Welcome everyone. Thank you for joining the call today. This was another very busy quarter for Ubisoft. We continued to focus heavily on the strongest brands and technologies while bringing further evolutions to our organization to seize the industry's biggest opportunities. Ubisoft Forward offered a glimpse at the extensive premium lineup our teams are working on for the coming months and years. Along with our investment in free-to-play, this amazing content is intended to significantly grow our audience, as well as recurring revenues, and deliver strong return on investment. Ubisoft has proven time and time again its capacity to successfully enter new markets and segments in which it initially lacked expertise. 15 years ago, we learned new skills and ultimately became one of the leaders in open world games with Assassin's Creed and Far Cry among the industry's most successful franchises. Ten years ago, we underwent another round of significant investments to become one of the best operators of live services with The Division, Rainbow Six, Ghost Recon, For Honor, and The Crew. Additionally, over the prior console cycle, we created five successful new IPs in RPG, action-adventure, PvP combat, driving, and strategy, while significantly increasing our exposure to the shooter segment. We also successfully revamped three franchises. All these results in audience and engagement KPIs growing respectively 5x and 9x over the past eight years, with one of the deepest and most diversified portfolios in the industry. As a consequence, we delivered massive return on investment and shareholders' value over that timeframe, significantly outperforming all major stock market indices. Our new investment phase, initiated two years ago, is the natural evolution of our commitment to build quality and depth in our portfolio to the benefit of our players. This will ultimately lead to bigger audiences and more recurring revenues. First, around 80% of our current investments are targeted at significantly expanding our premium offering by growing our biggest existing franchises, by building new IPs with a focus on player engagement and social interactions, and by adding blockbuster licensed entertainment brands to our portfolio. Second, around 20% of our current investments are targeted at free-to-play to expand our brands' universes and bring them to a wider audience across all platforms, including mobile, across all geographies, including emerging markets, and with multiplayer titles designed to be evergreen. Each of these premium and free-to-play projects is built to maximize impact on its respective brand's universe. With Ubisoft Connect and our direct-to-player ecosystem, we aim to leverage the depth and diversity of this portfolio to maximize traffic and discoverability, social interactions, and engagement, and ultimately, value for our players. Overall, our assets have never been so strong in an industry that continues to offer great prospects. The combination of our high-quality brands, technology, and exceptional team ideally position Ubisoft to deliver over the coming years, double-digit top-line growth, as well as continued profitability progression, leading to a material rise in operating income. I will now hand over the call to Frédérick. Frédérick? Thank you, Yves, and hello everybody. As I mentioned last quarter, my comments are now based after the mobile reclassification. Q1 of last year saw exceptional levels of engagement following initial lockdown measures. While they were softer this quarter with MAUs of 37 million across console and PC, down 8% versus last year, they were up 9% versus two years ago, despite the fact Q1 fiscal 2020 had benefited from the record launch of Anno and from the recent releases of The Division 2 and Far Cry New Dawn. We believe this highlights our continued progress. Keeping this in mind, and in order to better illustrate our underlying performance, I will also compare our Q1 financial performance to fiscal 2020. Our Q1 net bookings came out slightly ahead of our guidance at EUR 326 million, down 21% year- on- year, and slightly up versus Q1 of fiscal 2020. A solid performance considering we didn't have any meaningful new releases this year. Our back catalog was indeed up 11% versus fiscal 2020, demonstrating once again the value of our deep and diversified bench of franchises. The main contributors to performance this quarter were Assassin's Creed, Far Cry, For Honor, Ghost Recon, Immortals, Just Dance, Rainbow Six, The Crew, The Division, and Watch Dogs. i3D.net, our fast-growing hosting activity, continues to perform remarkably well, with revenues up sharply. Total digital net bookings reached EUR 279 million, down 4% compared to Q1 fiscal 2020 and represented 86% of our total net bookings. PRIs stood at EUR 174 million, up 13% when compared to Q1 fiscal 2020, representing 53% of our total net bookings, and mobile amounted to EUR 41 million. Looking at Q2, we expect net bookings of around EUR 340 million, broadly stable versus last year. Q2 will include initial physical shipments of Far Cry 6. We also confirmed our fiscal 2022 targets of single-digit net booking growth and non-IFRS operating income between EUR 420 million and EUR 500 million. Let's now look at the lineup for the upcoming year. Ubisoft Forward was a fantastic opportunity to showcase our premium content. It generated very strong engagement with record viewership. We could not be more pleased with the Far Cry 6 