Ladies and gentlemen, thank you for standing by. I am Gayly, your Chorus Call operator. Welcome, and thank you for joining the Allwyn AG Investor Conference Call and live webcast to present and discuss the first quarter 2026 preliminary results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Robert Chváta, CEO. Mr. Chváta, you may now proceed. Thank you very much. Good morning or good afternoon, everyone, and welcome to Allwyn's Q1 2026 earnings call. I'm particularly proud to present this quarter to you, not only because of the strong momentum and exciting developments in the quarter, but also because this is the first set of results post the combination of OPAP and Allwyn. This is obviously a real milestone that positions the group as differentiated, scaled, and diversified listed gaming company. In today's slides, I'll be walking you through key business developments. I will relate them to our strategy, and then we'll hand over to Ken for some more detail on our numbers and financial topics. Let's get started with key Q1 headline as a strong start into 2026. Stay tuned. Q1 was a very strong start to the year with great progress both strategically and financially. Financially, net revenues was up 21% year-on-year. Adjusted EBITDA increased 24%, and adjusted EBITDA minus CapEx free cash flow was up 30%. It was driven by strong underlying performance and the acquisition of PrizePicks in mid-January. That strong cash generation is a key feature of our financial profile and supports obviously our high capital returns. We paid EUR 0.80 a share in May. We have announced EUR 150 million buyback today, and we expect an interim dividend of EUR 0.20 in the second half of 2026. We also continued to execute our strategy, which is proven, during this quarter and across the markets. The pictures are headlining key achievements in this quarter, and come back to some of them later. Overall, a strong start. Numbers speak for themselves. Next slide, headlines, consistency and delivery of our strategy, which we have been executing for many years. It is based on the pillars of organic growth, of M&A-driven inorganic growth, on operational efficiency, and also CSR or commitment to sustainable growth. Thanks to the trust, and this basically has to highlight the trust and responsible gaming, which is very important in the gaming business, serving tens of millions of players and consumers every year. This is the strategy that has delivered one of the fastest growth rates in gaming. For the context, we highlight some examples of how this translates into tangible delivery across key priorities, both in the quarter and over the long term. For example, the Q1 saw a 23% online GGR growth, and this is a short-term highlight. If you look longer term, Continental Europe net revenue growth since 2019 was 12% compounded. Allwyn started to focus, and this is another important message, to start focus very attentively on three key enablers that the group develops, namely one brand. You will see we already started rebranding in recent Czech Republic. Allwyn will build not only B2B operator brand, but going forward, also B2C consumer brand. Number 2, One Tech. We will develop and deploy more of our own tech stack in lottery space. We can see clear benefits of having such capability in Betano and PrizePicks case. Last but not least, one team is the last enabler, where a strong single culture is of course key to delivering our ambitious goals. Moving to the next slide, that takes us nicely to the message where we break down for you how the strategy, its key deliverables play out across all four market segments, namely Continental Europe, U.K., North America, and Betano. I will highlight some of them in more detail, but at this point, I'm proud to say that combination of, on the one hand, consistent delivery and on the other, diversification is a really important differentiator for Allwyn. On the next slide, let me be a bit specific. I mentioned one brand enabler, and here's the concrete proof. We had a successful go live in January in the Czech Republic, Greece, and Cyprus. We have been very pleased by the consumer reception in the markets we've been rebranding. The adoption of the new global brand was very positive. That is also reflected in the strong financial performance, by the way, in these markets. As a quick reminder, the rationale for our global brand is threefold. First, it is to transform visibility of the Allwyn brand and to support our international profile and growth. Secondly, it is to ensure that we remain relevant and exciting to the next generation. This is very important. Thirdly, to optimize marketing costs and capture synergies across markets. There are only a few gaming operators with a strong global B2C brand. A great example is, of course, Betano, whose single brand has been one of the key drivers of its very strong growth and profitability. On slide nine, let me briefly recap the PrizePicks acquisition, which completed in January 2026. This has brought a technology-led, innovative leader in daily fantasy sports in the U.S. into the group. It's very important to remind that part of our broader ambition to become the world's leading gaming entertainment company, is to combine high-quality lottery-led operations with complementary high-growth platforms. PrizePicks has a great team, great product, and a great brand, and is front and center in fast-growing and opportunity-rich markets. That includes, moving to next slide, prediction markets. Message of this slide is, number one, prediction markets materially expand addressable market and engagement, so far, driving incremental growth without cannibalization. Secondly, PrizePicks are well-positioned to succeed given large and engaged player base they have, own tech they control, and also passionate and flexible team who's there to win. Therefore, it came quick and natural for them to come up with blended experience, combining team pick with player picks in a lineup, in a parlay. Let me expand on this. While DFS, daily fantasy sports, is still the majority of the business, prediction markets are a major opportunity to bring more ways for our players to engage with the content they love. Prediction markets expand PrizePicks addressable market in multiple