Yeah. Good morning, everyone. Thank you for joining in person, being in the room or many of you being on the video call. Looking forward to sharing our interims today, between Jon and myself. We'll spend a bit of time on the results that we highlighted back in August, together. You'll see Jon will give a different slice on the financial reviews reflecting the three segments that we talked about last time, Create, Globalize, and Engage. We'll give you a different lens on the business itself and probably a bit more details. I'll spend a bit more time then on the strategy. Many of you were there at the Capital Markets Day. Grateful for that. Thanks for following the story. We'll put a bit more colours as well of the progress we've been making since then. It's only three to four months in, but we'll try to put some meat on the bones on that. Finally, we share a little bit about the outlook from H2. In terms of where we stand right now, we have had a strong revenue growth driven by very healthy demand of content in general across the market. We haven't seen any slowdown from our side. I'll share a little bit more about the type of trends we have seen coming our way into the content space. All this has been translating very strongly in terms of profit and in terms of cash so far as you will see. Most importantly to me, we're in full swing on the evolution of the strategy that we presented at the CMD. Again, you'll see some of the tangible examples. In terms of acquisitions, we have been busy. Jon and team in particular, we just announced the acquisition of the third game development platform as well this morning in Vancouver called Smoking Gun. We are delighted to have them on board. I think it's going to be a great addition to the family, but also having a very good pipeline behind that. Equally important to me, we're making very tangible progress on being a responsible business. You'll see the five core pillars that we are anchoring around and mobilizing the organization on. Finally, in terms of trading, we hinted to it in the statement and to the RNS this morning, but we've seen very encouraging progress on H2, and certainly very confident about being well in line with the upgraded market expectations that we shared early August, and that many analysts have adjusted accordingly. In terms of numbers themselves, 34.5% growth year-over-year in terms of revenue, of which 22% has come organically, which I think is a very healthy position to be on. Adjusted PBT, this translated +38% on a year-over-year basis. You see a margin in terms of adjusted PBT at 17.1%, comfortably above the 15% that we've been flagging towards. This being said, this is slightly flatter, probably a percentage point in terms of FX, but still very comfortable. This reflects in terms of EPS and in terms of dividends, interim dividend that we just announced. Talking about the acquisitions, very excited by this. I think this is at the end of the day, the core of what we do as well, an important part of our growth. Three additions to the family since early January. The first one is Forgotten Empires, which is a fascinating distributed model of game development, based in the U.S. technically, but really across many locations. I think there's a lot for us to learn about them, and they have a strong history with Microsoft, in particular on the franchise of Age of Empires, if you're a fan. This is a very strong title, very strong history there. I think it really reinforce the type of relationship that we already have across Microsoft. Mighty Games is one on which I'll share a little bit more later today, or maybe in Q&A if of interest. Originally, a game development platform, based out of Australia. Reinforce the proposition that we have started building in Australia about 18 months ago. That's now three game development studios over there. The interesting piece in Mighty is really the underlying QA technology, Dev QA technology that they're bringing to the party. They were, let me put it that way, at XDS a couple of weeks ago, Jon, and they were really the darling of the show and a lot of interest from many of the publishers around what we could do with them. Finally, Smoking Gun just announced this morning, 68 developers based in Vancouver, which I think will be a great addition, not only to Keywords in general, but also in terms of mobile and Live Ops, exactly territories that we flagged at the CMD where we want to invest much more on. With also a strong customer base and strong relationship with Microsoft, but also with the likes of Netflix, for example. All this, as you can see, good consideration for a maximum consideration of EUR 67 million. Even more importantly, I can already flag, Jon will talk more about it, but a very healthy pipeline coming up as well for the months ahead. I touched on being a responsible business. Five key pillars to this, you know them. They are core to what we do. We have an ESG committee, spend a lot of time talking about them, from people to clients to governance, community and planet. Top of the list and top of that pyramid is really our people, including the way we think about diversity, equity and belonging, which is something that I care passionately about. A few pointers of what we've done. You've seen the MSCI rating moving to A, which we already flagged and maintained over there compared to BBB before. We have strengthened as well the partnership that we just announced at the last time we were together with Women in Games. That's a very important one. We have more and more of our leaders participating through the association. Jon and myself are joining in regularly, including across Europe, across the U.S., more recent in Asia. How do we break the bias is something that we have been a hashtag that we've been spending quite a bit of time on as well. Great stories starting to happen and a real genuine partnership building out. We've also done a review that we announced in terms of monitoring the level of recycling and level of energy across each of our studios. As we're opening some further studios, Katowice in Poland recently, we are putting up at the end of the year a new studio in London, where we're going to bring several of our marketing studios together. None of them pass without having the filter of are we effectively ESG friendly in that type of setup. Really something that is close to our heart. Finally, you might have seen if you look at the best place to work, some win that we got recently, whether it's in Mexico, in the Philippines a couple of weeks ago, across the UK, those ratings are becoming more and more difficult to get. They're really meaning something, more and more meaningfully, and I guess, guys, care passionately about that. Now we're building about how can we effectively go and scale that because I think that's a stamp of quality and approval as well, including for our team and for attracting talent. Based on that, I'll pass on to Jon to cover the financial review. Thank you, Bertrand, and good morning, everyone. I'll now run through the financial performance for the first half in a bit more detail before handing back to Bertrand to give an update on the strategy. Moving to the first half highlights. As you can see, it was a strong performance once again with revenues up 34.5% to EUR 321.1 million as we saw sustained demand for high-quality content. Total revenue growth benefited from the contributions of the six acquisitions that we made in 2021 and also foreign exchange, which contributed approximately 7 percentage points of growth, and particularly the strong US dollar versus our reporting currency of euros. Organic revenue growth, which excludes the impact of acquisitions, was also strong, growing by 21.7% with all service lines contributing. I'll provide a little bit more color on the performance by service line in a few slides' time. Adjusted EBITDA, which excludes depreciation, amortization, share option expenses, and M&A costs, increased by 38.3% to EUR 70.1 million, reflecting operating leverage from the revenue growth. Also, as we invoice a proportion of our sales in U.S. dollars, we've also seen a margin benefit from the recent strong dollar, which has contributed around a 1 percentage point benefit to our margins in H1. Adjusted profit before tax increased by 38% to EUR 54.8 million, representing an adjusted PBT margin of 17.1%, representing an increase of 0.5 percentage points on the prior year. Now, if you were to take out the benefit of the FX, then the PBT margin would have been in the region of 16% versus 16.6% in the prior year, which reflects the impact of certain costs returning to the business following the easing of COVID restrictions and as we've continued to invest in the business. I'll talk through our expectations for H2 in a few more slides. At the CMD in June, we announced the simplification of the business into three service lines: Create, Globalize, and Engage, to encourage collaboration and simplify the way we present the business to our clients. This is the first time that we're reporting on this new basis. We're also now providing disclosure in terms of profitability of each of the service lines. Although I would caution that this is the first time that we've presented these numbers, and we are coming out of a period of significant change through COVID, so please don't read too much into the year-on-year comparables at this point. I'll start with Create, which combines our game development and art businesses, which are more exposed to the earlier