Thank you very much. Good morning. Welcome to our media seminar. The reason for this, we got from many investors the question if we could explain a bit more what we're doing on the media side, because it is pretty special. As you know, we started as a gaming company roughly eight years ago, via buy and build, and at a certain point decided to also have a strong media arm because of the synergies between the two. The aim of today is to run you through a bit of the background. We keep it short on Media and Games Invest because there's much more information already around. We'll concentrate today on the media industry, how the industry works, how we are positioned in the industry, and also how we see ourselves growing in this industry. That's the goal for today. There will also be time for questions at the end of the presentation, and the presentation today will be done by Paul Echt, our CFO. We all or most of you know myself, Remco, and Ionut, who not so many know yet. I would start with asking Ionut to introduce himself quickly, and then hand over to Paul to run through the basics or let's say a bit of background on MGI for those that don't know us so much. After that, we go into the topic. Ionut, please. Thank you, Remco. Very excited to be here and good morning, everyone. As I was introduced, my name is Ionut Ciobotaru. I'm the Chief Product Officer for the Verve Group, meaning that I run product and engineering for the media side. What we're trying to do is drive value for our customers by delivering, let's say, the right features for their needs and the right solutions for their needs. I actually joined two years ago, MGI, the acquisition of my startup, PubNative, and since then helping Remco and the team with build and buy across the media sector. Without much further ado, I think, Paul. Thanks, Ionut. Starting here on the right side with the ownership structure of MGI. Here we can see that we currently have 149 million shares outstanding. Remco Westermann, our CEO and Chairman, is still the major shareholder with 28%, followed by two minority anchor investors, Oaktree and Janus Henderson, holding a combined 15%. We have a lot of strong investors also as part of the free float, like Skandia Fonder, Atlant Fonder, BMO, Didner & Gerge Fonder. We have a very strong access to equity capital markets. As we showed also two weeks ago with the bond issue of EUR 150 million, that we have a very strong access to DCM markets, which help us also to really drive our buy and build business model in the games and media vertical. Coming now to the next slide. That's what we also see here in MGI in a nutshell. We have done now more than 30 M&A transactions, more than 20 in the game space, more than 10 already in the media space. MGI has a market cap now of more than EUR 650 million. We are listed on Frankfurt Stock Exchange and also Nasdaq First North Premier Stockholm. We have more than 800 employees in our group, combined media and games, and driving a lot of revenues also in our top 10 MMO games in the games vertical, more than 5,000 casual games which we sell in subscriptions and serve more than 100 million registered gamers on our games platform. While on the media side, we have actually delivered more than 111 billion ads in the last 12 months, which gives us a massive reach also to for user acquisition for our games and have served more than 5,000 advertisers who trust us and therefore have really big critical mass already within our media vertical now as well. Looking a bit at the key revenue splits here, we see that the majority of the revenues is now coming from North America with 61%, followed by Europe with 28%, and the revenues by segment is 53% gaming, 47% already media, and that's where we really want to focus today on. Looking at the key financial development, very strong profitable growth over the last six years, reaching EUR 166 million revenues, EUR 37 million EBITDA, with much more to come until the end of 2021 and beyond. There we actually expect to reach the 25%-30% EBITDA margin due to increasing margins on the media side, but also increasing margins on the gaming side. Coming to the next slide. That's what we also see already here in detail on MGI's two segments. On the left side, the games segment, EUR 27.4 million revenues, a very strong revenue growth of 97% year-on-year, EUR 10.9 million EBITDA in the first quarter, very strong EBITDA margin of 40%. Majority of the revenues is generated by in-game purchases, game subscriptions, but also an increasing part advertisement revenues, where we realize a lot of synergies within our media segment as well. Then on the right side, the media, EUR 24.5 million revenues in the first quarter, 94% year-over-year revenue growth, EUR 2.6 million EBITDA, 11% EBITDA margin. We actually had 7% last year, so pretty nice increase and expect 15%-20% already within the next second half year of 2021. The revenue streams here are generated by software as a service fees, agency fees, and ad commissions, where the majority is currently coming from software as a service, which gives us pretty good long-term recurring revenue streams. Coming to the next slide. Here we also see a bit the quarterly performance of our media segment. On the left side, we started actually with EUR 12.6 million in the first quarter of 2020, reached already EUR 24.5 million in the first quarter of 2021, even outperformed the normally seasonal strongest quarter at Q4. Therefore, the media segment is really going strong. We also increased EBITDA margins from 7%-11%. As said already, 15%-20% is the target for the second half year of 2021. 94% revenue growth really stands for itself. Coming now to the next slide. Here we see a little bit the revenue and how it's diversified and which revenue streams we have in the media vertical. On the right side, 67% is coming from our supply side platform. That's where a lot of gaming, but also non-gaming app developers are connected to and really monetize their in-game advertising spaces. 13% is coming from the demand side platform, 14% from performance platform and 6% from influencer platform. Also very impressive numbers. 92% of our software service programmatic clients stayed. Retention rate 92%, which means people really stay on the platform. It's a high-quality platform and therefore are also increasing their traffic over time. On top, we had a 37% increase in new software service accounts and both actually leading to the 94% year-over-year revenue growth. Yeah, as said already, massive reach, 111 billion ads delivered in the last 12 months. Now we're coming to the next part of the presentation, I hand over to Remco. Yeah, I'll take that. On slide 10, a bit of the background or the history. gamigo, gaming company founded in the year 2000. As any normal gaming company, in the beginning, it started with external media agencies. The phase 2000- 2015, which has a lack of transparency, there's fraud issues, all these kind of things. That's not ideal if you really look at efficient customer acquisition and growing your game company. From 2016, we took the decision actually that we wanted to get stronger on the media side. We first started on the influencer side because especially for launching games, influencers are extremely strong and that gave us, let's say, already better measurability, better results. From 2018 onwards, we said, okay, let's really dive into media and into the core of media, and that's really the programmatic part, which is SaaS, which is software as a service, which also fits from a revenue profile much better to the kind of games that we also focus on, which is always products with long-term revenue streams, recurring revenue streams. It's extremely synergetic. That's also the part of the media market that's really growing very fast. With programmatic, you don't have fraud issues. You have, let's say, much more data. You can go much faster, you grow faster, and you have much more efficiency. Having media just for gamigo would be a bit of a waste. Of course, we work also for a lot of competitors and yeah, running this app. That's the history. Go to the next