Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the conference call for journalists for RTL Group's half-year results 2026. I am Moritz, your conference call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. If you would like to ask a question from the webinar, you may click the Q&A button on the left side of your screen and then click the Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. For operator assistance, please press the Operator Assistance button on the bottom left side of your screen. At this time, it is my pleasure to hand over to Oliver Fahlbusch. Please go ahead, sir. Yeah. Good morning, everyone, and thank you for joining our journalist call for RTL Group's half-year results 2026. The speakers for today's presentation are Clément Schwebig, the Group CEO, and Björn Bauer, our CFO. The presentation for this call is available on our corporate website rtl.com, following the link included in our press release under Download. The agenda on slide two shows the areas our management team will cover today. After the presentation, Clément and Björn are available to answer your questions. With this, I will hand over to Clément to run you through the highlights of the first half of 2026. Thank you, Oliver, and good morning to you all. Thank you for joining us this morning. As you may know I joined, or I should say, rejoined RTL Group in April and took over as the CEO in May. Over the past few weeks, I have been meeting executive teams and experts across the group but also our partners across the industry. What I can say is I am truly excited about the level of creativity, enthusiasm, and drive I can see throughout the organization. As this is my first journalist call as CEO of RTL Group, I look forward to engaging with many of you in the future. Now let me highlight the most important developments of the past six months before Björn will run you through the numbers in greater detail. Today, we are commenting our interim result for the first half of the year 2026. In the first six months of 2026, we delivered on our transformation strategy with very tangible results, and we are executing it with A, speed and B, discipline. Only 10 weeks ago, we successfully closed the Sky Deutschland transaction. Look, this is probably the most transformational deal in the history of RTL Group in the last 25 years of existence. We were successful in getting the approval of the European Commission without any remedies. Our RTL Deutschland management team is moving quickly to integrate the business, and we are fully focused on delivering the EUR 250 million in synergies over the next three years. Also, our streaming services continue to grow dynamically and deliver now strong profitability. This is a turning point in our operation. After years of carefully investing in content and tech infrastructure, streaming is now high margin contributor and high growth segment at the same time. As a result, we now expect streaming to contribute around EUR 100 million to our full-year Adjusted EBITA. In our linear TV business, we face a soft TV advertising market, actually in line with our expectations. At the same time, we gained market share in both TV audience and TV advertising in Germany and France. In France, this was clearly driven by the coverage of the FIFA World Cup on M6 and M6+, a powerful demonstration of the unique power of our content and brands, and also the exceptional reach that TV offers in the current fragmented audience environment. For the financial year 2026, we confirm our Adjusted EBITA target of around EUR 725 million in line with our previous guidance. We will look at the outlook in greater detail at the end of our presentation. At the same time, we confirm our medium-term Adjusted EBITA target of EUR 1 billion, with streaming being the key driver for future profit growth at RTL. Now over to Björn, who will take you through the Group's financial results in more detail. Yeah. Thank you, Clément, and good morning everyone also from my side. First, one comment regarding the presentation of our numbers. The Sky Deutschland acquisition closed on June 1, 2026, and so our first half results include Sky Deutschland for one month, i.e. June, following its full consolidation. Let's start with a look at our key financials on slide six. In the first half of 2026, RTL Group's revenue grew 3.9% to EUR 2.9 billion, mainly driven by the acquisition of Sky Deutschland and continued streaming growth. Organically, Group revenue was stable. Our Adjusted EBITA increased from EUR 160 million to EUR 239 million. This corresponds to a significant margin uplift from 5.8% to 8.3%. The strong increase was mainly driven by the streaming business, the acquisition of Sky Deutschland and a higher contribution from Fremantle. Adjusted EBITA, excluding the impact from Sky Deutschland, was also up by EUR 18 million. Group profit from continuing operations increased significantly from EUR 6 million - EUR 61 million in the first half of 2026, mainly due to the contribution of Sky Deutschland. Over to slide seven. Let's look at the development of our Adjusted EBITA. The bridge shows the various effects in the first half of 2026. As expected, we see lower contributions from the Group's linear TV channels, mainly due to higher programming costs related to the FIFA World Cup coverage at Groupe M6 in June. The decrease was offset by significantly higher Adjusted EBITA from streaming, up by EUR 65 million compared