Good day. Thank you for standing by. Welcome to the Banijay Group Half Year 2026 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question, please press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please use the question-and-answer box available on the webcast link at any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Louise Racine, Head of Investor Relations. Please go ahead. Good morning. Welcome to Banijay Group's H1 2026 Results Webcast. This is Louise Racine, Head of Investor Relations. Before we start, let me draw your attention to the disclaimer on slide two. I also want to remind you that this presentation is now available on the company's website. A recording of this call will be accessible in the coming days. Your speakers today are François Riahi, our Chief Executive Officer, and Sophie Kurinckx-Leclerc, our Chief Financial Officer. First, François will present our key financials and business highlights. Sophie will cover the results in more detail before François provides some concluding remarks. We will open the call for questions. Before we get started, a quick comment on the perimeter and comparison basis used in these results. The completion of Tipico in April adds just over two months of Tipico earnings to our revenue and adjusted EBITDA reported figures. To give you the clearest view of our underlying performance, we are also providing pro forma variations that include a full six months of Tipico. For further information regarding pro forma performance, you can find in appendices 2025 pro forma figures on Banijay Gaming on a quarterly basis. Pro forma evolution at constant exchange rates also includes the restatement of 2025 contribution of bet-at-home and H2O. Over to you, François. Thank you, Louise. Good morning, everyone. Before we begin, I'd like to highlight that 2026 is a particularly busy and transformational year for the group. We are reporting, as Louise just reminded, our first set of results, including Tipico this quarter. Next quarter, we will introduce All3Media into the perimeter, making another important step in the group's evolution. At the same time, H1 2026 includes only a partial contribution from the FIFA World Cup and also includes the impact of tax increases in France and in Austria compared to H1 2025, as well as some one-off effects linked to the Tipico transaction, adding a further layer of complexity when assessing performance. Given these moving pieces, our objective today is to present the results as clearly and transparently as possible, helping you understand the underlying performance of the business beyond the changes in scope and one-off timing effects. Saying that, our H1 results were solid, with pro forma revenue growth of 4.5% and pro forma adjusted EBITDA stable year-over-year and up 5% excluding the betting tax increases in France and Austria. The 2026 FIFA World Cup was a landmark event and a fantastic showcase for our group across sports betting and gaming and Live. I will spend some more time on what made it so special for us later in my presentation. The first half was also a period of major strategic progress, with important M&A milestones and acceleration on Live and on the digitalization of our entertainment business. Thanks to this really first half and the momentum across our businesses. We are very confident in achieving our guidance for the full year, and we expect adjusted EBITDA growth to accelerate in the second half. Indeed, H1 was a very active period for M&A execution. Our acquisition of Tipico closed at the end of April. The integration is on track and will accelerate after the FIFA World Cup, as we wanted to make sure our teams were really focused on underlying business during this key event, and this was a success. We have just appointed a Chief Executive Officer for our sports betting and gaming activity to lead this integration. Antoine Jouteau brings a strong track record in leading digital companies and integrating them. The combination of Banijay Entertainment with All3Media closed earlier this month, even if it is not yet included in our H1 figures, creating a global media and entertainment powerhouse. In sports betting and gaming, at the beginning of July, we announced the acquisition of JOA, the second-largest casino operator in France, which we expect to close in the second half of the year. As a newly announced deal, I will give you a bit more color on JOA shortly. Finally, regarding The Independents, we have decided not to exercise the call option to increase our shareholding in The Independents. We are prioritizing the integration of All3Media and Tipico and the execution of its strategic roadmap while remaining a supportive minority shareholder of this very good company. In 2026, we'll have closed three major transactions to translate our strategy in action, which is not too bad. Looking at H1 key figures now. Revenue was just under EUR 2.6 billion, almost up 17% on a reported basis. 