Codere Online Raises Third-Quarter Revenue by 31%

Codere Online, which trades on the Nasdaq, reported third-quarter revenue of 62.6 million euros, a 31% increase. In the same period, adjusted EBITDA rose 45%, from 2.9 million euros to 4.2 million euros. Gaming Win grew 30% to 67.1 million euros.

Mexico was the most important source of growth. Revenue in the country rose 37% to 32.9 million euros. However, the average monthly active player count in Mexico fell 3%, from 88,300 to 85,600. In Spain, revenue rose 13% to 24.8 million euros, while the average monthly active player count increased 5% to 52,800.

The company said it is maintaining its full-year 2026 targets. Accordingly, Gaming Win is expected to be between 255 million and 265 million euros, and adjusted EBITDA between 20 million and 25 million euros. Nine-month revenue was reported at 187.3 million euros, a 22% increase. In the same period, adjusted EBITDA reached 16.1 million euros, more than doubling.

Finance Director Marcus Arildsson said the third quarter benefited from the final stages of the July World Cup and favorable exchange rates. Arildsson said that growth in the coming months will be more in line with underlying trends compared with the strong fourth quarter last year, and that growth may not be as strong in the last quarter.

The company also highlighted its new agreement to become the Official Betting Partner of the NFL in Mexico. Codere Online said the agreement will strengthen its brand in Mexico, which it described as one of its largest and most strategically important markets. The deal also includes sponsorship of the 2026 NFL Mexico City Game, which will be played in Mexico City this month.