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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Codere Online Luxembourg
Codere Online Luxembourg (CDRO) investor relations material
Codere Online Luxembourg Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary30 Jul, 2026
Executive summary
Achieved record quarterly net gaming revenue of €69.4 million in Q2 2026, up 27% year-over-year, with adjusted EBITDA at €5.8 million, a €3.5 million improvement from Q2 2025.
Growth was driven by Spain and Mexico, with casino contributing 62% and sports betting 38% of NGR.
World Cup 2026 drove exceptional customer acquisition and engagement, with stakes up 180% and unique users up 56% versus 2022.
Average monthly active customers rose 12% to ~173,000, and average monthly spend per customer increased 13% to €134.
Net income for H1 2026 was €5.6 million, reversing a net loss of €3.1 million in H1 2025.
Financial highlights
Spain NGR grew 25% year-over-year to €27.6 million; Mexico NGR rose 24% to €36.1 million; other markets NGR up 54% to €5.7 million.
Adjusted EBITDA margin improved to 8.4% from 4.3% in Q2 2025.
Marketing expense was €26.2 million (37.7% of NGR), down from 41.5% in Q2 2025.
Cash & equivalents at June 30, 2026: €63 million (of which €58 million available), with no financial debt.
Generated €6.9 million of cash flow in Q2 and €13.5 million in H1 2026, with strong EBITDA-to-cash conversion.
Outlook and guidance
Full-year 2026 net gaming revenue guidance raised to €255–265 million, and adjusted EBITDA to €20–25 million, reflecting strong H1 performance.
Midpoint of new guidance implies 16% year-over-year growth in net gaming revenue.
Marketing as a percentage of NGR expected to continue declining, supporting further profitability.
Marketing spend for 2026 expected between €90–100 million, slightly higher in nominal terms due to FX and growth, but lower as a percentage of revenue.
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Latest events from Codere Online Luxembourg
- Large share resale registration and Latin American growth plans highlight both opportunity and risk.CDRO
Registration filing - Q1 2026 delivered 13% NGR growth, strong profitability, and reaffirmed full-year guidance.CDROQ1 2026
- Record revenue and EBITDA growth in 2025, led by Mexico, with strong 2026 outlook.CDROQ4 2025
- Flat Q3 net gaming revenue, improved profitability, rising actives, and expanded buyback.CDROQ3 2025
- Q2 2025 net gaming revenue rose 1% to €54.8M, with strong Mexico growth despite FX headwinds.CDROQ2 2025
- Q3 2024 net gaming revenue rose 20% to €52M, led by Mexico and Spain despite FX headwinds.CDROQ3 2024
- Q2 2024 net gaming revenue up 39% to €54.4M; 2024 outlook raised on Mexico and Spain growth.CDROQ2 2024
- Q1 2025 net gaming revenue up 8% to €57M, driven by Mexico, with positive adjusted EBITDA.CDROQ1 2025
- 2024 NGR up 23% to €211.6M, 2025 guidance: €220–230M NGR, €10–15M EBITDA, risks persist.CDROQ4 2024
Next Codere Online Luxembourg earnings date
Q3 202616 Nov, 2026
Codere Online Luxembourg
Next Codere Online Luxembourg earnings date
Q3 202616 Nov, 2026
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Frequently asked questions
Codere Online Luxembourg S.A., also known as Codere Online, operates primarily as an online sports betting and casino gaming company. The company, a part of the broader Codere Group, began its online operations in 2014 and has since expanded its presence to several high-growth markets across Europe and Latin America. Key markets include Spain, Italy, Mexico, Colombia, Panama, and Argentina. Codere Online offers a wide range of gaming options through its advanced web service and mobile applications. Codere Online Luxembourg S.A. is headquartered in Luxembourg, Luxembourg, and its shares are listed on the Nasdaq.