Codere Revenue Rises 5.8% as Online and Retail Strengthen

Spain.- 15 September 2026 | www.zonadeazar.com Grupo Codere closed the second quarter of 2026 with stronger operating performance across its core businesses, supported by continued online growth, improving retail profitability and positive momentum across several key markets.

Gaming revenue reached €352.5 million, up 5.8% year on year, while adjusted EBITDA increased 14.1% to €57.6 million.

At constant exchange rates, revenue growth would have reached approximately 9%, with adjusted EBITDA increasing around 17%.

€352.5 Million in Gaming Revenue

Codere generated €352.5 million in gaming revenue during Q2.

The figure represents continued year-on-year expansion across its combined retail and digital operations.

Adjusted EBITDA Reaches €57.6 Million

Adjusted EBITDA increased to €57.6 million.

The 14.1% increase significantly outpaced revenue growth.

Profitability Improves Faster Than Revenue

The difference between the two growth rates points towards higher operating efficiency.

Revenue rose 5.8%, while adjusted EBITDA expanded at more than twice that pace.

Currency Impact

Codere operates across a number of currencies, particularly through its substantial Latin American footprint.

Foreign-exchange movements therefore affected reported performance.

9% Revenue Growth at Constant Currency

Removing currency effects, revenue growth would have been approximately 9%.

EBITDA Up 17% at Constant Currency

Adjusted EBITDA would have increased roughly 17% on the same basis.

This provides a clearer view of underlying operating momentum.

Online Remains a Key Growth Driver

The digital business delivered another strong quarter.

Online adjusted EBITDA reached €11.8 million.

Online EBITDA Up 23%

That represented a 23% year-on-year increase.

The performance further strengthens online’s position as one of the group’s key growth and profitability drivers.

Growing Importance of Digital

The digital operation is contributing increasingly to the wider group’s profitability.

It also provides Codere with additional scale beyond its extensive physical network.

Argentina, Spain and Mexico Lead Improvement

Codere highlighted Argentina, Spain, Mexico and the online segment as major contributors to increased profitability.

These remain strategically important markets within the group’s international portfolio.

Retail Profitability Continues Recovering

The strong digital performance was accompanied by another improvement in retail.

Seven Consecutive Quarters

Codere has now recorded seven consecutive quarters of retail profitability growth.

That consistency is one of the most important aspects of the latest results.

€197.6 Million LTM Retail EBITDA

Retail adjusted EBITDA for the 12 months to the end of June reached €197.6 million.

22.7% Improvement

The figure was 22.7% higher than a year earlier.

It demonstrates that the improvement extends beyond one isolated quarter.

Omnichannel Business Model

Codere combines:

• Gaming halls.
• Retail sports betting.
• Gaming machines.
• Bingo.
• Casino.
• Racecourses.
• Online gambling.

Growth across both retail and digital channels supports its omnichannel strategy.

Complementary Channels

The company’s model is designed to make physical and digital operations complementary rather than competing businesses.

Customers can interact with the brand through multiple channels.

Retail Remains Strategically Important

Despite online expansion, the physical business continues to account for a major part of the group’s operations.

Codere maintains a substantial venue and terminal network across Europe and Latin America.

International Presence

The group operates in seven principal markets:

• Spain.
• Italy.
• Argentina.
• Mexico.
• Panama.
• Colombia.
• Uruguay.

Online activity complements physical operations in several of those jurisdictions.

Spain

Spain remains Codere’s historic home market.

The company combines retail sports betting, gaming machines, gaming venues and online operations.

Mexico

Mexico is another major pillar.

Codere operates gaming venues, sports betting, online gambling and the Hipódromo de las Américas.

Argentina

The group retains a substantial retail footprint in Buenos Aires Province and online operations in Buenos Aires City.

Italy

Its Italian business combines a large machine and venue network with newer online operations.

Colombia, Panama and Uruguay

These markets provide additional geographic and product diversification.

€142.3 Million Cash Position

Codere ended June with €142.3 million in cash.

This provides liquidity to support operations, investment and financial commitments.

€79.6 Million in Retail

Of the total, €79.6 million was held within the retail operation.

€62.7 Million in Codere Online

A further €62.7 million was held by Codere Online.

The split highlights the increasing financial relevance of the digital business.

Focus on Profitable Growth

Codere’s strategy is not simply to increase volume.

The group is placing increasing emphasis on profitability and efficiency.

