Codere Online Reports Record Quarter Driven by Growth in Spain and Mexico

Codere Online has announced its interim financial report for Q2 of 2026, with the best-ever quarterly results to date. The company’s net gaming revenue (NGR) for the six months to June 30 was €69.4 million, up 27% compared with the same period in 2011, and total revenue was €64.4 million.

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The company’s profitability was also enhanced considerably. Adjusted EBITDA increased by €3.5 million to reach €5.8 million in the quarter, the same as in 2025. The first half of 2026 saw Codere Online achieve a net profit of €5.6 million, compared with a net loss of €3.1 million in the same period last year. The company had €62.6 million cash at the end of June and no financial debt.

Spain and Mexico Continue to Drive Growth

Both of Codere Online’s primary markets continued another quarter of solid growth. Net gaming revenue in Spain grew by 25% to €27.6 million in the second quarter of 2025. Mexico also had strong momentum with NGR of €36.1 million, which was 24% higher compared to the previous year.

Aviv Sher, the CEO of the company, remarked on the improvement in the company’s performance and the positive effect of the 2026 FIFA World Cup on the company’s customers.

“Following a strong start to the year, the second quarter showed even greater acceleration and delivered our best quarterly performance to date. Net gaming revenue reached approximately €69 million, up 27% from a year ago, 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“, Sher said.

Company Raises Full-Year 2026 Outlook

In the wake of a record quarter, Codere Online raised its full-year 2026 financial guidance. The company now expects full-year net gaming revenue to be in a range of €255 million to € 265 million, which is a €20 million increase on the previous forecast and represents about a 16% increase per year on the midpoint.

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The revised EBITDA guidance has also been strengthened to €20 million to €25 million, which is a €5 million uplift on its previous forecast. Chief Financial Officer Marcus Arildsson said that the better outlook was due to the company’s continued operational momentum and better profitability.

With a strong performance in Q2 and the ongoing business growth, full-year 2026 guidance has been adjusted with net gaming revenue of between €255m and €265m, which is €5m above our previous guidance, and adjusted EBITDA of between €20m and €25m, €5m higher than last guidance.

World Cup Delivers Strong Customer Engagement

According to Codere Online, the 2026 FIFA World Cup also showed significant improvement in some of the key business metrics compared to the 2022 tournament. But excluding Colombia, there were roughly 56% more distinct customers, and the company gained almost 40,000 new customers during the competition.

The total betting volume amounted to €63 million, an 180% increase from the 2022 World Cup, and the net gaming revenue doubled from the previous World Cup. The company said this increase came in spite of generally good sporting results for players, leading to relatively low sports betting margins over the event.

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Source: SBC Noticias