Ladies and gentlemen, welcome to the Corporate Update Call of ZEAL Network SE. The company's CEO, Dr. Stefan Tweraser, and CFO, Andrea Behrendt, will guide you through the transaction of the acquisition of SevenCanyon in a moment, followed by a Q&A session via audio line. Please make sure we can see your full name. With that, I am handing over to you, Stefan Tweraser. Thank you very much. Everybody on the call, welcome, and thank you for joining on such short notice. We are excited and have an important strategic transaction to share with you today, and we are grateful that you found the time to jump on the call with us. ZEAL Network has signed the share purchase agreement to acquire the remaining 96.5% of SevenCanyon Limited. We have already held 3.5% stake since 2018 through ZEAL Ventures. With this acquisition, we are entering Europe's largest and one of the most attractive prize draw markets, the United Kingdom. This transaction is an important step in executing our growth strategy by combining 7days' established market position with ZEAL's expertise in digital customer acquisition, data analytics, CRM, and platform operations. We are creating a new opportunity to scale our business beyond our core market, Germany and Spain. We will walk you through the strategic rationale, the target, the transaction structure, and the financial markets impact, and obviously are happy to take your questions after that. In terms of the agenda, what we want to cover today, we'll give you an overview of deal highlights. We dive into the U.K. market, why it is so attractive for us, and why it's really a fundamental strategic rationale for us to enter that market. We'll give you an introduction to SevenCanyon and the brands that we are acquiring with this business. We will go through the transaction structure and the financial impact of that acquisition, and detail the value creation that will happen as a result. Then obviously recap, and are happy to answer your questions. Let's jump into the deal headlines. With the acquisition of SevenCanyon, we pretty much hit the ground running and use the fast-track entry to access the very attractive U.K. market. This is consistent with our strategy. It's not an opportunistic deal. It is the logical next step in the strategy we have communicated to you and to financial markets to selectively diversify through new products and new markets. SevenCanyon is our first concrete step outside Germany. We gain immediate access to Europe's largest prize draw market. The U.K. market is worth around GBP 1.3 billion. It's growing at a fast pace. It's highly fragmented with more than 400 operators, so a prime market for us to enter as a professional player. SevenCanyon is already a scaled, profitable, and cash-generating business with an EBITDA of more than GBP 10 million in the most recent financial year, which ended in March of this year. We don't carry a build risk. We are acquiring a proven and profitable business. The purchase price is mainly financed through a new EUR 40 million loan that we have arranged with Deutsche Bank. It has a seven-year duration, and this preserves thus our flexibility to have other shareholder-friendly capital allocation strategies implemented. Last but not least, for the first fully consolidated financial year, we accept a positive EBITDA impact in the high single-digit million euro range of this transaction. To dive a little bit into the U.K. market, why it is so attractive for us. As a background, please remember that we've been with SevenCanyon as investor for the last eight years or so. We've invested in them in 2018, and through ZEAL Ventures, held a 3.5% stake. We are pretty familiar with what they're doing and thus pretty familiar with the dynamics of the U.K. market, and that's why we are so excited about this opportunity. The U.K. prize draw market generates annual billings of around GBP 1.3 billion within the much larger U.K. lottery and gaming landscape. The segment of prize draws is growing. The category continues to professionalize and digitalize. There are, as I briefly mentioned, more than 400 operators, many of them very small and very young, pretty opportunistic to a certain extent. It's a fragmented market. This is an ideal environment for us as a well-capitalized consolidator with the right infrastructure. SevenCanyon, as a platform for players, has a very active returning customer base. The recurring revenue base is something that we can deepen with our abilities around CRM, retention management, customer lifetime value management. We also expect that the U.K. market will move towards a more formalized rule-based setup. Rising standards favor operators with a strong compliance capability and market-related expertise. Exactly what ZEAL has been doing in Germany for years. We have a very strong track record to create professionally designed, successful lottery products in a tightly regulated market. Now we have our own meaningful U.K. platform from day one with this acquisition. Thus, have the ability to further reduce our concentration in a single market in Germany. When you look at SevenCanyon as a low-risk investment opportunity. I think we are one slide. When we look at SevenCanyon as a low-risk investment opportunity, there are a couple of things that we wanted to point out to give you some background why exactly we chose to acquire the remaining shares of SevenCanyon. First, SevenCanyon gives us immediate scale in a very attractive adjacent market. Rather than building from scratch, we chose to acquire an established profitable player so that we can hit the ground running from day one. SevenCanyon enjoys strong unit economics, efficient customer acquisition, a committed team, and a meaningful EBITDA generation. We have known them for eight years. We've been invested in