Good morning. This is the Chorus Call Conference operator. Welcome, and thank you for joining the Lottomatica Group's full year 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 0 on their telephone. At this time, I would like to turn the conference over to Mr. Mirko Senesi, Head of Investor Relations of Lottomatica. Please go ahead, sir. Thanks, operator. Good morning to everyone. Welcome to Lottomatica full year results presentation. I'm here today with our CEO, Guglielmo Angelozzi, and our CFO, Lorenzo Vallancer. The floor directly to Guglielmo for the presentation. Guglielmo, please. Thank you, Mirko. Good morning to everybody. We start from page three of the deck. Very happy to share with you that we had another very solid print for 2025. EBITDA gross 21% year-on-year, and adjusted net profit 45%. We have returned a significant amount of capital to our shareholders, underpinned by our solid cash flow generation and our balance sheet capacity, EUR 375 million or EUR 1.6 per share, divided between dividends and buyback. The net leverage is at 2.4 x in line with 2024 because we use them well within our financial policy as we've used, as I said, our cash flow generation balance sheet capacity for the buyback. Without the buyback, this would have been at 2 x or at the very low end of the financial policy. Page number four, what are the key milestones that we've achieved in 2025? The PWO integration, first of all, it's been successfully completed. We've implemented shy of EUR 90 million synergies, 34% more than what originally announced. The full rate will be in effect in 2026. PWO has gone back to growth after reaching, as we said, the lowest peak at the end of the migration. Very good on the market shares also. We gained 1.2 points as a group, including historical brands and PWO. Which you will see is more than 50% of the shares lost by the tails. We reached 31.3% in Q4 2024, and we think there is more room to go in 2026. The process for the renewal of the new online concession has been completed. New concession are active since November 13. There's a few more important steps. The certification of the new systems and the go live of the new full regulation on compliance, which is expected to happen in the summer of 2026, but everything is on track. We optimized our cost of debt with a successful refinancing in April. More than 50% of our debt was refinanced at the time with EUR 24 million per annum in savings in interest costs. Now we stand at 5.3% total cost of debt, which is 240 basis points lower than IPO. Also, in terms of governance, as since June, we are 100% float. We've entered the FTSE MIB in September. Liquidity, including all sources, is now above EUR 50 million per day, so 15 x more than the IPO level. Also, the independence of the board has been strengthened. Today, with the new members that have joined after the exit of Apollo, we have 73% of independent directors and have appointed a lead independent director in July. Let's go at page number four of the presentation. This is focused on the market shares. On the left you can find the legacy brands. The graph, legacy brands means basically everything except PWO, the Planetwin brand. The graph starts in 2022 because that is the year when we acquired the last asset before PWO, which is Betflag. You can see there's been a constant growth of market share in the in on the historical brands, on the legacy brands, and shy of 2 points also this year. As we had commented in the past on the right graph, you can see the trend line for PWO. 7.1% at the acquisition, 7.1% at the start of the migration. Lowest value at the end of the migration as it's as it is usually it's already up and in the past 6%. Then relaunch progressing well, 6.3% at the end of for Q4. For Q4 2025. Overall, a very good performance notwithstanding the factoring in the pressure on market share on PWO because of the migration. Let's go to look at some of the competitive dynamics closer. We're page five of the deck. As you can see from the graph on the left, this is the market share of the so-called tail operators or the smaller operators. They were at 16.6% in 2023 and lost a bit of market share, less than a point in 2024. You know, that's pretty natural trend. They lose 2.1 points in 2025 with an acceleration in the last quarter of the year. As I commented before, we take 1 points, 2 points, which means basically more than 50% of the loss of basically more than the fair share, which would have been 30%. Around 30%. We are page six of the presentation. I've commented on EBITDA growth, and this goes along with significant adjusted net profit growth through the years. You can see that on the left, the graph on the left. We have more than doubled in the last four years, the adjusted net profit, which has grown also in the last year, 2024 to 2025 of 45%. Even more important than these are the drivers behind this growth that you can find on the right graph of the page. Three-quarters of the growth has come from organic growth and optimization projects. Organic growth, meaning the baseline growth of the EBITDA, EUR 86 million. EBITDA revenues, you have EUR 20 million coming from the optimization of the financial structure, and EUR 48 million coming from the projects that we've executed on extracting synergies from the M&A. Only EUR 53 million, so one quarter, comes from EBITDA that actually we've paid for. The accretion is very not only relevant, but it's also very healthy in its composition. Page number seven of the deck. Let's get to the guidance for 2026. We guide