Good morning, ladies and gentlemen, and welcome to Kindred Group's Q2 2022 earnings presentation. My name is Patrick Kortman. I'm heading Kindred's Corporate Development and Investor Relations, and I'll be moderating the Q&A after the presentation. Without any further ado, I would like to hand over to Henrik Tjärnström for presentation. Thank you very much, Patrick. Thank you very much and warm welcome everyone to our Q2 presentation. As you would know from following us, that over the last three quarters, we have seen tough comparatives. The cessation of services towards Dutch residents have had a big impact on numbers. Also now more recently, we've had the Euro Championship last year impacting comparatives, but also the COVID normalization. Now from Q3 onwards, when we're live in the Netherlands and doing very well, we will benefit a lot from having treated this situation as temporary, and we will also be lapping more easier comps in markets and also with the COVID normalization disappearing. I'm very pleased that Kindred is the first international large operator that has secured and gone live in the Dutch market. Being first is a testament to the quality and hard work and effort that's put in across the group to make this possible and really showing that we have the highest quality in managing these re-regulation processes. I would also like to take the opportunity to thank everyone at Kindred for managing this rough patch that we've been through, and we're now looking forward to come out of this. Thank you very much to all my colleagues making these results possible. If we look at the outline of today's presentation, it is as follows. We're gonna start with some highlights and then look into the business overview, and then we round off with a summary. If we look at the business highlights on the quarter, clearly, as we said, the decision to temporarily cease our services in the Netherlands and also the tough comps has really impacted our top line. Of course, that impacts also our short-term profitability, and that can be seen in the numbers indeed. It's also worth to say that given the hard work put in, still the underlying business has been performing really well. If we look at the revenue side, we came in on just under GBP 239 million for the quarter in revenues. Overall, if we look at excluding the Netherlands and in constant currency, that decline from last year was 12%, and that's predominantly given the Euro Championship and the high sportsbook margin that we saw during the period last year. Locally regulated share of gross winnings revenue came in at a new all-time high as a percentage of revenues of 78%, and it's been remaining fairly stable over the last couple of quarters. This number we come back to, that we're expecting this to increase going forward. The underlying EBITDA, 25.3%. The short-term revenue pressure impacts our profitability, as we said, and the underlying EBITDA margin came in now at 11%. The same number in the first quarter was 10%. Now we have turned the corner, and from the coming quarters, we expect this to continue to improve. As we said already at the time of the first quarter presentation, over the next two-three years' time, we expect to return to a pre Q3 2021 level or Q4. The free cash flow came in on GBP -5 million, reduced due to the decline in the underlying EBITDA, but also net working capital movements. Active customers reduced with 30%, but the lion's share of that impact is again coming from the Netherlands. Net cash position stood at GBP 13.9 million at the end of the quarter. If we look at the numbers in more detail over time and its development, as you can see here, we are excluding the Netherlands, we're down 10% in overall revenues. What you can also see here is the extremely strong comparatives that we're up against for Q1, Q2 last year, but also Q4 2020. Those are exceptional ones. As you can also see on this graph, if you look at the second quarter, and this would still be our second largest second quarter ever in the group, and that's excluding any contribution again from the Netherlands. Really strong underlying development for the business. If we look at our cost base and this graph that we've been given over the last couple of quarters, you can see a fairly similar development to the last couple of quarters. We have a slight increase in our cost of sales driven by product and market mix. The marketing cost came in on 25.6% of the revenues for the quarter, and that's slightly lower than the previous quarter in absolute terms. We maintain the guidance of around mid-20s for the full year 2022 on reinvestment into marketing. Of course, the salaries, also the exit from the Netherlands, that's impacting our historical comparisons. Now salaries came in on 14.5%. The recent acquisitions and selected investments is a key part in this. A similar part for the other OpEx, and also for CapEx, we're now increasing our investments gradually as we're increasing our headcount and investing in those key initiatives for the longer term benefit of the shareholders, and that came in now 4.4% for the quarter. If we look at the EBITDA development, there's of course a similar pattern to what we saw in the revenue side, where we had underlying EBITDA come in 25.3%, down 78% year-on-year. Also here you can see the really tough comparatives we're up against for Q4 2020 and Q1 and Q2 2021. Exceptional comps, and still strong underlying development in the business. If we look at the FX and the basket of currencies, we see a mixed bag this quarter, some currencies strengthening and some weakening, and the overall impact was relatively neutral at only 1%. If we look into the business overview, and this graph that we've also shown the previous quarters, see local share of revenues from locally regulated market came in on 78%, as I said, for the second quarter. This is a really strong development, and especially if you look at the graph on the left-hand side, where locally regulated markets now have grown compounded annual growth rate from full year 2019 to the last twelve months of 35%. That's also on the back of other markets then declining. Of course, part of that is due to the Netherlands effect, and overall, we've grown with 11% still during the same period. Strong growth, and we're still growing fastest in the locally regulated market, completely in line with our long-term strategy. If we look at the right-hand side, you can see more clearly this transformation journey that we've been on for more than 10 years. We now passed one