Codere Online Q1 Earnings: All Eyes on Latin American Growth Engine

MADRID, Spain – April 29, 2026 – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW), a prominent online gaming operator, is set to capture the attention of the financial world as it prepares to release its first-quarter 2026 results on May 7th. The announcement, followed by a management conference call, is highly anticipated by investors and industry analysts eager to dissect the company's performance and strategic direction in the competitive online betting landscapes of Spain and Latin America.

While the specific figures for the first three months of 2026 remain under wraps, the company's trajectory heading into the year has set a high bar. The upcoming report will serve as the first major litmus test of 2026, revealing whether the impressive momentum from the previous year has been sustained and how the company is progressing towards its ambitious full-year profitability goals.

A Look Back at 2025's Powerful Momentum

To understand the expectations for the upcoming report, one must look at Codere Online's powerful performance in 2025. The company closed out the year on a high note, demonstrating significant growth and a clear turn towards profitability. In the fourth quarter of 2025, Codere Online reported a remarkable 40% year-over-year increase in Net Gaming Revenue (NGR), reaching €55.5 million. This surge brought the full-year 2025 NGR to €200.7 million, a 31% jump compared to the prior year.

Crucially, the company delivered a positive Adjusted EBITDA of €1.5 million in Q4 2025. This was a significant milestone, representing a substantial improvement from the €7.5 million loss recorded in the same period of 2024 and signaling that its growth strategy is becoming more financially efficient. For the full year 2025, the Adjusted EBITDA loss narrowed considerably to €14.5 million from €30.6 million in 2024.

This financial progress was fueled by strong user engagement, with average monthly active players (MAPs) growing by 20% to nearly 176,000 by the end of 2025. Based on this strong foundation, management set ambitious targets for 2026, forecasting NGR between €235 million and €245 million and, most notably, a full-year positive Adjusted EBITDA between €10 million and €20 million. The Q1 results will be the first indicator of the feasibility of these targets.

The Latin American Gambit: A Region in Digital Transformation

The primary engine behind Codere Online's recent success and its future prospects is undoubtedly Latin America. The region is undergoing a rapid digital transformation, with expanding internet access, widespread smartphone adoption, and a growing middle class creating a fertile ground for the online gaming industry. Codere Online has strategically positioned itself to capitalize on this boom, with its operations in Mexico, Colombia, Panama, and Argentina being central to its narrative.

Mexico has emerged as the company's crown jewel. In Q4 2025, the Mexican market alone delivered a staggering 59% year-over-year increase in NGR, reaching €30.6 million and significantly outpacing growth in other regions. Investors will be keenly watching the Q1 2026 figures to see if this exponential growth can be maintained. Meanwhile, Colombia represents a model of stability, being one of the first Latin American nations to establish a clear and comprehensive regulatory framework under its governing body, Coljuegos. This stability provides a secure foundation for sustained operations.

Argentina presents a more complex but equally intriguing opportunity. Regulation there is handled on a provincial basis, creating a fragmented patchwork of different rules and licensing requirements. Navigating this complexity is a challenge, but for operators like Codere Online that are willing to engage with individual provinces like Buenos Aires, it offers a path to build a significant, localized presence in a passionate sports market.

Navigating a Complex Regulatory Maze

Operating successfully in these diverse markets requires a deep understanding of their distinct regulatory environments. Codere Online's experience is a tale of two continents. In Spain, its home market, the company operates within a mature and well-established framework overseen by the Dirección General de Ordenación del Juego (DGOJ). However, this maturity comes with significant restrictions, particularly on advertising and player bonuses, which forces operators to focus heavily on brand loyalty and product innovation rather than aggressive marketing.

In contrast, the regulatory landscape in Latin America is dynamic and still evolving. While Mexico's market is booming, there are ongoing discussions about modernizing its federal gaming laws, which could introduce new opportunities or compliance hurdles. Codere Online's ability to adapt to these potential shifts is critical. The company's success in navigating the varied provincial regulations in Argentina further demonstrates its strategic agility, a key asset in a region where the rules of the game are constantly being refined.

The Omnichannel Advantage and Competitive Pressures

One of Codere Online's most significant competitive advantages is its omnichannel strategy, leveraging the established brand and physical footprint of its parent company, Codere Group. With four decades of experience and a vast network of land-based casinos and gaming halls across Latin America, the Codere brand enjoys strong recognition and trust. This synergy allows the online division to acquire customers more efficiently, offering a seamless experience for players who move between physical and digital gaming.

This integrated approach helps differentiate the company in a fiercely competitive market. Codere Online is not just competing with local players like Caliente.mx in Mexico or Rushbet in Colombia; it is also contending with global behemoths such as Bet365, Entain (owner of Bwin), and Flutter Entertainment, all of whom have substantial resources and a significant presence in the region.

Success in this environment depends on more than just brand recognition. It requires continuous innovation in technology, a superior user experience on mobile and web platforms, and a deep understanding of local player preferences. The Q1 results will provide insight into how effectively Codere Online's strategy is holding up against this intense competition.

What Investors Will Be Watching on May 7th

When Codere Online's management team hosts its conference call on May 7th, all ears will be on the key performance indicators that tell the story behind the numbers. The headline NGR and Adjusted EBITDA figures will be paramount, as the market looks for confirmation that the company is on track to meet its full-year guidance. Any deviation from the projected path to profitability will be heavily scrutinized.

Beyond the top-line numbers, analysts will delve into the regional breakdown. Continued hyper-growth in Mexico is expected, and any slowdown could raise concerns. The performance in the more mature Spanish market will indicate the company's ability to drive growth through product and retention strategies. Furthermore, updates on user acquisition costs and the growth of monthly active players will reveal the efficiency of its marketing spend and the stickiness of its platform.

Ultimately, the Q1 2026 report is more than just a financial scorecard. It is a critical checkpoint for a company at the intersection of a high-growth industry and a dynamic emerging market, and the results will set the tone for its valuation and strategic narrative for the remainder of the year.