Codere Online reported net gaming revenue of €69.4 million in the second quarter of 2026, 27% above the same period a year earlier, and raised its full-year outlook by €20 million to a range of €255-265 million.
The Nasdaq-listed operator (CDRO), which runs online sports betting and casino in Spain, Mexico, Colombia, Panama and Argentina, published preliminary unaudited figures on 30 July. Revenue under IFRS was €64.4 million, up 25%. Net gaming revenue (NGR) is a non-IFRS measure that adds back €4.9 million of accounting adjustments, tied to partner and affiliate agreements in Colombia, VAT on service fees in Mexico, and inflation accounting under IAS 29 in Argentina.
Adjusted EBITDA reached €5.8 million, €3.5 million above Q2 2025. Cash stood at €62.6 million at 30 June with no financial debt.
Spain outpaces Mexico on percentage growth
Spain generated €27.6 million of NGR in the quarter, up 25%, with no accounting adjustment applied. Mexico contributed €36.1 million, up 24%, on IFRS revenue of €31.8 million. The remaining markets grouped as “Other” produced €5.7 million, up 54% from a small base.
For the six months, group NGR was €133.8 million, 20% above H1 2025. Spain accounted for €53.1 million and Mexico €70.6 million, keeping Codere Online among the mid-cap names in the Americas-focused operator group.
Average monthly active players rose 12% to 173,000 in the quarter. The regional split shows where the growth came from: Spain added 11% to 54,400, Other markets added 54% to 30,400, and Mexico added only 3% to 88,200. Mexico’s 24% NGR increase against 3% player growth points to higher revenue per player rather than customer acquisition.
World Cup volumes
Codere Online set out tournament figures against the 2022 World Cup rather than a calendar comparison. Stakes reached €63 million, 180% above the 2022 event. Unique users were around 56% higher than 2022, excluding Colombia, and the company acquired close to 40,000 new customers around the tournament.
NGR from the World Cup more than doubled the 2022 level. The company said this came despite generally favourable customer results, meaning a relatively low sports betting margin on the period’s volumes.
“After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date,” said Aviv Sher, Chief Executive Officer of Codere Online. “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.”
The quarter was still loss-making at net level
Unadjusted EBITDA fell to €1.8 million from €2.1 million, because employee long-term incentive plan (LTIP) expense swung to a €3.9 million charge from a €0.9 million credit a year earlier. Adjusted EBITDA strips that out. On a pre non-recurring basis, adjusted EBITDA moved from €1.3 million to €5.8 million; the reported Q2 2025 figure of €2.3 million included €1.1 million of non-recurring items.
Codere Online posted a net loss of €1.4 million for the quarter, narrower than the €2.4 million loss in Q2 2025. The €5.6 million of net income the company reported for the first half, against a €3.1 million loss in H1 2025, is a six-month figure and includes €2.7 million of net interest income, compared with €3.0 million of interest expense in the prior-year period. That €5.7 million swing accounts for most of the €8.7 million improvement in half-year net income.
“Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15 million above the prior-year period, and Adjusted EBITDA of approximately €6 million, more than doubling compared to Q2 2025,” said Marcus Arildsson, Chief Financial Officer. “This strong profitability was achieved while continuing to invest behind growth.”
Guidance raised, and what it implies for H2
The new NGR range of €255-265 million is €20 million above the previous guidance and represents 16% growth at the midpoint. Adjusted EBITDA guidance moves to €20-25 million, €5 million higher.
At the €260 million midpoint, the second half implies around €126 million of NGR, slightly below the €133.8 million delivered in H1. The first half carried both the World Cup and the customer cohort it brought in. The second half has to hold those players without a comparable event, in two markets where competition is intensifying.
Background on the parent
Codere Group, the retail parent whose venues in Spain and Latin America sit alongside the online business, was put up for sale earlier this year at a valuation above €2 billion. Codere Online is a separately listed entity.
Management hosted a results call on 30 July. Full audited figures will follow, and the company flagged the released numbers as preliminary and subject to change.
Source: Codere Online
