Codere Online announced an increase in its full-year guidance following a record-setting second quarter, driven by a remarkable World Cup performance, as detailed in its Q2 earnings report released on Thursday.
For the three-month period, Codere Online recorded a net gaming revenue (NGR) of €69.4 million and an adjusted EBITDA of €5.8 million. The NGR marked a 27% increase compared to the previous year, while the adjusted EBITDA more than doubled from €2.3 million in the same quarter of 2025.
Across the first half of the year, the company reported a net income of €5.6 million, a substantial turnaround from the €3.1 million net loss experienced in H1 2025.
In light of these results, Codere Online has updated its FY2026 guidance, projecting NGR to reach between €255 million and €265 million, coupled with an anticipated adjusted EBITDA of €20-25 million. This adjustment follows prior estimates of NGR between €235-245 million and an adjusted EBITDA of €15-20 million.
CEO Aviv Sher emphasized that the results reflect an upward momentum within the business, crediting the World Cup for enhancing customer engagement and activity. "After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date," said Sher. He highlighted that all five countries where Codere operates had teams competing in the World Cup, proving to be a pivotal advantage for acquiring new customers.
The World Cup significantly boosted Codere Online’s performance, leading to a 56% increase in unique users compared to the 2022 tournament (excluding Colombia). The company welcomed nearly 40,000 new customers, with stakes reaching €63 million—up 180% from 2022. The NGR stemming from the World Cup was over twice that of the previous event, showcasing effective monetization despite generally favorable outcomes for customers.
During the post-earnings call, Sher noted that the positive impact of the World Cup would likely carry over into Q3 reports, particularly as Spain won the tournament mid-July, after the second quarter concluded. CFO Marcus Arildsson added that the NGR from the World Cup was approximately evenly split between June and July.
Sher reiterated that Codere Online would maintain a focus on its primary markets of Spain and Mexico rather than expand into new regions. He explained, "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, the company generated €36.1 million in NGR from Mexico, a 24% increase year-on-year, and Sher noted ongoing investments in that market in response to increasing competition. In Spain, NGR reached €27.6 million, reflecting a 25% rise.
The ‘Other’ geographical segment, which includes Argentina, Panama, and Colombia, saw a notable recovery, with Q2 NGR rising to €5.7 million—up from €3.7 million in Q2 2025, after a 2% decline in Q1.
Arildsson stated that the company has successfully balanced its pursuit of growth with improved earnings, highlighting, "This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup. We closed June with approximately €63 million of total cash and no financial debt."
