Good morning, and welcome to Entain's 2026 interim results presentation. I am delighted to be speaking to you again and sharing another strong set of Entain results. It has been a busy first half with lots of progress across the business. I will begin with an overview of our first half, touching on the highlights of our performance and strategic progress delivered so far this year. I will then hand over to our CFO, Mike Snape, who will provide greater detail on our financial performance and outlook for 2026. Next, you will hear from our Chief Commercial Officers, Andy Hicks and Curry Sloan, who both will discuss how Entain is winning in the markets and driving growth across the group. Mike will then return to outline the actions we are taking to support this growth, to accelerate operational excellence and deliver shareholder value. Finally, I will conclude with a few closing remarks before we open to take your questions. Turning to the headlines, Entain has delivered a strong first half performance. Our underlying momentum has continued, with both online and retail performing ahead of expectations. This now marks online's ninth consecutive quarter of growth, and that is despite tough prior year comparators. The U.K., Spain, Canada, and Australia-New Zealand were particular highlights, each continuing to deliver double-digit growth. Our focused execution and strengthening operations are enhancing both our product and player experiences across the group. The business also performed well during the recent World Cup, a key customer acquisition opportunity for us, and I am delighted that our first-time deposits were double those seen in the previous World Cup. Alongside this strong performance, we are also continuing to make good strategic progress, getting sharper and fitter to enable us to digest tax headwinds whilst also becoming more agile in an increasingly better-connected global business. We are improving the way that we work and leveraging our scale more effectively. This delivers increasing benefits for our customers, colleagues, and cost base. Our optimization initiatives are well underway, and our dynamic yet disciplined approach ensures flexibility to invest where we see the best returns. Similarly, this disciplined focus supported our decision to launch our phased exit of Entain CEE. The initial 20% divestment for EUR 425 million represents an important step in unlocking value created within our portfolio. In summary, we are making strong progress and continue to see good momentum across our business. As a result, we remain confident with our guidance for online growth and group EBITDA in financial year 2026. Supported by our confidence in our growth trajectory and continuing operational efficiencies, we remain well-positioned to deliver GBP 500 million of adjusted cash flow by 2028 and to create long-term value for shareholders. On that note, let me now hand over to Mike on the H1 financials and trading performance in more detail. Thank you, Stella. Good morning, everybody. I am delighted to be presenting my first interim set of results for Entain. As you have already heard, we have had a strong start to 2026, so let us begin with the key financial highlights. As a reminder, growth rates I refer to are in constant currency unless stated otherwise. Our reported numbers now exclude CEE since we announced our 20% divestment and planned exit, although we have included figures including it for clarity as we transition. I am pleased with our strong start to 2026 and the growth we delivered in half one. On a continuing basis, group NGR was up 5%, with both online and retail performing ahead of expectations. Online was up 7%, with strong volume growth of 9%, sports margins normalizing during Q2 following the player-friendly results in Q1 and April. Our iGaming momentum continued, and sports also performed well, with strong player engagement across our portfolio during the World Cup. Group EBITDA came in at GBP 479 million, including GBP 7 million of parent fees from BetMGM. On a reported basis, this was down 2% versus last year, as anticipated given the increased U.K. gaming tax, but ahead of expectations given our stronger growth than planned in H1, with our mitigating actions on track. EPS excluding CEE was GBP 0.203, with lower EBITDA having a small impact, but largely due to lower JV income from BetMGM, as well as our ETR increasing. Adjusted cash flow was GBP 43 million, up GBP 38 million year on year despite the lower EBITDA, due to lower CapEx and interest costs, more on that shortly, as well as lower separately disclosed items due to the phasing of our transformation program. Net debt remained broadly stable at GBP 3.6 billion, ahead of the receipt from our announced 20% sale of CEE. Reported leverage flat at 3.1 x, whilst leverage including the DPA slightly improved to 3.3 x given our ongoing payments. Finally, we have declared an interim dividend of GBP 0.103 per share, an increase of 5%, which is consistent with prior years. In terms of segmental performance, with the move of CEE to discontinued operations, we will continue to report U.K. and Ireland online, international online, and group retail. Let us start with the U.K. and Ireland. Our biggest online market delivered yet another knockout performance this half as we continue to enhance our proposition. We are continuing to take market share with NGR and volume growth both up 13%, and that is double-digit growth from both gaming and sports. We are particularly pleased that our momentum accelerated through the half, despite