Codere Online Revenue Rises 31% to €62.6 Million in Third Quarter
Key Facts
Codere Online reported unaudited preliminary results for the quarter ended September 30, 2026, with revenue rising to €62.6 million from €47.7 million a year earlier, an increase of 31%, according to a company filing. Adjusted EBITDA was €4.2 million, up 45%, or €1.3 million, year over year. The “gaming wins” metric was €67.1 million, up 30% from the same quarter. Chief Executive Officer Aviv Sher said the quarter delivered “another strong growth,” attributing the increase in gaming wins mainly to Mexico, with continued growth in Spain. These figures did not provide a documented basis for saying that earnings per share or revenue beat analyst estimates.
Mexico was the largest driver of growth in gaming wins, which reached €37.2 million there, up 39% year over year. Revenue in the Mexican market rose 37% to €32.9 million, the company said. Spain recorded revenue of €24.8 million, up 13%, while gaming wins there were also €24.8 million, likewise up 13%. The figures show expansion in both markets, with a faster growth rate in Mexico. The company began using “gaming wins” as a key operating metric in place of net gaming revenue, while leaving historical amounts unchanged.
But revenue growth in Mexico coincided with a decline in the country’s monthly active player count. The company averaged 166,800 monthly active players in the third quarter, up 5% from the same period. In Mexico, the average fell 3% to 85,600 players, compared with 88,300 in the third quarter of 2025. This divergence puts revenue and gaming wins growth alongside a contraction in the active player base in the Mexican market. The company cautioned that gaming wins is not revenue or a financial measure under International Financial Reporting Standards and should not be considered a substitute for revenue or any financial measure compliant with those standards.
Management said the quarter’s results benefited from the final stages of the World Cup in July and favorable foreign exchange rates. At the same time, it expected growth in the coming months to reflect underlying trends more closely, as the company enters a strong fourth-quarter comparison. The comment places the boost from sporting events and exchange rates in the context of quarterly performance, while indicating their relative effect may lessen against the upcoming comparison base. The company did not quantify the impact of either factor. These factors form part of management’s assessment of the third quarter and the coming year-over-year comparison.
For the first nine months of 2026, the company reported net income of €11.1 million, compared with a net loss of €1.7 million in the same period of 2025. It ended September with about €66 million in cash and said it had no financial debt. These figures provide broader context for the quarter’s results, combining a shift to net income for the year-to-date period with reported liquidity at the end of September. Codere Online reaffirmed its 2026 outlook, setting gaming wins at €255 million to €265 million and adjusted EBITDA at €20 million to €25 million. Reaffirming the two annual ranges allows the quarterly results to be compared with the performance path the company maintained for the full year.
In trading, the company’s stock, listed under the ticker CDRO, closed at $8.54 on November 12, according to EL7 data. The company had said a call to discuss results and provide a business update would be held that day at 8:30 a.m. Eastern Time. It also highlighted its partnership on American football game betting in Mexico, including an NFL game in Mexico City scheduled for November 22, 2026, and Super Bowl LXI in February 2027. These upcoming events are part of the company’s presence in its Mexican market, which led gaming wins growth in the third quarter. The filing did not specify an expected financial impact from the games.