to the first half of 2025. Fremantle's Adjusted EBITA increased by EUR 21 million -EUR 60 million, and is well on track to reach the target margin of 9% in the full year 2026, as previously guided. Sky Deutschland contributed EUR 61 million to the Group's Adjusted EBITA in the first half of 2026. This is, however, not indicative of the full year Adjusted EBITA contribution by Sky Deutschland, as the month of June is seasonally highly favorable, with no Bundesliga or German Cup football matches broadcast and no related sports rights and production costs incurred in June. We will come back later to this in the outlook presentation. Now, let's take a closer look at the financial development across our main business units, and let's move to the next slide. Let me start with our largest unit, RTL Deutschland. Total revenue of RTL Deutschland was up 11.1% to EUR 1.3 billion. This strong increase was again mainly driven by the scope effect from Sky Deutschland acquisition and higher streaming revenue. Both effects more than compensated for lower linear TV advertising revenue. The German net TV advertising market remained challenging, estimated to be down -6% to -7% compared to the first half of 2025, and RTL Deutschland continued to outperform the market. Adjusted EBITA increased from EUR 70 million in the first half of 2025 to EUR 129 million in the first half of this financial year, mainly due to the acquisition of Sky Deutschland and the streaming service RTL+, which became profitable in the first half of 2026. As mentioned before, for Sky Deutschland, the month of June is seasonally favorable and not indicative for the full year. RTL Deutschland, excluding Sky Deutschland, achieved a combined average audience share of 26.3% in the target group of viewers aged 14 - 59. We therefore widened the lead over our main commercial competitor, ProSiebenSat.1, to 6.6% points. Let's turn to France and take a closer look at Groupe M6. Total revenue of Groupe M6 increased by 1.7% to EUR 644 million. The main drivers were higher digital advertising revenue and significantly higher TV advertising revenue in the month of June due to the broadcast of the FIFA World Cup. The French linear TV advertising market was estimated to be down -9% to -10% in the reporting period, with Groupe M6 significantly outperforming the market, thanks to its highly successful World Cup coverage. As expected, the Adjusted EBITA of Groupe M6 decreased to EUR 54 million, mainly due to higher programming costs for the FIFA World Cup and lower linear TV advertising revenue in the period January to May. Our French family of free-to-air channels increased its average audience share in the commercial target group to 22%, a record high. Now, let's turn to our content business, Fremantle. The global video production market continued to be challenging. Fremantle's revenue came in at EUR 835 million in the first half of 2026, down 7.7% year-on-year. This was mainly due to timing effects at Fremantle's drama and film business, while the entertainment and documentaries business were broadly stable. We expect this development to reverse in the second half of the year, resulting in slightly higher revenue for the full year 2026, driven by the delivery of major productions such as "Baywatch" and "Kill Jackie." Adjusted EBITA increased to EUR 83 million, which corresponds to a margin of 9.9%, driven by continued cost control measures such as further reduction of overhead costs as well as portfolio effects. Adjusted EBITA was EUR 60 million, which corresponds to a 7.2% margin, up from 4.3% in the first half of 2025. Fremantle is well on track to reach its 9% margin target for the full year 2026, as previously guided. I now hand back to Clément for the strategy update and the outlook for the full year 2026. Thank you, Björn. Slide 10. The strategic framework of RTL Group is based on three priorities: core, growth, and alliances and partnerships. Core means investing in premium content, strengthening our families of channel, as well as cost and portfolio management. Growth areas are our streaming services, advertising technology, and addressable TV, as well as content production with Fremantle. Alliances and partnerships in advertising, content, and distribution. Moving on to slide 11. Björn already touched upon the record average audience share of our French family of free-to-air channel. The FIFA World Cup was much more than just a major audience success. It was a strategic milestone for Groupe M6. The tournament demonstrated the power of combining premium live content with our broadcast, streaming, and digital platforms. It strengthened the M6 brand, accelerated the growth of M6+, and expanded our reach across all audiences and platform. In short, the World Cup created value well beyond the event itself and supports our long-term growth ambitions. Now let's look closer at some of the key achievements. 