Codere Online reports a record Q1 as the continuous focus on core markets yields results

(AsiaGameHub) –   Codere Online achieved record quarterly NGR and adjusted EBITDA in Q1, driven by continued growth in its core markets of Spain and Mexico.

The Madrid-based operator released its earnings for the three months ending 31 March on Thursday, marking another strong quarter.

NGR for the quarter reached a record €64.4 million ($75.8 million), up 13% year-on-year, while the company also posted its highest-ever quarterly adjusted EBITDA of €6 million.

The company’s record performance was once again fueled by its largest markets, Mexico and Spain.

In Mexico, NGR stood at €34.6 million, reflecting a 13% increase, while Codere Online generated €25.5 million NGR in its home market of Spain.

NGR growth was supported by significant increases in average monthly active players in both Mexico (20%) and Spain (13%).

The results resulted in a net income of €7 million for Q1, a substantial improvement from the €0.7 million loss recorded in the same quarter last year.

CFO Marcus Arildsson described the quarter as “a clear step forward in profitability,” noting that Codere Online closed Q1 with a total cash position of €56.2 million and no financial debt.

“Based on this performance, we maintain our outlook for full year 2026 (FY26), projecting net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million,” said Arildsson.

Codere Online’s core market focus

Following the release of Codere Online’s FY25 results, Arildsson told iGB the company intended to further expand within its existing markets of Mexico and Spain, rather than entering new markets without the necessary conditions for success.

CEO Aviv Sher reiterated this stance last month, telling iGB: “I’ve said it many times, and I still believe it—Spain and Mexico, the next dollar I have, I would still invest in those two core markets.”

If the company meets the €240 million midpoint of its FY2026 guidance, it will have achieved a CAGR of 24% since 2021.

Its focus on Mexico and Spain has also helped offset declines in its ‘Other’ geographical segment, which includes the remaining markets of Argentina, Panama, and Colombia.

NGR from these markets declined by 2% in Q1, from €4.5 million to €4.4 million, with adjusted EBITDA also falling 3% to €26.3 million.