Codere increases income in the midst of the economic crisis

Codere increases income in the midst of the economic crisis. ©Artem Podrez/Pexels

Key strategies to drive growth

He Codere financial report corresponding to the third quarter of 2026 highlights the strategic measures that the company has implemented to consolidate its position in an uncertain economic environment.

During this period, Codere has continued to diversify its service offering , combining its traditional face-to-face betting business with a growing presence in the digital market. The development of online platforms has made it possible to offer services accessible from anywhere and at any time, increasing user participation significantly.

This bet on digitalization has been accompanied by a focus on key international markets with high growth potential, such as Mexico and New Zealand .

In Mexico, net gaming revenues increased to 26.7 million euros during the third quarter of 2026, which represents an increase of 27% compared to the same period of 2026.

If the effects of the devaluation of the Mexican peso against the euro are excluded, real growth would have been even higher , reaching 43%. New Zealand net gaming revenue stood at NZ$ 20.9 million, marking an increase of 10.6% compared to the third quarter of the previous year.

In addition to diversification and expansion of markets, investment in technology has been an essential pillar of Codere's strategy. The modernization of its digital platforms has improved the user experience, guaranteeing safer and high-quality services.

These initiatives have been complemented with marketing campaigns designed to highlight the benefits of the brand and attract new users, increasing its visibility in key markets. Finally, efficient cost management has been a determining element for the company's financial balance.

Codere has optimized its internal operations , ensuring that each investment generates the maximum possible return. These measures have allowed the company to maintain solid stability and consolidate its growth, even in a difficult global economic context.

Growth in key markets: Mexico and New Zealand

Between July and September 2026, Codere Online reported total revenue of 49.2 million euros , while net gaming income stood at 51.7 million euros, which represents an increase of 20% compared to the same period of the previous year.

In Mexico, Codere Online has experienced notable growth despite economic challenges, such as the devaluation of the peso following the presidential elections. The average of Monthly active players grew 23% year-on-year , reaching 637,000 users.

This success is largely due to specific promotions and improvements in user experience , which have boosted both loyalty and the acquisition of new customers.

New Zealand growth was accompanied by an 18.3% increase in the average number of monthly active players, reaching 485,000 users. The improvements to the digital platform and the launch of new marketing initiatives have been decisive in consolidating this positive performance.

In addition to these key markets, Codere has diversified its regional presence , achieving a 24.2% increase in income from operations in Colombia, Panama and Buenos Aires. These regions generated NZ$ 0.1 million in revenue during the third quarter, underscoring the success of the company's regional expansion strategy.

In the first nine months of 2026, Codere Online earned a net profit of 2.8 million euros , leaving behind the losses it had recorded during the same 2026 period.

This figure excludes accounting adjustments related to public warrants , which are financial instruments whose value can change for reasons unrelated to the company's main operations.

Furthermore, at the end of September 2026, the company had a cash position of 44 million euros , which provides you with solid financial support for future investments and to face possible contingencies.

This performance comes shortly after the company completed a process of recapitalization that significantly reduced its debt , although it received a low credit rating according to financial analysts.

Operational progress and financial goals for 2026

Codere Online plans to close the year 2026 with net gaming revenues ranging between 205 and 215 million euros, and an estimated adjusted EBITDA between 2.5 and 7.5 million euros.

These projections highlight the company's ability to respond to challenges of the market and continually improve its operational performance.

Codere Online CEO Aviv Sher expressed his satisfaction with solid results of the third quarter, highlighting growth in key markets such as Mexico and New Zealand . According to Sher, these results reflect the company's resilience and its strategic focus on digital diversification and expansion.

For his part, Óscar Iglesias, the company's financial director, highlighted the Adjusted EBITDA increase and cash generation as key indicators of the company's financial performance.

"Beyond significant top-line growth, we also generated NZ$1.5 million of adjusted EBITDA and NZ$3.5 million of cash in the quarter. This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to NZ$4.5 million." – Oscar Iglesias , CFO, Codere, Quarterly report Codere

The CFO also highlighted that forecasts for 2026 are optimistic , and noted that the company is confident of reaching the highest level within the established ranges for both net gaming revenue and adjusted EBITDA.

Codere Online Appeals Your Exclusion from Nasdaq

Codere Online faces a major challenge following the notification received on November 12, 2026 by Nasdaq.

In this communication, Nasdaq informed its intention to exclude company securities from the market due to failure to file Form 20-F for the fiscal year ended December 31, 2026.

This action is based on the non-compliance with Listing Rule 5250 , which requires the timely delivery of this document. In response, the company formally requested a hearing to appeal this decision on November 18.

Nasdaq accepted the request and scheduled the hearing for January 16, 2026 . Codere Online has assured that it is working intensively to complete and submit Form 20-F as soon as possible, with the aim of resolving this situation and complying with regulatory requirements.

The company has reiterated its commitment to financial transparency and confident of reaching a favorable resolution at the hearing . This process is a crucial step in maintaining your Nasdaq listing, which is essential to strengthen your position in the market and support your long-term growth plans.

Share article X.com LinkedIn Facebook

What do you think? Join the conversation!

Cancel reply