comeback that generated very strong community engagement and highly positive sentiment. Players praised the tropical setting, guerrilla fantasy, and stronger narrative push, particularly for Giancarlo Esposito's performance as antagonist Antón. Fans were thrilled to learn they will be able to play as their favorite villains for the first time. We have also revived the beloved Far Cry 3 Blood Dragon title that players will be able to experience as part of a strong season pass offering. The Far Cry franchise has gone from strength to strength. We expect Far Cry 6 to build on this strong momentum when it's released on the 7th of October. Last week, we announced that we were giving more time to both Rainbow Six Extraction and Riders Republic. We presented the games at Ubisoft Forward. It provided us with useful feedback from players that informed this decision. While our games are in great shape, this additional time gives us more opportunities for players to test, play firsthand and give feedback to ensure we are bringing the best experiences to market, and allowing them to reach their full potential. We believe the new release schedule will enable us to achieve that goal. This was the right decision for our players and for the long-term performance of our games while keeping our fiscal 2022 guidance unchanged. We're incredibly excited about Rainbow Six Extraction and believe it will bring something new and fresh to the marketplace with the familiar tension and strategic gameplay that the 75 million Rainbow Six Siege players love. Relying on strong, unique features, Rainbow Six Extraction is set to be a triple experience that will change the way players think about co-op games. Our teams have also been hard at work on building bridges between Extraction and Siege, as we will reactivate lapsed players from Siege and recruit new players to the franchise. We have only scratched the surface of what the title will bring to the table and look forward to showing more in the upcoming months. Extraction will be released in January 2022. Riders Republic, the new massive multiplayer outdoor sports game, will launch on October 28th. Players will ride through breathtaking landscapes and engage in mass races of more than 50 players, as well as a range of multiplayer modes. We expect this lively social playground to be a long-lasting title, and we're happy to welcome players in an upcoming beta. Also revealed was the new Just Dance, which after two years of strong growth, will continue to leverage the ongoing strengths of the brand and Switch's impressive momentum. A real entertainment phenomenon, Just Dance is the number one music video game franchise of all time. Ubisoft Forward was also an opportunity to present Rocksmith+, an evolution of the successful electric guitar and bass learning software. We expect this new subscription service to be a solid addition to our long-term recurring revenue streams. Finally, we showcased our commitment to strong post-launch content for our major franchises, including Assassin's Creed, Rainbow Six Siege, Valhalla, For Honor, and The Crew. Speaking of Assassin's Creed, the franchise has been evolving over the years towards a live service model that has been hugely successful among gamers with Odyssey and Valhalla shattering records and significantly expanding the brand's recurring profile. We will continue to deliver powerful Assassin's Creed content over the coming months and years, starting with an ambitious post-launch plan for Valhalla, including The Siege of Paris expansion coming this summer, the release of the Discovery Tour: Viking Age, and a very ambitious and surprising second year of content for the first time in the franchise's history. Regarding the project codename Infinity, we have exciting plans for the future that have the potential to significantly expand both the brand's reach and recurring profile while holding true to Assassin's Creed legacy of rich narrative experiences. It is in the early stages of development, and we will share more details in due time. During Ubisoft Forward, we also unveiled two games set to release in fiscal 2023 that were met with a very enthusiastic response. Mario + Rabbids Sparks of Hope will build on the success of the first opus, renewing our strong partnership with Nintendo and leveraging the massive Switch install base. For its part, Avatar: Frontiers of Pandora was a remarkable showcase combining Ubisoft's recognized capacity to create living and breathing worlds with the latest iteration of the Snowdrop engine. As we're on track for our fiscal 2023 release is Skull and Bones, whose production is just past alpha, a key phase of the game's development. We can't wait to show you more. Let's now turn to the free-to-play side of our lineup. Our ambition is clear. We want to grow our audiences and recurring revenues by widening our brand's top of the funnel. We revealed Tom Clancy's XDefiant yesterday, a first-person shooter blending fast-paced 6 versus 6 arena combat with faction-based abilities. It's an accessible game, whether players want to have fun with their friends or play competitively. This new take on the free-to-play shooter segment associates realistic gameplay with close quarter combat and personalized play style. Testing phases of all our free-to-play games are ongoing, and we will communicate additional information to our fans in due time with dedicated standalone events. As it is standard industry practice for free-to-play