4.5% pro forma Tipico, as double-digit growth in sports betting and gaming was partially offset by a small expected decrease in entertainment and Live that will reverse in the second half. Adjusted EBITDA came in at just over EUR 500 million, up 18.5% reported and stable on a pro forma basis, and up 5% excluding the betting tax increases in France and Austria. Adjusted net income was EUR 141 million, down 3.7% on a reported basis and up almost 33%, excluding exceptional LTIP expense, which is mainly non-cash in the context of Tipico acquisition, as we presented last time. Adjusted free cash flow generation reached just over EUR 410 million, resulting in a cash conversion of 82% on a reported basis and 81% on a pro forma basis, just above guidance. Pro forma of Tipico and after the closing of All3Media, for which we already received the cash proceeds in early July, leverage stands at 3.6x and we expect it to decrease to around 3.4x by the end of the year as planned, and to around 2x by the end of 2029. Let's move to business highlights now, starting with sports betting and gaming. Of course, a big event for our business this year was the 2026 FIFA World Cup, the largest in history. 50% more teams, 63% more matches and 10 more days of competition than in 2022, creating a significantly expanded tournament staged for the first time across three host countries. We've heard a lot of superlatives about the World Cup, but this time they are real. Compared with the 2022 World Cup and on a combined basis, including Betclic, Tipico and Admiral, the number of active players during the competition rose by 75%, compare so to the last World Cup. Turnover doubled and gross revenue was up 88%. This is in 3.5 years. Only the contribution of the group stage is meaningfully reflected in H1 results as the knockout rounds started on June 28 and therefore only contributed a few days in the quarter. As a result, a much larger share of the World Cup impact, including the normalization of sports margins that comes with the big games, will be more visible in Q3. Now the World Cup is over, and I can tell you that we are very happy with our performance during the World Cup, both commercially and financially. Beyond the World Cup, sports betting and gaming commercial momentum was exceptional throughout the half. Unique active players grew 22% and revenue grew across all our brands. Now I'd like to spend a few moments on our acquisition of JOA, which is a very exciting development for Banijay Gaming and another important step in our strategy to build a diversified European gaming leader. JOA is the second largest casino operator in France by the number of casinos, with a nationwide network of venues that combine gaming with restaurants, bars and leisure experiences. It generated around EUR 430 million of gross revenue in 2025. Following the acquisition of Tipico, the addition of JOA further strengthens our omnichannel capabilities, combining our digital expertise with one of France's largest land-based gaming networks. Tipico was the start of omnichannel strategy development, and a few months after, we are now omnichannel in Germany, Austria, and with JOA, we will be also soon in France. Of course, we will leverage on our new knowhow in retail operations in Germany and Austria when it comes to JOA integration. Banijay Gaming will acquire 100% of JOA at an enterprise value of EUR 465 million, financed through a mix of cash and debt, with closing expected in the second half of the year, subject to customary consultations and regulatory approvals. Additionally, it will create opportunities to connect JOA's venues and customer base with Betclic's digital betting and poker platform, and extend the omnichannel ecosystem we are creating between our digital platforms and our physical destinations. I can tell you that both Betclic and JOA teams are excited about this combination. Let's move now to entertainment and live, where we continued to make progress across our key growth drivers in the first half. A particular highlight this semester was the strong momentum in sports and live events. We also continued to expand our digital footprint and scale our franchises worldwide. Actually, sports was a major focus this half and at both live and digital. In the first quarter, Balich Wonder Studio delivered the Milano Cortina Winter Olympics opening ceremony, watched by 2.5 billion people. In the second quarter, it delivered three FIFA World Cup opening ceremonies staged in three countries in less than 48 hours and watched by more than 1.2 billion viewers. Similar to sports betting, the World Cup was not finished for our live business at the end of Q2, and we'll continue to benefit from it in Q3 through the production of key events associated with the tournament, including the Independence Day celebrations on fourth July and the FIFA World Cup closing ceremony in New York on July 19th. This World Cup momentum also provided the ideal platform to launch Banijay Studios North America, a very important development for the group. With new hubs in New York, L.A., and Mexico City, we are