towards revenues of EUR 2,390 million-EUR 2,460 million for 2026. EBITDA will be in the range of EUR 940 million-EUR 980 million. CapEx are pretty much in line with the previous year. Recurring CapEx between EUR 85 million and EUR 90 million, and concession CapEx coming from, you know, the mathematics of the concession schemes at EUR 78 million per year. In terms of capital returns, the dividend proposal is just basically follows strictly follows our dividend policy, 30% of adjusted net profit, which is EUR 0.44 per share or EUR 111 million. We are going to ask the board is requesting an authorization to the AGM to buy back an additional 12.5% of the share capital in the next 18 months. Which at the current prices correspond to circa EUR 700 million in the period 2026-2027, including the shares that we will have bought by the date of the AGM with the share buyback, which is currently in progress. With this I leave the floor to Lawrence. Lawrence, please. Thank you, Guglielmo. Moving on to page nine. You can see on the left-hand side how revenue growth has been + 12% on a reported basis, and on the right-hand side, EBITDA has grown by 21%, with Q4 growing double digit on a normalized basis. In 2025, we closed the year at EUR 856 million of EBITDA with a 38% margin, which has grown from 35% in 2024, thanks to the higher margin of online that grows at a faster pace than the other two segments and the realization of synergies. Moving on to Page 10. In line with previous quarters here, we can see that the online has continued to be the main growth engine of growth. With revenues up 22% and EBITDA up 26%. Sports franchise has also grown very nicely, both in terms of revenues, up 14%, and in terms of EBITDA, you know, + 31%, thanks also to the favorable payout that we've experienced in the year. Very favorable in H1, less favorable in H2. Gaming franchise has been broadly flat, + 1% revenues and with EBITDA + 3%. Page 11, when you look at on our left-hand side, the CapEx, you can see the recurring CapEx are broadly stable. They're slightly lower than what we see in 2024, which is a testament to the scalability of our model. Look at concession CapEx. They are EUR 113 million versus EUR 63 million the previous year. This is predominantly due to the upfront payment of the concession of the online CapEx for the tender of the new online concession in that we paid in November 2025. Growth CapEx and one-off CapEx, they are predominantly related to integration with EUR 24 million paid throughout the year, which we will not see in 2026, and then carry over from bolt-ons that we had guided at the beginning of the year in, for the activities carried out in 2024. If you look at the right-hand side, you can see the operating cash flow growth of +18%, and this is also including the increase in concession CapEx. If we didn't include the upfront payment for the online concession CapEx, we would have had a growth of 24%. At Page 12, you can see the path from net debt from the 30th of September 2025 to the 31st of December 2025. In addition to adjusted EBITDA, you have a negative effect of net working capital, as is typical given the seasonality of the business. Taxes paid of EUR 48 million. This is what we've paid as the second installment for the taxes in for the 2025 period that we paid end of October. CapEx of EUR 96 million. That includes also the payment of the concession CapEx, also for the EUR 35 million of online. Financial expenses and leases of EUR 51 million. You have EUR 236 million of buyback that we actually implemented throughout in the fourth quarter. That brings us to a total net financial debt at the end of the year of EUR 2.1 billion, which equates to a net leverage of 2.4. Had we not done the buyback this year, we would have had, as Guglielmo mentioned earlier, a net leverage of 2 turns. We continue to remain within our financial policy of 2 to 2.5 turns of leverage. We've concluded. We can open up to the Q&A operator. Thank you. Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. We kindly ask to use handsets when asking questions. The first question is from Clark Lampen at BTIG. Please go ahead. Thanks very much. Good morning, guys. Appreciate this morning's presentation. I have two questions, if I may. The first is on the share capture discussion that we had, and you guys laid out very helpfully on slides 3- 5. I'm curious, when I strip out the Planetwin365 contribution, it looks like you guys took about 43% of the long-tail share that was available. Could you help us understand how much of that growth was a function of total fee relative to deals? Now that we've had a few months to better understand the landscape, should we view this as sort of a sustainable rate of share capture on a go-forward basis? Second question that I have is on shareholder buybacks and M&A in relation to one another. You've typically talked about those as sort of competing for the same excess cash supply. Should we interpret today's decision to allocate more capital towards repurchase as a signal that, maybe throughout the concession process and, following U.K. tax adjustments, that there's perhaps been less opportunity than you would have expected so far, and the priority is shifting to buybacks, or is that still sort of to be determined at this point? Thanks very much. Clark, this is Guglielmo. On the first question, well, the only thing in terms of say non-organic that you have in the growth of the market share, let's say in Q4, is the sports bets contribution. You can, you know, roughly it's like half and half. That