Good morning, ladies and gentlemen. Welcome to 11 Bit Studios' Conference to Present the First Half 2025 Financial Reports, which we had the pleasure of publishing yesterday. I'd like to present on my right, Przemysław Marszał, CEO of 11 Bit Studios. My name is Martin Balawajder. I'm the CFO. Without further ado, I'd like to recap and show you a summary of our financial results that were published yesterday. In the first half of 2025, we reported revenues of PLN 58 million. This represents a 90% increase on the corresponding period in 2024. Operating expenses reached a level of PLN 40 million, which meant that our operating profit for the first six months of 2025 was PLN 18 million, an operating profit margin of just over 30%. EBITDA for the same period was PLN 29 million, representing a margin of 49.7%, and we reported net profit of the period of PLN 8.5 million, or 14.5% net profit margin. Moving on to a quick recap of our balance sheet, as at the end of June, we had assets of over PLN 265 million. Within that number, current assets totaled PLN 88 million. We had a high trade receivable balance of PLN 35 million, and cash and equivalents at the end of June totaled PLN 52 million. Here I'd just like to add that, as our trade receivables are obviously monetized in the next month, our cash balance at the end of July was PLN 74 million. Liabilities of PLN 27 million and equity of PLN 238 million. Moving on to the third and final slide of this very short introduction, we present a breakdown of our revenue for the first half of 2025. In first position, we had revenue generated following the release of The Alters in June of PLN 20 million. Frostpunk 2 in the same period generated PLN 13 million of revenue, and here I'd just like to add that the revenue number for Frostpunk 2 includes ongoing sales as well as portions of the Microsoft Game Pass revenue that were allocated and recognized in the first half for Frostpunk 2. Frostpunk 1 also continues to perform well, generating almost PLN 8 million of sales in the first half of 2025. Further down the list, This War of Mine and the Thaumaturge, both of which generated quite similar revenue numbers of approximately PLN 4.5 million, and then our other titles generated PLN 8 million, bringing the total for the half year up to PLN 58 million. That concludes a short presentation, a short summary of our financial results that we published, and now we go over to the Q&A session. I'd like to hand you over to Przemek. Hi, everyone. Awesome to meet you again around those reports that we published. As Martin showed some data around our first half, that was a really fruitful and intense, as always, at 11 Bit half, any years, etc. It's like you probably are used to it already. You saw the data from Martin. I highly advise you also to read the investor's letter that we published yesterday. It covers not only the data, but also the facts, the key stuff that happened around that year, and it's a good summary to be in line on what's going on at 11 Bit Studios. For today, we shared you that short data summary, and like in the past times, we would like to switch to Q&A and talk with you guys. We had a lot of questions from you. That's awesome. We are prepared for those questions. We've prepared for those questions, like yesterday and the day before. Thanks for all of what you asked around 11 Bit Studios. Also, if you'd like to ask some other questions, please push those through our email during that presentation. If the time will be right, we'll still be able to answer the additional ones that come during our talk today. Welcome you again, and let's start talking. Martin, I think the question is yours first, so I'm giving it to you. Thank you very much, Przemek. The question, let me just read the question first of all. The results show a write-down for the impairments of one of the games over PLN 200,000. Could you please provide more information on this, and is there a risk of further write-downs in subsequent quarters? Thank you for the question. This small write-down was on Creatures of Ava, one of our publishing titles, PLN 200,000 in total. If I can just remind you, I'm sure you're aware, but we wrote down this project by a more significant amount of PLN 7 million in December 2024. That relates to the PLN 200,000, which relates to Creatures of Ava. Regarding the second half of the question, is there a risk of further write-downs in subsequent quarters? What I would say is that at 11 Bit Studios, in accordance with our accounting policy, we conduct impairment tests on all our IP assets, both those that have been released and those that are under development. We conduct impairment tests twice a year, and those are based on essentially a DCF model of expected revenues, expected cost to completion, discounted to the balance sheet dates at our cost of capital, and then compared with the carrying value of the asset that we have in our books. We will continue to conduct those tests in the future. The next set of tests will be conducted at the end of the year, and that's really all I can say on that question. Looking on, going on to the second question, which I think also is directed to me, could you please explain the decrease in remuneration in the first half of 2025? That's another good question. As you can see from our financial report that we published, wages and salaries decreased by 42% in the first half of 2025 compared to the corresponding period last year. That decrease was essentially because we had very large reserves for bonuses still accounted for in the first half of 2024. We don't have reserves for bonuses on that scale in the first half of 2025. The other aspect is that we also wrote back the cost of our share incentive program, but the main factor in the decrease was actually