slide, 11. Here you see the value chain. Games company, it's about user acquisition. Making players happy, let them play, and then also making money, of course, via item sale and advertising. The media come on the front side, media for customer acquisition, and on the back side, which is making money with the ads in the games. As such, it's a logical extension to have the media on both sides, on the advertiser side, but also on the publisher side. Combining it makes a lot of sense, and that's what we'll see on the next slide. The reason for that being one, the cost efficiency. We have here a very simple example of a gaming standalone company like gamigo would be for a mobile app, for a mobile game. Typically, you would pay $0.15 for an install, so get the game on your phone, and you would typically get EUR 2 per 1,000 ad views, so EUR 2 CPM, whereas an integrated company would only pay $0.10 and get EUR 4. You would work with a 200% higher efficiency. That's only on the cost side. You take as a combined media gaming company, you take the margin that the media company normally takes, and by that can be much more efficient, can steer your advertising much better. On top of that, and that's on the next slide, on 13, there's a big data advantage. By having a full overview of the whole advertising market and combining it with the gaming, you can much better target users. It is, let's say if you buy an advertising space or somebody goes to on the webpage, the advertising space is auctioned, and we only buy advertising space if you're pretty sure that the ones that are going to look at it are going to be gamers or even paying gamers. That can only be done with data optimization and also having a full view on the chain. That's the reason that we, and Ionut will go much more into depth there, that we decided to do a full chain media company, which means that we do the demand side, the DSP, the supply side, SSP, and also the data side. I shouldn't talk too much about it. That's what Ionut is going to do. Go to the next slide. This is actually how we then started. We said we want to build a media company that can do basically all that a gaming company needs on the media side, which means that, and that's the horizontal axis that we do in-app, in-app advertising mobile web and web, but also connected TV, which is on digital TV screens and digital out of home, where we also can reach our potential users. You look on the vertical side that we can do basically everything that a gaming company needs, which is creative, brand managed performance. Ionut will run through all the other things. I will not list it. You get the point, and we have a kind of tick the box M&A strategy where we say, "Hey, these are the parts that we want. These are the companies that we are acquiring," and there's a tick the box. Of course, we can also fill in some of the parts organically, but doing it via M&A of course goes much faster. Here you see our two latest acquisitions, Beemray, a DMP, which is helping us very strongly on the data side, and LKQD, a connected TV company which is helping us very strongly on the connected TV side. Another part on the bottom is the whole data part or let's say how do you get as many as possible first-party data. Ionut will go into depth there as well. Going to the next slide. That's coming about to the basics of the media industry, and we will now watch a short video which gives you some background. Please start video. [Presentation] [Presentation] Great. I now would hand over to Ionut. Thank you, and hope that everyone enjoyed the video. Now that you have the high-level overview of the ecosystem, let's look at how it maps up with the Verve Group offering, our, let's say, end-to-end or full stack offering. Starting on the advertiser side, we have the Verve Group DSP, the demand-side platform, as was just shown in the video, which is our SaaS solution for advertisers, including our own advertisers here at the gamigo gaming part. Over on the supply side, we have our Verve Group SSP, which is our, again, SaaS solution for publishers. Again, also utilized by gamigo and other portfolio companies. In the middle, we have the Verve Group DMP. It's actually composed of a few DMPs that we acquired and some that we've built, and we're going to talk a bit later about that. What this data management platform does, it increases the effectiveness of advertisers and allows to connect the dots between our users and find out which one is the most valuable for whom. In the middle, of course, we have the ad exchange. Actually, we have more than one exchange. We have three ad exchanges with different focuses. For example, one is mainly focused on mobile, another one is mainly focused on connected TV. What this ad exchange does, as was shown in the video, is more or less create a marketplace where advertisers can bid against each other and increase the yield for publishers on the supply side. Let's move on to the next slide to see more about the value of data and the data layer that Remco mentioned. If we're looking at non-targeted advertising, just basically serving random ads to random users, we will get some users that are valuable, but not that many. With that, we will pay a rather low CPM. On the other side, if we have targeted advertising, we can pay a much higher price, or each advertiser can pay a much higher price, knowing the value of that users. If a user is, let's say, worth EUR 100, we can pay EUR 10-EUR 20, or euros eCPM, still be profitable on our return on ad spend after the user is delivered to our game. Which in turn means that every advertiser can actually pay much higher prices for each impression or each user, meaning that those result in better yield, how we call it, for publishers. Meaning that each impression will be sold at a higher price, meaning that their overall revenues will actually be higher. It will be pay the premium versus pay the rather low random CPM. That's the value of data in a nutshell. Let's move to the next slide 19, on what kind of data we are talking about. As any user browses the web, there's a data trail that's left behind, either to your mobile phone or to your computer or even your connected TV. That data comes from the apps you use, the websites you browse, or the TV program you are currently looking at. We believe that mobile is the richest medium for understanding users and their interests. The main reason behind that is that on the mobile device, you have a lot of use cases. You can use it for photo editing, you can use it for gaming, you can use it for messaging and social. You can use it for checking the weather or checking news or checking the sports or events near you. It's a really broad range of activities that can infer the user interest. Not only that, but we can infer those audiences on the other devices that you use. That's why we are doubling down on our SDK and our privacy-first audience technology. I think it is very important that everything that we do across the audience spectrum is privacy compliant by default, both on, let's say, GDPR terms, CCPA terms, but also platform-specific regulations such as Apple's, and we're going to discuss a bit later about that. Now that we have the privacy compliant inputs and we know where we get them, what do we gain in return? Well, we get audience profiles. We get audience profiles such as demographics, age and gender, or lifestyle or interest or hobbies. What's important there is, and let's move to the next slide, is that we're not looking only at individual users, but actually increasingly more, we're looking at segments or cohorts, basically a group of users. This is mainly driven by the changing landscape of our advertising. If right now we can understand, and by we, I mean we and our advertisers, can understand users based on one-to-one deterministic matching, either to IDFA or to third-party cookies. The future doesn't really look like that. It looks more contextual or more on-device cohorts. We've already seen this impact. We've been working for a while. I'm going to go deeper into that, onto our solution. For contextual, obviously, with