Codere Online has adjusted its full-year financial guidance after experiencing a record-breaking second quarter, supported largely by an impressive World Cup performance, according to the operator's earnings report released on Thursday.
The company recorded a net gaming revenue (NGR) of €69.4 million for the quarter, an increase of 27% year-on-year, along with an adjusted EBITDA of €5.8 million, significantly up from the €2.3 million reported in Q2 2025.
For the first half of the year, Codere Online reported a net income of €5.6 million, a marked improvement compared to a net loss of €3.1 million for the same period last year.
This strong performance has led Codere Online to revise its FY2026 guidance, projecting NGR to be between €255 million and €265 million, and adjusted EBITDA expected to reach €20-25 million. Previously, the guidance was set for an NGR of €235-245 million and an adjusted EBITDA of €15-20 million.
Codere Online’s CEO Aviv Sher emphasized the positive momentum across the business, attributing part of the success to the World Cup, which stimulated customer engagement and activity. "After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date," Sher said.
He pointed out that all five nations where the company operates qualified for the World Cup, providing an effective mechanism for customer acquisition. The impact was significant; unique users increased by 56% compared to the 2022 tournament, excluding Colombia. The company acquired nearly 40,000 new customers, with stakes during the event reaching €63 million, 180% higher than in 2022.
In terms of revenues related to the World Cup, Codere Online earned more than double what it generated in 2022, which reflects a strong monetization of increased betting volumes amid generally favorable customer outcomes. Sher noted on a post-earnings call that the World Cup's success would likely influence Q3 results, especially as Spain triumphed in the tournament after the close of Q2. CFO Marcus Arildsson estimated that the World Cup's NGR was approximately evenly divided between June and July.
Sher reiterated the company's strategy of concentrating on its core markets of Spain and Mexico rather than expanding into new territories, suggesting that this focus often yields better returns. "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," he stated.
During Q2, Codere Online reported an NGR of €36.1 million from Mexico, representing a 24% increase year-on-year, while also committing to continued investment in that market due to intensifying competition. In Spain, NGR reached €27.6 million, a rise of 25%.
The company also saw growth in its 'Other' segment, which includes Argentina, Panama, and Colombia, where NGR rebounded to €5.7 million in Q2, up significantly from €3.7 million in Q2 2025. Arildsson explained that they balanced increased investments with improved earnings, noting, "This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup." By the end of June, Codere Online reported approximately €63 million in total cash with no financial debt.
