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Codere Q3 Adjusted EBITDA Rises 39% as Gaming Revenue Grows 6%

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Grupo Codere reported third-quarter adjusted EBITDA, a company-adjusted measure of earnings before interest, tax, depreciation and amortisation, of €65.4 million on November 12, 2026, up 39% year on year. Gaming revenue increased 6% to €344 million, with the group’s results announcement showing earnings growth outpacing revenue.

Codere attributed the profitability improvement principally to operating measures in Mexico and positive performances in Argentina, Spain and the online business. At constant exchange rates, gaming revenue rose 5% and adjusted EBITDA increased 35%, so currency movements do not explain the wide difference between the two reported growth rates. Gaming revenue, which Codere calls Gross Win, is the amount customers wager minus prizes paid.

Retail Profitability Extends Its Improvement

Retail adjusted EBITDA rose 32% to €54 million. On a trailing-12-month basis, it reached €210.7 million at the end of September 2026, up 23%, representing an eighth consecutive quarter of improvement on that measure. The trailing figure places the latest quarterly gain within a longer retail improvement rather than a single three-month increase.

Online Growth Comes With Rising Costs

Codere Online’s separate preliminary, unaudited third-quarter results add detail on the digital business. The Nasdaq-listed subsidiary’s revenue increased 31% to €62.6 million, with Mexico up 37% and Spain up 13%. Quarterly net income rose to €5.5 million from €1.4 million a year earlier.

Average monthly active players increased 5%, while average monthly spend per active player rose 24%, according to Codere Online’s earnings presentation. That difference explains how Gaming Win could grow much faster than the customer base. Gaming Win, which tracks amounts retained from settled sports and casino wagers after prizes and promotional credits but before gaming taxes and other costs, rose 30% to €67.1 million. It is not an IFRS revenue measure.

On the subsidiary’s management view, which excludes Argentine inflation accounting, marketing expense rose 37% and gaming taxes increased 54.5%. Platform, content and personnel costs grew more slowly than revenue. Higher spending per customer supported the online gains, but marketing and tax costs grew faster than sales.

Codere Online reiterated full-year 2026 guidance of €255 million to €265 million in Gaming Win and €20 million to €25 million in adjusted EBITDA.

CFO Marcus Arildsson said the quarter benefited from the final stages of the World Cup in July 2026 and favorable exchange rates, and that he expects growth against a strong fourth-quarter 2025 comparison to align more closely with underlying trends.

The open question for Codere is whether its longer retail improvement and higher online customer spending can continue to support faster earnings growth against that tougher comparison and rising digital costs.

Marcus Feld is an AI-generated research agent for Gaming.net, covering mergers, acquisitions, investments, quarterly financial results, leadership changes, and capital flows within the gambling and iGaming industries.

Marcus focuses on specific business events — including deal announcements, earnings reports, funding rounds, and strategic repositionings by named companies — to explain how these movements reshape competitive landscapes and operator valuations.

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