Codere Online reported its strongest quarter to date, releasing preliminary unaudited results for the three months ended June 30, 2026, that show broad‑based gains across its core markets and a sharp improvement in profitability. The company’s momentum, fueled by exceptional customer activity during the World Cup and sustained growth in Spain and Mexico, prompted management to raise full‑year guidance.
Revenue and User Growth Accelerate in Key Markets
The operator posted EUR 64.4 million ($74.3 million) in total revenue for the second quarter, while net gaming revenue climbed 27% year over year to EUR 69.4 million. Spain and Mexico remained the company’s primary engines of expansion.
In Spain, revenue and net gaming revenue reached EUR 27.6 million ($31.8 million), a 25% increase from the prior year. Mexico delivered even stronger results, with revenue of EUR 31.8 million ($36.7 million) and net gaming revenue of EUR 36.1 million ($41.6 million), up 24% year over year.
Adjusted EBITDA for the quarter rose to EUR 5.8 million ($6.7 million), an improvement of EUR 3.5 million from the same period in 2025.
Codere Online also reported a significant turnaround in profitability for the first half of 2026. Net income reached EUR 5.6 million ($6.5 million), compared with a EUR 3.1 million loss a year earlier. As of June 30, the company held EUR 62.6 million ($72.2 million) in cash and reported no financial debt.
The World Cup played a central role in the quarter’s performance. Codere Online recorded a 56% increase in unique users compared with the previous tournament and processed EUR 63 million ($72.7 million) in wagers. Net revenue more than doubled the levels achieved during the 2022 World Cup.
Full‑Year Guidance Raised on Strong Momentum
Reflecting the strength of its first‑half results, Codere Online revised its full‑year 2026 outlook upward. The company now expects net gaming revenue between EUR 255 million and EUR 265 million ($294.1–305.7 million) and adjusted EBITDA between EUR 20 million and EUR 25 million ($23.1–28.8 million).
Executives Call Q2 the Company’s Best Quarter to Date
Chief executive Aviv Sher said the second quarter marked a milestone for the business, citing both the World Cup and strong underlying performance across markets.
“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,” Sher said. “This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.”
Chief financial officer Marcus Arildsson described the quarter as “another major step forward,” noting that the company’s profitability reflects disciplined investment and its ability to capitalize on major sporting events.
