Raising Full-Year Outlook Following Exceptional Quarter
Codere Online (Nasdaq: CDRO / CDROW) has released its financial results for Q2 that ended on June 30, 2026, delivering record quarterly performance marked by accelerated growth across its core markets in Spain and Latin America.
The company reported total revenue of €64.4 million and record net gaming revenue of €69.4 million in Q2 2026, representing a 27% increase compared to Q2 2025. Adjusted EBITDA reached €5.8 million, marking an increase of €3.5 million over the same period last year.
Executive Perspectives
Aviv Sher, Chief Executive Officer of Codere Online, commented:
“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. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.”
Marcus Arildsson, CFO of Codere Online, added:
“Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15 million above the prior-year period, and Adjusted EBITDA of approximately €6 million, 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 €63 million of total cash and no financial debt.”
Exceptional World Cup Impact
The company’s performance during the World Cup significantly exceeded 2022 tournament levels, demonstrating a step-change in scale, engagement, and monetization:
- Unique Users: Approximately 56% above World Cup 2022 levels (excluding Colombia), alongside nearly 40,000 newly acquired customers around the event.
- Stakes: Reached €63 million, marking an increase of 180% compared to World Cup 2022 levels.
- Net Gaming Revenue: More than doubled the figures from the 2022 tournament, driven by strong monetization of increased betting volumes.