them since 2018. It's not a bet on an unfamiliar target. It's an acquisition of an asset. We know closely the founders, the team, the financials. There is a high strategic adjacency as SevenCanyon runs prize draws with cars and houses as the headline prizes directly adjacent to our own dream house and dream car draws in Germany. The capability overlap thus is significant and obvious and positive for us. Last but not least, our knowhow in CRM, retention management, subscription management, performance and brand marketing, data and highly regulated marketing offerings offer a high upside for additional value creation and are complementary capabilities that can further strengthen SevenCanyon's commercial performance. Let's have a look at SevenCanyon in detail and how they operate. SevenCanyon at a glance is a holding company of three companies, 7days, which does car and house competition, UKCC, which is very much focused on fishing gear and leisure cars, and Redline, which is focused on classic car competition. SevenCanyon thus gives us immediate scale with these brands. The foundation of all platforms are the pay-to-enter competitions with a fully compliant free entry route and with hundreds of thousands of active players. The three platforms enjoy broad engagement within the U.K. customer base of the prize draw industry. The platform offers a broad range of prizes like cars, houses, cash, tech, and lifestyle products across live, instant win, and subscription format. The competitions are run end-to-end in-house with live-streamed draws that build transparency and customer trust. As you can see, SevenCanyon and ZEAL fit together very well. We are running adjacent well-positioned businesses, and both sides will benefit from each other. I am now handing over to Andrea, who will walk you through the transaction structure of our acquisition. Thank you, Stefan, and good morning also from my side. I have the privilege to push the transaction from ZEAL's side, and we are really happy to share now some details with you. After the LOTTO24 transaction, this is the largest transaction in ZEAL's history. Even more important, it really is the strategic investment in our future. We are building on a big success of charity lottery brands in Germany, and this transaction really creates an excellent foundation for diversification of ZEAL, and that is the strategy that we are pushing for a lot, and you heard us talking about it already a lot. It diversifies our business, it expands into a scalable product portfolio, and supports our ambition to become increasingly independent from jackpots. Let's have a look on the transaction structure, the financing, and the short-term impact on our guidance. First of all, we established a new U.K. holding company, which now acquired the remaining 96.5% of SevenCanyon. As Stefan already said, we own already the 3.5% stake since 2018, and this sits directly under ZEAL Network SE, and this will not change for the time being. The purchase price is GBP 33.9 million and in cash by closing. We have agreed an additional earn-out of up to GBP 4.8 million. That is payable within the next six months after closing, and it is conditional to the achievement of agreed targets in that period. In addition to that, we will pay for some inventory, meaning prizes, especially cars, and the cash that was available in the companies at the transaction. To fund that transaction, we entered into an additional loan agreement arranged by Deutsche Bank, and we are very happy about that. We were able to close a loan agreement over EUR 40 million with a seven-year duration, as well as a little intercompany loan that was used to finalize the transaction. This increased our external debt to approximately EUR 100 million. Our cash at bank is still very meaningful, you know that we are a strong cash-generating business, post-transaction of around EUR 70 million. Even if we take the lower part of our EBITDA guidance, it still puts us in a very healthy net debt to EBITDA ratio. Of course, the first-time consolidation impact of SevenCanyon will lead to higher revenues and EBITDA in the second half of this year. At the same time, we will also record the incurred transaction-related one-off expenses in a mid-single-digit million euro range. We expect SevenCanyon to make a meaningful contribution to ZEAL's revenues and EBITDA following the consolidation. However, I want to call out the exact revenue contribution under ZEAL's IFRS reporting framework is to be finalized, particular regarding the technicality of the transaction current revenues translating into ZEAL's reporting. We will therefore review the potential update on our revenue guidance over the course of time, and we'll update that as soon as possible. On the EBITDA, we are very clear. We confirm the corridor for this year of our guidance from EUR 70 million-EUR 75 million, given a single-digit million euro range of one-time expenses included in that guidance, under the assumption of a normal jackpot environment for the following six months in Germany. The deal and the financing structure that we set in place will not negatively impact our regular dividend policy and our shareholder-friendly capital return policy that you know, you all love. Special dividends and share buybacks will remain options that we will consider on a regular basis and will communicate that to you whenever we decide it. Great. With that, let me talk you through the clear value creation that we see post-transaction, and the key acquisition levers that we're seeing that strengthen our market position, both for ZEAL and for SevenCanyon. First of all, I want to call out the obvious. The obvious is, of course, we have a huge growth potential still in the German market, that's still there for the next years to come, you know that we