the recent acquisition that Remco mentioned, which is Beemray, which is one of the leading experts in the space. For cohorts, we've been building our own solution, which I'll dive a bit deeper later. Moving on to the next slide. Lastly, how do these formats actually look? What is actually presented to the user, right? Because DSP, SSP, DMP could be a bit abstract. What the user actually sees is different ad units. You've probably seen them already. Chances are that quite a few of those are driven by our solutions. We have, of course, the banners, which are the smaller units, usually at the bottom of the screen. We have interstitials, larger engagement units used for game advertising. We also have native units that blend with the content, and we have different types of video. What's important is that we serve all of these ad units across what we call the omni-channel user journey, and from the mobile device to desktop and PC to the connected TV, and even more recently, to digital out of home. Yeah. With that, I will hand it back over to Remco f or the segment overview. Yeah, thank you very much, Ionut. Coming to the next chapter, and that's now with slide 23, where we start. It's showing you a bit what Verve is doing. Verve is the media part of Media and Games Invest. That's where we bundle all the media things and to go through. This page, 23, you see basically the three main pillars. The one, of course, is people, the team. We have a great team, extremely fast going forward, extremely a lot of expertise, over 200 employees globally, and out of that, over 60 engineers and over 50 salespeople. The reason behind, it's a very technical market, you need to continuously further develop your product, also to innovate. On the other hand, if you have a good product, you need to sell it. Industry excellence in the middle. Yeah, we have a very nice position with what we have, serving the Fortune 500 advertisers, also having a lot of proprietary algorithms and optimization possibilities to make sure that the match between supply and demand is strong, and then work for over 4,000 publishers on the other side where we have a lot of direct integrations, which gives us also a lot of data, of course. Of course, not to forget, the gaming supply, working closely together with the gaming companies, with gamigo where there's also, of course, a lot of supply and also a lot of demand. On the right side, global omni-channel ad platform. That's the nice phrase of how we call what we have, which means, as explained before, that we've come from the demand side, the supply side, the data part in between, that we basically serve the whole technology that's needed between a publisher and an advertiser. We do that for in-app, mobile web, desktop, CTV, OTT, and digital out of home. Also terms that Ionut already explained a bit and will go in further detail later. And of course, we offer it as a SaaS platform so people can do everything themselves, but also as a managed service platform where we can manage the campaign. We have people that manage the campaigns for the customers. On the next slide, on page 25, you see a bit of our global footprint. Also here, the thinking behind it, again, is scale. If you have a technical platform, you need to scale it. It doesn't make sense to have a technical platform only running in Europe or only running in the U.S.. If you have the elements, just run it globally. The more volume, the more efficient. Here you see a bit of our global reach. Strong in the U.S., strong in Canada, strong also in LatAm, Germany, and also other countries in Europe. We haven't listed all of them here. Let's say also looking into the Southeast Asian market and also in the Asian markets. As you have seen in the press release that we announced, just got out this week, we are looking into acquiring Smaato, which is not yet firm, but we are expecting signing pretty soon. Was mentioned in the press release. I can't go too much more in detail than we have in the press release. Also that, we have here 1.4 billion mobile devices that we serve. With Smaato, w e would serve a lot more and also add more regions here. I come to that later. Next slide, 25. The value chain, again, as mentioned before, on the top side, advertiser on the left, publisher on the right, and everything between we do with the media part. What you see also on the bottom that we work for very well-known advertisers, a lot of game companies, over 60% of the volume on the media side is with games, or let's say game related. Also on the publisher side, you see a lot of game companies' names, but also there we work with non-game companies. Coming to the next page, 26. Yeah, that's a bit, how do we compare to other companies in the market, other media companies in the market? We have listed some of the more famous ones or of the larger ones. Magnite, a very well-known Rubicon Project that was told before. The Trade Desk, very large, one of the, let's say, strong growing companies in the sector. You have ironSource, which started as a media company, but then also did a lot of gaming acquisitions. PubMatic, a supply platform, also strong, just recently did an IPO. ironSource actually did a SPAC deal, is also listed now. AppLovin, also media company, starting to acquire game companies like Machine Zone and many others. Also, let's say ironSource, AppLovin are pretty close to what we do. They come from the media side and then start to acquire game companies. We did it the other way around, being a game company, starting to acquire media companies. Here you see a bit of the match where we are. To emphasize, I think transparency, open standards is extremely important in a market where Facebook and Google that are not on this list, but of course also should be in here, being the large ones, but they are becoming more closed gardens, so they are not that open. Competitive advantage here in this market is really being open, transparent, open source as well. You see that a lot of them are only on the DSP side, like The Trade Desk, or only on the SSP side, like a Magnite. They don't have a full chain where we think is, let's say, the big advantage. Then also you see difference in, let's say, what is being served mobile, web, and CTV/OTT, where we are pretty going through. Most comparable, I would say, are ironSource and AppLovin because they also have the strong gaming edge. Coming to the next page or next chapter, actually, Paul is going to take the industry outlook. Paul. Yes. Starting here with the global digital advertising market, as we can see here is a high-growth market with a revenue CAGR of 14% expected until 2024, reaching then EUR 640 billion market volume. What we also have seen in the last periods that now the digital advertising overtook classical advertising, that especially the programmatic advertising now represents more than 2/3 of digital advertising, so 68%, and that's actually where we are positioned in, and it's also growing within the digital advertising market. We are directly in the high-growth market there. What we also expect or how we see it is that every company who really wants to do efficient user acquisition needs to grow programmatic, and that what MGI has done in the last two years. Coming now to the next slide. Looking into the landscape of the ad tech industry, and here we see that Google and Facebook actually with their walled gardens take roughly 50% of the digital advertising market. As Remco also mentioned briefly, not as transparent and therefore MGI positioned itself in the open internet market and is really driving transparency. We also see that more and more advertisers and publishers actually join our platform and therefore are driving very high growth with the open internet market with full transparency. Coming now to the next page. Here we see a little bit of industry overview and also the market players. We see it's a lot of market participants which have come to the market in the last 10- 15 years, and therefore it's very fragmented and perfect for consolidation, and that's actually where we're taking opportunities or advantage of, and therefore