Good morning, everyone, and a warm welcome to Kindred's Q4 2021 results presentation. My name is Martin Arnell, and I'm an equity research analyst with DNB Markets in Stockholm, and I will be moderating the Q&A session after Kindred's CEO's presentation. With that, I want to leave over to Kindred CEO and President Henrik Tjärnström. Thank you very much, Martin. Thank you very much, everyone attending, and warm welcome to our Q4 2021 presentation. When we look back at things now for the fourth quarter, but also, of course, over the full year 2021, we're very pleased to report a very strong full year overall. It was our strongest year to date, and we're very pleased with a lot of positive developments that we've seen across business and market throughout the full year 2021. I would like to take the opportunity to thank all my colleagues at Kindred making Kindred a market-leading, both B2C and B2B company within our sector. Thank you very much for your contributions. The outline of today's presentation is as follows. We're gonna start with some Q4 2021 highlights, of course, and then look at the business overview, where we focus on the various items. We have a strategy update element, and then we round off with a summary. If we look at Q4 in isolation and some of the key numbers here, we saw some temporary headwinds that was impacting the quarter, of course, and we highlighted some of those already at the time of the Q3 presentation. Despite ceasing our services to Dutch residents and also the low Sportsbook margin that we experienced, the exceptionally low Sportsbook margin at the beginning of the quarter, the fourth quarter delivered a solid performance, especially on underlying metrics. If we look at the revenue, we came in just under GBP 245 million for the quarter. As you remember, our non-recurring indicative guidance was in the span between GBP 220 million and GBP 260 million. We ended just over the midpoint of that non-recurring indicative guidance. If we look at the B2C business, reached just over GBP 240 million, a decline of 10% in constant currency, excluding Netherlands. We will elaborate a bit on the reasons for that later on in the presentation. Largely, it's due to the low Sportsbook margin at the start of the quarter, but also COVID normalization effects. Locally regulated share of gross winnings revenue came in on 77% of the gross winnings revenue for the quarter, and that's an all-time high, and really pleasing to see that. It was as expected that we would see a step up, but it would step all the way up to 77% is a strong point, and we believe that will continue going forward as well. Underlying EBITDA came in on GBP 27.6 million for the quarter, a total EBITDA, underlying EBITDA margin of 11.3% for the quarter. Really encouraging to see that when Sportsbook normalized towards the end of the quarter in November and December, as we highlighted in the report this morning, we saw an EBITDA margin just under 20% for each of the month of November and December, and that's really a strong point and a testament to the focus we've had over the last couple of years to really improve our profitability in locally regulated markets. Free cash flow, GBP 7.7 million. Active customers, just under 1.5 million actives for the quarter. So solid performance, given the circumstances, and net cash of GBP 87 million. As we say, to put things more into perspective, if we look at the quarterly developments, and also here you can see the full years over time, we're very pleased to see that on gross winnings revenue we came in at sort of GBP 1.26 billion for the full year. As you can see, it's a new all-time high for and the strongest year ever, up 11% compared to last year. Also here you can see the tough comparatives we're up against in the fourth quarter, with GBP 365 million for last year. If we would look at this in constant currency, the fourth quarter would have been around GBP 255 million, and that would actually have put our Q4 2021 to be our second strongest Q4 ever in the group. Considering the circumstances, we believe that that's a very strong and indicates the strong underlying momentum of the business. Also, what we have focused a lot on over the years, as you remember, and what we highlight pretty much on each quarterly presentation is the focus on cost control and our proven ability to have a scalable growth. This is really encouraging, and we're really proud to show this development over the last three years, when each of the cost items in the P&L, we've been able to show improvements now over the last couple of years. That's clearly very important for us to also create more shareholder value in the end of the day. The one element that is increasing slightly now in 2021 is the CapEx element, and that is largely down to a unique content, that exclusive content that we have acquired, but also as we continue to selectively expand in especially tech areas to create future continued differentiation ability for the group. Really positive and strong development across the cost items. With that, and also if we look at the underlying EBITDA, of course, the Q4 headwinds that we mentioned with the cessation of services to Dutch residents at the end of the third quarter, but also the low sportsbook margin and everything. We deem those to be of a temporary character, and we continue to invest selectively across the group to ensure that we are as strong as possible once things start to normalize. Still, also here, we're happy to show for the full year a very positive development where EBITDA was increasing 15% year-on-year to GBP 332 million. Similarly here, you can see that we had very tough comparatives for Q4, and that will also remain now for Q1 and Q2 for the year, where we still had a positive effect of sports scheduling, but also the COVID situation of last year. Of course, now we have more of a normalized situation. Really strong development if you look over a longer term of the full year. This is just to highlight FX impact throughout the P&L. As you can see, the pound was strengthening against most of our currencies and actually had a negative impact of about 3% over the full P&L. As I said, gross winnings revenue would have been around GBP 10.6 million higher in constant currency, and also EBITDA and profit before tax would have been higher if the pound would have remained flat year-on-year. Again, strong underlying performance by the business. If we look at the business overview. We mentioned we're very happy to show the significant uplift in our share of locally regulated revenues of 77%. Indeed, as we expected, this would be a step up in Q4. It's a significant step up, as you can see here. As I said, we're also expecting this to continue in the coming quarters and years as we focus our growth of locally regulated markets to be higher than in our dotcom markets. That's indeed been an important part of our long-term strategy, and it remains very much so. We're happy to show here on the left-hand side as well that our local re-regulated markets have grown with 21% year-on-year from between 2019 and 2021. At the same time, the other markets with 12 comp resulting in an overall growth of 17% for the full business. We can also see here a slight decline in the betting duties in Q4, and that is for the last 12 months, and that's a result of the French business that was actually down again in Q4. Sequentially, we had a very strong performance there. Also the pink line here, you can see the underlying EBITDA margin, as expected, taking a dip down, and that is likely to continue, to be honest now, considering the re-regulation effects coming up. We're also very pleased to see that now we're