strengthening our footprint in one of the world's largest markets for sports, culture, and live entertainment, probably the market where the connection between sports and entertainment is the strongest. I can also tell you that our partners at RedBird IMI have been extremely supportive in helping us launch and build awareness around this business in the U.S., which is the first concrete demonstration of the strength of this partnership when it comes to development in the U.S. On digital, we launched Players Network, Banijay Entertainment's new digital sports brand, with a first flagship series fronted by Jamie Vardy released around the World Cup, expanding us into social-first talent-led sports entertainment. We also continue to scale our franchises globally, both through new localized adaptations and digital expansion. Luminiscence sold more than half a million tickets in the first half and is now live in eight countries, while the Black Mirror experience is now open in three cities, Montreal, Madrid, and New York. São Paulo is going to open soon as well. We are working on other locations. In entertainment, we continue to grow our brands through new adaptations such as Physical 100 on Netflix, sports again, and through digital initiatives, including a new representation partnership with chef Mike Reid. As already mentioned, you'll see more about production in the second half of the year. Sophie will come back to this later. Of course, there is much more to come with All3Media and Banijay Entertainment combination. On July 9th, we completed the merger, creating the world's largest independent production company. All3Media will be integrated into our results from the first quarter. The combination significantly strengthens our capabilities across content production in English language, live experiences, digital and new media, while expanding our footprint across 25 territories. We see very good opportunities for commercial synergies. We are fully on track to achieve around EUR 50 million of cost synergies within one year of closing, which is what we announced when we told you about the deal. While this is a challenging target, we are very confident in our ability to deliver it, the team's already started at a very high pace. As part of this operation, as announced, the exceptional dividend of EUR 0.93 per share is confirmed and will be distributed in mid-August. That's all from me for now. Over to you, Sophie. Thank you, François. Let's start with group revenue. Reported revenue reached just under EUR 2.6 billion, up 16.9% on a reported basis versus the first half year of last year, including a contribution from Tipico for the two months since closing. On a pro forma basis, with the full six months of Tipico in both years, group revenue grew 4.5%. This growth was fueled by sports betting and gaming up 10.5%, while entertainment and live declined slightly at -2.2%, reflecting the anticipated phasing in content production in Q4 this year. Moving to group adjusted EBITDA. Reported adjusted EBITDA reached EUR 503 million, up 18.5% on a reported basis. On a pro forma basis, adjusted EBITDA was flat at 0.1%. These reflect the betting tax increase in France and Austria from July 2025 in France, and in Austria, April 2025 for sportsbook activity, and from January 2026 for gaming activity. Excluding this impact of tax increase, pro forma adjusted EBITDA grew by 5%. The reported adjusted EBITDA margin improved slightly to 19.5%, despite the betting tax headwind, reflecting the positive contribution of Tipico, higher distribution in content, and continued efficiency. Moving to adjusted net income next. Excluding the exceptional LTIP charge of EUR 54 million that we flagged at our strategic update in March, which is vastly non-cash and related to the Tipico transaction, adjusted net income stood at almost EUR 200 million, up 32.9%. Beyond this exceptional charge, main factors were a higher cost of net debt, reflecting the financing of the Tipico acquisition with debt raised since January 2026. Higher D&A also linked to the Tipico integration and conversely, lower income tax expense following the implementation of the IP box tax regime in Sports Betting and Gaming. Moving to results by business now, starting with Sports Betting and Gaming. Reported revenue was up almost 55%, reflecting the consolidation of Tipico since the end of April. Including six months of Tipico on a pro forma basis, revenue grew 10.5%, fueled by record player engagement, with unique active players up 22% and record engagement for a World Cup that benefited to all products. By product, sports book revenue were up 8.6%, reflecting the specific sports margin in the middle of the World Cup, while games, poker, and turf revenues grew over 18%, reflecting our diversification strategy. Looking at earnings now. Sports Betting and Gaming adjusted EBITDA stood at EUR 294 million, up 32.5% on a reported basis with a margin of 24.3%. These reflect the betting tax increase and the effect related to sports margin