games, release dates are ultimately a function of the outcome of the successive testing phases. As of today, we expect to release The Division Heartland and Roller Champions in fiscal 2022, as well as the soft launch of our first mobile game in partnership with Tencent. For its part, while XDefiant may launch in fiscal 2022, it is not factored in our guidance. I would also like to highlight that three of our games have been officially approved in China: Rabbids: Party of Legends, Mario + Rabbids Kingdom Battle, and The Division 2. The approval of The Division 2 on PC bodes well for our partnership with Tencent. We are now working with them to ensure that the gaming experience will be great for the Chinese community once the game is launched. We are also looking forward to Mario + Rabbids Kingdom Battle, as well as Rabbids: Party of Legends, a game specifically conceived for the Chinese market. Both will leverage the growing Switch install base in China. Beyond our games, I also wanted to highlight other positive news. We received great ESG ratings from Sustainalytics that ranks Ubisoft among the top 6% of the more than 14,000 companies they cover. This is a testimony to the effective execution of Ubisoft's ambitious ESG strategy and rewards our long-term commitment to having a global positive impact. This follows other solid ratings over the past year, notably from ISS, SAM Corporate Sustainability Assessment, and the Financial Times Diversity index. Similarly, in the 2021 Glassdoor ranking based on employee ratings, Yves Guillemot was ranked among the top 15 CEOs in France. Before handing the call back to Yves for his conclusion, I would like to come back to our fiscal 2021 performance. We have had regular questions on the profitability of our core business since we announced earnings last May, and we wanted to provide more granularity. If we focus only on our premium business, our fiscal 2021 non-IFRS operating income margin exceeded 25%, versus the group's 21% we reported, and our cash flow from operations was a multiple of the reported EUR 65 million. The digital transformation, the expansion of our portfolio to boost strong player engagement, and our increasingly recurring business have delivered strong profitability progression, confirming our strong return on investment track record. We do not plan to share this level of detail in the future, we believe this offers useful insight into the organic value creation of our business. I now hand over the call back to Yves. Thank you, Frédérick. Q1 again demonstrated the benefits of having a much more recurring business, significantly less dependent on the performance of any given game. One of our key focus is to continue building that level of depth and recurrence over the coming years. We are also convinced of the strategic value of reinvesting a portion of our highly profitable and cash-generative premium core business into free to play. This major segment indeed offers exciting growth and value creation opportunities for Ubisoft with an attractive risk/reward profile. Before answering your question, I would like to highlight three key recent events. First, in line with our ambitious ESG strategy that Frédérick just mentioned, we recently announced our commitment to actively contribute to global carbon neutrality. In 2020, Ubisoft made voluntary contributions that covered an amount of carbon dioxide equal to the emission resulting from our operations. Medium term, our objective is to decarbonize our direct operations with the goal of reducing carbon emissions per employee by 8.8% by the end of 2023. Longer term, we are working on a carbon footprint reduction plan for 2030 in line with the goal of limiting global warming to + 1.5 degrees Celsius, which will be submitted to the Science Based Targets initiative for validation. As a major media and entertainment company, it is important that we continue increasing our positive impact on the planet. Second, in line with the evolution highlighted in May, we continue to adapt our organization to ensure that Ubisoft is well positioned to meaningfully seize the opportunities I described in my introduction. As such, we recently announced the appointment of Guillemette Picard as VP of Production Technology. In this newly created role, Guillemette will lead a team of transversal experts to boost the strategy and supervision of all aspects of Ubisoft production technologies. From a publishing standpoint, we are moving from a region-based to a global organization, and we set up a dedicated team overseeing our direct-to-player initiatives with very ambitious development goals and an increased focus on our biggest brands. Lastly, I wanted to thank our shareholders for their steady support at our latest annual general meeting held earlier this month. We are now ready to take your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow the signal to reach our equipment. Please note that the number of questions by analyst is limited to two. Again, that is star one to ask a question. We'll pause just for a moment to allow everyone the opportunity to signal for a question. Thank you. We'll now take the first question from Nicolas Langlet at Exane BNP Paribas. Please go ahead. Yes. Hello, everyone. I've got two questions, please. The first one on Assassin's Creed Infinity. Can you tell us a bit more about the business model you want to retain for this project? Also, should we expect AC Infinity to coexist with the