there's a lot of opportunities like Smaato which we look into to acquire. Coming to the next page. Here we see also some of the trends in the market which offers ample of opportunities. On the left side, the privacy initiatives. So for example, deprecation of the IDFA where Apple just started a thing which we now tackle fully with our ATOM product where Ionut will give much more details later on. Then there's also Google, which will deprecate their third-party cookies next year. There's also further opportunities where MGI and Verve together with Verve Group expects to gain further market share. On the right side, the consolidation part. More and more companies do consolidation. AppLovin, for example, also is going vertical now, acquired Adjust. Zynga is also going more into the media side and just acquired Chartboost. There we see actually that also the IPO activities have increased and valuations have gone up. ironSource, AppLovin, to name two, have just gone public. Coming to the next slide. Here we see actually that also valuations have increased over the last years quite a bit as programmatic advertising, ad tech, and also games is a very hot market with a very strong high organic growth. Therefore the recent IPOs are valued at pretty good multiples now. 45x EV/EBITDA is a peer group for 2021, and 2022 is 33x. Looking at the valuation of MGI, which is still a smaller player compared to these ones, but nevertheless a 73% discount. That's what we will also focus on the coming periods on to decrease the valuation gap compared to our peers here. Coming now to the next part of the presentation, the growth opportunities. Yeah, that's where I'll come in. We have split the growth opportunities in two parts. The one is acquisitive growth. You know us as a company that has done a lot of acquisitions, and the second part is organic growth, and that part will be taken by Ionut. I'll take the acquisitive growth. Yeah, we started as a game company that was, we thought, too small like many game companies, and we have acquired, let's say well over, I think it's 20 game companies now. We have, after that, started to get into the media part, where we also did well over 10 acquisitions now. This is really a good way to grow, because if you want to build critical mass to do it organically, it takes pretty long. That's also, again, this is the slide that I showed before as well. You saw on the slide that Paul showed that there is a lot of companies in this market, a lot of companies that are too small. Too small means they don't have the money to invest in the future. They have no money partly to invest in customer acquisition. Like for example, Beemray that we acquired, a company with great technology on the data side, but they were always just around break even or a bit below actually, not able to hire an extra sales guy and all these kind of things. It's a natural thing to acquire these kind of smaller targets and to put them together to something that has a lot of synergies in between. Which is also having a lot of synergies on the sales side. That's what we're doing here. You see a lot of tick the boxes in-app. We are getting pretty complete. Still some things missing and if something is missing, it's not a huge issue, but it's of course nice to also have it. You see that still missing is creative side. Creative is extremely important to do efficient ads. It's a bit more manual than, let's say, the technical parts that are below it. Creative is very important, so that's something that we're also still looking at the right targets. We said we also have a prioritization here. We first want to build a full technical stack, and then you can leverage it also a bit more creative. On the mobile web, the website, we are not that strong yet on the SSP side, so that's the sort of supply side. That's something where we're looking into targets. CTV, we did a very nice move with LKQD. Also there we have a good position now. Still some blanks, but getting pretty filled. Digital out-of-home, it's not the most important part for a gaming company, but still digital out-of-home is growing. That's all the screens that you see on the airports, on the outside, out of the door, everywhere. It's getting pretty integrated with the other media parts, and for that it's very important to also have that. That's also from a priority point of view, a bit low on our list. Of course on the bottom you see again the audiences, making sure that you have first-party data, that you have access to first-party data, which either can be that you own yourself content like our game companies, or that you have, let's say, the consent from the one that owns the app to be first enrolled in the app, or let's say in the majority set. That's very important. The other thing, of course, ATOM, that is what Ionut is going to talk about. That's the organic part actually, and should maybe not even be in this list, but it's good to show that we also do some parts organically. Many more targets on the list. Let's say there's also smaller and larger targets, of course. We come to the next slide, which is a larger target. It's Smaato, pretty well-known media company, founded in Germany, then also, let's say, founded in the U.S. subsidiary, which in the end became bigger than the German part. As you see here, a company doing EUR 30 million- EUR 40 million revenues, so really substantial, within roughly 30% EBITDA margin, which is also extremely profitable and good. This would really add a lot of critical mass to us and would help our media part to grow fast or to grow strongly. A lot of synergies in there. Just going a bit through, let's say, what's the acquisition rationale? Yeah, it's a strong SaaS play also. Also adding here is any critical mass I said already before. Substantial synergies, with the games that we have also, they also do substantial gaming part. It's a transformative deal because it would really add substantial EBITDA also to our bottom line, of course. It's a financially attractive deal where I'm not allowed yet to give any further details. As said before, we have released the press release on this one. It is not signed yet. We have all learned a deal that's not signed is not 100% secure deal yet. We're expecting it to be signed within the next weeks. Yeah, pretty cool. Reaching, that's in here, let's say the fourth point on the left side, 1.3 billion unique users monthly. We showed before in our slides that we have a 1.4 billion that we at the moment reach. You can roughly calculate from that what it will mean for our critical mass, of course. It's doubling on the users and, of course, very substantial bring us forward on the media side. Smaato is more on the supply side, which is very nice also adding there and makes our target list on the demand side, of course, also a bit more aggressive maybe after this deal. Coming to the next part of the presentation, and that's the organic growth. Ionut. Thank you, Remco. As Remco mentioned, I and the teams I manage, I focus mostly on the organic part. What that means is creating products, solving customer challenges, and delivering those to market, and then measuring success. Mostly through revenues, that's how we measure value delivered to our customers. Before we go into the specific details, a quick or hopefully quick overview of our platform. We're going to start from the advertiser side. The demand side, how we call it. This is where we offer our software as a service, our SaaS solutions for advertisers. We do this via what we would call a control layer on the left side. What this means is that our advertisers can set up the campaigns themselves. We're actually going to show a quick demo at the end, and manage the performance throughout the lifetime of the campaign, and manage optimization as well. Outside of that, we of course have what we call the demand management layer. That's where all of the external demand, which is not our own demand or our own advertiser demands comes into our marketplaces. This could be agencies, this could be DSPs or other exchanges that compete in real time, keeping us also competitive on our demand