Codere Online has recorded a solid performance during the first quarter of 2026, with net gaming revenue increasing 13% year-on-year to 64.4 million euros. Spain and Mexico have played a key role.
Adjusted EBITDA has risen 233% to 6 million euros, the company has reported.
Codere Online’s growth during the first quarter has been driven by Spain (25.5 million euros) and Mexico (34.6 million euros).
Meanwhile, the company’s smaller markets have not contributed significantly to performance. In the “Other” segment, the operator has reported net gaming revenue of 4.4 million euros, 2% less than in 2025. The average of monthly active players has decreased from 27,200 to 26,300. It should be noted that the company has a presence in Spain, Mexico, Colombia, Panama, and Argentina, and its online activity is linked to Grupo Codere’s extensive physical gaming network.
The casino business continues to be the main revenue driver, representing 63% of total net gaming revenue.
Codere Online’s CEO, Aviv Sher, has highlighted that in the coming months they expect to improve customer service and operational efficiency through the integration of artificial intelligence tools. “I believe that in two more quarters we will see something substantial,” he has noted.
The company maintains its forecasts for the full year 2026, and expects net gaming revenue of between 235 million and 245 million euros, and adjusted EBITDA of between 15 million and 20 million euros.