Okay. Good morning, everyone, and welcome to Kindred's Q1 2021 results presentation. My name is Martin Arnell, and I'm an Analyst at DNB Markets in Stockholm, and I will be hosting the Q&A session after management's presentation. With that, I want to hand over the floor to Henrik Tjärnström, the CEO and President of Kindred. Thank you very much, Martin. Warm welcome everyone to our Q1 report. We're into Q2, but we're still at the Q1 report presentation. Today, we're going to start with some highlights from the first quarter, then I'm going to walk through some general updates on the shift from offline to online and the growing number of active customers, focus on our locally regulated markets, some bits of sustainability, a regional update, product segment update as well in the general update. We're going to, of course, go into the numbers and look at the financial results and then round off with a summary. If we dive straight into the highlights of today's report, we're very pleased to report that the first quarter has started or did perform really well, and the strong momentum that we had in Q4 has carried into first quarter as well. As you remember at the time of the Q4 presentation, we gave a trading update for the beginning of the first quarter, which amounted to 41% up as reported in pounds. Now when we come to the end of the quarter, we're pleased to report that the end of the quarter ended similarly. Overall for the full quarter, we came in on + 41% up to GBP 352.5 million for the total quarter. Also, if we look at an important metric for us, the locally regulated share of gross winnings revenue came in over GBP 200 million from locally regulated markets and 59% of the total revenues coming from that and more on this later. A solid gross winnings revenue profitability growth especially in the locally regulated market, which of course is a big part of our strategy for the last 10 years. Another key metric for us is number of active customers. That's continued to develop really strongly. We're pleased to report a new all-time high in active customers of over 1.8 million customers in the quarter, up 19% year-on-year. If we look at the EBITDA reported 97.6% up 200% and, of course, the strict focus we've had on scalability for many years, but especially during 2020, has continued to yield results and an EBITDA margin of 28%, including the FX loss then of GBP 8.0 million for the quarter unrealized FX loss. That is some of the highlights. If we go in a little bit more on the detail and the market we're in and the dynamics we're facing. If we look at our key underlying growth drivers for us, it's been the transition from offline to online. For the last 10 years, it's been a strong focus for us to focus especially on the locally regulated markets. The penetration, as you can see here as reported by H2 Gambling Capital, varies quite a lot between the different markets. As of 2019, the blue bars here, you can see that it was quite a different penetration anticipated in Sweden, close to 60% of all gambling taking place already then in the online segment, whilst in markets like Italy, Spain, and Netherlands, the same number were only around 10%-15% of total gambling taking place online. The green bars here is what they anticipate to be happening during the six years between 2019 and 2025. As you can see here, the online is expected to continue to grow as a share of the total. In certain markets like Sweden, it's anticipated that close to 70% of all gambling is happening online at the end of 2025, whilst in Italy, for example, the same number is still under 20%. Just highlights the difference between different countries across Europe, and it also highlights that there is a logical, strong underlying growth driver, especially in those markets with a lower penetration. If we look on the right-hand side, you can see how the overall gambling market is anticipated to develop. As expected, it's planned to grow in accordance or in line with the overall economy and total growth around 3%. More interesting is to look at the underlying numbers here when you see how much the online growth is expected and also the land-based. Whilst land-based is anticipated to remain relatively flat in the period between 2019 and 2025, online is expected to grow with a compounded annual growth rate of 11%. Another key metric for us that we're happy to report on, as I mentioned, is the active customer base and the new all-time high of over 1.8 million actives. For the quarter, that's up 19%, as I mentioned. Also, if we look at the ARPU development over the years, ARPU has remained fairly flat. The 19% that we're reporting now year-on-year growth is actually also the same growth that we've seen compounded annual growth rate from 2011- 2021. The business has been growing very well on the back of growth in active customers. At the same time, the ARPU levels have remained fairly flat, a growth of 4% year-on-year for that period. Us growing then with more than 20% year-on-year for the last 11 years. If we look at the locally regulated markets, which is, as I mentioned, a key theme for us to focus on that both as a transition first on the revenue side, but of course also on the profitability over time. It's pleasing to report here that the locally regulated markets have continued to grow faster than the other markets. If you look at the right-hand side here, it's a stable long-term profit margin, despite the short-term regulatory pressures and increased betting duties coming on the back of that. If we look at the development here, it's especially pleasing to see and as expected as well, when the blue line, when you can see that there's a step change in 2019 with the Swedish re-regulation happening, the basically share of locally regulated going up, and we're expecting a similar step-up at the time of the Dutch license award coming. On that point, we're very pleased to see that the system is now in place, and it's opening up for license applications now from the 1st of April this year. The license window opened as such, and the first award of licenses are expected in about six months' time, so come October or so this year. We will go live once we receive the Dutch license, and we're expecting that to happen during the first half next year. It is also encouraging to see here, especially the growth that we've seen despite the growth in betting duties that's grown to be now around GBP 250 million for the last 12-month basis. At the same time, the underlying EBITDA margin has been remaining flat over the same period. Now we came in on, as I mentioned, an EBITDA margin of 28%, which is very encouraging