Codere Online CEO Aviv Sher Hails Outstanding Second Quarter as Company Raises Full-Year Guidance

Codere Online delivered its strongest quarter on record in the second quarter of 2026, with CEO Aviv Sher opening the company’s earnings call by calling the period “a standout quarter.” The online gaming operator raised its full-year guidance across the board after posting sharp gains in revenue, profitability, and player acquisition.

Codere Online (Nasdaq: CDRO), which operates online sports betting and casino products across Spain and Latin America, reported consolidated net gaming revenue of €69.4 million for the quarter, up 27% year-over-year and its highest quarterly figure to date. Adjusted EBITDA more than doubled to €5.8 million from €2.3 million in the prior-year period, pushing the adjusted EBITDA margin to 8.4% from 4.3%.

World Cup Boost Drives Player Growth

The quarter encompassed the early weeks of the World Cup, and Codere leadership credited the tournament with fueling a surge in new customers. The company reported 282,000 new-player signups and 108,000 first-time depositors during the period, alongside a 12% increase in monthly active users.

“Performance was outstanding and materially above the 2022 tournament,” Sher said of the World Cup’s impact on the business. “Net gaming revenue more than doubled over the 2022 World Cup.” Marketing expense as a percentage of net gaming revenue also improved, falling to 37.7% from 41.5% a year earlier, a sign the company squeezed more efficiency out of its player-acquisition spending even as it grew its customer base.

Spain and Mexico Lead the Charge

Spain and Mexico, Codere Online’s two largest markets, each grew net gaming revenue by roughly 25% year-over-year. Spain generated €27.6 million in net gaming revenue for the quarter, while Mexico, the company’s largest market overall, posted €36.1 million. CFO Marcus Arildsson singled out both regions on the call, saying “both Spain and Mexico gave outstanding performances” and were the primary drivers of the quarter’s growth.

Mexico’s adjusted EBITDA swung to €3.6 million from a loss of €0.2 million in the same period last year, a notable step toward sustained profitability in what the company considers a still-maturing market. Smaller markets, including Colombia, Panama, and Argentina, combined for €5.7 million in net gaming revenue, up 54% year-over-year, showing early traction outside the company’s two core territories.

Guidance Raised, Balance Sheet Strengthened

On the back of the results, Codere Online lifted its full-year 2026 outlook for net gaming revenue to a range of €255-265 million, up from a prior range of €235-245 million, representing roughly 16% growth at the midpoint versus 2025. The company also raised its adjusted EBITDA guidance to €20-25 million, up from €15-20 million previously.

Codere Online ended the quarter with a total cash position of approximately €63 million and no financial debt, giving management what it described as significant strategic flexibility heading into the back half of the year. Shares traded near the top of the company’s 52-week range following the presentation, a reflection of investor confidence in a business that posted a net loss just a year earlier and has now turned in consecutive profitable quarters.

A Turnaround Story Taking Shape

The second-quarter results mark a meaningful shift for a company that reported a net loss of €3.1 million in the first half of 2025. For the first half of 2026, Codere Online posted net income of €5.6 million, a swing of nearly €9 million year-over-year. That improvement came even as the company continued to invest in customer acquisition, suggesting the underlying unit economics of its Spain and Mexico businesses are maturing in the operator’s favor.

Cash flow from operations reached €13.5 million for the first half of the year, reinforcing management’s point that the growth being reported is translating into real cash generation rather than simply top-line expansion funded by marketing spend. With roughly €58 million of that cash position available and zero financial debt on the balance sheet, Codere Online has room to keep investing in product and market share without needing to raise capital.

What It Means for the Broader Market

Codere Online’s results land at a moment when regulated online gaming operators across Europe and Latin America are being closely watched for signs of margin discipline after years of aggressive customer acquisition spending. The company’s ability to grow revenue by double digits while also improving marketing efficiency — rather than simply outspending competitors for new depositors — is the kind of trend investors and rivals alike will be tracking heading into the second half of the year.

The World Cup tailwind won’t repeat again until the next global tournament cycle, which puts additional weight on whether Spain and Mexico can sustain their growth rates once that boost fades from the year-over-year comparisons. Management’s decision to raise full-year guidance, rather than treat the quarter as a one-off event tied to the tournament, signals confidence that the underlying business — not just the World Cup calendar — is driving the improvement. For bettors tracking the broader sportsbook promotions landscape, strong operator earnings like these often signal continued investment in player offers and market expansion in the months ahead.