stages of the game development cycle. The service line represents 40% of our group revenues and 44% of our adjusted EBITDA. As you can see, the business continued to perform very well, with 44.5% revenue growth to EUR 124.3 million and organic revenue growth coming in at 23.3%. Both the game development and art businesses performed very well, benefiting from the very strong demand for content. Adjusted EBITDA increased by 34.3% to EUR 30.9 million. The art business had a particularly good start to the year, and as a slightly lower margin business, this has been a factor in the reduction in the adjusted EBITDA margin to 25% in H1 versus 26.7% in the prior year. Game development is our one business that does have some exposure to Russia through our Aspyr studio. I should point out that the studio does not service any Russian clients, but we are undertaking a process of transitioning people and work out of the country. We've opened up three new locations in Serbia, Malta, and Armenia, and we started the process of moving the people and the project work to these sites. This process is well underway and gaining momentum as we went through H1, and we expect to see a bigger impact from this in the second half. That being said, we still expect to see very strong demand across Create in the second half of the year as the focus on new content continues, and we continue to build out our resourcing to meet this demand. Before I move on to Globalize, I'm really excited by the continuing success and execution of M&A in Create, particularly. As Bertrand said, we've added three high-quality studios so far this year, Forgotten Empires being instrumental in creating and growing the Age of Empires franchise, and Mighty Games expanding our presence in Australia as we scale our business there. Most recently with the addition of Smoking Gun, which gives us access to a really high-quality team in Vancouver. I'd like to take this opportunity to welcome Jon, Drew, Angie, and the rest of the Smoking Gun team to Keywords. Globalize is our largest service line and is focused more on post-production services that tend to occur towards the end of the game development cycle and towards launch dates. It brings together audio, testing, and localization businesses across 47 locations. Total revenue for Globalize grew by 31.8% to EUR 141.5 million and represented 44% of group revenues. On an organic basis, revenues increased by 25.7%, reflective of a period where all our service line performed well as the focus on new content post-COVID started to flow into the later stages of the development cycle that the Globalize business serves. This revenue growth translated into profits, strongly into profits, with adjusted EBITDA up 47.4% to EUR 31.1 million in H1. Adjusted EBITDA margins were strong at 22% as the business benefited from operating leverage from the strong growth and was a beneficiary of the strong US dollar due to the nature of its billings. Activity levels remain high, and we're continuing to recruit to meet this strong demand while supporting a follow the sun model, which allows us to be close to the client and also manage price. We're also introducing innovative technology like KantanAI, which is a technology we acquired two years ago, and we're incorporating this into our localization offering to support our clients, and we're well-positioned to capture the increasing demand across the service line. Last but not least, our Engage service line, which currently contributes around 17% to group revenue and brings together our marketing and player support businesses under one roof. The service line performed well with total revenue growth of 22.1% to EUR 55.3 million and organic revenue growth of 9.8%. Player support performed very strongly, growing its client base and expanding its work for existing key clients. Marketing delivered a modest performance. In part, this was due to the exceptional performance in H1 2021, where we saw organic growth of over 50%. We have also seen the impact of some scheduling delays for certain projects that are now expected to happen in late 2022 and early next year. Adjusted EBITDA rose 22.7% to EUR 8.1 million, and the adjusted EBITDA margin was in line with the prior year at 14.6%. Now moving on to cash. In overall terms, free cash flow increased by EUR 0.5 million year-on-year. Within that, EBITDA increased by EUR 19.4 million, and we benefited from a EUR 3.6 million reduction in the payment of taxes, largely due to timing differences with tax paid in the prior year. This was largely offset by a EUR 21 million working capital outflow. This outflow was made up of a EUR 12.7 million outflow in other working capital, largely due to the phasing of debtor payments around the half year and the growth in the business. We also had a EUR 6.6 million increase in MMTC and VGTR credits accrued as they return to a more normal collection cycle. As some of you will probably remember, these are wage subsidies that are recognized as work is performed but are typically not paid until the second half of the following year. As a result, we typically see a working capital outflow in the first half of the year that reverses in the second half. In 2021, the flows moved out of sync due to COVID and therefore flattered the H1 working capital. CapEx increased by EUR 0.6 million to EUR 10 million, and we expect further expansionary CapEx investment in the second half of the year, particularly in our facilities to support the growth of the business. This resulted in an overall cash conversion rate of 57.9% in the first half, in line with our normal phasing, and we still expect a full-year cash conversion rate of around 80% as previously guided. Spend on acquisitions amounting to EUR 14.9 million in H1, with EUR 13.6 million consideration all relating to prior acquisitions. As Bertrand mentioned earlier, we've announced three acquisitions so far in the second half of the year for a total maximum consideration of around EUR 67 million, and of that, EUR 31 million is expected to be in cash in the second half. The lower M&A spend and good free cash flow resulted in the net cash increasing by EUR 15.7 million in H1 2022 versus an outflow in the first half of last year. This means we finished the half with very strong net cash position of EUR 121 million. On my last slide, before I hand over to Bertrand, I have a few comments on the strength of the balance sheet and some full year guidance for 2022. In terms of the balance sheet, we exited the half with a very strong balance sheet with liquidity of just over EUR 270 million through a combination of the EUR 121 million of net cash as well as EUR 150 million of committed headroom under our revolving credit facility, which is currently undrawn. This, together with the cash generative nature of the business, puts us in a very strong position to continue to invest in the business and execute our acquisition strategy. Now a few elements of guidance for the range of the year. As we said earlier, we're seeing an encouraging start to the second half of the year and experiencing healthy demand across our three service lines. That being said, we do expect organic growth rates to moderate in the second half, with adjusted PBT margins moving towards the historic levels of 15% as we invest in the business, transition work and people from Russia, and as more costs return with the easing of the COVID restrictions. The adjusted effective tax rate is expected to stay in line with the H1 2022 rate of around 22%. As I said earlier, we're expecting CapEx to continue at a higher rate relative to 2021, reflecting some expansionary CapEx. In overall terms, we're expecting to maintain our overall adjusted cash conversion rate of around our 80% target. Following our trading update at the beginning of August, where consensus moved up meaningfully, all of the above items are reflected in the current market consensus for 2022. Okay, that's enough from me. I'll now hand you back to Bertrand, who will take you through our progress on strategy. Thanks for that. We'll take the opportunity to recap a few of the key points that we highlighted while we're at the CMD together. Maybe highlighting as well, I think, the strengths of the platform that I'm getting to discover every day. Then a bit more time on the progress we've been making since we last saw each other. First of all, very strong platform in our hands. We're number one in our space. Many more fragmented competitors in there, but roughly three times the size of the next one. Jon touched on the three service lines. I hope they resonate with you. I think it brings a lot of simplicity. It brings a lot of cohesiveness as well. More importantly, from where I stand, it really matters to my customers. It really lands very well with them. It helps explain the offering that we have in a more cohesive way as well. Every time we spend time top to top or across different levels with the publishers, this is something that really is landing very well so far. We've added a few countries. Jon touched on it, 26 countries now, 70 studios, maybe 71 even since this morning. We have over 11,000 people across 50 languages. Maybe one of the crown jewels that you know, of is the 950 customers we serve at the end of the day, among which the 23 of the top 25 publishers, which is really something on which we're putting a lot of focus on. We have put a lot of focus since last time as well on mobile, really hitting and building the relationship as well with the Top 10 in the mobile