Codere Online Posts Record Q2 Revenue, Raises Full-Year Outlook on World Cup Boost
CDRO sits 79% above its 52-week low of $5.18 on light trading volume (0.3× avg).
Summary
Codere Online reported record Q2 2026 results with net gaming revenue of €69.4 million (+27% YoY) and raised full-year guidance, driven by strong World Cup performance and broad-based growth in Spain and Mexico.
Key Events · Earnings and Guidance · CDRO
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Record Quarterly Revenue
Net gaming revenue reached €69.4 million in Q2 2026, up 27% year-over-year, driven by 25% growth in Spain and 24% in Mexico.
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Profitability Inflection
Adjusted EBITDA hit €5.8 million, more than doubling from Q2 2025, and H1 2026 net income swung to a €5.6 million profit from a €3.1 million loss a year ago.
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Raised Full-Year Outlook
FY 2026 net gaming revenue guidance raised to €255-265 million (midpoint +€20 million) and Adjusted EBITDA to €20-25 million (+€5 million), implying 16% revenue growth at the midpoint.
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World Cup Performance
World Cup stakes reached €63 million, 180% above 2022 levels, and net gaming revenue more than doubled, with nearly 40,000 new customers acquired around the event.
Analysis · CDRO · Trade & Services
Codere Online delivered its strongest quarter ever, with net gaming revenue surging 27% to €69.4 million and Adjusted EBITDA more than doubling to €5.8 million. The World Cup provided a material tailwind, with stakes up 180% and net gaming revenue more than doubled versus the 2022 tournament. Management raised full-year guidance by €20 million at the midpoint for revenue and €5 million for Adjusted EBITDA, signaling confidence in sustained momentum. The company remains debt-free with €62.6 million in cash, providing ample runway. This performance and raised outlook directly counter the overhang from the recent registration of 74.5% of shares for resale by the majority shareholder, demonstrating the underlying business is accelerating.
At the time of this filing, CDRO was trading at $9.27 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $421.5M. The 52-week trading range was $5.18 to $10.26. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.