Codere Online reported a 31% year-on-year increase in third-quarter revenue, reaching €62.6 million, with Mexico remaining its largest growth market. The Nasdaq-listed operator also recorded higher adjusted EBITDA and maintained its full-year financial guidance despite expectations of more moderate growth in the final quarter.
For the three months ending 30 September 2026, adjusted EBITDA increased by 45% to €4.2 million, compared with €2.9 million in the same period last year. Gaming Win also rose by 30% to €67.1 million.
Mexico delivered the strongest regional performance. Revenue increased by 37% year-on-year to €32.9 million, even as the average number of monthly active players declined by 3%, from 88,300 to 85,600.
Spain also contributed to the company’s expansion. Revenue in the market grew by 13% to €24.8 million, while average monthly active players increased by 5% to 52,800.
CEO Aviv Sher described the quarter as a period of strong growth, highlighting Mexico’s contribution alongside continued progress in Spain.
Codere Online Maintains 2026 Financial Targets
The company reaffirmed its full-year 2026 guidance, forecasting Gaming Win of between €255 million and €265 million and adjusted EBITDA ranging from €20 million to €25 million.
Its performance over the first nine months of the year also remained positive. Revenue reached €187.3 million, representing a 22% increase compared with the corresponding period in 2025. Adjusted EBITDA more than doubled to €16.1 million.
However, CFO Marcus Arildsson warned that the company might experience slower growth during the fourth quarter. He attributed the particularly strong third-quarter results partly to the final stages of the FIFA World Cup in July and favourable foreign exchange movements.
Codere Online also highlighted its recently announced partnership with the NFL in Mexico. The agreement makes the operator the league’s Official Betting Partner in the country and includes sponsorship of the 2026 NFL Mexico City Game, scheduled to take place later in November.
Parent Company Considers Separate Business Sales
The financial results come amid reports that investors in Codere’s parent group are reconsidering the company’s sale strategy.
Earlier in 2026, Codere was reportedly put up for sale with a €2 billion price tag, with Jefferies and Macquarie Capital appointed to oversee the process. However, limited buyer interest has prompted investors to explore alternative options.
According to Spanish newspaper Expansión, the owners are now considering selling the European operations, Latin American business and separately listed Codere Online as individual divisions.
The potential restructuring could reshape the group’s ownership while Codere Online continues to expand its presence in its key markets.
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