Grupo Codere reported its seventh consecutive quarter of rising profit. Group gaming revenue climbed 5.8% year-on-year to €352.5m in Q2 2025. Adjusted EBITDA rose 14.1% from €50.5m to €57.6m.
The main driver was Codere Online, the Nasdaq-listed subsidiary. Its net gaming revenue hit a record €69.4m, up 27% year-on-year. Spain online NGR grew 25% to €27.6m with monthly active users up 11% to 54,400. Mexico remained the largest market at €36.1m NGR, up 24%. Other markets—Colombia, Panama, Argentina—delivered €5.7m NGR, up 54%.
The 2026 FIFA World Cup drove traffic. Tournament handle reached €63m, up 180% on the 2022 edition. Unique users rose roughly 56% excluding Colombia. The operator added nearly 40,000 new customers. World Cup NGR doubled versus 2022 despite low sportsbook hold tied to customer-friendly match results.
Codere Online posted adjusted EBITDA of €5.8m, up €2.3m year-on-year. Q2 net loss was €1.4m, but first-half net income turned to €5.6m from a €3.1m loss a year earlier. Cash stood at €62.6m at end-June with no financial debt.
Management raised full-year NGR guidance to €255–265m and EBITDA guidance to €20–25m. The market is waiting on the strategic review: Q1 saw shareholders hire Jefferies and Macquarie to evaluate sale options for the group. Target valuation sits around €2bn. Rival CIRSA recently agreed a merger with Lottomatica valued at €2.8bn, set to close Q2 2027 and create the second-largest listed gaming company after Flutter Entertainment.
