Spain's Codere Online Q4 revenue misses analyst expectations

Codere Online Luxembourg SA

26/02/2026 12:56

Overview

Spain-based online gaming operator's preliminary Q4 net gaming revenue rose 15% yr/yr, but missed analyst expectations

Adjusted EBITDA for Q4 increased significantly, reaching €6.7 mln

Outlook

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

Company anticipates FY 2026 Adj. EBITDA between €15 mln and €20 mln

Codere Online sees strong trends in Mexico and Spain supporting 2026 growth

Result Drivers

MEXICO PERFORMANCE - Net gaming revenue in Mexico rose 31% in Q4 2025, driven by a 43% increase in active customers

ADJUSTED EBITDA GROWTH - Q4 2025 Adj. EBITDA increased to €6.7 mln, attributed to strong top-line performance

Company press release: ID:nGNE4gN49h

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Net Revenue
Miss
EUR 57.10 mln
EUR 58.13 mln (4 Analysts)
Q4 Net Income
-EUR 0.1 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the casinos & gaming peer group is "buy"

Wall Street's median 12-month price target for Codere Online Luxembourg SA is $10.00, about 23.5% above its February 25 closing price of $8.10

The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 13 three months ago

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.)