Good morning. This is the [chorus] call conference operator. Welcome and thank you for joining Lottomatica Group S.p.A.'s first half 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Mirko Senesi, Head of Investor Relations at Lottomatica Group S.p.A. Please go ahead, sir. Thanks, operator, and good morning to everyone. Welcome to Lottomatica Q2 results presentation. I'm here today with our CEO, Guglielmo Angelozzi, and our CFO, Laurence Van Lancker. Now the floor is directed to Guglielmo for the presentation. Guglielmo, please. Thank you, Mirko. Good morning, everybody. Let's start commenting on the very good results of this quarter from page two of the deck. The first comment is on the market, which grows 9%. There's, of course, the effect of the Euro Cup, which you had last year, you don't have this year. If you add that from that effect, that would have been a solid 12%, which when you look at the entire semester, again, stands at a mid-double-digit growth. We continue to outperform the market significantly. When you look at the reported number, the 9% of the market compares with a 16% growth of Lottomatica, and net of the Euro Cup effect, the 16% becomes a 19%. We have reached a very solid result in terms of market share in June, 30.7% on total online, and you will see the dynamics within the brands in a few pages. This reflects nicely into revenues, which grow 10% quarter -over- quarter, I mean Q2 2025 over Q2 2024. Even better, of course, because of the synergies on EBITDA, which grows 20% without the effect of the Euro Cup. If you net that, that would have been three points higher, so 23%, pretty much in line with the difference in GGR increase. This is a very good quarter, also considering with and without the Euro Cup in both cases, which allows us to confirm the 2025 guidance. Let's now go on the key areas of development, page number three of the deck. There is very significant progress on all key areas. Starting from PWO integration, the very good news is that we have completed the migration, which is always the most complex part of an integration. Both the online and the retail platform have been fully migrated. The process was even smoother than previous integrations, previous migrations. We are seeing a very good conversion rate, higher than the past, a stronger retention than the past, and a stronger satisfaction level of the customers that we've inquired to monitor the progress of the migration than the previous integrations. So far, a very good result also in relative terms compared to our previous experiences. This also reflects on the very good progress on synergies. 85% of the synergies, of the increased synergies of EUR 87 million by 2026, are already secured. We can say that we are in the final stages of the PWO integration. We're basically collecting the results of a very successful project. The second area of hot area is the online market developments as a consequence of the new concession framework. You may have read that there has been a slight postponement of the start of the new concession from September 17 to November 12. I mean, it's a tiny change. The good thing about this is that the process is confirmed to be completed this year in November. Everything is on track. Going to the opportunities that we have to consolidate, to roll up the tails, very good news is that we've already secured 2% of market share for future exploitation. Securing 2% means this is a mix of commercial agreements, which will fall under the Totosi brand, some transactions that we have done. The end of the story is that we have put our hat on already, even before the redistribution of the market shares, which will happen starting from November 12. We've put our hat on a pretty significant portion of the market share that we think will be available for grabs due to the new concession framework. We confirmed the rest, the potential of the rest, between 7%- 10% potentially available after November. Very good progress here. Bolt-ons, the run rate of the 2024 bolt-ons is confirmed, and there are additional bolt-ons in the works, which we will complete this year with a run rate impact expected next year. You have the buyback. As you know, the program has started June 18, and we've already acquired, as of yesterday, 0.53% of the share capital. Now, page number four, focusing on the dynamics of the online share by segment. iGaming grows very nicely at market level, 16%, and we do better than the market, growing 23% in Q2. iSports is, of course, a bit softer because of the lack of the Euro Cup. The market shows us 7%, and we do more than double that number, 15%. Of course, you have to average this out on H1, which would stand at 12%. The main difference you notice basically in June because the year-to-date in May would have been 18%. That's all the effect of basically the calendar and a mix of payouts also. Other online continues to grow lower than the other two segments, but still grows nicely. This results into the numbers that we've seen before, 12% for the market and 19% for