considering the rapid increase in betting duties. We're very much able to continue to absorb the increase in betting duties and still delivering an increased EBITDA margin as a group. In February, we were very proud to come out as the first operator to communicate how much of our revenues are coming from harmful gambling. Here you can see the continued data set from that point in time, basically from 21st December to the 21st of March, to give a quarter's picture. The share actually dropped from Q4 from 4.3% to now 3.9% during the first quarter. Also an improvement in the effect of interventions that increased to 76.6%. I will also want to highlight the improvement in the underlying segments here by actually showing that the share of social gamblers is increasing for us and also the low risk as well. It's an underlying improvement across the database, not only in the high-risk segment. We also published during the quarter, or there has been published two research papers that we've sponsored, was published during the quarter. Also we have offered as a first operator, the Gamban software to our U.S. customers for free. Also we're continuing the good development and cooperation we have with commercial partners like Swedish Elite Football, but also EFDN regarding the very important work around integrity in sports and especially anti-match fixing projects. Those are some of the sustainability items we're working on during the quarter. We are also happy to draw a line to the sustainability report that you can find on our corporate website for more details. If we look at the regional update, we had strong development across our region and also product verticals. If we look on the regional update, Western Europe increased strongly, up 58% versus the same period in 2020, driven by strong growth across our main markets, but also products. Nordics increased with 1% compared to Q1 2020, so more or less flat. Notable there is that the temporary COVID restrictions in Sweden relating to casino has been extended, and it continues to have a negative impact on the channelization in the casino vertical. For us, we've seen a decline in casino, but an offsetting increase in sport in the Swedish market. We can only suspect and fear that the decrease in casino is actually leading to a lower channelization and as such, a worsening of control of vulnerable players in the important Swedish market. We strongly urge the restrictions to be removed so that the market and we can work and attract customers and take care of them in a safe and secure environment. CES region continued to develop strongly. We were up 33% versus the same period last year, and Romania being the biggest contributor, but also positive developments in Italy also during the quarter. In the other region, growing very fast, fastest region growth of all, of 91%, driven by strong performance in both Australia and also in the U.S. year-on-year for us as a group. As a reason why the other are decreasing quarter-on-quarter is that the other markets are, of course, much bigger when growth rates needs to be higher in the other segment continuously than over time, we're confident that the other segment will continue to grow into the overall percentages for the group. If we look at a specific market from the Western European segment, we're very pleased to report on the U.K. expansion. It's been a big success story for us at Kindred. For those of you who followed us for some time, we started our venture into the U.K. basically in 2012. We have had a combined organic and acquisition-assisted growth strategy for the U.K. market. As you know, the U.K. is still the largest locally regulated market in the world, and its estimated size for 2020 was approximately GBP 8 billion in total. During the past years, we have been able to outgrow the U.K. market by almost three times. It's clearly been a long-term investment market for us, but it's especially pleasing to see now that we're coming out of that investment phase and we can also deliver a good profitability contribution from the large U.K. market. It's become one of our largest markets now the last couple of years. That's also due to the reasons that we mention here at the bottom of the slide. Also if we look at the right-hand side where we try to index, or we have indexed our revenues as of Q1 2019, showing that we're actually doubled our revenues per quarter over the last two years. As you can see here as well, the growth in Q1 2021 year-over-year was 118%, very much faster than the overall market, which makes us confident to say that we are continuing to take market share at a fast speed. U.S. is another key market for us, clearly a market that has the potential to become the largest locally regulated market in the world, that is continuing to develop. If we look at our own numbers for the first quarter, we had revenues of GBP 7.4 million, an increase of over 200% compared to the first quarter last year in local currency. Sequentially, we had a slight decline of 2.8% versus Q4 2020, in local currency. That's a perfectly normal development between two quarters, also depending on seasonality, also depending on the mix of our marketing channels. We still reported over GBP 29 million of revenues, or approximately GBP 29 million of revenues over the last 12 months contribution from the U.S., which is very strong development considering that we only launched in the market in Q4 2019. The strong player acquisition continued to focus marketing and bonus campaigns that I mentioned, surrounding especially the Super Bowl and the March Madness happening during the first quarter. The total number of active customers increased by 92% year-on-year. Our selective organic growth strategy continues moving forward with the planned launch into our fourth state being Virginia, planned for actually later today. On Virginia, we're very pleased to report that we were one out of the seven direct mobile license permits in a highly competitive process that we got that award. The U.S. for Virginia is one of the largest state, with the mobile betting size expected to be over GBP 370 million annual revenues at maturity. For us, as I said, we're planning to go live later today, and it will be the fourth state that we go live in. For us, it will also be a key state, and we're planning to open up a separate office in Virginia and have that as also important part for our rollout into the coming states in the U.S. On the right-hand side here, you can see some of the underlying numbers, and you can also see that the market has only recently launched. We will be the seventh operator to go live, and we've seen from