traditional single-player experience of Assassin's Creed or to replace it over time? Second question on the Chinese approval for The Division 2, what prospect do you see for the franchise in the country? Do you expect to release the game in full year 2022, or is it too early? Finally, can you update us on the number of your games, which are waiting for approval for the Chinese market? Thanks. Thank you. For The Division 2, we are working with Tencent to complete the development so that it fits exactly the Chinese market. What is interesting is that we will be able to launch the game and also all the add-ons and expansion that we created on that game. It's going to be able to live for a long time. Now, Frédérick, maybe for the first question. Yes. Hello, Nicolas. On the AC Infinity, yes, it's an exciting and ambitious project for the franchise. It will contribute to expand the audience and the recurring revenue level as well as player engagement for the medium to longer term. It's, as we said, at an early stage of development, so we cannot say much more, but we are happy to see talents among the best of the industry joining forces from the Montreal and Quebec studios. That's great news for the product and for the development of the franchise. What is important to have in mind is that we plan to come with very strong and powerful content every year, in the short, medium, and longer term. We are committed to staying true to the DNA of AC, meaning that we come with high-quality narrative experiences. For the short term, we, as you know, focusing on delivering the most ambitious, biggest post-launch program we've ever had on the franchise for two years. We are pushing the live service model to a level that allows Valhalla to be the best performer ever for the franchise to date. We will be coming with exciting and new news and surprising, including for the second year of content. In terms of the third question, the date on the number of games waiting for Chinese approval, we still have Rainbow Six Siege that is in the backlog, but we can't say more on that stage. We have other games in the pipeline as well, but we have not unveiled them yet. Operator? Thank you. We'll now take the next question from Charles Scotti at Kepler. Please go ahead. Hi, everyone. My first question, I am sorry, I missed your point on the Far Cry 6 shipments. Does your Q2 guidance include any contribution from Far Cry 6? My second question, if we take into consideration your Q2 and full-year guidance, this suggests net booking in excess of EUR 1.6 billion with only two AAA games instead of three last year, and a more backend-loaded release schedule. To what extent your full-year target rely on the performance of the two expected free-to-play titles? Thank you. Yes. Hello, Charles. In terms of the second quarter, yes, it will include some pre-shipments for Far Cry 6. In terms of the perspective for the second half of the year, we are indeed relying on growth versus last year as we are coming with a very strong lineup. Far Cry 6, both on the premium and free-to-play games, even if we said that we took reasonable assumptions on our two free-to-play games. Far Cry 6 comes as a must-have game. It's going to be one of the biggest game of the industry this year, remembering it was the fourth biggest title in 2018. The Far Cry 6 title will leverage the strong momentum from the franchise that we've had iteration after iteration, and we are coming also with very strong post-launch program. Rainbow Six Extraction is expected to be a bigger seller than Watch Dogs: Legion last year. Riders Republic is expected to be at least as big as Immortals Fenyx Rising last year. Just Dance 2022 is expected to be bigger than Just Dance 2021 as we enjoy a strong momentum, not only from the franchise itself, strong on TikTok, but also from the growing install base of Switch. As for the back catalog, we expect a bigger post-launch program in the second half than last year across Assassin's Creed, Rainbow Six Siege, For Honor, The Crew, Ghost Recon, The Division 2, and we will also have Prince of Persia coming as a back catalog, as it is a remaster that will leverage the nostalgia that we've had from the Sands of Time. We'll now take the next question from Omar Sheikh at Morgan Stanley. Please go ahead. Omar, we can't hear you. Operator? Omar, your line is active. Please go ahead. Okay. I'm very sorry, Omar, we are struggling to hear you. We will now take the next question from Brian Fitzgerald. Please go ahead. Thanks, guys. Got a couple. I want to know maybe if you could elaborate a little bit on how Extraction will redefine co-op play. Should we think about Rainbow Six Siege as an evergreen PvP game at this point, alongside Extraction? Do you expect Six Siege to be a bigger game than Extraction for the foreseeable future? It's your second biggest title, so it's an important change or wrinkle to the product strategy. I have one follow-up. Yeah. Extraction is an amazing co-op and PvP experience. It will borrow the tension, the intensity, the tactical strategic element of Siege. It has no equivalent in the co-op market today, and that's why we are pleased to already leverage the extra time to optimize the potential by launch. At Forward event, we only show the one game mode, only a fraction of the promise and of the content and game mode that will come at launch. That will be a big game important for the expansion of the Rainbow Six franchise. As we said, we are