Codere Online Reports Strong Q3 2026 Growth Driven by Mexico and Spain
Codere Online (CDRO) delivered robust third-quarter 2026 results, reporting a 31% increase in total revenue to EUR 62.6 million and a 45% surge in adjusted EBITDA to EUR 4.2 million. The growth was primarily fueled by strong performance in the Mexico and Spain segments. Notably, the company transitioned its key operating metric from net gaming revenue to 'Gaming Win,' which reached EUR 67.1 million, up 30% year-over-year. While Mexico remains the largest market with a 37% revenue increase, higher taxation in the region and increased marketing expenses impacted segment EBITDA. Despite these headwinds, Codere demonstrated improved player monetization, evidenced by a 24% increase in average monthly spend per active customer. The company maintains a strong balance sheet with zero financial debt and EUR 65.6 million in total cash.