Pennsylvania that that's normally a very important metric to follow. For us, it's also comforting to see that like in the U.K. market where we have had a very long-term view and a sort of very determined strategy, we're also confident that that kind of approach will pay dividends for us also in the U.S. market, especially over time. As I mentioned, we're still early days into the U.S. venture, and also only being live with just over one year or one and a half years as we speak. More to come from the U.S. no doubt, in the coming quarters. We also wanted to take the opportunity to show the underlying growth, especially in the sports revenue sort of turnover elements, and also to look at the COVID impact that we had, especially during last year, and how we fare against that. It's encouraging to see here that the start of the 2021 has been very strong, where we have come in with a 49% increase in turnover for the full quarter. You can see here also in last year that it was only towards the end of the quarter that sports calendar was severely impacted. Very strong development for the sports turnover. Also here you can see that the race that we're on now for Q1 is extremely positive also in the lead-up to the second quarter with the major event of the European Football Championship happening spanning over Q2 and Q3. We're expecting good momentum to carry in now to Q2 and then also Q3 and then also towards the end of this year. Strong development on the sports side. On the margin, we're pleased to report that the margin came in close to the long-term average. We came in on 9.4% compared to the long-term average of 8.9%, that's slightly above the long-term average, at the same time, quite a lot below the exceptional Q1 last year of 10.7%. We of course focus very much on the optimization of the margin rather than maximizing the margin. We're very pleased to see that the result was very strong, also considering that the margin was on more normal levels. If we look by product, and the lead into that, it's been a good development across products and the continued high activity with the sports calendar and the high turnover. Also strong quarter for racing on our proprietary racing platform have helped us to drive growth also in the U.K. market, and both on turnover and also gross winnings revenue. The revenues increased in sports with over 30% in the first quarter, despite, as I said, the lower sports betting margin compared to last year. Especially strong development in casino and games, and despite the Swedish developments, overall casino and games revenue progress was really strong, and it was the best-performing quarter ever for us when it comes to both actives turnover and also gross winnings revenue generation. Revenues increased with 56% compared to the first quarter last year. In Poker and other products was benefiting from the high activity in the other product segments and continued to grow strongly as well, Poker 23% and the other segment, as you can see here, on 15%. The split by product remains fairly similar to previous quarters with Casino and Games around 50%, Sports 45%, and Poker and Bingo and the other products sharing the remaining 5%. Something that we have also launched now recently, it's been a big innovation that we're doing within the Sports segment, and we're very pleased to be able to capitalize even better on the important streaming assets and marketing that we acquire. What we have worked on here is a completely innovative, and we're market-leading Watch and Bet functionality, and we wanted to give you a bit of a snapshot on how that looks and how convenient it is for the customers. We're expecting this to have a big impact for us in our ability to continue to innovate within the Sports segment, but also to grow the numbers ongoing basis. That clearly highlights the big advantages for the customers, where they can basically watch the match and don't have to leave the stream while placing a bet. It's an extreme improvement from what the customer experience has been previously. As I said, we're very proud to show this market-leading functionality and really prove that we are continuing to innovate across our product verticals and also giving the customers a superior customer experience within our brands. If we look into the financial results in more detail, we're pleased, as I said, gross winnings revenue, a significant improvement on the first quarter last year, up 41%. Also especially encouraging to see here more the longer-term development where we've firmly returned to strong growth. As you can see here, both Q3, Q4, and Q1 now is on a different scale compared to previous quarters, which of course is very encouraging. If we look at the strong focus we've had and continue to have on scalability, and that it continued to yield results, and it's encouraging to report here, as you can see across our cost base, that we have an improved momentum over time now, and also across both cost of sales, marketing, employee cost, other above EBITDA, OpEx, and also the CapEx elements. Of course, this is assisted also by the strong growth that we have in the business, and that's of course a main theme and focus for us to continue to grow top-line at a much faster rate than our costs, and as a consequence, we're able to show this very good scalability. On the marketing side, we came in on 21% now for the first quarter, and that is continuing to be lower than the historical long-term average. As we said in connection with the Q4 report, we believe that for the full year 2021, we're most likely going to come in below 25%. We said already then, the proportion throughout the year is expected to be lower now in the beginning of the year, like now in Q1, but also in Q2, and then a gradual increase in marketing as we get more into a normalized situation also relating to COVID. Of course, we also have the European Championship in football coming now in June and July, and that is also a good opportunity for us to reactivate our database but also attract new customers, which is a unique opportunity that only happens every other year. On marketing, we still reiterate the guidance that we gave in around the Q4 report. The total headcount at the end of Q1 was more than 5% lower than at the same time last year. We will need to continue to invest in the business and that we are doing. So we will increase the number of heads over the year, but it will be focused on very much the most important areas where we can continue to create a good differentiation and experience for our customers. That good work is of course paying dividend for us when it comes to also the EBITDA