Codere Online Luxembourg S.a Stock Earnings Reports

Codere Online reported a strong start to 2026 with Q1 net gaming revenue of EUR 64.4m, up 13% year-over-year and 6% sequentially, driven mainly by Spain and Mexico. Casino comprised 63% of revenue and sports 37%. Average monthly active customers rose ~14% YoY to ~183k, while average monthly spend per active customer was flat (-1% YoY). The company acquired ~90k FTDs in the quarter at an average CPA of EUR 212, reflecting a shift to higher‑value cohorts and a more competitive marketing environment. Adjusted EBITDA improved to EUR 6m (9% margin) vs EUR 1.8m a year ago and LTM adjusted EBITDA reached EUR 18m, positioning the company in the upper part of its 2026 guidance. Cash totaled EUR 56m (available ~EUR 51m); working capital remains a structural negative ~EUR 22m. Management reiterated full‑year 2026 guidance: NGR EUR 235–245m and adjusted EBITDA EUR 15–20m, with potential to revisit guidance after H1 if trends persist. Key operational notes: Mexico remains the largest market (about 53% of LTM NGR) and management is intentionally tightening quality of active customers there (reducing bonus‑hunter activity) to improve long‑term LTV; Spain continues to show healthy growth and favorable trading margins; AI use is currently limited to support functions (customer service) with potential for more material implementation in the coming quarters. Capital allocation: no share buybacks in Q1 (program remains in place through 2026); cash is largely deployed as working capital, and management retains discretion to modify marketing spend to influence EBITDA margins.