Codere Online raises 2026 outlook after record Q2 net gaming revenue
Full-year net gaming revenue guidance rises to €255–265 million and adjusted EBITDA guidance to €20–25 million, €20 million and €5 million above the prior ranges respectively.
Codere Online has increased net gaming revenue every year since 2019, from €63.0 million to €224.1 million in 2025, and has reported positive adjusted EBITDA since 2024. Codere Online Luxembourg, S.A. (Nasdaq: CDRO/CDROW) released preliminary unaudited results for the quarter ended 30 June 2026 on 30 July 2026, reporting record quarterly net gaming revenue of €69.4 million and raising its full-year outlook.
Net gaming revenue up 27% across all three reporting markets
Spain generated €27.6 million in net gaming revenue in the quarter, 25% above Q2 2025, and Mexico €36.1 million, up 24%.
The other markets, Colombia, Panama, and the City of Buenos Aires, contributed €5.7 million, 54% higher year on year.
Casino accounted for 62% of consolidated net gaming revenue in the quarter and sports betting for 38%.
Revenue under IFRS was €64.4 million, 25% above the prior-year quarter. The €4.9 million difference between that figure and net gaming revenue reflects accounting adjustments which, the company said, primarily relate to revenue recognition on certain partner and affiliate agreements in Colombia, the VAT impact from service fees in Mexico, and the application of inflation accounting under IAS 29 in Argentina.
For the first half, net gaming revenue reached €133.8 million, 20% above H1 2025.
Key financial highlights
The figures below cover the quarter ended 30 June 2026 against the same period a year earlier. Net gaming revenue and adjusted EBITDA are non-IFRS measures, reconciled by the company to IFRS revenue and net income; decimal rounding means figures may not sum precisely to the totals shown.
| Metric (EUR m unless stated) | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Net gaming revenue | 54.8 | 69.4 | +27% |
| Spain | 22.1 | 27.6 | +25% |
| Mexico | 29.0 | 36.1 | +24% |
| Other | 3.7 | 5.7 | +54% |
| Revenue (IFRS) | 51.4 | 64.4 | +25% |
| Adjusted EBITDA | 2.3 | 5.8 | +3.5 |
| Adjusted EBITDA margin | 4.3% | 8.4% | +4.1pp |
| Net income / (loss) | (2.4) | (1.4) | +1.0 |
| Avg. monthly active players | 154,500 | 173,000 | +12% |
| Avg. monthly spend per active | — | €134 | +13% |
| Total cash at 30 June | — | 62.6 | No financial debt |
Player numbers rise year on year but fall against the first quarter
Average monthly active players totalled 173,000, 12% above Q2 2025 but 5% below the 183,000 recorded in Q1 2026.
- Spain averaged 54,400, up 11% year on year and down 8% sequentially;
- Mexico averaged 88,200, up 3% and down 10% respectively.
- Average monthly spend per active reached €134, 13% above Q2 2025.
Codere Online recorded approximately 282,000 new customer registrations and 108,000 first-time deposits in the quarter, a conversion rate of 38%, at a cost per acquisition of €200.
Adjusted EBITDA of €5.8 million, with a net loss for the quarter
Adjusted EBITDA was €5.8 million, €3.5 million above Q2 2025, lifting the margin to 8.4% of net gaming revenue from 4.3%. Marketing fell to 37.7% of net gaming revenue from 41.5%.
The quarter produced a net loss of €1.4 million, against a €2.4 million loss in Q2 2025, after a €3.9 million employee long-term incentive plan expense and a €1.7 million variation in the fair value of warrants.
Net income for the first half was €5.6 million, against a net loss of €3.1 million in H1 2025. The company closed 30 June with total cash of €62.6 million, of which €58.0 million was available, and no financial debt.
Aviv Sher, chief executive officer of Codere Online, said:
‘After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date. 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.’
World Cup metrics measured against the 2022 tournament
Against the 2022 tournament, the company said unique users were approximately 56% higher during the World Cup 2026, and that it acquired nearly 40,000 new customers around the event.
Stakes reached €63 million, 180% above 2022 levels, and net gaming revenue more than doubled, which the company attributed to monetisation of higher betting volumes despite generally favourable customer results and a relatively low sports betting margin.
Full-year outlook raised by €20 million
The company now expects full-year 2026 net gaming revenue of €255–265 million, €20 million above the prior range, and adjusted EBITDA of €20–25 million, €5 million above the prior range.
At the €260 million midpoint that represents 16% growth year on year. Codere Online reported net gaming revenue of €224.1 million and adjusted EBITDA of €13.8 million for 2025.
Marcus Arildsson, chief financial officer of Codere Online, said:
‘Given our record Q2 performance and the continued acceleration of the business, we are raising our outlook for the full year 2026.’
About Codere Online
Codere Online refers collectively to Codere Online Luxembourg, S.A. and its subsidiaries. Launched in 2014 as part of Codere Group, it offers online sports betting and online casino through its website and mobile applications, and currently operates in the core markets of Spain, Mexico, Colombia, Panama, and Argentina. It listed on Nasdaq in 2021 after merging with the US special purpose acquisition company DD3 Acquisition Corp. II.
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