Codere Online Luxembourg (CDRO) Q2 2026 earnings summary

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.