Codere Online has announced a 27% jump in Q2 net gaming revenue (NGR) of €69.4m (£59.6m), a quarterly record for the business, on the back of a boost in customer activity around the World Cup.
Adjusted EBITDA for the quarter was up 66% year on year (YoY) to €5.8m and the operator raised its full-year 2026 NGR guidance to between €255m and €265m. Adjusted EBITDA is expected to be between €20m and €25m.
CEO Aviv Sher noted Q2 was the Nasdaq-traded firm’s “strongest quarterly performance to date”. “This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business,” he added.
Breaking down Q2 NGR by region:
- Spain increased 25% to €27.6m
- Mexico jumped 24% to €36.1m
- Other markets, including Panama and Colombia, spiked 54% to €5.7m
- Average monthly active players increased 12% YoY to 173,000.
There was also double-digit growth in average monthly active players in its other markets, by 54% YoY to 30,400, while Spain rose 11% YoY to 54,400. Mexico saw a small increase of 3% YoY to 88,200.
Commenting on the results, CFO Marcus Arildsson said: “Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15m above the prior-year period, and adjusted EBITDA of approximately €6m, more than doubling compared to Q2 2025.
“This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup.
“We closed June with approximately €63m of total cash and no financial debt.”
Drawing attention to performance during the World Cup, Codere Online said compared to the 2022 tournament, unique users were up approximately 56%, excluding Colombia, while 40,000 new customers were acquired.
Stakes increased 180% to €63m, “demonstrating the significantly greater scale of the business and strong customer activity around the event”.
Looking at H1, NGR grew 20% YoY to €133.8m, while adjusted EBITDA increased 7.7% YoY to €11.9m. The operator turned around a net loss of €3.1m in H1 2025 to net income of €5.6m.
Following the release of its Q2 figures, Codere Online’s shares are up around 2% to $9.50
EGR caught up with Sher earlier this year, where he discussed the challenges of operating in the Mexican market.
The post Codere Online delivers record NGR in Q2 on the back of World Cup boost first appeared on EGR Intel.
CEO Aviv Sher “very pleased” with Nasdaq-listed operator’s performance as net gaming revenue jumps 27% YoY to €69.4m and operator raises full-year guidance
The post Codere Online delivers record NGR in Q2 on the back of World Cup boost first appeared on EGR Intel.