starting from a higher point than we did in 2019. We are in a very good position to handle this expected margin pressure period that's coming up, especially on the back of the Dutch local regulation. Another important step, we already at the time of the Q2 report last year started to talk about our long-term strategy and the building blocks of that, and that it's built of five different elements, and we'll come back to that later on again in the presentation. One important step that we took already in July last year was the acquisition of Relax Gaming, and that now completed on the first of October. For those of you who are not aware, Relax is a very fast-growing and high-margin business that B2B business that we've added to the group as a complement to the historical B2C operations. We own 93%, and if you look at the revenues for Relax, they contributed EUR 6.5 million or EUR 4.4 million to the net of the group. During the fourth quarter, Relax signed 13 new operators and launched 12 games on the Relax and Silver Bullet roadmap. Of course, strong focus remains for the Relax team to continue to develop their business and also their plans to enter the North American markets now during 2022. A testament of the fantastic work by the very strong team at Relax, you can see the developments here with revenues growing 31% year-on-year from 2020 to 2021, and now EUR 29 million for the full year 2021. Underlying EBITDA having even better performance due to the size of Relax achieved and the getting better and better scalability and EBITDA growing 67% year-on-year, with a 45% EBITDA margin for the full year 2021 to GBP 13 million. The EBITDA contribution to the overall group for the fourth quarter was GBP 3.7 million or about 12% of the overall group EBITDA contribution actually came from Relax. It's really an important part, and we believe it will remain such, as it's continuing to its fast growth across both revenues and profits. If we look at our active customer base, we had an expected decline now in Q4 for the reasons mentioned, but we still see very strong development of the longer term and now just under 1.5 million customers active for the quarter, 18% decrease. Again, it was expected given the circumstances. The strong performance in other markets across the group helped to offset the compensate for the situation that we had in the Dutch market, and still strong underlying performance in those. If you look at the overall long-term trend, it remains very much the same, where we're growing our ARPU by only 3% over time. At the same time, our compounded annual growth rate from 2011 to 2021 in active customers has been 14% year-over-year for the last 10 years. Again, it's the sustainable way of growing the business by increasing number of active customers much faster than the revenue per user. Also, when we look at the product segment, of course, it's impacted by the items that we already mentioned. We came in with sports betting, especially affected 43% behind the tough comparatives that we're up against. As we say, adversely impacted by lower sportsbook margin at the beginning of the quarter. Kindred Racing Platform, KRP, delivered around 7% of the total sports gross winnings revenue for the quarter. If we look at casino games continued very strong development across that product area, and albeit it decreasing 25% year-on-year. When excluding the Netherlands, both gross winnings revenue and active numbers increased by 4% for the overall group. Again, highlighting the strong underlying performance of, especially the casino segment throughout the group. Poker and the other products remained on around 5% for the group. Again, highlighting just specifically the sports betting area and showing the situation and the comparatives, as we said. If we look at last year with the blue line, you can see that we had a sort of an uptick at the beginning of the fourth quarte, and that's indeed partly due to the French Open in tennis that was moved from normal May period into October last year in 2020. Also the U.S. election that took place in beginning of November in 2020, which also sort of an one-off event as well. Those two events are really boosting Q4 2020 numbers. In addition to that, it was also sports scheduling throughout the fourth quarter of 2020 that was with very high-quality content pretty much every evening throughout the quarter. That clearly helped to boost turnover in that time. Now in 2021 Q4, we saw the opposite in a sense with the normal sports betting scheduling. So basically being more kind of slow in the weeks and more tilted towards the weekends, but also then towards the end of the quarter, we actually saw some postponements happening again due to the Omicron outbreak across markets. So that is just again highlighting some of the underlying effects between the different quarters causing this decline in sportsbook. But also the sports betting margin, as we said, we started the first 24 days of last year's Q4 with just under 2% margin of the free bets. As we said at that time, we saw that as completely temporary and nothing structural underlying in causing that. Indeed, that's exactly what happened as well. If you look over the full quarter, we had a catch up, so we reached almost back up to the long-term average, but we still came in on 8.5% for the full quarter of Q4 2021, and that's somewhat below the long-term average of 9.1%, and indeed 150 basis points below what we actually achieved in Q4 2020. That's again highlighting the tough comparatives or reason for sportsbook revenues coming in lower than last year. When we look at the regional update, of course, the situation is also impacting here, and we see that in Western Europe was mostly impacted with down 48% year-on-year, heavily impacted by the Dutch closure. Excluding the Dutch market, the gross winnings revenue decreased with 18% year-on-year. As I said, the French business declined 28% year-on-year, but it had a very good sequential growth of 32% from the third quarter into the fourth quarter. The improvements that we put in place in the French market throughout last year have continued to have effect, and we see a catch up towards the end of the year and with good activity as well. In local currency, Belgium grew 2%, but U.K. also declined to some extent, and largely these comps are due to tough comps and also the lower sportsbook margin. If we look at the Nordic markets, they decreased 1%, but grew 3% in constant currency. So that's more of a stable development. But of course, also here, the sportsbook margin plays a role in that. Strong developments in Finland. Eastern, the CEE region, we had a gross winnings revenue decreasing 70%, also largely due to the sportsbook margin. In the other, we had a decline of 15% driven by the U.S., and Australia had a solid development with 21% increase in constant currency. A very good product, sort of geographical mix that we rely on. Our North American expansion continues very much, and we focus a lot internally on that, and especially on bringing our proprietary technology platform to bear in the U.S. towards the middle of the year and beginning of the third quarter. We have made a conscious decision during the fourth quarter, as we indicated already at the time of the Q3, to not participate at the very forefront of this very high bonus and customer incentive race in the market. We've taken a step back on both the customer incentives, but also on focusing on marketing efficiency in the market while we're also working on improving our fundamentals in the market to ensure that we are optimized for the future. This is a perfectly normal development in any new market entry that we see