ways. Firstly, they include match outcomes, event outcomes beyond the traditional DFS model for player stats. Secondly, they broaden the range of sports and categories available. For example, college basketball, which is huge in the U.S., but has not been a big sport for PrizePicks historically, unlike the NBA. Thirdly, they enable the enhancement of the DFS product. Each of these can expand both the number of the users and engagement per user. PrizePicks is in a great place to capture this opportunity. PrizePicks already has a very large and highly engaged player community. As I mentioned, it is a joy to see the passionate team craving to deliver PrizePicks customers a great experience. That is what allowed PrizePicks to go from challenger to leader in DFS. Turning to product on the right-hand side, we have been moving fast and just last Friday launched a blended experience that allows a team pick to be combined with a DFS player pick lineup. It becomes a seamless user journey between DFS and predictions. Far for players active in both DFS and predictions, we see no sign of cannibalization and instead see that the DFS activity of these players is actually increasing. Moreover, we are actually continuing to iterate and innovate our offering, and we have some additional features planned for the start of the American football season in September. To the U.K. on the next slide. U.K. reached a triple inflection point in the beginning of this year. One, we have completed the tech transformation transition, one of the largest transitions in lottery history. CapEx has now stepped right down and the OpEx related to the transition is complete. Secondly, we start recovery of the significant majority of those costs under the license mechanism. Last but not least, with our new tech, we are able to begin to launch major commercial initiatives. On that note, this month, we will launch an enhanced format for the domestic jackpot game Lotto with two draws in a day and thus two chances to win, which is a big change in the U.K. Front and center on the slides, we are bringing the U.K. into Powerball. This is the world's biggest jackpot game and the first launch of a U.S. multistate jackpot game outside the U.S. We are obviously proud that it is Allwyn delivering it, demonstrating our leadership in global lottery. Powerball is literally a different order of magnitude to the games that we currently offer in Europe. A great customer acquisition tool as well as a major game in its own right. Turning to the next slide. This is just an important reminder for you of our ongoing commitment to responsible gaming and CSR. Our initiatives in this space are not only the right thing to do, but they reinforce the social license of our business, which is essential for sustainable growth in the long term, to have the trust with both consumers and the regulators. Next slide 13. I will finish by briefly summarizing the highlights of the combined listed business following the recent completion of the transaction with OPAP. At a high level, you could think of the Allwyn platform in two very complementary parts. The first is a unique lottery portfolio supported by sports betting and iGaming operations in European markets. This is a high-quality cash generative set of assets with market-leading positions. It represents 70% of EBITDA. This obviously provides a very sustainable compounding, like a consumer staple-like growth as well as strong cash generation. For those of you who followed OPAP, these businesses are somewhat similar, though the total addressable market and the growth potential is now much greater. Secondly, we have a complementary market-leading high growth assets. This includes PrizePicks and our stake in Betano. These are among the most exciting assets in gaming globally and represents 30% of EBITDA. They are fast-growing businesses which enhance our growth profile significantly. We have our own content. A good example is IWG, which is the market-leading proposition in the U.S. for example, of eInstants, the digital scratch cards. We have our own tech and own brand, and these are key differentiators and enablers of growth and competitive advantage across Allwyn. That makes Allwyn unique. To be more explicit on what makes Allwyn unique, I want to lay out what sets us clearly apart and why we believe the platform is structurally advantaged. We have global scale. We are in continental Europe, U.K., Latin America, North America. We have exposure to lottery supporting really solid growth trends, but that are stable, predictable, and with broadest installed base, as lotteries have always the broadest installed base among the gaming world. This is always a great base to cross-sell. We have leading market positions across multiple geographies and businesses, which also gives us the benefit of diversification and optionality for growth. We already have very high cash generation. Together, these factors underpin a combination of growth and cash returns that is really differentiated and is core to our investment proposition. We look forward to delivering this proposition moving forward and are delighted to have got off to a strong start in Q1 2026. With that, I will hand over to Ken to talk through our numbers in more detail. Thank you very much, Robert, and hello to everybody on the call. I'm going to start with our financial performance in Q1, then I'm going to cover current trading and the outlook, and then we'll wrap up and move to Q&A. As always, we've tried to provide the information that our investors and analysts need in a clear and convenient way. We've included some slides in the appendix with some additional detail, in particular for the benefit of our debt investors. I'd also like to draw your attention to our financial data book, which is intended to make it easy to work through our numbers and also to build a model. As usual, we've published a new version of that on our website today. Before I start, just one point of context. Most of the financial information that we're going to be talking through today is presented on a look-through basis. That's a non-IFRS basis, which reflects the underlying performance of the enlarged group. Data on that basis does differ from the reported IFRS statements following the combination in