Codere Online US Corp

Codere Online Luxembourg reported record quarterly net gaming revenue of €69.4 million for the second quarter of 2026, a 27% increase from the prior year, and raised its full-year outlook. Adjusted EBITDA rose to €5.8 million from €2.3 million, with the adjusted EBITDA margin expanding to 8.4%. The company now expects full-year net gaming revenue between €255 million and €265 million and adjusted EBITDA between €20 million and €25 million, up from prior guidance of €235 million to €245 million and €15 million to €20 million, respectively. Growth was driven by Spain and Mexico, which posted revenue increases of nearly 25% and approximately 24%, while other markets including Colombia and Panama generated more than 50% higher revenue. Average monthly active customers grew 12% to about 173,000, and first-time depositors rose 37% with customer acquisition costs declining to €200. The company ended the quarter with approximately €63 million in cash and no financial debt, and is evaluating acquisitions, market entries, and share repurchases.