Codere Online Reports Financial Results for the First Quarter 2026

May 7, 2026 – (GLOBE NEWSWIRE) – Codere Online (Nasdaq: CDRO / CDROW), a leading online gaming operator across Spain and Latin America, has announced its preliminary unaudited financial results for the quarter ending March 31, 2026.

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The company delivered solid growth across key performance indicators, highlighted by record quarterly net gaming revenue and a notable improvement in profitability.

Net gaming revenue rose to €64.4 million during the first quarter of 2026, marking a 13% increase compared to the same period in 2025. Spain generated €25.5 million in revenue, reflecting a 16% year-on-year rise, while Mexico contributed €34.6 million, up 13%. Revenue from other markets totaled €4.4 million, slightly down by 2%.

Average monthly active players also showed strong growth, reaching 183,500, a 14% increase year-on-year. Spain recorded 59,000 active players (+13%), while Mexico saw a significant jump to 98,200 (+20%). Other markets experienced a slight decline to 26,300 players (-3%).

Aviv Sher, Chief Executive Officer of Codere Online, 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”.

The company also reported a significant improvement in profitability. Adjusted EBITDA reached €6.0 million in Q1 2026, an increase of €4.2 million compared to the previous year. Net income stood at €7.0 million, a marked turnaround from a €0.7 million loss in Q1 2025.

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Marcus Arildsson, CFO of Codere Online, commented,

“Q1 2026 marked a clear step forward in profitability, with Adjusted EBITDA reaching €6.0 million, €4.2 million above the same period last year and a net profit of €7.0 million. We closed the quarter with a solid total cash position of €56.2 million and no financial debt, providing a strong balance sheet. Based on this performance, we reiterate our outlook for full year 2026, with expected net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million”.

Revenue under IFRS standards totaled €60.3 million for the quarter, up 11% year-on-year. Adjustments of €4.2 million, mainly related to accounting treatments in Colombia, Mexico, and Argentina, brought total net gaming revenue to €64.4 million.

Recent corporate developments include the filing of the company’s 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission on April 28, 2026, followed by S-8 filings on May 5, 2026, related to long-term incentive plans.

Codere Online’s management will host a conference call on May 7, 2026, at 8:30 a.m. U.S. Eastern Time to discuss the results and provide a business update. A live audio webcast and presentation will be available via the company’s website, with a recording accessible afterward.

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