during the World Cup. Pro forma, the acquisition of Tipico and excluding the betting tax increase in France and Austria, adjusted EBITDA grew by 5.4% with a pro forma margin of 28.2%. Adjusted free cash flow conversion remains very high at almost 89%. The change in working capital was positive, driven by cut-off effects on betting tax and pending bets in the context of the strong volumes in June relative to the World Cup, income tax paid was lower, reflecting the positive impact of IP Box tax regime. If you remind, well, a favorable base effect related to a one-off tax catch-up in 2025. CapEx and lease expense increased slightly related to the integration of Tipico. Moving now to Entertainment & Live, where revenues were down 2.2% at constant exchange rates and current scope. Looking at revenue by activity, the 11.9% decrease in content production was expected and reflects phasing on scripted shows deliveries, further weighting on Q4 this year. For instance, "The Buccaneers," a scripted show produced in the U.K., was delivered in Q2 last year and will be partly delivered at the end of the year in 2026, which reflects this seasonality. Distribution revenues were up 10.5%, benefiting from a format sale in the first quarter, and the opening of initial licensing windows for several finished titles. The standout performance was once again Live, with revenues up almost 50%, driven by the Milano Cortina Winter Olympics opening ceremony in the first quarter, the three FIFA World Cup opening ceremonies in the second quarter, and the continued momentum of "Renaissance." Adjusted EBITDA was up 2.5% as reported, 3.4% at constant exchange rates and current scope to just under EUR 213 million, with the margin improving by almost one point to 15.5%. The improvement of this margin was driven by distribution and continued cost efficiency. The change in CapEx reflects the high comparison basis in the first half of 2025. Adjusted free cash flow conversion stood at 72.5%. The change in working capital reflects cut-off effects, including phasing on payments related to the significant live shows produced during the first half 2026, which we expect to normalize throughout the year. From a cash flow perspective, group-adjusted free cash flow reached just over EUR 411 million, with cash conversion of 82% on a reported basis and 81% including six months contribution of Tipico, just above our full-year guidance of circa 80%. The adjusted operating free cash flow conversion is 66%, in line with our midterm guidance. The group's net debt stands at EUR 5.5 billion at the end of June following completion of the Tipico acquisition. Following the closing of the combination in Entertainment and Live, which means including All3Media, the cash proceeds we received early July, and exceptional dividends to be distributed, net debt amounts to EUR 5.8 billion, representing a leverage of 3.6x. We expect leverage, as mentioned during our strategic update, to decrease to around 3.4x by the end of the year, driven by cash generation in the second half. We maintain a strong liquidity position with EUR 713 million of cash at the end of June 2026. First combination with All3Media, including the cash received at the beginning of July in relation to this transaction, including the payment of the exceptional dividend of approximately EUR 400 million, the cash position exceeds EUR 1 billion. At the end of June 2026, the group's revolving credit facility amounts to EUR 350 million, reflecting the additional EUR 70 million RCF in sports betting and gaming, including in the new financing package. The vast undrawn amounts to EUR 312 million. That's all from me. I will now hand back to François for some concluding remarks. Thank you, Sophie. Given our visibility at this time of the year in entertainment and Live about the schedule of deliveries over the second half, the results of the World Cup 2026 that we already have, we confidently reaffirm our 2026 guidance of mid-single digit adjusted EBITDA growth on both a standalone basis and pro forma of the Tipico Group and All3Media transactions. Excluding the impact of the tax increases in sports betting and gaming, which reflects the real performance of the business, this would be even higher at mid to high single digits. As Sophie reminded us, an adjusted free cash flow conversion of circa 80%. In conclusion, this was a solid first half for the year, with outstanding player engagement in sports betting and gaming, strong momentum in Live, and content production and distribution activities set to normalize by the end of the year. We are very confident about that. With, of course, more business opportunities to come from the combination with All3Media in the next months. This semester, we have made significant progress on M&A. Tipico has closed and is integrating well. Our combination with All3Media is complete and integration has already started, too. JOA is expected to close in the second half. In just a few months, we have transformed the group and accelerated on