lapping strong prior year comparators and adjusting to the higher tax environment and mitigation plans required. This growth is being driven by the ongoing operational improvements, enhancing our product proposition and player experience, alongside continuing optimization of bonusing. These combined are driving stronger engagement and retention and more profitable growth. Alongside gaming's 13% growth, sportsbook was up 11%, benefiting from an upgraded Bet Builder and a good World Cup. Overall, the U.K. business is in great shape. Profits have inevitably been impacted by the U.K. tax increase, but we are executing well. We remain highly disciplined, and our cost mitigations are firmly on track for offsetting the 25% guided to for this year. Moving to international online, we have many success stories, but also some challenges, reinforcing the benefit of a diversified portfolio. Overall, NGR grew 4%, with strong volume growth of 7%, but against tough margin comparatives from last year, as well as customer-friendly results this year, particularly in February and April. Encouragingly, growth improved through Q2 as normalizing sports margins supported double-digit growth in May and June on a reported basis. In terms of winning markets, Australia was a clear standout performer, up 13%, reflecting the successful reinvigoration of the business, with refreshed brands and improved propositions supporting stronger customer engagement and market share gains. Spain, New Zealand, and Canada were also all up double digits. More on this later from Andy and Curry. As I mentioned, sports margin was a drag, and this was most pronounced in Brazil and Italy. In Italy, our continued double-digit gaming growth partially offset this, and we are confident we will see a stronger second half. In Brazil, we are facing an intense and challenging regulatory and competitive environment, and we are taking a highly disciplined approach to investment with a clear focus on returns rather than growth for growth's sake. Although overall growth rates were disappointing, that approach has seen us hold market share, and our player metrics improved through Q2, with H1 sports wagers up 10%, supported by Sportingbet brand strength and targeted marketing campaigns. We have included the CEE segment here for completeness. However, it is now reported as a discontinued operation. Online was up 7%, including a strong rebound to 16% in Q2 as Croatia and Poland benefited from a stronger-than-expected volume and margin uplift during the World Cup. SuperSport and STS remain number one in their markets, and the business is well-placed to grow under EMMA Capital's leadership and continue to contribute to our cash flow for as long as we retain our remaining stake in the business. Finishing on retail to complete the picture, the business continues to perform strongly with half one at 1%, which was better than planned. Our U.K. estate remains the best on the high street. NGR was up 3% on a like-for-like basis, and we continue to grow our leadership market share. This is underpinned by our strong brands, leading in-shop cabinets and experiences, as well as our strength and multi-channel proposition. In Italy, the volume-driven growth in retail gives us real confidence in our future potential in this attractive market as we continue to revitalize our Eurobet brand. Moving on to EBITDA for continued operations. EBITDA, including BetMGM parent fee, came in at GBP 479 million, down year-on-year as anticipated, but ahead of expectations. FX rates did give us a GBP 16 million tailwind. However, the increase in U.K. tax from 21% to 40% in April was a GBP 56 million negative impact to EBITDA in the half. Our strong online performance still added GBP 22 million, despite a GBP 32 million year-on-year increase in half one marketing due to World Cup phasing and targeted investment where we see strong returns. This was also net of GBP 18 million BAU tax increases across our other international markets. Retail added GBP 7 million year-on-year, whilst corporate costs were up GBP 5 million due to phasing. The resilience of our EBITDA demonstrates our structural benefit of a globally scaled and diverse portfolio. Actions we are taking to mitigate 25% of increase in the U.K. tax this year are firmly on track. Mitigation efforts aside, across the group, there is far more we can do on our cost base to improve operational leverage. Let's talk about cash flow. Growth is only valuable if it converts to cash. We see a significant opportunity to step up our cash conversion and target the levers directly within our control, driving down complexity, eliminating cost inefficiencies, and demanding strict returns-based hurdles on every pound we spend. On CapEx, our lower half one spend is not just phasing. It reflects a permanent returns-led approach to how we allocate capital, allowing us to tighten our FY 2026 CapEx guidance today. Separately disclosable items were GBP 21 million favorable year-on-year relating to restructuring timing. We do expect this to reverse in half two as we progress with our transformation and optimize our cost base as we look ahead to 2027 and beyond. In total, for half one, our adjusted cash flow improved to GBP 77 million, which included the net cash flow from our current 67.5% share of CEE. As well as adjusted cash flow, you will see this table highlights underlying operating cash flow, the continuing consolidated earnings after CapEx lease payments and Tabcorp's revenue share. I believe this metric gives a clearer, simpler view of how our actions