The Company once again delivered record quarterly net gaming revenue of EUR69.4 million and Adj. EBITDA of EUR5.8 million
-- Total revenue was EUR64.4 mm in Q2 2026, while net gaming revenue1 was
EUR69.4 mm, 27% above Q2 2025.
-- Spain revenue and net gaming revenue were EUR27.6 mm in Q2 2026, 25%
above Q2 2025.
-- Mexico revenue was EUR31.8 mm in Q2 2026, while net gaming revenue was
EUR36.1 mm, 24% above Q2 2025.
-- Adj. EBITDA reached EUR5.8 mm in Q2 2026, EUR3.5 mm above Q2 2025.
-- Net income was EUR5.6 mm in H1 2026 versus a net loss of EUR3.1 mm in H1
2025.
-- Total cash position of EUR62.6 mm and no financial debt as of June 30,
2026.
-- Increasing FY 2026 outlook of net gaming revenue to EUR255-265 mm and
Adj. EBITDA2 to EUR20-25 mm.
Madrid, Spain and Tel Aviv, Israel, July 30, 2026 -- (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the "Company"), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited(3) financial results for the quarter ended June 30, 2026.
Below are the main financial and operating metrics of the period.
Six months ended June
Quarter ended June 30 30
2025 2026 Chg. % 2025 2026 Chg. %
Net Gaming Revenue
(EUR mm)
Spain 22.1 27.6 25% 44.0 53.1 21%
Mexico 29.0 36.1 24% 59.5 70.6 19%
Other 3.7 5.7 54% 8.2 10.1 23%
Total 54.8 69.4 27% 111.8 133.8 20%
---------------------- ------- ------- ------- ------- ------- -------
Avg. Monthly Active
Players (000s)
Spain 49.0 54.4 11% 50.5 56.7 12%
Mexico 85.7 88.2 3% 83.9 93.2 11%
Other 19.8 30.4 54% 23.5 28.4 21%
Total 154.5 173.0 12% 157.9 178.3 13%
---------------------- ------- ------- ------- ------- ------- -------
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 EUR69 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 EUR15 million above the prior-year period, and Adjusted EBITDA of approximately EUR6 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 EUR63 million of total cash and no financial debt.
Mr. Arildsson further added, "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 EUR255 -- 265 million of net gaming revenue, which is EUR20 million more than the prior range and represents a growth of 16% year-on-year at the midpoint, and between EUR20 -- 25 million of Adjusted EBITDA, EUR5 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)
Six months ended June
Quarter ended June 30 30
Figures in EUR mm 2025 2026 Chg. % 2025 2026 Chg. %
Total
Revenue 51.4 64.4 25% 105.7 124.7 18%
---------------------- ------ ------ --------- ------- ------- -------
(+) Accounting
Adjustments(4) 3.5 4.9 40% 6.1 9.1 49%
Net Gaming Revenue 54.8 69.4 27% 111.8 133.8 20%
---------------------- ------ ------ --------- ------- ------- -------
Spain
Revenue 22.1 27.6 25% 44.0 53.1 21%
---------------------- ------ ------ --------- ------- ------- -------
(+) Accounting
Adjustments(4) - - n.m. - - n.m.
Net Gaming Revenue 22.1 27.6 25% 44.0 53.1 21%
---------------------- ------ ------ --------- ------- ------- -------
Mexico
Revenue 26.3 31.8 21% 53.9 62.2 15%
---------------------- ------ ------ --------- ------- ------- -------
(+) Accounting
Adjustments(4) 2.7 4.3 59% 5.6 8.4 50%
Net Gaming Revenue 29.0 36.1 24% 59.5 70.6 19%
---------------------- ------ ------ --------- ------- ------- -------
Other
Revenue 3.0 5.0 67% 7.8 9.4 21%
---------------------- ------ ------ --------- ------- ------- -------
(+) Accounting
Adjustments(4) 0.7 0.7 - 0.4 0.7 75%
Net Gaming Revenue 3.7 5.7 54% 8.2 10.1 23%
---------------------- ------ ------ --------- ------- ------- -------
Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)(5)
Six months ended June
Quarter ended June 30 30
Figures in EUR mm 2025 2026 Change 2025 2026 Change
Net Income (Loss) (2.4) (1.4) 1.0 (3.1) 5.6 8.7
---------------------- ------- ------- ------- ------- ------- -------
(+/-) Provision for
Corporate Income Tax 1.1 1.0 (0.0) 1.3 1.3 0.0
(+/-) Interest Expense
/ (Income) 1.9 0.3 (1.6) 3.0 (2.7) (5.7)
(+/-) Var. In Fair
Value of Warrants 1.3 1.7 0.4 1.9 1.1 (0.8)
(+) D&A 0.2 0.2 0.0 0.3 0.4 0.1
EBITDA 2.1 1.8 (0.3) 3.4 5.7 2.3
(+) Employee LTIP
Expense (0.9) 3.9 4.8 (0.4) 6.2 6.6
(+/-) Other Accounting
Adjustments 0.0 0.1 0.0 0.1 0.0 (0.1)
Adj. EBITDA (Pre
Non-Recurring Items) 1.3 5.8 4.5 3.1 11.9 8.8
(+) Non-Recurring
Items 1.1 0.0 (1.1) 1.1 0.0 (1.1)
Adj. EBITDA 2.3 5.8 3.5 4.1 11.9 7.7
---------------------- ------- ------- ------- ------- ------- -------
About Codere Online
Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group's physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group
Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.
Forward-Looking Statements