The H1 results confirm a clear profitability inflection, with both top-line growth and margin expansion. The NFL sponsorship in Mexico is a brand-building catalyst that could accelerate customer acquisition in the largest segment. Monitor the Q3 2026 report for early signs of NFL-driven user growth and any update on warrant expiration (Nov 30, 2026) which could create overhang.
Price Chart
Executive Summary
Codere Online reported a strong turnaround for H1 2026, with revenue growing 18.4% YoY to €124.7 million and net income of €5.6 million versus a €3.1 million loss in H1 2025. The improvement was driven by revenue growth across Spain (+20.7%) and Mexico (+15.6%), combined with a swing in net financial results from -€4.9M to +€1.6M, largely due to reduced FX losses and a positive hyperinflation impact in Argentina. Operating income nearly doubled to €5.3M. The company also announced a multi-year NFL sponsorship deal in Mexico post-period.
Key Facts
- Revenue grew 18.4% YoY to €124.7M (H1 2026) from €105.3M (H1 2025)
- Net income swung to €5.6M profit from a €3.1M loss in H1 2025
- EPS improved to €0.123 from -€0.069
- Operating income rose 76% to €5.3M from €3.0M
- Cash and cash equivalents increased to €62.5M from €50.0M at year-end 2025
- Net cash from operations more than doubled to €16.7M from €7.9M
- Spain revenue +20.7% to €53.1M; Mexico revenue +15.6% to €62.2M
- Post-period: multi-year NFL sponsorship deal as exclusive online sportsbook partner in Mexico announced Sep 10, 2026
- No bank debt; all financial liabilities are current payables with related parties (€2.9M)
- Warrants classified as current liabilities due Nov 30, 2026, valued at €5.5M
Financial Impact
Revenue +€19.4M YoY; net income swing of +€8.7M; operating cash flow +€8.8M
Risk Factors
- Mexico segment remains EBITDA-negative (-€1.8M) despite strong revenue growth; profitability path not yet proven
- Warrants expiring Nov 30, 2026 (€5.5M liability) could create dilution or cash outflow
- Currency translation losses of -€1.8M in H1 2026 highlight FX exposure to MXN, COP, ARS
- Share-based compensation of €6.2M (non-cash) inflated personnel expenses; cash operating expenses still growing
- Argentina exit (Mendoza) removes a small revenue contributor but eliminates a loss-making operation
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001829126-26-010619 |
| Document: codereonline_6k.htm | 0001829126-26-010619 |
| Document: 0001829126-26-010619-index-headers.html | 0001829126-26-010619 |
| Document: 0001829126-26-010619-index.html | 0001829126-26-010619 |
| Document: 0001829126-26-010619.txt | 0001829126-26-010619 |
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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