are repeating that, we are really happy about that. At the same time, now with this meaningful transaction, we are diversifying our business and allowing us to establish in the U.K. a significant additional market with additional growth potential. We also strongly believe in ZEAL's strong standing expertise of the 25 years e-commerce experience that we have, especially in customer acquisition, retention, brand, and performance marketing. That added with the data analytic expertise that we built up, we think this will enhance SevenCanyon's performance over the future. In addition, we can contribute to SevenCanyon with the deep knowhow, how to build a successful Dream House Raffle, as we did in Germany, we are really proud of what we built here. The expertise that we have will accelerate SevenCanyon's house draw business in the U.K., where we see a significant growth potential. At the same time, the other way around, 7days Performance, Redline, and UKCC bring deep experience and expertise in car draws. This is an insight that we can apply in Germany. As you know, we launched in April our own car raffle product in Germany, therefore, we see that the knowledge transfer will go both ways. ZEAL, we also have built a highly scalable platform asset in the past year that allows us for running multiple brands and which we could use also in the future for the SevenCanyon businesses. Last but not least, we expect the U.K. prize draw to continue moving towards more formalized rules and higher regulated standards. This should really favor us as an operator with strong capabilities in compliance and strong experience over the last 20 years in a highly regulated market like Germany. ZEAL's operating model is well-suited for such an environment, this could also become a strong competitive advantage for us in the U.K. market compared to many smaller operators. With that, handing over to Stefan for summing it up. Great, Andrea. Thank you very much for walking us through the financial details. Let me now briefly recap why this transaction is strategically and financially compelling for ZEAL and its investors. First, the acquisition gives us immediate access to the large, highly attractive, and growing U.K. prize market. Rather than building this position from scratch, we are acquiring an established platform with proven brands, strong customer acquisition capabilities, and a profitable operating model that can scale. Second, the transaction further diversifies ZEAL's geographical footprint. Germany remains our core market, continues to offer significant growth opportunities that we will invest in. At the same time, the U.K. gives us a meaningful second home market and reduces our dependency on jackpot-driven developments in the German lottery market alone. Third, the acquisition is financially attractive. We expect the transition to be EBITDA-accretive in the first fully consolidated financial year, supported by SevenCanyon's existing profitability and by the additional value creation levers that we have just outlined. Fourth, we believe the expected professionalization of the U.K. prize draw market plays directly to ZEAL's strength. As a scaled, compliance-driven operator with longstanding expertise in regulated markets, we are well-positioned to benefit from a market environment that has an increasing focus on professionalization, trust, and well-governed players. Fifth, the transaction reflects disciplined capital allocation. We have structured the deal in a way that balances strategic ambition with financial prudence, including a de-risk transaction structure with an earn-out component linked to future performance. Finally, the acquisition does not change our commitment to a shareholder-friendly capital return policy. ZEAL remains cash generative, financially disciplined, and focused on maintaining a strong balance sheet while continuing to return capital to shareholders through regular dividends and, where appropriate, additional capital return measures such as special dividends or buybacks. Taken together, this transaction is important step in ZEAL's evolution. It strengthens our growth profile, diversifies our business, creates a meaningful second home market in the U.K., and supports our ambition to become a more diversified player. We are now happy to take your questions. Thank you so much, Dr. Stefan Tweraser and Andrea Behrendt for the presentation. Ladies and gentlemen, it is your turn. We're opening up the Q&A sessions with questions via audio line. For that, please click on the Raise Hand button. If you're dialing in by phone, please press star key nine to raise your hand and star key six to unmute yourself. We already have received some raised hands. Mr. Christian Salis, I will unmute you now. You should be able to unmute yourself and ask your question. Yeah. Hello, everyone. Can you hear me? We can hear you. Perfect. Thank you. I've got two questions, please. First on the purchase price. You paid around 4x EBITDA, which looks super attractive. Could you just talk a little bit about how you've been able to achieve such an attractive price point for this acquisition? Secondly, two points here. First of all, on the U.K. prize draw market. What is the online share in the market at the moment? You spoke about the total billings in the market, and also the number of players. Could you talk a little bit about SevenCanyon's market position? Could you provide a rough indication on the number of billings? Maybe also, I heard your comments on the revenue line, but still to model it for the analysts, it would be extremely helpful if you could maybe just give us a ballpark number in terms of annual revenue for SevenCanyon. Thank you. Thank you so much for your question. With this, I hand over to the CEO and CFO to answer. Maybe let me pick up the rationale