diversification by geographies, products, and we are now better positioned strategically. We are also expecting to implement synergies, very significant synergies, from the Tipico and All3Media deals in the second half of the year and, of course, in the following months. Look forward to updating you on this. In a nutshell, H1 was busy. H2 will be busy as well. Busy is good, but the summer break is welcome. That's all from me. Thank you for your attention and back to you. Thank you, François. It's now time for questions. Please state your name and company. Thank you. Thank you. As a reminder to ask a question on the phone line, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, please press star one one and wait for your name to be announced. To withdraw your question, please press star one one again. If you wish to ask a question via the webcast, please use the question-and-answer box available on the webcast link to submit a question. Thank you. We are now going to proceed with our first question. The question comes from the line of Ricardo Chinchilla from Deutsche Bank. Please ask your question. Hey, good morning. Thank you so much for taking my questions. I have three if possible. The first one is on the World Cup monetization and outlook. You indicated that a limited portion of the FIFA World Cup knockout phase was reflected in the first half results. Can you quantify how the third quarter trading has evolved since the end of the tournament, particularly in terms of player retention, its sports book turnover, and post-event activity levels versus the World Cup cohort of 2022? The second question is related to the acquisition of JOA. Could you please elaborate on the multiple paid for the transaction and any color that you could give on the mix of debt and equity financing that you are targeting, even if it's just an in total understanding that the transaction is yet to close? Lastly, if you could mention or provide some color on the competitive environment in France, Germany, Austria, and Poland with regards to gaming. Are marketing intensity and customer acquisitions costs trending differently post the Tipico acquisition? Have you seen any response from competitors following the creation of your larger now Banijay Gaming platform? Thank you. Thank you for your question. I will take the two last ones and let the first one for Sophie. That's why it starts in reverse. Competition in the different countries, of course, is always fierce, especially for World Cup, because everybody wants to capture new players. We have in France, the increase in tax is weighing on competition because you really need to have a large market share to be able to sustain this. All in all, we are very happy with what we did during the World Cup compared to the market. We have been very present in all our markets on the World Cup. There was no specific response from competitors, no. Of course, all our competitors made a very good effort to capture clients. We believe we had a very good performance on this in all our markets. On the acquisition of JOA, the multiple pay is in line with the sector. The mix of table cash has not been decided yet. We still have a few weeks or months to work on this. On the World Cup, I give the floor to Sophie just to say, during the first phase of the World Cup, you have more unbalanced games and also the big teams, especially France, Germany, performed very well. You had Mbappe scoring two goals every game. Messi scoring also every game. Typically what the players want to bet on. The first half of the World Cup was very positive for the players, and this is what we have in our figures. The second half was more reversing the trend and normalizing the results. All right. I think that François has almost said everything. What I can add is that, yes, in the second part of the World Cup that occurred during Q3, the sports results were more favorable for Betclic. We are very happy with the results of this World Cup. As mentioned, to you with a growth of the UAP by more than 75%, that we doubled our bets and that the GGR increased by 88%. What is important to know is that around 50% of the new players remain active during the following quarter, which is also very good for the business in the next few months. Thank you so much for taking my questions. We are now going to proceed with our next question. The next question comes from the line of Annick Maas from Bernstein. Please ask your question. Good morning. My first question is going back to this JOA acquisition. I guess it is a physical acquisition and not only online, which is slightly deviating from what you have done in the past. My question is really, going forward, shall we expect more of this? More of casino operators in the markets in which you are present to create a wider omnichannel strategy, or was this a one-off explained by an attractive opportunity? The second one was on M&A in content and production. I guess you have a big debt at the moment, but on the other hand, side, you know how to structure