Mexico Fuels Codere Online’s Strong Q1 Performance Ahead of World Cup 2026

(AsiaGameHub) –   The online gambling operator returned to profit amid double-digit growth in active customers and revenue in Mexico.

Spain.- Codere Online has reported solid growth in the first quarter of 2026, with Mexico standing out as a key driver. The Nasdaq-listed operator recorded revenue of €60.3m (£54.7m), a 16 per cent increase from Q1 2025. Adjusted EBITDA rose from €1.8m to €6m, while net income swung from a €700,000 loss to a €7m profit.

Marcus Arildsson, Codere Online’s CFO, described the quarter as “a clear step forward in profitability,” highlighting the EBITDA growth and return to net profit. The strong start contrasts with full-year 2025, which closed with a €1.8m net loss.

Casino operations accounted for 63 per cent of group revenue, with sportsbook contributing 37 per cent. Growth was supported by a 14 per cent increase in active customers, now totalling 183 million.

Mexico delivered standout results, boding well for the operator as the country prepares to host the FIFA World Cup with the US and Canada starting next month. Mexican net gaming revenue (NGR) climbed 13 per cent to €34.6m on the back of a 20 per cent increase in the number of active customers.

The upcoming World Cup is expected to further boost engagement, though the Mexican market continues to face challenges amid the gambling “sin tax” introduced last year.

In Spain, NGR rose 16 per cent year-on-year to €25.5m. Across Codere’s other core territories of Argentina, Colombia and Panama, combined revenue dipped by 2 per cent to €4.4m.

Codere Online projects full-year revenue of €235–245m and EBITDA of €15–20m, which would compare to €224.1m and €13.8m respectively in 2025.

CEO Aviv Sher commented: “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4m, up 13 per cent year-on-year. In Spain, performance accelerated meaningfully, with net gaming revenue growing 16 per cent, 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.

Codere Online was spun off from Grupo Codere in 2021. Grupo Codere retains a majority stake but is reportedly exploring a potential sale, with some reports citing a potential $2bn valuation.