that we have a good momentum, and then we regroup, and then we have a new step up on another S-curve in the market. We've laid a lot of foundations now during the third and the fourth quarter by launching new co-commercial concepts and also improving across the touch points from a customer experience point of view as well. We really believe that that will continue to pay dividends now into the 2022 full year. We had a gross winnings revenue of GBP 6.2 million for the fourth quarter, about 20% decline in local currency. Of course, as competition continues, but also the COVID normalization that we saw and the developments that we had towards the end of 2020 was, of course, exceptionally strong, also partly due to those kind of COVID situation we had then. The mid-term investment focus is especially on markets where we have a combined offering of both Sportsbook and product. We're also expanding now, as we mentioned, into Ontario, and we're looking forward to launch the Unibet brand from day one when the market opens, which is expected to be on April 4, 2022. Again, the work on our proprietary technology platform continues at pace, and we're expecting to launch that as early as possible in the third quarter, starting with New Jersey, and then have a gradual rollout of the platform in our different states, and also to launch new states directly onto the Kindred platform. Our dedicated focus on Journey to Zero continues, and for the fourth quarter, the number of revenues coming from high-risk players came in on 4%, and we also saw a big improvement in the effect of after interventions to 79.2%. The share of revenue from high-risk players of 4% is a step up from 3.3% that we had in the third quarter. Here, our views and eyes are firmly fixed on the long-term trend, and we're very much committed to have this number coming down towards zero towards the end of 2023. A lot of important building blocks has been laid throughout 2021 to ensure that we are confident on this long-term journey. We're also seeing a normal uptick in the Q4 period, but also the situation in the Netherlands had an upward impact on this indirectly in the market as well. Again, we're very much confident on the long-term journey towards zero. As is normal in time of a Q4 presentation, we're presenting the board's proposal to the AGM for the ordinary dividend for last year. Just to recap, Kindred's dividend policy is based on a stable ordinary dividend complemented with share buybacks. That's indeed what we did throughout 2021 and what we're also the board is suggesting for 2022. Also that total payout ratio of dividends and buyback over time should equal about 75% of free cash flow. For 2021, the board is proposing an ordinary dividend in cash of GBP 0.337 per share SDR, equivalent to approximately GBP 75 million in total. That will be paid out in two installments, in the first one in May and the second one in November, similar to last year. If we look on the strategy update, as I already mentioned at the Relax slide, we work very methodically on our strategy and very much focus on our long-term development, as we highlighted already in Q2 last year, when we unveiled the building blocks for our strategy. Our strong focus is and remains very much to have strong profits in locally regulated markets. That's what our end goal really is, and that's been the end goal for the last 10 years in the business, of course, transforming ourselves from a dot-com to dot-country. Important building blocks in that, as you can see here on the five ones, and one of the cornerstones in our long-term strategy is really to increase our focus on product and customer experience. As I said, we took a very important first step in this area already last year in July when we announced the acquisition of Relax Gaming to really secure our long-term supply and product differentiation within the important casino and games area. What we announced last night was in addition to an extension of our long-term partnership with Kambi, is really to take a next step in our sportsbook area and really delivering our proprietary technology Kindred Racing Platform into a full sportsbook solution. That is really an integral part to deliver a flexibility and scalability and differentiation within the product area of sportsbook. This really enable us to have a more balanced mix between internally developed and bespoke offerings of third-party products. We already today operate on a mix of suppliers within our sports book area, and this is a very important step for us to continue to differentiate Kindred and transform ourselves into a product and CX company by taking control of the overall experience also within the sports book area. Indeed, we are transforming Kindred into a product and CX-driven company, and what we're seeing in the overall market is to meet the rapidly changing customer demands is to really see that product commoditization is limiting our ability to offer the thrills and excitement that differentiate us from competition. This is something that we've seen across our product areas over the last years, and that's very much the same as we go forward. We also have a dependency that's impacting our ability to scale effectively and efficiently across our product areas, and we must increase our product control and have the ability and strategic freedom to really respond quickly to changing market needs. Of course, what we're seeing in markets like Sweden and also in the other markets where marketing restrictions are coming in, we also see this as a very important step and a focus to really make sure that we have something unique to talk about, which can really create a long-term loyalty and relationship with our customers. That is what we really believe that the winners in this highly competitive re-regulated reality are those who can really excel in product and CX across the different touchpoints. We see very much that we're not aiming to do everything ourselves. We're really focusing to do control things on top of market-leading third-party supply, and that's really what we're focusing now across both casino and also the sportsbook dimension. To look at the situation we have today across our different product areas, you can see here, as I said, we already have a diverse mix of in-house and outsource. If we look at the casino and games area, Relax is already today a key supplier of casino content to us. But we, of course, also have an outsource element, and we have around 90 different third-party casino suppliers that's complementing Relax within this important casino and games area. If we look at the sportsbook area, we have our proprietary technology, racing product, but we also operate with our own trading on top of a third-party software in France. Those are things that we already do on the sports area today ourselves. Kambi is providing our other markets, and apart from France, then for us in the sportsbook. In poker and bingo, Relax supplies our poker and bingo software on an exclusive basis to the group. If we look at the overall split that we have today, we have, of course, the product split that we highlight in each presentation in the middle here for the full year 2021. Already today, we control about 26% of our supply in-house. Of course, the ambition here is to really continue to strengthen that element to secure continuity and stability and have a good balance between our bespoke in-house development and third-party supply. Securing control of the sportsbook capability is indeed a sort of a key building block in our long-term strategy. As we say, that's one of the cornerstones that we have. The four pillars that really underpin this strategic rationale