Codere Online Raises Outlook After Spain and Mexico Drive Record Quarter

Codere Online has raised its full-year 2026 outlook after delivering record second-quarter results, driven by strong gains in Spain and Mexico that helped more than double its adjusted EBITDA.

The operator generated net gaming revenue (NGR) of €69.4 million ($79.9 million) during the quarter, up 27% year-over-year. Adjusted EBITDA surged 152% to €5.8 million ($6.7 million), up from €2.3 million ($2.6 million) in Q2 2025.

The performance marked Codere Online’s highest quarterly revenue since listing on the Nasdaq in late 2021.

The second quarter was a standout period for Codere Online,” CEO Aviv Sher told investors on an earnings call. “We delivered our highest quarterly revenue to date alongside strong profitability and cash generation.”

Following the strong quarter, management raised its full-year 2026 NGR guidance to between €255 million and €265 million—up from an earlier target of €235 million to €245 million. Full-year adjusted EBITDA guidance was also bumped by €5 million to a new range of €20 million to €25 million.

Management attributed the upgraded guidance to robust market performance in Spain and Mexico, favorable foreign exchange tailwinds from the Mexican peso, and tax updates in Colombia.

Revenue Grows in Spain and Mexico

In Spain, NGR jumped 25% year-over-year to €27.6 million ($31.8 million). Management noted the brand benefited from general market expansion while continuing to reclaim domestic market share.

Mexico retained its position as Codere Online’s largest market, generating €36.1 million ($41.5 million) in NGR, up 24%.

Crucially, average monthly active users in Mexico grew by just 3% year-over-year to ~88,200. Management explained that this modest user uptick was intentional, reflecting a targeted purge of promotional abuse accounts. As a result, revenue growth was almost entirely fueled by higher yield and spend per player rather than volume expansion.

“Both Spain and Mexico delivered excellent performances and were the primary drivers of growth,” said Chief Financial Officer Marcus Arildsson.

Arildsson also highlighted secondary markets—including Colombia, Panama, and the City of Buenos Aires—which posted combined NGR growth of over 50% to deliver €5.7 million ($6.6 million).

He added that the company is actively exploring market entry into additional Latin American jurisdictions, specifically Uruguay and Chile.

World Cup Strategy Pays Off

Tournament activity provided a major tailwind, driving nearly 40,000 customer acquisitions. Total wagers during the tournament reached €63 million ($72.5 million)—a 180% surge compared to the 2022 event—while net gaming revenue more than doubled despite several customer-friendly match outcomes.

Sher characterized the performance as “materially ahead” of 2022, revealing that Codere bypassed costly TV broadcast advertising in favor of hyper-targeted digital marketing surrounding the matches.

“We didn’t invest directly into the World Cup broadcast, which was extremely expensive,” Sher noted. “We tried to keep the marketing spend adjacent to the event, and that strategy proved very successful.”

Cross-sell efficiency was also strong: between 30% and 40% of newly acquired sports bettors engaged with online casino products, particularly table games. Management noted, however, that long-term player retention data is still being evaluated.

Codere Online closed the quarter with €62.6 million ($72.1 million) in total cash and zero financial debt. Arildsson confirmed the business is evaluating capital deployment strategies, including securing new licenses across emerging LatAm markets.

The strong quarter comes amid ongoing M&A chatter surrounding the business. Takeover speculation surfaced earlier this year following reports that parent group Codere Gaming may be put up for sale.

Industry analysts suspect a prospective buyer might look to acquire or divest Codere Gaming’s 66% majority stake in the Nasdaq-listed online division to simplify corporate structure.