increase of 13%; Spain followed closely, contributing 25.5 million euros. The fuel for growth comes from a significant expansion in the player base—Mexico's monthly average active players increased by 20% year-on-year, and Spain's market also steadily climbed by 13%. CEO Aviv Sher clarified the company's priorities in an interview last month—the next available dollar will still be invested in these two core markets, rather than blindly betting on new markets.
Contraction of the periphery focuses on the dual core, full-year guidance of 240 million euros
While focusing on Spain and Mexico, Codere Online's other three markets—Argentina, Panama, and Colombia, grouped as "other" geographical segments—continue to show a structural contraction. This segment's net gaming revenue in Q1 fell by 2% year-on-year to 4.4 million euros, and adjusted EBITDA simultaneously decreased by 3% to 26.3 million euros. However, this contraction did not shake the company's overall growth foundation but further highlighted the effectiveness of the core market strategy. The management reiterated the full-year net gaming revenue guidance range for the fiscal year 2026 of 235 million to 245 million euros, with adjusted EBITDA expected to be between 15 million and 20 million euros. Calculating with the midpoint of 240 million euros, the company's compound annual growth rate since 2021 will reach 24%.
PASA official website continues to track the financial dynamics of leading operators in the Latin American and European online gambling markets, noting that Codere Online, despite facing multiple challenges such as a 50% tax rate and outdated laws from 1947 in Mexico, still manages to achieve continuous growth through localized strategies. This focus strategy of building moats in core local markets is providing a noteworthy example for the competitive landscape of regional gambling operators.
————
This article is from "PASA-Global iGaming Leaders," a gambling industry news channel: https://t.me/pasa_news
Original in-depth gambling channel: https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