Lottomatica, excluding the impact of the Euro Cup. I'm not mentioning the positive impact of the World Cup, which has also been excluded, the World Club Cup, because that is tiny. It's absolutely immaterial. Now, a quick comment on the evolution of the online market segments at page five. This is all non-stuff, but when you see that in a graph, it's very telling. Of course, iGaming is less volatile than iSports in its progression because it doesn't depend much on payout, and it doesn't depend much, well, it doesn't depend at all on the calendar of sports events. You can observe more easily the underlying trend, which is very clean. If you average that in the last six months, that is a solid +17%. When you go to iSports, you have historically high volatility of the GGR of the market because that is impacted by payout, as we all know, and by the volatility of results in a nutshell, and by the calendar of sports events. Of course, by some level of cross-sell with the iGaming vertical. If you average this out on a six-month basis, this is a +12%. Bang in line with our estimates for the iSports component. This brings to a total of, which I mentioned before, 14% in the last six months of overall online GGR evolution with a level of volatility, which is in between that of iGaming and that of iSports. There's a very solid mid-double-digit slope of the overall online GGR curve. Now going into our market share and how that relates, page number six, to the migration of Planetwin. This is a very interesting set of graphs on the historical brands, all brands without the last acquisition, PWO. There is a continuous growth through the quarters and the years. Actually, you can see the 23.7% of Q2 2025, which is materially higher than one year and a half ago, which is the starting point of the graph. If you look at June 2025, it's even higher. Those are the historical brands. It's a clean graph because you don't have any migration or any integration activity on those brands. Those have been clean. It's a clean story in this one year and a half. When you look into PWO, you can see that at the start of the migration in April, we had 7.2% of market share. In June, at the peak of the migration, we are at 6.3%, which is pretty much the same thing which has happened in the other big migration that we did some time ago, which was the Lottomatica Embedded Migration. It was 7.2% at the start of the migration in May 2022 and 6.2% in August 2022 at the peak of the migration. It grew back, and basically one quarter post the completion of the migration, it was higher than where it was at the beginning of the migration. We expect that the full potential of the PWO brand will materialize in the next few months within the year, now that we have the migration accomplished, completed, so that we can exploit the full potential of the group platform and product. Also, considering that we have seen better KPIs, as I was mentioning, and a smoother process in the PWO replatforming, we feel optimistic about this. With this, I leave the floor to Laurence. Thank you. Thank you, Guglielmo. Moving on to page eight. Here we can see how we close the first half with yet another quarter of strong growth. On the left-hand side, you can see how revenues are up 21%. On the right-hand side, you can see the EBITDA is up 33% in H1. If you look at H in Q2, EBITDA is up 20% on a reported basis. EBITDA margins in H1 2025 total 37.4%. The improvement is a result from the previous year as a result of the shift of the business mix towards online and the delivery of synergies. On page nine, when we look at the financials by segment, we see that online continues to be the main driver of growth, with 33% growth in revenues and 41% growth in EBITDA in H1 2025. Sports franchise also has experienced strong growth, 31% in revenues and almost 60% in EBITDA, clearly helped by the payout. Just to give you the measure also for Q2, Q2 reported growth has been 15%. Gaming franchise in the low single-digit growth, so + 2% year-on- year. This reflects the impact of the bolt-ons that have more than offset the market softness in gaming retail. Moving on to page 10, when you look at operating cash flows, we see on the left-hand side CapEx, a recurring CapEx of EUR 47 million in H1 2025 versus EUR 42 million in H1 2024. Here we're in line with guidance, which we had said that we would reach EUR 85 million by year-end. Concession CapEx of EUR 31 million, again versus EUR 48 million. This is the timing of the concession payments. Again here, similarly, this is in line with guidance. When we look at the items in growth CapEx or one-off CapEx, these include what we had indicated in the guidance earlier this year. This is carryover of bolt-ons of 2024 of EUR 20 million out of EUR 27 million for the full year. Deferred considerations are for previous bolt-ons of EUR 8 million out of the EUR 11 million for the total year. The integration CapEx of EUR 17 million. When you look at the right-hand side, the operating cash flows defined as EBITDA minus recurring concession