are improving Entain's cash conversion, and as such, going forward, I will talk to this more. Alongside cash conversion, reducing leverage and improving balance sheet flexibility are critical priorities. Our net debt for half one was GBP 3.6 billion, which sees us maintain a broadly stable position despite the increase in U.K. taxes, supported by our cash flow improvement. Our reported leverage also remained broadly stable at 3.1 x, or 3.3 x including the DPA. However, we are laser-focused on our plans to reduce this, as evidenced by our plan to exit Entain CEE. Alongside that disciplined approach to investment, we are now taking more decisive corporate actions to improve balance sheet flexibility, both to de-lever and to unlock the potential to return capital to shareholders. Finally, onto our guidance for this year. Despite the step-up impact of the U.K. tax increase, where we will see the full six months in H2 and the challenges in Brazil, I am pleased to confirm our previous guidance, adjusted for CEE. Having delivered 7% constant currency growth in half one, and with half two starting well, we are confident to reiterate our expectation of this year's online NGR growth growing 5%-7% on a constant currency basis. Our online margin guidance of 21%-22% is unchanged, and we remain comfortable with EBITDA consensus. We are also maintaining our guidance on adjusted cash flow, including the remaining 47.5% of CEE, targeting GBP 500 million by 2028, including the contribution from BetMGM, despite the recent change to their medium-term outlook. Finally, on net debt, we expect to end the year below 2025 levels, supported by the proceeds from the 20% CEE stake sale, which remains on track to complete in Q4. Now to add some flavor to the numbers, let's hear from Andy and Curry on how we are executing to drive profitable growth and why Entain can win, not only in each market, but also as a group. Let's start with the U.K., Entain's largest business, which with digital and retail combined, generates approximately 40% of the group's revenue. I am delighted that both channels are performing strongly and continue to gain market share. Our digital mix illustrates Entain's strong gaming heritage whilst also highlighting the opportunity we have ahead of us in sports. Gaming represents approximately 75% of the U.K. digital revenue, and we are performing really well. Our coin economy strategy is resonating strongly with customers, driving improved engagement, loyalty, and value. In Sportsbook, we have improved our Bet Builder proposition. We have redesigned the Ladbrokes app, resulting in a step change in customer experience and usability. Whilst our digital business continues to outperform and take market share in the U.K., we remain highly disciplined in our approach to profitability, which is particularly important as our sector digests the increased U.K. gambling taxes. Our AI-supported bonus optimization reflects this, ensuring our customer generosity is deployed more effectively. All of this helps us generate stronger returns. Retail has outperformed the wider market now for eight consecutive quarters. We have the strongest gaming proposition on the high street, the best cabinets, the best content, and afford the customers the very best value. On sports, our proprietary BetStation product continues to exceed expectations and now accounts for over 50% of total sports NGR. In addition, we strengthened our multi-channel proposition, offering an increasingly seamless experience between retail and digital. Looking ahead, I remain highly confident in the prospects for the U.K. business. Turning to Australia, this is a high-quality business undergoing significant transformation in an established and attractive market. With the resulting outperformance and recent market share gains, clear evidence that the actions we are taking there are working. We have a renewed proposition, broadening our appeal beyond racing, improving our relevance to sports fans, enhancing our Bet Builder, and upgrading our native app experience, and our customers are really responding well. The team has successfully applied a similar playbook in New Zealand, where our partnership with TAB NZ continues to go from strength to strength. With more clearly defined positioning, Betr as a brand is delivering strong double-digit growth whilst also complementing TAB NZ's established racing heritage. Looking ahead, the prospect of regulation of the online casino market presents a unique and sizable opportunity. I am encouraged by the momentum we are building in many of our most important markets. Where we are already market leader, we are extending our advantage. Where we are not yet winning, we are bringing renewed energy, sharper focus, and clear plans to improve our position. Across Americas and Southern Europe, Entain operates in some of the largest and fastest-growing regulated markets, including Brazil, Italy, Canada, and Spain. The opportunity across our markets is significant, and we have a clear formula to capture it, building distinctive data-led local brands powered by Entain's global technology, insights, and scale. Spain shows what that can unlock. Two years ago, bwin was well-known but losing relevance. We reinvigorated this iconic brand. We sharpened our content strategy, our rewards experience, transforming the customer journey. The results: over the past two years, we have improved our brand presence fourfold, doubled annual player acquisition, and gained market share with strong double-digit revenue growth. We have a proven