The raised guidance signals accelerating operational momentum and profitability. Traders should monitor Q3 results for sustainability of the World Cup boost and any further guidance raises. The strong balance sheet (no debt, €62.6M cash) provides financial flexibility for growth investments.
Price Chart
Executive Summary
Codere Online reported record Q2 2026 results with net gaming revenue of €69.4M (+27% YoY) and Adj. EBITDA of €5.8M, more than doubling the prior year. The company raised its full-year 2026 outlook: net gaming revenue to €255-265M (from prior €235-245M) and Adj. EBITDA to €20-25M (from €15-20M). The strong performance was driven by broad-based growth in Spain and Mexico, with a boost from the World Cup. The company has no financial debt and €62.6M cash.
Key Facts
- Q2 2026 net gaming revenue €69.4M, +27% YoY
- Adj. EBITDA €5.8M in Q2 2026 vs €2.3M in Q2 2025
- H1 2026 net income €5.6M vs net loss of €3.1M in H1 2025
- Raised FY 2026 net gaming revenue outlook to €255-265M (from prior range)
- Raised FY 2026 Adj. EBITDA outlook to €20-25M (from prior range)
- Total cash €62.6M, no financial debt as of June 30, 2026
- Spain NGR +25% YoY, Mexico NGR +24% YoY in Q2 2026
Financial Impact
Q2 2026 revenue €64.4M (+25% YoY), net gaming revenue growth of €14.6M vs Q2 2025; Adj. EBITDA improvement of €3.5M vs Q2 2025; FY outlook raised by €20M in NGR and €5M in Adj. EBITDA
Risk Factors
- Regulatory changes in Spain and Latin American markets
- Competition from other online gaming operators
- One-time World Cup boost may not recur in subsequent quarters
- Currency exposure (EUR reporting, revenues in multiple LatAm currencies)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005057 |
| Exhibit: exh_992.htm | 0001171843-26-005057 |
| Document: f6k_073026.htm | 0001171843-26-005057 |
| Document: 0001171843-26-005057-index-headers.html | 0001171843-26-005057 |
| Document: 0001171843-26-005057-index.html | 0001171843-26-005057 |
| Document: 0001171843-26-005057.txt | 0001171843-26-005057 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | 6-K | $9.68 $9.49 | ▼ −2.01% | ▼ −3.32% | $9.21 (−4.86%) |
Jul 30, 2026 12w ago | 6-K | $9.27 $8.91 | ▼ −3.83% | ▼ −7.45% | $9.21 (−0.59%) |
Jul 14, 2026 14w ago | 6-K | $9.45 $9.05 | ▼ −4.23% | ▼ −2.94% | $9.21 (−2.54%) |
Jul 14, 2026 14w ago | Press Release | $9.45 $9.05 | ▼ −4.23% | ▼ −2.94% | $9.21 (−2.54%) |
Jun 30, 2026 16w ago | 6-K | $9.57 $9.58 | ▲ +0.10% | ▼ −0.50% | $9.21 (−3.76%) |
Jun 17, 2026 18w ago | 6-K | $10.20 $9.32 | ▼ −8.63% | ▼ −6.96% | $9.21 (−9.71%) |
Jun 11, 2026 19w ago | EFFECT | $9.60 $9.99 | ▲ +4.06% | ▲ +3.63% | $9.21 (−4.06%) |
Mar 4, 2026 33w ago | Press Release | $7.99 $8.00 | ▲ +0.13% | ▲ +1.46% | $9.21 (+15.27%) |
US Market Status
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