Codere Online, a prominent player in the online gaming market across Spain and Latin America, reported strong financial results for the second quarter of 2026. Their revenues surged, prompting the company to boost its full-year financial outlook. The figures were buoyed by exceptional growth in both Spain and Mexico—markets where Codere has traditionally shown strength.
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Revenue Surges in Key Markets
Codere reported total revenue of EUR 64.4 million for the quarter ending June 30, 2026. And net gaming revenue hit EUR 69.4 million, a large 27% increase compared to the previous year. And spain and Mexico were standout performers, with Spain’s revenue climbing to EUR 27.6 million, marking a 25% year-on-year growth. Meanwhile, Mexico notched up revenues of EUR 31.8 million, with net gaming revenue there leaping 24% to EUR 36.1 million. Such gains underscore the success of Codere’s operations in these pivotal regions. In terms of EBITDA, Codere posted an adjusted figure of EUR 5.8 million for the quarter, a notable improvement of EUR 3.5 million over the same period last year. Furthermore, the first half of 2026 saw the net income tip the scales in the positive direction at EUR 5.6 million, a stark contrast to a net loss of EUR 3.1 million recorded in the first half of 2025.
World Cup Impact and Financial Health
This quarter’s performance was bolstered by the World Cup, which spiked user engagement and betting activity. Codere saw a 56% increase in unique users during this period, with wagers totaling EUR 63 million—a massive activity boost over previous World Cup levels. The company’s cash reserves as of June 30 stood strong at EUR 62.6 million, with the absence of financial debt underscoring solid financial health. These factors have led Codere to revise its full-year projections upwards. The company now anticipates net gaming revenue falling between EUR 255 and 265 million, with adjusted EBITDA expected to range from EUR 20 to 25 million. It’s a clear sign of confidence in sustained growth.
Executive Insights and Strategic Success
CEO Aviv Sher highlighted the impressive quarterly achievements, particularly crediting the World Cup’s role in driving customer interaction. “This has been Codere’s best quarter yet,” he remarked, pointing to the strong and widespread performance across key markets. Codere’s strategic investments and ability to use major sporting events were core to this success. Chief Financial Officer Marcus Arildsson described the quarter as “another major step forward.” He emphasized that the strategic investments in growth paid off handsomely, particularly in the context of major sporting events like the World Cup. But industry analysts have noted that Codere’s focused expansion and engagement strategies are starting to bear fruit.
Looking Ahead
Codere’s upward revision of its financial outlook suggests a company poised to capitalize on its ongoing momentum. The gaming operator’s next major milestone comes with the end-of-year financial report, where stakeholders will be keen to see if the strong performance persists. How Codere navigates the remaining quarters will be watched closely.
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