of the final milestones in that, albeit that it's not visible so clearly in this graph that stretches to the second quarter of 2022. Now that we're live in the Netherlands from the third quarter, we're expecting this blue graph to pick up quite quickly to above 80%, and north of that, in the coming quarters. Then also the green line with the betting duties that is coming up, and the decline in that one is largely due to France and especially also as there was no Euro Championship this quarter. We also, as I said, we're expecting the pink line here at the bottom, similar to 2019 when we saw impact of Sweden and some other effects during the full year. We're expecting this now, the pink one to for the next quarter as well to continue on a downward trend as we are adding another quarter in the third quarter to the last twelve months. We're also gradually expecting this to come back up and gradually increase up towards the long-term average that we're seeing over the next two to three years' time. If we look at the number of active customers and our ARPU, it's been a similar development to previous quarters, also here impacted by the Netherlands exit, but also the lack of major events now during the second quarter. Of course, that's also part of the start of the third quarter this year, creating space for the World Cup taking place in Q4 this year. We've seen a decrease of 30%, as I said, in number of active customers. Still, if we look at the long-term trend here, the compounded annual growth rate in active customers from 2011 to 2022 has been 15% year-on-year, and at the same time, the ARPU has only increased with 3%. Clearly, active's growing much faster than ARPU, and again, a testament to our sustainability ambition and sustainable growth. If we look at the product segment update, it's a relatively similar split to the last couple of quarters for logical reasons. Still also this quarter, we see the impact more also being in sports through the tough comps and adversely impacted by the temporary ceasing of Dutch activity. Excluding the Netherlands, sports revenues declined 28%, largely due to the lack of the Euro event this year, which was inflating 2020-2021 numbers. The Kindred's racing platform, our KRP, that we're now expanding into our KSP, our Kindred Sportsbook Platform, stood for 7% of the revenues during the quarter. Strong developments within casino and games, and if we exclude the Netherlands, that segment was actually growing 1% from last year when we had a really high activity and also boosted by the Euro Championship, creating that buzz in activity. Really strong underlying development, especially in the casino and games segment. We're also seeing strong activity despite the offline segment now being fully. As I said, the COVID normalization is behind us now, and from Q3 onwards, we'll be lapping similar comps to what we had last year from that point of view. Poker and other products remains on around 5% of the business. If we look at the regional sports betting margin, first, we can see that the start of the second quarter when we reported our trading update at the time of the Q1 report, we had 7.8% for the start of the second quarter, and now for the full quarter, we came in on 9.3% after free bets, completely in line with the long-term average that we've seen. Hence, we had a recovery of margin during the second half of the second quarter. Also worth highlighting that we're up against all-time high levels from last year of 10.7% after free bets, and of course, that 140 basis points makes a big difference. Again, the importance here is to work on sort of optimized margin and the combination of turnover and margin is of course the key element here. From Q3 onwards, as we say, numbers will start to normalize and to be there. And that's relating to the regional update where we're seeing the biggest impact, of course, now also in the Western Europe segment, where we have a decrease of 51% against the all-time high that we saw in 2021. Excluding Netherlands, the decrease in Western would've been 22%. That is coming from mainly the U.K. and France declined against the strong revenues posted in Q2 last year. That's especially regarding France, which is mostly a sports market. As a consequence, last year with the Euro was really boosted in the French business. Still, Belgium was flat, which is very positive. That helps to pull up the regions report. U.K. was negatively impacted by short-term further affordability measures of around GBP 12 million by these further tightenings. This is expected to continue now also for the coming couple quarters. Of course, the flip side of that is that we're also creating a more sustainable database in the U.K. market, and we're completely aligned with the commission in their ambition to gambling should be for fun, and that's also what we're working very hard to do. In the Nordics, gross winnings revenue decreased with 2%, with the solid performance across the markets in the Nordics. CS region decreased 7%, largely due to the tough comps and also the sports betting margin, and other segment declined 9%, mostly driven by Australia, where gross winnings revenue was impacted by a very low sportsbook margin. From Q3, as we said, numbers will start to normalize and return to. We're expecting these sort of regional splits to return, where we would expect the Western European segment to grow faster than the Nordics and gain back some of those share that it's been sort of lost during the last three quarters when we have had no contribution from the Dutch market. Again, on the Dutch market, we are very proud that we are the first international large operator that is come live in the market. We remain fully committed to the Dutch policy objectives, and we just wanted to show you a teaser of some of the commercials that we've been pushing now, will be pushing in the Dutch market. Here we go. That's just a snippet of some of the things that we have been planning very carefully over the last couple of months and quarters to make sure that our comeback in the market, which we indeed was expecting to happen imminently, has been really executed to perfection. We've secured a lot of key sponsorships and media assets, but also from a product point of view to secure exclusive content and everything. We're very happy that we're off to a really strong start in the Netherlands, as we highlighted in the report earlier today. We launched on the fourth of July with a soft launch, and then gradually been increasing the activity in the market. It's