and pursuing the in-house solution is really on our ability to differentiate and thereby ensure a unique selling points to our customers' experience, and of course also to secure scalability in our locally regulated markets over time to really have that scalability remaining with the group. Of course, also to secure our long-term supply in our markets and also secure agility and control over our roadmap and priorities are really key elements here. Also our profitability in locally regulated markets going forward will be very much dependent on the ability to continue to differentiate, but also to scale and control costs. This is indeed what we have been working on relentlessly for the last couple of years, and that very much continues with this initiative. How we're gonna do this? As we highlighted this morning, we have taken the decision, the strategic decision to develop our Kindred Racing Platform into our full sportsbook solution, our Kindred Sportsbook Platform. The KRP is the perfect launchpad for our new sportsbook. Basically, we started laying the foundation of this already in 2013. As you can see here, we launched it in 2018 when KRP was launched in the U.K. market through the Stan James migration. Then we rolled it out now into 13 different markets of which the largest are U.K. and Australia. We're also very proud that we won the EGR Racing Operator Award for 2021, and it already today processes for last year, it processed 37 million bet legs for the full year. We've seen a very good growth over the last couple of years. As you can see from the launch in 2018, it's been outstanding performance, and we've now reached just around GBP 50 million of revenues for the full year 2021. It's also worth highlighting that the KRP is already encompassing the most of the core backbone functionalities and elements, and it's also built at the core with the sports and market-agnostic approach. Very much the foundation is to a large extent already in place to develop this scalable and cost-efficient sports book product that we're aiming for. If we look at the overall product mix, it's really much that the in-house sports book is the final piece in the product puzzle. Of course, it's an involvement on our Kindred strategy of greater end-to-end control of our offering and customer experience. It started, as I said already, many years ago, when we started to develop the Kindred Racing Platform, which came to the market in Q1 2018 when KRP was launched, as we said. Then with Relax, we've been having a very strong relationship with Relax over the years and when we also adding more products onto them over the years. The step that we took now in July last year and especially when we got control from Q4 last year was really an important step to secure the control and CX and product differentiation within the casino and games area. Now when we're signing a new agreement with extension with Kambi for three years, so we basically secured Kambi's market-leading technology and trading services to the group for the coming five years. That's an important step to really secure also the transition onto our own sportsbook solution and taking more control of that. That is what kind of Kindred Racing Platform's been the foundation, and now we're developing that into our own sportsbook solution over the coming years. What's the value here for the shareholders? Our in-house sportsbook, of course, strengthen our ability to create long-term value. We're very much firm on that opinion and confident in that view. We see this as a very reasonable upfront investment. As we highlighted this morning, and already last night, we today employ around 200 employees within the sports book area of the business, so this is a significant element as well. We say, this is something that's already been built over many years to take us to the position we are today. We believe in the way that we are building it and what we're gonna do with creating this on top of third-party supply. We believe that the headcount is gonna reach around 400 employees when the new sports book is live and rolled out across market. We see this controlling and getting an overall control over the sports book supply would really enable us to have a combination of our sports book products and markets under the Kindred Sportsbook Platform, and that provides a significant future profitability improvement potential through reduced cost and improved scalability for the Kindred Group. If we summarize today's presentation, we have a very exciting year ahead. 2022 will be another very exciting year. We have the Winter Olympics ongoing as we speak, and of course, we have the first ever Winter World Cup in football gonna take place in November and December, so later on in the year. The year time goes fast and will soon be upon us as well, and we really look forward to that also now in a normalized COVID situation reality. We also submitted our license application according to plan in the Dutch market towards the end of November, and we are now subject to the licensing review process. Again, we operate on 17 local licenses globally, and this is another licensing process that is evolving completely in line with the other license application processes, and we already reached an advanced stage. As we said already at the time of the Q3 report and presentation, we look forward to receive our license during the second quarter and go live and come back into the Dutch market and contribute positively to the sustainable market in the Netherlands, and we're 100% supportive of the Dutch policy objectives set out in the re-regulation process. We had 77% of our revenues coming from locally regulated markets, a really strong performance, and again, we're expecting this to continue to develop in that direction for the coming quarters. If we look at the trading update and the start of the first quarter of 2022, we've seen. We're up against very tough comparatives, as we highlighted earlier on in the presentation, but we still see very positive development. If we put on one number, if we exclude the Dutch market, we were flat for the first days until the 6th of February 2022. In constant currency, we're actually 4% higher despite these tough comparatives of last year. A very strong start and underlying momentum at the beginning of 2022. This is again just summarizing some of the numbers for the Q4 presentation. Revenues, GBP 245 million. Locally regulated share, 77%, as we mentioned. Underlying EBITDA of GBP 27.6 million, and free cash flow, GBP 7.7 million. Active customers, just under 1.5 million, and net cash, GBP 87 million, and the share of revenue from high-risk players came in on 4%, as we mentioned. That concludes the presentation, and I invite Martin back up for a Q&A session. Thank you, Henrik. Thank you. It's fair to say that there is a lot to talk about today. Yes. I thought that maybe we could start with a discussion on the new sportsbook news that you released late last night. Yeah Why now? Sort of who was it you that instigated this? If you could just elaborate a little bit more on it. Yeah. We work with our strategy, long-term strategy continuously and have been doing that. I think that's been a large part of our success over the last 10 years, that we've had a very clear strategy and alignment across the company in that area. What we have defined is the kind of four pillars that we mention here but also the underlying sort of market reality that we've seen around us. We've seen that in the re-regulated reality, we need to take more control and be able to offer something unique to our customers and also to have a stability for the longer term. We see, and as you say, we