side, while at the same time delivering the most value to our publishers. We run more than 1.5 million auctions every second. As I mentioned, scale is critical in our type of business. Now, in order to gain visibility on the operations of our platform, both on the demand and the supply side, we have what we call a data layer. This shows reporting KPIs on campaign success or on advertising performance. Connected to the data layer, we have our data science layer. I think Remco mentioned a few times about our algorithms and optimizations. We split them in three main categories. The first one is bidding optimization algorithms. That's on the advertiser side, allowing them to achieve the most cost-efficient targeted advertising, basically buying as low as they can to increase their return on ad spend. That's one part. We have exchange optimization. This is controlling auction dynamics, who is allowed to bid, who is not allowed to bid, and we do this automatically. Of course, we cannot manually control 1.5 million auctions every second. This also reduces our cost as we drive more optimizations there. That's on the, I'd say, marketplace and supply side. The last layer of data science and optimizations are audience creation. ATOM is one part of it, but we also have our first-party audiences, behavior audiences with 1:1 deterministic matching, which is also part of the platform. Of course, the Beemray audiences, the contextual audiences being part again on the audience creation. Last but not least, this all plugs into our supply management layer or supply layer, let's call it. We are very flexible in terms of our integration points with our clients. It could be via APIs in some cases, which means application programming interface. It could be via JavaScript tags, which is a short piece of code that you put on your website. It could be via SDK, which is a software development kit that you integrate when you build your app. Having that flexibility allows us to reach scale and solve customer challenges independent of the software stack and the solution that they are using. I think that's quite important to our success, and we're going to go to some case studies a bit later. If we move to the next slide, please, slide 38. A product cannot exist or cannot be successful in a vacuum, right? We do need to sell this product, and we split our sales initiative mainly in two parts. First, on the demand-side products, we sell either a self-serve product, I think Remco also mentioned, or a managed product. That's the two main offerings we have. We also split it against the size of the client, right? We have large Fortune 500 clients, but we also have SMEs who need, I would say, a very different range of both services and solutions, right? The SMEs will have much smaller budgets, and they might use more of the SaaS, while the large customers will need, I would say, white glove service, and we'll help them throughout the whole lifetime of their campaign. That would be the demand side. On the ad exchange, so basically the supply side, we operate a marketplace or a few marketplaces, as I mentioned, but the gist of it is that we need to add more supply, and we have seen the growth that Paul mentioned, I think 37% new accounts that generates new growth to our platform. At the same time, we need to add new demand and new demand partners and grow those. I'm going to go in a bit on the flywheel. Outside of that, which would be our, let's say, core offerings, we also have other new offerings which are underway, coming from our publisher self-sales to our data monetization, our private marketplaces or our user acquisition efforts. Now let's move into the next slide with our flywheel. I'm just going to focus on the marketplace, which is the larger part of the business. This starts from the publisher side, right? It's always the chicken and the egg, but we've more or less solved it quite a bit in the past. What this means, we add new publishers to our marketplace, to our platform, and with that volume of new users and new ad placements, we go to the advertiser side and offer it, of course, in real time and via OpenRTB protocols, to their, let's say, software solutions, which are the DSPs, or in some cases, the SSPs. Once they are on board and they start spending budget, then we can add new publishers and get that market share or that share of wallet on our marketplace. We repeat this over and over, adding more and more publishers. We have a few thousand right now, and on the advertiser side, we have a few hundred. We are, let's say, spinning the flywheel, and it just gets larger the more critical mass we get. Of course, we don't do this in a vacuum. We take customer feedback both on the publisher side and the advertiser side. What this, in turn, does, it allows us to improve the platform, the platform we just went through on either of the layers, either the data science layer and the algorithms or the controls layer or the reporting layer. It's a constantly moving piece of our business, and this is what drives the growth. One important part and unique differentiator is that we do have the end-to-end value chain, which allows us to much faster move this flywheel item from the supply side. Of course, you can move the flywheel, but sometimes you need to go through third parties, and they have different roadmaps and different priorities. Once everything is in-house, including the media side, so the own and operating gaming properties, both on the monetization and the user acquisition, you leverage all of these synergies and manage to speed up the flywheel. Now we see it also with a lot of the companies, as I think Paul mentioned, AppLovin and ironSource, and recently even Zynga, understanding having this control allows us for faster iteration than being on each side with conflicting interests. Yeah. Okay, now let's move into some examples of what we're building, let's say, the next generation of the platform and maybe even the next generation of how advertising is going to look like. ATOM is our solution for basically the IDFA deprecation, it also prepares us for maybe Google's GAID deprecation. We're also looking at the third-party cookie deprecation for moving this solution to the web. Right now, it's just for iOS because that's the most pressing need for our advertising clients and our publisher clients. Shortly, what it does, it collects data from the device, from the app that's being used, and from the ad interactions that have been observed throughout the user journey or throughout the user session within an app. That data is collected, run through a machine learning model, and the output is characteristics such as age groups, gender, and interests. These are, of course, benchmarked with our deterministic audiences, the behavior ones, in order to make sure that we continually increase our performance and our, let's say, probability for a device to be part of a group. What's very important is that we don't use any personal data. We don't store any personal data. Everything happens on the device, the only thing that's available is an output with the probability of belonging to a certain segment. I think that's really new and novel, there are only a few companies in the world right now that have similar solutions, and those companies are Apple and Google. We've been working on it for the better part of the last year, again, leveraging the unique skill sets we have by having the full stack. Data science and audience building, but also SDK scaling and on-device processing. Those two skills combined allowed us to be in a unique position to develop this and be at least first to market to bring it. Now, onto our next innovation, which again, we've been working for the last couple of years. Actually, this one we're also going to demo later. This is our demand management solution for publishers. Of course, we offer SaaS solutions for publishers for monetization. That's one part or one of the major parts of our business. Now we allow them to bring their own demand. Bring their own DSPs, their own advertiser connections, their own SSPs, even our competitors, and manage