our 20th local licensed market, the Dutch market. It's again, for us, this is business as usual. Again, as we highlighted over the last couple of quarters, it's been following a normal pattern in the re-regulation project, and now we're finally live. We've seen a very strong performance in the first couple of weeks, and that's despite the gradual ramp up with limited marketing and a very thin sports calendar as well, should be pointed out. As we know, Unibet is one of the most well-known brands in the Dutch market, and we have set our high ambition to secure back a top three position by the end of 2022 already. The longer term target is, of course, to become the number one operator in the market. We see EBITDA contribution expected to be positive already within the next few months. Just to give an indication of numbers, on the right-hand side here, you can see for the 16 days between the fourth and the 19th of July, we saw a daily average revenue of around GBP 150,000 per day. That's of course with the gradual ramp up starting from zero, so towards the end of the period, it's higher than that 150. We managed to attract 30,000 active customers during that period, and 92% of those customers have had an expectation exceeded or met in our customer surveys. We also see some of the partnerships that we have at the bottom of this slide, and of course, we're aiming to have a broad ambition in the Dutch market. If we look at the kind of the comparison to where we were last year, we say that we're just under 20% of our revenues now for this period, albeit being a ramp-up period. We're really pleased with our performance to date in the Dutch market. Of course, this is just one element as well that we would want to highlight more clearly at our Capital Markets Day in September that we come on to later as well. Really promising start in the Dutch market. Also in the Netherlands, it's worth highlighting that it is a large and rapidly growing market. If we look at H2 Gambling Capital as go-to expert for data in our sector, the market has the potential to grow very fast over the coming couple of years. And it's also a market with high entry barriers. Since October 2021, a total of 19 operators have got the license or been granted a remote gambling license. Of those, 17 operators are currently live with a Dutch site. The market is estimated to be for 2022 around EUR 1.4 billion, and it's expected to almost double, at least if you look on 2021 numbers, for the coming five years. The online penetration is also deemed to be lower in the Dutch market than it is elsewhere, and that's again a benefit, and contributing to the fast growth. We are also the only operator with all three apps in the App Store regarding sports, casino, and poker as an indication. If we look at North America and our expansion there, again, this is an important long-term growth opportunity for us. We have added Ontario, as we mentioned in the Q1 presentation, from fourth of April. Now we have added the historical Canadian business to our comparisons as well. As a consequence, if you look at the overall North America, we are down 8% year-on-year in constant currency. If we look at the U.S. states, we are up 1% in constant currency with strong development in sports betting. The reason for Canada decline is largely due to 32Red, where we lost some customers upon the migration, which is completely expected as we migrated the 32Red customers onto the Unibet licensed domain. We continue to focus very much on bonus and marketing efficiency, we're very pleased to see returning to growth in the U.S. states, and that's despite being more sort of efficient on marketing, especially reducing customer incentives year-on-year. Really testament to the hard work put in by the team and improving the overall experience for the customers. Another key enabler for that will be when we can launch our own Kindred platform in New Jersey now in Q3, and we submitted our platform for certification, and that's ongoing as we speak, and we're still expecting to launch that now during the third quarter. Imminently there also in New Jersey. Midterm investment focus remains to be on multi-product states where we see both sports and casino. Really positive underlying developments there. If we look at Relax, another key initiative for us that's been growing very well and continues to grow well, and the B2B revenues from Relax came in on 5.2%, but sequentially Relax grew 25% in overall. You can see on the right-hand side here the overall revenue composition between what's coming from within Kindred and what's coming from B2B. The profitability improvement has been strong within Relax, and the gross profit contribution in Q2 was GBP 6.9 million versus GBP 5.6 million in the first quarter, so sequentially a very strong growth. During the quarter, Relax added 15 new operators, launched six new games, and went live in two new markets, both Italy and Spain. Clearly a lot of things happening. Also, Relax went live in Ontario, but are still to launch in the U.S. and during the later part of this year. Really strong developments. You can see also here at the bottom, would like to take the opportunity to thank Tommi Maijala for his contributions as CEO of Relax Gaming, and now he's handed over the baton to Simon Hammon, who joined Relax Gaming in 2018 as CPO and now taking the step up, and well-deserved so, to CEO of Relax Gaming from first July 2022. Relax is in really good hands, and we're really looking forward to continued strong development. Other things that we have, and again, we will be touching on more in detail at our Capital Markets Day in September, is the development regarding our Kindred Sportsbook Platform, and it's moving forward at pace. You can see that all our major milestones have been completed on time since development start, and you can see some of them here on the right-hand side, and some of them, the bottom two is remaining for the rest of the year, but that's again completely in line with plan. We're seeing Quant um data science research and development making good progress, and recruitment has clearly been a key area here, and we're making really good progress, and it's been really positive that we've been able to secure and attract top talent with the relevant experience, which is of course fundamental to secure the success of this project. As you see here at the bottom, the Sportsbook client and trading platform is already able to process bets on sports markets, and the plan is to have the platform ready for first market