question one more time and talk about the U.K. market. When you look at those 400 players in that GBP 1.3 billion market, we think that SevenCanyon, as a group of three brands, is definitely among the top five players in this market. There's obviously Omaze as one of, or maybe the dominant player. Setting aside that, we have with SevenCanyon a very strong bunch of brands that are particularly focused on different segments of the market, and thus have been able to capture a quite substantial share. Yeah. Sorry. Yeah. No, please, let's take you that and I take the revenue. Yeah. The 4x EBITDA. Every acquisition is obviously always a negotiation. I think what gave us an upside in that negotiation were three things. A, we have been invested in them since 2018, so we know the management team, we know the founders, we know the dynamics, and they've come to appreciate us as a very supportive shareholder in all their endeavors. B, when you look at what we bring to the party in terms of our platform, our marketing capabilities, our abilities to design products in regulated markets, then that is also a very strategic fit that helped us to focus more on future growth in our evaluation and thus have that kind of stronger position in the price negotiation. Finally, as with every founder, kind of the emotional factor is always, so what happens with the company if I leave? What happens after my earn-out? There, I think the founders who will exit the business after the earn-out have found a very trusting partner in ZEAL that they could rely on to continue their business going forward, even after they left. Yes. On the revenue side, the SevenCanyon group recorded, per U.K. GAAP, GBP 99 million in revenues last year. Although this is not directly comparable with ZEAL's IFRS revenue, we would rather call that probably billings in our setup. Economically, it's closer to billings, like I said, or the transaction volume that we are sharing with you guys on the ZEAL business. The IFRS revenue contribution, like I said, it's still under review, the final accounting treatment for SevenCanyon, and we will communicate that as soon as we have it possible. If you want a number that is more comparable to our German revenue number, that would be like a gross gaming revenue number, and that's EUR 30 million. Excellent. That's very helpful. Thank you. Thank you very much. Now there's another raised hand by Mr. Tim Kruse. I will ask you to unmute yourself now. You should be able to ask your question. Yes. Thank you. A lot of important questions already asked by Christian, but just one follow-up on the acquisition price. Those regulatory possible changes, as I understand currently, there's no licensing under the lottery licensing in the U.K. for these PDC suppliers. Is that something which also was a factor in your negotiations? Andrea, maybe as a follow-up, very helpful that comment on the gross gaming revenue. Can you maybe comment on the growth trajectory of the company in the past? Is that within your midterm guidance of low to mid-teens in growth, or is that a higher number? Just as a maybe follow-up on that. Thank you. Maybe I'll pick up the first question. We expect, and that's also why that transaction makes so much sense for us, is that the U.K. market will be moving into a more professional and a bit more regulated environment. Not that we foresee anything close to a German regulation, but the voluntary code of conduct that has been established by the U.K. prize draw players, and by the way, SevenCanyon was one of the big proponents and big drivers of that voluntary code of conduct, points to the direction that player protection and professional conduct by prize draw companies will be much more important. That plays well into our strength. When it comes to being able to rely on ZEAL's regulatory expertise to design and operate lottery products and prize draw products in the future, that obviously also gave us a leg up in the price negotiation. We are not communicating any explicit midterm guidance for SevenCanyon. Of course, like we said before, our ambition is to grow that business and that it matches our overall growth ambition for ZEAL. Okay. Thank you. All the best. Thank you so much. There is another raised hand by Abed Jarad. I will ask you to unmute yourself. You should be able to ask your question now. Hi. Can you hear me? Yep, we can hear you. Cool. I have two questions. First, are billing margin broadly comparable to ZEAL Dream House or Dream Car Raffle products? Second, can you disclose the earn-outs targets or conditions for the payment? Maybe one last question, do you see the U.K. as a potential platform to expand beyond prize draws into lottery brokerage, like your core business, or is it out of question? Thanks. Maybe I start with the billings margin or the product margins. Like I said, as the accounting treatment is not yet clear between transactional volume and revenue treatment, we cannot answer that question finalized because that needs to be done within the next months, and we will communicate that to you guys. On the definition that I just said, if you want to compare it, they are quite similar to ZEAL's structure. Yeah. On the earn-out conditions, obviously, we cannot reveal too much, but we can state that we jointly have approved the business plan and that the earn-out is focused on achieving bottom-line objectives in that business plan. The third question was around the U.K. platform expanding beyond prize draws. SevenCanyon already today has, in all of the three brands, a very attractive and very active instant win element of the business. That should also be regarded as one of the main drivers of the business. We don't foresee a regulatory environment that would allow lottery brokerage in the U.K. from our current perspective. Thank