successful playbook, which we are scaling across our markets. In Canada, our data highlighted a clear opportunity to diversify sports interaction beyond its hockey-first legacy. By securing marquee partnerships across the Premier League, Champions League, and Tennis Grand Slams, we are expanding our reach and relevance across customer segments which generate the greatest returns. This momentum continues into 2026, delivering double-digit revenue growth in the first half. Our returns-focused analytical approach to marketing and bonus optimization means we win by leveraging data, not by outspending the competition. In Brazil, while new entrants spend aggressively, we are combining high-resonance creatives with comprehensive diagnostics to inform our assets and channel mix. This delivers a more dynamic, more accountable investment approach, focusing on returns and not simply share of voice. Italy is another key market where we are deploying this shared playbook. We are revitalizing Eurobet, spearheaded by our multi-year AS Roma sponsorship, the first step in a broader omni-channel transformation to reinforce our position. We are excited about the opportunities in this attractive market. Importantly, across Entain's diverse portfolio, we can dynamically flex investment to prioritize different channels and assets where we are seeing the best returns, ensuring we get the best bang for our buck. Similarly, we continue to develop share and scale capabilities to better reward and engage with players across our portfolio. Our successful new loyalty program, piloted in Canada, was then launched in Brazil during Q2 before the World Cup and is showing tremendous traction. Our dynamic generative AI video platform creates real-time, moment-specific creative, delivering more relevant content at lower cost with faster test and learn cycles. On bonusing, we are producing predictive churn models for automated ROI-led optimization, which means we are delivering the right offer at the right generosity to the right players, which is incredibly powerful. Our launch of Always On Acca Insurance is just another of the many ways we continue to give back to our players. These are just a few examples of our successful formula: localized expertise backed by global scale and supercharged by disciplined, data-driven execution. You have heard from Andy and Curry about how we are strengthening our local brands through better use of data, AI, and shared capabilities. That is helping us improve the customer experience whilst also unlocking efficiencies and future opportunities. Entain is becoming an increasingly better-connected global business. Strengthening and building those connections means ideas and expertise move faster and further. When something is successful in one market, it can be easily rolled out across many more. This creates a powerful multiplier effect as we continue to execute more efficiently. The World Cup is a really good example. Ahead of the tournament, we expanded our Bet Builder features across multiple markets. With our widest-ever offering, the percentage share of Bet Builder stakes during the World Cup has more than doubled those previously seen. We've also built on the success of SportingBOT in Brazil, adding more sports and starting to introduce our AI-powered personal betting assistant across many more markets. A social media initiative developed by a team in Belgium is now being used across multiple markets. Better sharing of assets and content has removed duplication whilst also improving efficiency. Entain's power as a group is just as important in gaming. Our scale and leading positions helps us secure exclusive content. Combined with insights gained from millions of customer interactions, we can offer a more relevant, more engaging experience. Similarly, with marketing, we have continued to focus on centralizing data-driven performance marketing, directing investment to customers and markets that generate the best returns. Strong local brands, shared capability, scaled execution. That's where the power of Entain as a group really comes into its own. This is why we can win. Thanks, Stella. As you've just heard, across the group, we're improving our ways of working, making our business stronger, sharper, and more efficient. Scale alone will not win in this industry. What wins is operating leverage, aggressive cost optimization, relentless margin expansion, and strict capital discipline. Our mandates are non-negotiable: lower our costs, maximize free cash flow, rapidly deleverage, and extract maximum value from our portfolio. At the full year in March, we were clear that optimization is a key focus for us, and our initiatives are well underway. Optimizing our cost base is the first stage. Our group-wide initiatives will deliver GBP 100 million in net annualized run rate savings by the end of 2027 to offset at least 50% of the EBITDA impact from the U.K. tax increase. These initiatives fall broadly into three groups: cost of sales, marketing, and operating costs, the largest bucket of opportunity. The lion's share of savings will come through EBITDA, but we do expect additional CapEx benefits from our product and tech initiatives to also benefit cash flow. Many of these initiatives have already begun, including our recent decision to remove 500 roles. As you heard from me earlier, actions already taken enable us to reduce our CapEx guidance for this year. This isn't defensive cost-cutting or a reduction in investment. It's capital reallocation. We're freeing up cash to reallocate exclusively into