the decrease in the reserve for bonuses. Coming on to question number three, what parts of revenue in the first half of 2025 came from Microsoft? We write in the notes on sales revenue that 96% of our revenue was generated by our 10 largest partners. I think you'll also find in the notes that revenue generated by Steam was just below 50%. Clearly, the remainder then comes from all our partners and platforms, including Microsoft. According to our agreements with Microsoft, we can't share the exact details with you, I'm afraid. Coming on to question number four. In the first half of the year, you recorded over PLN 8 million in financial losses due to exchange rate differences. Why don't you hedge against exchange rate fluctuations? Yes, clearly, our results were impacted in the first half of 2025 by the decline in the value of the dollar compared against the Polish złotych. I would say that 80% of our revenue is generated in US dollars. The remainder, approximately 15%, is generated in euro, and then the rest in other currencies. Clearly, we are an exporter. The dollar-złotych exchange rate is very important for us. In the decline that we saw in the first quarter of 2025, it led to PLN 8 million, over PLN 8 million currency losses in the first half of 2025. To answer the question, we do hedge against currency differences by entering into forward contracts. That's the first part of the answer. I would qualify that by saying, in order to do this, we have to have a reasonable forecast of when our cash flows are going to be in any particular month over the near term to implement this policy. We have entered into forward contracts to sell dollars at a fixed rate. The second part of the answer, we also now hold considerably more cash in euro than in dollars. Certainly, we hold far more euros now than we did at the corresponding period 12 months ago. I think that answers the question. If I can, I'd like to move on to question number five. At the investor conference in April, you declared that at the end of the year, the company would have more cash than at the end of 2024. Meanwhile, its level has fallen to PLN 52 million from PLN 65 million at the year-end. Is the plan to increase its level still valid? Yes, we had PLN 70 million in cash at the end of 2024. As I mentioned when I was going through the presentation, cash at the end of July was over PLN 74 million, so it has increased. I can say that I still expect our cash balances to be higher by the end of the year. I see, I think we've had a whole batch of financial questions have come in and have been grouped together. Question number six. Do you stand by your statement that this year's results will be better than those achieved in 2024? Does this apply to both revenue and net profit? What can we expect after 2026 when you're not planning any releases? Taking the first part of that question, yes, it still remains our plan to achieve better revenue and net profit targets for 2025 when compared with 2024. We have to be also very realistic that we're operating in a completely different exchange rate environment from 12 months ago. That clearly puts pressure on us in achieving our goals at the current levels of the U.S. dollar Polish złotych exchange rate. It is more challenging. Our plan remains as it is, but it is more challenging. We have new titles that are still going to be released. I'm sure Przemysław is going to say more about those in the later part of this discussion. We have to see how those new titles, Moonlighter 2, Dead Hall, perform and monetize when compared against our forecasts that we have for them. What can we expect after 2026? I'm afraid that's a little bit too far in the future, and I can't comment on that question. I'll leave it at that and then move on to question number seven. If I can, perhaps Przemysław, I'll read the question and then hand over to yourself. In the report, you inform that you are conducting conceptual work on games P 12 and P 13. Can you tell us more about this? Do both projects already have leads? How large are the teams behind them? When will work on P 14 and P 15 begin? Thanks, Martin. Hi again, guys. Regarding coming back to the question that was the previous one, like regarding 2026, also during that presentation, you revealed a bit on that because there is a question around 2026. You will know a bit more what's the future, like how we look at it, what we want to publish, etc., etc. Be a bit patient. In a few minutes, you will hear a bit more around that. Regarding the question of the projects, internal projects, a wider question. Thanks, guys. First, it's already in the prototyping phase. We are a team a bit under 10 people currently. It's a very fast progress. I know that doesn't tell you much, but we are doing it very fast. It looks very optimistic. It's very early. Again, we have a design for the game, like idea, design, etc. We started prototyping the game. We have a kind of a small core with leads in key areas. There is a team that is really constructed currently around prototyping that new game. If everything goes well, the game will be published somewhere in 2028, 2029. It's around what we said at the conference. We're still keeping to that. It's a good progress currently. We love the idea. We have still a lot to do, but everything is progressing well. That's what I can see. The date you know currently is confirmed as for now. Of course, it's very early. We are under 10, something like that. Bear that in mind. It's looking good as for now. P13, it's a much smaller team currently than P12. The director for that is Kuba Stokalski. I know that there is another question around that, so I will follow up later on again with more detail. He's working on the design, on the idea of the new game. He has some help from other