Spain's Codere Online prelim Q1 revenue beats estimates

Codere Online Luxembourg SA

07/05/2026 12:07

Overview

Spain online gaming operator's preliminary Q1 revenue rose 11% yr/yr, beating analyst expectations

Net gaming revenue reached a record €64.4 mln, up 13% yr/yr

Adjusted EBITDA improved to €6.0 mln from €1.8 mln a year earlier

Outlook

Codere Online maintains FY 2026 net gaming revenue guidance of €235-245 mln

Company expects FY 2026 adjusted EBITDA of €15-20 mln

Result Drivers

SPAIN GROWTH - Net gaming revenue in Spain rose 16% yr/yr, reflecting continued and accelerated positive trends, per CEO Aviv Sher

MEXICO CUSTOMER INCREASE - Mexico net gaming revenue rose 13% yr/yr, driven by a 20% increase in active customers, according to CEO Aviv Sher

PROFITABILITY IMPROVEMENT - Adjusted EBITDA increased to €6.0 mln from €1.8 mln a year earlier, marking a clear step forward in profitability, per CFO Marcus Arildsson

Company press release: ID:nGNE8cW86f

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
EUR 60.30 mln
EUR 57.70 mln (3 Analysts)
Q1 Net Income
Beat
EUR 7 mln
EUR 2.10 mln (1 Analyst)

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)