Good morning, everyone, and thank you for joining us today. I'm Jan Karas, Chairman and CEO of OPAP, and I'm very pleased to welcome you to this important presentation regarding the proposed combination of OPAP and Allwyn. I'm joined today by a distinguished group of colleagues: Pavel Mucha, CFO of OPAP, Robert Chvátal, CEO of Allwyn, Ken Morton, CFO of Allwyn, and Katarina Kohlmayer, member of the board of both Allwyn and OPAP, and a representative of KKCG, Allwyn's controlling shareholder. Together, we represent the leadership team that will guide the post-acquisition group forward. Each of us will share perspective on how this combination creates a stronger, more resilient, and more innovative business for the future. Every industry has defining moments, moments where scale, strategy, and vision align to build a stronger and promising future. This is one of those pivotal moments for OPAP and Allwyn, and we are excited for what the future holds. Together, we are not just executing a transaction. We are reshaping the future of the gaming industry. I'm pleased to say that the transaction we are introducing to you today has been unanimously recommended by the OPAP's board of directors, and this decision was driven by a number of reasons. First, by combining OPAP and Allwyn, we are bringing together two established leaders. One is deeply rooted domestically. The other is a multinational innovator. Together, the two companies will become a global lottery and gaming champion. Starting with OPAP, the number one lottery, sports betting, and iGaming company in Greece. As many of you know, we have deep roots in the local community, society, and country. In addition, we have a successful track record on the Athens Stock Exchange, where we have generated significant value and returns for our shareholders over the years. Now, turning to Allwyn. Allwyn is the leading lottery operator across seven markets, with well-established positions in lottery, retail, and online, as well as in iGaming. It's also a significant shareholder in Betano, one of the largest and fastest-growing online sports betting and iGaming businesses globally. Betano is also the clear leader in Brazil, one of the most exciting and fast-growing markets in the world. And most recently, through the planned acquisition of PrizePicks in the U.S., Allwyn will become the category leader in the high-growth daily fantasy sports market. Now, looking at the combination itself, together, OPAP and Allwyn will create a highly diversified platform with leading market positions. A platform with significant exposure to some of the most exciting growth markets in gaming. A platform with strong, high-quality cash flow generation, and a platform that can control its own fate and meet the demands of today's consumers through its in-house tech and best-in-class content. The combination is also set to benefit from Allwyn's strategy of reinvesting cash flow in value-accretive M&As, an area where it has an excellent track record. Importantly, Allwyn has consistently paid large distributions to its shareholders over the years alongside its M&A strategy, and the combined entities dividend policy will include a continued commitment to substantial cash returns. So overall, the combination presents a highly attractive opportunity, delivering both income and growth for investors while establishing a global leader in gaming entertainment. Of course, OPAP and Allwyn are no strangers. Our partnership goes back more than a decade, and the result speaks for themselves. Under Allwyn's stewardship, OPAP has massively outperformed the ATHEX, delivering more than 500% TSR since Allwyn and KKCG first invested in 2013. Over the past few years, OPAP's EBITDA has been driven by three factors: the resilience of the legacy retail operations, which provide the foundation of our cash flows and which we have been able to maintain, the successful dual-brand strategy in the online market, and a large benefit from the GGR contribution prepayment, which has increased our EBITDA by around EUR 235 million each year since 2020 and has also been an important contributor to our cash flow. These payments were a meaningful element of our growth and allowed us to maintain a higher level of dividends that would otherwise be impossible. They will turn from a tailwind to a headwind when the GGR contribution prepayment comes to an end in 2030. Going forward, there are only limited opportunities to replace this source of value, and this brings me to the broader industry context and another reason why this transaction is so important for OPAP and its shareholders. The lottery and gaming industry is transforming at an accelerating pace, and with that, opportunities are coming for those positioned for success and big challenges for those relying on legacy models. So what are these industry challenges, and why is this transaction so compelling right now? First, customer expectations are continually evolving and are set by best-in-class entertainment offerings from outside gaming, for example, streaming and social media. These offerings layer social features, fun, and personalization into a seamless journey, which all customers have come to expect. The pace of change is such that what is best in class today will no longer be best in class tomorrow. Second, keeping up with these expectations requires differentiated content and the best technology, including the adoption of the latest advancements in AI. The right technology accelerates innovation, decreases