industry. Mobile was a big topic of discussion at CMD. I'll highlight again some of the key numbers and maybe some of the trends we see behind, but that's the space we're operating in. In the EUR 240 billion market, we really operate in the content servicing, content solution space in there. Maybe a new piece of data with EUR 595 million in terms of LTM twelve months running revenue closing on EUR 600 million, and just celebrated passing the EUR 100 million mark in terms of adjusted PBT and LTM. I just touched on this three times the size of the next one. Strong platform, full-scale offering now that we keep building, but I think that we start having it in our hands. The most important piece to me in this slide is the fact that we only still, actually right now 5.5% market share in there. That gives you a sense of the boulevard that we have in front of us in terms of the opportunity. That's what really gets me excited. That's what I think gets the team excited. That gives you a sense of what is to come over the next 10+ years, basically, if we can play our cards properly. I generally believe that there's a flywheel that is starting to happen right now based on the offering that we have. Something we spent a lot of time covering at the CMD, but I'm seeing that more and more coming into practice. This is our geographic footprint. We are obviously part of it, but the reason I'm highlighting that is because from a client point of view, it really matters. It matters because it allows us to have discussions where we can be on the same time zone when a client is expecting that from us, allows to do co-development with the team joint at the hip, but at the same time, to be able to operate twenty-four seven, to be able to pull resources across the world, to tap into new pools of talents like Australia. You've seen the growth that we are doing as well in Poland, for example. It allows us to really tap into this in ways that probably none others can so far. This has also another implication that I'm starting to get to appreciate, especially in current time. Many publishers are wondering if they should be at the stage where they convert some of their fixed costs into variable costs. This gives us the scale and the platform to be able to mobilize very quickly and also to be very efficient in that type of context. Other geographies like Australia where we were not even present a year and a half ago. Now we have Tantalus. We have Wicked Witch. We have Smoking Gun. We have Mighty Games as well over there. Something that keeps a certain cluster allows us world leadership to keep growing on that front. Typically some of those acquisitions we have done over there, like Tantalus, you already see a hockey stick hardly eighteen months effectively within the business. Quite encouraging to be able to play that map. In terms of time, I was alluding to it, EUR 240 billion overall. EUR 35 billion is really the space we're operating in. EUR 11 billion being externalized right now. We expect it to keep growing very healthily to EUR 18 billion plus by 2026. Maybe to put a bit of color behind that and bring some of the trends we see behind it. The first one is we see a real push into Live Ops and Game as a Service. We touched on it, but you can see now many publishers publicly coming out and announcing the type of target they wanna get to. Sony is an example of that. This will create a tsunami of content that is needed. To be able to do Game as a Service, you need fresh content, you even need to rethink your processes, even ourselves. We need to think about how can we do live QA? How can we do almost live player support? Almost a different ball game to be able to address that. I think we're very well-placed for that. We alluded to several publishers now, as you know, struggling with keeping their titles on time, the level of content being required based on Unreal 5 type of engine. Often it requires a team of 500+ to be able to get their games over the line. I think that's where many are calling on us saying, "Look, how can you help us on that?" Partly because there's a shortage of quality talent in the market. That's where we come in, but also how can we find solution? Can we find technology that help to think about those problems differently? You also have more and more new publishers who are pretty big senior guys from more traditional publishers setting up shop, having raised a decent amount of funding, having good ideas about games and gaps they see in the market, but setting it up in a way that they don't want to build a team bigger than 50 people. From the get-go, they really plan it in terms of what's our core team and how do we surround ourselves with the right, strategic partners to be able to build first, typically in the creative side, typically in art, technical art, in Game Dev Engineering, but then over time, starting to think already about QA, about localizations, about play support and marketing from the get-go. Very interesting dynamic happening there as well. Another one I was touching on is the, some starting in current times as well to think about the business model. Should we adjust fixed cost to variable cost? We also see a push on demand from other industries, even movie and entertainment, starting to look at how do we use Unreal 5 to do animation, to do VFX very differently, which will create more demand on the pool of talent that we have in there. Part of the challenge we have is how do we keep pushing on that quality pool of talent that is in increasing demand in that space. Hopefully, that gives you a sense of why we are even more excited probably than what we shared at the Capital Markets Day in terms of how this market is effectively growing and the underlying behind that. Now, a big part of what we do is also the inorganic side. Jon and I touched on it, three acquisitions already this year, healthy pipeline behind. The interesting piece to me is also that we are sitting on EUR 270 million of cash through the RCF plus the cash generation that we do. That's a very good position to be in in the current timing as well, where some are maybe a bit nervous about getting in the market right now versus we're in a good cash position to be able to really look for the quality assets, and we're not short of those. We have a very healthy pipeline coming up behind that. I'm sort of relishing that time of being able to take advantage of this opportunity and to stick with the core of what we do. As you know, our focus is really on Game Dev at the very core. The three acquisitions we have done so far are in that space, in marketing, where we want to reinforce the proposition we have, and also in technology, Mighty Games being an example of that. This one, you know the story, but it's mostly to reinforce that it's not a one-off. It's like this has been a consistent play in different types of microeconomic environment as well, where we have consistently delivered in terms of, you can see the type of CAGR. The interesting one to highlight is also in terms of organic growth, where we are anchoring around 10% organic. We have had a good run over the last 18 months, two years in particular, right now. I think it's also fueled by the level of content coming into the industry, even if, of course, we always remain prudent with the macroeconomic environment. Now this, all this to me is just to recap the foundation of the platform we have, the strengths of the business, the sector itself. The bulk of the CMD was really around this, about the five key areas where on top of M&A, where we have decided to invest in terms of strategic partnership with our clients, in terms of investment in technology in which we believe passionately, and starting to make some move in terms of that balancing act between the entrepreneurship level, that we want our studios to really thrive on. That's what really makes it tick. That's what makes Keywords special. At the same time, how do we build that spine that brings us together and where we can benefit from the muscle we have? I think the Australia play is an example of that. How do we build talent and capabilities, especially in current market and some of the adjacencies that we're looking into? What I thought I'd do is I'll spend a little bit more time on the next slide, which is giving you very openly and candidly the progress we have made on each of those five work streams. We are gathering back as a team on the 26, 27 October, same as the summit we did in May, to shape up the strategy together, to review the progress. We have now processes in place. Every couple of weeks, we're reviewing it regularly. There's leadership behind that. There's a PMO behind that, and Jon and I have assigned the right resources to make sure we really give teeth to what you're seeing basically on there. In terms of strategic partnership, I think it's fair to say, Jon, that we are really obsessing about spending quality time with key clients. We have done annual business reviews with some of the biggest ones, some of the top five ones, where we had the top 30 coming over, and we had our Create team, our Globalize team, our Engage team coming over. We don't try to sell anything. We really try to portray the type of offering we have. We spend a lot of time understanding their pain points, where can we help, where can technology come in, what acquisitions we should consider in that spectrum, but really establishing the relationship at the highest level so that we can understand their needs. It gives us access as well to their