Thank you for standing by. Welcome to Better Collective's Second Quarter 2025 Presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one-one on your telephone. You will then hear an automated message advising your hand is raised. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Better Collective Vice President, Investor Relations and Communications, Mikkel Munch-Jacobsgaard. Please go ahead. Thank you very much, and good morning, and welcome to Better Collective's Q2 2025 Webcast. As just said, my name is Mikkel Munch-Jacobsgaard, Vice President of Investor Relations and Corporate Communications here at Better Collective. I'm today joined by our Co-Founder and Co-CEO, Jesper Søgaard, and CFO, Flemming Pedersen, who will provide today's business update in connection with our Q2 report that was disclosed yesterday. Please follow me to the next page. We ask you to pay attention to this slide where we display our disclaimer regarding any forward-looking statements in today's webcast. Please turn to the next slide as I hand over the word to Jesper for the second quarter highlights. Thank you, Mikkel. Good morning all, and thank you for joining today's webcast. Let's dive into the Q2 highlights, and please follow me to the next slide. Q2 played out as anticipated, with results in line with our expectations. Revenue reached EUR 82 million and operational earnings EUR 23 million. The results and comparisons to last year reflect the major market transition in Brazil and last year's exceptional event calendar, including UEFA Euro 2024 and Copa América in soccer, as well as the North Carolina launch. We've completed our EUR 50 million cost efficiency program that we launched in October last year and thereafter completed a major organizational change where we have increased our focus on our strongest markets and brands and streamlined the organization accordingly. Reporting-wise, we have from this quarter established eSports as its own business segment and launched a new value of deposit KPI to underline our quality of revenue and earnings. We are now entering the second half of the year where we anticipate increased activity around the beginning of major sports seasons, and we are in my view well positioned to getting back to growth again next year. Looking at the second quarter and the first half in general, Better Collective is in a place where we wish to be when we started the year. We therefore maintain our full-year financial guidance, and the board has decided to initiate a new share buyback program of up to EUR 20 million after completion of the currently run buyback. Please turn to the next page. Following this overall introduction, I'll focus on Brazil right away. Brazil has been the most significant market development for our business over the past year. Brazil has transformed into a fully regulated and taxed market after many years of being a big international market. It is the largest market ever to have undergone such a transition. As all other stakeholders in the market, we've had to adapt to this market change. Better Collective has established local presence, completed major acquisitions, and established relationships with all important stakeholders in the market. As such, Better Collective is now positioned as the largest digital sports media in Brazil and more broadly in South America. We expect Brazil and the broader region to become a very attractive growth market in the future, of course, pending that regulation is attractive. When we inset this year, the outlook for the Brazilian market was highly uncertain. However, we delivered a slightly better than expected performance in the first six months, supported by swift adaptation by our local teams and solid work from our major partners. Player migration and wagering activity remain ahead of expectations. The absence of welcome bonuses continues to limit NDC volumes and unfortunately benefits non-licensed sportsbooks. However, we remain confident that the market will seek to remain competitive longer term. Please turn to the next slide. As previously announced, from this quarter, eSports is reported as a standalone business segment, underscoring its scale, profitability, and growth potential. We're doing this now not only because accounting standards require it, given it operates as a standalone business with its own management and the mere scale, but more importantly, because it is a strategically important part of Better Collective, where we see significant future growth potential. We see eSports as a powerful growth engine for Better Collective going forward. With HLTV and Futbin, we own two of the most respected and influential community platforms in global eSports, giving us a rare opportunity to serve millions of passionate fans and grow alongside the scene. By establishing eSports as its own segment, we sharpen our strategic focus, increase transparency, and create room to invest even faster in new features, content, and partnerships so we can continue to provide the best fan engagement and unlock the full potential of these communities. Platforms that are deeply embedded in the fabric of eSports are hard to replicate, and we are committed to nurturing them for the long-term benefit of fans, partners, and shareholders alike. The eSports business segment represented 11% of group EBITDA in the first half and delivered an EBITDA margin of 56% in Q2. The revenue is almost solely generated from advertising and sponsorships. With unmatched audience loyalty and monetization opportunities, eSports is a strategic growth pillar in our brand portfolio, allowing us to provide free, high-quality content to our users and fans. Please turn to the next slide. On this slide, you can see the revenue and EBITDA bridge outlining the key building blocks