Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited financial results for the quarter ended June 30, 2026.
Below are the main financial and operating metrics of the period.
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, commented:
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. Given our record Q2 performance and the continued acceleration of the business, we are raising our outlook for the full year 2026 and now expect to generate between €255 – 265 million of net gaming revenue, which is €20 million more than the prior range and represents a growth of 16% year-on-year at the midpoint, and between €20 – 25 million of Adjusted EBITDA, €5 million above the prior range.
Recent Events
World Cup Performance
World Cup performance has been outstanding, with results materially ahead of the 2022 tournament and underscoring the step-change in scale, engagement and monetization achieved by the Company:
- Unique users were approximately 56% above World Cup 2022 levels (excluding Colombia) and we acquired nearly 40 thousand new customers just around the event;
- Stakes reached 63 million euros, 180% above World Cup 2022 levels, demonstrating the significantly greater scale of the business and strong customer activity around the event;
- Net gaming revenue more than doubled World Cup 2022 levels, reflecting strong monetization of the increased betting volumes despite generally favorable customer results (i.e. relatively low sports betting margin).
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 30, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)