pipeline, typically opening up under NDA of what's the pipeline until 2026, 2027, which helps us then plan on resources properly. We cannot do that for the 950 clients we have, but there is a subset between the top 10 and top 25 on which we've deliberately decided to really go very long basically on that. We have also been at events like last month, we had Gamescom in Germany. A couple of weeks ago, we had XDS, where we had a representation of about 60-70 Keywords audience being there with many of our clients. I can tell you, the dynamic is really shifting, where those relationships are paying off. We get a heads up when there are new deals coming up. We have had some shifts as well in terms of, should we consider doing QA differently so we can be at the table to build those relationships. It's something really, really important, to us. We flagged that from day one, but investing probably, certainly for myself, probably 40% of my time is purely being on the road with our clients. We're also investing in our own house in terms of the strategic capabilities to be able to take that on. We touched on last time about, if you remember, some solution architect and solution producers. We have now three that are effectively live with some of our big accounts, some of our big clients, where we've put. The role of a solution architect is to make, on behalf of our client, the best of Keywords. Client doesn't necessarily need to know about everything we do behind the scene. Doesn't need to understand our full 70 studios. Once we understand the need, the role of the solution architect is to understand, okay, here are the studios that we bring together. Here's the type of offering that would really fit your need. Here's how we can plan for it, so that they can have a cohesive offering. We remove a lot of the pain points, a lot of friction in terms of having to contract all over the place. Starting to really make that happen with some big accounts where there was a mutual appetite to make that go. We'll keep testing that. We'll see how it works, and then the plan is to keep scaling more broadly. In terms of technology, you may remember, I'm personally pushing very strongly for each service line leader. It's one of their responsibilities to bring automation across their own businesses. We wanna see more efficiency in terms of revenue per head into each of the areas themselves. Jon touched on KantanAI, which is mostly a reshaping of the workflow that we can do. We touched on the CMD at a very concrete example from one of our leaders called Mina, who runs our localization business. Started working with the head of the content team, Tony O'Dowd. On behalf of Microsoft, now we are building a sort of SaaS, software as a service, where we're co-developing that product together. We've made progress. We went live on the fifteenth of May. We're now live working on 30 languages with them, having batches coming in every day that are being tapped into our linguist. This is hard work, sweat and tears. This is really where we're learning the ropes of what it takes to build a product together. I love that moment. That's, I think, the type of company I wanna make sure that we keep building going forward. I touched on Mighty a couple of times. I was alluding to them being the darling at the Vancouver XDS. I wish I could show you, and maybe we'll do it at one of the next presentations of CMDs once we're a bit more advanced. Mighty is not a massive company as such. They have a Game Dev component based in Australia. What really attracted us as well was the technology that they have in QA. What it does, imagine you're a mobile developer in Unity. That's their core specialty so far. Still a small team. What it does is like it automatically goes and plays the game. It can play it at 30, 40, 50 times the speed. It will at first take some time. There's some AI. There is quite basic AI at first, where it will automatically play the game, recognize this is a button. This is a playable button. This is a nav menu. This is a back button. This is a character. This is a dragon. Then progressively, it will start even simulating multiplayer. And if you take the course of a couple of days, you really get the game being played in front of your eyes very visually. So when you think about it, I'm spending more and more time with our dev team, our development team. Often what you do is, like, you develop, but you don't really know the quality of your game. Then you pass it on to the QA team later on. It comes back to you way later. This allows to change the game because you get to see almost real-time, by the end of your day, of how it's playing. What's the dynamic of it? You don't get the human touch, but you get a visual on that. You get weekly, daily report if you want on the bug level that you have into your game. You see the dragon being stuck somewhere, basically, again, a bush, and whereas before you didn't necessarily know about it. Very, very visually. You should see in the eyes of many of the dev team at XDS really popping up when they saw that and seeing the potential of what it can do. Now, our job is to figure out how do we best use that. Clearly, we're going to deploy that across our QA team. That's one of the areas. This is way better than smoke testing as it exists right now in terms of technology. How can we add that to Dev QA? Add that to the dev team as part of the propositions we have. What's the business model that we use behind? How do we expand that to AAA and then indie? Interesting to see the interest, and certainly quite a few raising their hands and saying, "Can you prototype on what we're doing basically in there?" Okay, just an example, to try to bring it to life what technology means to us. Lastly, also maybe less sexy externally, but equally importantly, we're also focusing on our own internal systems, whether it's HRIS, whether it's a partnership that we just signed with ServiceNow. The focus, of course, on cybersecurity and InfoSec, all important points that we touched on at the CMD. On the third one, on Keywords, as you have seen at last time we were together, we've simplified our structure. Not only the way that we report on the service lines, but also the organization is a reflection of that. We've put much more focus on the P&L itself, much more focus on some of the hub leaders as well. You may remember, how do we manage for growth? How do we scale across 70 studios? That's where we put a level of hubs, so that hub leaders can really carry the lead across several studios, where each of them runs a P&L. Each of them is really in charge, but the hub leaders are sort of servant leader of those clusters. It allows me as well to have them at the table with us when we have leadership conversations together, so that the voice of the customer and the voice of the studios is really represented in there. We have regular meetings with the 50. We have a big one coming up in a month from now, where we're going to review all the progress on the work streams. I think it's fair to say we have an ex-core that is really working well, gelling very nicely. There's a side benefit as well to be on those conferences and those events, and probably being 30-40% on the road of our time together as well. It creates a sort of band of brothers and sisters that is really important. That's the intangible of how we create the culture and the link between the different businesses. One of my favorite moment, and I think I'm speaking on behalf of Jon and myself, is also when we see our studios naturally sharing opportunities. We had an example recently in Brighton where one of our studio had five opportunities. We tend to have to pass on quite a few at the moment because of the shortage of talent and literally helping other studios to say, "Look, which ones could you take? Which one fits for your team's appetite in where you are right now and in the type of capacity that you have right now?" This is starting to happen through the hubs, but also more and more organically across our studios. At the same time, we're investing in the spine. The spine is that shared services led by Nicolas Liorzou, who is a veteran within Keywords, helping from an HR, IT, from a finance business partnering and sales, thinking about how do we really build a spine that brings us together in terms of infrastructure, whether it's digital asset management, workforce management systems, end-to-end. In terms of talent and capability, one thing that we're going to release on October twenty-sixth are five new leadership principles. It's an evolution. It's not something rocket science. It's not completely different from the rule of nine that had been there and I think was really fit for purpose for a long time. We wanted to simplify it. We want it to be more our own and to be more the natural evolution with the right ambition of what Keywords represent. There is a piece in there that three of them are really about the head, two of them are really about the heart, but we're going to deploy that. Before by the end of the year, early next year, we're going to deploy that across our management system, the way we do reviews, compensation, end-to-end, so that it becomes part of the fabric of what we really do. We have also last time we touched on about talent. You might remember some of the teams talking about the academies, the boot camps. We have three that are ramping up right now, one of them in India, another one in Dublin, another one in Ottawa through one of our studios called Snowed