Grupo Codere has reported its seventh consecutive quarter of improved profitability as growth from Codere Online and strong trading during the 2026 FIFA World Cup boosted Q2 performance.
Group gaming revenue grew 5.8% year-on-year to €352.5m (£302.8m) in the second quarter (Q2 2025: approximately €333m). Adjusted EBITDA increased by 14.1% from around €50.5m to €57.6m.
Codere said the improvement was due to its businesses in Argentina and Spain being “strong”, as well as growth of its Nasdaq-listed online division.
Codere Online had its strongest quarter ever with net gaming revenue (NGR) of €69.4m (+27% YoY to €54.8m). IFRS revenue was up 25% to €64.4m.
Spain saw online net gaming revenue (NGR) rise 25% to €27.6m (+11% average monthly active players to 54,400). Mexico was the division’s biggest market, as NGR rose 24% to €36.1m and revenue rose 21% to €31.8m.
The remaining markets (Colombia, Panama and Argentina) delivered combined NGR of €5.7m (+54%). Online average monthly active players increased 12% to 173,000 across the business.
Codere Online named the FIFA World Cup as a major driver of customer acquisition and engagement. Tournament stakes were €63m – 180% higher than at the 2022 World Cup; unique users grew by about 56% excluding Colombia.
The operator picked up almost 40,000 new customers during the tournament with World Cup NGR more than doubling from 2022 despite ‘customer friendly results’ producing a low sportsbook margin.
Codere Online CEO Aviv Sher said the World Cup had given “an additional boost to customer activity and engagement” but growth was broad based across the operator’s core markets.
The listed online division delivered Q2 adjusted EBITDA of €5.8m (+ €2.3m YoY) and although it reported a quarterly net loss (€1.4m), Codere Online returned to H1 net profit after losing €3.1m in the first half of 2025, flipping the script as it generated €5.6m.
CFO Marcus Arildsson said the stronger profitability had been achieved while the company continued to invest in growth. Codere Online ended June with €62.6m cash and no financial debt.
On the back of this record quarter, management raised its full year NGR guidance to €255m-€265m and upped adjusted EBITDA guidance to €20m-€25m.
Spain needs sales update
Spanish markets are now waiting for Grupo Codere’s next update on its strategic review of ownership and sale options.
In Q1, Codere’s shareholders hired investment banks Jefferies and Macquarie to evaluate possible transactions, including an outright sale of the group at a reported target valuation of around €2bn.
The valuation was scrutinised given Codere’s recent restructuring. In January 2026, the company reached an agreement with creditors that cut its debt load by around 95% (from close to €2bn to €195m).
Codere is owned by a broad consortium of investment funds that took control after the group’s previous restructuring. The investors had already split Codere Online from land-based business as the digital arm became an independently listed company on Nasdaq in December 2021.
Codere Online’s Q2 performance may therefore bolster the investment case for the wider Codere business.
Eyes will be turned towards the Nasdaq upon market open at 2:30pm UK time to see how investors react to the wider group’s results announcement. However, any deal involving the private parent must take account of separate ownership and public listing of its digital subsidiary.
Pressure for an update has been building up since it was announced that Lottomatica had agreed an all-share merger with Codere’s main Spanish rival CIRSA. CIRSA is valued at €2.8bn (€24 per-share) and its majority shareholder Blackstone will be the largest investor in the enlarged group, with a 24% holding.
The deal, which is expected to complete in the second quarter of 2027, will make Lottomatica the second-biggest listed online betting and gaming company in the world after Flutter Entertainment.
Spain and Italy’s leading positions in casinos, gaming machines, sports betting and online gambling will be held by the enlarged Lottomatica.
Against this new competitive backdrop, Codere has not yet revealed whether its advisers have found a buyer or received an offer for its quoted €2bn valuation.