that setup by themselves. Yeah, this is very similar to our demand-side product where advertisers manage their own campaigns. This allows publishers to take control on their advertising business model with full transparency, full real-time analytics, distribution level data to better understand which users are more valuable and how to manage that part. Not only that, of course, we connect our audience layer to this offering and reaching further their capabilities. We also operate or work with most consent providers out there to make sure that everything is privacy compliant and privacy first. At the same time, we have other tools for verification and viewability, which are the OM SDK from the IAB or ad quality, which is a very important topic as user experience is very important for all of our publishers. No one wants to show a bad ad. We work with third parties to ensure that. This is based also on our open-source SDK. It's also based on the open-source Prebid server, making it much more attractive or it's an easily auditable solution for publishers. All right, let's move to the next slide then. I think we have the demo where we show some of our Platform components. We will start with our DSP, which is our software solution for advertisers to run their campaigns. This is the campaign setup screen. We will start the media plan first. We can select which campaign should be in the media plan. Now the actual campaign setup, we of course, look at goal-oriented type of campaigns. We can run, of course, CPM and on all the other tactics. We can select the price that we're willing to pay for reaching those goals. Of course, the budget. Of course, the dates as well, when this campaign should be running. A few further details for the campaign setup. It's quite a flexible platform, so all details about the campaign can be set up. Now we're moving on to the inventory side. Of course, PubNative, our own in-house SSP, is one of the sources we can run the campaign. We can select, of course, any of the other sources out there in the market, and our inventory will compete in real time with the other sources to make sure we find the right user for each campaign, for the right ad. What's also important, we're going to show momentarily, is that we work across channels. Omni-channel, as the name implies, that means mobile, that means desktop, and that means connected TV. Furthermore, we can actually select specific publishers. For example, if we want a game from gamigo or Aeria Games, we can specifically target that placement and that screen in order to deliver ads just there. Last but not least, and very important, the data layer, we already mentioned it, but just to rehash, it can be ID-based, it could be behavioral, it could be contextual, or it could be using our cohorts or ATOM audiences. We also leverage third-party audiences from the likes of LiveRamp and so on. Onto our supply offering, which is the HyBid Cloud, which is more or less the mirror software for publishers to manage their ad inventory. We are going to go with an example with an app. This is where you enter your app details. Again, fully self-serve, just like the other tool. Of course, you need the store ID if the app is on iOS or on Android. Afterwards, we would add a demand partner. As I said, we are available by default, but the publisher can create and add their own demand partners connected to an API. They will have and own the contractual relationships with them, and we will facilitate the auction. Of course, we will compete in that auction. Why this is very important is that it gives us a much broader view or overview on the full monetization of the publisher versus just part of the monetization. Yeah. Some details in terms of auction type and the formats that are available can also be set up. This product has not yet been launched, but it's already live with a couple of publishers. We plan to launch it publicly within one month, as some publishers already have access and are live with it. Now, lastly but not least, obviously the reporting, checking the KPIs, such as revenue, impression, fill rate, and making sure that everything is in order and that everything is going with the current setup. That's where most of our publishers spend their time. All right. With that being said, let's look at some case studies of our publishers, how we drove success with these solutions. Of course, we have gamigo, where we increased the conversion rate by double digits, 10%-15%, reached more than 200,000 users, and increased ROAS across the board. A good case study to have on our own and operated media. We also leverage this solution for third parties such as The Meet Group, which is a publicly listed company where we managed to increase their revenues by using a hybrid integration, both from our SDK, which you saw before, and our JavaScript tag. Moving on to the next and last case study, that's Meitu. That's a photo editing app. As I said, mobile is such a versatile medium that it allows, of course, for games, which is probably the largest segment, but also for other use cases. For example, social as before, or photo editing as this one. Again, we managed to double the revenues on Android and almost double on iOS as well. That was the case study. I will hand it over to Remco for the wrap-up. Yeah, thank you. Before we come to the last page, if you can go one back, please. Not go yet through this one. Yes, thanks. I wanted to say some words before I come to the general conclusion about the presentation today. Yeah, this is in one hour, as much as we can do in it. It's really only the top of the iceberg, kind of. As you have seen on the interface that Ionut showed, there are so many settings, possibilities. We're talking about so many channels in media. When I was at university, which is a while ago, we were always talking about that from each guilder, it was then Dutch guilder, 50% of each Dutch guilder spent on media, 50% is wasted, but you don't know which 50%. Since then, that was a time that there was only a few channels on television, that there was not that many media sources. That shows also that the difference between spending your money well and getting a good response or getting good efficiency from your media versus just spending money and not so much efficiency coming up is huge and has become much bigger than this 50/50. That's the reason that we started going into media part. That's the reason that we really see good results in combining a gaming and a media company. That's bringing me now to the last page, which is a summary for the whole group for Media and Games Invest. We are an integrated media and games company. We are targeting a growth of at least 30% year-on-year, which we have been out-beating very strongly, as Paul also showed before, in the last years, with a 25%-30% EBITDA margin. It's not only about growth, it's also about profitability, of course. Very important, low business risk focus. It's easy to waste money, it's easy to do wrong acquisitions, but of course, it's about spending your money wisely. That has also to do with the kind of business that we're doing, and that is we are focusing on recurring steady revenue streams, which is MMO games, that's multiplayer games, where players are playing a long time in the games, and also steadily happy and growing with the game. That's what is on the game side. On the media side, as we explained before, it's about SaaS revenues, software as a service, which also have long-term recurring customers. If people once start using the interfaces that Ionut showed before, they will be on board for a long time, as long as they're happy, of course, with their results. That has a lot to do with how good our quality of technology is, but also how good the connections are. Strong organic growth. In gaming, it's about new content game launches. On the media side, it's about scaling existing accounts, but also adding new media accounts. Utilizing strong synergies between gaming and media, very important. There is a big win. That's also what AppLovin and ironSource have seen. Even Zynga is now buying also into media companies. Let's