Codere Online Lifts Full-Year Forecast Following Record Second Quarter
2026-07-30
Source: iGaming Future
Also reported by: Global Gaming Insider
Codere Online reported record Q2 net gaming revenue of €69.4m and raised its full-year 2026 guidance to €255-265m in net gaming revenue and €20-25m in adjusted EBITDA, driven by strong performances in Spain and Mexico and a World Cup boost.
Codere Online has upgraded its 2026 financial projections after posting all-time highs in both net gaming revenue and adjusted EBITDA during the second quarter. The operator’s net gaming revenue rose 27% year-on-year to €69.4m, while total revenue came in at €64.4m. Adjusted EBITDA climbed to €5.8m, an increase of €3.5m compared to the same period last year.
Spain remained the company’s largest regulated market, with net gaming revenue growing 25% annually to €27.6m. Mexico, the other core territory, posted a 24% increase to €36.1m. For the first half of 2026, total net gaming revenue advanced 20% to €133.8m. Codere Online also swung to a net income of €5.6m from a net loss of €3.1m in the prior-year first half.
Average monthly active players expanded 12% year-on-year during the quarter to 173,000. Spain contributed 54,400 of those users, while Mexico accounted for 88,200. The operator finished June with €62.6m in cash and reported no financial debt.
Customer activity was further boosted by the 2026 FIFA World Cup. Excluding Colombia, unique users jumped approximately 56%, betting stakes reached €63m (up 180%), and net gaming revenue from the tournament more than doubled, despite lower sports betting margins caused by favourable customer results.
In response to the record performance, Codere Online raised its full-year guidance. The company now expects 2026 net gaming revenue of between €255m and €265m, with adjusted EBITDA forecast in the €20m to €25m range.
Chief Executive Officer Aviv Sher said the quarter marked "our strongest quarterly performance to date," noting the World Cup added to customer activity. Chief Financial Officer Marcus Arildsson highlighted that adjusted EBITDA roughly doubled year-on-year and that the company closed June with "approximately €63 million of total cash and no financial debt." Arildsson added that the improved outlook reflects a €20m increase in the prior net gaming revenue range and a €5m increase in the prior EBITDA range.