Codere Online Reports Record Q1 Net Gaming Revenue and Profitability, Reaffirms FY26 Outlook
Summary
Codere Online reported record Q1 2026 financial results, with net gaming revenue up 13% and a shift to net income, while reaffirming its full-year guidance.
Key Events
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Record Q1 Net Gaming Revenue
Achieved €64.4 million in Net Gaming Revenue, representing a 13% increase compared to Q1 2025.
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Significant Profitability Turnaround
Reported Adjusted EBITDA of €6.0 million and a net income of €7.0 million for Q1 2026, a substantial improvement from a net loss of €0.7 million in Q1 2025.
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Strong Balance Sheet
Ended the quarter with a solid total cash position of €56.2 million and no financial debt.
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Reaffirmed Full-Year Outlook
Reiterated the full-year 2026 outlook for Net Gaming Revenue of €235-245 million and Adjusted EBITDA of €15-20 million.
Analysis
Codere Online delivered a strong first quarter, achieving record net gaming revenue and a significant turnaround to net profitability. The company's core markets, Spain and Mexico, showed robust growth in active customers and revenue. The positive financial performance, coupled with a reiterated full-year outlook, provides a strong signal of operational momentum and financial health, especially following the recent disclosure of a material weakness in financial controls in the 20-F.
At the time of this filing, CDRO was trading at $9.05 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $412.3M. The 52-week trading range was $5.18 to $9.68. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.