Codere Online has revised its full-year guidance upwards following a record second quarter, attributed to an "outstanding" World Cup, as stated in its Q2 earnings report released on Thursday.
The operator achieved a record net gaming revenue (NGR) of €69.4 million and an adjusted EBITDA of €5.8 million for the quarter. This marks a 27% increase in NGR year-on-year, while adjusted EBITDA has more than doubled compared to the €2.3 million reported in the same quarter of 2025.
For the first half of the year, Codere Online reported a net income of €5.6 million, a notable recovery from the €3.1 million net loss recorded in the first half of 2025.
Consequently, Codere Online has lifted its FY2026 guidance. It now anticipates NGR to fall between €255 million and €265 million, with adjusted EBITDA projected at €20-25 million. Previously, the guidance had estimated NGR at €235-245 million and adjusted EBITDA at €15-20 million.
CEO Aviv Sher emphasized that the positive results reflect a growing momentum within the business, with the World Cup significantly enhancing customer activity and engagement. "After a strong start to the year, Q2 showed even further acceleration, delivering our strongest quarterly performance to date," Sher remarked. He highlighted that all five countries where Codere operates had national teams in the World Cup, serving as a crucial tool for customer acquisition.
The impact of the World Cup was evident, with unique users increasing by 56% compared to the 2022 tournament, excluding Colombia. The company attracted nearly 40,000 new customers, with total stakes reaching €63 million, an increase of 180% from 2022. Following this surge, Codere’s NGR from the World Cup exceeded double that of 2022, despite generally favorable results for customers.
On a post-earnings call, Sher anticipated the World Cup’s success to similarly influence Q3 results, particularly as Spain emerged victorious in the tournament held in mid-July, just after Q2 concluded. CFO Marcus Arildsson noted that the NGR from the World Cup was approximately evenly split between June and July.
Looking ahead, Sher reiterated a strategic commitment to focus on core markets, particularly Spain and Mexico, rather than expanding into new areas. "We believe those markets offer the best risk-adjusted returns for us right now," he explained, noting the significance of brand recognition and scale in these locations.
In Q2, Codere generated an NGR of €36.1 million from Mexico, a 24% increase year-on-year. In response to rising competition in Mexico, Sher underscored the need for continued investment to maintain a competitive edge. In Spain, Codere's NGR reached €27.6 million, reflecting a 25% increase.
The performance of the company’s ‘Other’ geographical segment, which includes Argentina, Panama, and Colombia, also rebounded. After reporting a 2% decline in Q1, this segment achieved an NGR of €5.7 million in Q2, significantly surpassing the €3.7 million recorded in the same quarter the previous year.
Arildsson reflected on the results, stating that the company balanced 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," he said, adding that the company closed June with about €63 million in total cash and no financial debt.