CapEx, we have seen an increase from EUR 228 million to EUR 344 million, so an increase overall of EUR 116 million year-on- year. Moving on to page 11, you have the bridge for the net financial debt from end of March to end of June. In addition to EBITDA, you have a positive inflow from networking capital, which reflects the seasonality of our business, where Q2 tends to be positive. Taxes paid of EUR 46 million, this is what we paid at end of June. CapEx of EUR 58 million, these are CapEx for Q2. Goldbet consideration of EUR 11 million, so we are almost complete with the payment of the deferred tranches that we owed to the Goldbet shareholders. We had EUR 10 million in Q1. Now with EUR 11 million in Q2, we reach EUR 21 million overall, of which the remaining EUR 7 million will be paid in due course. Financial expenses and leases of EUR 54 million, and clearly the dividend paid of EUR 76 million, which we paid in May. Other items include the refinancing costs that we've done for the refinancing that we've done in April, and integration costs of EUR 14 million. All in all, this brings us to a net cash balance of EUR 271 million, which establishes our net financial debt at 2.1 turns, which is at the low end of our financial policy. This is it. We are done on our side. I think we can open up to the Q&A. Thank you. This is the call conference operator, and we will now begin the question-and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time, that's star and one. We will pause for a moment as questioners join the queue. The first question is from Ed Young with Morgan Stanley. Please go ahead. Thank you. I've got three questions, please. On slide two, you detailed the 16% online revenue growth ex PWO. It seems like that's been a relatively significant drag, at least a few points there. Given the migration is now over and the Lottomatica case study, should we be expecting a decent H2 acceleration in online growth? Second, the 3% of operators who haven't applied for renewal is probably a bit smaller a number than was initially expected. Why do you think more fringe operators have gone in for licenses in the first case? Do you think there are others out there who'd be looking to be acquired or brought into commercial arrangements as you have done? On that note, are you looking to do any more of those? Third, your NGR, GGR conversion and online improved for the second quarter in a row sequentially. How should we think about the trends there? What can we make of the bonusing promotional environment to expect into Q4 around the online licensing event? Thanks. Sure. Let me take them in order. If we look at the PWO for the market share, I think we completed now the migration to the platform. Obviously, we can't give the guidance on the performance in terms of market share, but the expectation from our perspective is that we will see a benefit in terms of from a PWO and an improvement in the market share for PWO. Now, probably we'll see this, yes, from now on, that's what we're clearly working on. We're not going to give a specific guidance on that, but we do expect an improvement in the remaining part of the year. For the third point on the NGR, on the conversion from GGR to revenues, yes, it has been an improvement in Q2 versus Q1. We'll have to play a bit by ear here as well. We don't expect necessarily a deterioration. We may see some further promotional activity as we continue to do the sort of, now we need to take care of all the relaunching the business of PWO on the new platform, as well as opportunistically looking at the sort of market conditions once the new online concession is awarded. Let me answer to the second question. Probably the 3%, we would have probably expected a slightly higher direct opt-out than the 3%. When you look at the total number, that doesn't change the size of opportunity in the end because when you look at the other 7%, as we commented, and you go and look at the business model of the operators who are in the pipeline, who have applied for the concession, then you discover that give or take half of that market share is based on a scheme model, which basically, you know, it's potentially up for redistribution. You pretty much get to the same numbers with a different dynamics, a different mix of upfront opt-out and potential redistribution afterwards because of the scheme model. Why has the immediate opt-out been smaller than expected? Most likely because some of these operators have given it a chance to maybe do deals. They know their financials are super stretched, but probably applying for the concession allows them to negotiate a deal. In a couple of cases, that's what we've done, and we continue to explore the opportunity. We adapt our tools to the changing condition. We don't think the size of the opportunity has materially changed. That's the point. Okay, thank you. The next question is from Fabio Pavan with Mediobanca. Please go ahead. Yes, hi and thank you for taking my two questions. The first one is a follow-up on online. I was wondering if