improvement, and we see clear signs of scalability now in the first quarter. Again, similar to on the revenue side, it's extremely pleasing to report the developments from Q3 into Q4 and now into also Q1, where we have an EBITDA reported of GBP 97.6 million already now beating two quarters or the first half year of last year. Then, of course, also having a strong development that we're expecting to continue now for the coming quarters. If we look at the FX impact, which has been around 2% positive on the revenue side, if we look across the basket of currencies we operate in. That's a relatively small development. Relatively small in the scheme of things impact on top-line development. As we have been very strong cash flow generation over the last couple of quarters, especially, we are building up quite a sizable cash position in the balance sheet. Now we have a net cash position, and that's being retranslated at the quarter end into the P&L impact, then being a negative impact of about GBP 8 million for the quarter, which is unusually high. Of course, now we also have the dividend payment coming up, but also the share buybacks that we're continuing to do within the group. That is the overall development of FX throughout the P&L. You can see, a bottom-line impact of around GBP 6 million negative for the quarter. With constant currencies, the bottom-line results would have been about GBP 6 million higher if FX rates would have remained flat. As I mentioned, strong cash flow generation, that's continuing very much now from Q4 into Q1. The free cash flow generating during the first quarter was over GBP 90 million, driven by the strong underlying profitability and the positive net working capital movements that we've seen during the quarter. The strong cash flow conversion that we saw in the fourth quarter is now continue also into the first quarter with, and it was 92% for the quarter. As I mentioned also, the repurchases during the first quarter, just over a million shares were repurchased at an average price or a total price of GBP 12.4 million for the quarter. At the end of the quarter, the cash position, net cash position reached almost GBP 175 million, compared to GBP 70.2 million at the end of the fourth quarter last year. The strong momentum that we carried into the first quarter and remained during the first quarter has also continued now into the start of the second quarter. It is also set to be a really big year for us now in the summer with the European Championships. It is good to report that for the first 25 days of the second quarter, the daily average gross winnings revenue were up 52% or 55% in currency compared to the full quarter of 2020. If we would compare to just the 25 days of last year, the comparison would have been even higher, but we felt it was unfair considering that it was at the depth of the COVID impact last year. If we look at it sequentially from the first quarter, the daily average is about the same as we had in the first quarter. It is the same as we had during the first quarter of 2021. A big summer of sport. We also have the Copa América coming, European Championship. There's also the Olympics in Tokyo coming later in the year. Of course, we have the continued UEFA Europa League and UEFA Champions League events taking place as scheduled. A big summer of sports. Next year, of course, there's a World Cup of football coming in the later part of the year. We're expecting two good years now or a year and a half of high sports activity across the business. If we summarize some key report highlights, again, gross winnings revenue, as I said, close to GBP 353 million, up 41%, and the locally regulated new all-time high, GBP 209 million for the quarter, 59% of the total. EBITDA GBP 97.6 million, up 200% to doubling year-on-year. Share of Gross winnings revenue from or up 300% actually, or 200% up, but it's more than a doubling, of course. Share of Gross winnings revenue from high-risk players came in at 3.9% and strong net cash position and the active customers with the new all-time high bodes really well for the continuing of the year, and the free cash flow was very strong as well, over GBP 90 million for the quarter. That concludes the presentation, and I'm more than happy to invite back Martin for the Q&A session. Thank you, Henrik. Thank you, Martin. I'll start off the Q&A session before I let telco and the webcasting on for the questions. Just to start off, Henrik, looking at the results in the quarter, could you just confirm that your adjusted EBITDA is GBP 106 million and not GBP 98 million because of the negative FX? Yeah, that's correct. That is a good spot. The underlying EBITDA should be GBP 106 million rather than GBP 98 million as was put in the report. Here, as we mentioned, the reported EBITDA was GBP 97.6 million for the quarter. Okay. Thank you. On your revenue growth, you are at pretty high levels compared to your more normal growth levels. How far is this from your sustainable growth levels do you believe? To grow 41% year-on-year when you're 33 years into your operation, as you say, it's this phenomenal growth, especially as we're comparing to strong quarter last year as well. That is very strong, but of course, we've been working on a lot of different things over the years, and they come to fruition, and then that adds to the overall growth rate as well. As I mentioned, to be fair, COVID situation is probably helping us to some extent, considering the overall landscape with closures in kind of retail and land-based outlets. That has a logical, positive impact for the online space. The transition that COVID has led to, we're also confident that that will remain probably on a higher level also as H2 Gambling Capital was indicating here. We will, of course, continue to do our best to try to keep as high growth as possible because scale is so important for us in our industry, also to be able to continue to absorb the increased betting duties coming from the transformation where we're ongoing. We're planning to grow faster than the overall markets, that we continue to take market share, that's for sure. Where are you now in Europe on market share, do you think? We're probably just over 5%, I would guess, around that level or around the 5% mark. It just highlights that it's quite a fragmented market. Even if we are a number four operator globally in the online space, we're still only at kind of 5%. It's ample opportunity for us to, as we showed here, to continue to grow in the big markets like the U.K., but also the U.S. and continuing to take market share and have a good development. Yeah. Okay, thanks. When looking