Codere Online has just delivered its strongest quarterly performance to date. Net gaming revenue hit €64.4 million in the first quarter, adjusted EBITDA reached €6 million, and the Madrid-based operator’s results tell a clear story: disciplined focus works. By concentrating its efforts in two dominant markets, this company has actually cracked something many operators struggle with.

Mexico and Spain Driving Growth

A 13 percent year-on-year NGR increase might not sound earth-shattering until you realise it came almost entirely from the core markets. Mexico contributed €34.6 million (up 13 percent). Spain generated €25.5 million. Both expanded their player bases significantly. Average monthly active players climbed 20 percent in Mexico and 13 percent in Spain.

This kind of strength flips the bottom line. Codere swung from a €0.7 million loss in Q1 2023 to €7 million in net income. That’s the kind of turnaround that reflects genuine top-line growth plus margin improvement, not accounting tricks. Close the quarter with €56.2 million in cash and zero financial debt, and you’ve got a solid foundation for further investment.

Strategic Focus Over Expansion

Management has made their position crystal clear: Codere will keep doubling down on proven territory rather than chasing growth in untested markets. CFO Marcus Arildsson and CEO Aviv Sher have both emphasised that future capital flows to Spain and Mexico, where the company has actually demonstrated it can execute profitably. That’s a disciplined approach, frankly, and it stands in stark contrast to the broader industry trend of rapid, often costly, market entry into new jurisdictions.

The strategy doesn’t come without tradeoffs. Codere’s “Other” segment, which covers Argentina, Panama, and Colombia, declined 2 percent in NGR to €4.4 million during Q1. These peripheral operations remain marginal to the overall picture.

Guidance and 2026 Outlook

For full year 2026, Codere is guiding for NGR between €235 million and €245 million, with adjusted EBITDA of €15 million to €20 million. Hit the midpoint and you’re looking at a compound annual growth rate of 24 percent since 2021. Respectable pace for a regionally focused operator in a competitive sector.