firmly believe that the one who can sort of excel in product and CX will be a winner in our sector. We are clearly aiming in that direction. As I said, we've taken some real important steps now over the last year. The first one was Relax, middle of last year, and now what we announced yesterday with coming out with our sportsbook plans. This is something that we've been working on for a long time, and now we're coming to the point where we bring it to the market. What's the reactions among your collaboration partners today and what do you think the effect is gonna be on the medium-term product here? As we said, we are very much dependent on strong third-party supply and cooperation. This is not changing that by any means. This is just a kind of a shift in what we do and actually taking more control in a sense and developing our KRP into a full sportsbook solution. As I said, it will be built on third-party supply. We believe and look forward to have a continued strong relationship with Kambi, with Sportradar, with Evolution and the likes as well for the future. It's not changing anything in the core in that sense. When it comes to the rollout, you have a third-party platform, but where you're doing the trading for France, for example, what do you think about the rollout plan for KRP in the coming years? We clearly have our own plans internally and we're developing in line with those plans and that's what we will continue to do in the coming years. Then we'll come back of course in the future as well with more details around that. But we have a very solid plan, and we're also worth highlighting that we're not starting from scratch here. We have something that's already up and working. It provided just under 10% of the revenues in the fourth quarter, and it's built on a sort of solid and award-winning technology and platform, and it's fully scalable as well. We really look forward to continue to do that. As I said, we already have around 200 staff internally that's actually working with sportsbooks. Again, here, we're also not starting from scratch. We're fully confident in our plans and that we can do what we need to do. We're also pleased to secure an extension with Kambi to secure the continuation of services for the coming 5 years with Kambi as well. Do you think that this will change your long-term margin outlook in any way? Is it possible to get any sort of if you could quantify anything in regards to this strategic direction? Yeah. We believe, as we said, that it can have a significant scalability potential for us going forward, and that's clearly why we're investing in this as well, to make sure that that's gonna materialize. By actually doing it in the way that we're planning to do it and with that cost base, if we can achieve it in that sense, we believe that kind of future long-term scalability advantages will remain more within the group than in that sense, and that will be to the benefit of the Kindred shareholders, of course. We'll again come back when we have more sort of confirmed numbers on what we estimate in that sense. We believe it's gonna have a significant potential. I think you mentioned last night that you had around 40% from proprietary in the sports side. Where do you think that will be in 3 years from now? Yes. That's been fairly stable around that level, but it's been fluctuating a little bit, also depending on the French market performance as well. France has been growing very fast over the years and actually coming up to where it's at. There we have a very good relationship also with Sportradar and Optima for the French market, and that's of course a very important supplier for us as well. It will depend on how the markets develop and things. Again, we can monitor that development of course as well. The 40% has been growing over the years, and as I said, you saw the growth of Kindred Racing Platform here has been faster than the overall group. That's been coming up towards the 10% mark of the total revenues as well. In the end, it will depend on the different underlying market growth and dynamics as well. Okay. Thanks for that, Henrik. If we just move on to another of the big topics before we move into quarter highlights, I guess. The Netherlands. Yeah The ongoing Dutch license application, how is that progressing, and what's the next steps? Do you still stick with your expectations that you could be actually receiving a license possibly in Q2 already? Yeah. As was highlighted this morning, we have and we mentioned it already at the time of the Q3 report, we were expecting to come out of our cooling off period during the fourth quarter, which we indeed did, and we submitted our license on the twenty-ninth of November. As you know, the Dutch regulator has been communicating publicly that the licensing process could take up to six months, but also depending on the quality of the submission and things. Of course, we have worked very hard to ensure that our submission was of as high quality as possible. As I mentioned, what we're doing in the Netherlands is business as usual for us. We have 17 licenses already across the group, and this is yet another licensing process which is evolving completely in line with other licensing application processes. We look forward to receive our license now during the second quarter and then come back into the Dutch market and again contribute positively to a sustainable market in the Netherlands and bringing our expertise to bear as well and ensure high channelization in the market. I guess you're following the market closely. You were one of the market leaders until the temporary exit. What's your impression so far, how the regulation is working? Yeah, it seems to be working well, and there's a lot of work being put in by the regulator and of course, as you say, we monitor the market from a distance. Focus for us is very much on working together with the regulator and on our license application and ensuring a smooth process as possible in that area and ensuring that we have all our ducks in a row for kind of the licensing process, which indeed, and as I said in the report, we've already reached a progressed stage of our application. We look forward to the coming month and go live during the second quarter. What do you think will be your main strengths in the market from a competitive perspective once you are possibly able to reenter? I think our overall customer experience and our sustainability aspects and the broad offering that we can offer to our customers in a sustainable environment should be valuable for us also in the Dutch market as it is in our other markets. We believe that. We look forward to the process. If you look at Europe and if we look at your growth excluding the temporary Dutch exit, where do you want to be in 2022? What do you think is realistic? Is it in line with the market growth between 5%-10% in Europe? Or what kind of levels should we expect? Yeah, we have an ambition to really outgrow the market, and that's indeed what we have done. As you saw here, we've been growing 17% compounded annual growth rate despite the current situation in a sense for the last 10 years, and that's much faster than the overall market. That's indeed also what we need to do to be able to create this absorption ability that we have proven historically. As you saw from the graph there in 2019 with the headwinds we experienced there with the Swedish reregulation as also expected margin pressure, but also some of the other headwinds we experienced then. We saw a dip in the profitability short term, and then we have had a good comeback to an even higher level now than we're, and we're now entering what we always expected to be a