Codere Online reported financials for Q3 2026 – see more details:

• Revenue and earnings: Revenue rose 31% to EUR 62.6m, from EUR 47.7m. Adjusted EBITDA increased 45% to EUR 4.2m. Net income reached EUR 5.5m, compared with EUR 1.4m last year.
• Gaming Win: Gaming Win increased 30% to EUR 67.1m, compared with EUR 51.6m. It measures customer stakes on settled sports bets and casino games, minus winnings and promotional credits, before gaming taxes, VAT, other levies, costs and adjustments. Previously called Net Gaming Revenue (NGR), the metric has been renamed without changing historical figures and differs from IFRS revenue.
• Mexico and Spain: Revenue in Mexico rose 37% to EUR 32.9m, while Spain grew 13% to EUR 24.8m. Gaming Win reached EUR 37.2m in Mexico and EUR 24.8m in Spain. CEO Aviv Sher said: “Q3 was another quarter of strong growth, with Gaming Win up 30% year-on-year, driven mainly by Mexico, up 39%, and continued growth in Spain.”
• 2026 outlook: Codere Online maintained its full-year forecast of EUR 255m–265m in Gaming Win and EUR 20m–25m in adjusted EBITDA. The Codere Online Q3 results benefited from the final stages of the World Cup and favourable exchange rates
• Reporting change: Codere Online now uses Gaming Win instead of Net Gaming Revenue (NGR). The calculation and historical figures remain unchanged.

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