Codere Online Luxembourg Q1 Earnings Call Highlights

Codere Online Luxembourg (NASDAQ:CDRO) reported what executives described arsenic a beardown commencement to 2026, with first-quarter nett gaming gross rising 13% twelvemonth implicit twelvemonth and profitability improving meaningfully amid continued maturation successful its halfway markets, Spain and Mexico.

First-quarter results amusement gross maturation and improved profitability

CEO Aviv Sher said the institution delivered “a coagulated archetypal quarter” contempt a “demanding operating and regulatory environment.” Consolidated nett gaming gross (NGR) totaled EUR 64.4 million, up 13% versus the archetypal 4th of 2025 and up 6% sequentially.

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The gross premix remained accordant with caller quarters, Sher said, with casino representing 63% of full NGR and sports betting 37%.

CFO Marcus Arildsson said the higher gross translated into a “further step-up successful profitability.” Adjusted EBITDA was EUR 6.0 million successful the quarter, compared with EUR 1.8 million a twelvemonth earlier. Arildsson added that adjusted EBITDA borderline was “around 9% compared to 3% successful the archetypal 4th of 2025.”

Spain and Mexico thrust show

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Arildsson attributed the year-over-year NGR maturation chiefly to Spain and Mexico. In Spain, helium said NGR accrued by EUR 3.6 million twelvemonth implicit twelvemonth to EUR 20.5 million, representing 16.4% growth. In Mexico, NGR roseate by EUR 4.1 million to EUR 34.6 million, up 13.4%, which Arildsson said “further consolidates Mexico arsenic our largest marketplace and the cardinal maturation driver.”

For different markets—including Colombia, Panama, and the metropolis of Buenos Aires—Codere Online generated EUR 4.4 million of NGR, which Arildsson said was “broadly unchangeable year-over-year,” portion noting “encouraging trends some successful Panama and Colombia.”

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On an adjusted EBITDA basis, Arildsson said Spain contributed EUR 7.0 million successful the quarter, up 27% twelvemonth implicit year, portion Mexico delivered EUR 2.9 million, an summation of “over 60% year-over-year” arsenic Mexico “continues to inflict towards profitability.” He added that undistributed and office costs were “slightly lower” astatine EUR 5.0 million contempt higher revenue, citing outgo subject and operating leverage.

In the Q&A, Sher said Spain’s show besides benefited from marketplace conditions and execution. He pointed to wide marketplace maturation reported by the regulator past year, continued optimization of acquisition “to a higher value,” “strong exertion stability,” and a “favorable” trading borderline successful the 4th with “a batch of surprises on the way.” Sher said helium believes the affirmative inclination successful Spain tin continue.