margin pressure period from the Dutch reregulation process. So we really look forward to continue to focus on above market growth rates. We have a lot of elements in there that gives us confidence that we continue to achieve that. Yeah, if you exclude the Netherlands situation and perhaps France, you were quite open with the performance there. How are you doing in the other Western European markets like the Nordics, for example? Yeah, Western Europe, UK has been on a very good growth rate. We've been outgrowing the market with 2-3 times for the last couple of years. Now we saw mostly due to the sportsbook margin, but also COVID normalizations in Q4 that we had a decline year-over-year. It's against very, very tough comps as well from last year. Otherwise, Belgium's been also doing well, as we showed here, and then also the Nordics, we've seen good developments. Of course in Sweden, the numbers have been impacted by these temporary restrictions that was lifted in November. That is kind of good now for the customers as well to really make sure that they can play in a safe and secure environment. also the other markets, we continue to have a good development as we highlighted. We're very happy with our broad geographical presence. Are you happy with your return on marketing in the quarter? Is it even possible for you to try and give some kind of outlook on marketing% of revenue for the full year? Is that too difficult at this point? It is a little bit difficult at this point. We're very happy with the work by all the teams in the area and across markets as well that what we have. One important element in sort of increasing our profitability from locally regulated markets over the last couple of years has been especially around that with marketing efficiencies and really getting the maximum return. That's enabled us to be down towards 20% and now we're stepping up to 28%, but we're still having, and that's despite the kind of the current situation. We're very pleased with that. The long-term trend is, of course, to continue to focus in this area and optimize returns from marketing, is a testament to all the hard work by the teams behind this. Maybe a final question before I let the conference in. On the U.S. strategy, I think you mentioned that you will have your PAM in place in Q3. Mm-hmm. Why is it taking so long to get that into the market? Because I know that's, it's been a hurdle for you. Yeah. We've been working on that for quite some time. If you say why it's taking so long, it is a logical question. There is of course reasons for that as well. I mean, we've had the Swedish re-regulation process. We've also had the Dutch market, and Germany as well has been coming, and so we have had plenty of things to focus on as well in parallel. It's a big step to really take our platform from what it's used to be in the kind of a Malta set up in one data center and really be able to distribute it globally. This is kind of what we're creating now is the sort of functionality that will be valuable for the group, not only in the U.S., but also in other markets where we can be closer to our customers in Australia, for example, and places like that. A lot of fundamental work that's been put in to enable this, which will pay dividends for other markets as well. But of course, first and foremost to the U.S. now when we're launching there, and to be able to put the full weight of the group behind the U.S. team as well, which we strongly believe will be a catalyst for us for the coming years in the U.S. Even now, we have been working very much on the third party platform supply that we have and improving, as I say, on the co-creatives and all the other underlying customer experience fundamentals that we can tweak already today. We're starting to see some positive signs on that as well. Of course, we'd also need to see that kind of in the reported numbers for the quarter. We're very confident that we will return to growth in the U.S. over the coming quarters and for the full year. That is perfectly in line with what we communicated before to have a long-term really good business also in the U.S. Again, what we did in the U.K. coming relatively late, it gives us confidence that we can also do it in the U.S. Could we extrapolate effect on the EBITDA that the U.S. expansion is having in Q4? Is that fair to assume that kind of extrapolation for 2022, or should it increase or come down? Yeah, we have been gradually launching new states throughout 2021. Of course now with Ontario being launching in April, it's another investment phase market in a sense. Yeah, we will continue to be an investment phase across our different states throughout 2022 as well. Of course, when we grow scale and coming to a breaking point, then of course we'll start to near a sort of positive contribution in certain states as well. Of course, that's part of the long-term plan that we have. Yeah, 2022 will be another investment year of course, and then most likely 2023 as well. Then gradually we're expecting to also show positive numbers in the U.S. over time of course. Okay. Thank you, Henrik. I think it's time we let in the telephone conference. Thank you. The first question we've received via the telephone line is from Viktor Högberg, Danske Bank. The line is now open. Please go ahead. Yes, good morning. Just trying to come back to the question there on the sportsbook strategy and the change now in your product here. Just trying to understand who initiated the decision to aim for or what triggered the decision to aim for this? Because if you read the Kambi press release, it sounds like they've reached a threshold in order for them to be able to repay it. We don't know the exact levels and the details on the convertible bond, unfortunately. That would imply that it was initiated that you initiated this decision due to the fact that they will be able to repay the bond. Is that correct, or was this initiated by Kindred fully? This is very much a fundamental part, as I said already here, of our long-term strategy to transform Kindred to a CX and product company, and that's part of our long-term plan that we've had for a long time. As you know, the convertible bond that was extended in 2018 did indeed include provisions for Kambi to early repay if they met certain thresholds. That is more what has been happening now and as I read their communication. That was part of the deal that we did back then and that's what kind of materialized now. Okay. Might be a combination timing-wise. That is, if this have been part of your long-term strategy, would the timing be, due to the fact that they've reached that threshold? Is that the right assumption? No, it's nothing to sort of read into much in that. As I said, it is part of our long-term strategy, and of course we're also looking at sort of having security of supply and securing our long-term supply security. That is what we have. As I said, this is a really important step. The second step for us in our long-term strategy is to secure CX and product control, and that is the underlying reasons for us doing this. Okay. You say that you're gonna double the head count in the sports book operations for 200-400 people in order to handle this, but you also said that you're not gonna do everything in-house. I would assume it implies that even after 2026 and you would rely to some extent on Kambi, that is what you're communicating, right? That's nothing that we have said now. What I said is that we look forward to continue to have a strong relationship with our third-party suppliers, and that's what KSP will be built upon. It's a combination of in-house bespoke offerings and third-party elements. How that