you very much. We have another risen hand by Mr. Simon Keller. You should be able to unmute yourself now. Hi, everyone. Thanks for the presentation. I have four questions, actually. Firstly, in a fragmented market, how does SevenCanyon there differentiate towards its customers? Secondly, you said that ZEAL wants to become an active consolidator. What do you mean by this, and do you plan further acquisitions in the U.K.? On the acquisition topic, do you plan further acquisitions near term that support internationalization also in other regions? Lastly, you mentioned a full-year impact of single-digit million euros on EBITDA on a full-year basis. That is below their last year's EBITDA. What's the explanation here? Thank you. Maybe I take the last question first because that's an easy one. It is below their last year financial results because we will start recording VAT for the business, what they didn't do in the past in these financial numbers. The other topic was on the international M&A opportunities. We always say, we are looking into these opportunities, of course. You also have to be very honest that, of course, the opportunities in a highly regulated market are not as much as in other industries. Maybe the other question is how they differentiate. When you look at the three brands that we are acquiring with SevenCanyon, 7days Performance, UKCC, and Redline, those are already very differentiated brands that target very specific segments in the U.K. prize draw market. Whereas 7days Performance is focused on high performance cars and kind of high-end daily drivers, houses, and lifestyle products. The foundation of the UKCC company is in the fishing prize draw business. Obviously not a big market in itself, but they've been able to very successfully expand into leisure cars and four-wheel drives, which is now the foundation of their business, and thus very much differentiated from others. Redline have a very particular, very successful niche in performance cars of the '70s, '80s, and early noughts. The kind of the young timer performance segment with a very loyal customer base. That differentiation of the three brands is testimony to the fact that they've been really able to find a very solid foothold in the very competitive U.K. prize draw market. The other question about the active consolidation. We don't foresee so much being active in terms of buying additional companies, but more being active in really driving the industry towards more customer-driven consolidation by making the product offering even better, and by really playing along with the Voluntary Code of Conduct as well as the VAT regime that Andrea mentioned. These three drivers will definitely lead to some of the smaller players not being able to keep up, and us then being able to scoop up the customer demand accordingly. Thank you. That's very helpful. One follow-up question, if I may. On the market generally, you mentioned now some niches like high performance cars where SevenCanyon is strong. Is this niche also fragmented, or is this rather dominated by SevenCanyon already? I would say one of the key competencies of each prize draw business is selecting the right portfolio of cars every week again and again and again. They have five to seven draws a week, and with every portfolio you slightly redefine the product and the customer experience. I think in cars especially, companies like Best of the Best or Dream Car Garage are definitely strong competitors that also have strong investors behind them that we need to take seriously. On the other hand, 7d ays, UKCC, and Redline have been able to very strongly position themselves in that market. With our abilities in brand management, CRM, customer loyalty management, subscription management, customer lifetime value management, based on our superior technology platform, we will definitely be able to drive that position further. Awesome. Many thanks. Thank you so much. There is another raised hand by Henry Reid. I will ask you to unmute yourself now. You should be able to ask your question. Hello, can you hear me? We can hear you. Great. It's Henry Reid, Euronova Asset Management. How do you see yourselves replicating the entrepreneurial structure of SevenCanyon? I mean, it has two founders who will be leaving the business in four years' time, according to the earn-out. How do you see the future management and the future sort of entrepreneurial spirit being perpetuated? That's my first question. The second question is the earlier comment about VAT, which I'm afraid I didn't understand at all, and would be grateful for greater clarification. Thank you. Okay. Maybe I'll pick the first up, and Andrea answers the VAT question. I love the question because it's really at the center of how we operate at ZEAL. Just to correct you, the founders will be out of the business in six months, not four years. Okay. The earn-out is focused on six months. When you look at all the businesses that we operate, one kind of key organizational role that we have within ZEAL, and had already way before the acquisition, is what we call the business owner. A business owner operates like a founder within the secure financial, technological, and regulatory structure of ZEAL. We have business owners for Dream House Raffle in Germany, for Traumautoverlosung in Germany, for our supermarket business, so the lottery brokerage business, and so on. That concept of having a business owner who is supported by strong functions but not limited in his ability to run the business by these functions is also what is at the heart of how 7days and their brands operate. They already have aligned themselves around a technology platform that we definitely [inaudible] a nd further strengthen with what we have at ZEAL. They share corporate structures, compliance structures, financial