building good bridges between Siege and Extraction as we will reactivate, re-engage lapsed players from Siege, but we will also recruit new players for the whole franchise, and that will benefit also to some extent to Siege. Rainbow Six Siege has been for six years in the market. It's one of the biggest competitive shooter game today. We've just crossed the 75 million player mark. We've seen a very strong growth in viewership on Twitch over the quarter versus last year. The Six Invitational event also saw record viewership. We see that it confirms very strong traction for that game. Yes, Siege is expected to be a long game, a long lifetime game, is therefore many years to come. We continue working on increasing, intensifying the frequency of content drop. We continue expanding the value of the battle path for players. Again, we're building strong synergies as well with Extraction. Got it. The follow-up is just kind of some recent announcements in the space, in the industry around Steam Deck. We assume that's just another distribution channel. It's a platform that would be incremental for you publishers in the industry. How important is cross-platform play for you guys going forward? If you have any point of view on Netflix's machinations to enter the gaming business. Thanks. No, thank you. We're happy to see a Steam Deck coming to the industry. It shows that the continuous flow of very innovative new hardware coming to the market. We will look and see how big it becomes. If it's big, we'll be able to put our games on it. Netflix is also another big actor coming in the industry, and that's really good for the industry. We think that it's going to put, again, emphasis on the fact that content is the most important thing in the industry. What we see is Netflix is very dynamic, we expect them to have a good success. Thank you. We'll now take the next question from Mike Ng at Goldman Sachs. Please go ahead. Hi. Thank you very much for the question. My first question is just on Assassin's Creed. How does the second year of content for Valhalla and Assassin's Creed Infinity change your release strategy for Assassin's Creed? Should we still be expecting a release every other year? I have a quick follow-up. Thank you. Hello, Mike. Yes. As I said, Infinity is at an early stage of development. What we can say at this stage is that we plan to come with a powerful content program every year in the short, medium, and longer term. At this stage, we can't say much more except that we will have a very important personal program for Valhalla for two years. Yes, there is still much to come on this content delivery. Great. Thanks. I just wanted to follow up on the comment that FY 2021 EBIT margins would've been, I think you said 25% for premium only. What were some of the investments in those non-premium games? I guess, Hyper Scape comes to mind, but were there other non-premium investments that you were speaking to? Thank you very much. Yes. Mike, I mentioned that on our premium business actually it was exceeding 25%. Yes, we've been investing in free-to-play games, Hyper Scape being one of them, but across all platforms, so that includes console, PC, and also mobile games. Thank you. We'll now take the next question from Omar Sheikh at Morgan Stanley. Please go ahead, sir. Hi there. Can you guys hear me now? Yes. Great. Super. Thank you. I've got a couple of questions if I could. First of all, maybe one for Frédérick. Could you just confirm that the guidance that you've got for the year includes the same assumptions of game releases as you initially gave as guidance in May? You haven't sort of included any other games in the slate, so it's truly like for like. That's the first question. Secondly, on free to play, we talked a little bit on this call about some of the things you're looking for from the investment. You've talked about recurring revenues, you've talked about high ROIs, widening the top of the funnel. How should we measure success? What data points are you going to be able to give us, which will help us judge whether Heartland, the next XDefiant and other free- to- play titles you may launch are doing what you expect them to do? Thanks very much. Yes. Hello, Omar. Yes, we confirm the guidance with the same elements in terms of releases than what we had in May. On free-to-play, the way we should be measuring success first will be, of course, audience impact across the portfolio. We'll be also following carefully about engagement, as well as the% of recurring revenue. We expect PRI to continue growing at an accelerated phase. We expect, of course, that free-to-play game as a standalone base, as well as for the whole brand to which they will contribute, will participate to continue increasing the financial performance of the company. Can I assume then, Frédérick, on that, we should assume that the total number of users for the game, for say, for example, The Division should expand at some point post the launch of Heartland, for example? That's the expectation because we expect to come with a business model that will be more accessible to more people, that will allow us also to literally accelerate our growth in the emerging market in a more decisive way than we have ever done. We will be building bridges between premium and free to play games. That should be allowing us to create really a virtuous circle with players enjoying different experiences across different game modes and business model. Brilliant. Thank