In Studios. We have assigned someone who's in charge now of a team of specialized recruiting, so literally going after specific Game Dev talent where we have shortages right now, so bypassing some of the traditional process that we historically had. Jon and myself were with a few of us in India, in New Delhi fairly recently in July, I'm losing track, but I think in July, where we signed an MOU with the Indian government as well, to be able to target some of the top-tier universities in India, which is a fascinating story. In India, you have about 1 million engineers being produced every year. Not a big, big culture of gaming yet, but a massive appetite to get into it. If you take the Tier One University, you have about 200,000 engineers coming out of those. We looked at is there a first batch of 20 top universities, the IITs type of this world, where we can insert ourselves into the curriculum with really added value in the third year, and then we organize boot camps and internship within some of our studios. We have three studios who have already signed up, in partnership with the India team to say, "Look, we're looking at building a small team to incubate progressively from the talents." This is a 3-4-year investment. This is not looking after talent where we're all fighting for the same, where we're all going after whether it's Google, Meta, ourselves. We're really collectively investing how do we build pool of talents, happily in partnership with some of the game engine, some of the publishers as well. We're fairly open there to look at how do we effectively build that up. We're trying to change the game. Finally, last one is adjacent markets. That was an important one, when we saw each other. This is one that will take time to manage expectations. You may remember that, we hinted at starting to look at movie and entertainment. I would argue that Jon and I, we haven't made any big moves yet, as you have seen. We are there organically in some places. We sit now probably three months later, way more educated than we were, back in June. There are three key level of entries there. There is one in terms of, dubbing, subtitling, which is what we already do with like, we have about a EUR 20 million business already in that, in that piece, with a great leader behind that. Do we grow organically? Do we grow more than that? We have the field of VFX and animation, where you've seen a lot of deals, transactions into the space right now. We sort of knew that it was attractive because many are starting to talk about Unreal 5, starting to do demos. Some of our guys are doing as well. We didn't really understand the intricacy, the workflows, how they work. We spent a ton of time on that. At least we're better educated, and we're in no rush. We wanna make sure that we look at the right type of assets. Does it fit for us? What's our space basically in there? Keeping the gaming DNA, which is key to us. We see as well a lot happening in that space in terms of social marketing, which could be interesting area for us with a lot of complementarity with what we already do into our marketing and engagement service lines. More on that as it evolves, but we'll definitely keep you posted. We're also building a Game as a Service and Live Ops offering right now. Smoking Gun is a good example of that. They're really focused with a strong focus on mobile and Live Ops. We have a lively studio as well out of Brighton that is in there, and we're looking at how do we package the teams of a summit early October, where they're looking at how do we package that together on behalf of customers. Finally, I won't say too much about the Metaverse and Web3, but as much as there is a lot of hype, there is some reality happening behind. We see clients knocking at the door, non-endemic brands, which are knocking at how could you start thinking about digitalizing some of our assets. We've put a small team in charge of looking at what would a team for us look like. At the same time, we're looking at a few areas with some partners where we could potentially do some JVs, all to be explored, but something we'd be remiss not to look into. All in all, I hope I went a bit long on this one, but I hope it gives you a sense of it's early days, it's initial, it's only as much as you can do in three to four months, but the teams are really behind it. We are mobilized behind it. We have a plan. That's personally all I think about all the time is really that five by three, and how do we make sure that this is real? Probably this will be the program for the next three, four years ahead of us, in which we'll keep investing. To close, I think strong organic revenue growth for H1, encouraging start of the second half. You've seen strong M&A pipeline starting to convert and also very healthy for what's to come in the key areas that we're targeting, game development, marketing and technology, plus a few adjacencies. We are confident of the FY 2022 performance to be well in line with the recently upgraded expectations as we talked about in August. We clearly have been busy, and at the same time, more importantly to me, we are very well positioned for what is ahead of us. Whether it's in terms of the offering resonates with clients, we have to keep complementing it, but I think we have the right building blocks. We start seeing really the effect of the platform, keeping in mind that it's still only 5.5% market share of what we have in gaining shares very quickly, but that's the opportunity ahead of us. At the same time, I would argue with a very strong plan and in an interesting time with the broader environment happening right now, the type of cash positions we have on, the type of pipeline we have in M&A. I'm, as I said earlier, really relishing what is coming ahead of us, while being thoughtful, of course, about the climate. I think there's a massive demand for content happening. Most importantly to me is really, we've built a what I see as a very world-class top team that is really going after it, and there's one voice about owning this plan effectively together. On that note, I'll probably bring Jon back in, and we'll go for Q&A. We're gonna start in the room, I think, if there's any questions in the room, and then we'll move to the phone lines. Straight to the phone lines? I think most people are online, aren't they? To ask a telephone question, please signal by pressing star one. We will now take our first question from Jefferies. Please go ahead. Can you hear me okay? We can. Loud and clear. Okay, thanks. Thanks for taking the question. I wanted to dig into a little bit your comment about investment, not just about the kind of drag on margins in the second half, but there are a couple of items that you list. The Russia thing is really a kind of cost of doing business. So it's a return on it in a way. It's a necessity. Likewise, the kind of rebound in COVID-depressed costs, things like XDS and Gamescom that you weren't doing, that's the kind of ongoing normal thing. How would you divide, I guess it's kind of single-digit EUR millions that you're talking about between things like that that have kind of have to be done, don't really have a return, if you like, and how long will they go on, versus things like, you know, putting together some of the things that Bertrand just talked about in the final slide, putting together a team to look at, you know, Web3 say. Cost a bit of money, we all think there's probably some benefit to it. How would you sort of split up those costs? Thanks. Hope that makes sense. Shall I take that one? Yep. Yeah, I think it's, I mean, it's a real mix, Ken. I mean, if you stand back, you know, the business has been operating at, you know, a kind of a 16% plus margin point for the last couple of years. Prior to COVID, you know, it was very consistently operating at around 15%. Really we're guiding to, over the medium term, to sort of managing the business to that 15% level. Obviously this year we've had a bit of tailwind from FX, so if you back that out, we're at 16%. We were clearly on that kinda glide path back to 15% as we started to incur some of the costs that we weren't having to spend when we were all locked away in our offices and bedrooms. As Bertrand said, you know, we've been starting to attend the conferences. That's been fantastic to get the teams back together again. You can feel the energy of people re-engaging face-to-face, physically, and that's obviously a cost of business that we haven't had to have. We've also started to get our people back into studios. Those studios are not large enough, even with working from home, because we've been growing so strongly over the last couple of years. So we're starting to reinvest back into our studios and our footprint, and all of that is contributing to this move back to 15%. Against that, the other way, we've got some upward pressure. I think someone used that word to me before, on our margins, just because of mix, and we are investing in certain areas of the business that do carry a higher margin. Bertrand and I want to ensure that we've got the headroom in order to continue to invest in those parts of the business where we do think there's an opportunity to drive shareholder value. Things like talent, things like our internal technology and systems that are gonna make us more efficient going forward. It's very hard to put a quantification on it. Some of it's more refocusing investment that we already have, people that we already have. Some of it will require incremental