deals and ITV Studios is coming on the market without a TV bid attached to it. Is that something that you could be looking at again? Then you started saying that synergies are going to impact in the second half. Can we maybe get a little bit of more of the phasing of how these synergies are going to come through in the second half? Thank you. Thank you, Annick. JOA acquisition. No, in fact, two or three years ago, we were really focusing only on online. We looked at the different geographies and especially when we discussed with Tipico, looking at Tipico, we understood the value of having also a retail network. I think also that artificial intelligence is increasing this value because the brick and mortar is not as easy as to replicate. Of course, online remains our main focus, will remain our main focus. JOA was an opportunity to create an omnichannel situation in France, which is one of our largest markets. We have it in Germany, we have it in Austria. It was an opportunity to create it in France. We cannot create it in France through physical sports betting because it is a monopoly of Française des Jeux. JOA was a very, probably the best opportunity we could think of. JOA was looking for a home, and they were very interested in joining our strategy as we are building as a European leader. It was a good fit. Our focus of course remains largely on online. When online can be supported by retail, by physical, we believe it is a good match. On your second question, on ITV Studios. It is easy to answer because it is not the right time either for us or for them. They are in a transaction which is going to last for a long time. We have a lot on our plate to integrate, so it is not something which is really in the cards today. On the synergy, Sophie, I do not know if you have some color on that. On the synergies, what we announced during our calls to you, Steve, is that we expect from Tipico and Admiral integration to the gaming business an amount on a full-year basis of EUR 100 million of synergies. As now the World Cup is over, the teams in Banijay Gaming are focusing really on the implementation of these synergies. We will start to have the first impact in H2. On a full-year basis, more in 2027. On the All3Media combination, we expect cost synergies to be around EUR 50 million on a full-year basis, and we expect to implement them within 12 months. Just for you to know, of course, as we completed this deal early July, the teams in entertainment business have already started to implement them, and we will have the first impact in H2 also. The full impact will be done within 12 months. Thank you. We are now going to proceed with our next question. The question comes from the line of Adrien de Saint Hilaire from Bank of America. Please ask a question. Yes. Good morning, François, Sophie, and Louise. A couple of questions or one question perhaps. Can you discuss the underlying growth trends that you're seeing in content production? You talked about the phasing of deliveries being skewed to the end of the year. More generally speaking, are you seeing same or higher or weaker demands from broadcasters and streamers for content at the minute? Thank you. Thank you, Adrien. What we see to this year is really in line with what we were expecting. It's same. That's what we were expecting. Of course, the trends of the sector, you know them. We have, I would say, broadcasters that are suffering on the revenue side, we see that they continue to be committed to the programs that are making their audience. Of course, we do more and more with streamers. We really believe that All3Media is going to enhance this development, always this question on the development on digital media, especially YouTube. It will take time, we have very good, I would say, experiments, moves, new things that we are doing on YouTube, and also Little Dot Studios, which is going to help. Again, we have no positive or negative surprise this year in what we think we are going to deliver. The trend on the next year is that it will continue to evolve. We gave some midterm outlook recently. I would like also to underline that two or three years ago, we decided to develop live events. I think it was a really good choice. We clearly see it as a growth driver. As you have seen in the presentation, we also decided to go stronger on sports, which is also a very good growth driver. Really, we are on the right trends, we will continue to enhance them. Thank you for the detailed answer, François. Can you just talk also about your appetite for further M&A in the gaming space? It's always a space where lots of deals are happening. There's been a transaction this year involving one of your peer, I would say, around Eastern Europe. Generally speaking, can you talk about your appetite for M&A in that space? Yeah, sure. Of course, today we just ate a big piece with Tipico, so we are not hungry today. Our appetite in the midterm is real because we believe that consolidation makes sense. We believe that we are very well positioned