Codere Online, a leading online gaming operator in Spain and LATAM, has published a preliminary unaudited financial report covering the three-month period ended June 30, 2026. The company’s performance improved across the board, causing it to raise its full-year guidance.
The Results Were Driven by Strong Growth in Spain and Mexico
In its report, Codere posted total revenue of EUR 64.4 million ($74.3 million) for Q2. Net gaming revenue for the quarter reached EUR 69.4 million, up 27% year-on-year. This was driven by strong performance in both Spain and Mexico. Revenue and net gaming revenue in Spain were EUR 27.6 million ($31.8 million), up 25% YOY, while revenue and net gaming revenue in Mexico reached EUR 31.8 million ($36.7 million) and EUR 36.1 million ($41.6 million), respectively. The second figure represents a 24% improvement year-on-year.
In terms of adjusted EBITDA, Codere Online posted EUR 5.8 million ($6.7 million) for Q2, marking an increase of EUR 3.5 million from the prior year period.
Net income for the first half of 2026 (H1) was EUR 5.6 million ($6.5 million), marking a significant improvement from a net loss of EUR 3.1 million in the prior year period. As of June 30, 2026, Codere Online had EUR 62.6 million ($72.2 million) in cash and no financial debt.
Codere noted that its financials were boosted by the World Cup, which led to a 56% increase in unique users compared to the prior World Cup, as well as EUR 63 million ($72.7 million) in wagers. As a result, net revenue more than doubled World Cup 2022 levels.
As a result of its impressive performance, Codere has raised its FY 2026 guidance. Now, the company expects FY net gaming revenue in the EUR 255-265 million ($294.1-305.7 million) range, as well as an adjusted EBITDA in the EUR 20-25 million ($23.1-28.8 million) range.
Leaders Say This Has Been the Best Quarter Yet
Company leaders praised the strong Q2 performance. Aviv Sher, CEO of Codere Online singled out the World Cup as a key contributor to the company’s success during this period. Sher added that this has been Codere’s best quarter yet.
Net gaming revenue in the second quarter reached approximately €69 million, up 27% year-on-year, with the World Cup providing an additional boost to customer activity and engagement. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.
Aviv Sher, CEO, Codere Online
Marcus Arildsson, Codere Online’s chief financial officer, called Q2 “another major step forward.” He Emphasized that the strong profitability would have been impossible without Codere Online’s strategic investments in growth and its ability to capitalize on major sporting events.
Codere Online, a leading online gaming operator in Spain and LATAM, has published a preliminary unaudited financial report covering the three-month period ended June 30, 2026. The company’s performance improved across the board, causing it to raise its full-year guidance. The Results Were Driven by Strong Growth in Spain and Mexico In its report, Codere