Codere Online has raised its full-year guidance after delivering record net gaming revenue in the second quarter of 2026.
The Spain-based operator reported net gaming revenue of €69.4m for Q2, representing a 27% increase compared with the same period a year earlier.
Total revenue climbed 25% to €64.4m, while adjusted EBITDA reached €5.8m, up significantly from €2.3m in the prior-year quarter.
Mexico remained Codere Online’s largest single market, contributing €36.1m in net gaming revenue, a 24% rise year-on-year.
Spain generated €27.6m, up 25%, while other markets delivered €5.7m, an impressive increase of 54% that signals growing geographic diversification.
CEO Aviv Sher said: “After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date.”
Sher attributed part of the strong performance to the World Cup, noting that “the World Cup providing an additional boost to customer activity and engagement.”
He added: “This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.”
Average monthly active players rose 12% to 173,000, with Spain recording 54,400 active players and Mexico reaching 88,200 during the quarter.
The World Cup proved a particularly powerful driver, with unique users running 56% above the 2022 tournament, excluding Colombia, and Codere Online acquiring almost 40,000 customers around the event.
World Cup stakes reached €63m, a 180% increase from 2022, with net gaming revenue more than doubling despite relatively favourable results for customers.
For the first half of 2026 overall, net gaming revenue climbed 20% to €133.8m, while adjusted EBITDA increased sharply to €11.9m from just €4.1m a year earlier.
Net income for the first half hit €5.6m, reversing a €3.1m loss recorded in the same period of the prior year, marking a significant profitability improvement.
The second quarter itself still produced a €1.4m net loss, though this narrowed from a €2.4m loss, with employee long-term incentive costs reaching €3.9m during the period.
Codere Online ended June with €62.7m in cash and no financial debt, providing a solid foundation for continued investment and growth.
The operator now expects full-year 2026 net gaming revenue of between €255m and €265m, raised from a previous guidance range of €235m to €245m.
Adjusted EBITDA guidance was also lifted to between €20m and €25m, up from the earlier range of €15m to €20m, with management noting the midpoint implies 16% annual net gaming revenue growth.
Regulatory developments across key markets remain a factor to monitor, with Mexico having raised its betting and sweepstakes excise tax from 30% to 50% in January, alongside new real-time tax data requirements introduced in April.
Colombia reinstated a 16% consumption tax on online gambling deposits in March, following a temporary 19% levy already imposed in 2025, adding further cost pressure in that market.
Spain has consulted on tighter controls covering influencers, acquisition bonuses, and gambling visibility in search results, with any final rules potentially impacting one of the operator’s two largest markets.
