Codere Online has reported continued growth across the business for Q1 2026, notably in Mexico ahead of this summer’s 2026 FIFA World Cup.

Publication of the Nasdaq-listed company’s Q1s comes amid speculation around a potential sale of Grupo Codere, the Madrid-based omnichannel gaming group which retains a major share in Codere Online.

Total revenue for Codere Online, which like Grupo Codere is based in Spain but largely targets Spanish-speaking Latin American markets, came in at €60.3m (£54.7m), up 16% from Q1 2025’s figure of €57m. 

There were positive signs for Codere Online’s top line too, with adjusted EBITDA rising from €1.8m to €6m, while the firm swung from the red to the black as net income went from a €700,000 loss to a €7m profit. 

Marcus Arildsson, Chief Financial Officer of Codere Online, described the first quarter of the year as marking “a clear step forward in profitability”, citing the Adjusted EBITDA growth and net profit.

The year has clearly started strong for Codere, and will give leadership a confidence boost after 2025 closed with a €1.8m net loss.

Mexico leads the way for Codere

Market-by-market, Mexico proved the standout for Codere Online, with net gaming revenue (NGR) up 13% to €34.6m (€30.5m), driving total revenue of €30.4m from the country.

The impressive result comes ahead of the World Cup, which will be co-hosted in Mexico alongside the US and Canada. 

Public interest in the tournament could be a huge engagement driver for the company, though Mexico does present other challenges such as a ‘sin tax’ on gambling introduced last year.

In its home nation of Spain, net gaming revenue rose 16% YoY from €21.9m to €25.5m., with overall revenue also coming in at €25.5m. 

The World Cup will likely be a useful acquisition tool in Spain also, but also like Mexico, the market has its challenges, namely marketing restrictions and renewed political discussion around reintroducing a ban on bonuses.

Aside from Spain and Mexico, Codere Online’s other core markets are Argentina, Colombia, and Panama. Collectively, revenue from Codere’s ‘other’  markets came in at €4.4m, marking a slight 2% decrease from €4.5m the year prior.

The majority of the company’s revenue – 63% to be exact – came from its casino operations, while sportsbook contributed the remaining 37%.

Revenue was driven by a 14% YoY rise in its active customer base, which has risen relatively consistently in the last two years and now stands at 183 million. 

Codere Online has now also revealed its full-year outlook, expecting revenue to hit €235-245m and EBITDA of €15-20m. This would represent a steady improvement from FY2025’s figures of €224.1m and €13.8m respectively.

Shares in the business are on an upward trajectory on the Nasdaq Stock Exchange in light of today’s results, rising by over 7% in the first half an hour of trading to $9.72 (£7.13).

This continues a positive trend in the last 12 months for Codere Online, in which time its share price has risen by almost a fifth. 

Effectively founded in 2021 from the spin off from Grupo Codere, Codere Online listed on the Nasdaq that year via a merger with SPAC DD3 Acquisition Corp II.

Though it is not a listed enterprise, Grupo Codere will still benefit from Codere Online’s public performance – and not just from the revenue contribution, but from the positive image this performance paints for the Spanish group as it reportedly searches for a potential buyer.

A rumoured price tag of $2bn raised eyebrows initially when the topic was broached, but positivity from a company in which Grupo Codere majority owns can only be beneficial. 

Aviv Sher, Chief Executive Officer of Codere Online, commented: “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4m, up 13% year‑on‑year.

“In Spain, performance accelerated meaningfully, with net gaming revenue growing 16%, reflecting a clear continuation and acceleration of the positive trends we began to see in the second half of 2025, particularly in the fourth quarter. 

“Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers.”