May 7th, 2026

The call presented multiple clear positives: double-digit top-line growth (13% YoY), meaningful expansion in active customers (+14% YoY), a strong profitability inflection (adjusted EBITDA up to EUR 6m from EUR 1.8m), improved margins (9% vs 3%), solid cash generation and an unchanged, achievable full-year guidance. Challenges include higher customer acquisition costs (CPA ~EUR 212), a small decline in spend per active, sequential softness in Mexico actives driven by tighter promotions (a deliberate quality-improvement action), limited ability to invest in some smaller markets (e.g., Colombia), and the need to bring marketing below ~30% of NGR for sustained double-digit EBITDA. Overall, the positive operational momentum and improved profitability outweigh the identifiable near-term headwinds.

Company Guidance

Codere Online reiterated full‑year 2026 guidance of net gaming revenue €235–245 million and adjusted EBITDA €15–20 million, citing a strong Q1 that underpins the outlook (Q1 NGR €64.4m, +13% YoY and +6% sequential; Q1 adjusted EBITDA €6.0m vs €1.8m a year ago; Q1 adjusted EBITDA margin ~9% vs 3% prior), and noted LTM NGR €231.6m (+7.3% YoY) and LTM adjusted EBITDA €18m, which already sit in the upper part of the range; management said it will reassess the outlook after H1 if current trends persist. Key operating and balance‑sheet metrics referenced in support of the guidance include average monthly active customers ≈183k (+14% YoY), revenue mix Casino 63%/Sports 37%, Q1 marketing €25m with an average CPA ≈€212 (marketing spend 3 percentage points lower as a % of NGR), available cash ≈€51m (total cash €56m), and structural negative working capital ~€22m (≈10% of LTM NGR); the World Cup is expected to give a modest short‑term uplift but limited full‑year NGR impact.