time to market, and enables operators to offer the best products, but here is the reality. To make the necessary investment in tech, scale is now a prerequisite. Scale allows companies to efficiently invest in the required capabilities needed to meet customer expectations. In today's environment, scale isn't a nice-to-have. It's a must-have for staying competitive. Overall, the ever-changing gaming market is being redefined by three forces: digital content, innovation, and increasing returns to scale. Looking forward, a global leader with a breadth of products, a wide geographic footprint, and high-quality proprietary content, technology, and digital capabilities is uniquely positioned to capture all these opportunities. This brings us to what the proposed transaction means for OPAP shareholders going forward. This is a fundamental step change. It positions us to compete more effectively, innovate faster, and capture opportunities that were previously out of reach. The combined business will also be much more diversified, increasing delivery and optionality we have to grow, and improving the quality and resilience of our cash flows. Furthermore, the new platform will operate as one under the Allwyn name and brand. OPAP will also adopt this identity in Greece, benefiting from a vibrant global brand that embodies innovation, entertainment, and leadership in gaming. The financial benefits are equally compelling. Shareholders will benefit from double-digit accretion and a base dividend that remains unchanged at EUR 1 per share, with upside through special distributions or buybacks. And importantly, this transaction provides exposure to a significantly higher growth and more diversified business. This is about creating value today and building a stronger, more diversified, future-ready OPAP for tomorrow, which is something we are all excited about. With that, let me now hand over to Katarina, who will provide you with more details about the transaction. Thank you, Jan, and good morning, everyone. Let me start by saying that this is a really exciting moment for OPAP and Allwyn, one that I believe will define our continued future success and one that I'm proud to be presenting to you today. I'll start by outlining the structure of this transaction. As of today, Allwyn owns 52% of OPAP, with the remaining 48% held by shareholders like you. As a part of this transaction, Allwyn will inject all its gaming assets, excluding its stake in OPAP itself, into OPAP in an all-share combination. Post-transaction, KKCG plus J&T Arch will hold 78.5% in the combined company, with the remaining 21.5% held by OPAP's public shareholders. Pro forma for the transaction, OPAP shareholders will own a significant share in a much larger and more diversified business with significant growth prospects and more resilient cash flow generation. The combined entity will be rebranded to Allwyn and, importantly, will retain its listing on ATHEX. You may ask why Allwyn and KKCG are so excited about this transaction. The benefits are clear. First of all, as Allwyn has reached a critical stage of its development in terms of scale, visibility, and reach, becoming a public company is the next natural step. A public listing will provide us with access to equity capital markets for future growth, and we elevate the profile of our combined platform. Secondly, OPAP and Allwyn know each other very well. As a public shareholder in OPAP, you will appreciate the long-standing partnership and value creation manifested in OPAP's impressive share price performance and dividends paid under Allwyn's stewardship. Strengthening this bond further is our preferred route to public listing, as we see no better way to achieve this than alongside our trusted partner. Thirdly, the transaction streamlines group structure, maximizes alignment of interest with OPAP shareholders, and simplifies governance. Therefore, we at Allwyn are excited for the public shareholders in OPAP to be part of the combined company and benefit from its future growth and sustainable cash flow generation. Let me run through a key terms of the transaction. Post-transaction, shareholders will continue to benefit from a clear dividend policy, a minimum EUR 1 annual dividend for each financial year, plus an EUR 0.80 special dividend post-closing, which effectively replaces what would have been OPAP's final dividend for 2025. The combined company will be led by the existing Allwyn management team. Robert Chvátal will be CEO. Robert has been leading the group from the very beginning, initially as the CEO of the Czech business, then as the group CEO leading the international expansion. Kenneth Morton will be CFO. The current OPAP management team will continue to lead the operations in Greece and Cyprus, and our founder, Karel Komárek, will chair our board of directors, which will be comprised of 50% independent directors. Through this transaction, we are transitioning Allwyn from a private company to a listed business. Therefore, we have opted to introduce a dual-class share structure with ordinary and preference shares. Preference shares have a higher voting rights, a negligible economic value attached to them, and will be issued exclusively to KKCG. KKCG will hence hold 85% of the voting and 75% of the economic rights. Why are we doing this? Our strategic goal is to grow Allwyn and maximize long-term shareholder value. This structure enables us to use equity for future growth while maintaining Karel's control and active stewardship of the