Grupo Codere has delivered its seventh consecutive quarter of improved profitability, with the 2026 FIFA World Cup providing a significant boost to trading performance across the group.
Group gaming revenue climbed 5.8% year-on-year to €352.5m in the second quarter, with adjusted EBITDA rising 14.1% from approximately €50.5m to €57.6m over the same period.
The Spanish gaming operator credited the strong performance to its businesses in Argentina and Spain, describing both as “strong” contributors to the overall result.
Codere Online, the group’s Nasdaq-listed digital division, recorded its strongest quarter in the company’s history during Q2, a milestone that underlines the growing importance of online revenue.
Net gaming revenue for Codere Online hit €69.4m, representing a 27% year-on-year increase from €54.8m, while IFRS revenue rose 25% to €64.4m for the quarter.
The online division posted Q2 adjusted EBITDA of €5.8m, up €2.3m year-on-year, demonstrating that the business is translating its revenue momentum into meaningful profitability gains.
Although Codere Online reported a quarterly net loss of €1.4m, the division successfully returned to first-half net profit, generating €5.6m compared to a loss of €3.1m in the first half of 2025.
CFO Marcus Arildsson said the stronger profitability had been achieved while the company continued to invest in growth, signalling that the business is not sacrificing ambition for short-term margin improvements.
Codere Online closed June with €62.6m in cash and carried no financial debt, a position that gives management significant flexibility as it looks ahead to the remainder of the year.
On the back of its record quarter, management raised full-year net gaming revenue guidance to a range of €255m to €265m, while also lifting adjusted EBITDA guidance to between €20m and €25m.
The upgraded guidance reflects growing confidence in the online division’s trajectory as it scales across its key Spanish and Latin American markets.
Attention in Spain is now turning to Grupo Codere’s ongoing strategic review of ownership and potential sale options, with significant corporate decisions expected to come into sharper focus in the coming months.
During the first quarter, Codere’s shareholders appointed investment banks Jefferies and Macquarie to evaluate possible transactions, including the possibility of an outright sale of the group.
The reported target valuation for such a transaction stood at around €2bn, though that figure drew scrutiny given the company’s recent restructuring history.
With record online results now on the books and guidance upgraded, Codere enters the second half of the year carrying considerable momentum across both its digital and retail operations.