investment, but it's difficult to put a fixed number on it, Ken. Okay. Makes sense. Thanks very much. As another reminder to ask a telephone question, please signal by pressing star one. There are no further questions at this time. I'll now take a follow-up question from Kevin Sheridan from Jefferies. Please go ahead. Hello. Sorry, you know I always have another question. I just thought it'd be interesting for everybody to hear a little bit more about, churn and wage inflation. Thanks. Do you wanna start with churn, and I'll pick up the inflation? Yeah. Churn has been something we monitor very closely. We haven't seen actually, surprisingly to some extent, especially if you're taking Game Dev, a major change. We've been around the 15% type of areas that we have historically had. I think I attribute that partly to the fact that, again, you have very strong entrepreneurs with very strong, tight teams. That's partly why we're also interested in making sure that people can also travel, can get to see each other. That's why we wanna invest in mobility as well and seeing the broad opportunities around Keywords. It's going to be interesting in future times as well. It's tough to know where the macroeconomic environment goes, but so far we've seen actually a team actually very loyal to their own teams, but now having aspirations as well within the hubs. In the post-production side, we have seen also no major deviation compared to what we historically have had. If you take QA, if you take localizations and player support in particular, those are more typically entry or second type jobs, post-university, which have faster cycle time, as you know, but we haven't seen any major deviation on that. On inflation, maybe if I can start, and Jon will probably comment, clearly we spend a lot of time looking into that. Historically, numbers have been closer to probably 3%-4%. We're probably edging higher, closer to the 5%-8%, if I had to put a number on that. But it's really depending on the service line, depending on the areas themselves, depending on the geographies we are on. We're obviously looking closely at that. We wanna do right by people. The good news, though, is like we are very project-based with many of our partners. It's not like our partners are. I mean, there is that mismatch of supply and demand as well. They are also having the same questions and the same pressure internally. We have openly the discussions about how do we pass that on, and we're trying to find the right balance in that front. You see it reflected into the overall margin guidance as well. It gives you a sense of the confidence we have of our ability to pass it on. You take areas like Game Dev in particular and the creative side in general, including art, where again, supply-demand has really allowed to be in a good position there. All in all, it's something we monitor very closely, something we spend a lot of time on. I mean, right now at a healthy place on both counts. The last point I would add on that is also, if you go back into the map that we typically show as well, it also helps us. It also helps us making sure that we can play a bit also around the different geographic footprint to make sure that not only can we have access to the right talent, the right type of offering, mobilize talent very quickly, having 24/7, but also manage inflation a bit that way as well, by going with the flexibility that we now have across the world. Not a great deal to add, Bertrand, to be honest. I think, you know, on the Game Dev, the more creative side of the services where we are probably seeing more demand for talent, it's where we've always had more shortages. You know, that's a project-based business, so we've got a natural opportunity to revisit pricing with our customers. We've always been very responsible with the way that we handle pricing. We're trying to develop long-term strategic relationships with our customers. You know, they see us as a trusted partner, and price is part of that equation. As Bertrand said, the good news is they're experiencing a similar dynamic within their own organizations. Price is not the number one buying criteria. You know, what they're after, quality, reputation, reliability, flexibility before price really becomes part of the equation. Okay. Obviously you're addressing in a way by growing your own talent through the measures that we saw. Okay, thanks very much. I'll hand over. Bye-bye. Thanks, Ken. We'll now take our next question from Bridie Barrett from Stifel. Please go ahead. Hi. Morning, everyone. Just one question for me, and it's about revenue visibility. Can you sort of help us understand your forward bookings, using, you know, whatever benchmark you think is most sensible? Just looking into the second half of the year, kind of what share of your revenues do you have visibility over, perhaps sort of compared to consensus? Same question for 2024. Thank you. I can start at a high level and I think. Thanks, Bridie. Good to hear from you. I think we shared a little bit about that at the Capital Markets Day, where we showcased that we had overall 80% of recurring revenue, if you take on a year-over-year basis. We showcased a little bit of the build. If you remember, there's 30%-40% that is truly effectively locked in based on longer-term engagements, retainers, you name it. I mean, take High Voltage for. Some of our studios have been working for four, five years on the same title, for example. You have very strong predictability on that front, even if effectively properly locked in. You have many where there's a very strong relationship between the studios themselves and to the publishers, which have been very recurrent. I think many of our titles reflect that. When you add it all up, we have roughly 80% that is highly predictable in what we have on the core base. Of course, you have the growth coming in. We look at it. On your question specifically, we have added that metric more recently into each of our monthly business review across the three big service lines. I'm going to look at Jon if yes or no we're sharing this, but it's a fairly healthy number. Let me put it that way. We have three color codes on that, which is what is already locked in, signed, done for the rest of the year, next 6 months, next 12 months. We looked at what is very high probability in there, and what is effectively being pitched and being in the pipeline right now. Based on that, we have that confidence level as well about what we're sharing in terms of revenue forecast here. I would say it's more and more healthy. What I'm observing, even in my first closing on my first year here, is like you are starting to build more and more predictability into that. That's why we're investing in the strategic partnership. I think the more we'll do that, the more we'll get even a much longer term view, and we'll be partner of choice in those titles. Yeah. I mean, just to add to that, it's something that we track as part of our sort of monthly business reviews in the way that Bertrand has said. It's something that we look at as part of the budgeting process. We're just about to go into that process for next year. I can't quantify it for you, but all I can say is in game development, just as an example, and Arts, so the Create service line, 2021, we probably had a fuller order book than we've ever had in terms of forward- looking, and we've been tracking at a higher level than that all this year. The problem we've got in that service line is the opposite. It's unfortunately we're not able to deliver all the opportunities that we have because we are full in many of our studios. Can't put a number on it for you, but should hopefully give you a sense of how it's trending over time. Thank you. That was helpful. I'll take our next question from Rahul Chopra from HSBC. Hello. Good morning. I have two questions. One is around the labor scarcity. Given the labor scarcity, what you're seeing in the markets, is there any change in the behavior of publishers and developers in terms of towards outsourcing more? Maybe just help us around that. My second question is around utilization level of your staff. Could you help us understand where it is compared to pre-COVID levels and just want to understand any topic you wish you do. Thank you so much. I think the first one you were very faint, Rahul, so apologies. I think the first one was just around capacity and demand and whether there's been any change in the behaviors. Why don't we start there? I have to say I couldn't hear the second question. I think I heard Rahul, a piece around the type of profiles. Did I get that right? In terms of scarcity, the type of profiles we're looking into. Do you mind elaborating a little bit more? Yes, yes. Yeah. Can you hear me now? Yes, a bit better. Is this better now? Yes, a bit better. Perfect. Thanks. My second question was around utilization level of your existing staff, basically where they are compared to pre-COVID levels, just to understand the difference between demand versus your existing transition rate, and how you're coping with labor scarcity. Okay, I'll try. I hope I'm addressing the core of your question. On the first one in terms of scarcity, that's why you can sense on both questions why we're investing so much onto the academies, onto the boot camps. We're trying to think differently. Instead of just each of us fighting for the same type of talent on the same type of pools, how can we really reverse the equation and think on a three-year horizon? That's an