you may help us in understanding better the impact that this potential increase in market share may have on GGR growth for online over time. My second question is on M&A. I was wondering if you are still scouting external growth opportunities, if there is any color you can share with us on this point. Thank you. Yeah, Fabio, hi. On the first question, the impact of these deals of this 2%. You can look at it as a step-up, potential step-up of 6% compared to our GGR pool because that's what the 2% represents out of the 30%, 31%, 30.7%. That could be seen as a 6% give or take uplift. There's no reason why the dynamics of this 2% should be different than that of the market. That should be probably growing afterwards at the same rate of the market. A different story is when that fully reflects into our contribution margin and how that reflects into our contribution margin because that depends on the type of the deal. It depends on whether we migrate those customers onto which brand, onto which model. Probably there is an opportunity there compared to the deal at the moment we signed the deal to optimize the profitability of this market share, working on the cost structure, working on the model, working on the brand. There's a bunch of things that can be done. Potentially, it's an expansion of a step-up of the GGR of six points and then that going with the same growth dynamics of the rest of the market. As for M&A, we still consider it. As we said, the framework is always the same. I won't repeat it. It's Europe, B2C, and all the things that we've always shared with the market. As we said, we're in no rush. The point of the discipline is key for us. We are doing very well, and we think this is in the Italian market, which is a great market both for the consumer dynamics and the regulation. We think this trend is a long-term trend. We'll continue for a very long time. We have a lot of growth, organic growth in front of us, and then bolt-on opportunities. We're doing the buyback, which is a way of reinvesting in this market. The benchmark is high. We will look at every opportunity having this in mind, having no rush, and maintaining full discipline. That's it. No changes in the strategy, a confirmation of the discipline through which we look at opportunities, which have to make sense, of course. Thank you so much. Very clear. Thank you. The next question is from Hugo Paternoster with Kepler Cheuvreux. Please go ahead. Yes, good morning, gentlemen. Thank you for the presentation and thank you for taking my question. I may have two, if I may. The first one is a little bit of follow-up on the online concession market. Just wanted to know if you could share some write-up about the economics of the 2% market share that you have already secured. I believe that part of it is under the Totosi brand. Yes, could you provide a little bit more detail about what the level of negotiation are you engaged, the level of profitability that you expect to derive from those 2% market share? It would be the first question. The second question would be on your guidance. You have achieved, I would say, a high level of profitability in H1 and looking at your profitability guidance for the year. It seems to be a little bit conservative. I just wanted to have your thoughts on it, please. On the economics of this, we won't be able to say much at this stage. We wanted to share because we've been asked, of course, we wanted to share where we stand to give a sense, but we don't want to get into too much detail because this is a very competitive element at this stage as we are continuing to do these things. We don't want to get into too much detail. I can tell you two things. The first one is that these are deals, transactions which are clearly accretive. We do this deal just for the sake of growing the market share, but also to provide the returns. The second point, which I somehow mentioned in a previous question, is that we start with something, but then we have room to work on the profitability of these initiatives. There's probably room for cost optimization, value chain optimization, brand optimization. They start as accretive, clearly accretive. We'll be more specific on these ones once we think it's not a competitive topic anymore. We'll dig into that. I mean, on the profitability point, in the first half we've had sort of margins in sports franchise and in online that are slightly also higher, reflecting sort of higher bettor payout, more favorable for us. On a normalized basis, clearly you would see sports franchise more in the mid-20% and the online slightly lower also, even though the payout impact is lower. That's pretty much a function of the payout, which you've seen in H1. On a normalized basis, these come down a little bit. Okay, got it. You don't assume any improvement from the PWO synergies, or you are not assuming either improvement from the end of the migration of this PWO in your mind going forward as well? Yeah, no, listen, we're seeing a bit, clearly we're seeing the synergies come in, right? That's