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Codere Online has raised its full-year 2026 outlook after delivering record second quarter results, with net gaming revenue climbing 27 per cent year-on-year to €69.4m and adjusted EBITDA more than doubling to €5.8m.
Total revenue for the three months to June 30 reached €64.4m, while Spain generated revenue of €27.6m, up 25 per cent year-on-year. In Mexico, revenue increased 21 per cent to €31.8m, with net gaming revenue rising 24 per cent to €36.1m following accounting adjustments.
Average monthly active players grew 12 per cent across the group to 173,000, with strong growth in Spain and the company’s other international markets.
For the first half of 2026, net gaming revenue increased 20 per cent to €133.8m, while the company reported net income of €5.6m, compared with a net loss of €3.1m in the corresponding period last year. Codere Online ended June with €62.6m in cash and no financial debt.
Following the stronger-than-expected performance, the company has increased its full-year guidance, now expecting net gaming revenue of between €255m and €265m, compared with its previous forecast, alongside adjusted EBITDA of between €20m and €25m.
Chief Executive Officer Aviv Sher 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 €69m, up 27 per cent 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.”
Chief Financial Officer Marcus Arildsson added: “Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15m above the prior-year period, and adjusted EBITDA of approximately €6m, 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.”
The company said its World Cup performance significantly outpaced the 2022 tournament. Unique users increased by approximately 56 per cent compared with the previous World Cup, excluding Colombia, while nearly 40,000 new customers were acquired around the event.
Total stakes reached €63m, representing growth of 180 per cent over the 2022 tournament, while net gaming revenue generated during the World Cup more than doubled despite relatively low sports betting margins resulting from favourable outcomes for customers.