business. The headquarters of the combined group will be in Switzerland, with our listing, as mentioned previously, remaining on ATHEX. Furthermore, we intend to pursue an additional listing on another leading international exchange. I'd like to spend a brief moment on the anticipated transaction timeline. First, the transaction is subject to OPAP's shareholder approval, with support required from two-thirds of the participants at the EGM, which is expected towards the end of this year or early next year. Second, the completion is anticipated in Q2 2026, subject to regulatory clearances and customary closing conditions. I would like to end with some thoughts on the importance that Greece carries for us and the commitment to Greece we will continue to have. This is the bet in time we have invested in Greece in 2013, at a time when only few people had Greece on their radar to deploy capital. We were among the first, and our conviction remains. OPAP's deeply rooted Greek heritage is and will remain a core strength of the combined group. We at Allwyn recognize and truly value the amount of the amazing gaming industry talent and innovation which emerges out of Greece. Outside of OPAP, Allwyn is invested in three other companies in Greece: Allwyn Lottery Solutions, Novibet, and Betano, which employ an additional 2,500 people in Greece. Ensuring these jobs are safeguarded and investments are protected is critical for us. Therefore, it is paramount that this transaction preserves OPAP's Greek DNA, which goes beyond purely doing business in Greece but positively impacts the community. The transaction reinforces our deep commitment to CSR and our local communities, as demonstrated through initiatives such as the renovation of two children's hospitals in Athens and OPAP in the N eighborhood, which provides free medical checkups across Greece. We are very proud of these projects and have concrete plans for further additional ones. With this, let me now hand over to Robert, who will provide you with more insights into Allwyn. Thank you, Katarina, and hello, everyone. I'm pleased to introduce Allwyn to those who may be less familiar with the company and to provide a recap for those who already know us. We are the leading multinational lottery and gaming operator, and we operate lotteries in every European country where they are privately operated, with the exception of France and Ireland. We are also present in the United States, where we operate the Illinois State Lottery and provide online instant win games, known as e-instants, to multiple lotteries across the U.S. and Canada. We are further expanding our presence in North America through the recently announced acquisition of PrizePicks, the category leader in daily fantasy sports. This acquisition gives us a leadership position in a very exciting and high-growth vertical. Turning to sports betting and iGaming, we have established complementary operations across a number of our lottery markets, and through our interest in Betano, we benefit from multiple market leadership positions across Europe and Latin America and a differentiated platform for growth. Importantly, we own technology in core parts of the tech stack and best-in-class content, giving us greater control over our products. Financially, we are a substantial business. In the last 12 months to June 2025, pro forma for the announced acquisitions of PrizePicks and Novibet, we generated EUR 1.9 billion of EBITDA. And I would also highlight that we benefit from high margins and very strong cash flow generation. Over the last decade, Allwyn has transformed. We started as a single-market domestic operation in the Czech Republic, and today we are a diversified multinational operator. We achieved this growth by winning competitive tenders as well as through disciplined M&A, and importantly, it has all been entirely self-funded without any external equity raised. I joined the group at the very beginning of this journey in 2013, running the Czech operations from which we built Allwyn, and I'm very proud of what we have achieved, and as you will hear, I'm very excited about what the future holds. Our footprint now spans both Europe and North America, benefiting from significant scale and diversification. In the middle of the page, you see that in the last few years, we have strengthened our platforms through targeted bolt-on acquisitions in key areas of the tech stack and content. These investments are critical for sustaining innovation and product differentiation, which are strategically important in the gaming sector today and going forward. Subject to obtaining the required approvals, the pending acquisitions of PrizePicks and Novibet are particularly exciting for us. Beyond very strong positions in their respective markets, both companies also operate differentiated proprietary technology that expands our capabilities. And finally, I'll move to Betano, one of the largest and fastest-growing online sports betting and iGaming businesses globally. Betano's rapid expansion has been enabled by its fantastic platform, which is almost unique in the gaming sector. Betano owns a best-in-class tech stack and operates a single brand globally. Next, a few words about our strategy, which is fundamentally the strategy that we have consistently pursued since the formation of Allwyn and which has driven the great financial and strategic performance that Ken will talk about in a few slides. I would also start with organic growth. We constantly seek to accelerate the pace