March. Those IFRS statements will be published on our website next week. Moving to slide 16, where we have a summary of what that strong start that Robert was talking through translated into in terms of financial performance in our P&L. Net revenue increased by 21% year-on-year to EUR 1.2 billion. Adjusted EBITDA increased by 24% year-on-year to EUR 443 million. Net margin went up to 37% of net revenue. There are a couple of moving parts impacting comparability that I would mention now. Primarily, of course, the first time consolidation of PrizePicks from the 16th of January, and there are a few others which I'll talk through on subsequent slides. On an underlying basis, adjusting for those factors, net revenue was up 5% year-on-year, and I'd also highlight strong performance in the digital channel and in continental Europe as key drivers of that performance. On that same underlying basis, adjusted EBITDA growth was strong, up 11% year-on-year. That reflects another quarter of very strong top line and also profitability growth at Betano, as well as the positive net revenue dynamics that I just mentioned. Finally, on leverage, net debt to adjusted EBITDA was 2.8 times at the end of the quarter, and we remain committed to our 2.5 times target. Now on slide 17, we have a bridge for the development of adjusted EBITDA year-on-year to explain the underlying performance in Q1. Key takeaway here is that underlying EBITDA growth was 11% before the impact of the consolidation of PrizePicks during the quarter. I'd mention that is against a relatively strong comparative period in Q1 2025, where we had record jackpots in a number of our markets. Starting from Q1 2025, adjusted EBITDA of EUR 358 million. Higher gaming taxes in Austria were a EUR 14 million headwind. We have some supplier contracts that are linked to net revenue in Austria, as in many of our markets, and the EUR 14 million is net of the automatic mitigating effect that those contracts provide. We then have organic EBITDA growth of EUR 46 million, partly offset by the EUR 9 million effect of higher license fee amortization in Italy under the new license, which began in December last year. Taken together, that gives underlying adjusted EBITDA growth of EUR 37 million or 11%. Slovakia was a new market that we entered in the second half of last year, incurring some minor launch costs that we also show on the chart. Finally, PrizePicks was consolidated from mid-January. The consolidated reported number reflects consolidation from the 15th of January, slightly less than the full quarter's contribution, therefore. Slide 18, we've included as reference a brief summary of our segments for those who may be less familiar with Allwyn. Moving to slide 19, we've summarized performance in terms of those segments and included a buildup of the segmental performance into our aggregate metrics. Before we move on to our normal commentary on the individual segments, a few words on performance by product. We saw very strong growth in iGaming, which was up 30% year-on-year in the quarter. Also saw double-digit growth in sports betting and VLTs and casinos, which were up 12% and 11% respectively. Performance in lottery reflects the all-time record high jackpots that I mentioned earlier. There were record jackpots in EuroMillions, which is the international game that we offer in the U.K. and Austria. Also in Joker, which is the national game in Greece and Cyprus. Bearing in mind that difficult comparative, we're very pleased with the performance of our lottery products in Q1 this year. Of course, as Robert mentioned, we've got some really, really exciting product launches to come, particularly in the U.K. with the revitalization of Lotto and the launch of Powerball. Now turning to slide 20, where we recap the current splits and diversification of our business across geography, across product, across channel, and across type of license. That high degree of diversification is, of course, a real benefit in gaming with our operations under a large number of licenses and fiscal and regulatory regimes. From the financial perspective, it also helps to smooth volatility in our individual businesses and products between quarters, whether that's caused by sports betting margins or jackpots or FX. You can see that in the revenue performance that I commented on the previous slide. Strategically, of course, it provides us with a great deal of optionality. Having expertise across verticals and geographies is really pretty differentiated within gaming, and it's been a key contributor to the success of our M&A strategy over a long period. Now moving to slide 21, we begin with a strong start to the year in continental Europe, which is of course particularly pleasing as this is our largest business. We delivered good top-line growth with net revenue up 5% year-on-year, led by the digital channel and strong year-on-year growth across our products, with the exception of lottery, where I commented already on headwinds from large jackpots in the comparative period. Excluding the impact of higher gaming tax rates in Austria, underlying net revenue growth was actually 7%, despite that strong comp again. The bridge on the bottom left of the slide illustrates the impact of the main moving parts, which I discussed earlier on the aggregate waterfall on the continental Europe results, which is where all these factors came to bear. You can see that on a underlying basis, adjusted for those factors, EBITDA increased by 8% year-on-year. Moving now to slide 22, we show results for our North America business here on what we describe as a 100% basis. That's including PrizePicks for all of Q1 in 2026 and also for Q1 2025 for comparability. On that basis, net revenue increased by 5% year-on-year in USD terms with our reported performance in EUR reflecting an FX headwind as a result of a weaker USD against the EUR year-on-year. In terms of PrizePicks, we saw strong performance in the first couple of months of the year with growth in the low teens, with the eventual outturn for the quarter also reflecting customer-friendly outcomes in March. With that, we saw the contribution of prediction markets increase sequentially across the quarter despite a relatively early-stage product offering that, as Robert