why you're seeing overall margins improving. There's more to come because, you know, we're still not seeing all the full benefit of the synergies in RPNL. That should also, that will also come in in the second, some of it will come in the second half and the remaining part will come in 2026. You'll see some improvement there, of course, due to in relation to synergies. I would say that the major swings that you've seen in the first half are, particularly in sports franchise, are predominantly driven by payout. Okay, got it. Thank you very much. Sure. The next question is from Clark Lampen with BTIG. Please go ahead. Thanks. Good morning. I have two. Maybe first I'll follow up on Hugo's question on the synergies. Laurence, is it fair to think that the remaining sort of EUR 12 million or so of the EUR 87 million you've identified and guided for is related to identifiable cost synergies? If so, as we're thinking about the opportunity in 2026, is there any way of either qualitatively or quantitatively framing for us, one, either the timeline for realizing revenue synergies or, I guess, some way of thinking about the significance, whether, maybe it was better, I guess, if that's still a reasonable corollary to use for benchmarking how much you achieved there. Second question I have is going back to the 7%- 10% licensing opportunity. Is it right to think that the 2% that Totosi has already secured is included within the 7% - 10%? If so, maybe you could frame for us, for the 7%-1 0%, is that an initial estimate of the opportunity? If so, is this more broadly an opportunity that's going to be addressable in phase, i.e., could that number go up over time as certain cohorts become, you wade through the skin opportunity and then maybe there's consortiums beyond that? Any framework for that would be appreciated. Thank you. Sure. Listen, on the synergies, maybe going back to the two items you mentioned, on the cost synergies of EUR 12.5 million that we increased, the increase that we've had in the, that we've announced previously this year, those predominantly relate to the, those are identifiable, absolutely. We are executing on those. That relates to the renegotiation of the contracts with the franchising network of PWO. That's in process. We will see that will roll in as we complete the renegotiation of all the contracts. With regards to revenue synergies, I would say that we have a, what is, EUR 10 million of revenue synergies as an impact on EBITDA. That's how we quantified it. We will see, that is what we estimate based on sort of how we think PWO can perform basically on the new platform. As we've, with all the new features, it's clear that at some point in time, you have to drop the synergies and then they're going to be called growth, right? There is definitely an uplift that we've quantified initially in €10 million. After that, we would hope that PWO can reach its full potential, leveraging our tech platform as well as all the, as well as the product features that we have and the new product that we will have for the Planetwin365 brand. There comes a point, I think, where we'll stop, they're not going to be called synergies anymore, and they will be simply called growth, you know, standalone growth of Planetwin365. That opportunity, we don't feel at this point in time to sort of give a higher guidance that we have already included on the EUR 10 million related to revenue synergies. It clearly, I don't think that will ultimately change. That will be called growth from there on in 2026. On the second point, Clark, the 2% is part of the 10%. That's basically as we have secured already a part of the pool before, let's say, the redistribution, which happens with the switch-off of the current concessions. As for consortiums, they're out of the 10%. There have been a couple of notable examples of players who have teamed up, but these are not included in the 10%. That is already a net figure. The 7%- 10% is really the opt-out, the 3% opt-out, plus the guys who have applied, who we think have a significant stretch in a sustainable, have a significant financial stretch. Their position is either not sustainable because of the business model, for example, the presence of the skin model in 50% of their business, or the sustainability of the economics. They will have to find another solution. That's how that is composed. The consortium, we think they are, at least in the short term, stable. There is no reason to think differently and to include them in the 7% -1 0%. How this plays out, how much more we can preempt, how much will be the redistribution, how quickly the skin model will exit the market, will be redistributed, it's all variable, all moving parts. As we said, we will see that as the current concessions expire. We continue to work to preempt as much as possible of good market share within that basket before the redistribution happens. Very helpful. Thank you. Welcome. The next question is from Pavin Gondhale with Barclays. Please go ahead. Hi, Moni. Thanks for taking my questions. You