Codere Online Luxembourg (CDRO) Q1 2026 earnings summary

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.