Codere continued its financial recovery in the second quarter of 2026, recording higher revenue and adjusted EBITDA as stronger results in Spain and Argentina combined with record performance from its online division.
The Spanish gambling group generated €352.5 million in gaming revenue during Q2, an increase of 5.8% from the same period last year. Adjusted EBITDA climbed 14.1% to €57.6 million, giving Codere its seventh consecutive quarter of improved profitability. At constant exchange rates, gaming revenue would have risen 9%, while adjusted EBITDA would have increased 17%.
Management attributed the improvement to continued strength across the company’s retail operations in Argentina and Spain, alongside accelerating growth at Nasdaq-listed Codere Online.
Codere Online Reaches Record Quarterly NGR
Codere Online delivered its strongest quarter to date, with net gaming revenue reaching €69.4 million, 27% above the €54.8 million recorded in Q2 2025. Reported revenue increased 25% to €64.4 million.
Spain contributed €27.6 million in both revenue and NGR, representing 25% year-on-year growth. Average monthly active players in the country increased 11% to 54,400.
Mexico remained Codere Online’s largest market. NGR rose 24% to €36.1 million, while reported revenue increased to €31.8 million. The company averaged 88,200 monthly active players in Mexico during the quarter, 3% more than a year earlier.
Codere Online’s other markets, which include Colombia, Panama and the City of Buenos Aires in Argentina, generated combined NGR of €5.7 million, up 54%. Across the entire online operation, average monthly active players increased 12% to 173,000.
The improvement also translated into stronger earnings. Adjusted EBITDA reached €5.8 million in Q2, up from €2.3 million in the comparable 2025 quarter. For the first six months of 2026, Codere Online recorded net income of €5.6 million, reversing a €3.1 million loss in H1 2025.
Codere Online ended June with €62.6 million in cash and no financial debt.
World Cup Delivers Major Betting Boost
The 2026 FIFA World Cup provided an additional lift to customer acquisition and betting activity across Codere Online’s core markets.
The company recorded €63 million in World Cup stakes, 180% more than during the 2022 tournament. Unique users were approximately 56% higher than four years earlier when Colombia is excluded, while Codere acquired almost 40,000 new customers around the competition.
World Cup NGR more than doubled compared with the 2022 event despite favourable results for customers limiting the operator’s sportsbook margin.
Following the record quarter, Codere Online increased its full-year 2026 outlook. The company now expects NGR of between €255 million and €265 million, compared with its previous range of €235 million to €245 million. Adjusted EBITDA guidance was raised from €15 million-€20 million to €20 million-€25 million.
Strategic Review Remains in Focus
The improving operating performance comes as attention remains on the ownership of the wider Codere group.
Earlier this year, reports said Codere had appointed Jefferies and Macquarie Capital to advise on a potential sale that could value the business at more than €2 billion. The process followed the group’s major balance-sheet restructuring, which substantially reduced its debt burden.
Codere completed a recapitalisation in October 2024 that reduced gross debt from around €1.4 billion to approximately €190 million while adding roughly €60 million of new liquidity. Ownership of the operating group was transferred to a new holding company controlled by former creditors.
Codere Online, however, remains a separately listed company on Nasdaq after becoming public in December 2021. Its improving profitability and expanding presence in Spain and Latin America strengthen the digital component of the broader Codere investment case while any strategic review of the parent group continues.