Codere Online Reports Record Q2 2026 Results

Codere Online has reported its strongest quarterly performance to date in its interim financial results for the second quarter of 2026, driven by revenue growth, improved profitability and higher customer engagement.

For the six months ended 30 June 2026, the company generated €69.4 million in net gaming revenue (NGR), representing a 27% increase compared with the same period last year. Total revenue for the period reached €64.4 million.

Profitability Continues to Improve

The operator also delivered a significant improvement in earnings during the quarter. Adjusted EBITDA climbed by €3.5 million to €5.8 million, while the company posted a net profit of €5.6 million for the first half of 2026, compared with a net loss of €3.1 million during the corresponding period in 2025.

By the end of June, Codere Online held €62.6 million in cash and reported no financial debt.

Spain and Mexico Lead Performance

The company's two largest markets continued to generate solid growth throughout the quarter.

In Spain, net gaming revenue increased 25% year-on-year to €27.6 million, while Mexico recorded €36.1 million in NGR, marking a 24% increase from the previous year.

Chief Executive Officer Aviv Sher said the company benefited from continued momentum across its core markets, with the 2026 FIFA World Cup providing an additional boost to customer activity.

He said the second quarter delivered the company's best performance on record, with stronger engagement from players during the tournament contributing to higher revenue across the business.

Full-Year Guidance Increased

Following the record quarter, Codere Online revised its financial outlook for 2026.

The company now expects full-year net gaming revenue to reach between €255 million and €265 million, increasing its previous forecast by €20 million and implying annual growth of around 16% based on the midpoint of the new range.

At the same time, expected adjusted EBITDA has been raised to between €20 million and €25 million, an increase of €5 million compared with the previous guidance.

Chief Financial Officer Marcus Arildsson said the improved outlook reflects the company's continued operational progress and stronger profitability during the year.

World Cup Boosts Customer Activity

Codere Online also highlighted the positive impact of the 2026 FIFA World Cup on customer engagement.

Excluding Colombia, the company recorded approximately 56% more unique customers than during the 2022 FIFA World Cup, while attracting nearly 40,000 new customers throughout the tournament.

Total betting turnover reached €63 million, representing a 180% increase compared with the previous World Cup. Net gaming revenue generated during the competition also doubled despite relatively low sports betting margins, as favourable sporting outcomes resulted in stronger returns for customers.