Welcome everyone. This is Rovio's Capital Markets Day 2022. My name is Timo Rahkonen. I'm Vice President of Investor Relations and Corporate Strategy, and I will be your host today. We have an exciting agenda for today. First, our will talk about Rovio's strategy and long-term plans, followed by our Chief Sustainability Officer, Heini, who will provide a brief sustainability update. After that, we have our CFO, René, talking about our financials, including our long-term targets which we have updated, something that we announced earlier today. After that, we have a Q&A session for our first three speakers, about 30 minutes, and after that we have a small break. Then we will focus on our like, we would call them as like a special topic, so Rovio's competitive advantages, Angry Birds, and Beacon, our growth platform. After that, we have again a Q&A session, and we will end the webcast at 5:00 P.M. Swedish time. For those who are attending here, we have some drinks and canapés served for you. Now it's time to start the show. Let me introduce our CEO, Alex, who will talk more about the Rovio strategy. Hello everyone. Thank you so much for joining. For those of you that joined online, welcome, and for those of you that are here face-to-face, it's just awesome to see you in person. It's great. We don't get to do those events so often anymore. We're gonna make things quite simple today. We just wanna talk about, you know, things. It's been a while since we've done an event like this. Last one was end of 2019. We wanna talk about, you know, what's different about Rovio, what we think our strategic advantage are, what is really putting us apart. I wanna talk also about the strategy and how we're trying to take advantage of those differences and the growth opportunities that we have. I'm gonna cover that part. After that, René is gonna come and talk about financials, gonna talk about the economy of a game. That's something that we don't necessarily cover very often, how a game is doing, through times, through a longer period of time. He's gonna talk about the investment that we're doing in the future. Ben, we're gonna take a little break, Q&A, and Ben's gonna talk about, he's the brand director, he's gonna talk about the Angry Birds brand. Some of you might not know, but it's actually doing very well. It's growing. We're excited about that. We're gonna spend some time on this. Then we're gonna talk about Beacon. Beacon might be a new word for many of you. It's something that was kind of a secret that we kept internally. We didn't talk about it very much externally, but now we think that it's a good time to do it. We've worked on this for a very long period of time, and we're very proud of it. But we wanna be concrete when we talk about it. We don't wanna be. We don't want this to be fluffy, so we're gonna talk about real case example of how Beacon is helping on a new studio, on a game like Angry Birds 2 that has been around for a while, and for potential M&A targets as well. Let's get started. I wanna start with this, which is our mission statement, and let me read it first. We craft joy with player-focused gaming experiences that last for decades. This is really important for us, so I'm gonna deconstruct it a bit so that you see how we see it. Right? The first part is we craft joy. You might have noticed by the dress code we're game makers, right? We, you know, we're not bankers. When we discuss with people externally, like we're doing today, we do talk about, you know, KPIs and, you know, financial objective, financial targets, financial results, but at the end of the day, we're really game makers, and we care deeply about the products that we're making. Player-focused is another important part. We are very cognizant at Rovio that we're not doing games for ourselves, we're doing it for our players. We keep them in the back of our mind in all of the decisions that we're making, and that's important. Gaming experiences. We know that the Angry Birds brand is a huge thing, right? It goes way beyond games. Us at Rovio, we're game makers. That's where our roots are, and that's where, you know, we're really great at. That lasts for decades, goes without saying. Angry Birds has been around for 12 years, and it's growing stronger than ever, so we know how to build and, you know, grow a brand, and we think that is something very particular, and we're very proud of that. It all starts from this mission statement. Let's talk about a few numbers. For those of you that are not familiar, we were founded in 2003. First Angry Birds game, 2009. We were listed in 2017, and throughout those years, we released 50 games. Maybe, you know, this number is quite interesting. We actually released five games that passed the bar of EUR 100 million in revenue, which is something that I think is quite remarkable, and it shows that our team managed to release successful game at a regular pace, which is also something that is very rare. Sometimes publishers have one, two, or three games. We actually have several of them. We have eight games right now that are in live operation. What does that mean? It means that we keep them very much active. We release new events, new updates, new content on a regular basis. You know, those games are effectively services, right? Those are services that are used by, as you see on the slide, 7.3 million people on a daily basis, and this number is actually trending up. We are among the three developers worldwide that passed the bar of 5 billion downloads. We're very proud of that as well. You know, at the heart of what we do, there is Rovians, right? I said it, we're game makers, this video is dedicated to them. Maybe we can roll the video here. As you see, Rovians are a diverse bunch. There's actually 50 different nationalities working at Rovio, and you'll see in the speakers, I know that I have this French-Canadian accent. You'll hear very different accent from around the world in today's presentation. You can hear that as well if you're in the headquarters of Rovio. You hear all of those different people. I just learned that there's more Brazilians in our studio in Stockholm than there's Swedes, so that's interesting. You know, we're very diverse, and we're proud of this. Right now there's about 30% of Rovians that are women, which is better than the average of the industry, but it's certainly not what we were trying to achieve. We have two historic footholds. The first one is in Espoo in Finland. There's about 350 people right now in this studio. 40% are expats. They mainly, the game makers there are specialized in puzzle games. What are those games? They're very highly accessible games that everybody likes, you know, for male and female, mostly adults. We also opened a studio in Stockholm 10 years ago, and there's about 70 people there. They're really, you know, I would say without a doubt, the best in the world in physics-based games. They are working on Angry Birds 2, and they're currently working on Bad Piggies 2 that also fits into that category of a physics-based game. We're very proud of this studio. A couple of years ago, we decided to expand, and the reason for this is linked to what I said earlier. We operate games as services, and what this means is that if you release a successful game, then people that are working on this game are not freed, right? They need to continue working on this game sometimes for a decade or more, right? You need to recruit more just to keep the same number of new games coming out. That's why we opened some studios organically in Montreal and Toronto. Of course, you know, it's great to do this because you build them as you see fit from the ground up, and it's awesome because you share the exact same culture, but it takes a little bit of time, of course. We also made some acquisition Copenhagen and more recently, last year, we acquired a studio in Turkey. All of those studios are doing games that are a different flavor of a casual game, and that really fits well the marketing landscape. I can cover this a little bit later. They all have this idea of doing genre mastery, so they're trying to be the best in the world at one part of the market, rather than going after the next, you know, trendy thing to do, right? They're really expert at what they do. You know, sustainability is another topic that is very important for Rovio, but it's also super topical in the industry. You might have heard things about that. It is also something that is very important for potential target acquisition. They talk to us about it. They're interested in Rovio because we focus so much on this. That's also a strategic advantage that we have, and we take that very seriously. In order to make sure that we spearhead sustainability in mobile gaming, we named a Chief Sustainability Officer last year. It's really hard to find someone to do this because you need to both understand the market if you really wanna make an impact and the sustainability topics, right? We were fortunate enough to have someone that has worked 20 years in the industry, including the creation of our very own puzzle studio that took this role for us. Maybe, Heini, you can come and explain a little bit more what sustainability means for us at Rovio. Thank you, Alex. My name is Heini, and I'm super happy to be here today to talk about something that is very close to my heart, but as Alex said, something that is also very topical today. Let's start by looking at our sustainability vision. We want to lead the industry in creating safe and joyful gaming experiences that are crafted in a diverse and inclusive work culture while respecting our planet. Our ambition could be described by saying that we don't want to stop at only not doing harm, but we want to be a force for good. At Rovio, sustainability, we want to see that integrated in everything that we do, in our strategy, in our processes, products, and also embedded in day-to-day working culture. We don't want to stop there, but we want to be also driving the positive impact in our industry and also giving back to the whole society and surrounding world. Our sustainability, both vision and strategy, they are standing on three pillars. First one is safe and responsible gaming. This pillar is closest to our core product games and is also closely linked to the social sustainability of them. We want to create a safe space for our players to enjoy their gaming experiences. This pillar also includes items that are very topical today, for example, responsible use of player data. Our next pillar is people and society. We want to build diverse, safe, and fun working environment for our people, and we want to be promoting those values within the industry and also in the larger society, for example, through our partnership with UNICEF. To create games and experiences for variety of different people, we need to also show and resonate the same variety with our employee community. Diversity, most importantly, it's also needed for innovation, which is imperative in our industry. If you don't have diversity, innovation is very hard. You know, diversity alone isn't enough. For diversity to activate, you need inclusivity, you need inclusive working culture, you need inclusive leadership. Third pillar is climate and environment, and it's simple. We want to minimize our footprint and at the same time maximize our handprint, so positive impacts for the environment. While our business is digital, we are aware that using our products, playing our games, watching videos is consuming energy, and we recognize our responsibility to also drive change in that area. I'm happy to tell you that when we've been working throughout the years, every time gradually increasing the efforts that we do to minimize the negative impact, this year we have become carbon neutral. What that means is that we are compensating all of our CO2 emissions that are created in our whole value chain of the products and services. Also including energy consumption when players are actually playing our games and watching videos. At the same time, we see that there's an enormous opportunity for us to also drive positive change by building awareness among our audience, and we can do that by using our games, our products, and our powerful Angry Birds brand. Now, let's look at some of the examples. What is sustainability in action for us? First, diverse and inclusive game design. In the very heart of our business, we have opportunity, and we have also responsibility to think, what kind of world and what kind of imagery we build and share through our products? Instead of old, outdated, dusty, and even harmful stereotypes, we want to create worlds, characters, and narratives that celebrate and showcase diversity. There's a very strong and direct link here to also attracting and retaining talent that share the same values. This is no longer something that is nice to have. We know that offers are being declined if your values are not a match with what you are getting from the company. Our approach to enable diversity and inclusivity in game design is that we equip our teams and give them the skills so that they can make the decisions and ownership is as close to games as possible. We have different systems and tools to support this, and we are just about to kick off an expert group in Slack, so that it's readily available there all the time, where our game developers can share best practices, discuss, learn together, and it's also a safe forum for them to ask advice and feedback for their designs. To the second example, awareness building. As already mentioned, minimizing footprint is not the only thing that we can do, and I'll give now an example of how we can raise awareness about important topics among our players. We are proud to be one of the founding members of Playing for the Planet, which is part of the United Nations Environment Programme. Playing for the Planet arranges annually a Green Game Jam where leading gaming companies build green activations in their games. This year, we are participating with Angry Birds Friends, one of our oldest games that is still alive and kicking very much. Nature has always been an important topic for the team and also for the players of the Angry Birds. When we were asking that, you know, who would like to participate, the hands were immediately raised and it was an easy choice. In June, now coming up, World Environment Day, all levels in Angry Birds Friends will feature lush, green environment and misbehaving pigs that are trying to destroy the forest. Luckily, we have the birds helping the player, and at the same time when they are playing the game, they will learn about the protection of the forests, and we also challenge them to plant trees with us by supporting Ecosia's tree planting initiative. That was just a couple of examples of our sustainability in action. How do we make the strategy and vision to be live in our everyday work at Rovio? Thank you. Now, Alex, back to you. Thank you, Heini. Such an important topic. All right. Maybe at this point there's a last slide of introduction of what we're doing, the business model and everything, so that everybody understands this part, and then we jump into, you know, what makes us unique. Right? We're doing free-to-play games that not everybody might be familiar with this. That's where most of the revenue is coming from for us. What this means is that the games are completely free to download, and we're selling virtual goods within those games for people that want to buy those goods because they want to progress faster, for instance. That represents 77% of the group revenues. Then we also do advertising also to get virtual goods. You can decide to watch an ad. That's 18% of the group revenues. It's actually growing because of the acquisition of Ruby Games that focus on hyper-casual games, and those games mainly monetize this way. We also have sometimes, you know, special deals like the one that we did with the Apple Arcade that represents 2% of the group revenues, those types of deals, plus we have the brand licensing unit that is now 3% of the revenue. That was just to set the table so everybody understands where the revenue stream comes from. Now, you know, let's jump right into it. Right? What are those strong foundations that you're talking about that are so unique, right? I guess the first one's not gonna come as a big surprise. It's Angry Birds. It's been there for 12 years. It's a brand that is growing further. We're looking forward to talk to you more about this in a minute with Ben. The portfolio, strong and reliable portfolio. For those of you that have been listening to some of the earnings call, I caught myself kind of repeating very often, you know, we have a strong and reliable portfolio. I think I say that every single time, but it is true, right? All of our game in our portfolio are either stable or growing. You know, we have a game, Angry Birds Friends that is as old as the mobile free-to-play business model itself, and it is still growing. Part of this catalog as well, we have games like Angry Birds Journey that have released this year, right? It's in a growth path. It's interesting to have this kind of wide variety of games of different ages that are, you know, we can count on for decades. That's definitely a strength. Maybe another example that I wanna give about this that I think is important is that when we look at the engagement in those games, right? Angry Birds 2, for instance, every day we have about 30% of our players that have played every single day in the past week, right? We have players in Angry Birds 2 that have played every single day since we released the game in 2015. That's real dedication, and that's a strong foundation. Next we have talented teams. I mentioned earlier that we released five games that passed the bar of 100 million. It is increasingly hard in the industry to release games that are successful. Why? Just because of the reason that I mentioned talking about Angry Birds 2. People create a habit of playing those games. Changing those habit is really hard. Having