Codere Online Q2 Revenue Jumps 27%, 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 delivered record Q2 net gaming revenue of €69.4 million, up 27% year-over-year, driven by World Cup betting activity. Adjusted EBITDA more than doubled to €5.8 million. Management raised full-year guidance: net gaming revenue now seen at €255-265 million and adjusted EBITDA at €20-25 million, citing sustained customer engagement. The World Cup drove a 56% surge in unique users versus the 2022 event, with nearly 40,000 new customers acquired. This follows the Q1 record and the recent shareholder approval to issue up to 100 million new shares, though no dilution has been announced. The raised outlook and strong operational momentum mark a material positive shift for the €421 million market cap company.
At the time of this announcement, 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 news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.