Codere Online raises FY26 guidance after ‘outstanding’ World Cup fuels record Q2

Codere Online has raised its full-year guidance following a record quarter in Q2, led by an “outstanding” World Cup, the operator said in its Q2 earnings on Thursday.

Codere Online’s results reported record NGR of €69.4 million as well as an adjusted EBITDA of €5.8 million for the three-month period.

NGR was up 27% year-on-year, while adjusted EBITDA was more than double the €2.3 million generated in the same quarter of 2025.

Codere Online reported net income of €5.6 million across the first half of the year, a significant improvement on the €3.1 million net loss suffered in H1 2025.

As a result, Codere Online raised its FY2026 guidance, with NGR now expected to reach between €255 million and €265 million, while adjusted EBITDA is anticipated to be €20-25 million.

Previously, the company’s guidance stood at a NGR of €235-245 million and an adjusted EBITDA of €15-20 million.

World Cup an accelerator

Codere Online CEO Aviv Sher said the results reflected accelerating momentum across the business, highlighting the recent World Cup as providing a boost to customer activity and engagement.

“After a strong start to the year, Q2 showed even further acceleration and delivered our strongest quarterly performance to date,” Sher said.

“This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.”

Speaking to iGB after the company released its Q1 results, Sher noted all five of the countries in which it operates had a national team at the World Cup, providing a crucial customer acquisition tool.

And the company’s World Cup performance echoed that, with unique users up 56% from the 2022 edition of the tournament when excluding Colombia.

Nearly 40,000 new customers were acquired, while stakes reached €63 million, 180% above 2022.

As a result, Codere Online’s NGR from the World Cup was over double what it achieved in 2022, “reflecting strong monetisation of the increased betting volumes despite generally favourable customer results”.

On the post-earnings call, Sher noted Codere Online’s World Cup success is likely to also be demonstrated in its Q3 results, with Spain ultimately going on to win the tournament in mid-July, after Q2 had concluded.

According to CFO Marcus Arildsson, the NGR from the World Cup was roughly split 50/50 between June and July.

Focus on core markets of Spain and Mexico

Sher previously told iGB the company would continue to focus on its core markets of Spain and Mexico rather than chase new geographies, a strategy he believes is “often underestimated”.

He said: “When we talk about investing our next dollar in Mexico and Spain, it’s because we believe those markets offer the best risk-adjusted returns for us right now.

“These are meaningful accelerations in markets where we already have scale and brand recognition.”

That acceleration continued into Q2, with Codere Online generating €36.1 million in NGR from Mexico, a 24% year-on-year rise.

Sher said the company would continue to invest in Mexico, explaining: “We cannot ignore the competitive environment. It is getting crowded and they are heavy spenders over there.”

In Spain, meanwhile, NGR stood at €27.6 million, a 25% increase.

There was also a welcome return to growth for its ‘Other’ geographical segment, which includes Codere Online’s three remaining markets of Argentina, Panama and Colombia.

NGR from those markets fell 2% in Q1. In the second quarter of the year, however, NGR from the ‘Other’ segment reached €5.7 million, significantly ahead of the €3.7 million generated in Q2 2025.

Arildsson said the company had balanced increased investment with improved earnings.

“This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup,” Arildsson stated. “We closed June with approximately €63 million of total cash and no financial debt.”