at the regions, it looks like you're very strong in Western Europe, a little bit softer in the Nordics compared to my expectations at least. Is that mainly relating to the Swedish temporary restrictions or? In the Nordics it is, also the payment blockings that the Norwegian government is enforcing, and that's also having an impact of course. As I said, in Sweden, we have seen a decline now in casino turnover and activity, but that's at the same time been offset in the sports area where also the very good cooperation we have with Swedish Elite Football is continuing to pay off for us and giving us a unique sort of selling point, especially in the sports segment. Sports is offsetting casino in Sweden, but the total has remained flat year-on-year. Yeah. Okay, thanks. On the sports margins, I noticed that they've been a little bit higher than average in the last quarters. Is there a pandemic effect in the sportsbook margins because there's no fans in the stadiums, and that helps the smaller teams or? Yeah, I guess my speculation is as good as yours, but it's logical that that would have an impact, and it seems to be like what we saw here in Sweden last year in the Allsvenskan and places where the traditionally bigger teams didn't have the support of their home fans, and that could have had an impact, and we've seen the same in the kind of the European markets as well. So I think I would agree with that. The trading statement stood out a little bit, I think, with a 55% growth so far. Would you say that Q2 should be back-end loaded with the football Euros? Could you share any color on sort of what's driving it? Is it sportsbook margins or just easy comps or? We continued in a very big picture, the strong development as we had in Q4 continued into Q1. That's now also continuing into Q4, which is sort of logical because it's no defined break at the sort of quarter end in a sense, either Q4 or Q1. It's been encouraging to see that the strong activity we were able to generate within the other product segment, when COVID started, that's been continuing through Q3, Q4, and now Q1, and also into Q2, as we see. At the same time, of course, sports now having very easy comps year-on-year when sport was down about 70% on turnover last year. Now we're seeing that it's, of course, continuing on the good growth rate that we showed here from Q1. It's a good development overall, which has been encouraging. What strategy do you have ahead of a big event like the football Euros, and what have you learned from similar events in the past? Will you go all in with marketing, or are you balancing this? This year, similar to previous years, we've been starting to build the database long time in advance. That's how we approach things to be very methodical and do it over time. Of course, COVID situation is slightly different now. We've been pleased to see during the full year last year that we have sort of been able to increase our share of voice despite investing less money in marketing. That's also when we have that effect. Combined with a very strong growth, of course, the reinvestment percentage on marketing comes in and what might be seen as artificially low. We're very confident that this level has been good for us during the COVID situation. As I said, we're expecting that to normalize now over the coming quarters. For the full year, we're expecting it to come in below 25%, but it remains to be seen when things start to normalize. Yeah. Thanks. I noticed you commented on your headcount, that you will increase number of heads going forward. What kind of levels are we talking about here? Is it a single-digit increase year-over-year or more than that? It depends a little bit on how we sort of succeed on also the acquisition of new employees, in a sense, or with our talent acquisition. We have a need for also when we look at the U.S. and places there to continuing to strengthen the team and build the structure capital, not only in the U.S. but across our total markets. As you know, there's been an increased compliance burden on the industry, and our sector is developing sort of towards more the financial markets, which is logical, and we have a benefit as a large operator to seize that opportunity. We have also the opportunity. We were very much selective and focused on increasing staff where we see the best return or the best sort of need, most need that we see. For example, areas like tech, customer experience, those kind of delivery functions that are fundamental to continue to give the customers a superior experience, which will build more loyalty and will be good for the growth also for the longer term. Yeah. Okay, just one final question before I let the telco in. Your U.S. expansion. I think you were at -GBP 6 million EBITDA in the quarter. Is that the level we should expect going forward or what do you think? Yeah. We are in the investment phase on all the different states, the three states we're in already now, and now we're launching Virginia today, which, of course, will be an investment phase starting for that market as well, and we're expecting to launch in up to two more states during this year. During this year, we're expecting all the states that we're live in to be in investment phase. Virginia, we've had very good development, and we have been building good scale, and in that state, we're getting to the point where it's more our conscious decision if we want to show profitability or if we continue to invest for the long-term opportunity. As long as we see good growth, and as we see with our portfolio markers that we see such a strong development, we're minded to continue to invest now rather than later in the U.S. and seize that longer-term opportunity because it's still early days. Like the U.K. example here, we're very pleased to see that we came into a very mature market in 2012. We've been able to grow to take market share consistently over time. We're confident that our strategy in the U.S. will also pay dividends there, especially when we get our own platform and things available for the customers during next year. What is the base case for time to break even in a state like Pennsylvania, for example? In that state, what we said around two-three years is feasible. It's more question than a conscious decision on, do you want to just get the profitability, or do you want to seize the maximum long-term opportunity? We're rather on the latter to build the long term and really seize that fantastic opportunity that U.S. will bring. Of course, doing it with a very conscious mind of not over-investing. It's about investing in tandem with the brand awareness and brand consideration as well, to not go too big too fast and risk getting a poor return. It's finding that optimal balance and having the long-term view that we're very confident in. I guess you expect to be back at quarter-over-quarter growth in the U.S. already in this quarter, or? Of course, when we're getting to a larger size in the U.S., sort of sequential growth is, of course, more challenging. It's also we haven't launched a new state really since July last year, and it's still sort of the Virginia we're expecting to come in now closer to the front runners. We'll be the seventh operator to go live. Market only is open in January. It's a big improvement for us, and we're really looking forward to that launch and seeing what we can achieve there. We're hoping that Virginia will be more similar to Pennsylvania, where we also came in closer to the front runners, and we can also then take a decent market share from the outset. Okay. Thank you, Henrik. I think it's time to let in the telco. Yeah. