Codere Online Raises 2026 Financial Guidance Following Record Quarter

The digital gambling landscape is witnessing a significant shift as Codere Online sets new benchmarks in its financial reporting. The operator reported its strongest quarterly results to date for the second quarter of 2026, surpassing market expectations. Strategic focus on the core regions of Spain and Mexico, combined with major sporting event tailwinds, has propelled the company into a new era of financial strength.

Net gaming revenue (NGR) increased by 27 percent year-on-year, driven by a growing player base and enhanced engagement. The average number of monthly active players across the group reached 173,000, representing a 12 percent increase. Operationally, the company remains in a robust position with €62.6 million in cash and no financial debt as of the end of June.

Numbers and facts

The Mexican market was a primary growth driver, contributing €31.8 million in revenue, up 21 percent. In Spain, revenue reached €27.6 million, marking a 25 percent increase. The World Cup tournament provided a massive boost, with total stakes reaching €63 million, an increase of 180 percent compared to the 2022 event. Despite lower sports betting margins due to outcomes favorable to customers, the sheer volume of bets ensured a successful quarter.

“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 €69m, up 27 per cent year-on-year, with the World Cup providing an additional boost to customer activity and engagement.” - Aviv Sher, Chief Executive Officer of Codere Online

Adjusted EBITDA for the quarter reached €5.8 million, more than doubling last year's figures. Based on this momentum, the company revised its full-year net gaming revenue guidance to a range of €255 million to €265 million. The forecast for adjusted EBITDA was also bumped up to between €20 million and €25 million.

Background

Codere Online’s success is built on an organic expansion strategy within regulated markets. CFO Marcus Arildsson has previously noted that the company prioritizes investment in markets with the "right ingredients" rather than high-risk entries into new territories. This disciplined approach resulted in a net income of €5.6 million for the first half of 2026, a significant turnaround from the €3.1 million loss recorded during the same period in 2025.

“Q2 represented another major step forward in our financial performance, with net gaming revenue being around €15m above the prior-year period, and adjusted EBITDA of approximately €6m, more than doubling compared to Q2 2025.” - Marcus Arildsson, Chief Financial Officer of Codere Online

Why it matters for German players

For residents of Germany, the offshore success of operators like Codere Online serves as a benchmark for the industry. However, under the State Treaty on Gambling 2021 (GlüStV 2021), German players are restricted to platforms holding a license from the Gemeinsame Glücksspielbehörde der Länder (GGL). Such regulations require operators to adhere to the €1,000 monthly deposit limit managed by LUGAS and a maximum stake of €1 per spin on slots. While global operators report record revenues, German users must ensure they only participate via platforms listed on the official GGL whitelist to receive legal protection and access to the OASIS self-exclusion system.

What it means for GGL-licensed casinos

The profitability seen in markets like Spain provides evidence that regulated environments can be lucrative. GGL-licensed casinos in Germany face similar player protection costs and operational hurdles but can look to Codere’s growth in active users as a sign of strong demand. The ability of Codere to double its EBITDA while investing in growth suggests that efficiency and scale are key for operators navigating tight regulatory frameworks like those found in Germany.