high-returning growth opportunities. Finally, I want to be very clear on our capital allocation framework. Our objective is to maximize value for our shareholders by delivering against our three strategic priorities. Our decision to pursue a phased CEE exit rather than take on significantly more debt to acquire the remaining stake is a clear example of this decisive action and how we're putting shareholders first. Reducing debt remains a priority. Bringing reported leverage below three times will strengthen the balance sheet and increase our financial flexibility. As that leverage reduces and cash generation improves, we will continue with a progressive approach to shareholder returns, with our full exit of CEE providing an opportunity to return capital to shareholders in an efficient manner. As I touched on earlier, I believe there is so much more that Entain can do to accelerate this journey, and we have a significant transformation ahead. We've already made a strong start, and I look forward to updating you with further detail as we progress. With that, I'll hand back to Stella to wrap up. Thank you, Mike. To wrap up, our strong first half performance shows continued momentum and clear strategic progress. We are becoming a stronger, sharper, more efficient, and better-connected business. Our globally scaled and diverse portfolio operates in an industry with attractive structural dynamics, and this underpins the resilience and sustainability of our earnings. I am confident in our continued strategic focus on cash generation and disciplined capital allocation, which will see Entain well-positioned to unlock value with a clear pathway for shareholder returns. Thank you for your time this morning, and I would now like to open to your questions. Please press star followed by one on your telephone keypad now. If you feel your question has been answered or for any reason you would like to remove yourself from the queue, please press star followed by two. We ask today that you limit yourself to two questions per person before rejoining the queue. When preparing to ask your question, please ensure that your device is unmuted locally. Our first question comes from Ricardo Chinchilla from Deutsche Bank. Your line is now open. Please go ahead. Hello. Good morning. Thank you so much for taking my questions. You reiterated the GBP 500 million adjusted EBITDA adjusted cash flow target by 2028 despite the planned exit from CEE and a more cautious BetMGM midterm outlook. Can you bridge the key contributors from 2026 expected cash flow to the 2028 target? I'll let the IR team pick up with you on the detail, but I think the main point is that the disposal that we've announced of CEE is broadly cash neutral when you factor in reduced interest and so on. The move out of BetMGM's medium-term outlook, we still think that we can get to the GBP 500 million. We're very confident in our ability to generate cash. Thank you. Do you want to next question? I think you've got a second one. Got it. Perfect. Sorry, did you have a? Yeah. In Brazil, do you have them? Sorry, we cannot hear you, I am afraid. Is it worth just putting that call on hold and coming back to it? Sorry. Oh, you are there. Okay. Thanks, Ricardo. If you could carry on. No. Thank you so much. In Brazil, do you have emphasis in pursuing market share at any cost? What market share have you? Okay, we cannot really hear you, but I think what. Decisions would you make to increase your investment? Thank you. Okay, we did not quite get your question, but we have maintained market share in Brazil. As I think we all know, Brazil is a complicated market going through the teething problems of regulation that is quite fluid and quite challenging. We are, and I will let Mike talk to it in a second, we are taking a disciplined approach to profitability, but we are putting in significant improvements into player journeys, and we will see how that goes in the future. We are being responsible in the way that we build our business there. On the upside, I think there are a few things that we can say. We have got a great sponsorship with Palmeiras. We have got a sponsorship with Vasco da Gama. We are doing things for player enjoyment, like for example, loyalty programs. We will see how they pan out while still taking a responsible approach. Mike? Well, I think discipline is the right word. Unlike some others in that market, we are not chasing growth for growth's sake. We still make profit contribution in Brazil. We want to keep it that way. Despite the fact that we have really managed investment tightly, we are really pleased that we have managed to maintain market share. There is lots of opportunity in the second half for a recovery in Brazil, but it remains a really difficult environment, both from a competitive point of view, where people are throwing a lot of money at the problem perhaps without a focus on returns like us, but also that regulatory environment, which is still very unpredictable. We have got the election in October, so we think there will be some more noise around then. Until then, we are going to keep doing what we are doing, which is really, really disciplined focus. As Stella said, really proud of the brand there. Thank you. Thank you. Our next question comes from Ed Young from Morgan Stanley. Your line is now open. Please go ahead. Morning, Ed. Good morning. Two questions, please. Morning. First is on cash. Your commentary there on what you highlighted as a significant opportunity is obviously very welcome. Can you help us understand a bit more the