talked about the online margin strength in Q2 and the drivers behind that. Is there anything else outside the synergies and favorable payouts there that drove that margin strength in the second quarter, given it is expected to be a seasonally softer quarter on margins? Secondly, how should we then be thinking about the margin trajectory in the medium term, given the strain that we have just seen and the PWO synergies coming through? Finally, on PWO, I realize these are very early days, but if you can talk about the PWO user behavior, how does that look on app users' frequency, spending behavior, gaming uptake, etc., on the new platform compared to the legacy platform? Thanks. Can you hear me? Yeah. In the first half, they have been favorably impacted by payout. You'll see them slightly lower, probably in H2. That's, I would say, maybe there may be some timing of costs as well. I would say that lower margins in H2 is reasonable. In the medium term, listen, we'll see. We've always said, so probably they will come in not too dissimilar to where we are today. Maybe some further improvements, we'll see them over time. As we had said previously, trending towards the mid-50% in the medium term, also benefiting from operating leverage. Yeah. On the PWO migration, we can summarize that. It's very early still, but we can summarize the good signs, the positive signs, basically in a higher and faster activations of the cords, which have been migrated compared to the previous experiences. In a short time, we have more people who have completed the journey and played, which is a very solid indicator of the fact that the migration is going in the right direction. Leave aside the customer surveys, the customer satisfaction. That's a hard indicator. These are reflected in a higher GGR in the same period of time of the cords who have been migrated compared to the cords who have not been migrated. Now, this is a rolling process. You cannot make a super clean comparison, but it is another strong indicator, a positive strong indicator. It's very early on, so we're not giving numbers on these. We will have to see. It's a bunch of, when you compare it basically with previous migrations, which is the first KPI that I mentioned to you, and you compare that within the same migration, the cords that have not migrated and the cords who have migrated, those converge to positive. This is, again, I'm not commenting on the numbers, what's the delta in GGR and so forth, but both vis-à-vis the previous migration and within the current migration, migrated and non-migrated, the signs are going in the same direction, which is positive. This is the situation. We'll have to see that in the numbers. Now, we have all the retail and all the online customer base, which is on the new tech and the new product. We'll basically see that in the coming weeks as the championship restarts. That's going to be the real test, but so far, so good. Thank you. Very clear. Thanks. Thank you. The next question is from Domenico Ghilotti with EQUITA Please go ahead. Good morning. Three questions on my side. The first is a follow-up on the online margin. If I look at Q2 alone, the payout actually was quite normal and you were very close to 55%. I'm trying to understand if there was some particular positive cost situation or if this can be, with a normalized payout and normalized seasonality, a sustainable level with upside coming from the synergies. Second is a clarification on the bolt-on that you are mentioning in terms of new targets that you are looking for. Are you referring to the online or is it still mostly the gaming franchise? I want to understand if you are changing a little bit the targets in terms of opportunities. Last question is on the gaming franchise. We have seen the decline in GGR. Should we assume that the decline will continue? Do you see the trend deteriorating or stabilizing? What is your view on the trend for the market? Going in order, I think, listen, on the online margin, half of the benefit of the payout in Q2 is attributable to online. It's not insignificant. There's always timing of costs throughout the quarters that we need to factor in. As we said, H2 would probably expect margins slightly lower in online. With regards to the second question and for bolt-ons, when we talk about bolt-ons there, we talk predominantly in the gaming. We talk about gaming franchise. All the other transactions that we've done in that account for the 2%, these fall outside of the bolt-on and the scope of what we call the bolt-ons. Those are separate ones. Number three, this gaming franchise, we continue to see the same trend, right, on the mid-single-digit decline. It's around, to date, we've, you know, GGR decreases around 6%, faster in Amusement With Prizes and a slower decline in Video Lottery Terminals. We expect that trend to continue. Okay, thank you. The next question is from Estelle Weingrod with JP Morgan. Please go ahead. Good morning. Just two questions, please. The first one is the usual question on the progress