you very much. Of course, beyond Heartland, we also mentioned mobile games. Going into the mobile platform for our biggest franchises is a fantastic opportunity. Great. Thank you very much. That's very clear. We'll now take the next question from Jamie Bass at Berenberg. Please go ahead. Hi there. Two questions from me, please. The first one, so on the Q2 guidance, normally we're seeing a drop in back catalog performance, but you've got an increase in the outlook. Is that mainly coming from the DLC in The Siege of Paris? Second question, with the game delays and you still reiterating your full- year targets, does that imply there was a bit of caution in the original numbers with the delay for Rainbow Six going to the fourth quarter? In terms of the Q2 guidance, there is no change in outlook, it clearly includes the release of the DLC of The Siege of Paris, we will recognize some of the season pass into the quarter. In terms of the impact of the delay of Rainbow Six Extraction and Riders Republic, we had taken some flexibility in our initial estimates. Each game's delay is not meaningful relative to the overall guidance. That's why we confirmed the guidance as it was. We are not far from shipping these products, it has no meaningful impact from the cost point of view overall, we are leveraging a strong opportunity to maximize the audience by long time. Great. Thank you. You're welcome. We'll now take the next question from Charles Louis Planade at TP. Please go ahead. Hello, everyone. Just one more question for me. I was wondering if the shortage of PlayStation 5 and other next gen consoles were to continue. Would you consider some additional delays with your big launches next year, or is it already a bit included in your plans? It is included in our plans. What we see is that, step-by-step, they are finding ways to deliver the machines. It's difficult, but it is steady. We think they will be able to bring the number expected this year, and it looks like they are coming with a big number for next year. Okay. Thank you. We'll now take the next question from Ken Rumph at Jefferies. Please go ahead. Good evening, gentlemen. two questions. If I could start just looking again at that comment that you made, which was very helpful, about last year's margin would've been over 25% for premium games. You mentioned that, in a sense, what wasn't included and what was therefore holding down the margin, one thing was Hyper Scape, but you also mentioned mobile. Are we to take it from that mobile was either loss-making or at least significantly below that margin? I wasn't thinking that it was a loss-making business. Yeah. Hello, Ken. I was talking about free-to-play overall, not specifically mobile itself. What we're saying is that we are happy to enjoy such a high level of profitability from our core premium business, as well as a strong generation from cash to help us and allow us actually to finance a very strong strategic opportunity for us to go free-to-play, because this is a fantastic opportunity to expand our premium franchises into free-to-play. Naturally, we are in the learning phase, so we can lose money on some projects as long as we maximize and accelerate learning, which is what we're doing, and that's why we're coming with such a strong lineup, as you can see. Okay. Well, maybe then my second question kind of follows on from that, which is, I think Hyper Scape was a very interesting game and I'm sure a useful learning experience. We're now moving into free-to-play games, in part based on your core IPs, so Heartland and then XDefiant. Those two do overlap a bit in that they both contain elements from The Division, for instance. Do you feel there's kind of enough of an audience for two different kind of games, both free-to-play, partly in that universe? Should we kind of consider these still, in some sense, experimental? Obviously, every game can succeed or fail, is this kind of multiple games will be experimented with and we'll see what happens, or you would aim that both of these would be successful in one way? What's important to know is that on XDefiant, you see first some Division elements, but as it is a Tom Clancy experience, you're going to see lots of diversity in the content. It can look like those sorts of game are close, but they are not going to be close at all. Actually, Ken, we're talking about the big and fast-growing market. Of course, we haven't said much about Heartland, so you'll see later when we unveil more content, but they are coming with very different experiences and gameplay propositions. What is very interesting with XDefiant is that we come with a unique proposition in the free-to-play space, combining realistic gunplay, faction-based abilities, the possibility with classes to offer great personalization, customization, flexibility on the fly. The XDefiant proposition is unique. You'll see later to what extent Heartland has also some very specific features. Okay. Can I be permitted a final fanboy question? Does the mention of Beyond Good & Evil imply that it's appearing over the horizon for maybe FY 2024? That's a good try, Ken. We have progressed well with Beyond Good & Evil 2, but it's too early to tell you more at this stage. Sure. I'm waiting. Thank you very much. Thank you for your patience. We'll now take the next question from Matthew Walker at Credit Suisse. Please go ahead. Thanks very much. Good evening, everyone. Just two questions. Good evening. The first one. Can you