Codere Online raised its full-year guidance after a record second quarter driven by the World Cup. The operator reported net gaming revenue of €69.4m and adjusted EBITDA of €5.8m for the three months.
NGR grew 27% year-on-year, while EBITDA more than doubled from €2.3m in the second quarter of 2025. For the first half, the company posted net profit of €5.6m against a loss of €3.1m a year earlier. Following the results, Codere Online lifted its 2026 outlook: NGR is now expected between €255m and €265m, with adjusted EBITDA of €20m to €25m. The previous guidance called for €235m to €245m and €15m to €20m respectively.
CEO Aviv Sher cited the World Cup as the key growth driver. All five countries where the operator is present — Spain, Mexico, Argentina, Panama and Colombia — fielded teams in the tournament, providing a strong acquisition tool. Unique users rose 56% compared to the 2022 World Cup (excluding Colombia), nearly 40,000 new customers were acquired, and handle reached €63m, up 180% on four years ago. World Cup NGR more than doubled the 2022 figure.
By market: Mexico delivered NGR of €36.1m (+24%), Spain €27.6m (+25%). The 'Other' segment (Argentina, Panama, Colombia) contributed €5.7m against €3.7m in the second quarter last year. CFO Marcus Arildsson said the company maintained a balance between growth investment and profitability improvement. At the end of June, Codere Online held around €63m in cash and zero financial debt. Sher confirmed the focus remains on the two main markets — Spain and Mexico — rather than geographic expansion.
