Codere Online (CDRO)
NASDAQ:CDRO
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Earnings Data
Report Date
Aug 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.05Last Year’s EPS
-0.06Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
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
Solid Top-Line Growth
Consolidated net gaming revenue of EUR 64.4 million in Q1 2026, up 13% year-over-year and 6% sequentially, confirming reacceleration from H2 2025.
Strong Market Performance — Mexico
Mexico NGR reached EUR 34.6 million, up 13.4% year-over-year; average monthly actives ~98,000, a ~20% increase versus Q1 2025, consolidating Mexico as the largest market (~53% of LTM NGR).
Strong Market Performance — Spain
Spain NGR of EUR 25.5 million, up ~16% year-over-year and 4% sequentially; active customers ~59,000, a 13% increase year-over-year, with favorable trading margin and stable tech/trading performance.
Customer Base Expansion
Average monthly active customers ~183,000 in Q1, up 14% year-over-year, driven by improved retention and reactivation; acquired ~90,000 FTDs during the quarter.
Profitability Improvement
Adjusted EBITDA of EUR 6.0 million in Q1 2026 versus EUR 1.8 million in Q1 2025; adjusted EBITDA margin ~9% vs 3% a year ago. Spain contributed EUR 7 million adj. EBITDA (+27% YoY) and Mexico EUR 2.9 million ( >60% YoY). LTM adjusted EBITDA EUR 18 million (vs EUR 6.5 million prior year).
Marketing Efficiency and Cost Discipline
Marketing spend was EUR 25 million (EUR 1.2 million above Q1 last year) but declined by ~3 percentage points as a share of NGR versus prior year; other operating costs grew below NGR, supporting operating leverage.
Cash Generation and Balance Sheet Strength
Generated EUR 6.5 million of cash flow in Q1; total cash EUR 56 million with approx. EUR 51 million available. Structural negative working capital remained at EUR 22 million (~10% of LTM NGR), aiding cash generation.
Guidance Maintained and Positive Outlook
Full-year 2026 guidance maintained: NGR EUR 235–245 million and adjusted EBITDA EUR 15–20 million; company may revisit outlook after H1 if trends persist.
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 |
|---|---|---|---|
May 07, 2026 | $9.05 | $9.29 | +2.65% |
Feb 26, 2026 | $8.10 | $8.11 | +0.12% |
Nov 17, 2025 | $5.69 | $5.49 | -3.51% |
Jul 31, 2025 | $8.43 | $8.40 | -0.36% |
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 Aug 27, 2026, Before Open (Confirmed).
What is Codere Online (CDRO) earnings time?
Codere Online (CDRO) earnings time is at Aug 27, 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?
CDRO EPS forecast for the fiscal quarter 2026 (Q2) is 0.05.