Codere Online Reports Second Quarter 2026 Results and Raises Full Year Outlook

July 30, 2026 – Codere Online has announced its preliminary unaudited financial results for the second quarter ended 30 June 2026, reporting record quarterly net gaming revenue and increased guidance for the full year following strong performance across its core markets.

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The online gaming operator generated net gaming revenue of €69.4m during the second quarter, representing a 27% year-on-year increase from €54.8m in Q2 2025. Revenue growth was driven across all operating regions, with Spain contributing €27.6m (+25%), Mexico €36.1m (+24%) and other markets €5.7m (+54%).

For the first six months of 2026, net gaming revenue reached €133.8m, up 20% compared to the same period last year.

Active Player Growth Continues

Average monthly active players increased to 173,000 during the second quarter, an increase of 12% year-on-year.

Spain recorded 54,400 average monthly active players, up 11%, while Mexico reached 88,200, representing 3% growth. Other markets delivered the strongest increase, rising 54% to 30,400 average monthly active players.

Across the first half of 2026, average monthly active players rose 13% to 178,300.

CEO Highlights Record Quarter

Aviv Sher, Chief Executive Officer of Codere Online, commented,

“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.”

Profitability Improves as Guidance Is Raised

Marcus Arildsson, CFO of Codere Online, highlighted the company’s financial progress during the quarter.

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“Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15 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”

He 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”.

Adjusted EBITDA reached approximately €5.8m during the second quarter, compared to €2.3m in the corresponding period of 2025. For the first half of the year, adjusted EBITDA increased to €11.9m, up from €4.1m a year earlier.

World Cup Drives Customer Activity

Codere Online also reported strong results during the 2026 World Cup, with performance exceeding that of the 2022 tournament.

According to the company:

• Unique users were approximately 56% higher than during the 2022 World Cup (excluding Colombia), with nearly 40,000 new customers acquired around the event.
• Stakes reached €63m, representing a 180% increase compared to the 2022 tournament.
• Net gaming revenue more than doubled World Cup 2022 levels, supported by increased betting volumes despite relatively low sports betting margins driven by favourable customer results.

Revenue Reconciliation

On an IFRS basis, total revenue for the second quarter amounted to €64.4m, rising 25% year-on-year. Following accounting adjustments of €4.9m, net gaming revenue totalled €69.4m.

For the six months ended 30 June 2026, IFRS revenue reached €124.7m, with accounting adjustments of €9.1m, resulting in net gaming revenue of €133.8m.

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