investment to some extent, to Ken's questions earlier. I don't think it's necessarily costly, but those are investments we make, including some of our seniors designing some classes and courses at some of the best universities. I've seen it firsthand with one of our studios, for example, called Snowed In Studios in Ottawa. It takes time, right? When you're at full capacity to transport, it's an investment that we put into giving those classes, being present, taking interns. That's how we believe we'll be able to shape them as well with the type of skill set, the game engine, the technical art that needs to be actually needed with us. We're trying to think about that at scale as well. The question, the exam question we ask the team is not so much how do you find 20, 30 developers? It's really about how do we go and find 500, 1,000 plus new devs and creative artists behind that. I'm fairly confident and what gave me confidence to go after that was, one, I think it's the only way really to unlock the market. Two, many of our studios and entrepreneurs naturally went that way, so we just orchestrated the effort in a broader way. Three, we have done that historically in art in particular. Lakshya, for example, has been driving programs like those for last three, four years. We're impressed by the success, so that gave us confidence to really go there. Ultimately to your questions, we want to build more seniors, but we have to grow it at both ends. How do we get the seniors to start as well with a pool of juniors? Of course, that's why we've put a specialized recruiting team on the senior side to really get it on both sides. To your questions about the second question, if I got it right, of level of staff pre- and post-COVID. What I can share that we've shared publicly is when I joined the average across the year of 2021 was 9,500. Here we have talked about the fact that on average for the year on the map, we're above 11,000 people. That gives you a sense of how many net we have already added even since I've joined, roughly. We have been fairly successful at adding profiles, but that's also why I wanna invest in technology. That's why we do that type of partnership on the localization side with Microsoft, because I believe passionately that the name of the game is not just to double in size by doubling the number of talents we have. It's also how can we be more efficient. This will also allow us to really have those discussions about moving fixed cost to variable cost for some of our publishers. Also to tap into type of works that we couldn't even do otherwise. Take the Microsoft example is one where they needed us to do 48 hours turnaround time. You couldn't do that with regular type of work in a very linear way. We had to completely change the way the workflows were being done. I think, I mean, investment, in short, investment on a three-year basis on top talent, especially on engineering, creative, with university across different places in the world. We're mobilized for that. Success so far in terms of retention to the early question from Ken in terms of attracting talent. Three, investment in technology over the next few years to be able really to break that natural tension in there. I think the only other thing to add is we're not just trying to build engineering art talent to support the current gaming markets. As we've been saying for a long while, the use of engines like Unreal 5 is going way beyond games. That's gonna drive more and more demand for these sorts of skills. Just look at what's happening in Media and Entertainment, where increasingly game engines are being used to deliver content. That's gonna require more and more resource, and we can't really divert our resources today away from games 'cause we're already in scarce supply there. I think this is partly an investment in what we see potentially coming down the line in two-three years' time, where we just see a very strong demand for those sorts of resources generally. Understood. Thank you so much. Welcome. We have one from the room, do we? Sure can. Hello. Yeah, I'm Aytac from Barclays, and thanks for today's presentation. Like, I have four questions. First of all, are the valuations of the potential target acquisitions starting to come down as there have been decline in the gross assets in the market today? And as part of that, are you targeting bigger acquisitions, or do you think it is not the right time in the cycle right now? Secondly, have there been any further discussions regarding the unionization among the Keywords employees in the testing area, like in particular? My third question, we know you are not working with Russian companies, but have there been any clients demanding not to use employees in Russia in their projects or not? Finally, for marketing within the Engage area, you mentioned that there were tough comps in the first half, but in the second half, have you started to see any improvement in that area, or do you expect any improvements? Thank you. Shall I cover the acquisition-related comments? Sounds good. You bet. Sounds good. You bet. I will throw unionization and Russia your way. Yeah, in terms of M&A and acquisitions, look, we're not seeing any obvious sort of reductions in valuations. What I think we are seeing a little bit of is some of the folks that we've been talking to re-engaging in a more meaningful way, I think, just because the world is feeling a bit more uncertain. You know, these studios are naturally more fragile businesses than Keywords when you're running your own studio as a founder. I think, you know, being part of Keywords perhaps becomes a more attractive proposition when you're looking at a slightly more uncertain world. We saw a very similar dynamic, actually, as we came out the other side of the first lockdown period in 2020, and that was part of the reason why we did the fundraise, because we saw more people engaging. We wanted to make sure we had the capital to be able to deploy. Not seeing, you know, any obvious change in valuations. Perhaps six months ago, I might have been talking about potentially valuations ticking up a little bit. Maybe that's abated slightly. The one that we've announced today is right in line with the kind of the five-seven times EBITDA guidance that we typically target for those sorts of business. In terms of size of acquisition, not really any change there. If we look at the pipeline, we've always got a few larger transactions that we could potentially execute on. Really, we're looking at a pipeline that looks very similar to how it looked over the last couple of years. It probably feels a stronger pipeline today. Certainly since I've been involved, it feels like a very strong pipeline. Within that you've got, you know, typical sized businesses that we'd normally acquire and the odd larger one. They can be a lot lumpier, as you know. We look at all of them on their merits. We continue to be very disciplined in the way that we evaluate the businesses that we bring in. That's why, you know, it's really lovely to be able to announce something like Smoking Gun because, you know, culturally, you can just feel that they're very closely aligned to Keywords and will fit in really, really well. I'll take that opportunity to also welcome Jon, Drew, and Angie. Yes. I don't know if they are there. You did earlier, Jon, but I'll do so, too. On unionization, there has been pressure in general across the world of tech. As you have seen in our case, we've had a very small case in a very particular area in Edmonton, called KES, which is Keywords Embedded Services. We have about a team of about 16 people over there. We reacted right away. We are going to effectively have those discussions properly with the union, but it's very local in a very particular case. I just wanted to give a sense of perspective. We learned as well from it. Some things frankly, we could have done and we should have done better. In terms of the issue, there was simply the communication in terms of when and the timing of coming back to the office or not, or working from home compared to those teams being embedded with our clients. We should have been better than that. Our team, I'm proud of how the team reacted right away and effectively picked it up at any other places in the world. So very localized and well understood, I would say. Maybe if I remember well, Bridie last time asked a question about eNPS. It's something also very important to us. So how do we keep investing into our people? How do we make sure that we have the direct relationship? All the things we do in terms of talent, in terms of employee proposition, that's really the core and should be really the right answer to that, to me. Also partly the geographic footprint that we have also that probably removes any of the pressure, I would say. On Russia, as Jon said, we don't serve any Russian client at all, as you pointed out. That's absolutely clear. We ensured of that within the first week of what had happened. We've mobilized, and we have a team fully dedicated to that small team, but really impactful team. It's one of our studios in Game Dev in Sperasoft. Obviously, the two priorities have been our people and clients, our clients' work. We reached out to all of them. We have had that discussion, and that's why we opened up very transparently four new locations to be able to move as many people as we realistically could as well. You're familiar, it entailed August was an important timing as well for us because that's new school year, so we