Codere Online Reports Record Q2 Revenue Driven by Growth in Spain and Mexico
Codere Online Luxembourg, S.A. reported record quarterly revenue driven primarily by strong performance in Spain and Mexico, as well as a recovery in Colombia following the removal of a 19% VAT on customer deposits. The World Cup acted as a major acquisition catalyst, with stakes reaching EUR 63 million—a significant increase compared to the previous tournament in 2022. In Mexico, revenue growth was fueled by higher spend per active user after database cleansing efforts improved player quality and reduced promotional abuse. Spain's success stemmed from structural market expansion and effective platform improvements including AI-driven retention tools. Marketing efficiency also improved as organic customer acquisition during the World Cup minimized reliance on high-cost advertising. The company raised its full-year 2026 revenue guidance to EUR 255-265 million, with adjusted EBITDA expected between EUR 20-25 million due to strong cash conversion and disciplined marketing spend. Management plans to gradually shift marketing expenses toward a stable-state range of 22%–28% of total revenue over the next few years.
Tickers: $NVDA
Topics: market_recovery marketing_efficiency regulatory_changes revenue_growth