Good morning, and welcome to Kindred Group's Q3 2022 earnings presentation. My name is Patrick Kortman, heading the Corporate Development and Investor Relations at Kindred Group, and I'll be moderating the Q&A after the presentation. Without any longer introductions, I would like to hand over to Kindred Group's CEO, Henrik Tjärnström. Please welcome. Thank you very much, Patrick. Thank you very much, everyone, and warm welcome to our Q3 presentation. To say a few words to start with, reregulation processes are complex, and they take time. The Netherlands started talking about introducing a local regulation already 20 years ago, but now we're really happy that it's finally here and in place. We ourselves have been on our transformation journey for the last 12 years and now become experts in handling these processes. During that period, obtaining also our 20 local licenses that we have to date. We know exactly what it takes to be successful in these processes, and have over the last three years now passed two major milestones in that journey. The initial margin pressure that is inherent in these regulatory developments is a given, but also so is the margin recovery that's following after that period. We showed it in 2019, and we're about to show it now in 2022 as well. Once we went live in the Netherlands in July, we have seen, as expected, our margins returning now to more normal long-term levels, or towards that. As communicated at our financial targets at the time of the Capital Markets Day in September, we are confident that our underlying EBITDA margin will now start to trend upwards and reach the 21%-22% span that we gave for 2025. I would also like to take the opportunity to thank all my colleagues at Kindred for their hard work transforming the company and making this possible. Thank you very much. If we look at today's presentation and a bit more on the outline, as you can see here, we're gonna start off with the Q3 report highlights and then look at the business overview with various different elements. We do a very short Capital Markets Day recap, and then round off with a summary. As you know, for us, the Q3 is normally one of the more silent quarters in the year. This year, of course, with the World Cup now taking place in Q4, that meant that the sports league started a few weeks earlier in Q3. Q3 became a little bit more exciting than it would have been otherwise. Still, it's a relatively slow period, especially at the beginning of the quarter. In that sense, we are quite pleased that we show a decline of only 7% in our revenues for the group of GBP 277.8 million. That should also be mentioned that that includes a ramp-up then of the Netherlands. Last year, we have the Netherlands for the full quarter. As you can see here, revenue excluding Netherlands increased by 11%. If we exclude Relax, that was not part of last year's numbers, then the same number would have been 8% increase. If we look at our locally regulated share of gross winnings revenue, that came in just under GBP 216 million, 79% of the gross winnings revenue coming from locally regulated markets. It's encouraging to see that the Netherlands, but also most of our market displayed a solid performance with, of course, significantly improved EBITDA margin as well, and free cash flow compared to the previous quarters. On underlying EBITDA, we came in on GBP 40.3 million, which is in line with the span that we gave at the time of the Capital Markets Day in September. The underlying EBITDA margin now came in on 14.5%, which is a good recovery from where it's been over the last couple of quarters, and again put us on the path to normalization over the longer term. If we look at the free cash flow, positive developments, a strong delivery during the quarter, GBP 49.3 million, more or less in line with the full quarter of last year, which is very strong. That's driven by improved underlying EBITDA, but also favorable net working capital movements during the quarter. Active customers came in on 1,466,000, down 16% year-on-year and more on that later. That's a normal decline considering that we had the Netherlands again for the full quarter last year, but also the latter stages of the Euro 2020 championship. Our balance sheet remains strong with a net cash position of GBP 55.3 million. If we look at the developments on our gross winnings revenue, or revenues overall for both B2C and B2B for the business over the years, you can see here the developments, and again, down 7%, which of course not happy with, but still we see it as quite good considering the comparatives from last year and also the Netherlands then for the full quarter. With the World Cup and also Netherlands for a full quarter now in Q4, we expect Q4 to be a strong quarter. That will be very interesting to see once we get there, of course. If we look at the overall cost base and the different cost items in our P&L, we see still margins being impacted by the Netherlands ramp-up that we're not fully up to speed yet in the Netherlands, but we're getting there. At the same time, Q3 already showing clear improvements compared to the previous quarters. As you can see here, across the cost base, there is positive developments, and that is again expected to continue to develop in this direction for the Q4. That is also when we look at the marketing elements. If we look at the full nine months for 2022, we're just over 25.2% in marketing reinvestments as a share of revenues, and we reiterate the guidance for the full year 2022 of mid-20s%. If we look at the EBITDA, again looking at the year-on-year developments, we're clearly not pleased with being down 52% year-on-year, but of course it has logical reasons as well. Again, the ramp-up of the Netherlands is ever present here, but also the other elements that we just looked at. If we look at the Q4, again with the Netherlands and the activity that we're getting there, we're expecting a continued positive development. What's also interesting to note here is that in 2019, we saw a similar pattern. Again, during the times of local regulation, it's inevitable that the margin pressure comes for a period of time. As I said, also the recovery in margins, and still encouraging to see now the sequential improvement from Q2 to Q3 coming in now on GBP 40.3 million for the Q3. Again, also here, we expect Q4 to be a continued step in the right direction for the full year 2022. If we look at our FX basket of currencies, we see overall a neutral development. Of course, there's been relatively big swings in specific currencies. As you can see from a P&L point of view, overall, not material developments, but still our underlying