Codere Online has adjusted its full-year projections upward following a record-breaking performance in the second quarter, spurred by an "outstanding" World Cup, the operator announced in its Q2 earnings report on Thursday.
The company recorded a net gaming revenue (NGR) of €69.4 million, along with an adjusted EBITDA of €5.8 million for the quarter. This represents a year-on-year increase of 27% in NGR, with adjusted EBITDA soaring to more than double the €2.3 million reported in Q2 2025.
In the first half of the year, Codere Online also reported a net income of €5.6 million, a significant turnaround from a net loss of €3.1 million in H1 2025.
With these results in hand, Codere Online has raised its FY2026 guidance, now forecasting NGR between €255 million and €265 million, alongside an anticipated adjusted EBITDA of €20-25 million. The previous estimates were significantly lower, at €235-245 million for NGR and €15-20 million for adjusted EBITDA.
CEO Aviv Sher noted that the results reflect positive momentum throughout the business, citing the World Cup as a key driver of increased customer activity and engagement. "After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date," Sher stated. "This performance was broad-based across our core markets, and we are very pleased with the momentum we are seeing in the business."
All five countries where Codere Online operates had national teams competing in the World Cup, which provided a crucial opportunity for customer acquisition. The impact was evident, as unique users surged by 56% compared to the 2022 tournament, excluding Colombia, and nearly 40,000 new customers were gained. Overall stakes climbed to €63 million, marking an increase of 180% from 2022.
NGR from the World Cup also soared to more than double Codere Online's earnings in the previous tournament, reflecting strong monetization of the heightened betting volumes despite generally favorable outcomes for customers. Sher indicated that the success from the World Cup is likely to carry over into the Q3 results, with Spain ultimately winning the tournament in mid-July after Q2 closed. CFO Marcus Arildsson noted that the NGR from the World Cup was approximately evenly split between June and July.
Codere Online remains focused on its primary markets of Spain and Mexico rather than pursuing new territories, a strategy Sher considers "often underestimated." He stated, "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, a 24% year-on-year increase. Sher emphasized the necessity of continued investment in Mexico, stating, "We cannot ignore the competitive environment. It is getting crowded and they are heavy spenders over there." In Spain, NGR hit €27.6 million, a 25% rise.
Additionally, the company's ‘Other’ geographical segment, which includes Argentina, Panama, and Colombia, rebounded after a decline in Q1, achieving an NGR of €5.7 million in Q2, which is significantly higher than the €3.7 million seen in the same quarter of the previous year.
Arildsson remarked on the balanced approach taken to enhance profitability while investing for growth, noting, "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."