regarding the retail concessions and where we stand at the moment. The second question, I want you to check on the potential removal of the full ad ban. If this was to happen, how do we expect this will impact the competitive environment and the Lottomatica ads positioning, please? Thank you. Hi, Estelle. On the retail concessions, I think we commented on that. There is a draft coming from the government side, which will have to be discussed with the regions. The government has extended, actually, the parliament has extended upon request of the government the duration of the vehicle, of the legal vehicle to do this with other things, which was set to expire August this year. It has been extended, give or take one year. This will take additional talks between the government and the regions, also because now the deadline allows for that. My comment is the same. The framework is very balanced, is in line with the same principles that we've seen in the online reform. It's a very well-structured bill, a very well-structured reform. It has to be agreed between the government and the region. That's basically the topic. That's where we stand. It's very comprehensive. As you may have seen, it has everything inside. It has the distribution rules, it has the product rules, it has the tender rules. It has everything. The stability of the taxation. Of course, it requires an agreement with the regions. The removal of the advertising ban, it's not a topic which we think is particularly relevant to us. We remain of the same opinion. We simply don't care. This is not going to change anything in the competitive dynamics. Whether they do that or not, it's totally irrelevant, we think, to the market, to our competitive position. Just to be clear, the omnichannel model is not working because of the advertising ban. That was a few years ago. It's working because of a bunch of other reasons that we've discussed with the market, but it's not for the advertising ban. The advertising ban is also because we can, there's plenty of ways to reach the customer that the market already uses. We'll see what happens, but not a particularly relevant topic for us strategically. Okay, thank you. Thank you. The next question is from Andrea Bonfà with Bancacross. Please go ahead. Hello, good morning to everybody. Most of my questions have already been answered. Just a detail, if I may, the 2% that you bought on the online is initially a minority. What's the timeframe before you start consolidating those assets and to see an impact on your P&L? No, it's not a minority. It's a mix of things. There's a couple of commercial deals, so that will flow into Totosi even, I think, before the start of the new concession. There's control, straight control solutions, which will then also be relevant to some of our brands. There are part of control, so minority then, you know, along the way, turning into something else. That depends pretty much. By the way, for every one of these non-commercial transactions, we'll have to wait. You remember there is the awarding of the concession, the start of the new concession, and then there is a period of time for the migration of the systems. Of course, we will wait for that. You don't want to mess up that process. That is at least six months after the awarding of the new concession. This is something that falls into basically next year. There's ways to potentially regulate the speed at which these transactions, there's already provisions to regulate for the speeds at which these transactions and the minority or majority components happen. That will depend on what we decide to do along the way. The key point here is, I think, the fact that that profit pool is kind of secured. We, as I said, we put a hat on it. Then we'll have to, from case to case, decide whether, you know, we migrate that onto Totosi, onto another brand, and how we optimize the cost structure. There's a lot of value to be extracted from these deals on top of the just plain acquisition of the target, let's put it this way. Okay, thank you very much. Thank you. The next question is from Chiara Pampurini with Intermonte. Please go ahead. Hi, thank you. Good morning. I have a question about gaming franchisee performance in the second quarter because I have seen that GGR was still down 5% on the same trend of first quarter, but in the second quarter, we saw a higher revenue, 3% higher year -on- year, and the EBITDA up 6% year -on- year, while in first quarter it was quite flat or slightly lower. If you can explain the reason for this performance in the second quarter with respect to first, thank you. Sure. That's the bolt-ons, that's in a nutshell. It's because some of the transactions that we've finally closed at the beginning of this year, you're seeing the results now in Q2. That's the short answer. Thank you. Sure. Gentlemen, there are no more questions registered at this time. Thank you, operator. Thank you all for participating. We can close the call. Thank you very much. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.