60 million viewers followed the World Cup in France on M6 and M6+. The France versus Spain semifinal was followed by 20.3 million viewers alone, which makes it the second highest audience ever recorded by M6. The streaming services M6+ gained 4.2 million new registered users and recorded more than 100 million video views on M6+ during the tournament. The reach was extended significantly to 1.4 billion video views on company social media channels. The streaming technology platform provided by Bedrock delivered reliable and stable performance, supporting the exceptional increase in audience traffic during the World Cup. Now let's turn to slide 12, please. In line with our strategic focus on streaming as a key growth drivers, we closed the acquisition of Sky Deutschland, DACH, on June 1st. As I said, this transaction is a transformational move for RTL Group, bringing our full year revenue to EUR 8 billion and paid subscription to around 12.4 million in the DACH region, making us the clear number three in the German-speaking streaming market. Alongside the strategic rationale of such an acquisition, we will create significant shareholder value and deliver annual synergies of EUR 250 million within the next three years. Let's take a closer look at the combined power of RTL Group and Sky Deutschland on the next slide. The combination creates a unique video proposition for entertainment, sports, and news across free TV, paid TV, and streaming. RTL and Sky complement each other in terms of business models and revenue streams, target groups, and content offers. With more than EUR 2.5 billion of annual content spend, we unite market leading reality TV, news, entertainment shows, and local drama with Sky's premium sports rights and global hit series and films. The combined portfolio connects with 100 million people in the DACH region through every daily touch point, from TV screen to mobile devices, radio and print. Our reach extends far beyond video entertainment into trusted news as well as radio and podcasts, creating unique cross-promotional power and monetization opportunity. Now turning over to slide 14 and the development of our streaming business. Streaming is at the core of the transformation of RTL Group. Having invested significantly over the past years, our investment are now paying off. Our streaming services continue to grow strongly, making RTL Group one of the leading European media companies in streaming. Please note the numbers shown on this slide are on a strict like for like basis and do not include Sky and WOW. This gives you a clear picture of the organic growth over the past years. Paid streaming subscription for RTL+ and M6+ have increased 21% year- on- year, and we continue to target 9 million subscription by the end of 2026. Streaming revenue and viewing time also continue to grow dynamically. Streaming revenue grew 27% in the first half of 2026, and we continue to expect EUR 600 million - EUR 650 million in revenue from our streaming services for the full year. Profitability of our streaming businesses improved by EUR 65 million year -on -year. Therefore, we now expect Adjusted EBITA from streaming to increase to around EUR 100 million. Moving on to slide 15 now, and a closer look at our global content business, Fremantle. Two points are of particular importance looking at Fremantle. First, we're seeing significant margin progress and second, we remain optimistic that Fremantle will turn to slight top line growth for the full year 2026. In the second half of the year, major productions such as the reboot of the iconic franchise, "Baywatch," and "Kill Jackie" will be important for performance driver for Fremantle. Fremantle will deliver 12 episodes of the new series of "Baywatch" in the second half. The new series will debut on Fox in the U.S. in January 2027, on Sky in the U.K. and Ireland next year, and Amazon Prime Video across key markets such as Italy, Germany, France, Spain, Latin America and India. Fremantle will also deliver seven episodes of "Kill Jackie" in the third quarter of 2026. The series, starring Oscar-winning actress Catherine Zeta-Jones, will be available on AMC in the U.S. in autumn this year, on Amazon Prime Video in the U.K., Ireland, Netherlands, Turkey, Germany and Canada, and on HBO Max in Spain, Portugal, France and the Nordics. Beyond the timing of individual production, the strength of Fremantle lies in its diversified model across genres, markets and customers. Successful new shows strengthen our IP portfolio and create long-term monetization opportunity through distribution, local adaptation and digital platforms. Fremantle strategic priorities reflect this vision. First, ramp up of Fremantle own IP development. Second, rapid deployment of AI across the company's value chain. Then focus on IP-driven acquisition of small and medium-sized production companies, and expansion in attractive geographies and genres. With Fremantle on track to reach its Adjusted EBITA target margin of 9% this year, we'll maintain focus on continued cost discipline and operating leverage. Together, these priorities will strengthen Fremantle's resilience and drive sustainable growth profits. Moving on now to our outlook for 2026 on slide 16. The geopolitical and macroeconomic environment remain volatile, and the impact on the RTL Group business continues to be hard to predict. Following the acquisition of Sky Deutschland, RTL Group updates its full-year revenue and Adjusted EBITA outlook on the basis of, first, the full consolidation of Sky Deutschland for the period from June to December 2026. The group linear TV advertising revenue decreasing by around 4% in the full year 2026. The group streaming revenue growing by around 25%, and Fremantle revenue growing slightly. RTL Group now expects a full-year revenue for 2026 to increase to around EUR 7.1 billion - EUR 7.2 billion. Adjusted EBITA for 2026 to increase to around EUR 725 million, with a variance of ±3%, with significant higher contribution