Codere Online has posted its strongest quarter on record. Net gaming revenue reached EUR 69.4 million in Q2 2026, up 27% year-on-year. Total revenue rose 25% to EUR 64.4 million. Adjusted EBITDA came in at EUR 5.8 million, more than double what the company reported in the same quarter last year.
That gap between revenue growth and EBITDA growth is worth sitting with. Costs are not scaling at the same pace as revenue, which is exactly the kind of operating leverage that signals a business moving from growth-stage spending into sustained profitability.
Spain remained the largest European market, with revenue up 25% to EUR 27.6 million. That growth rate matching the group's overall pace shows Spain is contributing proportionally to the record quarter, not lagging behind newer markets. Sustaining that kind of growth in a mature, competitive regulated market like Spain typically means taking share from competitors, not just riding overall market expansion.
Mexico told a similar story. Revenue reached EUR 31.8 million, while net gaming revenue grew 24% to EUR 36.1 million. Two of the company's largest markets growing at nearly identical rates suggests the operational improvements behind this quarter are being applied consistently across regions, not concentrated in one place.
Average monthly active players grew 12% to 173,000. Revenue growing considerably faster than the player base points to stronger monetisation per user, not just more players. The FIFA World Cup added a real boost on top of that. Unique users during the tournament were up 56% compared with the 2022 World Cup, and total stakes reached EUR 63 million.
Codere Online ended June 2026 with EUR 62.6 million in cash and no financial debt. That balance sheet position gives the company real flexibility for further investment without needing external financing.
Following these results, the company raised its full-year 2026 guidance to EUR 255-265 million in net gaming revenue and EUR 20-25 million in adjusted EBITDA. CEO Aviv Sher said Q2 showed even further acceleration and delivered the company's strongest quarterly performance to date. Raising both revenue and EBITDA guidance together signals confidence that this quarter's momentum is sustainable, not a one-off.
