Codere Online has adjusted its full-year financial expectations after achieving a record-breaking second quarter, boosted by the World Cup. The company announced a net gaming revenue (NGR) of €69.4 million for Q2, alongside an adjusted EBITDA of €5.8 million. This represents a 27% rise in NGR compared to the same period last year and more than double the adjusted EBITDA of €2.3 million from Q2 2025. Codere reported a net income of €5.6 million for the first half of this year, a notable turnaround from the €3.1 million net loss in the first half of 2025.
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Revised Financial Projections
Following this strong performance, Codere Online increased its financial guidance for FY2026, projecting NGR to land between €255 million and €265 million, and adjusted EBITDA to range from €20 to €25 million. This is an upward revision from previous forecasts of €235-245 million for NGR and €15-20 million for adjusted EBITDA. CEO Aviv Sher credited the World Cup for the acceleration in business momentum, noting it provided a boost to customer engagement. “Q2 showed even further acceleration and delivered our strongest quarterly performance to date,” Sher stated. The operator saw a surge in new customers and betting activity attributed to the World Cup, which was a key acquisition tool across all five countries where it operates—each having a national team in the competition. The tournament’s impact was clear, with unique users jumping 56% from the 2022 edition when excluding Colombia.
Impact of World Cup Success
With stakes soaring to €63 million—an astounding 180% increase from 2022—Codere Online capitalized on the frenzy of the World Cup, doubling its NGR from the event compared to the previous tournament. And sher hinted this success would likely carry into its Q3 results, bolstered by Spain’s victory in mid-July. But cFO Marcus Arildsson highlighted that the World Cup’s NGR was evenly distributed between June and July. The operator’s focus remains on strengthening its foothold in key markets like Spain and Mexico, rather than pursuing expansion into new geographies. Codere Online’s performance in these markets appears solid, with Mexico generating €36.1 million in NGR—a 24% increase—and Spain reporting a 25% rise to €27.6 million.
Strategic Focus on Core Markets
Sher emphasized the importance of investing in known territories, stating, “When we talk about investing our next dollar in Mexico and Spain, it’s because we believe those markets offer the best risk-adjusted returns for us right now.” The company’s strategy seems to pay off, as shown by a renewed growth in its other segments, including Argentina, Panama, and Colombia, where NGR climbed to €5.7 million after a drop in Q1. The competitive market, especially in Mexico, remains challenging, with heavyweight spenders vying for market share. Sher acknowledged this, noting, “We cannot ignore the competitive environment.” Despite this, Codere managed to end June with approximately €63 million in cash and no financial debt, a testament to their careful balancing of increased investment with improved earnings.
Looking Ahead
The company is poised to report its Q3 earnings, where analysts and investors will watch closely to see if the momentum from the World Cup carries forward. Codere Online’s strategic bets on its established markets will be closely scrutinized for sustainability amidst rising competition.
Garry Sputnim is a seasoned journalist and storyteller with over a decade of experience in the trenches of global news. With a keen eye for uncovering stories that resonate, Alex has reported from over 30 countries, bringing light to untold narratives and the human faces behind the headlines. Specializing in investigative journalism, Garry has a knack for technology and social justice issues, weaving compelling narratives that bridge tech and humanity. Outside the newsroom, Garry is an avid rock climber and podcast host, exploring stories of resilience and innovation.
