Codere Online has revised its full-year guidance after achieving record results in the second quarter, primarily due to a successful World Cup, as detailed in its recent earnings report.
The operator recorded a net gaming revenue (NGR) of €69.4 million, alongside an adjusted EBITDA of €5.8 million for the quarter. This marked a 27% increase in NGR compared to the previous year, with adjusted EBITDA more than doubling from €2.3 million in the same period of 2025.
In the first half of the year, Codere Online reported a net income of €5.6 million, a notable recovery from a €3.1 million net loss in H1 2025.
Consequently, the company has adjusted its FY2026 guidance, expecting NGR to fall between €255 million and €265 million, up from the previous range of €235 million to €245 million. Adjusted EBITDA forecasts have also increased, now projected at €20-25 million, compared to earlier expectations of €15-20 million.
CEO Aviv Sher attributed these impressive results to the boost in customer activity and engagement partly fueled by the World Cup. He stated, “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date.”
Sher emphasized that the company saw broad-based performance across its core markets, with all five countries where Codere operates fielding teams in the World Cup, which served as a significant vehicle for customer acquisition. The results reflected this, as unique users surged by 56% compared to the 2022 tournament, excluding data from Colombia.
During this World Cup period, Codere acquired nearly 40,000 new customers. Stakes reached €63 million, representing a remarkable 180% increase over 2022. Consequently, the World Cup contributed to Codere's NGR, which more than doubled from the previous tournament, highlighting effective monetization despite a generally favorable outcome for customers.
Further emphasizing the World Cup's influence, Sher noted that the benefits would likely extend into Q3, given Spain's victory in mid-July after Q2 had concluded. CFO Marcus Arildsson mentioned the NGR from World Cup activity was split approximately evenly between June and July.
Sher reaffirmed the company’s commitment to focusing on its key markets, Spain and Mexico, rather than expanding into new regions, a strategy he described as often underestimated. “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 explained. “These are meaningful accelerations in markets where we already have scale and brand recognition.”
In Q2, Codere generated €36.1 million in NGR from Mexico, marking a 24% year-on-year increase. In Spain, NGR reached €27.6 million, up 25%. Additionally, the company saw growth in its ‘Other’ segment, which includes Argentina, Panama, and Colombia, generating NGR of €5.7 million, a recovery from a 2% decline in Q1.
Arildsson highlighted the balance of increased investment with improved earnings, stating, “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 reported total cash of approximately €63 million and no financial debts.