will look for the period going forward is something that we have to come back with later on. Right now what we said is that we're taking control of the overall sportsbook platform by building out our KRP into a full sportsbook and securing that across our different markets to ensure that we have a good opportunity to offer customers a sort of a differentiated experience to create flexibility and scalability for us going forward. Okay. Just a final one before I let you off the hook. Just in 2014, you spun off Kambi. You said that you wanted to focus on customer acquisition, brand build, and the things that you're really good at, not product development. This seems like a reversal of that. Has that been triggered? I think you mentioned something about the world we live in now with re-regulated markets that has triggered this or. Because this doesn't rhyme with what you did eight years ago, but I assume you've seen the reality change. Yeah, exactly. As I say, eight years is a long time ago, but I think what we've mentioned yesterday and this morning as well is that to be able to offer our customers that their demands and requirements will change also massively over the last eight years. As we gave the reasons here in the presentation as well, we see that the different underlying dynamics in the market is changing as well. We, as one of the leading operators, also need to secure kind of our control in this area to be able to offer a differentiated and relevant product for our customers by excelling in this CX and product control across our market. So that's the underlying reasons here. Okay. Thank you very much. Thank you. The next question is from Oscar Rönnkvist, ABG. Your line is now open. Please go ahead. Good morning, Henrik. Just first of all, to clarify what Viktor and you talked about, the Kambi poison pill being removed today, also. Are you saying that your plans have been all along to develop a proprietary platform and it's like not a result of the risk losing Kambi platform if they were to be acquired by a B2C player? No, this is very much our own conscious decision when we're looking at the world around us and what we believe we need to do to ensure a long-term successful business and to have the optimal growth and flexibility within Kindred. We're seeing this being an important element. As I said, Relax acquisition last year was the first step to secure that within the casino area. Now with the expanding our KRP into a KSP is important step within the sportsbook area. That's really the underlying drivers behind this to really make sure that we can continue to have a sort of a differentiated and flexible and scalable business model going forward in this new reregulated reality that we are very much in the middle of. All right. Understood. Just to elaborate on that one a bit, do you expect that you could do it, like, cheaper than Kambi are doing? Will you try to, like, automate it more than Kambi are doing? Or is it rather that you think that you could provide a better offering than they are? There's fundamental differences there. We're not planning to do a B2B offering, and that changes things as well. In the way that we're building it, we believe that we can do this with, as we said, 400 staff when we're nearing sort of completion. So that is kind of what we have set out to do ourselves, and then that's what we're focusing on to really do that in the best way possible. As I said, we're building KSP on top of sort of in-house bespoke offerings and third-party elements and then building that with an optimal mix to ensure that we have the best customer experience overall in our markets and overall footprint of markets where we are present in. All right. Understood. Thank you very much. That was all for me. Thank you. The next question is from Oscar Erixon, Carnegie. The line is now open. Please go ahead. Thank you, and good morning, guys. First off, a question again on the sportsbook you're taking in-house. What type of cost increase do you foresee here in 2022, 2023 will be gradual towards 2026? Will you separately report these investments ahead? Thank you. Thank you, Oscar. No, I mean, as we highlighted here, we already have around 200 staff internally working with the sportsbook, and that is of course part of the overall development and cost base that we possess today. It's nothing different in that sense compared to what we have with our other sort of product elements as well. That's a normal cost item and CapEx elements that we're doing as well on developing that. Then going forward, as we said, we're expecting this to be a gradual ramp-up over the coming years towards the 400 FTE base come sort of go live. That will be again normal part of our cost base and development to really do this. We really believe that this is a manageable investment for a long-term scalability and differentiation ability that is gonna provide a significant potential for future scalability for the group. Understood. Then with this new situation, how do you view and how do you manage the risk of Kambi being acquired and sort of deprioritizing the support to you? Are there any sort of mechanisms in the new deal that helps manage this risk? Yeah. I mean, the current agreement remains in place, and with the convertible is still there. Kambi has the right to repay, but until it's repaid, it's there. In addition to that, there's a sort of security of supply conditions in the current agreement as well. Of course, for the new extension that's also been as I think Kambi highlighted in their press release as well to security for both parties in the extension period. That's what we can disclose on that right now. Understood. Then turning to the quarter as such a little bit. Obviously a quite solid sportsbook performance here in Q4 or especially, I mean, November and December. Apart from the sportsbook margin recovery, is it fair to also assume that the casino share of revenue in the Netherlands was clearly above group level here from, I mean, Q3 and before that? That can vary a little bit between the different quarters as well. It's not a significant difference really over time in that sense. No, we're very pleased with the underlying momentum of the business across markets, especially considering the COVID normalization and also the lower sportsbook margin at the start, as you say. No, we're pleased with Q4, albeit that on the face of it is clearly a step back from where we have been. Again, very tough comps as well. The trading update is positive in my view that we have a very solid start to the first quarter now and actually up in constant currency on a kind of a like for like basis. Understood. Thanks. On the trading update, could you say something about the sports book margin in the first half of the quarter, almost first half of the quarter? Is it above or below the long-term average and as such, is it a sort of fair representation of the Q1 outlook would you say? Yeah. It's a fair representation for the longer term. It's slightly above, but again, nothing unusual in that sense like we normally communicate around. No, it's been solid performance, similar to sort of Q4 with good casino activity and also sports holding up well. Great. Just a final question from me, Henrik. Regards to Finland, which obviously approved the Lottery Act. What is the situation now here in Q1? Do you have a site in Finnish? Can you do marketing? Any issues at all with sort of campaign blocking and such? No. We're clearly following developments closely and are sort of compliant with the regulations that as they are, and we have changed our marketing set up for the Finnish market as well. Again, we are working also actively there to