team members, but they are working half-time on that. It's not a larger team or something like that. It's mainly Kuba with some people currently working and helping him with the design, with some kind of tests, etc. around that. That's it around P 13. Going back to the question, when will work on P14 and P15 begin? If everything goes well as we planned and as we plan currently, P14 will start its work this year, somewhere around this year, and P15 next year. I hope that's all. I believe that's all we wanted to say around that question. The next one, I know it's for me too. What might be the budget for Frostpunk 1886 and for P 12? Do you maintain that these games will debut in 2027 and 2029? When should we expect the release of your next in-house games? A bit of that was covered already in the previous question, but let's still try to explain it to you. First, the new Frostpunk. As for now, everything goes as planned. We currently have 17, exactly 17 people around the team. We should have around 20 - 25 people at the end of this year in the team, and it's almost the target size. We are fast progressing in direction to the production phase. Not everything is set, etc. We still have, like, next month, a lot of verifications. You must also know that the team is preparing a lot of stuff for us to verify, check, etc., and decide. It's already a good constructive team around the project. We support the data that we all shared with you previously, 2027. We don't see any risk around that currently. Looking at all of that, the scale of the team, the dates, etc., you should, I believe, have rough calculations on what's the development budget for that game. I don't want to say more. We don't share the budgets, you know that, but you know the numbers. I just shared it with you. You know the dates. If everything goes as planned, it will be 2027. You more or less can assume what's the budget for the game. For P 12, I already confirmed the dates in the previous question. Let's go forward, guys. The next question also for me: Is the 2025 release of Dead Hall still on track? When will we know the release date? What are your expectations for this game? I have the answer from Rufus, from our Publishing Director. I'll just read it to you, guys, and add a bit from what I have and what I know around the game. Dead Hall is still on track for its planned 2025 release. The game is nearly finished. I know what the state of the game is. We are just polishing the final details and fixing the bugs. Just final phases of development, but there aren't any risks around that. We just need to dev it till the end, and it should be a really, really great game. The main challenge now is timing. Q4, if you observe what's going on, Q4 is crowded with game launches, and it's going to be really busy. Again, as always, recently. We are getting used to that approach and that situation. Q4 is crowded with game launches. Choosing a release date that gives the game the best chance to shine isn't straightforward right now. You might know that. We are right now looking for how the situation evolves around the launch and other launches. You probably saw that there are quick launches already announced recently, etc. We are looking at how it all evolves, and we will pick the date that will maximize the game potential. We are just looking for the best. Of course, we have one that we believe is the closest right now, but we are not yet ready to announce the game. It's only to maximize the game's potential, whether by avoiding heavy competition or by taking advantage of valuable partnership opportunities. That is also a point with each of our premieres. You probably saw that we are discussing with our partners around some promotional stuff that we can do, actions that we can do around premieres. It's a normal business. We are currently in talks, but the game is in its almost final shape. Everything is on track regarding that. The date is just something we are looking at. Why is Moonlighter 2 debuting in early access? Good question. Wouldn't it be better to wait for the full release and simultaneously launch on several hardware platforms? Why is the production of this game taking so long? A very good question. Thanks, guys, for that one. I know the situation myself, but I asked the guys from the publishing to really write it as a wrap for you, for you to understand what's going on, how we look at it, and why we took those kinds of decisions. Let me read it through, and then maybe I will also add something from myself. The decision to launch the game in early access was made some time ago. However, due to the contract's obligations with our partners, we couldn't announce it earlier. Our reasoning is straightforward. The market has shifted. Early access now provides a strong opportunity to build the game alongside the community. That is important. We've always wanted to explore this model, and that is true. We've spoken for some time, already for years, whether it will be the first time we relaunch an early access game. We wanted to explore this model, and given its genre, Moonlighter 2 is perfectly suited for it. Regarding the production late, the project went through an extended concepting and prototyping phase. While we signed and initiated in early, peak production only ramped up later on. Really, the production is just only the past times. At the beginning, we were working a lot on that prototyping and concepting phases. The development timeline might look longer from the outside than it actually is, looking at the scale of the game and the people that were connected to the development during different phases. The one other thing is the demo. You've also, of course, saw the demo. You saw the results from the demo, and we released just a few months ago. It's proven