from Q2 last year to Q2 this year. First, the Brazilian market dynamics had a negative impact of EUR 8 million on revenue. Secondly, in North America, activity levels were lower, and the North Carolina state launch last year created a tough comparison, resulting in a EUR 6 million headwind this quarter. Thirdly, this quarter compares to Q2 2024 when we benefited from the UEFA Euro and Copa América tournaments. In Q2 2025, the football calendar was lighter, with the Club World Cup in June and July being the main tournament of the quarter. The estimated effect is EUR 5 million. Fourth, the weaker U.S. dollar affected negatively with EUR 2 million. Finally, we saw positive contributions from underlying growth in paid media and eSports, as well as a full quarter effect of the acquisition of AceOdds, combined adding EUR 4 million. Altogether, this brought us to a Q2 revenue of EUR 82 million. EBITDA decreased by EUR 6 million in the quarter. The revenue-related effects just discussed accounted for an EUR 18 million negative effect. On the positive side, our cost efficiency program launched in October last year delivered EUR 12 million in savings during the quarter. Altogether, this has resulted in a Q2 EBITDA of EUR 23 million. Please turn to the next slide. Following Q2, our 2025 and 2027 guidances remain unchanged and can be seen here. Please turn to the next page as I hand the word to Flemming for a dive into the financial performance. Thank you, Jesper, and good morning to you all. Please follow me to the next slide, and we can dive a bit more into the financial performance. As Jesper mentioned earlier, year-on-year comparisons remain challenging in Q2, just as they were in Q1. However, performance is in line with our plans. As seen here, revenue was flat versus Q1 this year and down 18% year- over- year. As previously mentioned, we have to a large extent counteracted this with our cost efficiency program, which has delivered the expected results as costs were down EUR 12 million in the quarter, or annualized close to the EUR 50 million set out in October last year. I'll come back to this later in the presentation. Let's turn to the next slide. A key strategic focus of ours remains the continued expansion of our recurring revenue base, which provides a solid and predictable foundation for the business and a big unrealized value. Compared to Q1, we increased recurring revenue by EUR 3 million in Q2. Importantly, we are sending a steady flow of new customers on revenue share agreements as 86% of NDCs were sent on revenue share contracts. A significant portion of this revenue is still unrecognized and will materialize over time, further strengthening our long-term earnings potential. Please turn to the next slide where we'll take a closer look at the revenue share development per year. Revenue share has been and continues to be a central focus for us, as it is a key driver for our long-term growth strategy as we create more value long-term compared to upfront payments. We share the upfront investments with our partners, allowing for them to capture more customers faster. Revenue share income reached EUR 180 million last year, continuing its long-term growth trend. While the Brazilian regulation has impacted the last 12 months, we remain very confident in our investments into revenue share and view this as a strong foundation for long-lasting partnerships. Please turn to the next slide where we'll look at the cost development. Our cost base reached its peak mid-2024, growing into Q3. In light of last year's market shifts and after completing more than 35 acquisitions, we recognize the need to reduce our cost base and reassess the organization we have built while driving rapid growth in the past seven years. In Q2 2025, costs were 16% lower year- over- year, or in absolute numbers, a decrease of EUR 12 million. On an annualized basis and with further cost increases into Q3 last year, this brings us to the EUR 50 million cost efficiencies that we announced in October last year. These efforts mean Better Collective now operates on a leaner and more efficient foundation, which positions us well for future growth. Please turn to the next slide where we'll look at the NDC development and introduce our new KPI, the value of deposits. Over the past year, we have seen a decline in our group level NDCs, largely driven by the slowdown in Brazil ahead of the regulation. As seen on the graph on the left, we have split out Brazilian NDCs from the group to show how big an effect it has had on the growth development in recent years. As we have mentioned in the past, Brazil has, within a very short time, grown from being non-existing to Better Collective to more than EUR 70 million revenue in 2024. This growth comes from these NDCs that you see here. If we exclude Brazil, the underlying NDC development looks more stable over the years. While NDCs remain an important metric, it is important to reflect on how the relevance has evolved with the complexity of our business. When we IPO'd Better Collective back in 2018, NDCs were a straightforward and useful KPI as our business operated in much fewer markets and with fewer partners. Today, however, the NDC metric tells a much more nuanced story as the value of players differs significantly across markets. As a result, comparing NDCs across markets at group level can be misleading and less reflective of the value that we are actually creating. Our main focus is on the value per NDC rather than the mere number of NDCs. That said, to provide stakeholders with more meaningful insight into the underlying activity and quality from our revenue share accounts, we are introducing an additional metric, value of deposits from our revenue share accounts. As shown on the slide at the table to