Codere Online (CDRON) Q2 2026 Earnings Report
MX:CDRON Q2 2026 EPS Results
- Actual EPS
- -MXN 0.63
- Consensus EPS
- MXN 0.84
- Beat/Miss
- Missed by -MXN 1.47
- One Year Ago EPS
- -MXN 1.05
MX:CDRON Q2 2026 Revenue Results
- Actual Revenue
- MXN 1.41B
- Expected Revenue
- MXN 1.22B
- Beat/Miss
- Beat by +MXN 184.72M
- YoY Revenue Growth
- +28.53%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 07/30/2026
- Time
- Before Open
- Conference Call
- Thursday, July 30, 2026
Codere Online's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call communicated broad, tangible operational and financial progress—record quarterly revenue, significant YoY growth across core markets (Spain and Mexico), improved customer engagement and monetization, raised full-year guidance, margin expansion, positive World Cup impact, and a stronger cash position with no financial debt. Offsetting items include higher gaming taxes (notably in Mexico and Colombia), regulatory uncertainty in Colombia and Spain, competitive intensity in Mexico requiring continued marketing investment, and limited near-term clarity on retention of tournament-acquired users. On balance, the positives (revenue, guidance raise, margin improvement, cash generation, market rebounds) materially outweigh the negatives, though management acknowledged several risks and areas of caution.
Codere Online raised its full‑year 2026 guidance to net gaming revenue of EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA of EUR 20–25 million (from EUR 15–20 million), reflecting strong Q2 results (NGR EUR 69.4m, +27% YoY; adjusted EBITDA EUR 5.8m, 8.4% margin vs 4.3% LY). Key operating metrics: average monthly active customers ~173,000 (+12% YoY), average monthly spend per active customer EUR 134 (+13% YoY), ~108,000 first‑time depositors in Q2 (+37% YoY) with CAC improving to ~EUR 200 (from EUR 217). Q2 marketing was EUR 26.2m (37.7% of NGR vs 41.5% LY); casino comprised 62% of revenue, sports 38%. Balance sheet/cash metrics underpinning the outlook include ~EUR 63m total cash (EUR 58m available), EUR 6.9m cash flow generated in Q2, and a structural negative working capital of ~EUR 25m (~10% of LTM NGR). Management cited four drivers of the upgrade: removal of Colombia’s 19% VAT on deposits, Spain’s outperformance, a more rational competitive environment in Mexico, and a stronger Mexican peso (contributing >EUR 4m in H1), plus exceptional World Cup results (stakes ~EUR 63m, ~180% above 2022; unique users +56% vs 2022 excluding Colombia; ~40,000 new customers around the event).
- Record Quarterly Revenue and Strong YoY GrowthConsolidated net gaming revenue of EUR 69.4 million in Q2 2026, up 27% versus Q2 2025, described as the company's highest quarterly revenue to date.
- Raised Full-Year Guidance2026 net gaming revenue guidance raised to EUR 255–265 million (from EUR 235–245 million) and adjusted EBITDA guidance increased to EUR 20–25 million (from EUR 15–20 million).
- Improved Profitability and EBITDA ExpansionAdjusted EBITDA for Q2 was EUR 5.8 million versus EUR 2.3 million a year ago; adjusted EBITDA margin improved to 8.4% from 4.3% in Q2 2025.
- Strong Customer and Monetization MetricsAverage monthly active customers ~173,000 (+12% YoY) and average monthly spend per active customer EUR 134 (+13% YoY), indicating higher engagement and player value.
- Effective Acquisition PerformanceApproximately 108,000 first-time depositors in Q2 (+~37–40% YoY) and cost per acquisition improved to EUR 200 from EUR 217 YoY (≈-7.8%).
- Market-Level Outperformance (Spain & Mexico)Spain NGR EUR 27.6 million (+25% YoY) and Mexico NGR EUR 36.1 million (+24% YoY); both markets cited as primary growth drivers with Spain enabling increased marketing due to higher player values.
- Other Markets ReboundOther markets (Colombia, Panama, City of Buenos Aires) generated EUR 5.7 million of NGR in Q2, up more than 50% YoY, with Colombia benefiting from removal of 19% VAT on deposits and Panama delivering its strongest quarter to date.
- World Cup PerformanceWorld Cup significantly boosted results: excluding Colombia, unique users ~56% above 2022 levels; stakes ~EUR 63 million (~+180% vs prior World Cup); net gaming revenue during the event more than doubled vs 2022; acquired ~40,000 new customers around the event.
- Healthy Cash Position and No Financial DebtClosed Q2 with ~EUR 63 million total cash (EUR 58 million available), no financial debt, and generated EUR 6.9 million of cash flow in the quarter; structural negative working capital ~EUR 25 million (~10% of LTM NGR) supporting cash generation.
- Marketing Efficiency and Scale BenefitsMarketing spend was EUR 26.2 million in Q2 but fell as a percent of NGR to 37.7% from 41.5% a year ago; platform and content costs benefiting from scale, aiding margin expansion.
MX:CDRON Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 18, 2026 | 2026 (Q3) | 1.47- | 0.63 | ― | ― |
| Jul 30, 2026 | 2026 (Q2) | 0.84-0.63 | -1.05 | 40.00% (+0.42) | |
| May 07, 2026 | 2026 (Q1) | 0.842.94 | -0.42 | 800.00% (+3.36) | |
| Feb 26, 2026 | 2025 (Q4) | 1.360.63 | 3.15 | -80.00% (-2.52) | |
| Nov 17, 2025 | 2025 (Q3) | 1.150.63 | -1.26 | 150.00% (+1.89) | |
| Jul 31, 2025 | 2025 (Q2) | -0.21-1.05 | -0.84 | -25.00% (-0.21) | |
| May 16, 2025 | 2025 (Q1) | 1.05-0.42 | 1.68 | -125.00% (-2.10) | |
| Feb 20, 2025 | 2024 (Q4) | 0.313.15 | -0.42 | 850.00% (+3.57) | |
| Nov 27, 2024 | 2024 (Q3) | 0.00-1.26 | -0.84 | -50.00% (-0.42) | |
| Jul 31, 2024 | 2024 (Q2) | -0.63-0.84 | -0.63 | -33.33% (-0.21) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