of organic growth through targeted initiatives across both retail and digital channels, product innovations, as well as tech platform deployments, always maintaining our customer focus. Additionally, we are known for operational efficiency. It is part of our culture. We benefit from scale as one of the largest companies in the industry. On the next slide, I will mention a few words about inorganic growth, which has contributed to our diversification and scale through new market entries and complementary acquisitions in technology and content. And last but not least, ESG is deeply embedded in our operations, in particular with regards to responsible gaming. This is a must in our industry. So while our overarching strategy has remained largely consistent, we have increased our focus on technology and content. This shift is evident in our recent M&A transactions, our continued investment in-house capabilities, as well as new initiatives such as AI, which are key to accelerating innovation and further differentiating our product to continue to deliver a best-in-class customer proposition. We have equally invested into the Allwyn brand. As Betano has demonstrated, a single global brand has benefits in terms of cost, new market entries, and our stakeholder positioning. So in summary, we pursue a one tech, one brand, and one team strategy, remaining firmly centered around one clear purpose, making play better for all. A few words on our founder. Our founder, Karel Komárek, who is a highly successful and visionary entrepreneur, is involved in setting the vision and strategy. He understands the key shifts impacting the gaming industry and the need to be able to respond to these shifts faster than most in the industry. He really enjoys growing and building successful businesses. On top of that, Karel brings his wealth of experience, entrepreneurial savvy, and a broad network of relationships with global leaders from the worlds of both business and government, and going forward, he will remain the controlling shareholder, chair of the board, and be actively involved in driving Allwyn's growth, and that's a great thing to have. Because for me personally, as I have been working with him for 13 years, it's just a privilege to be part of this team, as he puts a lot of emphasis on teamwork, and that resonates with how I try to manage the business. I will now hand over to Ken, who will provide you with an overview of our outstanding financial track record and what it allows us to do. Thank you very much, Robert, and good morning, everybody. I'm very pleased today to be able to start with one of my favorite slides, which shows some of our key P&L metrics and cash flow metrics going back to 2019, which is the last year, of course, before COVID. As you can see, the trend on all the charts is very nice, with our revenue, our adjusted EBITDA, and our EBITDA minus CapEx all growing at a compound rate of about 20% per year, and that's excluding the impact of the PrizePicks and Novibet acquisitions. Obviously, when you compound over a long period at a high rate, you get some very impressive growth in absolute terms, and the business is now a multiple of the size that it was just a few years ago, pretty much any metric that you look at. Finally, just to note that the slightly lower growth in EBITDA minus CapEx last year reflects a peak in CapEx as we've been investing in a major transformation at the National Lottery in the U.K. at the start of a new license. The next slide summarizes how our strategy, which Robert has just been talking through, has driven our growth. It shows pro rata EBITDA, EBITDA nets in our economic interest in each business, which allows us to split out the contribution of organic and inorganic factors without any noise from acquisition accounting. For reference, there's a reconciliation to our reporting numbers in the appendix. The organic contribution is the light green floating bar, and that is essentially like-for-like growth in the businesses that we earned at the beginning of each year, and the inorganic contribution is the light blue floating bar to the right. You can see that we've very consistently had a nice contribution from each of those strategies each year. We're really proud of our track record with both organic and inorganic growth, and the fact that we're able to consistently grow through both levers is a big strength of our platform. On the next slide, our cash flow is another key strength of the platform, and you can see that it has allowed us to invest significant amounts in M&A at the same time as making very substantial distributions to shareholders and deleveraging. We've invested over EUR 2.5 billion in M&A since 2019, and that, again, is excluding the investment in PrizePicks and Novibet, at the same time as paying EUR 1.7 billion of dividends to KKCG and deleveraging. That was all achieved, for avoidance of doubt, without any additional equity financing or using our organic cash flows and our balance sheet. I'd also mention that our cash flow is very nicely diversified and therefore very resilient. All our material businesses are very substantially cash flow positive, and that includes even the fastest-growing businesses like Betano and PrizePicks. To summarize, from a financial perspective, Allwyn is just a phenomenal business. There are really very few businesses in any sector which have the combination of scale, the rapid growth, the diversification, high margins, strategic optionality, and cash flow generation that we