on one side that Moonlighter IP has a strong community following and that there are many players looking forward to playing the sequel. On the other hand, they are also having their strong expectations and hopes for what Moonlighter 2 will become. This eventually allowed us to gather massive amounts of feedback, which we used to improve the game and also convinced us that working closely with the community is the right way to go. I already highlighted that community working around the community aspect. For Moonlighter 2, we believe that is crucial. We saw the demo comments, etc. That was, again, we did it all consciously to have that demo, to check the changes, especially later on, especially after what we've learned from Frostpunk 2 release. You know the story around that. That was really important for us. The last part is worth noting that Digital Sun, those guys are the devs of that game. They're really experienced in the early access games. We are not worrying around that. They know the model. They know that it requires then constant stuff around the early access, etc. There is no kind of a crazy reaction or just a worrying reaction like it was in talks around us. Right now, we decided to do it, especially after the demo and all the stuff that we gathered. We now see how the community reacts. It is a really loving community of Moonlighters. We need to talk with them and just develop the game together. The next question also for me, no, it's for Martin. I'll pass it. Thank you. Yes. Another question concerning early access and Moonlighter 2. Does the release of Moonlighter 2 in early access mean that Microsoft will pay the company for Game Pass? As you know, we've always been, it's always been difficult for us to say too much about the Game Pass agreement with Microsoft. What we can say is that, yes, we are in discussions with them about this question. Our agreement remains in place, we are currently discussing the payment schedule, and both sides see a potential for a split payment over time, but nothing has been finalized yet. Watch this space. I can see also we've been asked the question, when will payments from Game Pass stop improving your results? I would answer that by saying that Moonlighter 2 will be the last title to benefit from our current Game Pass deal agreement with Microsoft. I know, I think, Przemek, you wanted just to comment on that as well. Yeah, yeah. The Moonlighter will be the last from that deal that we announced some years ago already. I want to add that, guys, we are constantly looking for those kinds of deals. They are really crucial also for the business. It's our biz dev staff. They are in talks. I can say, yesterday we had a huge partner around us here in talks, showing the portfolio, talking about the future deals, etc. It's normal stuff. We like that approach. We did that for years. You would observe that. Current Game Pass and soon, but signing the next one with our future or current content is always a possibility. It's in discussion. It's just normal business. We like that angle also. The next question, can we expect any releases from the publisher in 2026? We are not saying, you are not saying anything about new titles. How many contracts have you signed already? Good question. I was pointing to that one a bit in the previous ones. That will only show you what's going on in the next year. Again, I have a lot of stuff for you here. I'm already seeing we are taking a lot of time with our answers, but let's try to continue. In 2026, of course, we'll be focusing on supporting multiplayer to an early access and helping that whole grow post-launch. That's just normal. We'll also look for new platforms for our existing games, reaching new players. That stuff is happening. We don't announce around that, but there are new platforms for all of our games. It's in works. Be patient. Sooner or later, we'll say work around that and announce some platforms. What's more, that might be interesting for you all, especially. I already shared with you some months ago that we signed a new and announced XDEV game a few months ago. Now today, I can confirm that we are signing another awesome game, really awesome stuff. The signed contract is just coming right to us after signing from the devs, and it will be an awesome title. Next title is signed. We have another, apart from what you already know, we have another two XDEV games unannounced yet. We are thrilled we'll have those two, at least two, because we are in talks with other games, of course. I said what is signed. We will have at least two new publishing titles lined up to announce during next year. One of those games could potentially launch in 2026, but only if it's truly ready. That's the plan internally. I don't want to say, yeah, it will be, like, we want the game to be great. We know the time frame, but it has the potential to be launched next year. Let's see where we'll be at the beginning of next year and see how the development progresses. A lot of stuff is still to be done to that game, and we want to give that game enough time for it to mature and be really good. What's more, GC, we just came from last week's Gamescom, and the amount of games we saw, the publishing team saw, is enormous. Good titles, a lot of talks, and other potentials for another publishing deals. What is great is some of the devs really love to talk with us. When time comes, I will be able to share some more details on that. That might be a good case to just show you how we are viewed by the devs around the world, how they see us, why they want to work with us, etc. A really good GC Gamescom 2025, a lot of good meetings, a lot of people on the publishing side, on the company side as well, on the future of the games, a lot of good data. I don't know how you look