Spain's Codere Online Q2 net gaming revenue rises 27%

Codere Online Luxembourg SA

30/07/2026 12:45

Overview
Spain online gaming operator's preliminary Q2 net gaming revenue rose 27% yr/yr to €69.4 mln
Adjusted EBITDA for Q2 more than doubled yr/yr to €5.8 mln
Company raised FY 2026 outlook for net gaming revenue and adjusted EBITDA

Outlook
Codere Online raises FY 2026 net gaming revenue outlook to €255-265 mln
Company now expects FY 2026 adj EBITDA of €20-25 mln
Company cites World Cup as boosting customer activity and engagement in current year

Result Drivers
WORLD CUP IMPACT - Co said World Cup boosted customer activity, engagement and betting volumes, driving record net gaming revenue
BROAD-BASED MARKET GROWTH - Co reported strong revenue growth in Spain and Mexico, with net gaming revenue up 25% and 24% yr/yr respectively
HIGHER CUSTOMER ACQUISITION - Co said unique users during World Cup rose 56% vs 2022, with nearly 40,000 new customers acquired around the event

Company press release: ID:nGNE5667lv

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
EUR 64.40 mln
 
Q2 Net Loss
 
EUR 1.40 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 20 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)