TLDR
- Codere Online reported record Q2 2026 results, with net gaming revenue of €69.4 million, up 27% year over year
- Spain revenue grew 25% and Mexico revenue grew 24% during the quarter
- The company swung to a net profit of €5.6 million from a net loss the year before
- Codere Online raised its full year 2026 revenue and EBITDA guidance
- The 2026 World Cup helped bring in close to 40,000 new customers
Codere Online has released its financial report for the second quarter of 2026. The company posted its best quarterly results to date.
Net gaming revenue reached €69.4 million for the six months ending June 30. That figure was 27% higher than the same period last year.
Total revenue for the period came in at €64.4 million. The company said growth was strong across its main markets.
Profit also improved during the quarter. Adjusted EBITDA rose to €5.8 million.
Codere Online reported a net profit of €5.6 million for the first half of 2026. This compares to a net loss of €3.1 million in the same period last year.
The company ended June with €62.6 million in cash. It also reported no financial debt.
Spain and Mexico Drive Growth
Spain remained one of Codere Online’s top markets. Net gaming revenue there grew 25% to €27.6 million.
Mexico also posted strong numbers. Net gaming revenue in Mexico reached €36.1 million, a 24% increase from the year before.
CEO Aviv Sher said the second quarter showed even stronger growth than the first. He pointed to the World Cup as a factor in customer activity.
Sher said the growth was seen across the company’s core markets. He added that the business is showing strong momentum.
Company Raises Full Year Guidance
After the record quarter, Codere Online raised its guidance for full year 2026. The company now expects net gaming revenue between €255 million and €265 million.
That range is €20 million higher than the previous forecast. It also represents about a 16% increase for the year at the midpoint.
The company also raised its EBITDA guidance. It now expects adjusted EBITDA between €20 million and €25 million, up €5 million from before.
Chief Financial Officer Marcus Arildsson said the higher outlook reflects continued momentum in the business. He said profitability has also improved.
The 2026 FIFA World Cup gave the company a boost during the quarter. Codere Online said several key metrics improved compared to the 2022 tournament.
Excluding Colombia, the company saw about 56% more distinct customers during the World Cup. It also gained close to 40,000 new customers during the event.
Total betting volume during the World Cup reached €63 million. That was 180% higher than during the 2022 World Cup.
Net gaming revenue from the World Cup doubled compared to the 2022 tournament. The company said this happened even though sports results often favored bettors, which kept betting margins lower.
