Codere Online (Nasdaq: CDRO) grew revenue by 31% year on year to €62.6m in the third quarter of 2026, driven by its business in Mexico. The online operator, which serves Spain and Latin America, published its preliminary unaudited results on 12 November.
The figures
- Revenue: €62.6m (+31%). Mexico €32.9m (+37%), Spain €24.8m (+13%).
- Adjusted EBITDA: €4.2m, up 45% (€1.3m) on Q3 2025.
- Gaming Win: €67.1m (+30%). Mexico €37.2m (+39%), Spain €24.8m (+13%).
- Average monthly active players: 166,800 (+5%). Mexico fell 3% to 85,600.
- Net income: €11.1m for the first nine months, against a €1.7m loss a year earlier.
- Cash: €65.6m and no financial debt at 30 September.
Codere Online reiterated its 2026 outlook of €255m to €265m of Gaming Win and €20m to €25m of Adjusted EBITDA.
A new headline metric
From this quarter, Codere Online reports Gaming Win in place of Net Gaming Revenue. Gaming Win measures settled stakes on sports betting and casino, less prizes and promotional credits, before gaming taxes, VAT and other levies. Historical figures are unchanged.
What they said
Aviv Sher, CEO of Codere Online, said:
“Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain. During the quarter we also became Official Betting Partner of the NFL in Mexico, which further strengthens our positioning in one of our most important markets.”
Marcus Arildsson, CFO of Codere Online, said:
“Our third quarter benefited from the final stages of the World Cup in July and from favorable exchange rates, and against a strong fourth quarter last year, we expect growth in the coming months to be more in line with our underlying trends.”
The NFL deal includes sponsorship of the NFL Mexico City Game on 22 November and Super Bowl LXI in February. In October, Codere Online was also the launch partner for a multiplayer slot in Mexico.
Source: Codere Online.