talented team that managed to be successful in the past at releasing game or growing games that are live is definitely a big strength. Finally, Beacon, the growth platform. I don't wanna spend too much time on this because the whole section after the break will be spent on this, but it's effectively what every team is using, its tools, its people that we use across our games to grow our games. Finally, strong financial position. René is gonna mention this, but we are in an increasingly good financial position, strong cash flow, which allow us to invest for the future. When we talk about our strategy, right? The goal is to think about, you know, what are those things that are specific to us, and how can we use that to build a strategy that allow us to take advantage of, you know, the market trends that we observe, right? Maybe at this point, we can cover some of the points of the strategy that could be interesting. The first one, brands, right? I talked about Angry Birds, super strong. It's getting stronger and, you know, it's a very strong base, but we also want to use this to use the knowledge that we acquired with the Angry Birds brand to do the same thing with other brands. It could be the Moomins. It's very popular brand in the Nordics, but it's also extremely popular in Japan, which is, by the way, the third biggest market for gaming in the world, right? That's an interesting thing. Hunter Assassin is coming from Ruby Games, the acquisition we did last year. Again, you know, very strong brand. We know that will drive a lot of downloads. You know, it's also great to build on something like that. Why brands are really helpful, you know, maybe it's interesting to understand the mechanics, right? Why we talk about brands, but what difference does it make? Well, let's take Angry Birds 2, for instance. On any given day, there's about 60% of people that are downloading the game that are what we call organic, meaning that we didn't do anything, right? We didn't do marketing or anything for those people to join the game. They just went to the store, searched for Angry Birds, saw the game, downloaded it, totally free for us, right? That's already quite remarkable. Perhaps even more importantly is that the rest of the 40% of the people, the ones that we did purchase, you know, through marketing campaigns, well, the cost to acquire them, what we call the CPI or the cost per installs, is much lower because the brand is top of mind. That's why it's so important, and that's why we wanna work more with brands. Ambitious and innovative game. Okay. I mentioned that releasing new games is hard, and that we have talented team that managed to do that in the past, right? Naturally, we want those team to work only on project that can make a huge difference on the market. If it's not big enough, then we want our teams to concentrate on something else. We wanna bring more innovation in our game. We want to keep even on live games. We want to really keep them fresh, double down on them, and we also want a part of our investment to be focused on much more future-looking initiative, very disruptive project, and that's why we have the Montreal studio focusing on those trends. Casual. Why I mention casual as well in earnings call, I mention it very often. Why is it important for us? Well, it's important for two reasons. The first one is that we know exactly how to make casual games. That's where our expertise is. We were successful multiple times at doing this. The second part here is also super interesting. It is how you maximize the value of your network of user. If you have many DAUs, right? Daily active users that are playing your games and are all within the casual segment, then you can do what we call cross-promotion, meaning that we do advertisement of our own portfolio in our games, and that maximizes the lifetime value of those players. Right? We want to maximize this. We want to do it more. We want to add games in this network because the more people in this network, the greater the strategic advantage of doing this. Finally, the Beacon platform. Here, this is also a very big focus area of our strategy, and I wanna give a concrete example, you know, so that you have it in mind before, you know, my colleagues come on stage and talk about what it means for them. Every game at Rovio uses Beacon, not because they have to, because they want to, right? Because they do this, when there's something disruptive that happens on the market, like Apple's privacy policy, it completely changed the market all of a sudden. Well, we had our central teams that were, you know, with experts working on that. They had to prepare, right? They had to change our predictive model. They had to implement new SDKs. They had to do a lot of different things. So the positive effect of doing this was multiplied by the number of games that were using it. So if you look at our results in Q4 and Q1 of this year, it's not one game that grew. It's all of the games, and it's partly because of a technology like this. Again, we're gonna cover this more in depth in a minute. All right, now that we covered the strategy, I wanna I don't wanna spend too much time on short-term market forces and market trends, but I know that for many of you, this is top of mind. There's been some headwinds in the mobile free-to-play market, so you might wonder about this, right? Although we managed to navigate those waters quite positively on our side, we do think that this is temporary. We really strongly believe that the mobile gaming market will continue to grow, and we think that those headwinds were caused by two different things, right? The first one is, the normalization of playing and spending habit post-COVID. We estimate that basically in the year 2020, the growth of the market doubled compared to what it was supposed to be, you know, without COVID. The year 2021 and 2022 are just kind of slower growth as a reaction. Then there's Apple's, what you see there on the graph, ATT, it's Apple's privacy policy. What effectively happened, you see that there the downloads are going up, but the revenues are going down. Probably it means that those downloads are of lower quality, right? ATT is very complicated, but maybe just keep in mind for now that, you know, for Rovio, it's actually been positive. Why? Because our games are wide appeal, our brand is wide appeal, so it fits well with this sort of marketing landscape. As said, we do think that those headwinds that we're seeing right now are temporary. The estimate is actually that the mobile gaming market's gonna grow worldwide 7.6% CAGR year-over-year until 2024, and it's 6.3% for the Western market. We also see that mobile remains the fastest-growing segment of the gaming market, and for us it makes total sense, right? Because it is about accessibility. You know? Like, now people want to have access to their entertainment at a flick of a finger anywhere they are in the world, right? Mobile made entertainment immediate, and this is not going away. All right. Let's focus now maybe on our growth areas before we jump into, you know, deeper into the financials. We believe that in the next five years, most of the growth for Rovio will come from mobile free-to-play, and this is gonna happen in three different ways. One of the way that it's gonna happen is that I strongly believe that for many of our games that are currently live, the best is yet to come. Those games already have a strong fan base. They are already getting a lot of organic downloads, so we want to keep them even more fresh, more dynamic, keep adding more events to this, making them more accessible for everybody because of the marketing landscape that I just described, and we think we can grow those games further significantly. We will launch new games as well, and the way that we're gonna make this, I said that it's complicated, but we have the ingredients, right? We have the brands, we have the network of users, and we have teams that can really innovate in those type of games. We're not interested in doing just, like, games that are not innovative, that are reproducing something that already exists on the market. We really want to push the bar here. Again, we're gonna leverage our increasingly strong network of users. The second part is M&A, and we're very ambitious on our plans with M&A, and this is related to the discussion we're gonna have today about Beacon. We believe in M&As in the current marketing landscape and the current environment where they are very synergetic, right? We believe that we have the tools to enable those synergies at a much higher levels that we've seen in the past. This is Beacon's gonna be a great support for this. Another growth area is the future of gaming. We want to expand the Angry Birds brand outside mobile. We want it to be on different platforms, and we are preparing for different market shift. We talk about, you know, designer economy, games as social network are themes that are being explored in Montreal. We expect revenues though for this to come more the earliest would be the year 2024. All right. If we resume all of the things that we covered in this short introduction in four different points, very simple, we think that Rovio is in a unique position right now, given our strong foundation. We talk about the Angry Birds brand, we talk about the portfolio, teams that have a track record of releasing successful game, Beacon, our growth platform, and then our financial position. The strategy is based on this, and we think that it's really well-adapted to the current market. Despite the recent headwinds that the market has seen, we strongly believe that the growth is not gonna be over, on the contrary. We have several growth opportunity, both internally and through synergistic acquisition to build that growth. Maybe at this point, René, you could come and talk to us about the financials. Thank you, Alex, and good afternoon to everybody. As Alex mentioned, we are game makers, so I'll spend a few minutes on the financials of making games. Today we're gonna cover the long-term targets which we have today announced that we have updated. We're gonna discuss the financial structure of some of our top games and show the long-term cash flow potential that they have. We're also gonna discuss our investments in growth for the future. Firstly, let's cover our updated long-term targets that were announced today. The first target is about faster-than-market revenue growth, and with market we mean the Western mobile free-to-play gaming market. Now, this target is virtually unchanged from what it has been earlier. We have not always been able to achieve this target in every single year, but it still is on our ambition level, and we are investing and working towards this goal. Secondly, we also want to ensure our profits and cash flows grow over time, and they should grow as mentioned, measured by adjusted EBITDA in line with the long-term revenue growth. As we've seen in the past and learned from the free-to-play business, that EBITDA margins can fluctuate over time. They depend on your growth rate. They depend on the product mix that you have at any given time. So it makes sense to talk about the absolute value of the EBITDA, and over time, looking over the average, that it actually moves in lockstep with the revenue growth. The dividend payout is unchanged from previously. We have cash flow positive operations, and believe we are in a good position in the future to keep our target of paying approximately 30% of adjusted net profit as dividends. Let's look at our profit and loss structure. As Alex mentioned, most of the revenue is in our free-to-play games, and a smaller part is in licensing the Angry Birds brand in non-gaming content like movies, animation, and consumer products. If you look here, the last four-year periods as measured by the last twelve-month periods, each ending in the first quarter, we can see that the first three years saw a stable games revenue and declining brand license business. As a group level, we did not grow as fast as the market. However, in the last 12 months, especially last 3 quarters, we've seen record games revenues for the company and a turnaround towards growth trajectory. This is also how it typically goes. You launch a game which reaches significant scale. We make an acquisition that adds a meaningful growth vector to a company, and in this case, both happened during the last 12 months. On the profit side, as measured by the EBITDA, we can see that we've been generating quite steady profit between 15%-20% EBITDA margin over the years. One could take this as a baseline assumption also, given our current business environment and operating environment. However, as said, our target is not the margin itself, but actually absolute value of the EBITDA. We can also look at the cash flow conversion, which is shown by the dark red part of this EBITDA, where we can see how much of the EBITDA is actually converted into free cash flow. Over the last two twelve-month periods, this has been as high as almost 85%. A few words about our balance sheet. We have a strong financial position, strong cash flows. The cash position at the end of Q1 was EUR 172 million before dividend payouts. I said with a high free cash flow as our capital expenses are quite low, less than 2% of the top line as we expense most of the development work done in our own game studios. On asset side, you can see most of the assets are the cash generated, and then about one-fifth is in goodwill, intangible assets, and most of that is related to the Ruby Games acquisition we did last year. On the liability side, we are virtually debt-free. We have less than EUR 1 million of interest bearing debt. The biggest liability here is in contingent consideration, which related again to the Ruby Games acquisition, and it really depends on the performance. Currently, it's estimated at EUR 44 million total, out of which EUR 30 million falls into payment this year, and out of that 40% is paid with treasury shares. Let's move to look at our games portfolio. We want the diversified games portfolio, you know, different IPs, and more importantly, even different mobile game genres as we have today, and different phase of life cycle. From a financial viewpoint, we divide the games into four different buckets from a life cycle viewpoint. The Grow games are games which have quite recently been launched, like Angry Birds Journey, launched in January this year, and it includes also games in soft launch. These games typically have quite a high marketing cost or user acquisition, as we call it, compared to their top line. They're not often profitable yet, but they are in a phase we're actually building on an audience base for future earnings. The Earn category is basically where our largest games sit, and the largest profit is made here. These are games that have reached significant scale. They might still be growing, even if they are in this category, and often do, as we will see in the examples. These games have extensive live teams that continue to develop new features and have events to keep players engaged for years. Often these teams can even be bigger than in the early phase of the game in development or in the launch phase. Catalog games are games where they are more in maintenance mode. They have very low UA, meaning marketing costs again, and it means that they have actually a very high profitability, but often they are slowly declining over time. Finally, the hyper-casual is a special category because those have so fast life cycles that they grow through the Grow, Earn, and Catalog games within the space of a few months. Those are today generated by the Ruby Games studio. Now let's deep dive into three of the largest Earn games, which make two-thirds of our revenue and most of the profit. Starting with our largest game, Angry Birds 2, which is also the most profit-generating game. It was released 7 years ago, so getting close to that decade already. Lately it has turned back to growth, and it's seeing better quarters than it has seen since 2019. You can see from direct contribution bars below here that this has been generating quite steady flow of contribution, contributed profit, about over EUR 30 million per each quarter and more than EUR 50 million per year with a profit margin of 49%. The UA cost over this time period has been about 21% of revenues. This means that it's a bit below the average that we are investing in marketing on a company level. Angry Birds 2 receives quite a lot of what is non-paid downloads that keep up this scale and this profitability. Andy, the head of our Stockholm studio, will talk more about Angry Birds 2 today a bit later and the key drivers of its success. Let's move to our second largest game, Angry Birds Dream Blast. It's a different genre than Angry Birds 2. It's a tap to clear puzzle game, while Angry Birds 2 is a more traditional slingshot game combined with RPG elements. Dream Blast is three years old. It was launched in Q1 2019. Scale up very fast. As you can see in the first year, each quarter had a negative profit contribution. This is quite typical in a game on this phase. When you launch a free-to-play game, you actually spend more marketing each quarter than you are getting in revenue because the payback model of UA is such that you receive that money back within one year, twelve months. You can see here that Dream Blast turned profitable in the fifth quarter since launch, so in the second year, beginning of second year. In the eighth quarter, the whole business case turned cumulatively profitable. After that, after reaching its scale, it has been generating about EUR 5 million of profit every quarter or EUR 20 million per year with a 32% profit margin and the UA cost being 36% of revenues on average since it scaled up into its current levels. The third game I wanna talk to you about is Angry Birds Friends. This game turned a decade just recently. It's the oldest active live game portfolio today, and it's really a special gem if you look at the profile of this game. After many