Codere Online Reports Third-Quarter 2026 Results

Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) has reported preliminary unaudited financial results for the quarter ended 30 September 2026, recording total revenue of €62.6m, up 31% year-on-year.

Gaming Win reached €67.1m, representing a 30% increase compared with the same period in 2025. Adjusted EBITDA rose 45% to €4.2m, while net income for the first nine months of 2026 reached €11.1m, compared with a net loss of €1.7m in the corresponding period last year.

Spain generated €24.8m in revenue, up 13%, while Mexico contributed €32.9m, an increase of 37%. Gaming Win in Mexico rose 39% to €37.2m, while Spain recorded growth of 13% to €24.8m.

The company ended September with a total cash position of €65.6m and no financial debt.

Management Highlights Continued Growth

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.”

Marcus Arildsson, CFO of Codere Online, said:

“We delivered €62.6 million of revenue and Adjusted EBITDA of €4.2 million in the quarter, as well as €67.1 million of Gaming Win, while continuing to invest behind growth. We closed September with approximately €66 million of total cash and no financial debt.”

Mr 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 favourable 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.”

NFL Partnership Strengthens Mexican Positioning

On 10 September 2026, Codere Online announced a multi-year agreement to become Official Betting Partner of the NFL in Mexico, strengthening its brand positioning in one of its largest markets.

The agreement includes sponsorship of the 2026 NFL Mexico City Game, scheduled to take place on 22 November 2026, and Super Bowl LXI, which will be held in Los Angeles in February 2027.

It also provides a year-round platform for customer engagement, including hospitality programmes, VIP experiences, activations across multiple cities in Mexico and official NFL merchandise opportunities.

Transition To Gaming Win Reporting

Beginning with the third-quarter results, Codere Online has introduced Gaming Win as a key operating metric, replacing the measure previously reported as Net Gaming Revenue.

Gaming Win measures the cash amount retained from customer wagering activity, calculated as amounts staked on settled sports betting and casino wagers, less prizes and promotional credits paid to customers. The figure is reported before gaming taxes, VAT, other levies and additional costs and adjustments.

Historical amounts previously reported as Net Gaming Revenue remain unchanged, and the company's 2026 financial outlook has been reiterated on the same basis using Gaming Win.

Full-Year 2026 Outlook Reiterated

Codere Online has maintained its full-year 2026 outlook of €255–265m in Gaming Win and €20–25m in Adjusted EBITDA.

The company said third-quarter performance benefited from the final stages of the World Cup in July and favourable exchange rates. However, against a strong fourth quarter in 2025, it expects growth in the coming months to be more aligned with underlying trends.