have. The next slide is an overview of the four key geographic markets in which we operate and which we'll be using as the framework for our reporting going forward. I'll walk through these in more detail on the following slides, starting with continental Europe. Our continental European business comprises market-leading positions in lottery across Europe, as well as complementary scaled sports betting and iGaming operations in most of those lottery markets. As you can see in the pie chart on the bottom right, lottery is the biggest product, but iGaming and sports betting are also large, high-quality businesses in their own right. It's a substantial business, generating EUR 1.3 billion in EBITDA in the last 12 months, and it's the business where we've been active for the longest, and we're very proud that we've been able to deliver steady compounding growth over a long period. Just to highlight one data point, NGR grew an aggregate of 7% between 2022 and 2024. It's also a nicely profitable and cash flow generative business with EBITDA margins in the low to mid-40s and very limited CapEx. Our growth over the last several years has been primarily driven by digital, and we do expect that that will continue to be the case. Our strategy is focused on offering a really compelling consumer proposition in the online channel. It's focused on continued momentum in innovation and also leveraging the benefits of our own technology and content. The one-third, approximately, online share of revenues is therefore growing steadily, and at the same time, the retail channel is extremely resilient. The slide with data points which bear that out in the appendix. North America has been a strategic focus for Allwyn for quite a number of years, as we focus on the biggest growth opportunities in the casual gaming entertainment sector. It's a very large market, and it's also, importantly for us, the market where some of the most exciting innovations in gaming are taking place, and that's especially the case in the online channel. We're the number one provider of e-instants or e-scratches to state lotteries in the U.S. through our business, Instant Win Gaming. This is a great business in its own right, and also it has some interesting synergies with our other operations. We're also the private manager of the Illinois Lottery, which is one of only three lotteries in the U.S. that are run under private management agreements, and our recent agreement to acquire PrizePicks, which is the category leader in daily fantasy sports, really solidifies our position in North America, adding another very significant market-leading position in a really large and exciting product market. PrizePicks is a great business. It's high growth, it's cash flow generative, and it's got a management team that is really focused on constant innovation of its product. That's been one of the factors that's driven the very strong growth that that business has delivered over the last several years, and the ethos is a really great fit with the way that we think at Allwyn, and that's one of the reasons why we're so excited about the acquisition. So to summarize with regards to North America, we're confident that we're going to be able to continue to drive further strong growth across our products in the U.S., and this is a market where we see a lot of opportunity. In the U.K., we're the exclusive licensed operator of the U.K. National Lottery. We're at a relatively early stage of our operations in the U.K., and our current focus is on upgrading the legacy tech infrastructure that's been a constraint on innovation for quite some time. The UK is one of the biggest lotteries in Europe, but if you look at penetration of the population, if you look at ARPU, if you look at the game portfolio, if you look at underlying financial trends over a long period, and compare those with our continental European markets or with other big European lotteries, you can see that there's a lot of potential to improve performance across a whole range of parameters. The tech transformation is still a work in progress, but we're very pleased that we've already begun to see some nice trends in financial performance and also some of the operational metrics that we focus on over the last few quarters, and we expect that our investments and the commercial initiatives that we've got planned are going to continue to drive top-line growth, higher earnings, and higher cash flow over the medium term. Betano, in which we own a 37% interest, is one of the largest and fastest-growing online sports betting and iGaming platforms globally, and at the same time as delivering very strong top-line growth, it's also very profitable and cash flow generative. LTM EBITDA was over EUR 850 million, and that comes after several years of very strong top-line trends. As you can see, NGR grew at a CAGR of over 80% between 2022 and 2024. Betano's got a strong and very diversified presence across multiple regulated markets in Europe and LATAM, and I'd highlight in particular that Betano is clear leader in Brazil, which is one of the most exciting opportunities in gaming globally. The growth and profitability that Betano has consistently been able to deliver reflects, to a large extent, a very highly differentiated platform as well as a great management team. Firstly, the team is really focused on delivering a best-in-class customer experience, and they're supported in that by having a fully owned integrated tech stack, and in addition, they're one of only very