Codere Online has updated its full-year guidance following a landmark second quarter driven by an exceptional World Cup, the operator announced during its Q2 earnings call on Thursday.
In the latest quarter, the company achieved a record net gaming revenue (NGR) of €69.4 million, with an adjusted EBITDA of €5.8 million for the three-month period.
This represents a 27% year-over-year increase in NGR, and the adjusted EBITDA has more than doubled from 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 stark contrast to the net loss of €3.1 million it experienced in the first half of 2025.
As a result of these strong performance indicators, Codere Online has raised its guidance for FY2026, now anticipating NGR to be between €255 million and €265 million, and adjusted EBITDA projected at €20 to €25 million.
Previously, the company’s expectations stood at an NGR of €235 to €245 million and an adjusted EBITDA of €15 to €20 million.
CEO Aviv Sher remarked that the results demonstrated increasing momentum across the business, attributing part of this success to the recent World Cup, which significantly heightened customer engagement.
“After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date,” said Sher.
Sher emphasized that every country where Codere Online operates had a national team in the World Cup, creating an essential customer acquisition opportunity.
In reviewing the results, he indicated that the unique users during this tournament surged by 56% compared to the 2022 edition, excluding Colombia. The company acquired nearly 40,000 new customers, with stakes reaching €63 million — a remarkable 180% increase compared to 2022.
Codere Online’s NGR from the World Cup was over double what it generated in 2022, reflecting strong monetization of heightened betting activity despite a generally favorable outcome for customers.
On a post-earnings call, Sher projected that the success from the World Cup would also positively impact Q3 results, especially with Spain winning the tournament in mid-July, after the conclusion of Q2.
CFO Marcus Arildsson added that the NGR from the World Cup was roughly evenly distributed between June and July.
Sher reiterated the company’s commitment to focusing on its primary markets of Spain and Mexico rather than expanding into new territories, a strategy he regards as "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.”
This focus translated into solid growth for the second quarter, with Codere Online generating €36.1 million in NGR from Mexico, a 24% increase from the previous year.
Sher also acknowledged the competitive landscape in Mexico, explaining, “We cannot ignore the competitive environment. It is getting crowded and they are heavy spenders over there.”
In Spain, NGR reached €27.6 million, representing a 25% rise year-on-year. Additionally, the ‘Other’ geographical segment, which includes Argentina, Panama, and Colombia, saw a return to growth. Though NGR from this segment dipped 2% in Q1, it rebounded in Q2, achieving €5.7 million, up from €3.7 million in the same quarter of 2025.
Arildsson noted that the company balanced increased investments with profitability. “This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup,” he stated. “We closed June with approximately €63 million in total cash and no financial debt.
