Codere Online posts Q3 2026 revenue of €62.6m, adj. EBITDA up 45%

Mexico drove growth as gaming win rose 30% to €67.1m; company reiterates FY 2026 guidance and reports €65.6m cash with no debt.

Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) reported preliminary unaudited results for Q3 2026 on November 12, with revenue rising 31% year-on-year to €62.6 million and adjusted EBITDA up 45% to €4.2 million. Gaming Win increased 30% to €67.1 million for the quarter ended September 30, 2026.

By market, Spain revenue grew 13% to €24.8 million, while Mexico rose 37% to €32.9 million. Gaming Win followed a similar split: Spain was €24.8 million (+13%) and Mexico was €37.2 million (+39%). Average monthly active players increased 5% year-on-year to 166.8k, with Spain up 5% to 52.8k, Mexico down 3% to 85.6k, and “Other” up 37% to 28.4k.

On a nine-month basis, Codere Online reported net income of €11.1 million in 9M 2026 versus a net loss of €1.7 million in 9M 2025. Revenue for 9M 2026 was €187.3 million (+22%) and Gaming Win was €201.0 million (+23%). The company said it ended September with a total cash position of €65.6 million and no financial debt.

Aviv Sher, Chief Executive Officer 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.”

The company reiterated its FY 2026 outlook of €255–265 million of Gaming Win and €20–25 million of adjusted EBITDA. CFO Marcus Arildsson added, "Following a strong third quarter, we remain confident about meeting our full year 2026 outlook of €255 – 265 million of Gaming Win and €20 – 25 million of Adjusted EBITDA. 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.”

Codere Online also said it has changed its key operating metric disclosure, reporting “Gaming Win” in place of “Net Gaming Revenue” beginning this quarter. It defined Gaming Win as the cash retained from wagering activity after prizes and promotional credits, and before gaming taxes and other levies, and stated historical amounts previously reported as “Net Gaming Revenue” are unchanged on this basis.