quarters of actually declining, in Q2 2020, it turned back to growth. Again, another example of how an earn game, you know, can turn back to growth, and that's exactly the target for these game teams. After that, each quarter has been growing without any user acquisition. It's basically all what we call organic installs. The profitability level has been around EUR 5 million each quarter, so EUR 20 million per year. Similar in size as Dream Blast when it comes to the profit, and lately getting close to EUR 6 million per quarter profit. Actually it's our second biggest game when it comes to profit generation. All these three games, what they have in common is the, it's basically their durability, the strong cash flow generation, potential that they have, and the fact that, you know, these look like games that are there for decades. Let's talk a little about the future and how we think about investments into future growth. This illustrates three main avenues for growth. The backbone being the free-to-play games and the live games we have today, and the new games that are developed in our studios. We want to ensure that enough shots on goal in the casual free-to-play space at all times. If you look at the history, about one-eighth of our games in development reach global launch with a significant scale. It's more about the quality of the games than the quantity. We want them to ensure that they have the potential to reach those numbers and that kind of longevity as in the previous examples that we've shown. The development resources that we put into new games will follow the top-line growth, or also for the live games, if we need more teams there, that's also a possibility. It's really about investing in that talent, and most of these investments will be shown in our operating expenses and not as CapEx. It takes time to make really good new games, and sometimes a team needs multiple iterations. For example, our newest studio in Toronto would be an example of a studio that builds games for 2024 and beyond. We invest a bit smaller but meaningful amount in what we call Future of Gaming, and these are more experimental initiatives spearheaded by our studio in Montreal. These can be multi-year projects looking really at where gaming is going today and how can we push even further or think of genres and audiences. For these kind of initiatives, we expect earliest revenues in 2024 and beyond. Finally, the third avenue is M&A. As shown, we have good financial position to do acquisitions where we see synergies, especially with our growth platform, Beacon. What is not shown in our balance sheet is the investments we've done to Beacon over the years, which includes tens of millions EUR that we have put in just the technology side of that platform. The speakers today will talk much more about Beacon going forward. This concludes the first part of today's talks, and we're ready to move to Q&A. My name is Lotta Backlund. I'm Head of Communications for Rovio. We're gonna open up the floor for questions, so you can ask questions here in the room or also if you're watching the stream, underneath your little window with the stream, there's a box where you can ask questions, and they will pop up magically on this iPad right here. After the break, we're gonna do some more speakers, and there's gonna be another Q&A session. In case you're feeling shy right now, you can save your questions for later. Also, if you have questions about the following presentations, you can ask them later on. There's a lot of questions coming in, so we're gonna start with Atte Riikola's question. Is your long-term growth target for organic growth, or does it include M&A? Yeah, that's a very good question. Of course, you know, it does include, you know, both parts, but I think even in M&A, what we calculate as growth is the organic growth. Yes, you can acquire companies. You can, you know, get bit more scale, and then we think scale is important. In the end, those companies also need to be showing growth. Okay. If we have questions in the room, just put up your hand, and we will have someone run a mic to you. We have the gentleman on the first row. Hi guys, it's Felix Henriksson from Nordea. I have a follow-up regarding the growth guidance. Could you provide any sort of color on how many sort of new game launches, let's say per year, would it require for you to be on the pace with your sort of growth target, that being faster than the Western markets? Yeah, thanks. That's a good question. How we look at this, you know, as I said, we want to see quality instead of quantity. It's important that these games do scale and become meaningful in size. The scale that we've seen now, you know, let's say top four games including Journey starts to be at that, you know, meaningful size that we want to see over the years. You know, doing at least one of these launches each year would be a good starting point for that growth. However, as we also target to grow the live games, you know, it's not always necessary to do so because we see a lot of potential in those live games that are already there, out there. Thanks. That makes sense. Following up on the EBITDA- Just keep on, yeah, if you have more questions. Sure, go on. Yeah, just to follow up on the EBITDA growth target. I'm just wondering in the context of sort of market dynamics, does this sort of is there any upside to this target from sort of the pressure on Apple and Google to lower their platform fees and to allow for third-party payment platforms? Is this something that sort of factors into your earnings guidance already? Yeah, I think as we said, the better target is that the EBITDA grows in lockstep with the revenue. It assumes certain things, and it assumes that the current business structure is pretty stable. Without these kind of things, they are hard to kind of predict. Basically there could be things changing that, you know, on either side. Overall, I think there's more positives also to that, you know, if you want to talk about margin expansion or how you want to put it. Of course, you know, if things happen then, of course that's something that could happen that it, you know, actually one or the other grows faster. You don't want to speculate? No? Okay. That, okay, you have more follow-up questions? You look like you're not gonna give away the mic. If I may, just one more. One more. Go ahead. You've been previously talking a lot about your, you know, UA payback times and that you're targeting the 12 months and so on, but now you didn't really put too much emphasis on it. I assume that this is still the target. If you could provide a bit more color on you know, how often do you actually make this target and if there has been any sort of developments one way or the other in the, you know, recent history. Yeah, that's a very good question. Of course, that's something that we kind of are working on every day in optimizing the UA. I said when our target is to grow EBITDA over time, then it also means actually growing the absolute value of those cash flows. 12 months is a good proxy of where we are today. You know, sometimes you are below, sometimes you are over that target, but that's still kind of the average where we are targeting. You know, things are evolving a lot in the UA and you know, there's different way to do that going forward. We'll continue on you know, updating that as required. Sure, go ahead. It's Veikko Silvasti, Danske Bank. I have a few questions as well. First of all, on Alex. You have been the CEO of the company a bit over a year now. Since you started, you have basically focused the strategy of Rovio only to casual games, while it used to be puzzle, RPG, and strategy. Can you just provide some color on why you decided to cut these other genres basically away from your strategy? Because at least I viewed it as a potential growth leg for Rovio also in the future. Yeah. I think when we think about this as well, we need to split the way we think about the games that we're developing internally and the expertise that we have to develop game internally, and then, you know, what we could potentially acquire you know, from acquisitions, right? I think if we're looking at the past, maybe we were doing quite many type of genre, right? We were touching 4X, more mid-core RPG games, and I think it's really hard to, on the one side to be the, you know. Because as I said, we're really trying to make those quality games that have potential to be really big, right? I think it's really hard to do this internally and to master the same way completely different genre. That's one part of it. Then the second part of it, as said earlier, is that there is right now in the current marketing landscape, we see a lot of advantages of building this network of users that you can cross-reference between games, right? That's definitely a strategic advantage if you can grow this. But that's tactical because this is the current marketing landscape. Even now, in terms of ideal M&A target, we're mostly looking at targets. One of the things that we're going through when we talk with targets is the compatibility of the network of users. Like, if we acquire this company, the players that are playing this, those games, could they play Angry Birds 2? Would they be interested in doing Angry Birds 2, right? We have ways of testing that in marketing tests. We're really looking forward to building even further the strategic advantage. In the future, you know, like maybe the market will change and maybe in terms of M&A, we could expand to something else. I think it's pretty clear that developing those type of expertise internally from scratch, starting from zero, would be quite a long endeavor. Continuing on, maybe touching upon the same question that Felix asked already, but what do you consider to be a successful game launch in the future? What kind of revenue, annual revenue run rates are we talking about? Is this kind of EUR 40 million annually? Yeah. I mean, we haven't said exactly how big that game is, and you can see that they actually could have different financial structures. Looking at more from a cash flow positive side, I mean, they all have to make meaningful contribution to the value of the company. Meaning basically, you know, in the future discounted cash flows. Looking at the game types we do today, you could say that, you know, that ballpark where those games are now, you know, are meaningful sites. Actually, Angry Birds Friends could even be smaller and still be a very good cash flow generating game. You know, those are quite special gems. The more you use user acquisition, the more you rely on that, then typically you demand a bit more scale of the game as well. You're sitting on a cash chest of, you know, over EUR 170 million. Can you describe how you optimize the capital allocation and make sure that it's used as efficiently as possible? Yeah, we follow the same principle, you know, across the company. It's all about maximizing the free cash flows for the long term. That's a very generic answer that applies to every case that we look. As we see, our base business is generating positive operating cash flow, even when we increase user acquisition, you know, it's done with a certain payback model, and the whole business, you know, stays positive from operating cash flow perspective, so it's not eating into that cash. You could say the war chest really is about M&A. That's the main usage for that. In there, you know, we look very pragmatically, very carefully at each company. Actually today you're gonna hear more about that from Jakob Langer, who will go through the M&A strategy as well and what we are looking. Final question from me is further on the topic of M&A. Do you have this kind of upper limit, how much you're willing to spend on M&A or on a single target? Or can we maybe see a company that you acquire worth over EUR 100 million, or it's going to be smaller? Yeah, I don't see we are very limited at that perspective, and we have a good financial position. We have flexibility to also structure the deals, you know, using cash, using shares. You know, it's not meaningful to actually put a limit on that from this perspective. I think it's really a case by case, and it, you know, if the deal makes sense, you know, I think we can find way to make that happen financially. Thank you. All right. We have a question from Billy Tierén, who is probably watching the stream. "What's behind the turnaround of Angry Birds Friends?" he asks. Yeah. I, you know, it made its turnaround in Q2 2020, and it's as simple as really noticing that the game has potential and it has a big fan base, but maybe been a bit underserved and also the code base of the game was old. I mean, it's a decade-old game that actually, you know, started on Facebook originally. It was a lot of work done and a bold decision that let's renew the code, let's, you know, rewrite it from scratch and to really enable the foundation that then enables the team actually to start building new features and running live ops at a different speed. Actually it meant that we had to go back, and we had to let go a little bit of revenue for some time, and the decline continued, and then come back. The decision was exactly right that the team did at that time. I think it's a great example and recipe of things that we need to do as well in other games, right? This game is fundamentally didn't change much, right? The reason why we changed the code was to allow us to bring new and meaningful content in a very fast way, right? Because the architecture of the game was a little bit old, and now we were able to do that, and we saw that we had growth opportunities. That's something that we're looking into as well for when we're looking at the other games that we have in the portfolio. Okay. Questions now. Ola Jansson asks, "You guided for future of games, and Toronto aims to contribute to revenue in 2024. When does the Copenhagen studio aim for revenue contribution? Yeah. The Copenhagen studio is in a slightly different situation than, for instance, Montreal and Toronto, which are studios that, you know, were built from scratch. You need to build the team first and then, you know, start work on a project. That takes a little bit of time to do. The advantage with the studio in Copenhagen is that we had a team that was ready. They worked on a game. We talked about how important it is for us to have games that are meaningful in terms of size for it to make sense to use our resources to work on those games. The first game that they actually were working on before we acquired them, Darkfire Heroes, we saw that it was not at the scale, you know, matching our ambition. We stopped work on this game, and now they're working on a new game. You know, they have a full team working on it, so it's a regular process like we would do in any of our other internal studio. We don't have to build the team from scratch first, you know, it's probably faster than it would happen in another studio. Okay. Matti Riikonen from Carnegie has a bunch of questions. I'll start with this one. "Your EBITDA target suggests that there would be no operating leverage going forward. Do you really mean that margins would not increase if your top line grows over time? Yeah, of course. I mean, it's basically, if you would have everything else constant, you know, in a P&L, that would happen. You would get operational leverage, and your margin would expand. Also, you know, that's not the most important target, and that's why the margin is not a target because, you know, as I said, depending on the financial structure of the game, it could be beneficial to actually utilize more user acquisition than what we see in the three earned games today, and it would be a better business case, but your margins would be a bit lower, but you're at a bigger scale. I think you have to allow for that flexibility and not drive yourselves into a corner, because there's so many different game types that you see in the market that this basically target is actually what reflects the strategy that we are building for. This is Matti Riikonen again from Carnegie. Have you effectively downgraded your previous EBIT margin target of 30%? What level of steady-state margins are you actually guiding today, for instance, by 2025? I think that's an important point that we are not guiding for a steady-state margin. We're guiding to continue growing, and that's why, you know, we're not talking about the steady-state margin, what that 30% might reflect. As you saw in the games here, each of them made more than 30% margin. It is possible for these games, but that's not the target again, once more. One more question from Matti Riikonen. What is your organic growth target? Do you expect to grow organically in line with the market? Yeah, I guess this is the same question that we had earlier, that organic growth is what we measure as growth. Atte Riikola has one more question. What kind of changes have you done to your UA, that's user acquisition, operations after Apple's privacy changes last year? Yeah, I mean, like we can talk for hours about that because that was a very complicated change. I think one of the main things was, you know, we had to change our models, right? Because you don't have the same amount of information from the users playing your game if you know how much they're spending per person. You lose this information, so we needed to have our business intelligence team really thinking about, you know, how those models could adapt to this so that we keep a visibility. We also had just, you know, technically to implement, you know, new tools that Apple put at our disposal, for instance, what they call the SKAdNetwork, which was. Is that the right word? Yeah. So thank you. Yeah, I mean, that's also something that we were extremely fast to do, and we were able to take advantage of it very fast. At the same time, we had, you know, brands that, you know, the brand and the type of games that fit into that new marketing environment. You know, that worked well as well. You know, we literally work for a year on the preparation for this. There's really a lot of work that was implied. We still have time for a couple of more questions. One more from the stream. How would you position Rovio compared to other gaming companies in sustainability? Heini? Very good question. I perhaps would like to start saying that first of all, I think that the sustainability is something that is kinda like growing in importance, not only for us but also for other gaming companies. That's a very good thing to see. Obviously, we want also the whole industry to be kinda like improving in sustainability. Different gaming companies have a bit different kinda like you know weighings where they depending also on their kinda like business. I would say that for us, the clear you know the important topic for us is the safe and responsible gaming. I think that has been with us from the very start and that is something that we want to kinda like keep on improving. There's also a lot of kinda like regulation happening in that area that we want to be proactive in addressing. I think that that's definitely our strength. I would like to point out also in the people and society area the diversity and inclusivity. We are working and making games for large audiences, and I think that to be able to really attract those audiences, we also need to have that diversity in our thinking, in our you know employee base, and also in our skills, how we actually develop games. I would say that those are probably our strengths, in the area. Very good. We have Ville Tiainen again. When you say that Angry Birds as a brand is growing faster than ever, what do you mean by that? Like Sure, we're gonna hear more about this after the break, but. We have a whole presentation on that, so that's a great question. I think I'll let Ben answer those things a little bit later. If this question is not answered after Ben's presentation, then I'll be happy to take it at the end. Ville, please send it again in the following Q&A if you did not get a sufficient answer. Do we have more questions in the room? Yes, sir. Hello, this is Paul here from AOC. Thank you for the presentation so far. The beauty of your business is that you created one of the strongest IPs in mobile, probably worldwide. I'm sure you've discussed already 100 times internally whether to expand that IP to other platforms in gaming. You mentioned so interestingly that Montreal is now working on potentially expanding beyond mobile. I was just curious to hear whether you think you want to expand onto what platforms and whether you would use the Angry Birds brand or another brand or, like, non-Angry Birds. And if you use Angry Birds, what genre you would take? 