Codere Online Raises Outlook After Spain and Mexico Drive Record Quarter
Codere Online raised its 2026 outlook after a record Q2. Net gaming revenue rose 27% to €69.4m. Adjusted EBITDA increased 152% to €5.8m. Full-year 2026 NGR guidance was lifted to €255m-€265m and adjusted EBITDA to €20m-€25m, citing Spain and Mexico strength and FX/tax factors.
How this was made
The 30-second read
Why it matters
The key tradable update is the FY 2026 guidance raise, supported by higher NGR and a large adjusted EBITDA jump, plus cash generation and zero financial debt. The World Cup marketing strategy also appears to have improved acquisition efficiency and cross-sell into online casino.
Market read
Guidance upgrade with quantified ranges and clear operating drivers can drive re-rating and near-term positioning, while M&A chatter adds optionality.
What to watch
The article flags ongoing evaluation of long-term player retention and capital deployment/licensing plans, which could introduce execution risk despite the guidance raise.
Background
Codere Online reported record Q2 results and is Nasdaq-listed since late 2021, with growth concentrated in Spain and Mexico.
Ticker impact
Codere Online raised FY 2026 NGR guidance to €255m-€265m and adjusted EBITDA to €20m-€25m after record Q2 results.
Likely positive bias for shares on guidance upgrade, with follow-through dependent on sustaining LatAm yield and user-quality trends.
The article provides specific, time-relevant guidance ranges and attributes the raise to identifiable operating drivers (Spain, Mexico, FX tailwinds, Colombia tax updates) and cash/debt position (cash €62.6m, zero debt).
Market effects
Reinforces that LatAm online gaming can deliver profitability gains via yield management and targeted acquisition, not just user growth.
Highlights Mexico peso FX tailwinds and Spain market expansion as key swing factors for earnings quality in LatAm-focused operators.
Limited spillover beyond online gaming, but may affect investor sentiment toward emerging-market iGaming operators with similar revenue mix.
Counterpoint
User growth in Mexico was intentionally constrained via a promotional-abuse purge, so investors may question whether yield gains can persist without re-accelerating quality-adjusted acquisition.
Key entities
- companyCodere Online
Nasdaq-listed online gaming operator that raised FY 2026 NGR and adjusted EBITDA guidance after record Q2 results.
- personAviv Sher
CEO quoted on the earnings call regarding record quarterly revenue and the World Cup marketing approach.
- personMarcus Arildsson
CFO quoted on Spain and Mexico performance and secondary-market growth.
- companyCodere Gaming
Parent group referenced in M&A chatter, including speculation about selling or restructuring its 66% stake in the Nasdaq-listed online division.
