Codere Online Luxembourg, S.A. confirmed that Marcus Arildsson will take over as Chief Financial Officer effective November 17, 2025. Arildsson brings more than 25 years of international finance experience, having worked at Lehman Brothers and Merrill Lynch in London, executed over €9 billion in cross‑border M&A, and held senior finance roles at Arcano Partners, Millenium Hospitality Real Estate, Sonae Sierra, and Ladorian. He holds an MBA from Northwestern University’s Kellogg School of Management and a BBA from James Madison University.
The company released its unaudited results for the quarter ended September 30, 2025. Net gaming revenue reached €51.6 million, essentially flat year‑over‑year compared with €51.7 million in Q3 2024, while total revenue was €47.7 million. The first‑nine‑month net loss narrowed to €1.7 million from €3.0 million in the same period last year, reflecting tighter cost control and a more favorable mix of revenue streams.
The flat revenue picture is largely attributable to currency headwinds and a lower sports‑betting margin in Mexico, where the peso weakened by 5 % and the company’s sports‑betting book was more customer‑friendly in September. Despite these headwinds, the active customer base in Mexico grew 39 % versus Q3 2024, indicating that the company is successfully expanding its user base even as it manages margin pressure.
Codere reiterated its full‑year guidance, maintaining a net gaming revenue outlook of €220–230 million and an adjusted EBITDA target of €10–15 million. The company also announced an increase in its share‑buyback program from $5 million to $7.5 million, underscoring confidence in its cash‑flow generation. Oscar Iglesias, the outgoing CFO, will assist with the handover and is expected to join the board of directors after shareholder approval at the December 1 extraordinary general meeting.
"I’m thrilled to join Codere Online, a company that has demonstrated outstanding execution and discipline since becoming public," Arildsson said. CEO Aviv Sher noted that the company’s net gaming revenue was in line with the prior year period and that the growth in active customers in Mexico positioned the firm well for the remainder of the year. Chairman Gonzaga Higuero welcomed Arildsson, highlighting his international finance background as a strategic fit for the company’s growth plans.
The appointment signals Codere’s commitment to disciplined financial management and strategic capital allocation. With Arildsson’s investment‑banking expertise, the company is poised to strengthen its financial oversight, support expansion in core markets such as Mexico and Spain, and continue to deliver value to shareholders through disciplined budgeting and targeted capital deployment.
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