Codere Online Luxembourg, S.A. (CDRO) Earnings
Codere Online Luxembourg, S.A. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.05. CDRO has beaten EPS estimates in 6 of its last 11 reported quarters (average surprise +116.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.05 | $0.15 | +225.0% | $74M | +13.4% |
| Nov 17, 2025 | $0.06 | $0.04 | -45.5% | $61M | -7.6% |
| May 1, 2025 | — | $-0.03 | — | $48M | — |
| Feb 20, 2025 | $0.12 | $-0.00 | -102.6% | $55M | -4.8% |
| Nov 15, 2024 | $0.01 | $0.05 | +388.8% | $54M | +8.5% |
| May 15, 2024 | $-0.03 | $-0.00 | +90.1% | $55M | +15.0% |
| Aug 31, 2023 | $-0.16 | $-0.00 | +97.7% | $41M | -2.7% |
| May 11, 2023 | $-0.11 | $-0.00 | +96.7% | $41M | +0.6% |
| Nov 16, 2022 | $-0.30 | $-0.32 | -6.8% | $31M | +15.1% |
| Sep 1, 2022 | $-0.34 | $-0.19 | +43.0% | $27M | — |
| May 13, 2022 | $-0.26 | $-0.69 | -164.6% | $23M | +14.2% |
| Mar 11, 2022 | $-0.12 | $-0.20 | -70.7% | $28M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
CEO Aviv Sher noted a solid start to 2026 with continued momentum, driven by growth in casino and sports betting. Average monthly active customers reached ~183,000 in Q1, up 14% year-over-year. Acquisition of ~90,000 FTDs with average CPA of 212 euros, reflecting competitive market and shift to higher value cohorts. No share repurchases in Q1, but share buyback plan remains in place. Outlook for full year 2026 unchanged, guiding net gaming revenue 235-245 million and adjusted EBITDA 15-20 million. Marcus Harrelson detailed financial performance by country, highlighting strong performance in Spain and Mexico, and ongoing cost discipline. In Mexico, active customer base expanded but average spend per active customer decreased due to broader and diversified player base; implementing tighter promotional rules to improve customer base quality. Secured content partnership in Mexico for brand exposure during football games.
Guidance
Full year 2026 outlook remains unchanged: net gaming revenue range 235-245 million, adjusted EBITDA 15-20 million. Strong start to the year, and if current trends and execution continue, outlook may be revisited after first half of 2026. World Cup in Q2 and Q3 expected to have some impact on activity but limited impact on financials.
Segment performance
Consolidated net gaming revenue in Q1 2026 was 64.4 million, a 13% year-over-year increase and 6% sequential increase. Revenue mix: casino accounted for 63% of net revenue, sports betting 37%. Spain's NGR increased 16.4% to 20.5 million euros; Mexico's NGR grew 13.4% to 34.6 million euros, accounting for ~53% of LTM revenues; other markets (Colombia, Panama, Buenos Aires) generated 4.4 million, broadly stable year over year. Adjusted EBITDA in Q1 2026 was 6 million euros, up from 1.8 million in Q1 2025. Spain contributed 7 million euros of adjusted EBITDA, up 27% year-over-year; Mexico contributed 2.9 million euros, up over 60% year-over-year.
Risks & headwinds
Demanding operating and regulatory environment. Competitive marketing environments, which may impact CPA. Volatility in smaller markets like Colombia, Panama, and Buenos Aires. Precise timing of cash flow items can impact cash generation in any given quarter.
Analyst Q&A
Q: On guidance, bridge from Q1 EBITDA to full year, impact of World Cup.
A: World Cup expected to have uplift in activity but limited impact on NGR and financials.
Q: Competitive environment in Mexico, impact on CAC heading into World Cup.
A: No immediate pressure on CAC from new entrant steak, competitors still down, focus on efficient marketing.
Q: AI implementation in core business.
A: AI not yet implemented in core business, used in supporting areas like customer service, early stages, expect more substantial impact in a couple of quarters.
Q: Spain performance trend and competitive environment.
A: Spain has strong performance, market growing, focus on optimizing customer acquisition to higher value, technology stability contributing to good results.
Q: Colombia investment and new markets.
A: 16% tax allows operation of database, waiting for political environment change after elections to invest more; no plans for new markets currently.
Q: Scale for double-digit EBITDA margins.
A: Need marketing spend below 30% of NGR, balance between revenue growth and EBITDA margin, management balancing to generate higher company value.
Q: Capital allocation priorities.
A: Cash mostly invested in business as working capital, consider share buyback, look at expansion opportunities in current or new markets if suitable.