Codere Online Posts 31% Revenue Growth in Q3 2026, Mexico Leads Expansion

Codere Online Luxembourg, S.A. (Nasdaq: CDRO) reported preliminary unaudited results for Q3 2026, with revenue rising 31% year-on-year to €62.6 million and adjusted EBITDA up 45% to €4.2 million for the quarter ended 30 September 2026. Total Gaming Win for Q3 advanced 30% to €67.1 million, and the company closed September with €65.6 million in cash and no financial debt.

Regional performance and player metrics

Mexico drove the quarter. Revenue in Mexico increased 37% to €32.9 million while Gaming Win rose 39% to €37.2 million. Spain delivered steady growth of 13%, with both revenue and Gaming Win at €24.8 million for the quarter. Average monthly active players across the group grew 5% year-on-year to 166,800, split into 52,800 in Spain, 85,600 in Mexico, and 28,400 in other developing jurisdictions.

Nine-month results and balance sheet

For the nine months to 30 September 2026, Codere Online reported net income of €11.1 million, reversing a net loss of €1.7 million in 9M 2025. Total revenue for the period rose 22% to €187.3 million, and Gaming Win for 9M advanced 23% to €201.0 million. The company finished September with a total cash position of €65.6 million and zero outstanding financial debt.

"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," said Aviv Sher, Chief Executive Officer of Codere Online. "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."

Guidance and metric change

Codere Online reiterated its full-year 2026 outlook, maintaining projected Gaming Win between €255 million and €265 million and adjusted EBITDA of €20 million to €25 million. CFO Marcus Arildsson said the company expects to meet the guidance, noting Q3 benefited from the final stages of the World Cup in July and favourable exchange rates, and that growth in coming months may align more closely with underlying trends against a strong prior-year fourth quarter.

The company also changed its primary operating metric disclosure this quarter, replacing "Net Gaming Revenue" with "Gaming Win", defined as cash retained from wagering activity after payouts and promotional credits, prior to gaming taxes and levies.

Codere Online linked the NFL partnership in Mexico to its commercial momentum in that market and highlighted the company's clean balance sheet as a foundation for continued investment.