Codere Online Luxembourg, S.A.

Codere Online reported consolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% year over year, and adjusted EBITDA of EUR 5.8 million versus EUR 2.3 million in Q2 2025. Adjusted EBITDA margin improved to 8.4% from 4.3% last year. Spain generated EUR 27.6 million of NGR (+25%), Mexico EUR 36.1 million (+24%), and other markets EUR 5.7 million (up more than 50%). Average monthly active customers were approximately 173,000 (+12%), average monthly spend per customer was EUR 134 (+13%), first-time depositors were about 108,000 (+37%), and cost per acquisition improved to EUR 200 from EUR 217. The company raised full-year 2026 guidance to EUR 255 million-EUR 265 million of net gaming revenue and EUR 20 million-EUR 25 million of adjusted EBITDA.

Aviv Sher called the quarter a standout, saying the business delivered its highest quarterly revenue to date and benefited from strong execution in Spain and Mexico as well as improving conditions in Colombia and Panama. He emphasized that the World Cup materially lifted acquisition and stakes, but also noted it is still too early to know how many of those new customers will remain active. His tone was confident and upbeat, while still framing Colombia as a wait-and-see market and describing capital allocation as disciplined rather than aggressive.

Marcus Arildsson said the quarter showed strong revenue growth with operating leverage, pointing to EUR 69.4 million of NGR and EUR 5.8 million of adjusted EBITDA. He noted marketing expense was EUR 26.2 million and fell to 37.7% of NGR from 41.5% a year ago, while gaming taxes rose materially, especially in Mexico and Colombia. He also highlighted a strong balance sheet with about EUR 63 million of total cash, EUR 58 million available, no financial debt, and EUR 6.9 million of cash flow generated in the quarter; he expects a high proportion of adjusted EBITDA to convert to cash over the full year. On guidance, he said the raise was driven mainly by Colombia, stronger-than-expected Spain, a more favorable Mexico competitive environment, and a stronger Mexican peso, which had already contributed more than EUR 4 million in the first half.

Analysts focused on the World Cup, asking about retention of the roughly 40,000 new customers, cross-sell into casino, and why CAC improved despite heavier tournament competition. Management said it was still early, but initial retention looked better than expected, cross-activation into iGaming was around 30% to 40%, and lower CAC reflected less direct World Cup spend and the strength of the brand. Questions also covered second-half EBITDA flow-through, Colombia reinvestment, marketing spend, Spain’s strong growth, and capital allocation; management said it expects no major first-half versus second-half flow-through change, is still cautious on Colombia marketing due to tax uncertainty, sees Spain as benefiting from higher player values and better technology stability, and is exploring Latin American licenses and acquisitions alongside the share repurchase program.