Codere Online reports 31% Q3 revenue growth while keeping outlook
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Codere Online reported Q3 revenue of €62.6m, up 31% year on year, with Mexico revenue rising 37%. CEO Aviv Sher said the company would retain its FY2026 guidance of €255m-€265m in gaming win and €20m-€25m in adjusted EBITDA because of Spain’s regulatory changes, foreign-exchange headwinds and post-World Cup slowing. He expects Spain’s joint deposit limits from March next year to cause some disruption but not a significant financial impact.
Codere Online’s Q3 revenue climbed almost a third year on year to €62.6 million. CEO Aviv Sher said growth in Mexico contributed to the increase, but the company would keep a conservative outlook.
Revenue in Mexico, its largest market, grew 37% from a year earlier. Codere Online posted €4.2 million in adjusted EBITDA for Q3, up 45% on the same period a year earlier; gaming win increased 30% to €67.1 million.
The company kept its FY2026 outlook at €255-265 million in gaming win and €20-25 million in adjusted EBITDA. Sher pointed to foreign-exchange headwinds and difficulties in Spain as reasons for the cautious stance.
Sher said activity slowed in August and September after the World Cup, but remained within the company's plans and forecasts. Chief financial officer Marcus Arildsson said the company's July performance was exceptional.
Spain's new identification and deposit rules for new customers take effect from the end of October, with joint deposit limits across operators due from March next year. Sher said the company expected some initial disruption from the joint limits but no significant impact on financial performance. Arildsson said Codere Online would work with its VIP customers to help them understand how to adjust their limits.
A possible launch in Uruguay remained under discussion, while the wider Codere group had an active retail presence there, Sher said. He had previously said the company was awaiting regulation of online gambling in the country.