Codere Online Luxembourg posts record Q2 2026 earnings and lifts 2026 revenue outlook

Codere Online Luxembourg reported a record Q2 2026 revenue, driven by accelerated growth in Spain and Mexico and a rebound in Colombia after a 19% VAT on customer deposits was removed. The World Cup acted as a major acquisition catalyst, with stakes reaching roughly €63 million, a 180% increase over the 2022 tournament. Profitability improved thanks to operating leverage and lower marketing expense ratios, while the company plans to shift marketing spend toward a stable‑state range of 22‑28% of revenue.

Management raised its full‑year 2026 revenue guidance to €255‑265 million and adjusted EBITDA guidance to €20‑25 million, citing continued momentum in Spain and a favorable competitive environment in Mexico. Analysts at Noble Financial forecast Q3 EPS of $0.06, a full‑year consensus EPS of $0.33, and Q4 EPS of $0.13. Ratings were adjusted to "Buy" and "Hold" by Wall Street Zen and Weiss Ratings, respectively, with a consensus target price of $10.00. Insider director Sánchez Oscar Iglesias sold 14,276 shares valued at $143,331, reducing his stake by 12.06%.