Codere Online Raises 2026 Targets After Q2 Growth

Codere Online has reported its strongest quarterly performance so far this year after posting higher revenue, increased player activity, and improved profitability in the second quarter ended June 30. The online gaming operator recorded net gaming revenue of €69.4 million, representing a 27% increase compared with the same period in 2025.

The company’s results also showed stronger financial performance during the first half of 2026. Net gaming revenue reached €133.8 million for the six-month period, compared with €111.8 million during the first half of 2025. Following the latest results, Codere Online raised its full-year expectations for both revenue and Adjusted EBITDA.

Total revenue for the quarter came in at €64.4 million. Spain and Mexico continued to account for much of the company’s activity, with Spain producing €27.6 million in net gaming revenue, up 25% year-on-year, while Mexico delivered €36.1 million, an increase of 24%.

Player Numbers Rise as Key Markets Continue Growing

Customer activity increased across the business during the quarter. Average monthly active players reached 173,000, marking a 12% rise from the previous year.

Spain recorded 54,400 monthly active players, while Mexico reached 88,200. The company’s Other segment also grew during the period, reaching 30,400 players.

Codere Online ended June with approximately €63 million in cash and reported no financial debt. The company also posted first-half net income of €5.6 million, improving from a €3.1 million loss recorded during the same period in 2025.

Aviv Sher, Chief Executive Officer of Codere Online, 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 €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.”

2026 World Cup Boosts Betting Activity

The 2026 tournament played a major role in increasing customer engagement during the quarter. Codere Online reported that unique users during the event were approximately 56% higher than during the 2022 World Cup, excluding Colombia.

The company added nearly 40,000 new customers around the tournament. Stakes reached €63 million, which was 180% higher than the level recorded during the 2022 competition. Net gaming revenue from the event more than doubled compared with the previous World Cup, even with relatively low sports betting margins.

Marcus Arildsson, CFO of Codere Online, said, “Q2 represented another major step forward in our financial performance, with net gaming revenue being around €14 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.”

Company Increases Full-Year Revenue and EBITDA Guidance

After the second-quarter results, Codere Online adjusted its expectations for 2026. The company now forecasts annual net gaming revenue between €255 million and €265 million, while Adjusted EBITDA is expected to fall between €20 million and €25 million.

The updated revenue outlook represents a €20 million increase from the company’s previous range. At the midpoint, the forecast reflects 16% year-on-year growth. The revised EBITDA expectation is also €5 million above the earlier guidance.

Mr. Arildsson further 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”.

Codere Online’s latest results show continued improvement in financial performance as the company enters the second half of 2026 with higher expectations for revenue and profitability. Growth in Spain and Mexico, along with increased activity linked to the World Cup, contributed to the company’s decision to raise its annual targets.

Source:

Codere Online Posts Q2 Growth, Raises 2026 Outlook, lcb.org, August 3rd, 2026