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Codere Online (CDRO)
NASDAQ:CDRO
Earnings Data
Report Date
May 08, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.02Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was largely positive: management reported record net gaming revenue, significant improvement in adjusted EBITDA (more than doubling year‑over‑year), strong customer growth and improving marketing efficiency, supported by a stronger cash position and an executed share buyback. Key risks include regulatory and tax uncertainty (notably in Mexico and Colombia), continued competitive intensity in Mexico, and some regional revenue declines (other LATAM markets). Management emphasized mitigation actions and provided conservative, growth‑oriented 2026 guidance, indicating confidence that positives outweigh the headwinds.Company Guidance
Record Annual and Quarterly Net Gaming Revenue
Full-year 2025 net gaming revenue reached EUR 224 million (record) and Q4 2025 NGR was EUR 60.7 million, up 15% year‑over‑year and the highest quarterly NGR in company history.
Strong EBITDA Improvement
Adjusted EBITDA for full-year 2025 was EUR 13.8 million, more than double 2024 (EUR 6.4m). Q4 adjusted EBITDA was EUR 6.7 million, EUR 4.8 million higher than Q4 2024, with Q4 EBITDA margin ~11% versus <4% in Q4 2024.
Mexico Drives Growth
Mexico NGR increased 31% year‑on‑year to EUR 32.8 million in Q4; active customers in Mexico rose to ~99,000 in Q4 (from 69,000 prior year) and exceeded 100,000 in December for the first time.
Continued Growth in Spain
Spain NGR increased 7% year‑on‑year to EUR 24.5 million in Q4, driven by a 14% increase in active customers to ~56,000 while maintaining strong profitability in a mature market.
Customer and Acquisition Metrics Improved
Average monthly actives ~177,000 in Q4, up 20% YoY. First-time depositors (FTDs) in Q4 totaled 89,000 (+22% YoY). Consolidated CPA was ~EUR 166 (lowest since early 2023) and trending down.
Marketing Efficiency Gains
Marketing expense was EUR 21.4 million in FY terms, slightly below prior year in absolute terms and significantly lower as a percentage of NGR, reflecting improved marketing efficiency and cost discipline.
Stronger Cash Position and Share Buybacks
Total cash at year-end EUR 50 million (approx. EUR 45 million available). Generated EUR 13.4 million cash flow before buybacks and FX; available cash increased ~EUR 10 million during 2025. Repurchased ~391,000 shares for ~$2.7 million under a $7.5 million program.
Confident 2026 Guidance
2026 guidance: NGR EUR 235–245 million (midpoint ~7% growth vs 2025) and adjusted EBITDA EUR 15–20 million (midpoint >25% growth vs 2025), reflecting management confidence and planned initiatives.
CDRO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CDRO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Nov 17, 2025 | $5.69 | $5.49 | -3.51% |
Jul 31, 2025 | $8.43 | $8.40 | -0.36% |
May 16, 2025 | $7.98 | $8.00 | +0.25% |
Feb 20, 2025 | $8.23 | $8.44 | +2.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Codere Online (CDRO) report earnings?
Codere Online (CDRO) is schdueled to report earning on May 08, 2026, Before Open (Confirmed).
What is Codere Online (CDRO) earnings time?
Codere Online (CDRO) earnings time is at May 08, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CDRO EPS forecast?
Currently, no data Available