balance of internal action across OpEx and CapEx and also your posture, how you think about additional actions on the portfolio to bring down leverage? My second question, can we talk about the 5%-7% online growth guidance, particularly as it pertains to international into next year? Obviously, you've flagged Australia and New Zealand in particular as having strong momentum. But on the other hand, the Austrian government's now submitted its reform to the EU. It's under three months standstill. Under those rules, bwin would be frozen out of the market for a minimum nine months. Do you anticipate significant interventions on that during the TRIS procedure? Is there a chance of it shortening? If not, we combine it with the Spain cross-operator limits next year. I guess the punchline is, do you think international can still deliver the 5%-7% range for growth next year? Thanks, Ed. I think I'll take the second question, and Mike will take the first question on cash. I think if you look at our portfolio, we have made significant progress in terms of the growth that we are getting across the portfolio. If you take Australia, we're in healthy double-digit growth because of changes that we've made to the way that we operate. We think that is sustainable, based on good inputs, focusing on more broad sports, a less exclusive focus on racing, for example, streamlining the way that we operate to focus in on the things that really move the dial. If you go to New Zealand, which is in double-digit growth at the moment, it's very exciting that we're going to get the casino regulations start at the beginning of 2027, which is a new opportunity for us. In places like Canada, we're in double-digit growth. Yes, we're in great growth in Spain, and there are the cross limits coming in, but we have great momentum there. We've got a great brand with bwin, and so we think that the inputs are going to continue to generate market share growth. You talked about Austria. Long term, I think Austria is an opportunity for us because we've been playing there all the way through. We've been paying our player claims, and we have a strong brand. Now, yes, there may be a little bit of a hiccup in terms of timeline of when people might have to have some hiatus, but it's got to take it into context of the scale of Austria versus the scale of some of our other businesses. When you actually put it into the aggregate, I think that in combination with some of the improvements we are making in terms of the product and the features which are starting to hit the market now, and I think you can see that we have made some really good strides with our Bet Builder product, for example, coming out of the World Cup. There are some real momentum points that we have got that give us the confidence to those growth rates, so definitely we are committed to those. Moving to cash. Yeah, on cash, obviously the best way for us to generate cash is to grow, and we think we have got a really good model to do that. But there is also a huge cost optimization opportunity. You have already seen in the first half, we announced 500 roles out of the business. That is not cost-cutting. That is changing our model, and we are going to continue to do that. We see a big opportunity to optimize our model, drive synergies across the portfolio, remove duplication, simplify. Then in terms of CapEx, we have already revised our guidance for this year in a very short space of time. That is not a reduction in investment. That is actually changing the way that we invest. If you think about a huge component of our capital expenditure is on technology. AI offers the opportunity to do that in a much more cost-efficient way and faster, importantly. And we think that all those things together mean that we can recommit to that GBP 500 million target. The only thing I would add to that is that on marketing, the point on AI is very relevant. As we go forward, the percentage of money we spend on non-working marketing dollars versus working marketing dollars is definitely shifting. What customers want is entertaining communications that are fast and relevant, and AI is a brilliant facilitator of that. That is actually some of the upside we are starting to see in places like Australia, where they have fully integrated into doing that, and that is obviously a large line of our discretionary expenditure, so getting more value from that as well. Thank you. One small follow-up before I jump back in the queue, but on the posture towards further portfolio action, can you just give any broad view on that? We are very firmly focused on shareholder value and unlocking value from the portfolio. We are very happy with the businesses that we have, and we can grow those businesses, and they can generate money for us. We are not beholden to the shape and size of it as it is. I think that is actually consistent with what we have been saying for the last year or so anyway. We have always said that if there is an opportunity to add value, then we would look at it seriously. There is no fire sale taking place here. We have really good value businesses. that we continue to invest and grow in. But the CEE deal is a good example of adding value. Yeah. Okay, thank you. Thanks. Thank you. Our next question comes from Ben Shelley from UBS. Your line is now open. Please go ahead. Hi, Ben. Hi, good morning, and thanks for taking my questions. I wanted to ask on EBITDA for FY 2026. You have delivered ahead of expectations at H1 but basically reiterated guidance. Can you expand more on the thinking behind that? Is