Codere Online reported another record quarter in the three months ended June 30, with net gaming revenue reaching €69.4 million, up 27% from the same period in 2025. Adjusted EBITDA rose to €5.8 million, while the company increased its full-year 2026 forecasts.
Total revenue reached €64.4 million during the quarter. Spain generated €27.6 million in net gaming revenue, an increase of 25%, while Mexico contributed €36.1 million, up 24%. The company recorded €133.8 million in net gaming revenue for the first half of the year, 20% higher than the €111.8 million reported for the corresponding period in 2025.
Spain and Mexico Drive Quarterly Gains
Customer activity also increased. Average monthly active players rose 12% year-on-year to 173,000 during the second quarter. Spain reached 54,400 monthly active players, while Mexico recorded 88,200. The Other segment increased to 30,400 players.
Codere Online’s first-half net income reached €5.6 million, compared with a €3.1 million loss in the first half of 2025. The company ended June with approximately €63 million in cash and no financial debt.
Aviv Sher, Chief Executive Officer of Codere Online, said, “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date. Net gaming revenue in the second quarter reached approximately €69 million, up 27% year-on-year, with the World Cup providing an additional boost to customer activity and engagement. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.”
Marcus Arildsson, CFO of Codere Online, said, “Q2 represented another major step forward in our financial performance, with net gaming revenue being around €14 million above the prior-year period, and Adjusted EBITDA of approximately €6 million, more than doubling compared to Q2 2025. This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup. We closed June with approximately €63 million of total cash and no financial debt.”
World Cup Lifts Betting Activity
The 2026 tournament produced substantially stronger results than the 2022 World Cup. Unique users stood approximately 56% above 2022 levels, excluding Colombia, while Codere Online acquired nearly 40,000 new customers around the event.
Stakes reached €63 million, representing a 180% increase from the 2022 tournament. Net gaming revenue more than doubled compared with the previous World Cup, despite relatively low sports betting margins.
Company Raises Full-Year Targets
Codere Online has raised its 2026 expectations following the second-quarter performance. The company now expects net gaming revenue of €255 million to €265 million and Adjusted EBITDA of €20 million to €25 million.
Mr. Arildsson further added, “Given our record Q2 performance and the continued acceleration of the business, we are raising our outlook for the full year 2026 and now expect to generate between €255 – 265 million of net gaming revenue, which is €20 million more than the prior range and represents a growth of 16% year-on-year at the midpoint, and between €20 – 25 million of Adjusted EBITDA, €5 million above the prior range”.
Source:
“Codere Online Reports Second Quarter 2026 Results and Raises Full Year Outlook”, codereonline.com, July 30, 2026
Zlajdza
1 month ago
Moderator
Record revenue, higher profits, no debt, and a raised outlook.... The World Cup definitely gave things a boost, but the real challenge will be keeping this momentum going once the tournament buzz fades.
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