is the picture. Not sure why you get to 43% because compared to the beginning of the year, the contribution of PWO is actually negative. On, I'm not sure on the legacy brands, the increase is what is that? 1.8 points because you've had a decrease on Planet. So the total share that we take including PWO is 1.2 points over 2.1, which is more than 50%. Maybe I got it wrong, so please correct me if I'm wrong. To the key point of your question, you have only Sportybet there, so it's kind of half and half. The other important part is a trend. Yes, we think it's a trend, because we think there is, of course there is more to come on the... Say bolt-ons or this type of deals with minority with path to control, which we've explained last time. Also there is the possibility of continuing organic growth. The environment is pretty constructive under this point of view. Now, as you know, we don't take commitment on the market share because it's always very hard to guide on that, how the organic market share will go. To give you a tendency, so a flavor of the competitive environment, we think that there would be more pressure on tail operators in general, and we are very well positioned to continue to capture market share. Maybe on the second point. Hi, Clark. For the buyback, listen, the rationale I mean, we've increased the size of the buyback to 12.5% of the share capital because, you know, our cash flow generation is accelerating, we're delevering quite fast. The natural it comes naturally for us if you look at our cash flow generation profile, that the buyback follows suit. We're basically following the same, let's say, capital allocation framework that we've been saying for some time. The excess cash goes to buybacks and which competes with M&A. As we've said also the bar is pretty high. I wouldn't read any signal in that other than the fact that we continue to follow exactly the same approach as we've done historically. The only thing to read in this, I think, is the increase is just a function of the acceleration of our cash flow generation and the leverage. That's very helpful. Appreciate the comments. Certainly no corrections to offer on our end. I think we just bucketed the PWL sequential share capture in the wrong place. Thanks, guys. Thank you, Clark. The next question is from Estelle Weingrod of JP Morgan. Please go ahead. Hi. Good morning, everyone. For the first question also on capital allocation, I mean, in the context of M&A opportunities out there, I wanted to ask if Voci Italy was an option and if you were looking at it, if it would make sense to you. A second question on the retail concession, is there any progress you've seen or heard of on the government discussions with the regions on finding a potential agreement? Thank you. I think I'll answer the first question. Is we won't comment on specific names. I think, as you know, we monitor what, all potential targets, within the framework that we've mentioned, which is across Europe, and of course, that includes Italy as well. I don't, we're not gonna comment on specific names. Yeah. Estelle, this is Guglielmo. On the retail concession, the government is still working on the decree. As I commented a few times before, it's a very solid and constructive setup. It's still on the ball is still on the government's court in order to come up with and approve a proposal that then will have to be discussed in the so-called Conferenza Unificata, which is the joint conference of the regions and the government. We stand pretty much in the same place as the last time we spoke, except, you know, there's been more work done in refining the decree on the government side, you know, really working on the details and things and talking to the industry, the association, it's really very much about that, but nothing more than that, I would say. Okay. Thank you. Thank you. The next question is from Ed Young, Morgan Stanley. Please go ahead. Good morning. Two for me as well, please. First of all, on the World Cup, obviously it's a revenue and an EBITDA opportunity, but it's also an opportunity to engage players and grow actives. How have you treated the potential of Italy being successful in the March playing tournament or not within your guidance? Could you perhaps give some color of the level of engagement you'd expect for Lottomatica Group if Italy were or weren't to make the tournament? How vital is that? Or what's the kind of level of difference? Yeah, how is that treated in the guidance? Second of all, on the, or on the buyback, I guess, chiming in on Clark's comment, could you perhaps give a little bit of color on the cadence of what we should expect for buybacks? How we should perhaps think about what you might do in 2026 and 2027 within your leverage framework? Thanks. Okay. Is on the World Cup or I would say that it doesn't really move the needle as much. I mean, as you say, it's an important period for us to acquire customers. It's a very important one, but it, I mean, the guidance already includes the outcome whether Italy is in the World Cup or not. It doesn't really move the needle as much. On the pace and the cadence of the buyback, I mean, we will continue to do the buyback basically at the same pace that we've been doing so far. I think if you, if you run the numbers and you look at where we stayed, constant leverage, say we'll probably do a bit, a bit more next year and a bit less this year, but we'll see as we move along. I mean, as you know, we've, we give the mandate to a bank who carries that, who executes the buyback and then we