'Cause I think you've shown that Angry Birds works so well in puzzle slingshot, but for example, RPG was a bit more tricky. Just curious to hear a bit your plans beyond mobile. Yeah. To answer your question, that's exactly what I meant, right? We're talking about Angry Birds on other platforms than mobile. This is a project that we're working on right now. Unfortunately, we don't have much that we can share today about it, about exactly the platform, what the project is like. I think, you know, it would go without being very surprising to say that, you know, the Angry Birds is about inclusivity. We're not trying to do, you know, a mid-core, hardcore type of game. It's not, you know, in the DNA of the brand. You can expect to see something that is very wide appeal, very social, very fun to play, and that can work on multiple platforms at the same time. I'll leave it there for now. Are you happy with the answer? All right. We still have time for one more question. Perfect. Veikko Silvasti, Danske Bank again. Just another question on the Apple and Google fees. Do you have any strategic initiatives internally going on to maybe get around them? Maybe own in-game store or something else? Yeah. What we've said about this in the past is that, you know, we are working on an identity system, because we do have a lot of a big fan base of people that are playing multiple Angry Birds brands. That goes along with the idea of this network of users. They're very vocal about the brand. They love the brand, right? They want to have this type of thing. I guess the advantage of having such a system would be that if in the future there would be possibilities to do, you know, store like this, then we could, right? What is certain is that we will follow the laws and regulations, and we keep following this topic very closely. Clear. Thanks. All right. We will have another Q&A session at the end of the presentation, so if you do have more questions, don't worry, you will get a chance to ask them. Thank you so much for your insightful answers. We are going to break for some coffee and refreshments. If you're watching from home or your office, go raid your fridge or the office coffee machine. We will see you again in 20 minutes. That is, 3:30 Swedish time, but convert that to wherever you are. We'll see you again in 20 minutes. Welcome back and hello again. I hope all of you had a nice break, and you're fully energized after all that coffee and sugar because this day is not over yet. We actually now move into a, I would call like a special fun part here. We're gonna focus on two special topics, what we call our competitive advantages, so Angry Birds and Beacon. Let's start with the Angry Birds from Ben Mattes. Please, Ben. All right. Well, thanks Timo. Very, very happy to be here. In some ways, I think I have the best job here today. I get to talk about why this incredibly exciting entertainment phenomenon continues to be incredibly exciting and is gonna continue to be an entertainment phenomenon. Frankly, I think it's in some ways the easiest part of the afternoon. I have a lot of stuff I want to say about Angry Birds and why I think it is so exciting, and why I think it does so well, and why I think it has so much more opportunities to grow. I guess, you know, whatever. Before we look forwards, let's take a quick look back. It's been a pretty exciting couple of years for some really cool Angry Birds projects. These might have been games you yourselves played or had friends or family who played. They might have been videos or shows that you might have watched. I wanna kind of just set the stage for all the fun stuff that's happened, and then talk about all the amazing things we're working on moving forward. Let's start with that video. All right. I mean, the thing about Angry Birds that is again, such a great place to start from is that it's basically entertained most of the world. When you stop and think about that, I mean, it boggles the mind. Over 5 billion downloads in the last 12 years, that's amazing. That means lots of people have played Angry Birds games. We're now seeing it at over 7 billion YouTube views. Lots of people have watched Angry Birds shows or animated content, right? Billions and billions of eyeballs, billions and billions of hours of Angry Birds entertainment. When you think about sort of everywhere it's been, like literally to space, the Macy's Day Parade, on babies' butts, movies, television shows, you know, whatever, comic books, like it's been everywhere. There's a ubiquity to it, which is very, very strategic because it means that 95% of the world, when you put an Angry Bird in front of them, they recognize it. They know what it is. That gives us a huge advantage when we say, "here's our plans to grow. Here's the things that we wanna do moving forward." Let me talk about a few of those. We like to talk about Angry Birds as a cradle to grave brand. Why that matters so much is because, you know, when you think about the all of the different opportunities to express it, whether it be the movie version of Red or the classic or whatnot, there's that opportunity to bring people in when they're young, and you entertain them with the humor, you entertain them with the great, funny, accessible characters, the pigs, the world, the colors, the physics. There's a lot about the brand that can be very appealing to a younger audience, and that's great, right? We want them to love our universe as much as we do. There's the next step, and that next step is critically important because in that sort of thirteen to eighteen-year-old age group, that's when fandom is made, right? The bands that you love today, you might have learned to love them when you were in that age group. The movies that you remember, maybe your favorite foods, possibly your favorite sports teams. A lot of that sort of lasting persistent fandom is built in those really, really important ages, those teenage years. This is our opportunity to say, "Hey, listen, you learned about the brand when you were kids, that's great. Now we're gonna lock that fandom in as teenagers." Why? Well, because then when you grow up, you're a little bit older, maybe you have your own kids, you have your own family, you have a career, you know, your available time has perhaps started to shift. Well, that's obviously a great opportunity to enjoy the brand with our free-to-play games, where, as we've said earlier, the majority of our revenue comes from. That's great and, you know, making money that's obviously amazing. That's why, you know, that's why we're able to be here on this stage. More interesting to me is that demographic, the parent demographic, then creates the fandom in their own children, right? They inject that fandom to their own kids, and the love continues, right? Angry Birds is 12 years old. We're getting to the place where you're starting to see that as possible. People who grew up with this brand, who played it as kids, are starting to have children of their own. You can look around you in modern pop culture and modern entertainment and see examples of that being used very effectively, right? That second generation of fandom. You know, we don't have to list all the properties that do it. It's not that many that do, but when they do it, they do it extremely well. There's definitely the potential and the ambition for us to do that with Angry Birds and create that cradle to brand strategy. Sorry, cradle to grave strategy for the brand. You know, the thing that then also gives us is to say, "Okay, well, because of these different demographics and these different opportunities to express the brand and engage the brand, we also have, you know, different platforms that we're interested in." Someone asked a question about platforms earlier, obviously probably talking a little bit more about gaming platforms, and we can talk a little bit more about that later if the question comes up again. If you just think about, you know, television set versus theater versus console game versus cell phone, right? Four different major types of screens. Those are four very different ways of engaging with an entertainment property, right? When you sit down and you watch a movie, you wanna be immersed. You wanna get engaged with the characters. You wanna laugh. You wanna engage with the story. You wanna engage with the worlds. Storytelling obviously matters a great deal when you're talking about theatrical or television. Conversely, when you're talking about free-to-play gaming, just frankly, storytelling doesn't have the same role. You're looking for that fast-paced, accessible entertainment. You want it to be engaging. You want that short-form experience. You know, generally speaking, when you're playing these mobile games, you're not necessarily sitting down and, you know, sitting back and engaging for hours on end. It's a very different form of entertainment. You know, there's not a lot of entertainment properties that can call themselves truly transmedia, right? That they've truly succeeded across all of these different platforms and all of these different ways of engaging with their audience. Angry Birds can. For us, that's a real source of pride and definitely something that we plan to continue to invest in, right? We are gaming first, and we always will be, but the brand has that potential to go so much wider and engage in so many different ways. We've talked about how Angry Birds has never been stronger, right? How we're on this fantastically exciting path. There's three lenses in particular that I wanna draw your attention to that we feel sort of is proof positive of that statement, right? Why we feel comfortable standing here in front of you today and saying, "This is a brand that's on its way up," right? Let's start with the most obvious, revenues. Line goes up, right? We used to make little bits of money, now we make lots more money. That's a good thing. I think generally speaking, you'd all agree with that. Why this is so special is because year-over-year, more people are spending more money and more time with our brand. Now, why do people spend money in free-to-play games, right? It's because it's their hobby. They love that world. They love that experience. They spend money on their hobby. They spend money on free-to-play games. If their hobby is engaging more and more with our universe and our Angry Birds franchise, that's a really good thing for us, right? That shows that more and more people are getting deeper and deeper engaged with this world and these characters and these games that we're building. That's the first lens that we look through, and we say, "Yeah, okay, we're doing something right." I talked earlier about kids, right? Generally speaking, kids aren't doing lots of transactions inside of free-to-play games and nor they should. I'm a father, I have three young kids. I don't necessarily want my seven-year-old coming to me every five minutes saying, "Daddy, can I buy a box of gems?" You know, obviously, we look to engage with our younger audiences in very different ways. Let's talk about video, right? YouTube. From 2018 to 2021, we had 60% growth of YouTube video views, right? We went from 645 million to over 1 billion views. That's 1 billion times people have watched Angry Birds videos and ideally laughed or chuckled or smiled or generally had a good time, right? That's a lot of positive brand association. Watch time has gone up over almost 110% in the same time period. They're not just watching it more, they're watching it for longer, right? That's a testament to the fact that frankly, there's some really compelling storytelling in the Angry Birds universe inside of these platforms. Not even talking about the movies, just the short-form videos on YouTube. This is the second lens that we look at, and we say, "You know what? This continues to be a really exciting brand, and we're continuing to really build a lot of enthusiasm with that younger demographic." I'll tell you all a really, really important secret. I like the animated stuff too, and I think that's okay to admit. Lots of adults watch the animated content, and that's okay. We celebrate that, right? That's another great vehicle for them to engage with this brand that we're building. When we talk about, you know, how the kids are engaging and how the adults are engaging and how the teens are engaging, and we talk about all the different ways that this brand is expressed, there was a word that came up in our community, and we thought it was really fun, right? We have a very active community on Twitter, and we have a very active community on, you know, YouTube comments and TikTok and Discord, very active communities. It was on the Twitter community, and someone coined this term Angryverse. We thought, "Hey, you know what? That's perfect." That's a great opportunity to express all of these different interrelated Angry Birds worlds, right? How they sort of all sit on these almost parallel streams. What's really exciting for me, perhaps this is evident to you, I love to tell stories. My background is in the console world. I spent a lot of time developing sort of larger, you know, franchises and larger stories. I look at this, and I see a great opportunity to really celebrate that fandom that we're building and start helping work with the community to find the Easter eggs that bind this all together, right? 