Codere Q2 Revenue Rises 5.8% as Online Business Lifts Profitability

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Altay Celikkaya

Content Manager

Updated: 11/09/26

Reading Time: 3 minutes

Grupo Codere reported higher revenue and profitability for the second quarter of 2026, extending the improvement across its retail and online operations. Group gaming revenue rose 5.8% year on year to €352.5 million, while adjusted EBITDA increased 14.1% to €57.6 million. At constant exchange rates, growth would have reached 9% in gaming revenue and 17% in adjusted EBITDA. The 10 September update adds a consolidated group view to Codere Online’s separately reported record second-quarter performance.

Codere logo displayed alongside rising financial bars, an upward growth arrow and gaming chips, representing the company’s stronger Q2 profitability and online performance.

Industry News

Key Takeaways From Codere’s Q2 2026 Results

Group gaming revenue increased 5.8% to €352.5 million in Q2, with adjusted EBITDA rising 14.1% to €57.6 million.
Retail adjusted EBITDA on a last-12-month basis reached €197.6 million, marking seven consecutive quarters of improvement.
Grupo Codere reported €11.8 million in adjusted EBITDA for its online business, up 23% year on year.
Codere Online separately reported record Q2 net gaming revenue of €69.4 million, supported by stronger activity in Spain, Mexico and around the FIFA World Cup.
Codere Online raised its full-year 2026 outlook to €255 million–€265 million in NGR and €20 million–€25 million in adjusted EBITDA.

Retail Profitability Extends Its Seven-Quarter Run

Grupo Codere said retail adjusted EBITDA for the last 12 months reached €197.6 million at the end of June, an increase of 22.7% from a year earlier. The company has now recorded seven consecutive quarters of improvement on that measure, which it linked to management and optimisation initiatives across the business.

Argentina, Spain, Mexico and the online division were the main contributors to the quarter’s profitability growth. Codere also closed June with €142.3 million in cash, comprising €79.6 million in the retail business and €62.7 million at Codere Online.

The listed online division has remained visible to public-market investors as well. Codere Online’s recent share-price performance included a 1.22% increase to $9.11 during the August 31–September 4 trading week.

World Cup Activity Pushes Codere Online to Record Q2

Codere Online’s Q2 results, first released on 30 July, showed net gaming revenue increasing 27% year on year to a record €69.4 million. IFRS revenue reached €64.4 million, up 25%, while adjusted EBITDA rose to €5.8 million from €2.3 million a year earlier.

The €5.8 million figure was reported by the Nasdaq-listed Codere Online business, while Grupo Codere’s later group update reported €11.8 million of adjusted EBITDA for its wider online business. The figures therefore come from separate company disclosures and should not be treated as the same reporting measure.

The FIFA World Cup added another layer of activity. Codere Online reported €63 million in tournament stakes, 180% above the 2022 World Cup, while unique users increased by about 56% excluding Colombia. The company also acquired nearly 40,000 new customers around the event, and World Cup NGR more than doubled despite relatively customer-friendly results and a lower sportsbook margin.

Codere Online CEO Aviv Sher said:

Q2 showed even further acceleration and delivered our strongest quarterly performance to date.

Mexico and Spain Lead Core-Market Expansion

Mexico remained Codere Online’s largest market in Q2, with NGR rising 24% to €36.1 million and revenue increasing 21% to €31.8 million. Average monthly active players reached 88,200, up 3% from the prior-year quarter. The growth comes while Mexico’s proposed gambling reform remains under executive review ahead of any potential submission to Congress, keeping regulatory change on the agenda for operators active in the market.

Spain delivered NGR of €27.6 million, up 25%, while average monthly active players increased 11% to 54,400. The performance also comes against a changing compliance environment that includes Spain’s cross-operator deposit limit framework, which moves towards applying player deposit controls across licensed platforms rather than solely at individual operator level.

Other markets, including Colombia, Panama and Argentina, generated combined Q2 NGR of €5.7 million, up 54% year on year. Across the online business, average monthly active players rose 12% to 173,000.

Raised Guidance Extends the Focus Beyond Q2

Codere Online finished the first half with net income of €5.6 million, reversing a €3.1 million loss in H1 2025. Its cash position stood at €62.6 million at 30 June, with no financial debt.

Following the record quarter, management raised its 2026 NGR outlook to €255 million–€265 million, €20 million above the previous range, and increased adjusted EBITDA guidance to €20 million–€25 million. The upgraded outlook places the focus on whether World Cup-driven acquisition can translate into sustained activity during the second half, while the wider group seeks to extend the profitability improvement already recorded across both retail and online operations.