for this consolidation. You have, in this industry, founders, private equity companies that at a point are always looking for an exit, a liquidity, or a combination. Today we are focusing on Tipico integration, but we believe that our new setup is also very attractive for companies that look for a home. We keep a real appetite for M&A in this sector, but more in the midterm. Yeah. Thank you. We are now going to proceed with our next question. The question come from the line of Conor O'Shea from Kepler Cheuvreux. Please ask your question. Yes. Thank you. Morning, everybody. Three questions from my side as well. First question, could we have a sense of the like-for-like growth for the Tipico standalone in the second quarter or first half? Secondly, could we have a sense of what the calendar is for the live entertainment business in the second half of the year? Any major events that could boost growth? Last question, I understand that you're not going through with The Independents deal. I think part of that was designed to improve share liquidity through an equity issuance. What's the revised plan in respect to improving liquidity now that you're not going to exercise the call option? Thank you. Thank you, Conor. I think the last question I leave first for Sophie. On The Independents, yes, we decided not to exercise our call option. Of course, this decision is independent, if I can say so, from the question around liquidity. Of course, increasing our flow and liquidity remains our top priority. The Independents was just an illustration of a long time ago because it was before Tipico, before All3Media, before the special dividends we are distributing. It's no more relevant for things like that. Both are completely separate topics and to try to increase our flow and liquidity is a constant priority for Sophie and myself. Okay. On the two other questions, in terms of calendar of major events and seasonality for the content business. On Q3, we still expect the impact of significant ceremonies that have been produced by each one of our studios. As mentioned to you, the ceremony of July 4th, the closing ceremony for the World Cup. In the TV show production, we are expecting a seasonality as usual into four more. For example, we already mentioned that a scripted show like "The Buccaneers" should be partly delivered in Q4 instead of Q2 last year. We expect more into Q4, but we already gave a guidance for 2026, and we are very confident to reach this guidance despite the seasonality. Okay. Yeah. No, just on that, I really want to insist on what I said during the presentation on the opportunity to develop more mileage in the U.S. Really, we are very well-considered, and it's identified in the U.S. as the top company to organize big shows linked to sport especially. It's clear that it's a very good market. I think the World Cup has been a very important milestone for us in the live event. It's not just a one-off. It's also, I think, a trigger for more business. On your last question for standalone Tipico. We provided in the presentation the 2025 results by branch. In 2026 we are now an integrated group, we don't provide figures by branch. We are considering that Banijay Gaming is one business, we are looking at this business as a whole. What we can say is that both brands have very good results, quite the same profile, we are very happy with both of them. We had a double-digit growth in UAP in these two brands. It's quite similar in terms of profile. Okay. Very clear. Thank you. We are now going to proceed with our next question. The question comes from the line of Jérôme Bodin from Oddo BHF. Please ask your question. Yes. Good morning, everyone. Just two question. The first one on The Independents. You're not exercising the option, but the plan for the minority stake, are you happy with that? Do you plan to remain a long-term minority shareholder, or do you have any agreements, maybe with the founder to sell this stake? That's my first question. Second one, on AI, can you remind us what's your strategy regarding a big AI platform? Have you signed or do you plan to sign deals with them? I guess not on fresh content, but maybe on back catalog or old content. Is that the case? Yes, just an update on where you are with this platform. Thank you. Thank you, Jérôme. About The Independents, yeah, we remain a minority shareholder. We have a very good relationship with this company. We believe it's a great company, nothing has changed in how we see the company and the founders and managers. They are exceptional people. We are very positive on the development of the company, but just a question of priorities and also a question of where we were seeing the most of the synergies, et cetera. We will continue to work with The Independents and to collaborate each time it makes sense. We have usual minority rights. We'll see in the next months or years how this company wants to evolve. But we are not worried, we believe that our stake in The Independents will create value in the short, mid, or