€69.4M Net Gaming Revenue, Raised 2026 Guidance: Aviv Sher and Marcus Arildsson Lead Codere Online’s Record Quarter
The operator’s strongest quarter yet came with a World Cup tailwind – and a raised full-year outlook that says more than the headline figure.
Codere Online has reported record Q2 2026 results, with net gaming revenue of €69.4m in the three months to 30 June, up 27% year on year across its Spain and Latin America markets. Adjusted EBITDA reached €5.8m, an improvement of €3.5m on the same quarter in 2025. The listed operator (Nasdaq: CDRO) also raised its full-year 2026 outlook. The figures are preliminary and unaudited.
Why the Codere Online Q2 2026 results matter now
Profitable scale has been the hard part for online operators in regulated markets. Codere Online just posted both at once – record top-line and materially higher profitability – in the same quarter a major tournament ran. That combination is the story. Growth was broad-based: Spain net gaming revenue rose 25% to €27.6m, Mexico net gaming revenue rose 24% to €36.1m, and the smaller ‘Other’ markets grew 54% to €5.7m. Average monthly active players climbed to 173,000 across the group, up 12%.
What the Codere Online Q2 2026 results actually involve
The numbers sit on a real activity spike. Codere Online tied a large share of the quarter’s strength to the World Cup, and disclosed the scale of it: total stakes reached €63m, 180% above the 2022 tournament, with unique users around 56% higher than 2022 (excluding Colombia) and nearly 40,000 new customers acquired around the event.
Chief Executive Aviv Sher said the quarter showed further acceleration and was the company’s strongest to date. Chief Financial Officer Marcus Arildsson pointed to Adjusted EBITDA of approximately €6 million, which he described as “more than doubling compared to Q2 2025.” Both figures are non-IFRS measures, as the company notes.
The operator read
Here’s the part operators care about: management didn’t just report a strong quarter – it lifted full-year guidance off the back of it. Codere Online now expects €255-265m in net gaming revenue for 2026, €20m above its prior range and roughly 16% growth at the midpoint, plus €20-25m in Adjusted EBITDA. Raising the annual number, not just booking a good quarter, is a signal that management reads the momentum as more than a one-tournament event. For anyone tracking the Spanish and LatAm online markets, that’s the data point worth filing – a listed operator saying, in effect, that the underlying business is accelerating independently of the calendar.
The caveat worth naming
Two honest complications. First, these are preliminary, unaudited figures, and the outlook is a forward-looking estimate – not banked. Second, Codere Online itself flagged that customer results during the World Cup were generally favourable to bettors, meaning a relatively low sports-betting margin. In plain terms: volume drove the revenue, not a lucky run of results. That’s arguably the healthier way to post a record, but it does mean a chunk of the quarter leaned on an event that won’t repeat. It’s also worth separating the two profit lines – the group posted H1 net income of €5.6m against a €3.1m loss a year earlier,while standalone Q2 recorded a net loss of €1.4m (an improvement from a €2.4m loss in Q2 2025). The Adjusted EBITDA figure is where the operational improvement shows most cleanly.
What the raised outlook signals for operators
The number to watch through the second half is retention. Codere Online acquired nearly 40,000 customers around the tournament; how many of those stay active once the football stops will tell you whether the raised guidance was well-judged or generous. With no financial debt and €62.7m in cash at June-end, the balance sheet gives management room to keep investing behind growth, as the CFO indicated it intends to. The next quarterly print – the first clean read without a World Cup tailwind – is where the durability question gets answered.
Source: Codere Online
