Grupo Codere has reported another quarter of improved profitability, with strong online gaming performance and increased betting activity during the 2026 FIFA World Cup supporting growth across the Spanish gambling group.
Group gaming revenue increased 5.8% year-on-year to €352.5 million in Q2 2026, while adjusted EBITDA rose 14.1% to €57.6 million. The results mark the company’s seventh consecutive quarter of improved profitability.
Codere Online Posts Record Quarter
Codere Online delivered its strongest quarterly performance to date, with net gaming revenue (NGR) rising 27% to €69.4 million. IFRS revenue increased 25% to €64.4 million.
Mexico remained the division’s largest market, generating €36.1 million in NGR, up 24%. Spain recorded €27.6 million, also a 25% increase, while average monthly active players in the market rose 11% to 54,400.
Colombia, Panama and Argentina collectively generated €5.7 million in NGR, representing a 54% increase. Across the online division, average monthly active players increased 12% to 173,000.
World Cup Boosts Betting Activity
The 2026 FIFA World Cup provided an additional boost to customer acquisition and engagement.
World Cup betting stakes reached €63 million, up 180% compared with the 2022 tournament, while unique users increased by around 56%, excluding Colombia. Almost 40,000 new customers joined during the tournament, and World Cup NGR more than doubled compared with four years earlier.
Codere Online’s adjusted EBITDA reached €5.8 million, up €2.3 million year-on-year. The division recorded a quarterly net loss of €1.4 million but reported a first-half profit of €5.6 million, compared with a €3.1 million loss in H1 2025.
Codere Raises Full-Year Guidance
Management has raised its full-year guidance, forecasting online NGR of €255 million to €265 million and adjusted EBITDA of €20 million to €25 million.
At the group level, attention is also turning to Codere’s ongoing strategic review. Shareholders appointed Jefferies and Macquarie in Q1 to explore potential transactions, including a possible sale of the group.
The review comes as rival Lottomatica prepares to merge with CIRSA, with the transaction expected to complete in Q2 2027. The deal is set to further reshape the competitive landscape across Spain, Italy and Latin America.