may or may not adjust the pace as we go along. We don't make those adjustments often, frankly. As you know, we've made one last year in November through an acceleration. I mean, our plan is all other things being equal, that we will carry out the full, up to the full amount for 2026 and 2027. Thank you. The next question is from Ben Shelley, UBS. Please go ahead. Hi team. Thanks for the presentation and thanks for taking my questions. I've got two. One, I guess the implied EBITDA margin guide is quite a bit ahead of consensus. Can you elaborate on the underlying drivers supporting that margin outlook, especially in online? My second question is about the consolidation opportunity. Do you think the technical testing to be completed in the summer of 2026 can offer more market share opportunity? Thank you. I'll take the first one. If you look at the margin, the implied margin expansion for 2026, it's predominantly driven by mix. It's online growing significantly faster than the other segments. Given the margins of, I mean, we're seeing margins, if you look at the margins for the year, the 2025, they're in the mid-50s. If you assume a similar margin for 2026, you get to an implied margin that is for the year that is higher, you get to around the 39% if you look at the midpoints. The online is the main driver. Of course, you also have some effect of synergies that are coming in because we've... We've completed all, everything we had to do for the integration of SKS365, there is still a run rate effect that you haven't seen at all in 2025. We've got another EUR 24 million of synergy or a run rate effect in 2026 that flows through the P&L. Hi, Ben. On the on the consolidation related to the phase II of the concession, so they call it technical testing and full compliance. A part of the activities will be carried out by May 13th as originally planned. Another part will most likely be postponed. There's still, you know, probably question mark of whether it's I don't know, it's August, September because of just technical reasons. It really doesn't move the needle. You know, it doesn't change the fact that this is clearly another opportunity to make this market more robust, easy to manage, clear to understand. Of course, whenever you have this kind of transitions, it may happen that well-equipped operators are in a better position like we are. Can this be an opportunity? Yes. The more we go towards the final model, the better it is. This will happen, some things will happen in May, some things will be most likely pushed, I don't know, will still to be decided whether it's November or around that. Short answer, yes. Thanks, guys. That makes perfect sense. Thank you. Thank you. The next question is from Fabio Pavan, Mediobanca. Please go ahead. Yes. Hi, good morning, and thank you for taking my two questions. The first one is if you can help us in building an expectation for cash flow generation in 2026. We have EUR 100 million higher EBITDA, but also optimization in interesting costs, cash costs. My question is, we should still assume some bolt-on acquisition for this year or not? Second question is on product evolution. My view is that clearly your market share gain is also driven by your tech platform and your ability to launch new products. I was wondering if you can share with us some update on this. Thank you. Yeah. I'll take the first one on. On cash flows. Yes. It's a bit more than EUR 100 million of EBITDA if you take the midpoint. From a CapEx perspective, you know, the recurring CapEx are not moving very much because they are driven by the size of our retail footprint and then it includes also technology spend in there. It is very scalable, those costs don't really increase. The CapEx level really stays the same as the recurring level. Concession CapEx is pretty much known with EUR 78 million, so that will not move. With that, really the drop through is pretty material. Once you look at what the interest costs are, on a run rate basis, I think you know that we are running at around EUR 105 million of pre-tax interest costs per annum. Add to that another EUR 15 million between RCF and guarantees, you get to EUR 120 million. That's not moving, so it's the same as it's lower than last year. Of course, you've got taxes. I mean, leases are around EUR 29 million per annum. There are no really, again, it's a pretty scalable business now that we're seeing and online is accelerating. It really, all the incremental EBITDA really drops down through to cash net of, net of the, net of taxes. In terms of bolt-ons, I think when we, when you look at the levered free cash flow generation, so our framework has been, you know, 30% of the adjusted net profit goes to dividends. It's pretty easy to model. The rest is basically bolt-ons and buybacks. On the size of the bolt-ons, we'll look at this. We're working on the pipeline. It's definitely been at lower levels than what we've seen in 2024. We don't guide on that because it really depends on how we execute on that pipeline when maintaining price discipline. The rest is predominantly buybacks. It, 2026 is, as I think as a number of you have pointed out, it's an inflection point in terms of cash flow generation. We've seen that also in the graph that Guglielmo Angelozzi showed earlier, showing the adjusted net profit evolution over time. 2026, we'll see fewer extraordinaries given that also we've completed integration of PWO. You know, a big chunk of extraordinaries that basically will disappear. Hi, Fabio. On the product, you're perfectly right. That is one of