mentioned, is continuing to evolve rapidly. At the adjusted EBITDA level, we saw a decrease of 5% year-on-year, which mainly reflects those currency headwinds that I already mentioned. Finally, in North America, we have one exciting recent update from Illinois legislation, which would allow a three-year extension of the current private management agreement under which we operate the Illinois Lottery has passed both legislative chambers in Illinois and is currently awaiting the governor's signature. Commercial terms for that extension remain to be negotiated. Illinois's been one of the best performing lotteries in the U.S. in recent years in terms of draw-based games and eInstants, and also in terms of the digital channel. We think that we've done an absolutely great job of running this business, and we'd be very pleased to continue to deliver for the state and the people of Illinois. We'll keep you up- to- date with developments as they occur. Turning now to slide 23, we come to the U.K. The U.K. has been our only cash flow-negative business over the past two years as we've invested significant amounts in transition at the start of the new license. We've spent approximately GBP 450 million in total. Now that the transaction transition, apologies, is finished, we are positioned for a triple inflection in terms of our financial metrics, as Robert mentioned, in terms of revenue driven by product initiatives, in terms of profitability as we begin to recover transition costs, and also in terms of CapEx. Looking at the numbers for Q1, net revenue increased by 7% year-on-year on a local currency basis. As we've also called out on the slide, GGR was lower year-on-year in the first quarter. That performance reflects a strong comparative in which there was a record high EuroMillions jackpot, and also some short-term effects related to the digital re-platforming in the quarter, which we'd expect to continue to run into the second quarter to some extent. On slide 24 and moving on to Betano, which continues to go from strength to strength, as you can see there. Looking at the revenue growth on the top right chart, total revenue was up 27% year-on-year. Strong performance even by Betano standards, with growth even stronger on a current constant currency basis at 31%. Our share of net income increased at 43% year-on-year to EUR 60 million. I'd also note that Betano is not only growing very quickly, but also highly cash flow generative even after significant investment in growth. This has enabled a substantial increase of dividend payments over the last several quarters, and we saw a continuation of that trend in Q1 with Betano paying EUR 200 million of dividends compared to no dividend in Q1 last year. Now turning to slide 25, we provide some detail on a few cash flow items. I'd like to use this opportunity to emphasize two points. First of all, ongoing CapEx requirements across the group are low, typically a few percent of net revenue on a run rate basis. Over the last couple of years, of course, CapEx levels in aggregate have been above that level because of our investment in the U.K. transition, but that is now done, and you can see step down already beginning in Q1 2026. Secondly, our EBITDA adjustments have also been higher in recent quarters than we'd expect over the medium term and higher than they have historically been as well. That reflects, first of all, transition costs associated with the combination of Allwyn and OPAP and the PrizePicks acquisition in the quarter. Clearly, those are landmark transactions and not part of our normal cost structure. Secondly, of course, we've been expensing a portion of our U.K. transition costs under IFRS. Thirdly, Q1, you see a step down already in some non-cash acquisition accounting relating to the acquisition of IWG. We expect those amounts to be minimal after the payment of an earn-out to IWG this quarter. Finally, you see investment in our Allwyn brand initiative, which as Robert mentioned, we kicked off in terms of the B2C proposition during the quarter. Similarly to the position with CapEx, you can see that several of those items will be stepping down or not present in future quarters. Now on page 26, a few words on our capital structure. As you can see looking at the top left chart, we've got a smooth and long-dated maturity profile with no material maturities until 2029. We have a very diversified access to key capital markets in terms of instruments and in terms of currency, as you can see looking at the top right chart. That allows us to access markets opportunistically to achieve an attractive cost of funds. During the quarter, we issued EUR 550 million of bonds at four and five-eighths in a transaction that I'm pleased to say was very well-received by the market. We also saw good ratings momentum in the quarter with Fitch upgrading our issuer rating by one notch and our instrument rating by two, and S&P upgrading their outlook. At the bottom of the page, you can see our leverage going back over the last six years. You can see that our leverage during that period has been conservative, and also you can see how rapidly the business deleverages naturally because of our high cash flow generation. As a reminder, during the period that we show on the chart, we made some very significant investments in organic growth and paid substantial shareholder dividends while maintaining a conservative level of leverage significantly inside our leverage target for most of that period. Now on slide 27, a few words on capital allocation. We continue, of course, to target a minimum annual cash distribution of EUR 1 per share. In connection with that, having paid already EUR 0.80 this year, we expect to pay a further EUR 0.20 per share interim distribution in the second half of the year. Today, we've announced a share buyback of up to EUR 150 million on market. The buyback reflects, of course, our confidence in the outlook and our commitment to cash returns to shareholders. It also reflects somewhat lower than previously expected M&A spend following our withdrawal from the Novibet transaction. Assessing capital allocation in light of those factors, we see our own shares as an attractive option at current levels. KKCG will not be participating in the buyback given their high