this just marketing phasing or conservatism? My second question is on online NGR growth, which is tracking at the top end of your reiterated FY 2026 guidance at 7% constant currency. I think from memory, you have some favorable sports margin comps in the back half. Is that something we need to be mindful of in H2, or is this baking in some conservatism also? In terms of the EBITDA, I would not call it conservatism. I think it is balanced. We have had a really good first half, and we are definitely ahead of expectations, but there is no hubris. We know that we have got to earn it again in the second half of the year. Marketing phasing definitely plays a part. We spent less in the first half than we originally anticipated, so the weighting is far less pronounced than we guided to at the start of the year. But we are overall increasing marketing spend in this year, and we want to make sure that we really exit 2026 into 2027 with velocity. The tax obviously steps up in the second half of the year, and that has created a huge amount of disruption in the U.K. market, which we have been taking advantage of. We are gaining market share. We are growing really nicely. But you cannot predict what that competitive environment looks like in the second half of the year. So that is why we have taken a more balanced view. We do not think we are being overly conservative. We think that represents our best estimate about where we are going to come in. I think taking the online growth question, look, we have started well. I think we have continued well into Q3, which is very encouraging. Obviously, the end of the World Cup was in July, so that was a very positive tailwind. But as we look forward, just to build on the point that Mike has said there, we want to make sure that we can invest in marketing- Yeah We don't have one of those terrible situations where you get to November, December, and your margins go down because we know the volatility is in there. On average, you come back to your fair margin. We have a lot more of our volume today in Bet Builder than we used to have, and that is more volatile. It's good because it helps margins in the long term, but what we want to do is have that consistency and repeatability that what we say we're going to deliver, we're going to deliver, and we're going to deliver it while still investing in the customer, because that's the way that we win in the long term. That's kind of how we put our numbers together. I am confident we are building into that solid online growth that you're talking about there. Okay? Yeah. Thanks very much, guys. Very clear. Thank you. Thank you. Our next question comes from Monique Pollard from Citi. Your line is now open. Please go ahead. Hello. Afternoon. Thank you for taking my questions. The first question I had was just on Brazil. I am conscious that the Brazilian comps get, I think, about 40 percentage points easier in the second half versus the first half. In that context, do you think that Brazilian growth will improve as we go into the second half, conscious that there are also the elections and the competitive dynamics you mentioned? Any insight you could give us there would be very helpful. The second question, sort of coming back to Ben's question on the online NGR, I guess what I am trying to understand is in the first half, you delivered 7% constant currency. From what I can work out, there is about a 2 percentage point drag there, though, from Brazil. Let us say that would have been 9%. The Brazilian comps, as we say, get a lot easier. Presumably, the World Cup benefit in the first half is similar to the second half benefit. If anything, the second half benefit, I would have thought, is even bigger. What are going to be the drags that have led you to not at least increase the guidance from 5% to 7% up to 7% now? Okay. Do you want to have a go, or do you want me to go? I think on Brazil, I would say we very much hope that we will see some recovery in the second half. You are absolutely right in terms of the comps. That market environment remains incredibly difficult and unpredictable, the regulatory environment in particular. With the election, we do not want to kind of bet that it is all going to get better. We think the team are doing the right thing. We are being very careful about how we invest. We are very focused on maintaining the profit contribution that Brazil gives us, as opposed to just trying to drive for a top-line number. We want to build a sustainable business there. We will compete, but we will not compete at any cost. We will make sure that we invest really wisely. In terms of how that plays into the overall growth, again, I go back to what I said before. I do not think we are taking a conservative view. I think we are taking a balanced view. Some of our markets have absolutely knocked it out of the park in the first half. I think it would be wrong of us to assume that that just naturally carries on into the second half. You have to earn it. We do operate in a really, really competitive environment. We think we are doing all the right things. It is a mixed bag across the piece. Some of those markets will continue to perform really strongly. Some of them might come off a bit. But we think we have got the right guidance out there. Yeah, I think the only thing to add, and it is a success story, but our first half results has had a great growth in the U.K. I think our online was +13%. Now, continuing that through, we do not want to bet the farm that we are going to continue with double-digit growth in a market that