Codere Online achieved record quarterly NGR and adjusted EBITDA during Q1, driven by continued growth in core markets Spain and Mexico.
Codere Online released its earnings for the three months ending 31 March on Thursday, in what was another strong quarter for the Madrid-headquartered operator.
NGR for the quarter reached a record €64.4 million ($75.8 million), a 13% year-on-year increase, while the company also generated its highest-ever quarterly adjusted EBITDA of €6 million.
Codere Online’s record quarter was once again powered by its largest markets of Mexico and Spain.
Mexico NGR stood at €34.6 million, a 13% rise, while Codere Online generated €25.5 million NGR in its home market of Spain.
NGR growth was driven by significant increases in average monthly players in both Mexico (20%) and Spain (13%).
The results left Codere Online with a net income of €7 million in Q1, a stark improvement on the €0.7 million loss posted in the same quarter last year.
Codere Online CFO Marcus Arildsson said the quarter marked a “clear step forward in profitability” as the operator closed Q1 with a total cash position of €56.2 million and no financial debt.
“Based on this performance, we reiterate our outlook for full year 2026 (FY26), with expected net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million,” Arildsson said.
Codere Online’s core market focus
Following the release of Codere Online’s FY25 results, Arildsson told iGB the company was looking to further expand within its existing markets of Mexico and Spain, rather than carelessly entering new environments that may not have the “right ingredients” for success.
CEO Aviv Sher reiterated this last month, explaining to iGB: “I’ve said it many times, and I still stand behind it, Spain and Mexico, the next dollar I have, I still would invest in those two core markets.”
Provided it meets the €240 million midpoint of its FY2026 guidance, the company will have grown at a CAGR of 24% since 2021.
Its Mexico and Spain focus has also helped to offset declines in its ‘Other’ geographical segment, which includes it remaining three markets of Argentina, Panama and Colombia.
NGR from those markets fell 2% in Q1, from €4.5 million to €4.4 million, while their adjusted EBITDA also dropped 3% to €26.3 million.
Original article: https://igamingbusiness.com/finance/codere-online-record-q1-mexico-spain-focus/
