TLDR
- Codere Online reported second quarter net gaming revenue of €69.4 million, up 27% year-on-year.
- Spain, Mexico and other markets all posted double digit or higher revenue growth.
- Average monthly active players rose 12% to 173,000 during the quarter.
- Adjusted EBITDA more than doubled to €5.8 million compared to the same period last year.
- The company raised its full year 2026 revenue and EBITDA guidance following the results.
Codere Online has released preliminary unaudited results for the second quarter ended June 30, 2026. The company reported its strongest quarterly performance to date.
Net gaming revenue reached €69.4 million during the quarter. That marks a 27% increase from €54.8 million in the same period last year.
Growth came from every region the company operates in. Spain generated €27.6 million, up 25% from a year earlier.
Mexico contributed €36.1 million, a 24% increase. Other markets combined for €5.7 million, up 54%.
For the first six months of 2026, net gaming revenue totaled €133.8 million. That represents 20% growth compared to the first half of 2025.
Player Numbers Climb Across Markets
Average monthly active players grew to 173,000 in the second quarter. That is a 12% rise from the prior year.
Spain recorded 54,400 average monthly active players, up 11%. Mexico reached 88,200 players, growing 3%.
Smaller markets outside Spain and Mexico saw the largest jump. Active players there rose 54% to 30,400.
Across the first half of the year, average monthly active players increased 13% to 178,300.
CEO Aviv Sher said the second quarter showed acceleration after a strong start to the year. He credited the World Cup with adding to customer activity and engagement.
CFO Marcus Arildsson said net gaming revenue was around €15 million above the prior year period. He said adjusted EBITDA reached approximately €6 million, more than double the year-ago figure.
Arildsson added that the company closed June with about €63 million in total cash. He said Codere Online carries no financial debt.
World Cup Activity Outpaces 2022 Tournament
The company said its World Cup performance exceeded results from the 2022 tournament. Unique users were about 56% higher than in 2022, excluding Colombia.
Nearly 40,000 new customers were acquired around the event. Total stakes reached €63 million, a 180% increase from the 2022 tournament.
Net gaming revenue from the World Cup more than doubled 2022 levels. The company said this happened despite lower sports betting margins tied to favorable customer results.
Adjusted EBITDA for the quarter came in at approximately €5.8 million. That compares with €2.3 million in the second quarter of 2025.
For the first half of 2026, adjusted EBITDA rose to €11.9 million, up from €4.1 million a year earlier.
On an IFRS basis, total revenue for the quarter was €64.4 million, up 25% year-on-year. After accounting adjustments of €4.9 million, net gaming revenue totaled €69.4 million.
For the six month period, IFRS revenue reached €124.7 million. With €9.1 million in accounting adjustments, net gaming revenue rose to €133.8 million.
Following the results, Codere Online raised its full year 2026 outlook. The company now expects net gaming revenue between €255 million and €265 million, up €20 million from its prior range.
The updated guidance represents 16% year-on-year growth at the midpoint. Codere Online also raised its adjusted EBITDA outlook to between €20 million and €25 million, an increase of €5 million from the previous range.