with that question, what you think about publishing, but also bear in mind that we'll also publish internal games. That is huge, crazy important for 11 Bit Studios. We will publish two DLCs for Frostpunk 2. They are currently being cooked. The first one is coming soon. The next two are coming next year. We'll have a major DLC for The Alters, and of course, other updates for all of our games. It will be a busy year. The next question, what are your expectations for the release of the console version of Frostpunk 2? I have a very short note around that. Expected revenue from the console version of Frostpunk 2 is not too high. You know that. We've spoken with you about that around Frostpunk 1, Frostpunk 2 strategy for console. It's not a huge part of the deal, especially compared to the PC revenue of the game. That's just normal. You should already know that. However, that is an important milestone in the game's post-launch support, and that's the milestone that triggers Game Pass payment. You also know that. On that side, it will be very important for us. It opens the road ahead to the launch of the three upcoming DLCs, also for consoles. A lot of stuff here. Again, it's normal. You should assume that you already should know that the strategy for consoles has its target audience. The next one, how is work on the Frostpunk 2 DLC progressing? When will the first DLC go on sale? Short one, our plan is to release the first DLC this year and two others the following year. You know that we planned previously to have two DLCs this year, but that was shifted during the development. The plan is still on track. The development of the first DLC is in an advanced stage. Still some work to do. It's not that it's already finished. Still some work to do and the team is busy, but it's this year's plan. The next one for me, are you satisfied with the Frostpunk 2 sales? Patch 1.3 released in the spring did not change much. Okay, thanks for the question. Of course, we are crazy proud of what we have achieved, the team achieved, especially the dedication and the hard work around that game brought a game that won us a lot of awards and it's highly praised by many. You know that side of the story. I really want to highlight that as the team is doing a really good job around that and it's really pushing. At the same time, of course, we are concerned about the title sales performance. We realized that we failed to meet some of the players' expectations on the other side. I will comment on that in a second, which led to a split in our community. It's not ideal for users. You know that, you observe that. That's an important lesson and we have a lot of conclusions around that. We are happy about the game, of course, and not everything goes as planned. You know that. What is good is that we have resources to apply the changes, work on the game, DLCs will launch. I probably, some of you remember, some not, that we have already shared that those DLCs will be also structured in the way that there will be a paid part of the DLC and along the DLC will also launch an update, a free update that will bring some of the DLCs parts to the old players for the game to grow. That's also the plan. We also, what we already are doing around that, bringing all the lessons from what happened, you can see our approach to Moonlighter 2. I just shared with you just minutes ago. We are listening to the players, launching in early access, and working on that game with the community and playing changes, etc., etc. We learned our lessons. What is crucial, we have resources. We have great people that are committed to those games, like both Frostpunk 2, Moonlighter, etc., etc. That's how it looks on our side. Next one for you. Thank you. The next question is, please comment on the share motivation incentive program at the company. Here, if you read through in the notes to the financial statements, you'll see that we actually wrote back the costs of the incentive program to zero in the financial statements for the first half of 2025. In other words, at this point, taking a prudent view, we felt that we would not be able to achieve the goals of the share program. Both the revenue targets, clearly the net profit targets, were put in doubt quite heavily by the results and write-downs that we had in 2024. That target won't be reached. If I comment on the first target of the share incentive program, which is the revenue targets, here there is a chance that there still might be a chance that we would cross the 75% threshold, which would trigger a portion of the warrants, a very small portion of the warrants being allocated and issued. That really does depend upon our achieving good revenue in the third and fourth quarters. As we've discussed around this issue in our earlier questions, clearly we have the challenges posed by the lower US dollar conversion rates, exchange rates. We have our upcoming releases, which we referred to. If we take a slightly different view in the financial statements for the third quarter, then you can expect the write-back of the costs to be reinstated, if I could put it that way. That depends where we will be financially in terms of hitting the revenue targets at the end of the third quarter. We shall see. Moving on to the next question, does the company have plans to buy back shares, for example, for the next incentive program? The share price is much lower than a year ago. Obviously, yes. Given the current share price levels, a share buyback, I would say, is not something that we would rule out. Let me be very clear about this, no decisions have yet been taken in this regard. Thanks, Martin. Next one, next one's mine. Did the release of The Alters meet your financial expectations? How is the game selling now? When will the first DLC be released? Will