the right, value of deposits has shown consistent growth in the past, underlining the health and quality in our recurring revenue base, despite the decrease in NDCs. A substantial part of this development is the addition of the U.S. market, where we have seen more and more states go live from 2019 and onwards. The U.S. market is characterized by significantly higher player values compared to other markets, and we have been seeking to work more and more on terms that include revenue share. While there was a temporary impact in Q1 due to the market regulation in Brazil, we have already seen an uplift in Q2. Going forward, we will provide information on NDCs alongside value of deposits to better illustrate the underlying activity and the health of our revenue share accounts over time. Please turn to the next slide as I hand the word back to Jesper for some highlights. Thank you, Flemming. Please turn to the next page. To summarize, Q2 performance was fully in line with expectation. We advanced our strategic priorities, reduced costs by 16% year- on- year, and established eSports as a dedicated business segment to sharpen focus on this segment's significant growth opportunity. Our EUR 50 million cost efficiency program is now completed, leaving us with a leaner structure and a strong team of highly skilled colleagues. Brazil maintained good activity from Q1 and continues to hold strong long-term potential. We have also introduced a new KPI, the value of deposit, which clearly underlies the health of our revenue share accounts. Looking ahead, we enter a busy second half with major sports seasons and remain confident in delivering on both our 2025 financial targets and our long-term ambitions. Finally, I want to thank the organization for showing great adaptability through this transition. We are well positioned for the future, and I'm excited about what lies ahead. Thank you for your attention, and let's move to the Q&A. Thank you. We will now begin the question and answer session. To ask a question, 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. If you wish to ask a question via the webcast, please type it into the box and click submit. There may be a short pause as participants register their questions. We will now take our first question from the line of Sebastian Grave from Nordea. Please go ahead, Sebastian. Thank you so much. Good morning, Jesper, Flemming, and Mikkel. Thank you for taking my question. First, I want to touch upon the FanDuel and Niels Kee yesterday evening. FanDuel committing to push into prediction markets. I'm sure you saw that. Can you remind us how you see Better Collective playing part in this development? Also, noting that you're already partnering with Kalshi, what I'm asking is, is this a net positive or neutral, or how do you view this development? Good morning, Sebastian, and thanks for the question. It is, in our view, a pretty significant step that FanDuel is taking here. As you're probably familiar with, the prediction market is under a federal regime, meaning that it's actually allowing for states where there is no sports betting regulation to drive business there. The audience we have across our platforms is obviously the target group for such a product as well. We naturally, it's basically just a parata of the state's size in the U.S. It's equal to the audience we have. It is a very exciting development. As you rightly speak to, we work with Kalshi. It is something that is natural to us. It is, of course, very early days, but for me, it is quite significant that FanDuel is now embracing this. OK, Jesper, thank you. A second question, I would like to revert to Brazil. As you alluded to, still uncertain environment with bonus restrictions, and as we also saw from your new NDC split, I mean, significant slowdown in NDC momentum in the market. Now, I'm just wondering, in your discussion with operators, do you sense any sort of fatigue or skepticism about the actual prospects of this or the potential of this Brazilian market going forward? I mean, is the market simply so big that even with the current sort of uncertain regulatory environment, operators are still pushing for market shares? Any color here would be very helpful. No, I would not in any way talk to fatigue. It is an exciting market. I think there's a mutual understanding of the importance of regulation in order for a market really to thrive. Ultimately, this comes down to what sort of consumer experience can we expect. One point is bonuses and overall conditions for players will matter when they choose where to bet. Unfortunately, there is an alternative being the non-licensed market. I think it's more in that direction that the discussion is. I think a shared interest and focus in the industry of educating regulators on the importance of this, as it is a very fine balance of creating the right kind of consumer protection in the licensed market and basically not tighten too much so you end up driving consumers into a non-licensed market. Regulation at the current framework, so to say, with ad restriction and ban on welcome bonuses, and also let's also include the maybe adjustment of GDR tax, that does not change your overall view on the Brazilian market. No, we sort of took account of the regulation that was implemented. That is what we are navigating by. We are taking part, as many, in educating about the effects of certain types of regulation. No, we are just driving business and trying to maneuver based on the current regulation and cannot really speak to what will happen. That will just be speculation. Sure. No, that's fair. Just last question from my side, and I will revert to the queue. Maybe if you could talk a bit into the underlying mix of your NDCs. I mean, looking at the implied CPA rate for the