{"id":10607,"date":"2026-08-01T14:54:14","date_gmt":"2026-08-01T14:54:14","guid":{"rendered":"https:\/\/www.europesays.com\/lu\/10607\/"},"modified":"2026-08-01T14:54:14","modified_gmt":"2026-08-01T14:54:14","slug":"codere-online-luxembourg-s-a-q2-2026-earnings-call-summary","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/lu\/10607\/","title":{"rendered":"Codere Online Luxembourg, S.A. Q2 2026 Earnings Call Summary"},"content":{"rendered":"

\"Codere<\/a> Codere Online Luxembourg, S.A. Q2 2026 Earnings Call Summary – Moby Strategic Performance Drivers <\/p>\n

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Record quarterly revenue was driven by accelerated growth in Spain and Mexico, alongside a recovery in Colombia following the removal of a 19% VAT on customer deposits. <\/p>\n

The World Cup served as a major acquisition catalyst, with stakes reaching approximately EUR 63 million, representing a 180% increase over the 2022 tournament. <\/p>\n

In Mexico, revenue growth was driven primarily by higher spend per active customer as management intentionally cleaned the database to reduce promotional abuse and improve player quality. <\/p>\n

Spain’s outperformance was attributed to structural market growth and successful market share recovery, supported by enhanced platform stability and AI-driven retention tools. <\/p>\n

Marketing efficiency improved as the company leveraged its strong brand to acquire customers organically during the World Cup, avoiding high-cost broadcast advertising. <\/p>\n

Profitability gains reflect inherent operating leverage, with marketing expenses decreasing as a percentage of net gaming revenue despite higher absolute spending. <\/p>\n

Strategic Outlook and Guidance Assumptions <\/p>\n

Full-year 2026 revenue guidance was raised to EUR 255-265 million, assuming continued momentum in Spain and a favorable competitive environment in Mexico. <\/p>\n

Adjusted EBITDA guidance was increased to EUR 20-25 million, reflecting strong cash conversion expectations and disciplined marketing spend. <\/p>\n

Management expects to gradually migrate marketing spend toward a stable-state range of 22% to 28% of revenue over the next few years. <\/p>\n

Future growth in Colombia remains contingent on further tax regulatory changes; management is maintaining a ‘wait-and-see’ approach before re-accelerating marketing investment there. <\/p>\n

The company is evaluating strategic M&A and licensing opportunities in Latin America, specifically targeting newly regulating markets like Uruguay and Chile. <\/p>\n

Operational Risks and Structural Factors <\/p>\n

The Mexican Peso’s strength contributed over EUR 4 million to the first half results, though it also increased the Euro-denominated cost of local marketing. <\/p>\n

New regulatory hurdles in Spain, including joint deposit limits and VIP restrictions, are expected to be manageable but remain a factor for future periods. <\/p>\n

The competitive landscape in Mexico remains ‘harsh’ with heavy-spending new entrants, requiring Codere to maintain high promotional activity for core and VIP segments. <\/p>\n

Management acknowledged that low liquidity in the company’s shares continues to impact valuation relative to larger industry peers. <\/p>\n

Story Continues <\/p>\n

Q&A Session Highlights <\/p>\n

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Retention and cross-sell performance of World Cup acquired customers <\/p>\n

Management observed approximately 30% to 40% cross-activation into iGaming (primarily table games) among new World Cup users. <\/p>\n

While early results are positive, management cautioned that tournament-acquired players often have lower long-term value and higher churn rates compared to core users. <\/p>\n

Marketing investment strategy and long-term margin targets <\/p>\n

Nominal marketing spend for 2026 is expected to be between EUR 90 million and EUR 100 million, slightly higher than 2025 due to FX and opportunistic spending in Spain. <\/p>\n

Management confirmed the business is migrating toward a lower marketing-to-revenue ratio to align with mature industry peers while balancing growth in Mexico. <\/p>\n

Capital allocation priorities between M&A and share buybacks <\/p>\n

With EUR 58 million in available cash and no debt, management expects to prioritize M&A and new market entries over share buybacks in the coming year. <\/p>\n

The share repurchase authorization remains in place through 2026 as a secondary tool to address valuation and liquidity concerns. <\/p>\n","protected":false},"excerpt":{"rendered":"Codere Online Luxembourg, S.A. Q2 2026 Earnings Call Summary – Moby Strategic Performance Drivers Our analysts just identified…\n","protected":false},"author":2,"featured_media":10608,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[1713,3259,3260,5,592,3258,484,2164],"class_list":["post-10607","post","type-post","status-publish","format-standard","has-post-thumbnail","category-luxembourg","tag-codere","tag-colombia","tag-customer-deposits","tag-luxembourg","tag-mexico","tag-revenue-growth","tag-spain","tag-world-cup"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@lu\/117020830359477292","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/posts\/10607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/comments?post=10607"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/posts\/10607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/media\/10608"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/media?parent=10607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/categories?post=10607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/lu\/wp-json\/wp\/v2\/tags?post=10607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}