launch around year-end 2023. Our dedicated focus on our journey to zero is just one element of our ambitious sustainability work, and for the second quarter, the number remained steady on 3.3% of our revenues coming from high-risk players, so sequentially flat. Long term though, we've been on a downward trend, and we're expecting this to continue over the coming couple of quarters. We're also working very actively within other areas, and to help this, and especially regarding our platform and tech work and optimization. We have had during the second quarter a really focused ambition to look at the manual intervention towards high-risk customers and also especially in the lower age demographics to again secure a more sustainable database for the longer term. We will also in the Netherlands we launched our Unibet Impact. It's a unique program aimed at promoting safe and responsible industry. In the fourth quarter, in 19th of October, we will host our Sustainable Gambling Conference this year in Amsterdam, in the Netherlands. If we summarize today, and if we look at the trading update that we had for the start of the third quarter, again, it's worth highlighting that we're still up against tough comps for the third quarter of 2021, given that they entailed the final stages of the Euro championship, and we also had Netherlands included in those numbers. If we look at the average daily gross winnings revenue for B2C only for the group, up until including the 19th of July, so from first to 19th, we had an average daily revenue of GBP 2.5 million, which is 24% lower than for the full quarter last year. If we exclude the Netherlands, that would have been GBP 2.3 million, and that would be 2% lower in constant currency. That's for comparing the start of this quarter against the full of last year's quarter, which of course had a stronger back end as well throughout August and September. In that sense, we're very happy with the developments. As you can see, if you look detailed on this graph, you can continue to see that casino and other games are continuing to perform well, and it's been increasing sequentially here. We can also see that the sports, due to the very slow calendar right now, has actually been the reason for the sort of GBP 2.5 million coming in. Sportsbook margin, it's been around the long-term average during this period, so nothing exceptional in that sense. The Dutch market then contributing to the difference there between excluding Netherlands to EUR 2.3 million. Strong underlying development on the trading update. Of course, we're expecting now in this year, especially when the World Cup will be happening in Q4, the leagues will be starting earlier. The Belgian Pro League is starting already this weekend, the Eredivisie from sixth of August, and that's at least a couple of weeks earlier than last year. That will mean that Q3 will be a higher activity quarter, and especially towards the end of the quarter. Despite the short-term headwinds, our long-term optimism remains firmly. We have seen exceptional conditions during the last three quarters, and we're expecting these to gradually ease off. As we said, the comeback in the Netherlands will gradually pick up speed. Also now we're lapping sort of COVID normalized quarters as well. The increased affordability measures, though, that we have adapted in line with the wider industry for the U.K. market, it seems will continue to provide a negative impact in the U.K. market. We see very good progress within our key priorities and strategic priorities within the group. Going live in the Netherlands is clearly a key milestone there, and we're really pleased that we're off to a strong start there. The development of our sportsbook platform remains firmly on track. Relax Gaming has continued to show strong growth, as we've shown here previously, and locally regulated markets now 78% and expected to increase fast from here. Again, we have a really exciting fall now coming up with packed sports calendar, as we mentioned, to create space for that World Cup that will be happening for the first time ever during a fourth quarter. Before that, we of course enjoy the final stages of the Women's Euro tournament, which is happening as we speak. Now, after the development so far in the tournament, England is the clear favorite to win at the odds of 250. Also, as I indicated, our Capital Markets Day, we want to make a push for that. It's taking place on the fourteenth of September this year in London, and it will be a really interesting event and a really good opportunity for us to show a lot of the projects that we've been working on for the last quarters and years that will come to fruition over the coming periods, and we can highlight them more. We appreciate that those might have not been so visible given the tough comps that we've seen over the last three quarters, especially from not being present in the Dutch market. Now that that's behind us, those are the typical elements that we would want to elaborate more on. We really look forward to that. The Kindred management will be presenting our strategic direction, the company market products, and financial performance. Please mark the date in your calendar if you haven't done it already, and show up at the event in London. You can look at our corporate site for more details and also sign up for the Capital Markets Day there, please. That concludes the presentation. I invite Patrick back up for a Q&A session. Thank you, Henrik. I would like to start with one question that we got from the web. The question is, what's your plan for developing the U.S. and Canada markets? That's the first one. The follow-up on that is, how are you seeing the competition there? Now we've always, as is highlighted in this presentation as well, we've had a long-term view on the North American market, and that remains firmly in place. We know the value of putting the fundamentals in place and then scaling. We're also not going for all the states across North America. We're doing a select focus on states to start with, and especially focusing on the multi-product state as we highlighted. Basically, within the platform launch now in New Jersey being a key milestone for us, and then gradually increasing the presence there from Q3 now onwards. Then also with Pennsylvania and Ontario being the two other states/provinces that we focus on. We're really do it our way in a focused way and really going for those. When we see a iGaming regulation developing in the other states, we'll be increasing pressure