Codere Online posts record first-quarter performance

(AsiaGameHub) –   Spain and Mexico fueled record quarterly net gaming revenue for the operator.

Spain.- Codere Online reported its strongest first-quarter results to date, achieving new records in net gaming revenue (NGR) and adjusted EBITDA, driven by continued momentum in Spain and Mexico. Net NGR for the three months ending March 31 increased by 13% year-on-year to €64.4 million, while adjusted EBITDA reached a historic high of €6 million.

The key markets of Mexico and Spain continued to drive performance. In Mexico, NGR grew 13% to €34 million, while Spain contributed €25.5 million. Growth was supported by a 20% rise in average monthly active players in Mexico and a 13% increase in Spain.

NGR from the company’s “Other” segment, which includes Argentina, Panama, and Colombia, declined slightly by 2% to €4.4 million, with adjusted EBITDA falling 3% to €26.3 million.

Codere previously paused new investments in Colombia due to the implementation of a 19% Value Added Tax (VAT) on online gambling deposits in February 2025. This tax has since been revised and replaced with a lower 16% consumption tax following legal challenges. In March, lawmakers introduced a 10% levy on online gambling revenues in Panama.

Overall, Codere Online posted a net income of €7 million, marking a turnaround from a €0.7 million loss in the same period last year. CFO Marcus Arildsson described the quarter as “a clear step forward in profitability,” noting that the company ended March with €56.2 million in cash and no outstanding financial debt.

Based on current performance, the company reaffirmed its full-year 2026 outlook, projecting net gaming revenue between €235–245 million and adjusted EBITDA of €15–20 million.