from streaming compensating for lower contribution from the group's linear TV channel. This is in line with our previous guidance from March this year. Adjusted EBITA for streaming for 2026 to increase to around EUR 100 million compared to the previous guidance range of around EUR 25 million - EUR 50 million. The overview presented here gives you a transparent bridge from the previous outlook, excluding Sky, to the new outlook, including Sky, for the period June to December 2026. As explained by Björn Bauer, the significant Adjusted EBITA contribution from Sky for the month of June is not indicative for the full year. With the new Bundesliga and German Cup season starting soon, Sky Deutschland's Adjusted EBITA contribution for the period June to December will be ±nil. This show that Sky Deutschland has significantly improved its financial performance over the past years and provide a solid starting point for the EUR 250 million synergy target, which we fully confirm. Finally, the RTL Group's dividend policy remains unchanged. RTL Group plans to pay out at least 80% of its adjusted full-year net results. On slide 17, let me close our presentation with a few remarks on our medium-term ambition. We confirm our medium-term Adjusted EBITA target of EUR 1 billion, which represent a 50% increase from EUR 661 million in 2025. What are the key drivers? First, after years of investment, as we said, the streaming business will generate around EUR 100 million in operating profit this year and then continuously increase their profitability. The acquisition of Sky Deutschland will also generate annual synergies of EUR 250 million. In the medium term, Fremantle should return to organic growth of around 3% per annum and further expand its margin, also with selected M&A. Finally, AI will provide significant benefit across our entire value chain. This brings us to the end of our presentation, and we will now take your question, I guess. Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question from the webinar may click the Q&A button on the left side of the screen and then click the Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. You will hear a tone to confirm that you have entered the queue. You are welcome to ask your question in either English or German. Please note that all responses will be provided in English. If you wish to remove yourself from the question queue, you may press the Lower Your Hand button from the webinar or press Star and two on your telephone. Anyone who has a question may queue up now. One moment for the first question, please. The first question comes from Cian Muenster from Reuters. Please go ahead. Can you hear me? Yes, we can hear you well. Excellent. My first question is about the yearly EUR 250 million synergies from Sky Deutschland. How confident are you about achieving this, and what will be the job cuts? That is the first question. Second question is also about your competitor, ProSiebenSat.1. They are cutting costs to raise their profitability. Would you say that RTL is pursuing a different strategy of expansion in M&A? My last question is a bit about Fremantle. I have read your press release about additional acquisitions for Fremantle. Is the broader RTL Group. Planning any more acquisitions or sales for the rest of the year. Thank you. Okay. Thank you for this multilayered questions. I will take it from your first one about the synergies with Sky Deutschland. Look, we have done the closing of the deal only 10 weeks ago, and we are moving now quickly to integrate the business and deliver on the synergy target. We here as I said, we absolutely confirm the synergy target of the EUR 250 million that we want to achieve in three years after this closing. These synergies will ramp up over time. Most of them will be realized in 2027 and 2028. We have identified that, I would say around 75% of it, which will be cost related. The key drivers will be optimization of the content portfolio across the different pay TV, streaming, and freeware channel. Some overhead reduction. Reduction of Sky's internal/external media spend by leveraging RTL's universe. We also should have revenue synergies as we are looking at upselling some existing RTL+ subscriber to Sky products. Overall, we are very confident of achieving that. To answer your sub-question there in terms of the job scope, as a combined company, we will consistently, and as we have done in the past, and we will continue to do that. We align our organization and cost structure with the future of television and streaming. With always having a goal to keep the best talent. This is really important for us. Having said that, we will also streamline our organization by reducing some of the duplicate structure that we see between the two organizations. The RTL Deutschland management team is looking at that. That is for your first question. The second one is ProSiebenSat.1. I won't comment on what they are doing exactly, but I will tell you that what we are doing has been very consistent over the years. We're looking at executing our strategy with cost discipline, and we will continue doing that. For Fremantle, the question was around consolidation and M&A. The strategy of Fremantle is relatively straightforward. We are looking at continuing expanding on some of our most recognizable and beloved IP. We continue expanding the fan base, drive additional revenue. We have quite an amazing creative launchpad for new