EBITDA was negatively impacted, GBP 1.7 million for the quarter. Also, moreover, as the balance sheet rates change more than the average rates, we see a translation effect also coming in. Profit after tax, a negative impact of GBP 5 million for the quarter. If we look at the business overview, we're quite pleased to show this graph again, where we have the left-hand side where you see that the long-term focus for us has very much been to grow our locally regulated markets faster than our dotcom markets, which indeed is what we have done. If you look from 2019 to the last twelve months to Q3, we see the locally regulated markets growing with 38% over the period 2019 to last twelve months. At the same time, we can see also here the green bar, which is the Netherlands for the full year 2019. Of course now for the last twelve months, we only have Netherlands for just short of one quarter. Still now that is coming in there and will help to grow also our locally regulated markets. At the same time, our other markets have been growing 11% compared to the 38% for our other locally regulated markets. If you look at the left, right-hand side here, and the different lines, you can see again, the locally regulated share of revenues coming in now 7%-9%, which is a new all-time high. You can see now that as France was growing year-over-year with 24%, but also the ramp-up of the Netherlands, the betting duties is increasing. As a consequence, and as expected, the pink line is continued down now for the fourth consecutive quarter, which is completely as expected. You can see now that we have bottomed out in this line, and now we will see a gradual improvement from here as we're adding quarters with higher margin than the ones that are falling off the last twelve-month period. Again, similar to 19, we see a dip for four quarters, and then we'll see a gradual recovery from this period again. If we look at the active customers, as I said, we're down 16% year-on-year, but still a good sequential improvement to 1.47 million now for the Q3. Excluding the Netherlands, the number of actives declined with 11%, and that is largely due to the comparatives last year when we had the final stages of the Euro Championship. If we look at the RPU, that was increasing with 6% year-on-year. If we look at the longer-term trends, we can see that the active customers from 2011 to 2022 has been growing a compounded annual growth rate year on year than with 15%, and at the same time, RPU has grown with 3%. Actives growing faster than RPU, which is a sustainable way of growing the business. If we look at the products, product segment update, we see a similar development that we saw on the top line. But we also see an underlying positive trend with both sports and casino. We're growing with 9% excluding the Netherlands market. We also see that our proprietary racing product, KRP, contributed to 6% in the quarter, and also that we had a growth in poker of around 7%. Overall, underlying strong developments across the product portfolio. If we look at more specifically in the sports betting segment and the sports betting margin, we show this morning that the margin of the free bets came in on 9.9% of the free bets for the third quarter, which is slightly higher than the long-term average due to favorable market and product mix. As I mentioned, France was growing with 24%, so hence faster than the overall market. And as France has an inherently higher margin due to the cap payback ratio of 85%, that helps to push the margin upwards. Also we've seen a continued share of pre-game and racing, which have a higher margin as well, the live betting, which is pushing the margin up. also we've seen an increased share of multiples, including the Bet Builder as well doing this. It's worth highlighting though that we work very actively on optimizing the margin, not maximizing it. that is what we are doing. the long-term trend has been going up gradually over the quarters, and it was up 10 basis points now from 9.3% to 9.4% after the Q3. If we look at the regional update, again, we have a solid development across the portfolio with the gross winnings revenue actually excluding the Netherlands, increasing 6% for the Western European segment. including the Netherlands, we were down 20% for Western Europe still. A solid performance both in France and the U.K., with France up 24%, as I mentioned, but also U.K. up 10% over the same period last year. Belgium, after many years of very strong development, saw a decline in the third quarter of 16% in local currency against prior years. Tough comparatives, especially as Belgium reached the quarterfinal for the Euro championship last year and then got eliminated early on in July. The margin in Belgium was especially high during the comparative period. Nordics, solid development, up 12% year-over-year. Good development across markets. One market standing out, Sweden increasing 29% in local currency. Again, very encouraging developments there. In the CES region, gross winnings revenue increased with 7% during the same period, driven by a 30% growth in Italy, but also 3% growth in Romania. In the other segment, gross winnings revenue increased 7%. Australia had a solid development, up 8% in constant currency. If we look more specifically in the regional section of the Netherlands, which is of course very exciting and was the major, sort of, milestone during the Q3 that we secured our license and went live on the 4th July, we've seen a rapid growth in our daily average gross winnings revenue since launch and higher than expected level also of active customers during the period. In the third quarter, the gross winnings revenue contribution accounted for 42% of the gross winnings revenue posted in the third quarter, 2021. That is clearly a very strong development. As you can see here on the right-hand side, the daily average revenue came in now for the over the full quarter of 366,000 GBP per day, and with an active customer base over the quarter of 137,000 active customers. Very good conversion rate, again, testament to the hard work that's been put in by the team to prepare ourselves as good as absolutely possible ahead of the launch in the Netherlands and having a very high conversion then from registration to first depositors in the market. If we look at the bottom on the right-hand side, there you can see the quarter split in two, with a daily average then over the full quarter of GBP 366,000. But then, for the latter stages of the quarter, GBP 476,000 of daily average revenue. The ramp up is very much there and expected to continue. This gives us very good confidence to say that we will achieve a 15% market