'Cause there are connections there that frankly, even after all my time here at Rovio and all the time I spent digging into this brand, I'm still discovering. This is something that we're really excited to continue to grow on with this community and work with them to find all the ways these different properties interweave. It feels like a big opportunity for us to continue that focus and that growth with the community and on fans, with on fandom. You'll hear me talking a lot about community and a lot about fandom and a lot about our you know the various platforms, the social networks and whatnot where we have such an active community. I wanna talk a little bit about why that matters, at least to me and I think to Rovio so much. I think it's safe to say that we live in an age of digital natives, right? Entertainment has gone digital. People expect instantaneous access to their entertainment, whether it be gaming or movies or other. That's great. Super convenient for me. I can always watch whatever I want whenever I want to watch it. I love that. What it also means, there's almost infinite competition for attention and for eyeballs, right? The attention economy has a lot of people fighting for the time that you spend watching shows, playing games, watching TikTok videos, etc. It's very difficult to break through, right? To get noticed. You're a new brand, you're a new IP, you've got this incredibly creative experience, and you're trying to be heard. It's very, very difficult to do. We have that advantage as being an established brand with a very passionate fan base where we can do things, trying to surprise and delight them, create these wonderful experiences that catch our attention. They then talk about that, hopefully excitedly. That builds engagement that attracts other people to that conversation, introducing them to the brand or reintroducing them to the brand, and hopefully getting them engaged, wanting to try the thing out as well. There's two examples that we've put into place recently, one that's already launched and one that we hope will launch very soon. That we think are really strategic examples of how we're kind of leveraging this fandom to build lots of engagement that then goes wider beyond just the fan base, just the people who are following us on Twitter or what have you. I'll start with the first, Rovio Classics: Angry Birds. If we rewind about 18 months, let's say a year, something like that, there was this theme that we were seeing in our community, #bringback2012. When we talked to them and we asked them, "What's this all about?" What we would hear is, "We're so nostalgic for the way Angry Birds was. Maybe we played it when we were kids. Maybe it was the first mobile game we ever played. Maybe it was the first game we got when we got our first iPhone." There was a nostalgic connection to the original Angry Birds that people were frankly almost begging us to acknowledge. Yet we had a challenge. That was a really old game. It did not run on modern phones, modern architectures. It did not run, you know, in a way that we could sustain. So we decided, okay, listen, let's rebuild it from the ground up. We'll try and make it as faithful as we possibly can to the original version. We'll release it for $0.99, the way it was priced back in 2012. This is not part of our normal standard business model. It's not gonna be adding lines to those graphs that you saw there. What it did do is it showed them, we hear you, we recognize how important the nostalgia is. We wanna give you something. We wanna give you something to show you how much you mean to us, which we did, and thankfully, we were celebrated. They loved it. They had some concerns. We're working on those as well. Obviously, we can continue to iterate on it, but more importantly, on both Apple and on Google, it went straight to the top of the charts where it sat. What was really exciting is it sits right under another product, which is quite frankly nothing less than the most powerful platform for user-generated content in the history of video games, which is Minecraft, right? There is a really interesting opportunity when we see, wait a second, some days Angry Birds is number one and Minecraft is number two, and some days Minecraft is number one and Angry Birds is number two. Wouldn't it make sense if we did a partnership with Minecraft? Which is exactly what we're doing. There's a Minecraft DLC or, you know, fan pack that's coming out for Angry Birds. This was a partnership that made very obvious sense for Microsoft, very obvious sense for Rovio, and this is incredibly exciting for me because again, you know, when you look at YouTube, when you look at sort of platforms where people show their fandom by creating content, the platform that is Minecraft is incredibly powerful. I can't wait to see what our fans do with the pairing of Minecraft and Angry Birds together. You've heard me talk about, you know, hopefully you can tell how much I love the brand, and you've heard me talk about how much our fans love the brand, and, you know, I want to acknowledge something to all of you here, right? Quantifying and measuring love the way we might quantify and measure, you know, our earnings or our EBITDA or something is very, very difficult. Love does not quantify in the same way. There's not a known formula for it. We're narrowing in on something that we think is really interesting and useful. It's what we call positive online sentiment. If you look at all the comments on Twitter and all the comments on TikTok and all the comments on Discord, everything everyone has said about Angry Birds over the last 18 months, and you just say, are they saying nice things or neutral things or kinda nasty things, right? You measure the percentage of people saying nice things versus the percentage of people saying nasty things. You generally want more people saying nice things than nasty things, right? That's what we call positive online sentiment. What's super exciting to me is that over the last, you know, again, sort of year and a half, we've seen this shift from about 33% positive online sentiment. You know, frankly, two-thirds of what people were posting about Angry Birds was not necessarily all that awesome, to currently 73%. More than two-thirds, right? The community is reacting to these projects that we're doing in an enthusiastic way and showing us that they really appreciate what we're doing with them, the projects that we're trying to create with and for them, and then hopefully that love continues to snowball and again, pull more and more people into the community. These are some of the reasons why personally I find working on this brand so exciting. Of course, what's our growth plan, right? What are we doing next? How are we gonna go to the moon? What are we gonna do in the years to come to build off of that momentum? You've heard me talk about three demographics today, right? Kids, teens, and adults. I think it just makes sense to sort of break down our growth plans towards those three different audiences. Let's talk about kids first. We're gonna continue to make investments in animated content with top-tier partners across a variety of platforms, whether it be theatrical or streaming on demand or short-form YouTube. We're very actively engaged on all of those platforms. Obviously, we say this is for kids, but as I said before, generally speaking, everything we make there, we believe can be enjoyed by the whole family. We will continue to focus on quality partnerships like the Minecraft one to create safe opportunities for kids to play. For teens, again, very strategic focus for us. We wanna create compelling social and streamable games with a focus on organic and community. If you have teenagers in your life, you probably recognize that they don't necessarily discover content the way we might, right? For them, word of mouth, what their peers are playing, what the streamers they're following are playing is absolutely critical. When we think about how is Angry Birds gonna work with that audience, we have to think very closely about the kinds of games they play, what they're looking for in a gaming experience, and how those games can sort of permeate their own network of players and friends. You've heard me talk a lot about our social network and strategy and the dividends this has been paying over the last year or so, and there's obviously, you know, opportunities to continue to double down on that. We want to make sure that on the platforms where teenagers spend time and hang out, right, we are bringing Angry Birds to them in a fun on brand, but also sort of authentic way. That's something different every time, right? People don't engage on TikTok the same way they do engage on Discord, and we have to sort of respect that and recognize that and be really sort of smart and creative about how we bring our brand to those platforms. For adults, we want to continue to invest in and grow our successful games. There's gonna be more details about that in a little bit when we bring Andy up on stage to talk about the success story that is Angry Birds 2, so there's gonna be more of that. We want to continue to create mass market friendly and quality Angry Birds experiences. What's next for Angry Birds? What's the next game that we're gonna do there that's gonna appeal to the sort of adult mass market audience? Well, definitely something we're exploring. We'll bring Julie up on stage. She'll talk a little bit more about that as well. Of course, we want to continue to form mass market brand partnerships that'll appeal to a very wide demographic, and there's lots of different ways that we can do that, whether it be, you know, in-game or commercials or other sorts of collaborations, and obviously we're very excited to continue working on that. Hopefully today I've given you a sense, shared with some of you my enthusiasm for this brand, why it's such an exciting property to work with, why I think we have so much room to grow. Happy to answer any questions you might have during the Q&A period. Now I'm gonna bring up Luis, who's gonna kick off the conversation about the second major strategic advantage we wanna share with you guys today, which is everything related to Beacon. Thank you. Hi, everybody. My name is Luis de la Cámara. I'm the Vice President of Marketing at Rovio. Ben, very enthusiastic about the brand. I think we all are. He's very much focused on our brand. My teams focus a lot on our games. Obviously that's where most of our revenue comes from, and so a lot of our efforts and a lot of energy is focused on our games. In marketing, in games marketing, we focus a lot on helping game teams find new opportunities in the market, as well as launching games and then continuously growing our live games and keeping our players engaged and happy with the experiences that they're receiving. That's what I do and what my teams do. I've been in the games industry for over 15 years. I started out in console gaming. I then pivoted to mobile free-to-play gaming. Across those 15 years, I've worked at several gaming companies. At these different gaming companies, I've seen amazing tools. I've seen great services provided. I have to say I've never seen anything like Beacon. Beacon is a real competitive advantage for Rovio. I really strongly believe that the next years ahead are very bright for Rovio because we have Beacon. In a bit, you're gonna hear from my colleagues, Julie, who leads our young studio out of Toronto, and she'll talk a little bit of how Beacon is helping new game ideation and how we launch games through Beacon. You'll hear from Andy, who leads our Stockholm studio, where we are here today, and our flagship Angry Birds 2, a game that was released 7 years ago and is continuously growing, and how Beacon plays a big part in that growth that we have today. Lastly, you'll hear from Jakob, who leads our M&A strategy, and he'll talk a little bit about how Beacon is really a competitive advantage when we try to attract new targets and how this is helping us become a new generation of publishing. Let me go into a little detail about what Beacon actually is. Beacon is Rovio's growth platform and our central growth services. Beacon shines a light on the turbulent market so that our game teams can navigate that market. Now, that might sound a bit fluffy, but let me go into a little more detail about what that actually means. The games industry is never boring. You've heard about Alex talk about the Apple Tracking Transparency, ATT. Google has now recently announced that they're going to have a new type of Privacy Sandbox that they'll be rolling out in the next couple of years. There's obviously new legislation in that direction. There is, you know, different consumer behavioral changes that you've seen with COVID and now post-COVID, which obviously affect the way revenues and just player engagement in general in mobile free-to-play. There's new trends, there's inflation, there's lots of different things that happen in our market that are not always in our control. What's really important is that we can navigate those turbulent waters, but we can do that in a successful way where we continuously grow our business. Beacon is at the heart of how we support that. Beacon, as I mentioned, is two things. First of all, it's live game technology. It's also people. It's also central services. It's our ability to deploy human resources to really complicated projects and to support our game teams so they can focus on what they do best, which is delivering really amazing games, and so that the people within Beacon can focus on other areas such as growth. Let me talk a little bit about the platform side of Beacon. Beacon allows our game teams to plug into a full suite of market-leading tech to operate, optimize, and scale their game. Game-making is both an art and a science. We want our game teams to focus on the art. Beacon brings the science. Under the entire platform is what we call our data lake. Now, that's a bit of an abstract term. It's a bit of an internal term that we use at Rovio, but basically, it's how we centralize all our data, which gives us a single source of truth. If any of you have worked in data business companies, if you have lots of data coming in, it's really easy to get distracted on which data is the most accurate. Under Beacon, we have all that central data clean and reliable, so we can confidently trust what we're seeing. Let me give you a concrete example of why that matters. You've heard about Angry Birds Journey was a game that we released very, globally launched very recently, in January actually of this year. In the last year, kind of building up to that launch, we wanted to make sure that we could scale that game, we could do that profitably. We're not here just to invest in marketing for the sake of it. We want marketing to have a real performance impact into our business. To do that, we need to predict what's the growth gonna be for this game. How do you do that? Well, we look at our lifetime value of our users, of our players. To be able to predict the lifetime value of our users, we need data. Often we do that with mature data. That means installs that come in, we then watch how they evolve over time, and for that, over the more and more of that data that we get, the more we're able to understand and predict that data. However, early on in a game, you don't always have that privilege. Rovio having central data and having similar games, and this is something what Alex was talking about, where it's really important for us to have sort of that holistic experience of genres that are very sort of similar to each other. Well, we had Angry Birds Dream Blast, which was our last successful launch. Angry Birds Dream Blast is a casual puzzle game. Angry Birds Journey is a different type of puzzle game, but it's also a casual puzzle game. It goes after a very similar type of audience. Early on, we saw that early lifetime value curves started to look very similar. The more we were able to do that, we were able to use a lot of our Angry Birds Dream Blast data to model out what the predictions of Angry Birds Journey would look like. We were able to establish some targets on user acquisition ROI. We were able to see if we were consistently hitting those targets, and if we were, it meant that we had a real opportunity to scale this game. If you've probably seen from the data, January and February were really fantastic months for Angry Birds Journey. Obviously, the verdict is out. We'll see where we end up with this game. Right now, I think it's on a really fantastic trajectory. Our platform provides a wide variety of growth-focused tools. Instead of game teams, when they're trying to build a new game, having to worry about lots of different tools to build, well, they get all this on day one. If you can see here, there's a long list of different tools. I'm not gonna name them all right now 'cause that would be very boring. They're all very powerful and interesting things and my colleagues will explain how some of these are put into action. Basically, time saved for those game teams on not having to build these tools means it's times for them to spend on building fantastically fun features. Today, just to get a game to market, we need a lot of tools. Our game teams get these tools out, straight out of the box. Whether that's analytics, KPI benchmarking, privacy framework, the list goes on. There are a lot of things that any kind of game team in mobile free-to-play needs to have on day one just to have their game sort of operating at scale in the Western market. Our teams get to have this on day one. They get it straight out of the box. They don't need to build it. They don't need to work on it. Beacon provides that for them. Now, just getting a game to market doesn't matter. Obviously, we're in it to have significant scale, significant growth. Again, as I said, that's sort of where my teams come in. What's really important is that we're also able to have tools at our disposal, both from the marketing side but also the business intelligence side and even from the game team side to have a set of tools that allow us to look at how we can grow our game. Whether that's modeling, so data modeling, whether that's analysis, whether it's predictions, machine learning, et cetera, we have tools at our disposal that will help us launch new games. Julie will talk a little bit in a sec about how some of these tools are helping when sort of early game ideation and soft launching and launching games. Once we launch games, of course, we then need to retain and engage our players. Once we've gotten to a reasonably nice scale, we then wanna maintain that, we wanna be able to generate cash over time. To do that, we need to make sure that we can engage and retain our players. Most of this comes from live ops. Some of you may be very familiar with the term live ops, but for those of you who are not, it's obviously the way we operate with events and content. Alex talked a little bit about it earlier on. A great example of how we manage live ops is through our A/B testing tool. Again, for those of you not familiar with A/B testing, we basically take our users, we split them into different segments, we offer each of those segments different experiences, we then measure the performance of those different experiences, and we're able to identify which experience delivers the best performance for the game, and therefore, we roll that out to the entire audience. Once we do, if we do that consistently over time, we're able to grow our game. Angry Birds 2 is an example of how that's been happening, and so is Angry Birds Friends. Andy in a bit will talk exactly how that's happening for us on Angry Birds 2. At the end of the day, we also wanna monetize, right? We wanna grow our revenue. Beacon also provides tools that allow us to optimize our revenue. A very concrete example is how we use machine learning. We use machine learning for being able to optimize our in-app purchase offerings. A concrete example is on our, again, on Angry Birds Dream Blast, our casual puzzle