level of confidence in the long-term value of Allwyn, especially at the current valuation. Overall message on capital allocation is unchanged. In fact, probably reinforced by our announcement of the buyback. We're focused on disciplined capital allocation, balancing investment in value accretive growth, and also material capital returns to shareholders. With that, we move to the final section and current trading on slide 29. I'll be brief in terms of the trading update. Since the start of the year, trading has been in line with our expectations overall, and the business continues to develop well. Turning to guidance, we're pleased to reaffirm our outlook for 2026 net revenue and adjusted EBITDA. In the current macro environment, I'd just like to remind you briefly that historically our business has been very resilient, even during periods of weaker consumer sentiment. That's a function of our product, low price point, low spend per customer, and a very large base of regular players. Of course, we also benefit here from our very substantial diversification across geographies, across products, and across channels. Now turning to slide 30, I'd like to end by putting the strong results that we delivered in Q1 in the context of our long-term financial performance. We're very proud of our track record, and this is one of my favorite slides showing some of our Allwyn key financial metrics going back to 2019. Net revenue, adjusted EBITDA are up over three times during that period, adjusted EBITDA minus CapEx is only marginally below that because of our investments in the U.K., with a CAGR of about 20% for each metric. As you'll notice, our Q1 performance is right in line with that long-term dynamic. That combination of consistent, strong growth, profitability, and cash flow generation and scale is quite unusual for a company in any sector and underpins our shareholder value proposition. With that, I'd like to pass back to Robert to summarize the key points that we hope you'll take away from our presentation today, and then we can move to Q&A. Thank you. Thank you, Ken. The last slide, I believe it's slide number 31. This is where we summarize the quarter. Q1 was a landmark quarter for Allwyn. We had a strong delivery across the strategy and major milestones in several geographies. We delivered strong underlying performance in continental Europe. Very pleasing results across the board. Completed the U.K. tech transformation and moved into the next phase of commercial activities in the U.K. We completed the PrizePicks acquisition and continued to make great progress to capture the opportunity in prediction markets. Saw another quarter of a very strong momentum at Betano. All in all, this strategic delivery supported another quarter of strong financial performance, and we remain on course to deliver our outlook for 2026. Finally, the combination to create Allwyn AG is complete, and that creates a highly differentiated investment opportunity. With that, we can move to Q&A. Ladies and gentlemen, at this time, we'll begin the question and answer session. Investors or analysts who wish to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. In the interest of time, we also kindly ask you to limit yourself to two questions. One moment for the first question, please. The first question is from the line of Iakovos Kourtesis with Piraeus Securities. Please go ahead. Yes. Good evening, thank you very much for the presentation. I have two questions, if I may. We saw that along with the announcement of first quarter results, you've also announced the start of EUR 150 million buyback program. If I remember correctly, OPAP had a similar program in the past. Back at this time, OPAP enjoyed a much larger free float. Now, Allwyn has a much smaller free float, which is likely to get even smaller with the implementation of this share buyback program. Would you have any concerns about it? How do you think about this, please? My second point has to do with the interim dividend distribution you've announced today, the EUR 0.20 per share that will be paid in the second half of 2026, which is good news. I thought originally you had a policy of EUR 1 distribution as of next year. As far as I understand, you still stick to the guidance for EUR 1 total dividend per year. As far as I understand now, you are a Swiss company. How much will be the withholding tax that we should expect, especially for any shareholders in Greece? Will it be 35% as per Swiss companies, 5% as in Greece, or 0% as you had in the previous distribution, which effectively was to be treated as a capital return, if I remember correctly? Would you be kind enough to shed some light on this? Thank you very much. Thank you. Thank you very much for the questions. I'm happy to answer those. Thank you also for the opportunity to clarify in case there's any ambiguity about any of those points. First of all, you're absolutely correct that OPAP did indeed have a share buyback program also. If I remember correctly, EUR 150 million. That was well received by the market, and that went to reference when we were considering our capital allocation options for this quarter. Just in terms of the free float, a couple of points. First of all, of course, we're aware that free float is very important for our investors, we're aware also of the importance of free float in terms of listing rules and in terms of index inclusion, those are factors that we've absolutely considered when thinking about the buyback, we don't consider that given the relatively modest size, it had any material impact in those terms. Final observation is that although OPAP's free float was larger in percentage terms, actually in terms of absolute number of shares and in terms of value, the difference is much more minimal. Secondly, in terms of distributions later in the year, I'm very happy to confirm that we intend to pay a further EUR 0.20 dividend later in the year, so the EUR 1 share minimum dividend that we've spoken to applies to calendar year 2026. In terms of withholding tax, as part of the transaction, we created a significant amount of capital contribution reserves in the listed entity. Those can be distributed without any Swiss withholding tax being payable on those distributions. Thank you very much. Thank