Codere Online has elevated its full-year guidance following a record-setting second quarter, largely attributed to an "outstanding" World Cup performance, as highlighted in its earnings report released on Thursday.
The online gaming operator revealed a remarkable net gaming revenue (NGR) of €69.4 million for the quarter, alongside an adjusted EBITDA of €5.8 million. This marks a 27% increase in NGR year-over-year and more than doubles the €2.3 million adjusted EBITDA earned in the same quarter of 2025.
Throughout the first half of the year, Codere Online reported a net income of €5.6 million, showing substantial growth compared to the €3.1 million net loss experienced during the same period last year.
Consequently, Codere Online has updated its guidance for fiscal year 2026, projecting an NGR between €255 million and €265 million, and an expected adjusted EBITDA of €20-25 million. This is a significant revision from its previous guidance, which anticipated an NGR of €235-245 million and an adjusted EBITDA of €15-20 million.
The World Cup served as a key driver for these results, according to CEO Aviv Sher, who emphasized the increased customer activity and engagement associated with the tournament. He remarked, “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date.” Sher also noted that all five countries where the company operates had national teams in the World Cup, facilitating customer acquisition.
The impact of the World Cup was significant, with unique users rising by 56% compared to the 2022 tournament, excluding users from Colombia. Codere Online welcomed nearly 40,000 new customers, and stakes skyrocketed to €63 million, a staggering 180% increase over 2022. Consequently, NGR from the World Cup was more than double that of the 2022 event, demonstrating the effective monetization of heightened betting volumes, despite generally favorable outcomes for customers.
On the earnings call, Sher projected that the benefits of their World Cup performance would likely be reflected in the Q3 results, especially since Spain won the tournament mid-July, after Q2 had ended. CFO Marcus Arildsson indicated that the NGR derived from the World Cup was roughly evenly split between June and July.
Sher previously mentioned that the company intends to concentrate on its core markets of Spain and Mexico, prioritizing these regions over new expansions, as he believes they present the most favorable risk-adjusted returns at this time. “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 stated, emphasizing the importance of scale and brand recognition in these established markets.
In Q2, Codere Online's NGR for Mexico was €36.1 million, a 24% increase year-over-year, and the company plans to keep investing in this competitive market. In Spain, NGR reached €27.6 million, rising 25%. The performance also improved in the ‘Other’ geographical segment, encompassing Argentina, Panama, and Colombia, where NGR was €5.7 million, significantly surpassing the €3.7 million reported in Q2 2025.
Arildsson highlighted that the company effectively balanced increased investments while improving 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 confirmed that by the end of June, Codere Online had approximately €63 million in total cash with no financial debt.