say the number of larger targets is getting smaller. I think we had a pretty good timing on this, and yeah, it helped on the customer acquisition. It helps on also making money with the advertising inventory, and there's a lot of know-how sharing in combining the two. Synergetic M&A, talked enough about that, I think. Over 30 accretive transactions, well-filled pipeline, both for gaming as for media. What we also do, what differentiates us a bit from quite some competitors, is that we integrate the acquired targets either within the gaming part or in the media part, which leads to efficiency gains and economies of scale. That's, let's say, making the circle round. So far, we have mostly been talking about games. Today was the day for the media. Both parts of our company are roughly the same size revenue-wise. On the EBITDA side, the gaming part is still much stronger. However, we only started three to four years ago with really doing the integrations, the acquisitions on the media part, and starting to see also there that the EBITDA is increasing very fast. With a transaction like Smaato, we would even get much more critical mass there and also make it on the EBITDA side much more similar to the gaming side. That's, yeah, our presentation for today. Time for questions, I think. Okay, we have our first question on the phone. That comes from Philipp Kaiser of Warburg Research. Please go ahead, your line is open. Hello, gentlemen. Thank you very much for this comprehensive presentation. First of all, you mentioned, well, basically the huge fragmentation of the open internet. Well, can you give us a broad idea of how fragmented it is compared to your size, actually? If you would rank yourself in a list of the largest players in this field, about what global rank would you basically talk? It's the first question. The second question, well, can you give me an idea of how the pricing, basically for your offering for software as a service, is actually evolving? Would it be fair to assume that basically a doubling of your reach should also lead to a positive effect in terms of pricing? Just rough comments here. Ionut, do you want to take the first one about the size, and either you or Paul, I think, for the pricing one? Yes. I can take the first one if Paul wants to take the second one. On the first one, with most of our publishers, we are within the top five to top 10 partners they work with globally. That is, of course, outside of the walled gardens, right? Facebook and Google, of course, own 50%. Outside of that, although the market is fragmented, we managed to pull through and get at the top. Of course, with further acquisitions, we could go even higher. Yeah. Sounds good. In terms of pricing there, you refer, I guess, to the CPM, CPA, CPI kind of development and how that could be impacted by a further acquisition like Smaato and how it would evolve over time, right? Yeah. Yeah. No, Do you want to answer it or? Yeah, I can also take it. Let's say, typically, what's interesting on the media part that the margins partly are pretty high. If you look at, let's say, Google, and there's some research on that typically for each euro that's spent on Google, but not on their own YouTube inventory, but on third-party inventory, 50%-70% is actually staying with Google, which shows that there is a bit of room for improvement there. What we typically see is that an SSP and a DSP each are taking roughly 25% of the media spend on the platform as a fee, and then there's also some smaller fee mostly for the data part. If you add it up, it's a substantial part and still of each euro then that's spent, a big part is going into the, how to say, into the ecosystem. Of course, further consolidation, we expect that, let's say, the cost of the technology and all the cost of the intermediaries will go down a bit. The margins will be a bit under pressure. At the moment, we don't see that at all. It's of course also a USP that we have with having a full chain and being very flexible there. To your question, let's say scaling this makes a lot of sense because your fixed costs are hardly increased by scaling it. Your media costs are scaling more or less in line with your, let's say, revenue scaling. Technology costs are also hardly scaling with it. They get a little bit more expensive. Also, they are more fixed than variable in this. In that sense, a larger company is just more profitable, and as such, can also invest more, of course, in further innovation, in growth, in sales. Yeah, similar what we saw on the gaming side. If you're a small gaming company, it's difficult to have the money to launch a game or to get new games into the market. If one of the games fails, you have an issue. On the media side, it's the same. You need a certain critical mass to be efficient and to be profitable. We started with 7% EBITDA Q1 last year. We are now at, what was it, Paul? What was the percentage now in Q1? Sorry, I'm missing this one. 17% if I'm not mistaken. Yeah. It's really growing. We are targeting 15%-20% EBITDA by the end of this year on the media side. As you saw also on Smaato, which is, let's say, a bit further integrated already, you can also do 30% EBITDA and more. That's what we are also targeting here. I hope that answers your question. Yeah. Thanks a lot, and particularly for setting up this day. Pleasure. Next question. Thank you. As there's currently just one question in the queue, just to remind participants, if you do wish to ask a question, please dial in and then dial zero one on your telephone keypads. The next person in the queue is Ken Rumph from Jefferies. Please go ahead. Your line is open. Hello, gentlemen. Thanks for setting up the event. I think it's very useful, and the explanation was very helpful. A couple of questions. One regarding being both a DSP and SSP or having both a DSP and SSP. That end-to-end opportunity, you talked, for instance, about as the industry consolidates, maybe take rates come down. Do you have an opportunity to be both more efficient? supply path optimization seems to be another acronym in the industry. Also, having those two things to offer a, how to say, a better proposition to customers and make money out of a lower take rate, if you like. I hope that makes sense. The second question is just on ATOM. If that's successful, how would that manifest itself? Would it be more volume? Would it be higher prices because the ads are more valuable? Yeah, just that, really. Thank you. Ionut, you want to take this one? Yes, I will take this one. First one, just to rehash, was about the consolidation and the fact that there won't be as many players in the future or the consolidation is already happening, and how do we answer that with the full stack. Yes, there is a trend of decreasing the take rates, but it's very slow, right? It's maybe 1% per year, maybe even less. What I would say consolidation still drives competition, right? Yes, instead of having maybe 20 partners, you would have 10. The ecosystem is moving already to first-price auctions. It's not the second price, there's less opportunity to arbitrage, so there's more opportunity for adding value. Which brings me to the next point about the full stack is actually leveraging the data to drive value. If we drive value and more efficient advertising, we can win more of the impressions and more of the inventory and more of the budget. It's back to the flywheel. We are looking at data in our O&O as our USP, and we're investing heavily into that to increase the value that goes through our pipes we can compete. We could even expand on margins if we deliver the value, right? Because it's not about the 50% you say that's taken by the ecosystem, it's the ecosystem delivering 200% return on ad spend. I think that's what we should be looking at. Not just the spend, but what comes out of the pipes and delivering the value there. That's what we're focusing on. There was even a part, I think, on measurement on our M&A pipeline. We're quite active on that part. I hope that answers the first question. Could you repeat the second question then? About ATOM and the key point. It's