in those states going forward. Again, we really keep our focus on long-term profitable growth. How about the competition? Yeah. How do you see that? The competition is of course fierce like it is in most of our markets. This is nothing unusual for us. We're used to this and the U.S. is no different. At the same time, we've seen some behaviors is sort of normalizing. We're encouraged also to see that quite a few operators are starting to talk the same language as we started talking about the unsustainability of some of the behaviors that's been seen. We can also see that from a marketing point of view, the pressure seems to be easing off a little bit. That again plays to our advantage that now we can put our platform in place, and then we can scale, then we have the fundamentals in place to get the good return on the investments that we will be doing. Really look forward to the long-term opportunity in the U.S. Thank you. I think with that, we'll hand over to the teleconference and open it up for questions there. We will now begin the question-and-answer session. To ask a question, you may press star and one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. First question comes from Oscar Rönnkvist from ABG. Please go ahead. Good morning, and thanks for taking my questions. Good morning. I have four, if that's okay. Go ahead. All right. I would like to start with a trading update. Just adjusting for the Netherlands, your daily average GWR is down 10% from Q2 levels, which initially look very weak. Naturally revenue should be boosted in the latter part of the quarter due to the sporting calendar and of course the ramp up in the Netherlands, right? Can you help us quantify the different variables to get a better sense of Q3 and Q4 top line? Yeah. As you say, we're comparing here against the full quarter, which is a more fair comparison. For the third quarter, the start of July is the slowest it gets and the end of June as well. That kind of period in the last couple of weeks of June and the first weeks of July is the slowest, and then it will gradually increase. That's why you see in the sports betting area that it's on the lower level, and casino and games are continuing to perform really well on a daily average basis. We're pleased with that. Again, we're expecting numbers to pick up quickly now in sort of the second half of the quarter when we're approaching the start of the winter season and the start of the leagues that will be happening earlier this year compared to last year. Okay. Just to understand, on the casino side, how much is the seasonality impacting? Because I know that casino is not a very high season either in the middle of the summer. Should we expect a ramp up in the latter part of the quarter in casino? Also on the sports betting side, of course, it should be higher than the first 19 days of July in the latter part of Q2, but to what extent, if you could elaborate on that. Yeah. Well, it will be what it will be, of course, in the end of the day. As we highlighted on this graph that we had, you can see that for casino, the daily average is still on par with what we've had for the full quarters of Q1 and Q2 this year. That's a strong daily average. Of course, when activity is picking up on the sports calendar, that tends to lead to increase in casino activity as well. That is also expected to continue to increase from here. We're pleased with the start of the quarter compared to sort of our own expectations. We're expecting this to again pick up massively because it's been a very quiet period now for the first 19 days of July. Turning to the Netherlands then, you mentioned GBP 150K in daily average GWR, but that's trending upwards. Can you share what levels you ended July 19th at or at least give some color on the improvement steepness? No, we have not given that number, so we can't disclose it here either in a sense. As I said, it's been a gradual improvement, of course, as we started from zero and we reached 150 on average. By default, it will be higher in the end. That's a very good development, and it's still also worth highlighting that it is for 16 days, so it's a relatively short period. We're expecting this to continue to grow fast. Indeed, it has to do that as well if we're gonna be anywhere near achieving a top three position towards the end of the year, which we're confident of having the opportunity to do. Again, this is expected to continue for the rest of the third quarter and into the fourth quarter. Again, it will be something that we'll come back to at time of the Capital Markets Day in mid-September as well, of course. All right, understood. Just a follow-up. You mentioned the quite limited marketing in the beginning. Should we expect you to be underwater in the beginning? Or when should we think that inflection point should be turning? Sorry, I missed you there in the beginning. Can you repeat, please? All right. You said that the marketing was quite limited in the beginning. Should we expect you to be underwater in the beginning, or are you already having positive contribution margins? Yeah. Okay, sorry. Yeah, now I heard you. Yeah, we're as you said, we expect to be contribution positive already within the next few months. We've seen very strong sort of intake and activity despite not having ramped up marketing in full. Of course, we're evaluating as we go along as well on the marketing investments and the kind of return that we're getting. It will be also something that we come back to more in time for the Capital Markets Day when we have a little bit longer time series to talk about. We're expecting to be positive contribution already within the next few months, and that's clearly also very strong and will be important to help us to achieve the long-term ambition of getting back to above 20% EBITDA margin, underlying EBITDA margin within the next two to three years as well. Okay, understood. Can I take just a final one on costs, then? Marketing costs came down quite steeply from Q1 levels. Just wonder is that a defensive move because you wanted to save the margin following the lower sales, or was it anticipated given the seasonality? Just comparing to Betsson, for example, even though I know the regional split is quite different, they increased quite steeply their marketing spending in Q2. Yeah. We operate with a long-term view on our marketing, and this was part of our plan to balance. As you said, this end of the second quarter and start of the third quarter is the lowest activity we will see throughout this year. That's