formats, entertainment formats, scripted formats, and we'll be looking at rolling out AI. To your question on M&A, we will continue to focus our acquisition on IP-driven ones, but it has to also help us grow our presence in attractive geographies and genres. This has been the target so far and will continue to be the approach. I think otherwise the question was also whether there is any additional M&A to be expected on the broader RTL Group level until the end of the year. I think it's fair to say that we're not expecting this. No. Good. The next question comes from Anna Westkemper from Handelsblatt. Please go ahead. Can you hear me? Yes, we can hear you well. Okay, perfect. Thank you for taking my questions. I have two questions. First, I would like to focus on the streaming Adjusted EBITA that you were talking about. You are now projecting around EUR 100 million for the full year, up from the previous guidance from EUR 25 million- EUR 50 million. As I understand it, this excludes any contribution from Sky. In the first half of the year, you achieved EUR 31 million. That implies that you are expecting roughly around EUR 69 million in the second half of the year. Maybe you can explain a little bit more what specifically drives this acceleration in the second half and why Sky is not contributing to the EUR 100 million for the full year. My second question would be, now with RTL+ and Sky under one roof, are you planning a combined streaming bundle or a joint sports tier that you could offer your clients? If that are your plans, what is the timeline for that? Thank you. Yeah, thank you for your question. I will start off with the question around streaming Adjusted EBITA. Yes, to confirm the EUR 100 million do not include any impacts from Sky. We wanted to make sure that we transparently report on the figure in the same definition as previously. The EUR 100 million is the same scope that we presented streaming business profitability in the past. We will probably for the full year 2026 figures, present a new set of KPIs that then also fully include Sky and provide you, as in the past, meaningful and transparent disclosures. On the development of streaming Adjusted EBITA H1 versus H2, this is a normal seasonal pattern that we have also seen in the past. When you look, for example, back to last year, we have also seen a stronger contribution in H2 versus H1. We remain very confident that we will be able to achieve the EUR 100 million, which would mean a significant, very meaningful contribution to our overall profitability. That is driven on the basis of higher subscribers, higher revenue per subscribers, and also dynamically growing advertising revenue on our streaming services. When it comes to your second question about RTL+ and Sky streaming. Look, as I mentioned, we closed the deal only 10 weeks ago. What is absolutely clear is that RTL and Sky have highly complementary business models. Revenue streams, whether it is advertising, distribution, or subscription, content offers also that are different, and target groups. Now really our objective is to optimize the value of the combined RTL and Sky portfolio across those free TV, pay TV, and streaming. This will do that across different type of content. Sports rights, as you can imagine, has a long tail across the different platforms, and we will be looking at it. Actually, the program team of RTL Deutschland will be looking at it carefully too, really with always having in mind the customers that are consuming the content on the different platforms. Will be announced obviously by RTL Deutschland in due time during their content presentation. Sorry, maybe just one follow-up regarding the EUR 100 million for the full year. Does that mean, just so I do not get it wrong, that Sky is barely profitable if it does not contribute to the EUR 100 million for the full year? Two things. When you look at Sky overall and the contribution to our results, they will be practically zero for the full year. That, I believe, is already an achievement and is also partly driven by the first realization of synergies, given the history of losses of the business on a stand-alone basis. Secondly, streaming really is the scope of our existing platform, so RTL+ in Germany, M6+ in France, RTL+ in Hungary, and so on. These businesses, combined with Bedrock, will be profitable by around EUR 100 million for the full year. Okay. Thank you for clearing that up. Yeah, sure. The next question comes from Joachim Herr from Börsen-Zeitung. Please go ahead. Mr. Herr, your line is open, but you need to unmute yourself. I can see you're still muted at the time. I'm sorry, Mr. Herr, you need to unmute yourself if you want to. Now we can hear you. Okay, thank you. I have to press continue. Sorry. Mr. Schwebig, it seems as though you are continuing the strategy of RTL nearly seamlessly. I wonder, are there any areas in your view where the company could improve, or do you see no reason to change anything? Thank you for the question. First of all, as today is around our interim result for the first half of the year, I just want to highlight what I find very important is that the current strategy is delivering tangible results. I think this is, for every stakeholders of the company, the most important thing. We have mentioned the shift from linear TV to streaming. This is the achievement, and we will continue doing that. This is absolutely paramount to our strategy. We will continue