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two cancel. Our first question comes from the line of Oscar Erixon from Carnegie. Thank you. Good morning, Henrik and Martin. A couple questions from me. Bit of an echo, I'll try asking anyway. First of all, on the U.K., clearly a continued very strong performance. Could you just shed some light on the growth and the share of sales for the racing product in the U.K.? Is that an important driver? Also, given the strong performance in Western Europe on the casino side, could also spend some time on trend and the Netherlands, how that developed in Q1? Thank you. The racing in the U.K., as we highlighted, is one of the important growth drivers for us to have a unique proposition to sell into the U.K. market. When we launched that in February 2018, and since then when we've done gradual improvements to the product, that's helped us. As we mentioned in the report, the Cheltenham Festival now was a big event for us, and it was also a good activity boost for the U.K. market, but also on the revenue side as the event turned out to be more bookie-friendly than perhaps normal. Racing is a key element of our sports offering, as racing is such a big product in the U.K. market and also in Australia. We're benefiting from the good offering, both across U.K. and Australia, through the Kindred racing platform. In the casino developments, as you said, we have had strong development across the European markets and Western Europe especially. That's been pleasing to see that it's a strong development across those different markets. As we highlighted in the report, that's also what we have seen, that it's not one single market in Western Europe, but a strong development across all the big markets there that assisted the strong growth of 56% year-on-year in the Western European segment. Great. Thank you. Also want to follow up on the U.S. development, which arguably seems pretty soft with lower sales sequentially, lower sales year-on-year at the start of Q2, as well as a higher loss in Q1. Is it mainly due to tough competition, or is there anything else that you want to mention? Also, how important will the migration to the own platform be, and what should we expect until then? Thank you. We're live in three states as we speak. We're hopefully four then this time tomorrow. In those three states, we've had a solid development in both Pennsylvania and Indiana, where we kept our market share quarter-on-quarter. We develop in line with the market. If there's one state where we have underperformed, it's in New Jersey, where we've been exposed to technical challenges outside our control, and that's not helped the case in New Jersey. If you look overall, we're developing in line with the market, which is, of course, as I said, we have an ambition to grow faster than the market, and that's what we are confident that we will do over time. In Indiana and Pennsylvania, we had a fairly solid development this quarter. It's also, as I said, we are relatively early days into the U.S., it's also very dependent on the marketing mix that we have. If we spend more on customer incentives, which are netted off before gross winnings revenue, that has a sort of an artificial also effect on the kind of the also the sequential growth. As I said also here, FX is playing a part in the comparisons as well. In local currency, we are more kind of flat also sequentially. Of course, we have a strong ambition to grow, the team is working extremely hard. As I say, we're also strengthening the team and building ourselves sort of to the next level. We're sort of really able to seize the opportunity that lies ahead of us. In Pennsylvania and Indiana, as I said, we're pleased with the developments, perhaps not so in New Jersey. We're looking forward now to add Virginia and to work across sort of that new footprint. Excellent. Thank you. On the start to Q2, which is obviously very strong, is it fair to assume that this is a sort of continuation of the geographical and segment trends from Q1? It's possible to give any comment on the sports book margin as well, please? Thank you. Yeah, we haven't given that. On the sports book margins, I can't comment on that, but it's been good development, as I mentioned here to Martin's question on similar to in Q4 and Q1. Across markets and products, it's been a solid development. Of course, if we look product by product, sport has very soft comps from last year when there was at the height of the COVID reduction in sports. Continued strong development within casino and good performance. As I said, the average daily revenues for the first 25 days is in line with what we had as average for the first quarter. Continued strong development across. Great. Thank you. I will leave it with that for now. I might come back with a few questions. Thank you. Thank you. The next question comes from the line of Erik Moberg from ABG. Please go ahead. Morning, gents, and thanks for taking my questions. To start off, if you look at the casino vertical, if we compare the start of Q2 versus the end of March, is there any changes in the activity level? It's remaining good activity and momentum, also now at the start of the quarter, as I said, across products and countries, and that goes for casino and games as well. Got it. If we just looking ahead here in Q2, obviously you should have a little bit of a negative seasonality effect, you should also have a boost from casino betting, benefiting from the Euro championship in soccer. Is there anything that speaks against the notion that you should at least be able to maintain this level on average throughout the full quarter? We