also reflective in our marketing investments. We'll be gradually ramping up now during the third quarter to the start of the sports season and then also clearly in time for the World Cup in Q4. It's nothing unusual in that. Of course, we're also managing sort of our shareholder value creation as well in between the quarters as well to try to find an optimum where we invest and where we kind of reap the benefits of the investments we have done. Okay, understood. That was all for me. Thank you very much. Okay. Thanks. Next question comes from Martin Arnell with DNB. Please go ahead. Good morning, Henrik and Patrick. Morning. I just want to ask you first question on, you know, if we exclude the Netherlands just for a bit and look at your performance, is that where you expect the market to have done similar levels in Europe this quarter? Yeah. If you look across the countries, as I said, the U.K., all the larger operators seems to have done sort of similar measures regarding further affordability measures. So I think that's a fairly unison impact if you look across the industry. I think also for us, as I said, France is a big market for us, and it's only normal that in Q2 now, when there was no kind of major championship sort of similar to last year, that is having a cooling off effect. It's more of a holiday season. Of course, also with the weather being the way it's been, it's been lending itself for probably more for the beach than being in-house and sort of gambling. I think that has an impact as well to some extent. I would say that the Nordic region, we're seeing good developments. Also in Belgium, flat development. Again, it's the lowest activity at the end of the quarter and the start of this third one. I think we're faring fairly well against the industry. Okay. There's no, like, structural changes in France that have impacted you in any way or so. It's just, you know, more business as usual, but a slow market. Yeah. Considering the tough comps with also COVID boosting last year and then with the Euro championship. We're very confident about France and the long-term opportunities and returning France to growth. As you've seen, we've been on a sequential growth from Q3 last year, and now we're lapping easier comps in France as well from Q3 this year. Again, we're long-term optimistic about the French market. Right. On your marketing spending and your plans, so what have you said about the full year in terms of marketing percent of revenue? Yeah. As we said earlier here, it's around the mid-20s on marketing, or mid-20s is what we're aiming for the full year. Clearly, we've been a bit higher in the start of the year, so we're expecting that. Which is normal for us in Q4, and especially this year when Q4 is expected to be a really strong quarter, that we will be below the full year average for Q4 and then could be higher than for Q1 and Q2, as we've been now, so mid-20s. Okay, thanks. When you look at your active player base, I mean, I think you were at 1.4 million pre-pandemic, or 1.6 million pre-pandemic, and now you're at 1.4 million. Is it fair to assume, you know, big intake now, of course, with the relaunch in the Netherlands, but, you know, when could you be at two million level? You know, could you reach that early 2023 or would that be too bullish scenario you think? Yeah, we will show the coming couple of quarters now when the peak season is coming and we're as you say back in the Netherlands in full swing and the longer time lapses there, the more we will be expecting to see there as well to get back to historical numbers. There is just clearly a conscious focus to grow actives faster than ARPU and like we indeed have done. Of course, we're also focusing a lot on the kind of like I say customer incentive optimizations to drive the right traffic to the site, not just traffic. That can have a sort of on and off impact on actives as well. Long-term, sustainable business is what we're focusing on and also delivering on. Okay. Just a final one on the Netherlands. Yeah. I think I saw in some media reports that you had some minor technical issues in the start of the launch with your behavior monitoring systems. How much did that impact your daily average number? Not much at all, I would say, because it was identified, and that's why we did a soft launch on day one, and it was basically that our system was oversensitive and actually labeled the customers more to be a potential PS-EDS highlight. They were blocked for bonuses, and of course, that triggered some of those contacts then. We rectified it already in the morning on the second day, and since then it's been working well. It's no impact for the longer term. It's a normal teething issues going live in the market, and that's hence also why we did a soft launch indeed to identify exactly things like this. Mm-hmm. Can you say anything on the active player number in the Netherlands? Is it what we should expect it to be on that daily average revenue number? As I said, we're pleased, and we've exceeded our own expectations in the Netherlands thus far. With 30,000 actives during these 16 days, already with limited marketing and also ramp-up phase, we're very pleased with that. That gives us confidence for our ambition for the full year of being a top three operator towards the end of the year. We really look forward to highlight these numbers more in detail again with the Capital Markets Day, but also in the time of the Q3 report in October. Perfect. Thank you, guys. Thank you. Next question comes from Oskar Eriksson from Carnegie. Please go ahead. Thank you, and good morning, Henrik and Patrick. Mm-hmm. A couple of questions from me. Unsurprisingly, starting on the Netherlands here, as well, and the marketing guidance for sort of mid-twenties, relative to sales for the full year. I mean, given the start in the Netherlands, it seems quite low, especially given the imminent U.S. platform launch here in Q3. Could you tell me a little bit what costs have you tweaked since the 2021 marketing levels? Any fixed marketing commitments that have been phased out ahead of the launch in the Netherlands? Any input there would be interesting. Thank you. As I said, predominantly is that Q4 will be a very strong quarter for us, and that by default is gonna have. It's normal that we come in lower than the full year number than for the fourth quarter, and that being a strong quarter as well, that will have a downward pressure on numbers. In the Netherlands, it's worth mentioning that it's a relatively juvenile market from