Codere Online (Nasdaq: CDRO / CDROW) has reported its preliminary unaudited financial results for the second quarter ending June 30, 2026. The online gaming operator, prominent in Spain and Latin America, showcased remarkable growth during this quarter.
CEO Aviv Sher noted, "After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date. Net gaming revenue in the second quarter reached approximately €69 million, an increase of 27% compared to the previous year. The World Cup notably enhanced customer activity and engagement during this period. We are very pleased with the momentum we are seeing in the business across our core markets."
CFO Marcus Arildsson remarked, "Q2 represented another significant advancement in our financial performance. Net gaming revenue was around €15 million higher than in the prior-year period, with Adjusted EBITDA nearing €6 million, which more than doubled compared to Q2 2025. This strong profitability was achieved while we continued to invest in growth and capitalize on the increased engagement from the World Cup. By the end of June, we had approximately €63 million in total cash and no financial debt. Given our record Q2 results and ongoing business acceleration, we are raising our full-year 2026 outlook. We now anticipate generating between €255 million and €265 million in net gaming revenue, €20 million over our earlier projections, indicating 16% year-on-year growth at the midpoint, and an Adjusted EBITDA between €20 million and €25 million, up by €5 million from our prior forecast."
During the World Cup, the Company saw significant improvements over the 2022 tournament.
– Unique users increased by about 56% compared to 2022 (excluding Colombia), with nearly 40,000 new customers acquired during the event.
– Stakes reached €63 million, marking a 180% rise from World Cup 2022 levels, showcasing the enhanced scale of the business and impressive customer engagement.
– Net gaming revenue more than doubled relative to the 2022 World Cup, indicating effective monetization of increased betting volumes, although overall sports betting margins were favorably low for customers.
Management will hold a conference call to discuss these results and provide further updates today, July 30, 2026, at 8:30 am US Eastern Time. Links for the audio webcast and presentation will be available on Codere Online's website, and a recording will be accessible following the call.