few global gaming companies that operate under a single brand everywhere where they're present. Combined with the very large scale of the business, that's allowed Betano to operate a quite differentiated marketing strategy with a focus on the largest global teams and events. That drives efficiencies in marketing costs, and it also provides very significant brand awareness ahead of entries into new markets. That combination of a single brand and a single best-in-class tech stack gives Betano some pretty significant competitive advantages in existing markets and also provides them with a great platform to enter new geographies. As you saw on one of the slides earlier, which Robert presented, Betano has been very successful at expanding its footprint into new markets over the last several years. With the increasing returns to scale and importance of technology, which Jan was describing at the start of the presentation, Betano is clearly very well placed to continue to thrive. With that, I'll hand back to Jan to present you the merits of the proposed transaction in more detail. Thank you, Ken. It's clear that the combination of OPAP and Allwyn, which creates a leading global lottery and gaming operator, is attractive both strategically and financially for our investors. In the next few slides, we'll walk you through six defining factors that really tell the full story of this transaction: scale, growth, digitalization, diversification, earnings and cash flow accretion, and shareholder remuneration. Turning first to scale. The combination will create one of the largest listed lottery and gaming players globally, from top five to second-largest listed operator by EBITDA. But this isn't just about being bigger. Scale means a larger, future-proof platform, more investments in technology and product innovation, a more diversified offering, and faster innovation for customers. In other words, scale is not simply size. It's the enabler of competitiveness, innovation, and growth. Speaking about growth, the transaction delivers a significant growth acceleration for OPAP shareholders. EBITDA growth rising from low single digit on an organic basis today. This level of organic growth will be further enhanced by Allwyn's inorganic growth strategy, which is very evident when taking account of the PrizePicks and Novibet acquisitions in the near term. This kind of growth acceleration would not be achievable by OPAP on its own. Moving on to digitalization, a driving force for business growth and the upgrade of customer experience. Allwyn brings strong digital expertise with proprietary technology and the ecosystem around it. Having control over core technologies, Allwyn can innovate faster and then deliver at a pace that meets customer expectations. As I mentioned previously, these are now increasingly set not by gaming operators, but by the best-in-class global entertainment and social media products. Next, Allwyn's best-in-class proprietary content enables the delivery of a pipeline of fresh, locally relevant, high-performing, and important, unique games, which drive customer engagement and retention. Finally, AI is a key engine of future growth in gaming. By significantly increasing scale through this transaction, we'll be able to embrace AI at a much faster pace, unlocking new play categories, delivering advanced personal gaming experiences and marketing, and further improving player protection. Let's now turn to the important element of geographic and product diversification. OPAP shareholders will benefit from the diversified geographic exposure of the combined group, compared with OPAP's very heavy exposure to Greece, with only Cyprus offering a small element of diversification. Excitingly, this includes exposure to key growth markets such as the U.S., Brazil, and the rest of Latin America. From a product standpoint, investors gain exposure to complementary and innovative offerings, such as daily fantasy sports from the recently announced PrizePicks acquisition, alongside the optionality to leverage these to enhance differentiation and deliver a truly best-in-class customer proposition in existing operations. Now, let me hand over to Pavel, who will take you through the financial benefits of this transaction in more detail. Thank you, Jan, and good morning to everyone. The financial benefits for OPAP shareholders are easy to see and compelling. First, the transaction delivers a materially enhanced growth profile in the medium term, as well as multiple levers to continue that growth in the long term. Second, it delivers exceptionally strong cash conversion of well over 90% on a run-rate basis, but more importantly, the combination creates a larger and more diversified portfolio. The business is no longer dependent on GGR contribution prepayment, which is currently materially impacting EBITDA by circa EUR 235 million per annum and cash flow by approximately EUR 200 million per annum. That means the dividend stream is of much higher quality and more resilient, even after 2030, when the GGR contribution benefit comes to an end. Third, the deal is double-digit accretive to both EPS and free cash flow per share from the first year post-closing. Finally, the transaction creates real value with ROIC exceeding WACC from the second full year post-closing. We view a disciplined capital allocation framework, which delivers shareholder returns as essential. In addition, we will run an efficient, conservative, and flexible capital structure. Post-transaction, OPAP