structures, but operate very independently when it comes to performance marketing, the product design, the car selection process, and so on. That's exactly how we operate. It really is very fitting in terms of the entrepreneurial culture. Plus, what we bring is additional abilities, as we said, when it comes to subscriber management, CRM, lifecycle management, where we have technology that helps these business owners to run their businesses and improve growth rates and profitability. Have you already selected a successor? Yes, we have a successor and have introduced him into the team like an hour ago in an all-hands meeting. He's been with ZEAL already for more than two years. His name is Alex Green. He has a very strong track record in the U.K. market, knows the U.K. lottery market for more than two decades already, and knows how ZEAL operates. He will be supported by, as we said, corporate functions and technology, and thus can really focus on running the business and integrating his growth vision with the team at 7d ays. Great. Thank you. I will cover the VAT question, so I hope I got what we are looking for. SevenCanyon has historically treated its income from the prize draw as VAT exempt. That was consistently with their understanding of the tax framework and supported by external advice that they got. The VAT position, you might know that very well for U.K. prize draw operators, has been subject to uncertainty and recent discussions in the last months. We, as ZEAL, have assessed both historical and forward-looking VAT scenarios in part of the due diligence and the transaction planning, and we included the VAT into our EBITDA guidance. That's what I said before. That's totally clear. Nobody understands U.K. VAT better than you guys because you actually won a case, as we all remember. A big one, yes. Thank you. Thank you so much. There is another risen hand by Mr. Mirwald. I will ask you to unmute yourself right now. You should be able to ask your question. Hello. Can you hear me? We can hear you. Very good. Matthias Mirwald from MWB Fairtrade. I have a prosaic question on what is the financing conditions on the new debt that you have. The second one is, you are partial owners of this business for a long time, so I was wondering about the dynamics why you decided to buy it right now, the dynamics why are the founders selling it right now. I'm still struggling with the low multiple on this. Is there a risk on VAT liability in the past that could depress this multiple for this deal? Have there been transactions in this segment? Are there comparable multiples? If you could discuss this. Let me take the first two and then over to Stefan for the last one. The financing conditions, it is three months EURIBOR plus a margin significantly below 2%, and that is what we have set on a seven-year duration. On the VAT, the historical risk is protected against by an insurance policy that have been agreed as a precondition already when we negotiated the SPA. Forward-looking VAT, like I said, the risk was already included in our business case, and therefore taken into account in the negotiation and the purchase price, and also in the guidance for the next year EBITDA impact that we communicated to you. On the timing of the acquisition. I think that when it comes to timing, both the buyer and the seller need to be in the right position to really take advantage of the asset. One of the big drivers for us was: Are we ready as a company, but especially from a technology platform perspective, to bring on new tenants? As you know, over the course of the last few years, we have invested heavily in our abilities to launch and run new products. The Traumautoverlosung that we launched about a couple of weeks ago was kind of the test case for us. Are we able to quickly develop and operate a new product on that platform? We are. That is what Traumautoverlosung has proven. That was kind of also an indication that now we are ready to bring that asset of a very scalable platform to new markets. There it was the do we buy or do we build discussion that we had internally. Obviously we looked at both options and came to very attractive potential propositions in the U.K. build scenario as well. U.K. buy, with the advantage of hitting the ground running, then ultimately won the internal discussion, where we now have an established set of brands with a lot of growth potential on the one hand, and a technology platform with all the capabilities of not just operating a raffle, but really managing customer lifetime value very hands-on that allows us to onboard new tenants in the future. That was kind of the golden moment in terms of timing, where the sellers saw that there is a buyer who can bring that business or can guide that business to new heights, and we saw an asset that could definitely flourish under our leadership. Thank you. Thank you very much for the question and the answers. We have no further risen hands at the moment. At this point, here is a reminder to you, ladies and gentlemen, to raise your hand to ask your questions via the audio line. Since we don't happen to have any further questions, we are coming to the end of today's update call. Thank you very much for your interest in ZEAL Network SE. A big thank you also to you, Stefan and Andrea, for your presentation and your time. Should you have any further questions at a later date, please feel free to contact Senior Investor Relations Manager, Frank Hoffmann. I wish you all a successful day around the world. Handing over to the board once again for some closing remarks. Yeah. Thanks a lot for joining us this morning. Like I always say, your interest in ZEAL, we say after today's announcement, now the fun starts to deliver even more growth potential and value for our shareholders. Thanks a lot.