you. The next question is from the line of George Grigoriou with Wood & Company. Please go ahead. Yes. Hello. Thank you. Two questions again. One, going back to the buyback. What made you choose a buyback rather than increasing, let's say, the interim dividend? That's the first question. Second is regarding your outlook. Apart from the sales and the adjusted EBITDA guidance you've given, at the release of the fourth quarter results of 2025, you also provided some guidance below the line for depreciation, finance costs, et cetera. Do these still hold after the first quarter, or do you think that some items, some guidance needs to be changed? Thank you. Sure. Thank you. In terms of the decision to allocate some capital to buyback instead of additional cash distributions. A few factors that we considered here. First of all, we think that clarity in terms of the dividend policy is really, really valuable, and that was an important factor when we were structuring the EUR 1 minimum. We think that the EUR 1 level is about as simple and transparent as it can be. Slightly increasing that level would potentially introduce a little bit of noise. As I mentioned, one of the factors that we considered when we decided to launch the buyback was lower than expected investment in M&A, which essentially freed up a little bit of additional capital. We're also conscious that the share price at the moment offers a, we think, quite compelling value opportunity. That was also a factor when we were considering whether to engage in a buyback or increase the cash distribution. I can't remember who said it, but there's a nice idea that sometimes your own balance sheet can be the best place to make acquisitions, and that was certainly a factor here as well. Finally, as I mentioned before, the OPAP buyback program a couple of years ago was generally, we think, well-received by investors. That was also a factor in our consideration. In terms of the guidance, when we put it out a few months ago, we provided a lot of very detailed guidance as there was no analyst coverage at that point, and as is customary for capital markets transactions. We're not planning to update every single item of those going forward. Equally, please bear in mind that it's not a large number of weeks since we gave that guidance. You can assume that it still applies. Great. Thank you. Thank you. The next question is from the line of Stamatios Draziotis with Eurobank Equities. Please go ahead. Yes. Hello from my side as well. Yeah. Actually, could I follow up on the last question? I'm just wondering because the EBITDA adjustment, i.e., operating versus adjusted EBITDA, these adjustments almost doubled year-on-year to EUR 107 million in Q1. This compares with guidance for EUR 270 million for the full year. I understand that the big chunk of these one-offs relates to PrizePicks acquisitions costs, I presume that the numbers will be lower as the year progresses. Just wondering if you could clarify whether this EUR 270 million is still realistic, or whether investors should expect adjustments to exceed these previously communicated targets. That's the first question. Actually, could you disclose the actual reported net profit for Q1 after minorities and all these non-recurring items, as I don't think this was included in either the press release or the data book, please. Thank you. Yeah. Okay. Thank you, Stamatios, for the questions. In terms of add backs, as you actually correctly point out, significant proportion of the adjustments to our EBITDA in Q1 related to, I think what we describe in the table on 25 as transaction costs, which is a combination of costs related to PrizePicks acquisition and costs related to the combination with OPAP. Obviously, these were both big transactions. Either of them would be the largest transaction that we've done previously, certainly in terms of fees incurred. There may be some small additional amounts payable in Q2, but this is absolutely not part of our cost structure on an ongoing basis. If you compare Q1 2026 with Q1 2025, the increase was almost entirely accounted for by those transition costs. In general, we think that the guidance on EBITDA adjustments absolutely still makes sense. In terms of the question about net profit, as I mentioned previously, we will be publishing our IFRS financials next week. The financials for Q1 are probably of limited analytical relevance, given that the combination only took place at the end of the period. There will obviously be a significant impact from IFRS accounting for the acquisition, which will introduce significant non-operating items into the reported net income. Yes, as has been the case historically, we do plan to publish Adjusted net income numbers, stripping out the impact of that acquisition accounting, which is absolutely market standard and gives a better view of the underlying performance of the business. Obviously, we're very happy to talk through any specific questions on the IFRS 3 acquisition accounting when we publish those numbers. That's great. Can I also ask a question on the cash flow front? If you could summarize the main cash outlays scheduled for the second quarter and their aggregate amount. I'm basically referring to inorganic M&A cash distribution. EUR 500 million is for Italy and Hellenic Lotteries. Let's put these together. There's EUR 1.1 billion for shareholder related cash distributions, right? The dividend and the cash exits. Is there anything I'm missing? For example, any residual cash considerations still to be paid for PrizePicks? If you could comment on that, please. Thank you. Sure. Yeah. There is actually a slide in the appendix, slide 37, which summarizes the key items that have been paid in the quarter. As you know, we paid EUR 0.80 per share dividend during Q2. Obviously, pleased that a significant proportion of the free float elected to receive that. That's great, but still a pretty substantial outflow. The final payment for the Lottoitalia license was made in April this year as well. That was a total of EUR 470 million. We paid EUR 456 million to shareholders who exercised their cash exit. Hellenic Lotteries, EUR 80 million, as you mentioned correctly. We will see the start of the buyback program, obviously, in the last month of