game, when we get new users in, we wanna show them what we call a starting offer. Basically, this is an offer that converts them from non-spenders to spenders. We use machine learning to test out different offers and different packages and different, in-app purchases to understand which is the one that will give us the best opportunity to convert most users and the maximum amount of users into spending users. With Angry Birds Dream Blast, this machine learning technology that the tech team built allowed us to significantly increase our early conversion. I mentioned Beacon as a platform, as a tech platform, but it's not just tech. Beacon is also people, and this is what makes it uniquely powerful. I'm actually very privileged to lead a bunch of the teams within Beacon. Basically, in general, Beacon allows game teams to tap into almost 100 professionals with a diverse skill set and deep know-how. Let me give you some examples. One of the teams that I lead is user acquisition. Carolina, who actually leads that specific team, is here today. Afterwards, if you guys have some questions, I'm sure you can speak to her. The user acquisition team, for those of you not familiar, we try to make sure that we can bring as many users in, into our games so we can continuously grow our live games and scale new games. Alex talked about how a lot of times our brand helps bring games installs organically. Fundamentally, in mobile free-to-play, you can only grow if you can profitably grow through user acquisition. These teams, who are highly experienced and very knowledgeable, focus on how we can do that in a very profitable way, which is why we have such great cash flow. Another team that I lead is product marketing. Product marketing on the other hand, they work with game teams to really try to find product market fit. You can have a game that has amazing KPIs, but if that product doesn't have a real sort of desire in the market for it, you're not gonna be able to scale that game. As great as your game is, if you're not able to scale, then there's no real point in investing in that product. We try to make sure that our game teams feel confident about the game they're making with real great product market fit. One of the biggest teams within tech is our central tech team. Sorry, one of the biggest teams within Beacon is our central tech team. The central tech team is the team that is really responsible behind this platform. They're the ones that have built the platform. They're the ones that continuously optimize and iterate. Petri here, who leads this team, our CTO, he's here today as well. You can probably speak to him later as well. Their focus is really about that. It's about building the best tech and the best platform we can have to have that competitive edge in the industry. They also work on a daily basis with the studio heads and with the game designers to understand, and the game engineers, to understand what is the next sort of set of tools that they need. They were constantly building and adding new tools to the tool chest for our game makers. They don't only do that. Oftentimes, there's opportunities that we identify, and potentially we don't have the resources always or the know-how always in our game teams to be able to jump on those opportunities. Well, thanks to the central tech team, we can strategically deploy people to work on these strategic initiatives so that we're always on top of them, and we never let these opportunities pass us by. Another really important team is the business intelligence and data science unit. Well, they first of all help with the predictive modeling that I talked about earlier, but they also can help with game optimization. They can also help with automation and machine learning, which we've already discussed. There's a whole bunch of other teams here. I'm not gonna go through all of them today, and happy to answer some of your questions later about these different teams. As you can see, we have all the resources there. We continuously nurture these teams to make sure that we can deploy them the way, in the most strategic way possible so that game teams again, can focus on building the best game experiences they can. Hopefully by now you understand what Beacon is. I know at the beginning it may seem a little bit abstract, but hopefully by now you have a better idea what Beacon is. We won't stop there. Now let's give you some concrete examples of how Beacon is put into work. With that, I'd like to introduce Julie, who runs our studio out of Toronto. Hello. Good afternoon, everyone. I'm very happy to be here. Thank you, Luis. As you said, my name is Julie. I am the head of our new Toronto studio in Canada. I'm here to talk to you today about some more practical cases, use cases of Beacon and how it's helping us at our point in development. Firstly, Toronto new studio. We are a brand new studio that opened back in September of 2021. Today, we count nine employees. As a budding new studio, our focus is twofold. On the one hand, Alex said it, making amazing games is about people first and foremost. We are recruiting and building a great team that's gonna be the strong foundation for all of our future successes. On the other hand, it's about making an amazing game. We craft joy, and the way that we do that is trying to find the fun, exploring lots of different directions, putting things to market, getting data back, iterating, and hopefully getting to a point where we can scale to the level of success that we are striving for. Making a great game is really a long and winding road, and that's when Beacon comes into play. Being there for us really at every step of development in a one-stop shop. Let's get into a few examples, starting by where we're at right now, which is market testing. Maybe for those of you who aren't as familiar with game development and free-to-play, really picture a funnel. We're at the beginning of the funnel, and the idea is that we have to come up with as many concepts and ideas as possible and hopefully finding what sticks as we progress through the funnel and get to that strong game. That's when we start working with Beacon. This is a very concrete example that we've actually used, just only a few weeks ago, where Beacon allows us to come up with surveys that we present to in-game players of our existing games. We're working on exploring the Angry Birds game and what kind of gameplay we can come up with. It's really valuable for us to get some insights directly from existing engaged Angry Birds players. We can start getting some qualitative insights like what are their interests, what kind of games are they interested in, what are their motivations, and so we can tailor our creative efforts towards that. Very quickly, we get into quantitative data to help us make these decisions. Through Beacon, and this was mentioned previously, we have access to extensive data from all of our games. When we're looking for a new concept, we're constantly looking at live game references to establish a clear picture of the audience that we want to go for and the revenue and market size potential. Hopefully this makes Beacon a little bit more concrete for all you guys. This is a very simple dashboard that basically any team member can look at and very easily have access to this data to help us again, orient our ideations. Beacon also gives us a lot more intricate data. This is an example of us looking into data much more finely. Again, we're trying to identify within our game that we're gonna put out. For instance, we're getting to put a prototype together, we put it to market, we put tracking in to figure out where players sticking around, when do they drop off, what are the features that are sticky, where are they having fun, and lots and lots of really intricate details that help us understand and help us decide what we're gonna focus our efforts on, and ultimately, which concepts are worth pursuing and which ones are worth killing. Analytics and reporting in Beacon give the entire team access to these dashboards, and that really helps us make good decisions. Down the line, we're eventually gonna get to soft launch and beyond, and Beacon is there to help us grow our game. Soft launch is an important step in our milestones when we get to a point where we've added enough, we're confident enough in the concept that we have, we've added enough content that we wanna put it out to a few select countries before we unleash the full power of our marketing team. We're getting a little bit more scale in terms of people that are testing our game. There are a number of ways that Beacon helps us out. One very practical way, and this has been mentioned as well, is regulations and platforms. We're in an industry that is constantly in flux. Rules are changing, and it is paramount for us to be compliant and safe here. Examples are GDPR, for instance, in the European Union or COPPA in the US. All these regulate how we use data, or Apple, and that involves platforms as well, Apple's ATT. We've talked about that as well. Really, that has a very far-reaching impact on how we run our business, and our ability to react to these is really key. That is where Beacon central teams come into play. That way, thanks to them and the work that they do, we are confident that we're always releasing games that are fun and safe for our players. Live operations was mentioned already by Luis and by Alex. This is really the beating heart of a free-to-play game. When we put a game out, that's really just the beginning. When we get to global launch, our hope is to keep it alive for years, decades to come. This is really about putting out content on a regular basis, events, time-limited elements in the game that are gonna be compelling, and that's really what's engaging players for the long run. Beacon is there to help us. All the Beacon tools helps us actually bring this content, and that's actually what has the biggest impact in terms of revenue and engagement. To give you a very concrete example, a recent one, in Angry Birds Journey, there was a special event for Easter. That one, day on day, the revenue went up close to 40%. It has a major impact on us. Beacon also helps us offer and run A/B tests, so that's been mentioned as well. This is really where Beacon comes, the full force of Beacon comes into play. To give you a really simple example of an A/B test, if we're running a price point for some content, and we try different price points with different groups. Of course, we're gonna see which one performs better, where are we getting more revenue. What we're also going to see is more fine data. Are people sticking around? Are they converting more? More long-term data, and that helps us really make the best decision. At the end of the day, that's what helps us make a tailored experience for our audience and what takes us from good to spectacular performance. Finally, as we're gonna get to global launch, our goal is really to, you know, focus on marketing campaigns and scaling so that we can bring the game to the level of success that we're going for. Luis has mentioned this, and I really wanna emphasize it 'cause how important it is to have that single source of truth when we're looking at data. To put it simply, if you're looking at game data, you have game data, what's going on in the game, what players are spending their time on, what players are spending their money on. You have everything that's going outside of the game. How much is it costing to bring players into the game, where they are, et cetera. If you have different discrepancies on both of those data, you're spending time and effort just figuring that out and possibly seeing the data that you want to see instead of reality and what's gonna help us make the right decisions. Ultimately, Beacon is really important, as it helps remove this noise and help us really get to a point where we can scale our game with confidence. I wanna end by saying that really at the end of the day, Beacon doesn't make our games, but it does help really elevate our creative and our business efforts thanks to powerful tools, services, and teams in a platform that is really specifically catered to supporting our games and even more specifically our free-to-play games. I have to say that as the studio head of a brand-new studio, for me, it is extremely heartening to see, you know, with Andy and Angry Birds 2 that we get to a point where we are still able to grow our game even many years into post-global launch. I'm really excited to introduce Andy, who's going to give you more insights on what happens when you are able to scale a game successfully with Angry Birds 2. Wonderful. Hey, everyone. It really is quite bright up here. I'm Andy. I'm the head of the Stockholm studio. Honored to be here today and really excited to bring this all together in a real-world example. First, I wanna show a video. Awesome. Angry Birds 2 has experienced extraordinary success over its six and a half years of being live. Thanks to a confluence of many things, a lot of them a long time in the making, I'm really happy to say we're again on a growth trajectory. Thanks to the brand, as Ben talked about here, and the support of Beacon that Luis and Julie just spoke of, we were able to grow our users by 12% in Q1 of this year as compared to Q1 of 2021. With that, the game team was able to really focus on features and live operations and was able to grow average revenue per daily active user by 7% in Q1 of this year as compared to Q1 of last year. Average revenue per daily active user is a key metric for us to measure the health of the game. It's made up of three major components. The first, how many of our users are turning to spenders? How often do those spenders spend? And how much do those spenders spend when they're spending? That one's a tongue twister. I'm happy to say in Q1, all of those metrics were up for Angry Birds 2. When you put those two numbers together, what we saw is gross bookings for Angry Birds 2 was up 20% in Q1 of this year as compared to Q1 of 2021. Not bad. Not bad at all. One of the key factors in driving new user growth was Rovio's ability to accurately predict the likelihood to return the marketing money spent within a given timeframe relative to our targets. It is an incredibly complex combination of different marketing channels, creatives, platforms, countries. There's so many things happening. It's a very difficult task to get right. But thanks to Beacon, as we talked about, we were able to do this with precision, accuracy, and speed. What this means in practice is we're able to take the first couple days of a user's behavior and actually extrapolate that user well into the future. We can then take that extrapolation or prediction, and we compare it to the marketing money spent to get a likelihood to be profitable within a given timeframe. The great part of this is this whole process is automated within Beacon. As we spend this money and as we get this data, we can look at the dashboards in real time and get updates to see how we're doing and be able to react very quickly. As you can imagine, when we look at the speed and accuracy at which we can do this, it's directly correlated to our ability to effectively manage new user growth in our games. When we get data fast, we can act fast. One of the biggest changes that we've talked about a lot today was Apple's deprecation of their tracking identifier. What this meant is for gaming companies, it became harder to find, identify, and buy those users we believe are perfect for our games or their games. Now, it's important to note that not all users are created equal. One user is not equal to the other. There's a difference between a qualified user and just a normal user. While our competitors actually lost sight of this ability and had to decrease spend, Rovio was able to maintain visibility. Working with Beacon, we were able to seamlessly integrate Apple's new functionality into our buying process, and we were able to return to a growth period within one quarter later. As you can see here, Angry Birds 2 was able to have growth in Q4 of 2021, and again growth in Q1 of this year, when the industry's spend on iOS declined by 20% in the second half of 2021. We were able to grow Angry Birds 2. Thanks to Beacon, the team's been able to focus on what we're really great at, the players. In Q4 of last year, we unlocked substantial new revenue growth through live operations in the form of hat events. We already talked about live operations, but hat events are these time-limited durations that we encourage players to collect hats that they can equip on their birds. These hats increase not just the cosmetic appearance of the birds, but also give them power. What that power does is it gives players an advantage in different modes in the game, so naturally, players want to collect these hats. After testing a lot of different variations of what these events can be, we finally found the perfect balance by adding progressive tiers onto these hats so that players could not only collect the hats, but then upgrade these hats over a period of time. Upgrading the hats both gave them a cosmetic improvement, but it also gave the hats more power. What this did was it gave players a longer period in which they were engaged with an event. It wasn't just collecting a hat once, it was collecting the hat and then progressing that hat. Engagement was longer, our events lasted more for, in terms of players' minds, and of course, the revenue of those events then went up as well. One of the most beautiful parts of this is it allowed us to look back at all our previous hat events and say, now we can take this old content that we spent a lot of time creating to begin with and add additional tiers onto those hats. That meant that every piece of content we created now has greater value in our future too. It's not just about upcoming events, it's about reusing what we've done in the past to extract more value. We also actively are running many tests in Angry Birds 2, as we talked about. A test in Angry Birds 2 can be as