Grupo Codere reported second-quarter 2026 gaming revenue of €352.5m, up 5.8% year-on-year, with adjusted EBITDA rising 14.1% to €57.6m.
At constant exchange rates, growth would have reached 9% in revenue and 17% in adjusted EBITDA.
The company attributed the results to strong performance across its online and retail businesses, with Argentina, Spain, Mexico and its online division leading profitability gains for the quarter.
The retail business's improving profitability was a key highlight, with trailing 12-month adjusted EBITDA reaching €197.6m as of June, up 22.7% year-on-year and marking seven consecutive quarters of growth, which Codere attributed to management efficiency and optimization measures.
The global online business also performed strongly, posting adjusted EBITDA of €11.8m, up 23% year-on-year, cementing its role as one of the group's key growth and profitability drivers.
Codere Online's own second-quarter results showed net gaming revenue of €69.4m, with first-half net gaming revenue reaching €133.8m, led by its Mexican operations.
Codere maintained a solid financial position, with €142.3m in cash at the end of June, split between €79.6m in the retail business and Codere Online.
These latest results come as Codere reportedly prepares for a sale process that could value the business at more than €2bn, according to a report by Expansión citing sources familiar with the matter.
In Mexico, the country's tax authority is also set to auction a majority stake in the company holding Codere's operating permit for 65 casinos and the Hipódromo de las Américas racetrack, after the shares were seized over unpaid federal tax debts.
Codere is Spain's second-largest gambling group after Cirsa and it operates across regulated markets in Spain, Italy, Argentina, Mexico, Panama, Colombia and Uruguay