quarter, it's developing quite nicely. What's the story really here? Is it less Brazilian NDCs in the mix, or are there any sort of other reads into this? It is obviously, as you can tell, that there are less Brazilian NDCs compared to previous quarters. To be honest, there are many variables in this equation. There is also a difference of whether it's paid customers we are driving and obviously the geographical split. Overall, we are pleased to see that development that you have also noticed, Sebastian. Is there also a factor in this equation being that you are more toward casino customers? It is one of those variables going into the equation. You're right that more casino players in general will favor CPA rates. Yes, thank you for taking my questions. Thank you. Our next question comes from Hjalmar Ahlberg from Redeye. Please go ahead. Thank you. [Foreign language] Hola on the Brazilian market and the question on the regulation that's ongoing. What have you baked into your 2026 expectation of growth? Do you foresee any, I mean, I guess the tax changes, or do you expect any cost effects or bonus when looking at 2026 growth? Thanks, Hjalmar. We have not guided on that specifically. I think what we have guided on is that we expect to be returned to growth for 2026. We are not giving final details now for that part. All right. Looking into the second half there, you see a busier sports betting sports activity schedule. Also, I guess in North America, the Missouri launch of sports betting there. What do you see in that market? Do you think it could be a good launch compared to historical launches, or do you see a risk of low activity in that launch? I think in general, I would expect a fairly similar behavior with state launches, and there may be slight changes, but it's not like I expect anything out of the ordinary. In general, speaking to the U.S. and North America, we are two weeks away now from the start of the NFL, and I guess by now you know that it's busy times for us, striking deals, getting ready for that launch because it is such an important event for our business. We really have a strong focus on execution right now in our North American business. I mean, you showed this chart on Brazilian NDCs historically delivered. I guess some of these have been converted to the regulated market, but curiosity is kind of that you have lost some of these operators that have not come back to the market. Could that come back when some operators that might have not gotten a license get that in the future, if you understand the question? I understand, Hjalmar. To a very, very large extent, the NDCs delivered in the past have been sent to sportsbooks that now hold a license in the Brazilian market. In general, it's part of how we assess markets. In particular, when it's an international market with an expected regulation coming in, we are very focused on driving cost NDCs to those partners where we believe they will be active in the market post-regulation. Otherwise, it's not really worth it in our view. A final question on capital allocation. You highlight some new share buybacks coming here. If you can give some updates on M&A in relation to buybacks, and also if you can say something about M&A in the eSports business now when it's standalone. Yeah, on M&A, nothing has changed compared to statements earlier this year that we were very focused on realizing the potential with some of our more recent acquisitions and the existing potential in the business. A high bar for a potential acquisition. Speaking to the share buybacks, historically, we have used shares for acquisitions. We have also quite recently canceled shares. I think we have flexibility there in basically just doing what will create the most value for shareholders of Better Collective. M&A, we have a lot of inbounds. We keep dialogues going, but are focused on realizing internal potential right now. OK, thank you. Thank you. As a reminder, to ask a question, please press star one-one on your telephone. We will now take our next question from the line of Oscar Rönnkvist from ABG. Please go ahead, Oscar. Thank you, and good morning, guys. First, just a quick question on the sports win margin in Q2. Is it possible to quantify the positive impact of the sports win margin compared to an average in Q2? I think compared to Q2 last year, we basically said it was in line with last year. In comparison, it's sort of neutral. All right. I just wanted to hear more if it's possible to, I mean, how much above the long-term average has it been, if that's possible? No, we don't give that number, unfortunately. All right, thanks. On eSports, you mentioned it's a good growth driver ahead. Just looking at Q1, a little bit of growth, but H1 kind of stable year- over- year, a little bit of a decline. Can you just comment on the current status of this? Also, if you have some color to give on the long-term growth opportunities, if that's possible. Thanks. Yeah, thanks, Oscar. Yeah, so eSports, in particular with the brands of HLTV and Futbin, are two very powerful brands and huge communities and platforms that we own. Speaking to sort of growth developments, we have been affected by overall CPM rates being down, especially on the back of Liberation Day. It has affected the CPM and advertising market. In light of that, performance is actually quite decent for our eSports business. Looking ahead, it's a business where we really believe that we will experience underlying growth. There's also potential in the business where we can unlock more value. Very, very engaged audiences on both platforms and brands and unique positions in their ecosystems. Something we are truly excited about. Got it. Perfect. Just the next one on the North American outlook. Obviously, you had kind of a