have personal consideration as well. We've opened Serbia, which is an important one for us. We've opened Armenia, we've opened Malta, where I've been myself with the team. I've been to Warsaw with the team, where you may know we already have a presence in Kraków and Katowice in Poland. We've done all the heavy lifting. That's the advantage of one Keywords and being able to have each other's back and really mobilize on that very quickly. We've prioritized clients' work exactly along those lines and moving really dynamically. Jon has signaled that there will be more heavy activity in the second half. To your questions about the marketing on Engage, you could sense we are quite bullish on the order flow we're getting across the business in general. If you take the three service lines to give a bit more color, if I may, Jon, it's on the Create side, you can sense we are full to some extent. Part of what I'm trying to get to is how can we even cater for broader strategic partnership, where some clients are asking us for much bigger demand than we've ever had before. How do we work cross-studio to be able to cater for that while keeping absolutely the entrepreneurship of each of the studios? That's the equation we're trying to crack right now, but it's a fascinating one. On the Globalize side, that's why I hinted a few times too. It's early, I don't wanna over claim, but many publishers starting to think about their own model and the move from fixed cost to variable cost. Once the cost differential starts being in our favor based on geographic footprint we have in the platform, you're starting having those discussions, but current times are probably even more accelerating some of those. At least that's what we see. We have won a couple of fairly meaningful early partnership right now going into to those lines. I'm very confident on that, including for what's ahead. Engage in marketing in particular, Jon hinted to it, player support has been doing very well. Also investing into technology over there. We're also investing into Live Play Support, VIP services, data and AI. We have a lot to build over the next three years on that front, but I'm excited by that. I'm excited by the marketing proposition over everywhere as well. It's probably the one. There is a comp piece because we're growing at 56% the year before, so it's a very tough comp to go and smash. But there's also a piece where in a more delicate macro environment, you typically, marketing is the first one to suffer a little bit, but it's also the first one to resurface big time. We're having some interesting discussion right now with some big publishers, and that's where the value comes into having a forward view onto the titles that are coming up, when to market them, and hence enhancing the proposition we have. If you take a longer term horizon, we flag that we hope that with Engage we can make it a sort of mini Keywords within Keywords as well. You'll see us keeping investing and prospecting into that area. Just one addition to the last point. All right. For the Engage marketing, you mentioned in the results that there have been some delays to the second half. Is any of this related to the macro uncertainty or is it just like specific reasons? N-no. No. I mean, what you find is the bigger you are, the less exposure you have to very specific client situations. That's why in game development, you know, we always experience delays, occasionally cancellations, but across 1,500 engineers, you don't really see it at the Keywords group level. Marketing are obviously our smaller studios. We're at the very early stages of building that out, and you know, something that happens that's very specific to one customer can be more meaningful to the studio. It's more very specific customer-led than any sort of trend that we would want to call out at this stage. I'll add one more point on that, which is a bit more macro, but I was alluding to some of the ABRs or top to top that we're starting to do, which we didn't do before, which is interesting. It's really multiple of our studio hub leaders, service line leaders coming together with top 20- 30 at a client's space, CEO included. One of them was for example, full day being spent over there. We discussed about those forward-looking as well. We spend a lot of time on the first service lines. I love the Engage discussions because they're really about help us shape it, help us. What will it take? What does it take to get to the CMO's budget? What are your needs that ain't there? Where do you have dissatisfactions because traditional media companies don't serve the gaming space the way it should—they should be done. A lot of it is being done in engine, cinematic, a type of build that you have behind, multiplayer coming at the same time. We have a good DNA to be able to do that. I always come from some of the discussions, which end up saying, "Look, here are some pieces of the puzzle in influencer marketing. Here are some pieces of the puzzle in performance marketing that we are missing right now." The team keeps reminding me, "Bertrand, we have a strong proposition already, so keep anchoring on that." I'm fascinated by the gaps we have and how we can build that, and I'm convinced we'll be able to build. We have strong leadership in place as well that you might have seen in the CMD. Anyway, it's the smaller one of the three right now, but it's one on which there is a strategically something very interesting to be built. Thank you. Just conscious of time. Do we have any more? We have one question from the webcast, and I think that's probably the last question we should take. It's really about the competitive landscape. Keywords just over 5% market share, and the next largest player is about 2%, and then it tails off. Are any of those top nine competitors also full service and therefore comparing like for like or any of them at that 2% but only specializing in game development or art or so on. Are there any things we should think about from there? I'll start, Jon. Maybe it's largely specialist. You have some who are really in Game Dev and who are coming from an art point of view and expanding a bit in Game Dev as well, but really specialize on that and stating that they wanna stay effectively into that and starting to increase the footprint. Some are more specialized per region. Some have been in localization/QA from day one, investing really in there, and that we see typically on the road. You have some others that it's tough to quantify exactly how they qualify, but take the BPOs, for example, player support, where you have big organizations that are multi- industries way beyond games, including software, including in medical, including in health, et cetera. Coming into the push we have with the team is how do we really win in game? How do we really build on the credentials we have? How do we make sure we are not just a customer support, but that we really use the data we have, the insight we have, the knowledge about games we have? How do we feed that back into the dev teams early on, if it's a Live Ops operations, if you build new worlds? How do we feed that back into the marketing team so that we can tap into the influencers? How do we convert our agents into true concierge service so that they can help the VIPs? How do we have CRMs in place so that we can have the right data so we know that Giles coming in, for example, is really a VIP that we wanna serve in that? That's where we can win. Against this, those more, I would say, micro players, multi-industries, it's more the specialty that we can have and technology again. For the rest, I really see a strength personally on being the full offering because you can, again, take the example I was taking earlier about Mighty in terms of technology. Where does it sit? Does it sit purely in QA? If you're a QA player, you'd only put it there. I'd love to put it into Dev QA next to the dev so that they get to see how much they can iterate the game and the healthiness of the game. We can start really having those discussions right now. Last point I would add is Game Dev is a key part of those discussions top to top, because that's where the biggest shortage really is. That allows us to be at the door at CEO level because there's a massive appetite, massive need, but then allows us to have the broader discussion afterwards or with the newer players to have that discussion at first, but then to start planning for everything we can do on the back of them. Many start the discussion by, we don't wanna have a plethora of players, of small players where we don't necessarily know the quality, we don't know if they're there for the long term, we don't know their strategic intent. There is a consolidation. You see at publisher level, if you, even if you do the mapping in LinkedIn or the number of jobs that are called External Development Partner on the publisher level, it has really increased certainly over the last year as well, which I think plays probably to our strengths. Thank you. Thank you. I think it's time to wrap it up. Thank you very much for coming in the room. Thanks for the questions as well, online. Thanks for following our story as well. On a personal note, I'm coming close to my first year, and I'm probably more pumped than I even was before joining. I think there are really good fundamentals. We talked about being the picks and shovels. Might not seem sexy, but there is really a platform player that is building up in here that I find very compelling. Thanks, everyone.