the second quarter as well. Those are the key items. They're all exactly as reflected in our previous guidance, of course. It's worth mentioning that in the rest of the year, we don't have any similar items expected. In terms of PrizePicks, no further items expected. As you know, there is an earn-out payable potentially in 2029 if the business performs very well. We've got the details of that earn-out on, I think it's page nine of the presentation. There, as previously disclosed, the earn-out only becomes payable in a scenario where the business performs really, really well. In that scenario, obviously we'd be experiencing very significant cash inflows from that business, which would essentially fund the earn-out. We'd be very pleased to be in a position where the business has performed that well. Please don't assume that this is just a cash out item in 2029 without assuming that the business has been performing very, very strongly in order to trigger that actual payment. Makes sense. Thank you. Thank you. The next question is from the line of Karan Puri with JP Morgan. Please go ahead. Hi, good afternoon, everyone. Thank you so much for taking my questions. I've got two, one on Betano and one on PrizePicks. On Betano, the performance was quite strong, 31% ex- FX growth. You mentioned that it benefited from customer-friendly sports results in H2. Wondering if you could share a bit more in terms of what other initiatives is driving that performance. Was there any new market entry during the period by any chance? The second one is on PrizePicks. I think the implied organic growth something like mid-single digit percentage. I know you flagged customer-friendly sports results in the month of March. From what we actually understood was that DFS essentially follows a commission-based model where you apply a take rate on the entry fees. Correct me if I'm wrong, is that the model, number one? If that is the model, then how does unfavorable sports results have an impact on DFS, please? Yeah, that's it from my end. Thank you. Sure. Can I take that, Rob? Yeah, go ahead with the Betano. We can comment then PrizePicks together. Yeah. Sure. Thank you. The Betano performance in Q1 is from markets which Betano was already present in prior to that. Betano, over the last several years, has entered a lot of new markets. Actually, there was a great stat that George, the CEO of the business shared a few weeks ago. The last time that Betano sponsored the World Cup, they were present in three markets whose teams were also participating in the World Cup. This year, they're present, if I'm not mistaken, in 11 markets. That gives you an indication of the expansion geographically of that business over time. Currently, there are great growth opportunities in Betano's current markets, obviously, including in particular Brazil, but other markets as well. Q1 performance is within a comparable perimeter to the previous year. Obviously excited about the opportunities around the World Cup in Betano in particular, as well as our other sports betting businesses. Thank you. In terms of the PrizePicks business, there are some fixed elements of the game. There are certainly scenarios where the outcome of the individual athlete's performance, or now also the individual team's performance can result in an increase or decrease in hold rate, which is effectively analogous to a sports betting margin. It's not a fixed commission model, just to avoid any ambiguity. It's a peer-to-peer contest, where there is some exposure to PrizePicks. PrizePicks has some exposure to the outcome of the game. We're very happy to talk through the game mechanics in more detail, if that would be helpful. Yep. Yeah, perfect. Thank you so much. If I can add to this still, the prediction markets for PrizePicks has to be viewed as a new accretive edited extension. What PrizePicks teams did very quickly, I believe it was last November. They were the first one that included the prediction markets possibility optionality, called Price Predict, within one app. The others followed after that. There was key message of one app and one wallet, and I think I mentioned that what we try to do is parlay or combine the core business of daily fantasy sports, DFS, with possibilities of prediction markets, which is the bet on the teams, into one parlay, and that makes it also more appealing for the consumers and pretty much delivering on what I mentioned, and that it's the accretion rather than replacement or cannibalization of the business. I think it's very important to note. Okay. Thank you so much. The next question is from the line of Ricardo Chinchilla with Deutsche Bank. Please go ahead. Hey, thank you so much for taking my questions. A lot of my questions have already been asked. If I may add two questions. The first one would be following the completion of the U.K. tax transformation and the summer 2026 Powerball launch, how should we assess the potential revenue and EBITDA contributions from this segment going forward? How should we think about the potential here? My second question, beyond the Illinois Lottery potential 3-year extensions, are there any other North American market opportunities or legislative developments that could materially impact revenue or the competitive positioning of the company in the near term? Thank you. Okay. Again, feel free to also add if you feel it needs to be added. On the U.K., we've been working on the transition a bit longer than we wanted, admittedly. It has one important benefit. We have absolutely new technology platform, both in retail as well as digitally. That enables us to launch both major Lotto enhancement, which is still the biggest game in the U.K., as well as the introduction of the Powerball. When it comes to how exactly this will add to the top line of the U.K. business, I don't think that we want to disclose, but we assumed a reasonable level of reshuffling in our portfolio, meaning that there will be a certain portion for Lotto, there will be certain portion for EuroMillions, and there will be a certain portion for Powerball. Obviously, the end result is that we will grow top line. This is the year where the U.K. business should start delivering on the top line growth. We believe the U.K. market, if you compare the