basically how would ATOM, if it was successful, it's obviously in its beginning stages, how would we see that in kind of financial terms? Is it that revenue goes up because you get a bigger market share? Is it also that perhaps the value, and this relates to your kind of value proposition to customers, that the ROAS goes up so people are prepared to pay more for your product because it's delivering a better result from a customer point of view, so you get a higher price. Is it kind of volume or value or a bit of both? Thanks. It starts with value. You basically answered the question for me, so I have to thank you for that. It starts with the value prop, right? Right now, an advertiser is blind. When they buy something, it was one of the slides, they were just randomly shown an ad, and maybe they would find a user, right? With ATOM, we increase the likelihood that it's actually the user they were looking for in a specific demographic and with specific interests, right? The price increases. I can tell you already, and if you haven't seen the reports, the CPMs on iOS, they went to half right now. The fill rates, basically the interest of the buyers has also decreased. Of course, the industry is working on it, but we're not there. What we're doing is being ahead of the curve. Yes, it starts with value proposition right now, and as it scales, and of course, it's still being tested, but we already have more than 500,000, I think, users on the solution per day. As it scales, it becomes a volume game, right? We are first to market. We can iterate our solutions. We've been working on it for a year, and some people haven't even started working on something similar, right? I would say it's a value first, which is what we're driving right now, and it's volume later, and ideally should put us in a strong position in terms of market share within a year, a year and a half as the iteration and this chicken and egg takes a bit of time. Okay, thanks. Thank you very much. Thank you. Yeah. You're welcome. Thank you. Our next question in the queue comes from the line of Sven Sauer of Kepler Cheuvreux. Please go ahead. Your line is open. Hello, gentlemen. Thank you for the presentation. Two questions from my side. On the sell-side and demand-side platform sides, I was wondering how much of the business is attributed to gamigo and how much to external advertisers and publishers? The second question is, have you received maybe some first feedback regarding your ATOM solution? Paul, you want to answer the first one, and then Ionut the second one? Yes. Should I take the first one, Remco, or? Please, Paul, you go ahead. Yeah. Okay. The first one, we have roughly EUR 10 million revenues, which we consolidate out between the two segments, gamigo and Verve Group. That gives actually an idea of how much revenues and synergies is realized between both of them. There's also increasing connections like our casual games platform is fully integrated now with Platform161, and therefore we can really show all the ads via our own system, and therefore also drive further ads in the games from third-party publishers, from third-party advertisers. These kind of things are increasing, and as you could see, 12% of our revenues in the games segment is already advertisement-based, and that actually also gives an idea of the full synergies which we can realize there. There's much more to come, therefore we're realizing a lot of synergies, which also led then to the 38% organic growth, which we have been able to contribute in the first quarter. Therefore, yeah, we are pretty happy actually that we have been able to combine both segments in such a good way already now, there's much more to come. The consolidated revenues are only showing external revenues, just to make that clear. The internal revenues are consolidated out. Exactly. Yeah. Ionut, do you take the second question? Yes. ATOM feedback. Yes, we got quite a lot of feedback. We've been talking to the advertisers, I would say, since beginning of the year, actually end of last year, since we had the first version of the product live. We talked to the largest holding groups out there, to PubNative, we talked to Dentsu. The feedback was always positive. Of course, take a bit of time to get into the media plan. We also need to scale it. We have them as partners on the pipeline to test as we move forward. The feedback was first really, really positive. We were the first ones that they've heard to build this solution. Now we're hearing there are others. At least in our conversations, we were the first ones to build it. We've got interest from everyone. The main feedback that we got was, "Hey, we also want to measure it." That's something we're working on already in the next iteration. Yeah. Not just, "Hey, we have the audiences. Can we prove that those audiences are there and they deliver results?" That's more or less the next iteration of the ATOM. We might even release a case study in the next months on that as the solution matures. That's closing the loop. One interesting point to that is even Apple are interested in the solution and advertising with us. We have a call in the next few weeks with them to see if it fits. Just to make a remark, because we're a stock listed company, this is of course just a possibility and not something that's going to happen, and we need to be careful with this kind of information. Sorry to interrupt you. No, it's a very good point. Okay, thank you. Thank you. We have a follow-up from Ken Rumph at Jefferies. Please go ahead. Your line is open. Hi again. Two additional questions. One was just to ask, you have a history in M&A of paying, shall we say, modest multiples in profit terms. Obviously, some of the companies that are listed certainly in the ad tech space trade on very high multiples, as you showed. Should we assume that you feel that you can continue to progress with M&A and media consolidate with businesses like Smaato without specifically referring to that? As you say, it's still to be confirmed. Should we assume that you think you can continue M&A without paying the kind of multiples we see at public companies, perhaps? Yeah, that'll do. Thanks. Yeah, Ken, I can take this one. Yeah, we see in the ad tech market, especially with the listed company and with the IPOs now, extremely high multiples. This, of course, has a certain effect into the market that with certain companies that we talked about M&A, they also start to compare what they want with what's in the market at the moment for larger listed companies. Those are companies that we stop conversations with because we don't want to pay this kind of multiples. Of course, there is the multiple arbitrage game, which would, even if you pay a bit less, make it maybe for a listed company nice, but we still are strong believers in value creation, and value creation you don't do if you pay these kind of crazy multiples. We would refrain from doing M&A with crazy multiples. There are, and that's the positive side, there are so many companies in this market that are around, and so that you can also do transactions without paying these crazy multiples. I hope that answers your question. Okay. Once again, if there are any further questions, please dial zero one on your telephone keypads now. Okay. As there are no further questions coming through from the phones at this time, I'll hand back to our speakers. We're coming to the end of today's session. This was asked for by investors. I hope that we lived up to the expectations and were able to give you a bit more insights. Of course, happy to go further if there's follow-up questions, don't hesitate to ask. Give us please your feedback how this was. We can learn from it. If there's the question for doing this more often, we can do this, of course, also for other parts of the company. Thank you very much. Wishing everybody a good Midsummer night and some celebration of that as we have many Scandinavians here online. Thank you all very much. Hope to speak to you soon. Thanks, Paul and Ionut, for the presentation, of course. Thank you very much. Bye-bye. Thank you. Bye-bye. Thank you. Bye.