ensure that the market is trending in the direction of a local regulation, which will be to the benefit of all parties involved, including the government and the taxpayers and the customers especially. Again, Finland should follow that process in the coming years. Sorry. Perfect. Thank you very much, Henrik. Thank you. The next question is from Simon Davies, Deutsche Bank. Your line is now open. Please go ahead. Yeah. Morning, guys. A couple from me. Firstly, returning to the deal with Kambi. Kambi have talked about EUR 55 million of minimum revenue guarantees in place. How does that compare with the previous run rate? Is that phased to reflect the fact that you will probably be rolling out your platform in a number of markets during the contract period? Is there a risk of a period of significant double running of costs where you're effectively still paying Kambi for their platform while burdened by the costs of running your own? That's my first question. I mean, the commercial terms under both agreements are confidential between the parties. I can't elaborate on those ones. The minimum revenue guarantee is an element in the new contract that we have negotiated between the parties as part of the kind of package deal. I can't not elaborate more on those things here and now. Can you talk about the risk of double running of costs? Is that reflected in the contract to ensure that you don't have to pay for two sets of running costs for sportsbook? No. I mean, we have our sort of, you can now say double running costs already today by having sort of 200 employees working in the sportsbook area and also having a supply from Kambi for certain markets. Of course, that situation will remain for the coming years as well while we continue to develop KRP into KSP over the coming years. Then scalability effects will more come for the longer terms. Yeah. Okay. Understood. Just on the Netherlands, how long do you think it takes between receiving your license and actually being able to launch fully in the Dutch market? Is there any chance that your license could actually come through in the first quarter, given that we're hearing of other licenses being issued and the regulator indicating that the turnaround could be somewhat less than six months? Yes. The licensing process is clearly run by the regulator, and they have certain milestones and processes and that the process is following in a sense. We are very much in discussion with them around that timeline. As they said, it can take up to 6 months, and that would put us into Q2 for the go live date, and that's what we're assuming that it will be. What we understand from other operators, the time period between license award and go live should be relatively short. It should be more a matter of days or weeks rather than anything else. That's what we're assuming. Again, it's a process run by the regulator, and they are in charge of that, and we're cooperating fully with them to ensure a smooth process as possible. Lastly, very quickly, you talked about 4% constant currency growth so far in the first quarter. Is that adjusted for the Relax acquisition, i.e., sort of effectively an organic number? That is, an organic number, on the B2C side. Yeah. Okay, perfect. Thank you very much. Thanks. There are no further questions at this time. Speakers, please go ahead. Okay, thanks. I see that we are running a little bit over time here, but I might shoot in just a few questions from the web that we- Yeah We have received. The first one is from Henric Abrahamson. When can you initiate buybacks again? Yes. That is clearly for the board. The board has an ongoing mandate and now when we're out of the close period for Q4, we have an opportunity. It's for the board to agree and then announce in a press release and then start buybacks again. As you say, this current dividend distribution policy is based on cash dividends combined with the buybacks. As you know, we have done that throughout until kind of the end of the year, more or less, or middle of December. It would be expected that it will be reinitiated. Okay, thank you. A question from Johan Cervenka, are you in a wait-and-see mode in North America at the moment because competition is too fierce? Not because competition is too fierce. We felt that our offering and what we could do for the customers was not giving us an optimal return throughout kind of the third and fourth quarter. We have still continued to invest trying to optimize as much as possible. Now when we're putting more of those fundamentals in place and we're improving a touch across the touch points, and then we're continuing to scale. Fierce competition is something we're extremely used to across our market, so that's nothing unusual in the U.S. What has been is that it's been unhealthy sort of levels of customer acquisition bonuses and other things that we have actively taken a decision not to participate in that kind of arms race, but rather focusing on other important aspects of the offering. Okay, thanks. We have a question from Jonas Bergh. Are you planning to sell the complete future KRP platform B2B to external customers? No, that's not our plans. Okay, thank you. The final question from the web comes from Dominic St. George. He's asking, operators who have taken their tech in-house appear to have struggled. What gives you the confidence that you can match Kambi's product on in-play betting and same-game parlays? Yeah, we see this over a longer period of time. As you say, we're starting from a higher base than I believe most of those kind of operators have done. We are well into the development. We have already 200 staff working on the sportsbook area, and we have proven it with KRP that we can create a market-leading racing offering. As I say, that entails functionalities and core modules of what is gonna be the KSP at the end of the day. We are fully confident on our plans, and we have a very detailed roadmap from now until sort of we're ready, that we're following day by day. This is an important step to take, and it's just another step in that long-term direction. We're very confident that we're gonna get there. Okay. Thanks, Henrik. I think I'll just shoot off a final question, and then I think it's time to close this. If you wanted to highlight just one of the biggest key growth drivers of your top line and earnings growth in the coming 2-3-year period, what would you highlight? Yeah, it's having a sort of our platform, which entails all the different functionalities and features that it possesses and sort of bringing that out across our market and really getting kind of our operational efficiency to bear across our footprint and really focusing on doing that is gonna be a key element. We have such a state-of-the-art platform and technology, and by adding these kind of CX and product differentiators combined with the sustainability, that's the three underlying pillars of the strategy. Deploy that in our geographical footprint will enable us to achieve this strong growth and profitability in locally regulated markets, which is our end goal, so our North Star. That's, it's really what we're focusing on, to work in that kind of strategic framework and improve on all these five different elements. Okay. Thanks, Henrik. I think it's time that we close it there, and I hand over to you maybe for some closing remarks. Thanks, Henrik. Thank you. Thank you very much. Thank you very much, everyone, for participating today. We look forward to see you again, towards the end of April for our Q1 presentation on 28th of April, and then our Q2 on the 27th of July. In the meantime, take care, stay safe, and look forward to see you then. Thank you very much.