simple as where a button is placed to as complex as how difficult levels are based on different player segments and skills. It can be very, very difficult to manage all these. Last year, Angry Birds 2 ran 163 A/B tests. Luckily, with the help of Beacon, we were able to analyze these and really understand which ones are successful and which ones aren't, and be able to move fast. Those two improvements, both the success of the tests and the events, coupled with various other things we've done, meant that we were reaching new revenue highs that we had not seen since early 2019. You can see them here on the chart. The best part, we're just getting started in Angry Birds 2. For the first time ever this year, we'll be allowing players to change their default eight birds that they can choose to go into the level with. Currently now, you only get to select one bird, in addition to the seven default that then you take into the level. Now you'll get to choose all eight birds. It might not sound like a big thing, but it's a fundamental change to how the game is played, both in allowing players to be able to customize how they play and their play style they like, but it also creates a foundation for us to introduce new features that we previously didn't believe were possible. What that means is we're able to lean into the role-playing game side of Angry Birds 2. We've talked about it being a very casual slingshot game, but we've also talked about this extreme depth in the game that allows us to continue to engage players for a long time. Changes like this create the foundation to allow us to do so much more than we could do in the past. We have a saying in the Angry Birds 2 team, "Nothing is sacred," and this is who we are, this is how we operate, and this is why we believe the game has been doing so well and will continue to do well in the future. It's what keeps it alive and exciting. Empowered with Beacon, our central teams, and the great leadership that we have here, we have the courage on Angry Birds 2 to constantly challenge the status quo, to change things in the game that we didn't believe were possible, to create meaningfully new and exciting experience for our players for decades to come. Thank you all for listening, and now I will pass it over to Jakob Langer. Hello everyone. Can I just hit one of Andy's points again, which he was mentioning about this is the type of conversation and arguments that we can put in front of prospective studios. Here is what Beacon can do to our live games, and it's a very fun and simple conversation on my side is, let's have a conversation about what they can do to yours. I'm gonna talk to you a little bit about today with M&A, and how Beacon in particular feeds into that whole equation for Rovio. M&A supports two aspects of the business. We have growing the free-to-play mobile and supporting the future of gaming initiatives. Honestly, it is such a beautiful part of the role getting to speak with passionate team members, those that are holding incredible amounts of, they're calling it art, I suppose, within their business. That they are flirting between the lines of what is passion and what is almost an obsession. This is the thing, when you've heard people speak today here at Rovio, you can feel it. From how we talk about the products, how we talk about our analytics, how we talk about Beacon and the services that we provide. It flows through with all of the team members which we have here and all across our studios. Let's frame the market. It's always helpful to just have a look at what's the current situation which we're all operating in. While these few points up on the screen do call out a relatively grim situation, it's not grim for everybody. What I want to really point out here is for small independent studios or people that are trying to enter the gaming market right now, it is tough. It is really, really tough. You saw the suite of tools that Beacon was offering before, and this is the benchmark that studios have to have to just try and compete. The bar to succeed in today's gaming market is growing, and it's continuing to grow at such a rate where it's improbable for most to be able to compete coming new into the market. A few factors. We know that the dominance of older brands and older titles remain ever present in today's top charts on the app stores and Google Play. We know that you need an incredible war chest behind you to be able to scale your products when you do have something purely brilliant in your hands. We know the team required to operate and market and manage these products, the knowledge and experience, needs to be so vast and so specialized that the barrier to entry is so difficult for new people. As the market is growing, like, I really do feel for these new studios that's trying to enter into the mix. It's something where you see the passion, you see the energy. They're trying to raise money. They're trying to go at it on their own, and they're met with now the massive challenge of, okay, you must either go out there and build all this infrastructure on your own. We said the market's grim, but let's talk about how Rovio positions itself in this market. We mentioned before, a strong brand is incredibly important these days. It lowers the cost of acquiring users. It's something where we can maintain and operate and work with our fans that Ben spoke about. We know that genre mastery, which Alex was describing, is incredibly important. You need to be able to hone your craft down to that art form, that, like, pushing the boundaries and innovating on what is important these days so that your game can stand out. If you're putting out a product that was two years ago, sitting up at the charts, it's very difficult to try and push or elevate your product above anyone else's out there. We know competition is fierce. The suite of tools that I mentioned required to be able to just be competitive is growing day by day. One of the things to point out is Beacon as a whole wraps up all of these competitive advantages for Rovio, and we position ourselves in a really favorable position in today's market. We have these things. We can offer these things to our studios. What I really love about that whole offering is we allow a potential new studio who would enter the flock to focus on what they do best, which is making games. Let's break down the types of targets which we are looking for, because there are four main buckets. The first one being is, do you have a compelling game which can benefit from the Angry Birds IP? This is something typically in overcrowded genres where we may wanna step out and use our existing audience and provide that offering that fits in well. Ben described the audience overlap as something that is very, very important to us, so we need to make sure that this type of offering is something that our fans would really, truly enjoy. The second type of target is, do you have a promising new IP? Now, we are so happy with the Angry Birds IP, but personally from the M&A side, I'd love to have multiple of these in the mix. I'd love to be able to expand and bring new offerings or cross-collaborations with the different types of studios which we have available. The third of the targets which we are looking for is, do you have a game that requires capital for scaling? Do you have a game that requires additional tooling or infrastructure so you can really push that product to the next level? You're gonna hear words about accelerating your game or elevating your craft. This is what we're talking about in this particular situation. The final one are always the funnest conversations at the conferences or meeting these teams on-site is, are you just a talented bunch of engineers? Where we clearly match from a cultural standpoint, we clearly match from a vision standpoint, and you need that push, you need that team around you need that cheer squad around you to really launch the best games going forward. These three things that just popped up on the screen now are areas or pieces that I really do place a large amount of effort on when we're talking about filtering. We need to be able to see is do you have this concept of genre mastery in already how you're operating? Are you pushing the boundary of the core gameplay? Are you innovative in the types of products that you're making? Do you have a team and culture that fits in? Like it's something we're working with these people on a day in, day out basis. We need to be able to really be people first, which Heini was describing as well, and pushing sustainability as the core of our business. These things matter so much when it comes to helping a team or accelerating a team or elevating a team towards that next level. We've heard so much around Beacon. I do wanna illustrate one thing when the application of Beacon is so many different places, whether it's launching a game, whether it's scaling a game, or whether it's ultimately the place is can we accelerate the position where you're currently at? I do highly recommend against trying to replicate Beacon today for a very small studio. It is a distraction. It will move you away from that beautiful craft of making that core gameplay. What we are offering is many studios can pair up, utilize Beacon and what's currently there, and go back and focus, go back to do what you love doing best, and that's pushing the product to the next level. Let's talk about Ruby Games. It's always helpful to go high-level framework, talking about the market, but let's talk about a specific case. We acquired Ruby Games in 2021 in August. It was a hyper-casual game developer and publisher. Now, Ruby Games saw that the market was shifting. It saw that market was shifting from hyper-casual into hybrid casual and a continuing path towards casual games. What that means is the typical products that launch fast, scale up very, very quickly, and then don't have a very long tail, is they can only go so far. Now, this team was incredible. They were pushing products out like every week. It was something just amazing seeing that lifeblood and that engine working. For Ruby to really compete and really make a dent in today's market, they need to make bigger games. They need to push on their tooling. They need to really incorporate live operations in their day-to-day business. The conversations with Mert as CEO and the team was, "What can we stop you from doing in your day-to-day action and take over that so that you can go back to being shoulder to shoulder with your marketing team, shoulder to shoulder with your product team to elevate those products to the next level? Don't try and reinvent an entire Liveops catalog. Don't try and reinvent this thing because it's so challenging." We started supporting early on with UA Liveops. We've got ads integration, but really that symbiosis between Ruby and Rovio exists with the people. Today, we have several people on site with Ruby. They are working across product. We've got marketing support on that front. It's integrating with ads. The really exciting part is the tools which we're building for the future, the products that Ruby's going to be launching in the future. What are the bigger games and what is the suite of tools that Ruby needs behind them to launch and elevate their craft and build bigger games going forward? I get the little goosebumps on my arms pop up when I hear Andy talk about what Beacon has done for his live games today, and I feel this can be applied to our M&A efforts going forward. This is what we offer our studios when you come into the mix of Rovio. It's culture, it's team, it's passion, it's innovation, and it's something that I'm really quite excited to bring more studios into the fold going forward. That's the end of my presentation, and I'm gonna pull Lotta up here in a second, and we can talk about some Q&A. Thank you. All right. Welcome back to the stage. Everyone who's been up here presenting today. We're doing really well on time. Time for questions and answers. Oh, you guys look so cute. Yeah. with all of your matching stuff. Questions in the room. Yes, sir. We are running a microphone to you. There we go. Hi, Ken Rumph from Jefferies. Thanks, everybody, for the outfits, as well as the presentations. Question, I guess, for Luis. For Beacon, you know, a number of those attributes you mentioned, like attribution, and payments and stuff, there are people who provide those services. What have you built yourself? What have you kind of incorporated external data providers for? You get the idea. Thanks. Yeah, absolutely. Very good question. I think, like, in general, most of what we have is built in-house. I would say the vast majority of things in Beacon. Beacon is built, or the platform, Beacon platform at least, is built in a way that we can actually plug in external tools as well and then provide those to everyone in one go, right? You talked about attribution, so we use Singular. Obviously, there's AppsFlyer, there's Adjust, there's lots of really big companies that have really doubled down on focusing on that one space. It doesn't make sense for us to necessarily tackle that space ourselves. What we do is we find the right partner, and we plug them in, but then at the same time, our central tech teams work with them. Singular is a really great partner because we actually have like a one-to-one conversation with them about their own development of their own tool and how that ultimately feeds into Beacon. We're kind of like, let's say, a trusted partner or a special partner for them, where we actually have sort of that direct access to helping their roadmap and define their roadmap, and that ultimately affects us, Beacon positively. When a team plugs into Beacon, they're getting access to lots of things, but they're also getting access to some of these external tools. Instead of having to work on putting a new SDK in, like I know I'm getting a bit technical here, but a new SDK into their app, they can do that with one- Wanna explain SDK? Yeah. Basically it's the ability to connect an external technical service to an app. Oftentimes it's a few lines of code, or at least that's what they say. It turns out it's a lot more complicated than that. It does take, you know, time to, let's say, implement these external tools into your app. By doing the work on the Beacon side, it kind of saves that time and it makes sure that, you know, it doesn't crash the app and a whole bunch of other things that happens when you try to plug into an SDK from an external partner. I don't know if that answers your question, but I would say majority in-house, but strategically for certain areas, we have the external tools. Did that answer your question? It does. Could I follow up a moment? Sure. Just another one, which is the whole privacy, ATT, IDFA and so on, and indeed the evolving side of that. How much of your effort, and I don't know how far Beacon goes back before that, but you know, how much did you have to sort of work on solving problems in that area? Or to what extent do you feel that, you know, that your ability to identify users in the way that you need is kind of a finished article, or is it a work in progress? Thanks. There's a lot of work put into Beacon to SKAdNetwork and make sure that Beacon was ready for that and make sure that the teams were ready for that. I think it was some other companies have sort of said, "Let's wait and see." Rovio took the approach to kind of go straight into the wind and make sure that we were ready on time, worked very closely with Apple. It's definitely, as I think Alex mentioned it or René, someone mentioned how it really required us to review how we did predictions, how we looked at ROI. We have this thing we call full cohort analysis, so we look at the entire sort of users coming in, and we look at the profitability of that on a daily basis. We have SKAN and how SKAdNetwork is allowing us having certain events. We work on conversion values. We've just recently changed some of the conversion values. Again, getting really down in the weeds right now, but like, it's something that we're continuously addressing, and as obviously as Apple roll out new features to SKAdNetwork, we take that and adapt it. In terms of conversion values, think of this as sort of events that we can send back to the networks so that we can sort of give signals of these are good users, give us more of these users, please. Before we were looking at sort of sending back predictions. Hey, we're predicting on day zero, this is potentially a really good user. Well, now we can also send actual data as well in terms of some purchasing data and sort of mixing that together gives us the advantage to be a little bit more reliable. In terms of is this something that we can do, I would, you know, is the days of attribution gone? Not really. It's just attribution's different. Ultimately, like for example, with Google are taking a different approach. They're kind of more long-term thinking. They're obviously they have more skin in the game 'cause they're an advertising network, primarily, and so they're very much, you know, working with developers on thinking about how they're gonna roll out their Privacy Sandbox. Our main message to Google is, we don't need to pinpoint each user. We don't need to say, "This user came from this network, and this is what they're doing, and this is their behavior." We're not in the business of caring about where this specific user came from and tracking them, et cetera. That's not what we do. What we do wanna know is though, is that which groups of users are coming in, which ones are kind of offering us the best sort of quality, the best performance in our game, and is that being done in a profitable way so we can double down on spending more advertising dollars towards that specific network or whatever that is. What matters is how do we continue to be able to do that in a world that really respects user privacy? Like Alex talked about, we care about our players. We're player-centric, and so we actually think privacy is a really good thing. We just don't wanna lose the