there be more DLCs? A short, like kind of like a short update from our biz dev guys and says, like I got from you, or just like also, that's also our view. The sales numbers are more than satisfactory for us at this stage. We're really happy with the sales. We had a very strong release. What is interesting here is not only on PC, but also on consoles. That was the best console release, alongside the simultaneous release we had. While sales have now declined, this is just a normal trend for a title two months after the launch at full price. What is good, we'll still have our first 20% discount to come. Why I'm highlighting that 20% is because that around when you are using the first discount, around 20%, you can use a lot of actions that Steam, for example, allows you. With 10%, you can do not that much, but with 20%, you can do a lot of actions around the sales of the project. Especially looking at the new content that is planned, looking, we know what will be with the first DLC. It's really looking awesome. We really remain very optimistic around the future of The Alters. We will see. We are happy with the results. Again, we are really happy with The Alters as a game. The game is really like we're received everywhere. Like when I was at the GC, I also met a lot of people with congrats, like guys, awesome game, awesome games from a lot of devs, like publishers, etc., etc. It was really noticed and the players know us, etc. It's good stuff. The last question that we had from our list that we prepared from today is how many people are currently working on Frostpunk 1886? How many on the P12 and P13? I already shared a lot on that, guys. You already know Frostpunk 1886 is progressing as intended. Currently, 17 developers. It's planned. We are planning to grow this number to around 25. It will happen, to be honest, around when the console version for Frostpunk 2 will release. We will transfer some of the devs to the Frostpunk 1886 team right after the release. They are just finishing the console release. The last stuff is done there. It's soon. The P12, you already know about that. We are approaching that prototype. We are around the first prototyping phases. You know the scales, Project 13, I already shared with you with Kuba Stokalski. He's working with some part-time guys currently shaping the design for the game. It will grow a bit at the end of the year if everything goes as planned. If we greenlight the idea, if we accept the design, it's like around that phase currently. We have a few questions we will answer. Thanks for the new questions that just appeared during the call that we had right now. Let me just read it through. What are your intentions regarding the stake in Fool’s Theory? Are you considering selling it, for example, to CD Projekts? Currently, we aren't considering any change around that. We are happy with Fool’s Theory. We're currently in talks. Today I had a talk with Kuba Rakosh from Fool’s Theory. No, there's no intention currently around that. We are happy they are working with CD Projekts and making a witch's staff for them. That's awesome. We are happy about that. As for now, there is no such thought or decision. Thoughts are always somewhere, but there is no such a decision and it's not circulating around us that we should do it. No, we are happy with Fool’s right now. No such thing is in talks. There are a lot of questions, guys. Derek already raised those. There were a lot of questions when you asked about what is the scale of that team, of that team, of that team, etc. I believe we already shared that with you. What I think is a few sentences to say. We almost assume that The Alters team is working mostly on the DLC. Currently, we are just after the release. Most of the team, if not all of the team, is working on the future DLCs. We will start working on a new project with a very small team in the coming months around that. We are taking some people to help with The Alters teams. The Frostpunk team, The Alters team is working on the DLC. The Frostpunk team is divided a bit. A lot of people are working on the console, on DLCs. Most of the 1886 team is from the Frostpunk team also. You also understand that there is this divide on that team. A few people from that team are working on P 13. That's how it currently looks around that. Of course, P 8, we know the story on P 8, but most of the P 12 team are the awesome people from P 8. Some of them are also in the other projects. It's mostly that more people are currently working on DLCs, platforms, evolution of our games, and some part of the team is working on new projects, either by really closing to some kind of production phases like for 1 886 or by prototyping new or starting the concept design for our new games. I hope that's it. One last question, just give me a second. There is a question around the marketing activities around not yet announced projects. I probably already said that during the talk around one of the questions. Most, if not 100%, of the work here will be done in the next year. Regarding the announced stuff, is there a possibility that Frostpunk and/or The Alters series could come to a streaming platform similar to The Witcher series on Netflix? All I can say is we are in talks constantly. If something like that will happen, we'll of course inform you guys. We are in talks, but it's not something new I'm sharing right now. It's our job to look if there is a way to extend our IPs to other platforms. That's all, guys. Thanks for all the questions. If you have additional ones, please send them to our email. We're happy to organize any additional meetings if you'd like to meet with us in person and talk about stuff that's happening at 11 Bit Studios. We are doing that constantly. Thanks again and see you the next time.