average lottery product spend per capita, is lagging behind Italy or even France. There is potential. That's the expectations from 2026 in the U.K. We want to grow more than what was the case in 2025, simply because the business was focusing on the transition. When it comes to North America, maybe I start by saying we announced a new CEO of our Allwyn North America business, I think yesterday, with Khalid Jones, who was the lottery director in Virginia and experienced also as a regulator, which we believe is important in the space of North American lotteries. We believe that by sealing now this extension for 3 more years in Illinois within the private management agreement, we made no secret at Allwyn that we believe that Allwyn is well-positioned to be expanding in other U.S. states, either through the PMA model, which is most akin and what we do best in Europe, i.e., operating lottery for the state. Ken mentioned that Illinois, despite of a tough environment for state lotteries in general, Illinois Lottery is performing as one of the best. We believe that both PMA or delivering our technology going forward, is the right answer, a way to indicate that there could be more to come in the U.S. This is not sealed in our outlook. We have to first deserve it. The potential and opportunity is there. Thank you so much for taking my questions. Ricardo, I can actually maybe add a little bit more color on the financial outlook in the U.K. The biggest opportunity in the U.K. has always been growing ARPU and increasing penetration, which as Robert mentioned, is significantly below what you see in other comparable European countries. There's still a big opportunity there, and Powerball and Lotto are the first steps towards capturing that opportunity. There's also a clear turnaround in profitability and cash flow generation coming this year, though under the U.K. license mechanism, significant proportion of the cost that we've invested in the transition are recoverable over the course of the license. As I mentioned on the call, we've invested about GBP 450 million in the U.K. over the last couple of years, and a significant proportion of that will be recoverable under that mechanism. It's regular equal payments for each period for the rest of the license. That has an immediate impact on our EBITDA and also on our cash flow generation. Secondly, the reduced CapEx as we complete the transition will also have a material impact on cash flow generation in the U.K. We referred during the presentation to a triple inflection point in the U.K., which is really a kind of a pretty nice situation to be in, where you've got a inflection in revenues, inflection in profitability, and an inflection in CapEx coming over the next quarters. The next question is from the line of Ronan Clarke with aberdeen. Please go ahead. Hi there. Thank you for the presentation. A couple of questions for Ken, please. I think just to clarify a couple of things. The 2.8 leverage number, I'm just wondering the mechanics behind that. Is that a full 12-month LTM for PrizePicks and any other consolidation impacts? Is that stated- Yeah. Yeah. Is that based on stated debt before everything on slide 37 then we need to adjust to get to what will probably show next year or next quarter, say? Yeah, that's correct. The number that we report is pro forma for PrizePicks, and obviously that's the same basis that all our documentation works on as well. The 2.8 doesn't reflect the outflows after the end of the period that we summarize on page 37. That's correct as well. Okay. I just wanted to also clarify just the chart where you show the distribution of buybacks 2027. I guess the EUR 583 to date, does that include the cash exit for OPAP, or is that just regular dividends? No, it doesn't. This is just a dividend. I mean, that's not strictly a distribution to shareholders. It was a element of the transaction mechanics. I don't think it's really comparable to other shareholder distributions. Sure. That means the full year will be call it somewhere around EUR 880. That sounds about right. I think in that order of magnitude, yeah. Okay. The other point to note on the chart on page 24 is that obviously as a result of the combination of Allwyn and OPAP, the pretty substantial cash leakage that we used to see to, from speaking from the credit perspective here, to minority shareholders of OPAP is eliminated. That's the dark blue bar on the chart, which as you can see in some years was actually significantly higher than payments out of the top co in the structure. Okay. I guess just that I was expecting to see the total outflow number this year to be lower than the total of Allwyn and Minorities in previous years. It doesn't look like that's the case now. It's kind of equal to 2024. I think it's worth bearing in mind the growth of the business during that period as well, right? If you think about EBITDA in 2024 is EUR 1.5 billion. This year obviously is going to be several hundred million EUR higher than that. If you look at the dividend payments as a proportion of EBITDA and even more so actually in terms of cash flow generation, given that we're now coming out of the period of higher investments in the U.K. Business is bigger and it's more cash flow generative. Right. Okay. That was all. Thank you very much. Okay. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you. Thank you. Thank you all for your questions. It's very important for us that you have a good visibility and clarity on where Allwyn is heading and how Allwyn is performing. To close Allwyn, I hope that you see the confidence in our Q1 2026 results. We are pleased with them. We are also confident about the outlook for 2026, as Allwyn is focused and committed to deliver what Allwyn always delivered, which is growth in the top line, growth in the bottom line. This is thanks to its diversified nature, both on the product side and geographically. We stay committed to execute on our strategy that brought results. What Allwyn said, it typically delivered, and I hope it will be the case going forward. Thank you very much. Enjoy the rest of the day, and I look forward with my team to see you on the next opportunity. Ladies and gentlemen, the conference is now concluded and you may disconnect. Thank you for joining.