ability to be able to be performance-driven when it comes to acquiring users. That's why we work very closely with Apple and now closely with Google on making sure that we can do privacy in a very, I would say, sustainable manner. Sure. Yeah. Good answer. That's it. Okay. Gentleman in the first row. Both answers. Record that. Hi, guys. It's Felix Henriksson again from Nordea. I have a couple questions. I'll start off with a question related to Beacon. I just wanted to confirm that whether or not you had any plans to sort of license this out to external companies. Regardless of your answer, have you received any requests on such. No and yes. Yeah, I mean, this is really something that we build internally and we saw. I think very early on there was some discussions about that, but we decided strategically to focus on our internal projects and really focus on what were the needs internally. Now when we're thinking about it, you know, we see that there's a lot of companies out there that could benefit from this, but we look at it much more through the lens of M&A. I think a lot of companies are interested when we talk about it and when they see what it can do. Yeah, we're not interested in licensing. That makes sense. On the Ruby Games acquisition, I guess, you know, it makes very much sense from a cross-promotion perspective. I just wanted to ask if you could provide us any help with sort of the initial cross-promotion success that you've so far had with Ruby. Any flavor on that? Any concrete, you know, sort of measurements would be much appreciated. I just wanted to sort of get an idea of how long it typically takes after such an acquisition to see concrete benefits from cross-promotion and so on. Do you wanna take this one? I was gonna say, I don't know, Jakob, do you wanna? You wanna punt it down? All right, sure. I'll start with one part on cross-promotion. If we think about our catalog of games and where we get users from, some of the bucket of that comes from hyper-casual market. But when we're talking about Ruby's products, where they are moving towards the hybrid casual model, they are moving into more engagement. They have longer tails. That's where cross-promotion becomes really quite valuable because it can be both sides on that front. Users that are really engaged in that game may like an Angry Birds product. Angry Birds product may really like one of the Ruby products on that front. We are very cognizant of when that happens or what type of products we have there. We did say early in the acquisition that Ruby is moving towards hybrid-casual. I would argue that the next iteration of Hunter Assassin is probably a good indication of when that one comes in, because it's a product that started as hyper-casual and has really taken step towards to move down the hybrid-casual mark. Yeah, just sort of like add to that the one thing that's important for you guys to understand about the industry is that not all players are the same, and not all players are, you know, you're gonna be able to take advantage of them in every single situation. You know, not necessarily everyone that plays Angry Birds Journey is gonna wanna play Angry Birds 2, or whatever. In hyper-casual specifically, you get a very specific type of audience which engage a lot in the first few days, but then they go and play the next game. For our mobile free-to-play games, it's not all the users that we get through hyper-casual are the users that we wanna sort of funnel into, let's say, Angry Birds 2. Now, however, because these games are such big scale, we actually cast a really wide net with these hyper-casual games. Within that, there are groups of users that we do find interesting to move them over, et cetera. I don't have any numbers to share, but like I could say that like with Angry Birds Journey, one of the ways that we were able to scale Angry Birds Journey in January and February was cross-promotion from our games within our Rovio portfolio, but also from support from Ruby as well. You know, I can't remember off the top of my head what percentage of our cross-promo came from Ruby games, but it was, let's say, the cream on the top at the end of the day. Maybe just to close on that and being very pragmatic about one part of your question was, you know, which was how long does it take, right? To benefit from those things. I think, you know, there's a case-by-case thing, but with Ruby, it was, you know, they started using Beacon after the acquisition. Of course, the tools that we have within Beacon is really helping with those cross-promotion things. One of the full projects that they've developed from the beginning after the acquisition, where we're really gonna have, you know, the sets of tools in place, would be Hunter Assassin 2, right? That would take advantage of it fully. I guess it depends on the target, what they have in the pipe, what is almost ready. You know, do they implement Beacon right away or, you know, some things like that? Thanks. Yeah, that's very helpful. One more from me, related to M&A and integrations in particular. I guess one of the sort of matters that you need to tackle and perhaps wanna avoid is bringing too much of this sort of, you know, corporate culture as a larger company into these startup type of companies, if those are the ones that you end up acquiring. How do you usually, you know, tackle this, and how has this been going in particular with the Ruby Games deal? Yeah, great question. It's short answer is there's no straight blanket response in this. There's no straight answer across the board. It's always gonna depend on the studio, what they need, and so we can approach things from an à la carte style. Pick the things you guys need today to really push your game forward. Pick the support you need around your people to elevate your craft. Those resources are becoming more and more available on our side. The team is, like, structured now in a way where we can deploy people out there to be either on site to help with integration. That's the first and foremost. We want data in so that we can have everything apples to apples from day one. But beyond that, as their products grow, what are the types of people that's needed there? I can tell you now, we're not going in there and, like, painting the walls red and putting Angry Birds everywhere. Like, half the reason we're acquiring these studios is this is your culture, this is your team, this is a passion that's there, and you need to keep and harness that in a way. Also, usually we get the request of, "When are we gonna get the Angry Birds? When are we gonna get the stuff? Been too long. We've got this. We've got this." I touched on it from my side, but the, like, culture is such a big element when it comes to these deals, and it's something which we are filtering so hard on, is trying to find that right culture, that right way of thinking, that right vision which we're going forward. Usually, I'll say usually, 'cause it's not always the case, us getting involved and working with them, like we're speaking the same talk, we're pushing towards the same outcome, which is really growing and really pushing that studio to the next level. Well, thanks. Much appreciated. Thank you. Great. Veikko Silvasti, Danske Bank. First question on Luis and Jakob. How you describe Beacon at the moment sounds very much similar to what Stillfront in their CMD in 2021 described on their Stillops platform. Can you just describe what's the difference between Beacon and then on Stillfront's Stillops platform? I don't want to talk about other companies and what they do. We've obviously looked at what they do, and I think, you know, they're a great business, and I think their model on M&A is very different, and I'm sure Jakob can talk a little bit about Stillfront's sort of M&A model, which is sort of like a roll-up system. We always look for synergies. I think on Beacon, we've been building our infrastructure and our teams for over 11 years. So Petri here has been a big part of that. Again, when we have drinks later, you can have a chat with him about a little bit about the history around Beacon and the platform itself and how we got here. I think like, again, I don't have the list of everything that I would say that Stillfront's services are able to offer. I will say that, you know, I myself have been in lots of companies. I have not been in Stillfront, but I've been in lots of different companies. I haven't seen something as robust as Beacon personally. And I'm speaking quite genuinely here. There's other. Some of my other colleagues have been in other gaming companies in the past as well, and they can talk about their experiences in those gaming companies. But I would say that if I was to point anything out, it's really sort of the robustness of the offering. Sort of like we almost tick all the boxes when it comes to what you need for live game services and I've never really seen something sort of quite as robust. The other thing is like in some other companies, and this, I think there was a question before about M&A, you know, there's sort of this, "Hey, we've got this great infrastructure. We're gonna acquire you. On day one, we need you to plug into all our things. This is like sort of how we do things." Jakob talked about à la carte. That's something that like this is just something even true for our internal studios. We really believe in autonomy. We trust, you know, it's a sort of part of Nordic culture is trust and autonomy. with our studios, we offer that. Like we're not asking anyone in the studio to say, "Hey, you need to kind of plug into Beacon," or, "You need to use our central services," et cetera. However, they're coming to us and saying, "Hey, like, I wanna plug this into my game. When can I get this ready?" Like there's almost like a fight to say like, "Who do we like support next?" If that makes sense. That's the other thing around Beacon, is we're making sure that we can continuously adapt to what our different games, game studios need. You know, I'm sure they've got great technology and a great platform, but let's say that I feel very confident in our tool. I can probably add on a sentence. René will kick me if I say something I shouldn't. One thing I'll talk about. There was a pure consolidator model that was happening. You guys are reporting on the market, you've seen this, and this is people who've been operating as a pure consolidator. I'll say one of the challenges around that is trying to build a Beacon-like service after the fact. Okay, you have these studios now that you've acquired. What do you do with them? How do I get synergies between our studios? Certainly, when there's earn-outs that's being built into trying to grow their own individual business, it's very, very challenging to hire the right engineers. I mean, Petri running the tech team, like there are top companies across the industry that are trying to poach and pull these talent because they are that so good in today's market. I look with all the other factors that happened and large talent movements and shifts across the market, trying to build Beacon now or a Beacon-like service now is very difficult. I'd say trying to build a knowledge-sharing base needs to go beyond just a shared Slack channel. It needs to go beyond just a Confluence page which people can log into. I'm not throwing potshots at specific this one, but there are others in that situation where they talk about our knowledge base or our central services or our infrastructure, which we share across our studios, and it will be a page up there on a Confluence page, and that's it. Beacon has to go much more. You heard a lot about the people today. You heard a lot about the tooling behind it. It's people being deployed on-site. It's people working with the studios. It's studio-to-studio cross-promotion on that front because we're all in this, it together, if I use a corny little line at the end. I'm sure you understand that from the culture and it's been said before. I'm being mindful of time, so I'm announcing last calls for questions. There'll be last calls for drinks later on. If yes, sir, I know Mr. Danske Bank has the mic and won't give it up. I'm gonna give you the opportunity to ask one more question, but if anybody else wants to ask a question, let's do them all in one row and then do kind of a bunched up answer, and then we go to final remarks. Sure. Final one for me. Both for me. Both for Petri and Andy. Just trying to understand how is Rovio's employer brand in Sweden and Canada. Obviously in Finland, Rovio is basically the mother of mobile gaming, but how is it in Sweden and Canada? Yeah. I'll take this one. I think the same strong culture- Before you answer. Yeah. Remember when I said we'll do all questions in one? That was 30 seconds ago. If there are more. I thought it was after this question. If there are more questions, 'cause if not, I'm just gonna let them loose. Okay. Okay. No. Yes, sir. You go ahead, and we'll take your question as well. Remember the question and your answer. Hi. Simon from ABG here. On M&A, you talk about believing in autonomy, and let's say you acquire a couple of studios. Who are deciding on allocation of UA and marketing? Okay. That one on the employer branding question, and for you, people in the room, you will have the opportunity to talk to everyone on stage afterwards when we're doing drinks and canapes. Go ahead, Andy. Okay. Thank you. I think the same strong culture that exists in Finland exists in Sweden. Like we talk about Rovio as being a big company, but in reality, we're 500 people, which means that we are all close-knit. We share lots of knowledge. We work together. This team here as an example, you can see how close we are today. The culture really does come from the top and permeates all the way through. What that means is in Stockholm, it's a very much a high caring culture. It's very much about the stuff that Heini talked about. It's about inclusion. It's about having values that we share as an organization. Within Stockholm as well, we are known as the Angry Birds 2 company, so I do think there is work that can be done to help modernize our view and to talk about some of the other products that we're doing, like Bad Piggies 2 today. The culture itself is amazing. It's just, we need to do things, I think, to bring in new people into that culture so that we can really grow our employer base here, our employee base here. I agree with everything Andy said. I don't know that I could say it better. I mean, obviously for the Canadian studios, we are very new. In certain cases, we are trying to do things a little bit different, sometimes different for Rovio, sometimes different for the sort of talent base. That creates really interesting opportunities. From the recruiting that I have done, the values of Rovio, the Nordic culture, the way that Rovio thinks about how much it cares about its employees and how concerted that effort is to live that as opposed to just make that, you know, the slogan on a coffee mug and then kind of forget about it, has definitely been things that I have been very anxious to communicate to potential recruits. The feedback that I have gotten from the people who have made the decision to join my team is how refreshing it is to work for a company that lives that and that it wasn't BS, right? That they felt it and that they feel it every day. That's in my mind a very strong advantage. Great. All right. We had the UA question Andy, do you wanna take this one? I can take that question. Of course, when you look at the, you know, studios joining Rovio, I mean, we're gonna agree on the targets and what they wanna achieve, on how fast they wanna grow. There has to be not only a culture fit, but there's multiple other things that need to fit from that perspective. Of course, you know, we lay down those frameworks together, and naturally, they have to kind of fit into what we're trying to achieve as a group. Once we, you know, agree on that, then, you know, that process typically lends itself like with our current studios. You know, they trust that there's a centrally led team which has the best tools, the best data, the financial model that makes sense, and basically that runs on its own. What the teams should focus on then is to make the games better. You increase the player engagement, you increase the LTV of the game, UA takes care of optimizing the cost per install. From that perspective, you have the financial model that drives that. In a way, it's yes, there's a central part that has to be in place in all cases, but that's also one thing that you know, studios can trust that will really help them grow. Thank you so much for all your very good questions and you answered really, really well. Alex, maybe some final remarks. Yeah, absolutely. Well, I mean, maybe I think we have one slide that we can show again to resume everything that was said today. It was a long meeting. But yeah, we just wanted to show this wrap-up, right? This summary, of what we talked about today. Angry Birds doing great. It's actually the cradle to grave strategy that we've put together, Ben talked about this, means that we have new players or new fans joining the brand of all ages, right? That's very important. That's a very important strategic advantage. We talked about the portfolio, strong and reliable, many games that are creating engagement for, you know, over a decade. Very strong as well. Rovians are passionate. They have a great track record of releasing very well-performing games. We have invested for over a decade in Beacon. We just talked about it, right? There's proof point with Beacon. We're not starting this today. We started that 10 years ago, and we think that it can bring growth both for internal studios or internal games, but also for potential acquisition. Finally, strong balance sheet and operating cash flow that allow us investment for future growth. There you have it. Thank you so much for being here. Thank you for people that took the time online as well. For everybody that is here, let's have some drinks. Thank you.