Codere Online has increased its full-year guidance after reporting a record performance in the second quarter, largely attributed to the positive impact of the recent World Cup, as detailed in its Q2 earnings released on Thursday.
The operator noted a record net gaming revenue (NGR) of €69.4 million and an adjusted EBITDA of €5.8 million for the quarter. This represents a 27% increase in NGR year-over-year, while the adjusted EBITDA has more than doubled from €2.3 million in the same quarter last year.
In the first half of the year, Codere Online reported a net income of €5.6 million, a notable improvement from a net loss of €3.1 million in the first half of 2025.
Due to this strong performance, Codere Online has raised its FY 2026 guidance. NGR is now expected to be between €255 million and €265 million, with adjusted EBITDA projected at €20-25 million, up from the previous guidance of €235-245 million in NGR and €15-20 million in adjusted EBITDA.
CEO Aviv Sher attributed the results to an accelerating momentum within the company, highlighting the World Cup as a crucial catalyst for 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," he commented. "This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business."
Sher had previously noted that all five countries where Codere Online operates had teams in the World Cup, which served as a key customer acquisition tool. Following that logic, the company's World Cup figures show unique users rose by 56% compared to the 2022 tournament (excluding Colombia), with almost 40,000 new customers acquired. Total stakes reached €63 million, reflecting a 180% increase over 2022.
The revenue specifically generated from the World Cup was more than double that of 2022, demonstrating effective monetization of higher betting volumes despite generally favorable outcomes for customers. During an earnings call, Sher expressed confidence that the World Cup’s success would carry over into Q3 results, noting Spain's victory in mid-July, after Q2 ended.
According to CFO Marcus Arildsson, the NGR resulting from the World Cup was evenly split between June and July.
Sher has emphasized a strategic focus on Codere Online's primary markets of Spain and Mexico instead of expanding into new regions, a choice he views as beneficial in terms of risk-adjusted returns. "These are meaningful accelerations in markets where we already have scale and brand recognition," he explained.
In Q2, the company reported €36.1 million in NGR from Mexico, representing a 24% increase year-on-year, and NGR in Spain reached €27.6 million, a rise of 25%. Growth also returned in Codere Online's "Other" segment, which encompasses Argentina, Panama, and Colombia. NGR in this segment rose to €5.7 million in Q2, outpacing the €3.7 million from the same period in 2025, recovering from a 2% decline in Q1.
Arildsson remarked that this strong profitability was achieved while balancing increased investments aimed at growth, especially capitalizing on the excitement surrounding the World Cup. By the end of June, Codere Online reported approximately €63 million in total cash and no financial debt.
