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Codere Online raised its 2026 guidance after reporting record second-quarter net gaming revenue and stronger first-half profitability across Spain, Mexico and its other Latin American markets.
The Spain-based operator now expects full-year net gaming revenue of €255 million to €265 million ($304.8 million), up from €235 million to €245 million. Adjusted EBITDA guidance increased to €20 million to €25 million ($28.8 million), from €15 million to €20 million. Management said the midpoint implies 16% annual net gaming revenue growth.
Second-quarter net gaming revenue rose 27% year over year to €69.4 million ($79.8 million), while total revenue increased 25% to €64.4 million ($74.1 million). Adjusted EBITDA more than doubled to €5.8 million ($6.7 million) from €2.3 million.
CEO Aviv Sher said the quarter showed further acceleration after a strong start to the year, with the World Cup lifting 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,” he stated.
Mexico remained the company’s largest market, generating €36.1 million ($41.5 million) in net gaming revenue, up 24%. Spain rose 25% to €27.6 million ($31.7 million), while Argentina, Panama and Colombia increased 54% to €5.7 million ($6.6 million), reversing the segment’s 2% first-quarter decline.
Average monthly active players increased 12% to 173,000. Mexico accounted for 88,200, Spain for 54,400, and the other markets for 30,400, up 54%.
The World Cup supported customer acquisition and betting activity. Excluding Colombia, unique users were 56% above the 2022 tournament, while the operator acquired almost 40,000 customers. Stakes reached €63 million ($72.5 million), up 180%, and net gaming revenue more than doubled despite relatively favorable customer results.
All five countries in which Codere Online operates had teams in the tournament. Sher said the contribution would extend into the third quarter because Spain won in mid-July, after Q2 ended. Chief Financial Officer Marcus Arildsson said World Cup net gaming revenue was split roughly equally between June and July.
First-half net gaming revenue increased 20% to €133.8 million ($153.9 million), while adjusted EBITDA rose to €11.9 million from €4.1 million. Net income reached €5.6 million ($6.4 million), reversing a €3.1 million loss.
The company still recorded a second-quarter net loss of €1.4 million, narrowed from €2.4 million, after €3.9 million in employee long-term incentive costs.
Codere Online ended June with €62.7 million in cash and no financial debt. Arildsson said profitability improved while the company continued investing in growth and World Cup activity.
The operator remains focused on Spain and Mexico rather than new markets, citing existing scale and stronger risk-adjusted returns. Sher has also acknowledged rising competition and spending in Mexico.
Mexico raised its betting and sweepstakes excise tax from 30% to 50% in January and introduced real-time tax reporting in April. Colombia reinstated a 16% consumption tax on online gambling deposits in March after a temporary 19% levy in 2025.