Codere Online has increased its full-year guidance after posting impressive results for the second quarter, driven by a remarkable World Cup. In its earnings report released on Thursday, the operator announced a record net gaming revenue (NGR) of €69.4 million and an adjusted EBITDA of €5.8 million for the quarter.
This NGR marked a 27% rise compared to the previous year, while the adjusted EBITDA more than doubled from €2.3 million generated in the second quarter of 2025. For the first half of the year, Codere Online reported a net income of €5.6 million, a significant turnaround from the €3.1 million net loss incurred in H1 2025.
Due to these strong results, Codere Online has revised its FY2026 guidance. The company now expects its NGR to be between €255 million and €265 million, with adjusted EBITDA projected at €20-25 million. Previously, the expectations were a NGR of €235-245 million and adjusted EBITDA of €15-20 million.
Aviv Sher, CEO of Codere Online, noted that the results were indicative of accelerating momentum within the business. He credited the recent World Cup with driving a surge in customer activity and engagement. "After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date," he stated. Sher emphasized the broad-based nature of this performance across their core markets.
All five countries where Codere Online operates had a team in the World Cup, which Sher identified as a vital tool for customer acquisition. The company experienced a 56% increase in unique users compared to the 2022 tournament, excluding results from Colombia. The World Cup also saw the acquisition of nearly 40,000 new customers, with stakes escalating to €63 million, 180% higher than in 2022. Consequently, NGR from the World Cup was more than double what it achieved during the last event, showcasing effective monetization of the increased betting volumes despite favorable outcomes for customers.
During the post-earnings call, Sher predicted that the World Cup success would likely reflect in the Q3 results, particularly as Spain won the tournament in mid-July, after the close of Q2. CFO Marcus Arildsson mentioned that the NGR from the World Cup was evenly distributed between June and July.
The company's focus remains on its primary markets of Spain and Mexico rather than exploring new regions, a strategy Sher believes is often underestimated. He remarked, "When we talk about investing our next dollar in Mexico and Spain, it’s because we believe those markets offer the best risk-adjusted returns for us right now. These are meaningful accelerations in markets where we already have scale and brand recognition."
In Q2, Codere Online's NGR from Mexico reached €36.1 million, reflecting a 24% increase from the previous year, while in Spain, NGR stood at €27.6 million, a 25% rise. The company also observed a positive rebound in its ‘Other’ geographical segment, which encompasses Argentina, Panama, and Colombia. NGR from these areas rebounded to €5.7 million in Q2, contrasting with the €3.7 million reported in the same quarter last year.
Arildsson noted that the company has managed to balance increased investment with improved earnings. "This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup," Arildsson stated, adding that the company ended June with approximately €63 million in cash and no financial debt.