offer a very strong streaming offer, and we are very happy to see that now. For the future, it will deliver high growth with high margin. Second, look the strategy on Sky Deutschland and the acquisition of it recently is just at the beginning. Now we need to execute on it, and this is part of the strategy. As you can imagine, everything will be in the execution now. We're really focused on that, with the RTL Deutschland and Sky Deutschland team to find those synergies and to continue offering the best offer for the customer. Then, the strategy has been for us for, I don't want to say forever, but for a long time, and we'll continue doing that is gaining audience share and advertising share. This is the core of our business. This, again, we show it in the half-year result. We have been growing that in the core market of France and Germany. What is important for me is that it showcase again that the TV offers unmatchable reach in a very fragmented audience market. I think this is something that we will continue to highlight a lot. When it comes to Fremantle, look, Fremantle, we are expecting to grow our revenue slightly this year. This will be the first time in some years, and so we'll continue doing that. But we want really to do it with a disciplined approach. I think the target of the 9% profit margin is key to our strategy. As we said, we are approaching all that with discipline. So, sorry for this long thing, but in other words, our strategy is working and this is really important. So we continue to execute on it. For me, what is at the core of that is our fundamentals of RTL Group, which is creativity and entrepreneurship. This is the way we do. We create content that engage our fans. We now have the ability to do it on a lot of different platforms, which is relatively unique. Not only does it serve our customer, but also it is a strategy that we will continue to develop, which is also monetizing this audience reach through advertising, but also subscription, and also distribution revenue. This, I think, gives us not only an ambitious strategy, but also a very balanced approach. So, that being said, obviously we will remain agile and ambitious and, of course, we continuously review and will adapt the strategy to identify new growth opportunities. But this is really at the core of what we are doing. Okay. Thank you for giving us the big picture. If we look at some details, let's say processes, procedures, management style, I think you will, however, change something, isn't it? I'll let you judge it after a few months, I guess. I think this is not about change for us. It's about continuing pressing on this very important strategic priorities that we have. It's not about the style. It's about the whole team being behind it, and I feel very strong about it. I said it at the very beginning, the way we've interacted with the team has been exceptional and I feel the ambitious and the enthusiasm to go through and deliver on those strategic priorities. I feel very good about it. Okay. Thank you. Welcome. Then the next question comes from Emery Dalesio from Luxembourg Times. Please go ahead. Emery Dalesio, your line is open. Can you hear me now? Yes, we can hear you. Great. My question was about a very small part of the Sky Deutschland purchase. It mentions in the press release that the purchase includes customer relationships in Luxembourg and other places. Could you give me examples of Luxembourg customer relationships that would be included in that? What does that mean? Yeah. I am happy to answer this question. The Sky DACH business is centered in Germany, Austria, and Switzerland, but has individual customer relationships. These are individual persons that subscribe to the Sky service in other German-speaking regions in Europe. That is in Liechtenstein, Luxembourg, and South Tyrol. That is what it relates to. Okay. And one second question, if I may. The M6 results on FIFA World Cup and the Bundesliga references indicate, and please tell me if I am wrong, is it correct that as a financial proposition alone, the costs on these football properties are outweighing the profits? When you look at the financial performance of the World Cup, what is important to note here, you only see, so to speak, the first half, because the World Cup was in June and in July. We are only seeing the first part which represents the I would say, the higher share of the costs is negative on a standalone basis. But as Clément has explained, there are significant benefits to Groupe M6 that go beyond the impact of the financials when it comes to new customer relationships of M6+, new relationships with advertising, significant branding opportunities and the likes. Okay. Yes, that it. I am sorry. That was related to Groupe M6 and the World Cup. The Bundesliga is different. Here the monetization is through basically a paid TV or a paid streaming offering with a higher ARPU. That business, we would believe, will be able to run on a profitable basis. Okay. Thank you. Welcome. There are no further questions at this time. I would like to turn the conference back over to Clément Schwebig for any closing remarks. Well, I just want to thank you all for joining so early on a Tuesday morning in August and look forward, as I said earlier to engage in the future. Thank you very much. Ladies and gentlemen, the conference is now concluded and you may disconnect your lines. Thank you for joining and have a pleasant day. Goodbye.