Codere Q2 net gaming revenue reaches €69.4m, up 27%

Codere Online has unveiled its latest financial results for the second quarter and first half of 2026, highlighting net gaming revenues (NGR) of €69.4m ($79.6m) and €133.8m, respectively.  

Indeed, the operator experienced a lucrative quarter, with financial figures rising across the board. Codere has now formally raised its full-year financial expectations in the wake of this report, as H1 2026 net income turns over from a net loss recorded during the first half of 2025.  

Q2 driven by multiple-market surge 

Codere Online’s overall revenue figure of €69.4m during the second quarter was largely attributed to a strong performance in the Mexican market – which generated an NGR figure of €36.1m, rising 24% year-on-year. Elsewhere, in Spain – where Codere recently had its licence renewed – NGR reached €27.6m, marking a rise of 25% in comparison to results from the same period of the prior year.  

It was revenue from ‘other’ markets which experienced the sharpest upswing, however, rising 54% year-on-year to total €5.7m. Overall, company adjusted EBITDA settled at a similar figure, reaching €5.8m during Q2, up 39.7% in comparison with the second quarter of 2025.  

H1: Net income returns from a loss as FY expectations increase 

Over the course of the year’s first half, Codere reported an NGR figure of €133.8m, marking a revenue rise of 20% in comparison to results from the prior year. This upswing was, once again, largely driven by the Mexican market, which generated the highest individual market NGR of €70.6m during the period.  

Spanish revenues came close behind at €53.1m, up 21% year-on-year – and revenues from all other markets reached €10.1m, up 23%.  

Crucially, however, H1 2026 net income settled at €5.6m during the timeframe, rising from a net loss of €3.1m recorded during the first half of 2025. In the wake of these results, Codere Online has now formally raised its full year 2026 financial expectations, outlining an expected NGR of between €255m and €265m, alongside an expected adjusted EBITDA of between €20 and €25m 

The executive reflection 

Codere Online CEO Aviv Sher spoke on these latest financial figures, saying: “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% year-on-year, with the World Cup providing an additional boost to customer activity and engagement. This performance was broad-based across our core markets and we are very pleased with the momentum we are seeing in the business.” 

Also commenting on these results was company CFO Marcus Arildsson, who stated: “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. This strong profitability was achieved while continuing to invest behind growth and taking advantage of the increased activity generated around the World Cup. We closed June with approximately €63m of total cash and no financial debt.”