Operating Discipline

Adjusted EBITDA growth outpacing revenue suggests improved operating leverage.

Online Scale

Digital gambling carries a different cost structure from land-based operations.

Once technology and regulatory infrastructure are established, additional customer growth can provide greater economies of scale.

Retail Cost Structure

Physical operations face substantial costs including:

• Staff.
• Property.
• Maintenance.
• Machines.
• Venue infrastructure.

That makes sustained retail profitability improvement particularly significant.

World Cup Activity

The second quarter coincided with the 2026 football World Cup.

Codere used the tournament across sports betting, marketing and omnichannel engagement.

Strong Retail Betting Activity

The company recorded substantial retail betting activity around the tournament.

Major sporting events remain particularly valuable for operators with large physical networks.

Digital Benefit

Online channels also benefit from major sports competitions.

Codere can therefore capture activity across both environments.

Sports Betting Connects Channels

Sports betting provides an important bridge between physical and online activity.

Customers can move between channels while remaining within the same brand ecosystem.

Online Casino Diversification

Casino products also create revenue that is less dependent on the sporting calendar.

Broader Product Mix

Codere’s mix of betting, casino, bingo, machines and other products reduces reliance on any single vertical.

Codere Online Gains Strategic Weight

Codere Online has become an increasingly important unit within the wider group.

Its 23% EBITDA growth reinforces that trend.

Mexico as a Key Digital Market

Mexico remains particularly important for the online division.

The company has invested heavily in brand and customer acquisition in the country.

Spain’s Digital Role

Spain also remains central to the digital strategy, combining strong brand recognition with a mature regulated online market.

Argentina Improves Profitability

Argentina was specifically identified among the principal contributors to the quarter’s profitability improvement.

Currency Exposure

Latin American operations also create significant FX exposure.

Currency movements can materially affect consolidated euro-denominated results.

Constant-Currency Performance

For that reason, constant-currency data provides an important measure of underlying operating strength.

Margin Expansion

The 17% adjusted EBITDA growth at constant currency suggests meaningful margin improvement.

Technology Investment

Online growth requires continued investment in:

• Platforms.
• Mobile applications.
• Payments.
• Cybersecurity.
• CRM.
• Analytics.
• Responsible gambling.

Retail Digitalisation

The distinction between physical and digital gaming continues to narrow.

Technology increasingly connects customer accounts, promotions and product experiences across channels.

Omnichannel Advantage

Codere can use its physical network to support digital acquisition and brand recognition.

Pure online competitors do not possess that same retail footprint.

Digital Extends Reach

Online operations simultaneously allow the group to reach customers who may never visit physical venues.

Higher Customer Value

A successful omnichannel model can increase the number of products used by each customer, supporting retention and lifetime value.

Regulated Markets

Codere operates exclusively in regulated markets.

Its international expansion therefore requires substantial compliance infrastructure.

Compliance Costs

Multi-market operations require investment in:

• KYC.
• AML.
• Responsible gambling.
• Regulatory reporting.
• Data protection.
• Payment compliance.

Benefits of Scale

A larger group can spread some of those costs across multiple jurisdictions.

Sustained Retail Improvement

Seven consecutive quarters of retail profitability growth suggest a sustained operational trend rather than a short-term rebound.

Balance-Sheet Support

The €142.3 million cash position provides further financial stability.

Investment Capacity

Available liquidity can support:

• Venue upgrades.
• Technology.
• Marketing.
• New products.
• Online expansion.

Industry Context

Large international operators are increasingly blending physical and digital channels.

Customers do not necessarily separate retail and online gambling in the way businesses historically did.

For established retail operators such as Codere, the challenge is therefore to maintain the profitability of large physical networks while accelerating digital growth.

Q2 2026 indicates progress on both fronts.

Next Steps and Impact

Codere enters the second half of 2026 with higher revenue, expanding EBITDA and continued retail profitability improvement.

The €352.5 million in gaming revenue, 14.1% adjusted EBITDA growth and 23% increase in online adjusted EBITDA demonstrate positive momentum across the main operating segments.

At the same time, €197.6 million in trailing 12-month retail adjusted EBITDA confirms seven consecutive quarters of profitability improvement.

The group also retains €142.3 million in cash, providing additional operational and investment flexibility.

The main challenge for the remainder of the year will be maintaining the combination of digital expansion and retail recovery while using Codere’s international scale and omnichannel model to continue improving profitability.

Editó: @fonta