rebasing in Q3 last year. I think just converting the revenue to U.S. dollars, you're kind of at a similar rate now in Q2 as you were in Q3 last year after the sort of rebasing. Can you talk a little bit about the underlying growth in the North American market? If we just strip out the rebasing effect, do you see potential for an acceleration? Should we think that the underlying market growth is a little bit slower at the moment? I think we already spoke to the effect of the state launch last year compared to Q2 this year. In the fall, we spoke to the commercial landscape and momentum around the start of the NFL and how that developed. To be honest, we are right in it right now, those work by our commercial teams with partners and preparation of content and our podcast show. A lot is happening right now. That's why we are razor focused right now on delivering for up to the start of the NFL. Exciting times. Perfect. Thanks. Next question, just on the full year guidance. You did EUR 44.5 million in EBITDA in the first half, pretty similar EBITDA per quarter in Q1 and Q2. If it's possible, could you give any more color on the expected seasonality? Obviously, some NFL starts and some of the big football leagues start now in Q3 again. Just on the Q3-Q4 development, should we expect a pretty similar EBITDA going into Q3? The vast majority of the uptick should be expected in Q4? Do you expect an acceleration already in Q3? Yeah, I think Flemming here, the seasonality basically goes, as you say, European football starting as bigger leagues in August, mid-August, some of them. You can say the bigger thing for North America is clearly the NFL that begins in the first week of September. The last four months are our high season, and we also expect that this year. Some will affect, you can say, Q3. Of course, Q4 is normally our biggest. All right. Finally, just on the cost run rate, I think you mentioned that you saw some more efficiencies, but that's offset by underlying investments for returning to growth in 2026. Could we expect a pretty stable OpEx going into the second half as the efficiencies are offset by underlying investments? Do you think that Q2 is a decent run rate in light of this? Yeah, we may see a bit more declining costs. I think it's a good metric with the Q2, with a notch down, I would expect. All right. Perfect. That was all. Thank you. Thank you. Thank you. Our next question comes from Poul Jessen from Danske Bank. Please go ahead, Paul. Yes, thanks for taking my questions. Two questions. One is on the CPM and advertising income, which you referred to as being soft due to general setback. Can you update on advances on where it is now, or have you put that secondary, or how should we look at that going forward? Yeah, so that has been part of sort of optimization on specific brands and ad formats, which is actually we are seeing good results from and is part of mitigating the overall decline in the CPM rates. At the same time, we're also working very much on the customer segmentation, sort of with an outset in the U.S. That is sort of ongoing work where we are also looking forward to launching new initiatives in relation to that. We are seeing a positive impact on specific brands where we are optimizing ad formats. Then we have sort of the most important part, which I've spoken to before, the customer segmentation and sharing first-party data where we are sort of doing initiatives now related to, in the first instance, the U.S. When do you expect to be where you then see some larger traction here? Are we well into 2026 before we should look for something? I think we have stated before that it's basically looking at sort of the development of the advertising revenue metric. Hopefully, we will gradually see the effect there coming in. To some extent, despite it not being growth, we are actually seeing an effect because there's not a decline compared to the overall market. Second question is about the paid media market. Some of your peers have spoken about Google changes hitting them quite negatively in the quarter. Have you avoided that in your numbers? I don't see some major impact here. Yes, Paul. I think just to maybe a slight correction that it's not necessarily the paid, but actually more for sort of the organic search results, where there have been a fairly big Google update. Obviously, you also have the AI overviews. We have not seen an impact from that, and performance has been stable. I think I suspect that is what you referred to. OK, thank you. Thank you. There are no further questions from the phone at this time. I'll turn back to the room for webcast questions. Thank you. Maybe we stay on the paid topic where there are a few questions related to what do you expect for paid going forward and a few comments on the performance during this quarter. Yes, we overall see very strong performance with our paid business. It's one of the areas where we would actually like to see the margin gradually going a bit down because that means we are investing and buying good business. There is a strong performance and a lot of new initiatives in that part of Better Collective. It's quite exciting. To some extent, it's event-driven. The start of all these big leagues are the driver of also paid activity. It's high season also for that part of our business. Thank you. We have a question for you, Jesper, regarding Christian and you now having shared the CEO role for some time. How do you assess the progress and the results of this co-CEO setup? What has been Christian's key contribution in this role compared to his previous position as COO? Yes, it has really allowed for Christian to go deep on parts of our business. To give a very concrete example, Christian is right now in our U.S. office and staying there