Codere Online turns its results around: it gains 11.1 million until September compared to losses in 2025
The company accelerated its growth with a 31% increase in revenues in the third quarter, to €62.6 million, driven mainly by Mexico.
According to the preliminary results published on November 12, net profit for the third quarter reached 5.5 million euros, compared to 1.4 million euros a year earlier.
Quarterly adjusted EBITDA stood at €4.2 million, up 45%, while cumulative revenue through September amounted to €187.3 million, up 22% year-on-year.
In the first nine months of the year, adjusted EBITDA reached €16.1 million, compared to €7.1 million in the same period of 2025, an increase of approximately 127%.
Mexico is once again Codere Online's main growth driver. Quarterly revenues in this market reached €32.9 million, 37% more than the €24 million recorded in the third quarter of 2025.
The Mexican Gaming Win increased by 39%, to 37.2 million euros, although the average monthly number of active players fell by 3%, to 85,600.
In Spain, revenues increased by 13% to €24.8 million, compared to €22 million in the same quarter of the previous year. Monthly active players grew by 5% to 52,800.
In the rest of the markets, quarterly revenues amounted to 4.9 million euros and the Gaming Win reached 5.2 million, up 86%.
In cumulative terms up to September, Spain generated €77.9 million in revenue (+18%), Mexico reached €95.1 million (+22%) and the other markets contributed €14.3 million (+52%).
Codere Online's total Gaming Win reached €67.1 million in the third quarter, 30% more than the €51.6 million in the same period of 2025.
In the first nine months as a whole, this figure stood at €201 million, compared to €163.4 million the previous year, an increase of 23%.
The company recorded a monthly average of 166,800 active players in the quarter, up 5%. In the first nine months, the average reached 174,400 players, 10% higher than in 2025.
Codere Online has also announced a change in its earnings presentation. As of this quarter, it uses the Gaming Win indicator to replace the previously called Net Gaming Revenue, without modifying the historical amounts reported.
This indicator includes the amounts withheld from betting and casino activity after deducting prizes and promotional credits, but before taxes on gambling and other costs. It is not equivalent to the company's accounting income.
Another of the highlights is the financial position of Codere Online, which closed September with 65.6 million euros in cash and no financial debt.
Marcus Arildsson, the company's chief financial officer, highlighted the company's ability to maintain growth and investment while strengthening its financial position.
Codere Online maintains its forecasts for the whole of 2026, with a Gaming Win of between €255 million and €265 million and an adjusted EBITDA of between €20 million and €25 million.
However, Arildsson acknowledged that the results of the third quarter benefited from the final phase of the World Cup in July and favorable exchange rates. Given the strength of the fourth quarter of 2025, the company expects more moderate growth in the last months of this year.
Aviv Sher, CEO of Codere Online, highlighted the 30% growth of Gaming Win, driven mainly by Mexico, and the positive evolution of Spain.
Among the major developments of the quarter was the multi-year agreement announced on September 10 whereby Codere Online became the official betting partner of the NFL in Mexico.
The alliance includes sponsorship of the NFL game to be held in Mexico City on November 22, 2026, as well as Super Bowl LXI, scheduled for February 2027 in Los Angeles.
The agreement also includes promotional actions throughout the year, VIP experiences, hospitality programs, activations in different Mexican cities and commercial opportunities linked to official NFL merchandising.
With these results, Codere Online, which is listed on the Nasdaq under the symbol CDRO, maintains its growth strategy in Spain and Latin America, where it operates in Mexico, Colombia, Panama and Argentina.
The results reported are preliminary, unaudited and subject to possible adjustments.
