Codere Online, a prominent online gaming operator in Spain and Latin America, has published its preliminary unaudited financial results for the second quarter that ended on June 30, 2026.
Aviv Sher, the Chief Executive Officer of Codere Online, announced that the company experienced a remarkable second quarter, achieving its strongest quarterly outcome to date. The net gaming revenue for the quarter amounted to approximately €69 million, marking a 27% increase compared to the same period last year. The excitement of the World Cup notably contributed to heightened customer engagement and activity. Sher expressed satisfaction with the business momentum observed across core markets.
CFO Marcus Arildsson highlighted that the second quarter marked a significant improvement in financial performance, with net gaming revenue surpassing the prior year's figures by around €15 million. Adjusted EBITDA reached approximately €6 million, more than doubling from Q2 2025. He noted that this profitability occurred alongside strategic investments for growth, capitalizing on the heightened activity spurred by 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 Q2 and the ongoing business acceleration, the company revised its full-year 2026 outlook. It now anticipates generating between €255 million and €265 million in net gaming revenue—a €20 million increase over previously projected figures, reflecting a 16% year-on-year growth at the midpoint. The revised expectation for Adjusted EBITDA stands between €20 million and €25 million, surpassing the earlier forecast by €5 million.
In discussing World Cup performance, the results indicated significant growth compared to the 2022 tournament. Unique user counts exceeded 56% of 2022 levels (excluding Colombia), with approximately 40,000 new customers acquired around the event. Stakes reached €63 million, which is 180% higher than the previous World Cup, indicating heightened customer activity and broader business scale. Additionally, net gaming revenue during the World Cup eclipsed the figures from 2022, reflecting effective monetization despite relatively favorable outcomes for customers, leading to lower sports betting margins.
To provide further insights into these results, Codere Online’s management will conduct a conference call at 8:30 AM US Eastern Time on July 30, 2026. The details for accessing the audio webcast and presentation are available on the company's website, with a recording slated to be provided post-event.