for approximately a month to oversee the launch of or the start of the NFL and launching new initiatives related to that. It's freeing Christian up to focus on product and concrete initiatives where he can have a big impact. Very happy with that. On the COO role where Sophia has taken over, we're also very happy with how that has developed. Obviously, Sophia is still being supported closely by Christian with his knowledge of the business. We are very happy with the changes we have made. Thank you. There are also quite a few questions on the new KPI value of deposits. Maybe it would just help if you, Jesper, explained in simple terms what it is that we are showcasing on the graph. I think if you do so, we will address most of the questions. Yes, it's actually a fairly simple graph because what we show is the deposits of all players into their betting accounts. We have that data on a daily basis. Here we then present sort of the aggregated figure for a quarter of all those players. That is what we are showing. How much are the players depositing over a quarter into their sports betting accounts? Thank you. There are a few questions about Brazil and how we expect to come back to growth in Brazil, especially as there are still no welcome bonuses live. I think we touched a bit upon it in the webcast, but maybe you can elaborate a bit on that, Jesper. Yes, it comes back to the position we have in Brazil, being the leading digital sports media and owning some strong brands, where we have this significant audience, where we also have, from the sportsbook side, a lot of demand for just traditional ads and brand visibility campaigns. On the NDC side, obviously, we strive to drive as many as possible. As I alluded to early on, the ban on sign-up bonuses is affecting this performance because we do see leakage to the non-licensed market. From a consumer perspective, it's simply much more attractive to be able to register with a sportsbook where you get a bonus. Still, we are performing to some extent, and we assess that the quality of NDCs we are driving is good in this market. If we stay in Brazil, there are a few questions around the stabilization of the market and when we expect the market to grow and whether it has grown from Q1- Q2. Yes, obviously, it's difficult to say exactly when you have the base. We probably sense that, or at least we can frame it as it's developing as expected, slightly better. From Q1- Q2, also in light of the Brazilian Serie A starting, we have seen a lift in revenue and performance there. Thank you. We turn to AI search and what our expectations are longer term with all these new services out there, and also Google launching AI overviews. Yes, as I alluded to before, we have not seen a significant effect of the AI overviews. If we start with the paid business, Google is clearly prioritizing the paid ads over the AI overviews whenever it relates to commercial keywords and basically high-value keywords from the perspective of Google. It's performance as expected and good performance. If I take on the lens of the longer term, we really believe there is a quite strong alignment between relevance and authority that will drive ranking in Google and relevance and authority that will enable you to become part of AI overviews and chatbot answers. Essentially, owning strong brands with a big audience and having a lot of trust and authority with your brand, we believe, is really the recipe of success also in this new environment. Thank you. We have a question here related to the cost efficiency program that we've had and whether we should expect any negative impact on the publishing revenue following that. Yeah, perhaps I can take that. I think as all companies, when you are reducing organization and cost, the challenge is, of course, to do it in a way where you don't affect the business. I think we have succeeded with that. Our business is performing as planned. We have tried to make cost reductions in a way so we basically protect revenue and business in general. I think that's also where we have landed. Maybe building on that answer from Flemming, you should also view the restructure and sort of the ordering of new global business units and prioritization among brands to free up resources. We basically invest in the business where we get the biggest bang for the buck. I think that has been crucial in these changes. Thank you. Let's turn to the last few questions here as we are soon at 45 minutes. Flemming, I guess this one is for you. Is Missouri included in the full year guidance now, Missouri being the state launch expected for December? We have not changed any guidance because of that. The answer is yes. The last question here, I guess for you, Jesper, is in the context of the FIFA World Cup next year, how long in advance do dialogues on ad sponsorships, et cetera, take place? In that light, could you elaborate on advantages of having a local approach as opposed to peers' global approach? The short answer is that we have already started. That goes not just to commercial interactions and conversations, but also all the planning across our brand and basically aligning the kind of content we want to build and really use our global scale and very strong organization to cover this huge, huge event in the best way possible. It is a very exciting event. Yes, we are already now preparing and having commercial conversations with partners around the FIFA World Cup. It is very, very significant for us. We are excited about the World Cup next summer, especially with the host countries being Mexico, U.S., and Canada. Thank you, Jesper and Flemming. That concludes our webcast today. Thank you for showing interest in Better Collective. Have a nice day. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.