the key drivers of the growth of the market share, and of course, that goes with the technology. What I can say is that we have a very healthy pipeline, especially on the part of the what we call the Lottomatica Core. The MarTech infrastructure that you have above the gaming platforms, which allows to optimize the digital marketing in all its aspects, to improve the risk management. All the things that are in the Lottomatica Core are, you know, a key component of key differentiating component, a key part of our roadmap. Just a note of small note. The technical certification of the systems at a certain point will require for the entire market a slowdown of the new products launched on the market. Basically you need to somehow freeze the product while it's being certified. That's in the first part of the first half, ideally, if the dates are confirmed. That's for the entire market. As an overall in 2026, the roadmap is on the product side is really strong. Again, I think, you know, we put some focus in the past, in past earnings call in the presentation of the Lottomatica Core. That is a key area, because we always think that you work on the product, of course you get new games, for casino, you present them better, you improve the user experience, you present new bets. You know, but then it's super important how you deliver that to your clients, to which clients, you deliver them, how efficient, and what's the level of efficacy of your digital marketing activities. That's really a component which will become more and more important in the future. That's the picture. Thank you very much. Very clear. Thank you. The next question is from Chiara Pampurini, Intermonte. Please go ahead. Thank you. Good morning. You already give us some information on how the consolidation process is progressing. You've taken the stake in Sportybet. If I may ask, could you give us some color on how this is going on, and if you're closing similar deals? Also on Totosì, if you are seeing increase in market share? Thank you. Yeah. you wanna go? You go. Okay. Sorry. Yeah. I mean, listen, if you look at sort of Sportybet, you know, we've taken a 20% stake. As you know, we've, we have a path to control over the period of, over the to get to 100% throughout the concession period. That's how the deal structure works. We've taken a minority, and we're very happy that the shareholders are staying in to continue to drive the business in a complementary way with ours. Are there any other deals like this? Yes, we look at them. We're in discussion for other potential deals, and as soon as we close them, we'll announce them. I think in terms of Totosì, there's nothing really major to report. I think the market share has proven to be quite stable, over the past few months. There's nothing to report on that side. Okay. Thank you. The next question is from Andrew Tam, Rothschild & Co Redburn. Please go ahead. Hi. Good morning, thanks for taking my question. Just a quick clarification question on slide, page four, just on the market share. I know you said you haven't, you don't guide to the market share per se, I guess the question is, just in terms of the legacy brands, the current, I guess, annual trajectory of the market share gains, would you say in 2026, are there reasons for that to continue, or do you believe not that not to be the case given the new online concession model? Just in terms of Planetwin365, is the target there to recapture that, you know, one percentage point of share loss pre the migration? Are there any strategies or initiatives in play at the moment to recapture that? Thanks. Yeah. Hi, Andrew. This is Guglielmo. Of course we don't guide, but yeah, the short answer is yes, we do believe that the legacy brands have still room to grow also in 2026. On the specific point of Planetwin365, what's our target? The target is to recover the entire 1%. That's pretty much as it happened at the time for the Lottomatica/Better when we did the acquisition of the assets from IGT. It's pretty much the same strategy, though refined through time. When we finish, it's already in execution. When we finish the migration with the new product in place, we start the reactivation campaigns of customers where the disappeared or reduced frequency or amount because of the noise of the migration with specific campaigns. We've extended the reactivation campaigns to customers that we had in the database and that had not been playing for a long time, even before the migration, to try to recover share also from that side, because we could go and present to them a new product which we believe was better than the previous one. That's another important campaign. That's basically if you move aside the better quality of the product and of the offer, in terms of what are the tools, you basically run dedicated campaign to these key clusters. Customers who have stopped playing during the migration, customers who have decreased frequency during the migration, customers who have decreased spend during the migrations, and customers who were lost before the migration, but can be contacted again on the basis of a better offer. Then, of course, there are tons of ways to get there. Not get into the details, but you use all the digital marketing levers to get there. That's basically the principle, and it's started basically at the end of the migration, and we'll continue. Got it. Just to follow up on, you know, you mentioned the comment capturing more than 50% of the share losses from the tails. Do you expect that to continue into 2026 in terms of more of