Codere Online (Nasdaq: CDRO / CDROW), a prominent online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the second quarter ending June 30, 2026.
Aviv Sher, the company's CEO, highlighted that the second quarter marked a significant acceleration in performance, reporting net gaming revenue of approximately €69 million, representing a 27% increase year-on-year. Sher noted the World Cup played a pivotal role in boosting customer activity and engagement, contributing to what has been the company's strongest quarterly results so far. He expressed satisfaction with the momentum across their core markets.
On the financial side, Chief Financial Officer Marcus Arildsson emphasized that Q2 was a critical milestone, with net gaming revenue surpassing the previous year by around €15 million. The company's Adjusted EBITDA for the quarter stood at approximately €6 million, more than a double compared to the same period in 2025. This profitability comes in the context of continued investments aimed at growth, all while capitalizing on the heightened activities associated with the World Cup. By the end of June, Codere Online reported total cash of about €63 million and no financial debt. Given the record performance in the second quarter, the company has raised its full-year outlook, now projecting net gaming revenue between €255 million and €265 million, an increase of €20 million from previous estimates, which denotes a 16% year-on-year growth at the midpoint. They also expect Adjusted EBITDA to range from €20 million to €25 million, up by €5 million from earlier forecasts.
The company's performance during the World Cup was particularly impressive, with unique users around 56% higher than during the 2022 tournament (excluding Colombia) and nearly 40,000 new customers acquired during the event. Stakes reached €63 million, marking a 180% increase over World Cup 2022, underscoring significant growth in scale and customer engagement. Additionally, net gaming revenue more than doubled compared to World Cup 2022, reflecting successful monetization of increased betting volumes, despite favorable customer outcomes, evidenced by a relatively low sports betting margin.
Management will discuss these results and provide further updates during a conference call scheduled for 8:30 am US Eastern Time on July 30, 2026. Access details for the audio webcast and presentation will be available on Codere Online’s website, and a recording will be posted after the call.