long-term, depending on when we exit. On AI, we haven't signed the type of contract you are mentioning. If I understand, if it's about selling content to AI platforms, is it what you mean? Exactly. Yeah. No, we haven't this type of contract with AI platform. Just to follow up on this one. Is it a no-go forever, or will you be more in a fight mode versus this platform like some of your peers, like in music, publishers, they are fighting a lot, and they usually win big amounts. Is it maybe your strategy, or could you be a bit more constructive? Again, I guess it would not be on fresh content. Yeah. We never say never, and forever is a big world. For the moment, we have no plans to do that. We continue to follow what is happening in the market. Okay. Thank you very much, François. Thank you. There are currently no further questions on the phone line, I'll now hand back to you for the WebEx questions. Thank you. Okay. Thank you. There are a few questions on JOA. Can you say how much of JOA [ac] will be paid by debt? What will be the maturity and security ranking of this debt related to the term loan and bonds? Another one about how do you plan to fund this acquisition? Last one on JOA, what is basically the impact on the leverage because you have a target of 3.4x end of 2026 leverage, pro forma Tipico or pre-media and special dividend, but without JOA or with JOA? This acquisition will be funded by debt and cash in our balance sheet. We don't know yet the proportion of each one. This is something we will decide early September. The impact on the leverage, there should be no impact on the leverage. This acquisition is not as significant as the ones we made during the first half of 2026. It should not impact, and it will not change our guidance. That's why what we provided as C-use pro forma the acquisition of All3Media, et cetera, is not pro forma the acquisition of JOA. Is there any other question on? yes, there is a question on the IP Box regime. Could you explain, I guess, the IP Box regime? Yeah. Do we expect this to impact H2? Also, can you provide H1 like for like from content distribution, excluding the one-off of format sale? Regarding the IP Box regime, this is a very specific tax regime related to tech companies. In fact, this is a regime that allows some companies to benefit from a reduced rate linked to the research and development done on the software. Of course, this is a recurring benefit, it will also benefit to the next years. That's it. Anne? Distribution. The format sale. We don't provide any specific figures on the format sale, that is not so significant to give a pro forma. On the synergy, I think we explained the timeline of the synergies, one question about the cost to implement them. We expect the cost to be around one time the amount of synergy. Will be, of course, incurred during the next 12 months- 18 months, depending on the business. One last question on the webcast about the target capital structure. Given update on your desired increase in the free float of your shares, what will be your business focus for the next 12 months? That's a lot of questions. Target capital structure, I don't know exactly what is the question behind it. I can tell you that I consider that where we stand today, even if our leverage has gone up a little bit, or significantly, we are very, very solid and probably even more than before, given the refinancing that has been done with maturity extended. We have a lot of cash and we are going to be even more cash generative. We are very confident with our financial structure. On the free float of our shares, it's not completely in our control, difficult to update on our desired increase. Of course, we are not satisfied with where it stands today. Business focus for the next 12 months is clearly about integration, and also delivering what is expected and, yeah, everything is on track, but of course, it's always a big effort from all the teams to deliver what is expected. Okay. No further questions. Sorry, maybe one additional one. What was the like-for-like EBITDA performance on the gaming business in Q2? We gave the pro forma. This is for the like-for-like underlying performance, and we gave it in appendices. For Q2 on a pro forma basis, on the revenue side, on sports betting and gaming, it was up almost 15%. It was 10.5% Q1 and 14.8% revenue growth on a pro forma basis in Q2. Thank you all for joining us today and for your questions. Just to conclude, I think you all heard that we are quite happy and excited both with the organic development of our businesses and with the new setup of our group with the addition of Tipico and All3Media. Integration is progressing well. Teams are melting and synergies are already visible at the horizon. H2 will be about focusing on delivering both growth and synergies, and we look forward to updating you on our continued progress in the coming months. Meanwhile, have a great summer break. Thank you, everyone. This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you. Thank you.