a media perspective. We've also with a strong brand, we are confident that we do not have to invest as much in marketing as we would that we did, for example, as a percentage when the comeback in Sweden and also with the other markets that's gone live. We're not expecting Netherlands to have a big upward pressure on the marketing reinvestment percentage. Again, with U.S., of course, we work across our portfolio markets and if you look at New Jersey being one state within the seven markets in the U.S., and again, being one of even more markets than in our overall portfolio, that's clearly handled in the overall scheme of things. Of course, we're working on with the portfolio as well for finding the optimum marketing investment and return across all our markets. Now we're confident that sort of the mid-20s is sufficient and it will be the right level for us to be on. It's also what we always pushed on ourselves to be more efficient than our competitors in getting a better return on marketing, and that's what we're continuing to do. Great. That's very helpful. One task also about the competition in the Netherlands. I mean, there seems to be two quite substantial players with 20%+ market share. I mean, you don't have to go into detail on that, but, more in terms of sports versus casino, is the competition different? Do you feel even more confident on casino, perhaps? Do you expect different market shares in the different verticals? Thank you. Yeah, good question. We have clearly focused over the years on sort of across the group to get the right balance across the different product segments. With the Unibet brand, we're leading with sports and acquiring through sports and then cross-selling other products onto those customers. That's what we have done successfully over the years. In the Netherlands, if you look at our numbers now for the last three quarters when we've been highlighting Netherlands, you can see that casino has been a slightly higher segment for us than sports has been. That's also reflected now in the start of the period for the Netherlands. We are confident that we have what it takes. As I said, we worked a lot over the last quarters and years to really make sure that the comeback in the Netherlands will be as good as possible working across products to secure a superior experience, both within sports but also in the casino segment. As an example, we are the only operator, as I said, which have all three apps in the App Store, both sports, casino, and also poker. A lot of operators don't even have one of the three in the App Store. Again, it highlights the focus that we put on and execution on our re-regulation project to make sure that we can offer the customer the best experience, and we know that that's important for the long-term development. Great. Finally on the U.S., you mentioned 1.1% FX-adjusted growth in Q3. Mm-hmm Q2, clearly an improved trend. Just give a sense of the underlying performance here. Is it driven by higher activity or are the margins playing a big role in Q2? Also if you could sort of talk about whether any particular states have seen improved trends. Is it Pennsylvania mainly or more so spread out? Thank you. We've seen, as I said in the report this morning as well, sports been performing best in the U.S. and seen a good growth. As we highlighted, we're up 10% in turnover in sports, and if we just look at the U.S. data, we're up 30% in turnover for sports within the U.S. So clearly sports been outperforming in that sense. And that's also now when the market's been sort of slowing down towards the summer period as well in the second quarter. Good developments there. We have not given any breakdown across the different states, but you can see our numbers in Pennsylvania, those are kind of semi-public. You can do your own calculations there. We've been seeing a good development across the States, and especially now we're looking forward to New Jersey launching our own platform here in Q3 and then ramping up there and expecting to continue this growth trend that was kind of just growth now for the second quarter. Now when we're scaling up on investments in marketing, we're expecting from the start of the peak season now to see further growth coming year-on-year in the latter part of this year. Perfect. That's it for me for now. Thank you. Thank you. Thank you. Next question comes from Simon Davies of Deutsche Bank. Please go ahead. Morning, Simon. Yeah, morning. Can you hear me okay? Now we hear you. Yep. Morning. Firstly just on the Netherlands. I think you said, but can you confirm, did you say that at current run rate, just under 20% of group revenues were coming from the Netherlands? No. Compared to the activity we had, the same period last year in the trading update period. Right. Yeah. Okay. Can you talk or give any indication of where you think market share is now? Sorry. No. Can you give any indication of where you think market share is now in the Netherlands? No. Not for certain. We have our own indications and estimates internally, but again, we'll come back to those things in the coming couple of quarters, potentially. We are confident that we are of course taking market share because we started from zero, but that we are confident that we have what it takes to come back towards and achieve that sort of top three position in the market towards the end of the year, which means that we will be needing to be around perhaps 10%-15% market share in the market towards the Q4, and that's what we're aiming for. Yeah. Okay. In terms of active player numbers, you're talking about 30,000 now. Can you remind us what the run rate was before you withdrew from the market? As we said, we can refer to that number. As we said, we're just under 20% of the sort of the business that we had in the Netherlands for the same period last year in Q3. Again, I think that's really strong considering that it's a ramp-up phase and it's only a sort of a limited period as well starting from scratch. I'm really positive on that number that we're seeing a strong start and gives us confidence for the longer term. Moving on to the U.K., you talked about GBP 12 million of costs related to affordability measures. Can you run through some of the measures that you've taken, and what do you think the full year impact is likely to be? No, it is. Can we think of it as sort of 4x that quarterly number? Yeah. We've adapted more stringent financial measures and reducing backstops on customers as well, and the early check-ins. Some of these measures, of course, will