Codere Online has posted record quarterly net gaming revenue of €64.4 million for the first quarter of 2026. The result gives its parent group a stronger growth story as Codere moves toward a possible sale.
The results landed weeks after reports that Codere had hired Jefferies and Macquarie Capital to advise on a sale that could value the Spanish gambling group at more than €2 billion. Indicative bids were expected by mid-May, with binding offers around early July.
Spain and Mexico drove the quarter
Codere Online revenue reached €60.3 million in Q1, up 11% from the same quarter last year. Net gaming revenue rose 13% to €64.4 million, with Spain and Mexico again carrying most of the business.
Spain net gaming revenue was €25.5 million, up 16% year-on-year. Mexico net gaming revenue reached €34.6 million, up 13%, while revenue in the market was €30.4 million. Other markets delivered €4.4 million in net gaming revenue, down 2%.
Monthly active players also increased. The total reached 183,500, up 14% from Q1 2025, with Mexico adding 20% and Spain adding 13%.
Return to profit supports sale process
The higher revenue came with a return to profit. Codere Online posted net income of €7 million for Q1, compared with a €700,000 loss in the same period last year.
Adjusted EBITDA reached €6 million, up €4.2 million from Q1 2025. The company ended March with €56.2 million in cash and no financial debt. It also kept its 2026 outlook unchanged at €235 million to €245 million in net gaming revenue and €15 million to €20 million in adjusted EBITDA.
Codere Online is expected to be included in the wider Codere process. A listed digital arm with no debt gives potential bidders a cleaner online business. Its profit growth and scale in Spain and Mexico sit alongside the group’s land-based operations.
Sale process follows Codere debt reset
Codere completed a recapitalisation in October 2024 that cut gross corporate debt from about €1.4 billion to roughly €190 million. Net debt fell to about €65 million after creditors converted around €1.2 billion of debt into equity.
That deal left Codere owned by about 84 investment funds, with Davidson Kempner listed as the largest shareholder. The group operates in Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay across retail and online gambling.
The reported sale process now moves into its next stage with Q1 numbers in hand. Codere Online’s quarter gives bidders a stronger view of the group’s digital business before offers are due.
