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Codere Online Luxembourg
Codere Online Luxembourg (CDRO) investor relations material
Codere Online Luxembourg Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Delivered record net gaming revenue of €64.4 million in Q1 2026, up 13% year-over-year, driven by strong performance in Spain and Mexico.
Adjusted EBITDA reached €6.0 million, a significant improvement from €1.8 million in Q1 2025.
Net income was €7.0 million, reversing a net loss of €0.7 million in Q1 2025.
Active customer base expanded 14% year-over-year to 183,000, with average monthly spend per active customer at €117, slightly below last year.
Acquired 90,000 first-time depositors at an average CPA of €212, reflecting a shift to higher-value cohorts and a more competitive marketing environment.
Financial highlights
Consolidated NGR for Q1 2026 was €64.4 million, up from €57.0 million in Q1 2025.
Adjusted EBITDA improved to €6.0 million from €1.8 million in Q1 2025, with margin improving to 9% from 3% year-over-year.
Net income for Q1 2026 was €7.0 million.
Generated €6.5 million in cash flow in Q1 2026; ended quarter with €56 million in total cash, €51 million available.
Negative net working capital position of €22 million.
Outlook and guidance
Full-year 2026 guidance maintained: NGR of €235–245 million and adjusted EBITDA of €15–20 million.
World Cup expected to provide some uplift in activity but limited impact on NGR and financials.
Guidance may be revisited after H1 if current trends persist.
No shares were repurchased under the buyback plan during Q1 2026.
Impact of B2B expense reallocation to B2C units
Group vs third party accounts payable breakdown
Brazil vs Mexico TAM growth projections to 2030
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Codere Online Luxembourg
- Record revenue and EBITDA growth in 2025, led by Mexico, with strong 2026 outlook.CDRO
Q4 202526 Feb 2026 - Q2 2024 net gaming revenue up 39% to €54.4M; 2024 outlook raised on Mexico and Spain growth.CDROQ2 20242 Feb 2026
- Q3 2024 net gaming revenue rose 20% to €52M, led by Mexico and Spain despite FX headwinds.CDROQ3 202412 Jan 2026
- Q1 2025 net gaming revenue up 8% to €57M, driven by Mexico; guidance reaffirmed.CDROQ1 20256 Jan 2026
- 2024 NGR up 23% to €211.6M, 2025 guidance: €220–230M NGR, €10–15M EBITDA, risks persist.CDROQ4 202423 Dec 2025
- Flat Q3 net gaming revenue, improved profitability, rising actives, and expanded buyback.CDROQ3 202518 Nov 2025
- Q2 2025 net gaming revenue rose 1% to €54.8M, with strong Mexico growth despite FX headwinds.CDROQ2 202516 Nov 2025
Next Codere Online Luxembourg earnings date
Q2 202631 Jul, 2026
Codere Online Luxembourg
Next Codere Online Luxembourg earnings date
Q2 202631 Jul, 2026
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Leroy DaleyApp Store
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Eferix Drawings Google Play
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Amina0781App Store
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@theshortbearx.com
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