also be further implemented in the coming months as well. Again, it's all with the ambition to reduce spend and also have bringing forward the checks with the customers. We're all trying to automate as much as we can with systems to make it as a seamless process for the customer as possible. Of course one challenge is that in the higher value segment that we are, we have to ask for documentation and it's not the best customer experience, and hence we see sort of the biggest impact in those segments. At the same time, in the lower value segments, we see a sort of negative or even positive sort of development year on year. That again is what we see also from what we believe other operators are reporting as well. It's further affordability measures that we're putting in place, and also the difference in different checks that we're doing. Have you introduced any stake limits on online slots? No, we have not introduced anything to date. We believe that the measures that's been taken with affordability is more effective for sort of reducing the impact on overall channelization in the market. If you work hard with sort of the affordability measures that is more efficient than to do sort of product limitations and for the customers. We're of course minded of the overall channelization and giving as good customer experience as possible. When do you expect the review of the Gambling Act to actually come out in terms of the white paper? Any views on that? I think anyone's guess is as good as any. What we understand and what we're also reading is that it could be until the new Prime Minister is elected until the review comes out. We're hopeful or we would welcome it to come out earlier in a sense because we would want clarity rather than the current situation in the U.K. market. It is what it is, and we're working within that framework of course and developing well within the underlying business in the U.K., as I mentioned. Lastly, just on Australia, what impact do you see from the increase in point of consumption tax in New South Wales and Queensland? Do you expect to see other states follow through with tax increases? Australia has been a market that taxes has been increasing gradually over many years and that is kind of this is another step in that direction. Again, it will be sort of a decision to sort of take that on board and look at the overall customer mix and the impact on overall customers. Again, we know that the entry barriers are quite high in Australia and we have been successful on navigating with the increasing tax rates over the last years and we're working to address these ones now as well. Again, on the U.K. market, I could perhaps elaborate as well to say that we expect that the impact, as we said, to continue now during the third and the fourth quarter as well. We operate with our portfolio markets where we see an offsetting benefit from the Netherlands performing better than expected, which we have there. That's really positive. At the same time the U.K. is what it is and for the short term, we're expecting to see further measures there. Of course, the benefit of that is also that we're creating more sustainable database for the longer term. It's also worth highlighting that we've been doing this for the last three quarters now as well in the U.K. This is sort of already been absorbed to some extent in the numbers. Yeah. Okay. Thank you very much. Thank you. Yeah. Again, if you have a question, please press star then one. Next question comes from Ed Young with Morgan Stanley. Please go ahead. Good morning. Morning. I've just got one question, if that's okay. Yeah. Good morning. You've mentioned there's a fair bit of noise in the business and understanding the comparatives given what's going on with COVID, sporting events, the Netherlands obviously. To the extent you can identify it, do you see any signs in the business? Of the consumer weakening, any kind of macroeconomic impacts on players, whether that's in spend per head or otherwise that you can identify at this stage? Thanks. Yeah. No, thanks, Ed. Good question. Now we of course monitor this very carefully and closely, and we're discussing it regularly internally as well. It's a complex question and of course, it's also more for the longer term. It's perhaps hard to see a sort of impact sort of creeping up. What we're seeing to date is that we cannot see anything clearly from that. We believe it's sort of the comps are largely been down to co-sort of COVID normalization of sports scheduling. What we've seen in previous economic turbulent times is, of course, that we've been sort of resilient but perhaps not immune. Of course, every sort of situation is perhaps slightly different compared to previous ones. We've also sort of clearly seen that the stay at home entertainment at times of COVID was actually benefiting from what was deemed to be originally a big problem. Clearly for us as well, we are not immune in this sense. We will see some of our costs gradually over time increase. Of course, we're also fighting for part of the customer's entertainment budget. Logically, if customers have less to spend on entertainment, it would have an impact on the gambling industry as well. Again, historically, we have not seen any sort of tangible impact, and so far we have not seen that yet either. Again, it's something we can perhaps come back to now that we're lapping also more normalized comps in the COVID situation. Great. Thank you for taking my question. Thanks. Thank you. Okay. This concludes our question and answer session. I would like to turn the conference back over to Henrik for any closing comments. Please go ahead. Thank you. Do you have any more questions, Patrick? I think we're running out of time and we have ample of questions. Yeah. Leaving the stage to you. Thanks, Patrick. Thank you very much for attending. As I said a few times already, please visit our corporate site and register for our Capital Markets Day in September, where we really look forward to give more nuance to the colors on the underlying strategic work that we're doing and projects that we have in the pipeline and have been working on for some time, and also give an update on developments in the Netherlands, U.S., and U.K., and France, and other markets as well. A really good opportunity to get more information on that. In the meantime, take care and look forward to see you in London in September and then for our Q3 presentation then on the twenty-seventh of October. Thank you very much for today and have a good summer.