hear me all right? Yes, Matthew. Thanks. The first question sort of goes back to an earlier one, which was, does Infinity mean that we should not expect a premium Assassin's Creed game in FY 2023, as I think probably most people are expecting? Because it's basically Infinity is a sort of live services permanent replacement for any premium Assassin's Creed games. The second question is obviously you're pumping all this money into lots of new projects, lots of interesting ideas, free-to-play, but the market doesn't seem to be giving you value for all these different projects which are going on. At the same time, you're not doing M&A yourself, but I'm just kind of wondering where this ends from a strategic perspective, because we're seeing a lot of consolidation in the industry, but not much action around Ubisoft because the market is not giving you value for your efforts in the R&D. Yeah, in fact, we are investing in new IPs and free-to-play, and we think it's going to be the basis of the growth of the next few years. We think it's the best place to put our money, especially because the M&A multiples are really high at the moment. Those investments are going for us to be the most effective ones. It's not yet taken by the market because they need to see what we are creating. We are optimistic on the fact that we will be able to surprise with good quality games that will be able to be additional to one to the other, to build a large growth in the next few years. Growth and growth of profitability as well. Yeah. Actually, we started the investment into free-to-play two years ago. That's a decision that we took three years ago, so it hasn't started to deliver yet, but we expect that to be a meaningful contributor on top of pursuing our investment in our premium business that still a fantastic opportunity to grow. That's why we believe that we'd be growing a double-digit year-on-year in the coming years that should lead to a material rise in operating income in the coming years. As for AC Infinity, forgive me if I repeat myself, but yeah, as I said, AC Infinity is in an early stage of development. In the meantime, we are planning to come with a very powerful content program every year with high-quality narrative experiences. That's all we can say for now with a big focus in pushing Valhalla to even higher levels for the two years post-launch. Okay, thanks and good evening. Thank you. We will now take the next question from Nick Dempsey at Barclays. Please go ahead. Good evening, guys. I've got three questions. First of all, I wonder if you could just provide a bit more color on the reasons for the internal reorganization that you flagged and anything around the cost of that reorganization. Second one, at one point you were planning to launch Watch Dogs: Legion and Rainbow Six Extraction pretty close to each other. At that stage, were you already expecting Extraction to be the larger game, or have you kind of changed? It was interesting that you made that comment about the two of them. The third question, I guess for your investment in free-to-play, it's probably fair to say we won't be seeing the full benefit in revenues for 18 months to three years. If we look back three years ago, the industry's approach to free-to-play from a consumer point of view is quite different to how it is now. How much confidence do you have that you won't be missing another change in the industry by the time those assets come to full fruition? First, on your first question, we thought that it was important to align all the countries now that the market is a lot more global. That's why we have now one head for distribution and marketing, and it's helping to have also a smoother communication with production. This is going to help be more agile, and we still in taking care of each individual market. On top, we were able to create this direct-to-player group that is going also to grow our direct-to-player business that will help us to be close to players and understand exactly what they want and push all of our games. To your second question, Nick, in terms of Rainbow Six Extraction, yes, we see it as a bigger game than Watch Dogs: Legion. It's coming with a different business model as it's a multiplayer co-op type of game, and it plays a key role next to Siege. It's really a different model than Watch Dogs: Legion. Yes, we see it as a bigger seller. In terms of free-to-play, we know that it's a business where we are need to acquire the key skills and to master success factors. We are learning fast, the same way as we had done for live services. As you can see, we are coming with a compelling lineup. We know that the hit ratio on free to play is not 100%, so we want to take the time to optimize the KPIs, make sure that we are coming with accessible game, with long retention, and we're confident that we have all it takes to create a very meaningful value in the medium term. The best technology as well. Yes, very strong technology. Last year, we could see that Anvil was a very strong engine for a free-to-play game for Hyper Scape. That's a good capability that we have, and with XDefiant we're coming with Snowdrop. That's also a very powerful engine for that type of FPS. Thank you, guys. Thank you. That concludes today's questions and answer session. Mr. Guillemot, I'd like to turn the conference back to you. Thank you so much, and thank you for your questions. Have a good day or a good evening. Have a good summer. A good summer. Yes.