the same or even potentially for that to accelerate? We again, it's hard to get into detail because otherwise we would be guiding. We gave a total size of the opportunity from the states, which can be 7%-10%, saying that we had already, you know, captured or signed 2 points. Of course, you would Aspire to do at least the fair share of that total pool at the end of the game, at least the fair share. We started better than that because we did more than the fair share, more than 50%. You know, that's the framework. Then, you know, that's the data points. Of course, any other information would be a guidance. Perfect. Really appreciate it. Very helpful. Thank you. My pleasure. Bye, Andrew. The next question is from Pravin Gouniyal, Barclays. Please go ahead. Hello. Thanks for taking my questions. Firstly, on online sports. Previously you talked about both retail and online combined GGR in sports growing at sort of sustainable high single-digit. Online has been a bit softer in 2025. Could you please talk about are you taking any sort of additional steps to drive that online growth in sports? Secondly, on Sportybet, you suggested that there are similar sort of deals in your M&A pipeline there. Could you talk about the size and potential valuation levels of those deals? Thank you very much. Okay. I'll take it. Listen, I think if you look at the data in January for online sports, we've actually seen very good growth, not only in terms of GGR, but also in terms of handle. If you look at them, I mean, we've I think the handle has grown roughly about 14%. You know, we're talking about if you look at our numbers that are disclosed, if you look at the market shares. At the GGR level, the it's grown 15%. It's been it's pretty healthy, a pretty healthy market, and we're continuing to see this trend even at a handle level. I think this reflects the fact and at the same time, sorry, retail on the retail side, the sports retail business is growing faster than we had expected. Both at a handle level and at a GGR level. On a combined basis, we're double-digit in January, both at a handle level as well as at a GGR level. This just gives you also the comfort that we that it continues to remain a very healthy market, a very healthy segment. We'll continue to see this also, you know, even after January. It is definitely continuing to be a market that will continue to remain volatile by nature if you look at the GGR because you have volatility of results, and you have different schedules of games that are being played between the periods that you compare. As we've mentioned several times that if you look at the monthly GGR on a combined basis, it shows you that there's a very clear trend line for the sports business across both channels. The difference between the two, as we mentioned earlier, you know, iSports historically had grown faster. Last year it wasn't the case. The beginning of this year, it looks like iSports is growing faster as the previous years. As we had said from a contribution margin perspective, when GGR moves from one channel to the other, it doesn't really make much of a difference. It's very the contribution margin for sports is very similar. it is, you know, there's, there is, we continue to believe that these are the right assumptions, that we have a growth of around 7%-8% at a combined level for sports. And then the relative growth, naturally iSports grow a little bit higher. As we've seen this year, actually iSports has been growing double-digit. in that sense, we confirm our thesis on this segment. Do we in terms of size, if when we talk about sports bets, we're talking about similar sizes. I mean, they're small. Just to answer very shortly the, the question. They're small businesses. They're, they're sub 1% market share. They're small businesses and the valuation is definitely highly accretive to our, to our business. Thank you very much. This is really helpful. Congratulations on the results. Thank you. The next question is from Domenico Ghilotti, Equita. Please go ahead. Good morning. A few questions. First of all, on the buyback, should we assume how is the approach if there is a retail tender? I'm trying to understand if this will affect your, the pace of the buyback. Second, I have a question. Well, on 2025 numbers, if I look back at your original guidance, you wanted something like EUR 100 million lower in terms of sales. I'm trying to understand what has been performing differently compared to your initial expectation while EBITDA has been banking line. Third, on the 2026 guidance, if you can give us some sense of the trend that you are expecting on gaming franchise and maybe even sports franchise. I'm trying to understand if growth is coming only from online. Okay, I can take this. Listen, the buyback will continue for as long as we continue to remain within our financial policy. We're quite mindful of that. To the extent there'll be a tender, we'll look at the numbers, see how the leverage is impacted, and we'll act accordingly. I mean, it's pretty much a function of that. From a guidance in 25, if you compare it to the original guidance, as I think as we mentioned in the third quarter results, it's pretty much the result of Planetwin365, the, sort of being integrated earlier. We realized the synergies earlier at the cost level, and therefore we had the impact on our, at the revenue level earlier during the year. Throughout the year, we've seen a higher or more of an unfavorable impact on the revenues, but a more favorable impact at the cost level, thanks to this acceleration of