is so big, and we are lapping prior comps that were very good. Again, to Mike's point, which is we want to make sure that we have a balanced approach here that means that we can deliver what we say we are going to deliver and continue to invest behind growth into 2027. Very clear. Sorry, one quick follow-up. The World Cup benefit in the 2H versus the 1H, is it quite similar? Yeah, probably. We had a nice benefit in H1, but slightly different profile. You had a lot more games in H1, which was good for volumes. In H2, you have obviously got a lot less games, but the margins were pretty strong in H2 for those games where we had the luck of the draw, which is there were a lot more nil-nil draws or draws, which is great. I think the bigger win from the World Cup is the fact that first-time depositors went up. We got twice the number of first-time depositors that we did for the World Cup in 2022. I think I mentioned earlier, a lot of play was on Bet Builder products, and Bet Builder products, intrinsically higher margin, but also intrinsically more volatile. Okay, thank you. Thank you. Thank you. Our next question comes from Adrien de Saint Hilaire from Bank of America. Your line is now open. Please go ahead. Morning. Good morning, Stella. Good morning, Mike. I hope you can hear me okay. Yep. Yep. Perfect. Two questions, please. First on, in Italy, it seems that you're losing some market share in online. I'm just wondering if you have any takes as to why that is, given supposedly you should have an advantage having some real estates, some retail shops. Then maybe, Mike, just to link up your comment around the huge opportunity around the cost base. Am I right in understanding that your confidence in hitting the GBP 500 million cash flow target precisely stems from that cost point that you made? Sorry, could you say the last part of your question again? Yeah. It's just to link up to the first question in the call about the cash flow target and how we get to the 500. Is that notably coming from what you observe in terms of the possibilities around the cost base, the huge potential that you talked about in your earlier comments? Well, we're- Oh, should I take the first question and then you take the second question? Sure. Yeah. Okay. The first question was about Italy and share. I think we look at our Italian business. Our growth has been pretty strong in iGaming, double-digit growth, but we've been less strong in sports in H1. That is true. I think what we have in Italy, we've got a brand in Eurobet, which we are now revitalizing. We've also started with the AS Roma sponsorship and also the partnership with SSC Napoli, which is really leaning into football. We also have a new leadership team there, which I'm very encouraged about the way that they're attacking the challenges that we have in that marketplace. We also have two other brands there, which is Gioco Digitale and bwin. We do have a lot of plans in terms about driving future growth, and that's one of the areas, coming back to my earlier points, which is having the fuel to drive growth in a market like Italy requires the additional marketing investment, which we have factored into our numbers such that we can do things like the sponsorships we're talking about, and we can actually have plans that get ourselves back into more competitive growth in 2027. Yeah. On the cash, it starts with our confidence around being able to grow the business. We need to be able to grow the business, but then obviously we need to convert that growth into cash, and that is where the cost piece comes in. We think we can improve operating leverage. We see significant opportunities to optimize the cost base across all the different parts of the P&L. Then finally, we see opportunities to optimize CapEx. You have already seen a glimpse of that this year. We think that we can optimize the amount of investment that we make, and the way that we invest, either by using AI or other things as well. So we are confident about that number. Understood. Thank you. Thank you. I think we have got one more question. Thank you. Oh, hello. Absolutely. Our last question comes from Irina Lagovskaya from UBS. Your line is now open. Please go ahead. Irina. Hello. Thank you very much for the presentation. I have a question about the capital structure, if you do not mind. I think you partially already have answered it, but the proceeds from sale of the stake in Entain CEE, I understand they will be partially used to reduce the total amount of debt, but are there any particular timelines and maturities you are targeting? How are you planning to address 2028 dates maturities? Thank you. The proceeds from the 20% sale will go fully to debt, and then we will look to refinance and improve our maturities. That is all planned for. When we sell the rest of CEE, we will probably put some of that to debt as well, and then the residual, we would look to return to shareholders. Great. Thanks for the question. Appreciate it. Thank you. Do you have any particular timeline in mind when it may happen? Is it 2027 event or? Watch this space. Thanks very much. Okay. Thank you. We appreciate that. I think we're coming to the end of the call. I just want to say a big thank you to everybody for dialing in or joining the webcast. Clearly, if there are any questions that we haven't answered or you want to have any more information, then please reach out to the IR team. They're ready to take those questions. It just leaves me to say thank you very much, and we look forward to speaking to you again soon. Thank you.