will see when we get to our Q2 report presentation, but we're expecting, as I said, with the European Championship event coming up, it's a unique opportunity for us to reactivate our database, but also acquire customers. The opportunity to acquire customers is as its best opportunity, for over every other year period now in connection with that tournament. Rest assured we'll try to maximize that opportunity to attract customers and that, as you say, we're expecting that to have a good impact as we've seen historically on both sports, but also on the other product verticals. Should be a good activity, increase towards the end of the quarter. Got it. Just looking historically on average, how much would you say that the activity level towards the end of the quarter has sort of increased from the beginning of the quarter when we have a major championship, in soccer? Yeah, I would recommend that you look back on our sort of Q3 2018 presentation, or Q2 presentation, that you can see what the kind of increase, and it's quite substantial, both on turnover and generation on the sports element, but also in the casino area because as you say, we get an opportunity to reactivate and also then position and cross-sell products to the sports customers around the event as well. We're expecting quite a steep increase in activity towards the end of the quarter. That would be completely in line with expectation. Yeah. In other words, you're pretty confident in achieving a daily average revenue towards the later stages of the quarter that's higher than your current daily average revenue? We will see when we get to that. It of course, will depend on the margin as well, that can fluctuate over time, but the activity levels should be stronger towards the end of the quarter. That's normal pattern in a championship year. Fair enough. Just looking at it on a regional basis here, just think year-over-year and also sequentially, are there any regions aside from Germany that is sort of developing in the wrong direction in the beginning here of Q2? No, we have a good development, as I said, across the countries and regions and, as you saw here in the numbers as well the Western Europe segments are bigger from a population point of view, compared to the Nordics. The developments we've seen here with stronger growth there is also logical compared to the Nordics. Overall, we're expecting to see a continued trend that we've seen now in Q4 and Q1. Got it. Thank you very much. That's all from me. Thank you. As there are no further questions, I'll hand it back to the speakers. Okay. Thanks. I'll shoot the question before I let the web in. I'm thinking about innovation in Kindred, and I think you were out presenting the Watch and Bet stream format, and what else are you doing in innovation and how important is that for you since you're fairly dependent on third-party agreements? We work very actively with that, and it's not one person's responsibility. It's something that we work across the whole company, really trying to create momentum and I think one of our strong growth drivers over the last 10 years or so has been the good work that we've done across the board, when it comes to sustainability, but also as here with product features and functionalities and really sort of looking at things from a customer's point of view and trying to innovate across all touchpoints. That is paying dividends long term, of which the Watch and Bet is just one feature that we wanted to highlight here. It's a lot of small things that's coming together, giving the superior customer experience for the customers, creates more loyalty, stickiness, and retention for us as a company. It's extremely important and we are working very actively with that. Okay, thanks. It's time to let in some questions from the web, which have been selected by the IR team in Kindred. I'll start off with a question from Jan Åke Solström. He's asking, "How are your growth plans, besides from the U.S.? Yeah, that's a good question. We are, as I said, aiming to grow faster than the overall market, so we're continuing to take market share, which we indeed have been doing for the last 10 years or so. Europe is still our by far the largest footprint for us. As you can see here, it's about 96% of the business is still in Europe, so that's the core focus. We have extremely interesting spices in the mix with the U.S., but also Australia that's performing strongly. The fastest-growing segment is outside Europe, but Europe is continuing to be the engine and also delivering very strong growth, and we're expecting that to continue. Okay. Thank you. The next question is from Robert Gustavson. Can you elaborate on the overall potential of your Watch and Bet functionality and how you specifically are intending to develop that functionality? U.S. sports like American football, baseball, basketball with natural pauses seems to be especially suitable for development features in that concept. What are your thoughts with regards to that? Absolutely. It's spot on. That's what we see as well, that it gives us a unique proposition to attract the customers, and once we get the customer in, we can work across all touchpoints with them and create more the lifelong relationship that we have as an ambition for all our customers. This, we believe will be a unique feature for us. It's unique in the market. We're the only one offering it. It might be that others copy, but it's not so easy to copy either, and we're very pleased with the product that we put in front of the customers now, and we're expecting that to be a differentiator for some time, especially towards the smaller operators, and that will give us a unique opportunity to also acquire and retain customers. Really important. Yeah. Okay, thanks. A question from Michael Knudsen. What happens to Iowa and Illinois expansion? Is this still Q2 for Iowa and Q3 for Illinois? In Iowa, that's the next state we're planning to launch, if it's Q2 or Q3, as we're looking at it right now. In Illinois, it's slightly related to this in-person registration restrictions as well that's been extended now, and that should fall away towards the beginning of next year, at the latest. Right now, we shifted the order in launch to be Iowa next after Virginia, and then we'll see who comes after that, really, in a sense. Okay, thanks. A question from Arvid Lofving. What are your thoughts on South America, and is that the market you're planning to move into? We have looked at South America, and we're of course aware of developments, but for us, it's also important to focus on where we are and not spread ourselves too thin. We have a