the implementation of the synergies. For 2026, I'd say, online continue. It's really more of the same. As we've, you know, the, I think it's been quite a number of quarters we've been sort of seeing the exactly the same trends. Online will continue to remain the growth engine. Retail, if you look at sports, you know, sports retail, we continue to see their bit of mid-single digit growth. We've seen Better so far since the beginning of this year, but obviously you have to factor in the volatility of the results. You know, it's been exceeding the expectations there. For gaming, for gaming retail, it depends on the level of bolt-ons that we've that we'll see throughout in the course of this year. Because if you don't do any bolt-ons, it's a business that will naturally decline sort of low, low, low to mid-single digit. Okay. Thank you. The next question is from Andrea Bonfà, Banca Akros. Please go ahead. Hi. Thank you. Good morning to everybody. Most of my questions have been answered. If I may just, for the clarification on the, let's say, on your guidance, let's say, framework, if it's possible for you to specifically comment on the potential, on the expectation, on the growth rate expectation for iGaming, if it's that, high teens, mid teens or low teens. The second one is a clarification. In your press release, you mentioned EUR 300 million of buyback, in your NFP build up, you mentioned EUR 236 million. If you can just comment on that. Thank you very much indeed. Sure. I'll answer the second question first. No, we've done EUR 300 million in 2025. The number you're referring to is what we've done in Q3, Q4, sorry. In Q4, we've done EUR 236. The balance was done since we started the. It was done in Q3. As you know, we started it at, you know, towards the end of June. The remaining part was done before was done in Q3. That gives us, we've done all in all EUR 300 million of buybacks in 2025. In, if, in terms of guidance, if we think about the guidance, we will continue to see sort of online growth in the teens. iGaming, you know, it is what we've seen, isn't it? January, February so far, we've grown at 19%. I mean, the market has grown 19%. We've grown a bit faster than that. We expect to see here anywhere between mid to high teens of growth in this segment. Hopefully that helps frame it. Thank you very much, and congratulations for the result and the guidance. Thank you. The last question is from Richard Stuber, Deutsche Bank. Please go ahead. Yeah. Good morning. Yeah, most of my questions have been already asked. Just one final one, a more general one on AI, if that's okay? Presumably you use it across most of your businesses. Could you say where it has been most impactful? Is gaming content now sort of generally sort of quicker and easier to make? Thank you. Yeah. Hi, Richard Stuber. This is Guglielmo Angelozzi. I'll take this one. Look, the impact of AI, I would say, is when you look at the business, it has impacts on many other aspects of the company. It's mainly on the online business for the moment being. Doesn't matter whether it's sports or it's iGaming or it's digital marketing in general. Of course you have impact also on logistics. You have impacts on a bunch of internal processes. You have impact on customer care, which are across the businesses. You will have impact in the future on the production of games, I believe, also for the retail gaming machines. the core impact in terms of revenue potential, today you see that on all the segments of the online business. And spanning from risk management, so the agents that manage the risk, basically, to communication, production of communication campaigns, to affiliate management, to content proposition on the casino. There's really a ton of things. Then you specifically ask about one point, which is, will AI make the production of games, I assume you're referring to iGaming, so to casino basically, easier? Of course, yes. Which is not our part of the business. We are, you know, it's a small part because we have some studios inside. Mostly we buy from outside providers, which we believe is a very good thing because that's a very competitive environment. We have more than 100 providers, giving us thousands of games. If these providers are able to design and launch new games, which are better in the sense more effective, and at a cheaper cost, then it's just good news for us, for us and for the market, because you can have access, basically at better content at cheaper price, given the fact that this is a very competitive environment. For that specific use, the answer is yes, and it's very good use for the ecosystem in general. Really the use of AI is not really limited to that. It really, as I mentioned to you some cases, some use cases, it spans from every single angle of the company. We haven't really done an exercise or shared an exercise of showing what's been the impact of what we've done so far because we're approaching these with a clear roadmap in mind, but from use cases which are coming bottom up. What can be done is spread as knowledge throughout the company. The architecture allowing for that is there. Everybody would ask for a specific use case, and if it's if it makes sense, then it's developed. Otherwise, if it doesn't make sense, the investment case is not developed. You know, it's really already a very wide penetration across the board. That's very helpful. Thank you. Thank you very much. Okay. I think we are done with the Q&A operator, so we can close the call. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephone.