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    Arthur Roulac • Three Court

    Arthur Roulac is Partner and Co-Chief Investment Officer at Three Court, specializing in opportunistic credit investments focused primarily on North American markets, where he targets complex and under-followed credits, privately originated loans, stressed and distressed debt. Over his career, Roulac has covered major companies in the high yield and opportunistic credit universe, producing returns that aim to materially outperform the domestic high yield market through multiple credit cycles. He began his investment career at Banc of America Securities and subsequently held senior investment roles at Angelo Gordon, Citi Alternatives, and Nomura Securities International, before joining and co-founding Three Court in 2012. He is recognized for his ability to source and analyze sophisticated credit opportunities and holds advanced professional credentials from his tenure at leading Wall Street and alternative investment firms.

    Arthur Roulac's questions to Codere Online Luxembourg SA (CDRO) leadership

    Arthur Roulac's questions to Codere Online Luxembourg SA (CDRO) leadership • Q2 2025

    Question

    Arthur Roulac followed up on the share repurchase program, asking if it was discretionary or systematic, and also inquired about the company's Net Operating Losses (NOLs) and their potential value to a future acquirer.

    Answer

    CFO Oscar Iglesias clarified that the company has deployed both opportunistic and systematic share repurchase strategies at different times. Regarding NOLs, he confirmed that Codere Online holds a material amount from past investments, particularly in Mexico, which would be relevant and beneficial in the context of a potential acquisition as the business becomes profitable. He also noted the existence of NOLs in Spain.

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    Arthur Roulac's questions to Codere Online Luxembourg SA (CDRO) leadership • Q1 2025

    Question

    Arthur Roulac asked about the nature of Q1's additional investments, the full-year marketing spend outlook, the financial impact of the River Plate sponsorship ending, the market affected by negative sports outcomes, the share repurchase structure, and the status of the Argentina license acquisition.

    Answer

    CFO Oscar Iglesias described Q1 investments as marginal, covering personnel and platform upgrades. CEO Aviv Sher projected full-year marketing spend to be similar to or slightly higher than last year, with seasonal variations. Iglesias confirmed the negative sports margin impact of €1.5 million was in Mexico and explained the share buyback involves a broad shareholder authorization under which the Board approved a specific $5 million program. Both executives confirmed the Argentina license process remains stalled over price.

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