huge opportunity in the U.S., but it also requires a lot of focus and attention. For us, it's first and foremost to do that, and we're also seeing that as being. We, as a large operator, have the ability to go into the U.S., and we're confident that we will succeed over time. It's taking a lot of focus as well to do that really well, and we don't want to jeopardize that. Right now, it's more focus on North America than South America. Over time, I'm expecting us to be also in the South America region, and also where white spots in the likes of Africa and Asia. For us, it's also important with the regulatory developments and if there's an opportunity for licenses that becomes more higher up on our pecking order of states to go into, or countries. Right now, it's first and foremost the U.S. and do that really well. Okay. Thank you. I see we're running out of time a little bit. I have just a few more questions before we end here. Your buyback program. You started to execute on buybacks earlier this year. Looking ahead here, how committed are you to continue to buying back shares? Your policy is 75% of free cash flow. You've announced the DPS. The residual there, is that what we should expect you to do in terms of buybacks if you don't do an acquisition? That's pretty much in line with the communication we gave in around the Q4 report and the change of dividend policy. As I said then, the board wanted the new policy to be sending the signals that there's a stable underlying cash element to the shareholders, and then the ambition is to not build a cash position over time, but rather do share buybacks to get closer to that, over time, 75% distribution to the shareholders. Of course, if we first and foremost investing in the business, if it's indeed as you say, with M&A or organic as acquisitions as well, but then any surplus is subject to that free cash flow and dividend policy. How much do you need to add an acquisition this year? The deal flow, is that high on your agenda, or will you only execute when you see the perfect? M&A has been an important part of our growth strategy over the years. We've done close to one acquisition per year over the years, so that's been an important element, and it will remain an important element. It's more a question about when rather than if. What we have done historically is to look at acquisitions more on a case-by-case basis, and if they're relatively smaller, then we can manage them more on a cash basis or revolving credit facility. If there's a need for bigger ones, we have done that from time to time as well. We're confident with our strong cash position that we have now and also the good name we have in the financial markets that we have an ability to also do if we want to or need to. Would you say that deal flow has increased in the last year or so? The consolidation in the sector has been ongoing for 20 years now plus, if anything, it's been accelerating more recently, I would say, in the last couple of years or so. Of course, scale is so important. Clearly, when we can show this phenomenal growth rate, that's a good pillar to sleep on. Of course, if we can add strategic acquisitions on top of that already strong growth rate, that would be all the better. We're following developments closely. You're looking both locally and globally, I guess. Is it anything? Yeah. We're looking across. We have done different varieties of acquisitions, so we're open-minded. Okay, thank you. I guess the final question is on your sustainability strategy, where you have a target of 0% from harmful gambling in 2023, I think you were at 3.9% in Q1. How does that compare to a year ago, what actions have you taken, and what are you working with here? It's a lot of work, so I don't think we have, unfortunately, time for all of that now, but with the Sustainable Gambling Conference, which is a good opportunity where we have more time to present all the good work that we're doing in this very, very important area. There's a lot of different things coming together. We, for example, upgraded our Player Safety Early Detection System towards the end of last year, which shifted from more financial sort of analysis, more to behavioral science, which we communicated at time of the initial presentation of the numbers in February. The development's been strong as, or positive, as you say here, with 3.9%, but also, as I draw attention to in the slide, there's been also good development in the sense that the proportion of revenues coming from social gamblers have been increasing, so social and low risk. The medium and high-risk segments have both sort of decreased over time, which of course is the ambition that we want 100% joyful gambling. We don't want any problem gambling on our sites, and we set the clear vision of a journey towards zero. Of course, needs more than just ourselves to get towards zero, and it's an industry-wide, and also beyond the industry, to get control of this. A lot of different things. The Gamban software for free for U.S. customers, which we already had in Europe, is an important element, and such things. It's a lot of different things, and please watch the kindredgroupplc.com, that site, and the sustainability area there, and the sustainability report. That's highlighting all the good work that we're doing there, or some of it, at least. I guess when putting numbers on a complex area like this, I guess it's important to understand what kind of definition you use when defining harmful gambling. Are you confident with yours? No, we're very confident. We're building now with a new version of PS-EDS system. It's built on DSM-5, a sort of behavioral science methodology, which is scientifically proven in that sense. That's a big step forward for us on what we do. This year we also mention in the communication, we're opening up our system for review by researchers and scientists as well to pressure test and see how it works. If there's room for improvement, of course we'll do that. We're very open about this and wanting to improve because that will help us in our journey towards zero. Okay. Thank you, Henrik. I think that was it from me, I'll leave over the floor to you and for closing remarks. Thank you. Thank you very much, Martin. Thank you very much, everyone, for attending today's presentation of our first quarter results. Of course, we very much look forward to see you back again at the time of the Q2 presentation in July. Until then, stay safe, and thank you very much, and we're looking forward to a busy summer here with the European Championship starting here in June. Thank you very much, everyone. Looking forward to see you then.