shareholders will be paid a dividend of EUR 0.80 per share. Going forward, shareholders will be paid a minimum of EUR 1 per share, in line with OPAP's existing dividend policy, with the possibility of additional special or extraordinary dividends. Our medium-term leverage target is around two and a half times net debt to EBITDA, which will provide sufficient flexibility for further value creation through investment in M&A. To sum up, before moving to guidance, we're really excited to move forward with the proposed transaction, as it will provide OPAP shareholders with significant strategic and financial benefits. In respect of strategic factors, I've outlined the improved scale, growth, digital leadership, and diversification, creating a leading platform across a wide range of markets and products. From a financial perspective, the transaction will result in accretive earnings and cash flow, while retaining a firm focus on shareholder remuneration, echoing OPAP's current dividend policy. Now, allow me to hand over to Ken, who will walk you through the financial guidance. Just like covered guidance for net revenue by business, as well as our expectations for the trajectory of margins, we've also included net revenue growth on a consolidated basis to fully frame the outlook for you. To touch on some of the key points, we expect consolidated net revenue growth to accelerate from mid-single digit on an underlying basis in 2025 to mid-20s in 2026, with a tailwind from our planned acquisitions of Novibet and PrizePicks before continuing in double digits in 2027. So overall, that's a strong trajectory from a top-line perspective, in line with our performance over recent years and with an additional kick-off from our acquisitions. With respect to profitability, we expect a solid EBITDA margin of 37% in 2025, and we expect that to increase, reaching 40%+ in the medium term. Again, the margin trends for individual businesses and in aggregate are expected to be broadly in line with recent years, with some benefits from operational leverage and efficiencies as we grow. We've provided a second page of guidance, which is intended to help you model the remainder of the P&L and our key cash flow items, highlighting a few points to note. With regards to CapEx, we expect CapEx to progressively decrease as we complete the transformation in the U.K., which will drive a nice increase in cash conversion and cash flow generation. We're currently incurring some one-offs, primarily related, again, to the U.K. transformation and also to the rollout of the Allwyn brand as a consumer-facing brand. We expect those to reduce to a de minimis level in the medium term. I'd also mentioned some upcoming outflows relating to our investments in inorganic growth and renewal of our licenses. In particular, we have some upcoming payments in relation to our Italy license, which we were delighted to renew earlier this year, and to the acquisitions of Novibet and PrizePicks, which we've already mentioned. I'd like to finish up by mentioning that we've been an active issuer in the European bond market since 2019 and in the U.S. market since 2023. We understand that it's really important that our investors have good quality information, and we make a big effort to provide what they need. We've now been publishing quarterly earnings with MD&A and doing quarterly investor calls since 2019, and we participate regularly in investor conferences. In connection with this transaction, we've published an Excel data book on our website, which summarizes key quarterly financials by business and on a consolidated basis going back for a number of years, and I hope that will be useful. With that, I'd like to hand back to Robert to summarize some of the key points that we would be happy if you took away from our presentation. Thank you, Ken. To conclude, please allow me to re-emphasize some of the key reasons why this transaction is compelling. Since 2013, KKCG and Allwyn have accompanied and supported OPAP and transformed it into a modern Greek gaming champion, delivering strong returns to shareholders. We have also observed natural limits of one-country focus, and this transaction will be the next stage on that journey. The proposed structure positions OPAP shareholders for success in a fast-paced and changing industry, thanks to Allwyn's scaled and differentiated platform, a platform of own tech stack, own content, additional competencies, and financial power to compete and give back on a global scale. Our track record is more than proven. OPAP shareholders will benefit from a unique combination of growth, geographic diversification, a broader product portfolio, and steady cash remuneration. I have been part of OPAP and Allwyn's journeys from the very start. I'm a member of both boards, and therefore, I would be truly thrilled to continue partnering with you as shareholder in combined business. I have enormous respect for our Greek team, and Greece is remaining a very important base for Allwyn, with OPAP, Allwyn Lottery Solutions, Stoiximan, Betano, as well as Novibet teams. This marks the beginning of an exciting chapter, and we couldn't be more energized about the journey ahead. We value the trust that you have put in us as stewards of OPAP, and we are committed to continue to deliver on that trust with purpose, passion, and performance. We will have an open Q&A session this afternoon, and I would be delighted if you were to join. Thank you very much.
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