share during the fourth quarter of 2022, and we'll also be challenging for leadership during 2023. Of course, you can also see a lot more detail on the Netherlands and the plan and what we have done and what we will be doing, if you look at our Capital Markets Day presentation, which you can find a link to here at the bottom of the left-hand side. North American expansion continues. For us, we see this as a very much a long-term growth opportunity for us. We have continued to work hard on our fundamentals, and it's also worth highlighting that the Q3 in North America is even more slow than the others during the year, especially with July and August being slow, leading up to the start of the NFL season in September and then ramping up of the other leagues during the autumn. Our gross winnings revenue for the Q3 came in at GBP 7.8 million, which is a 15% growth in reported currency, which is converting to a negative 3% in constant currency. The gross winnings revenue from the U.S. state showed a 12% reported growth with strong developments in sports betting. We've seen very good underlying KPIs developing in the market. We've seen a very good increase in intake of new customers and also conversion to actives, with actives up 11%. We've also seen a very good development in the product mix in the quarter with sports now growing faster and growing into the overall part of the revenues. We also seen a solid development in Ontario, which accounted now for over 10% in the quarter. Conversely to the sports growth, we've seen a slight decline in casino element. Again, it provides more for a more sustainable database for the longer term. We're also seeing now from the start of the NFL season in September, we've been on a very good trend when it comes to intake and activity. As part of our efforts to continuously optimize the business and what we do, we have reviewed the state footprint in line with our strategy to focus more on multi-product states and have decided to exit Iowa now in the Q4 of 2022. We also announced the other day a partnership with the Swinomish Tribe for retail outlets and a sportsbook lounge in their casino, and that is expected to go live during 2023. Our proprietary technology platform remains under regulatory approval. We see this as still a major milestone for us in the transformation to launch that in the market. We're disappointed that we could not meet the Q3 ambitions timeline that we had, but these processes are complex, and they take some time. We are working now closely with the regulator in the final stages, and we're expecting to go live within the next couple of months. We still see this not impacting our second state launch that will be coming after New Jersey during next year. Very much part of the long-term plan. Slight delay, but still very much on track for the longer term. If we look at the EBITDA contribution or investments in the North American market now, it was negative $9.8 million for the quarter. Again, as we iterated at our CMD, we're expecting our developments in North America now to be bottoming out in 2022 and then being similar levels in 2023 and then gradual improvement up to our break-even ambition across our current state footprint by 2026. We look at the Relax revenue, another element that we highlighted in our Capital Markets Day. We received very good developments with total revenue for Relax on B2B side growing 19% sequentially in the third quarter. The revenue amounted to GBP 8.9 million, of which GBP 3 million came from the Kindred. Thereby, sort of, the B2B revenue from Relax amounted to GBP 5.9 million. The gross contribution for the third quarter was GBP 8.3 million, versus GBP 6.9 million for the Q2. That's up 20% sequentially from gross contribution. During the third quarter, Relax added 13 new operators and also launched the biggest release of the year in Money Train three. As we also saw from the report this morning, we released an earn-out provision relating to 2021, and that's been reversed in items affecting comparability in the Q3. As you can see here on the right-hand side, very strong developments for Relax, especially sequentially. The reason for the reversion of the earn-out for 2021 is basically that the targets were set very high, but the business is still developing really well and is contributing well also to the overall group EBITDA. If we look at our Journey to Zero, which is an important element in our sustainability efforts and is also one of the key themes that we talked during sort of the Sustainable Gambling Conference last week, that was held in Amsterdam. As every quarter, we report our share of revenue from high-risk players. This quarter, we had a step-up from 3.3% to 3.8%. As we've always said, these sort of fluctuations are normal, that it will not be a continuous downward trend. 3.8 is a bit higher than we hoped for. The logical reason for this is, again, the Netherlands and the early stages there, where it takes some time to identify these customers, and we get some customers in that are showing an unhealthy pattern, and until we can identify them and close them down. As you can see here on the left-hand side, we have a lot of different items that we are working on, and we know exactly what we need to do on our own side to take ourselves down in this journey. The journey remains firm that we're aiming towards zero, but we also have to be realistic, and we've said that already that we will not reach zero, especially not on our own. We need cooperation also with governments, other stakeholders in the industry, and that we're again very confident or positive during last week's conference that we had this open and honest and transparent discussions and very much a like-minded view on this extremely important topic. Also, as we communicated yesterday, we're happy to announce that we have a joint initiative here in the Swedish market with ATG and Svenska Spel to increase transparency and fact-based dialogue by disclosing certain key KPIs relating to each of our works regarding responsible gambling to the markets now on a six-monthly basis going forward. We encourage, of course, other operators to join in that effort, and then hopefully that can also spread to other markets. That's very positive developments overall. The journey remains firm to take us as close as we can ourselves, towards the end of next year. The journey, of course, continues after 2023 as well. If we look at, very briefly, the Capital Markets Day's recap, again, we highlighted our current strategic plan and the different pillars in that, where we have the base foundation with our strong efforts on unique product and CX and also our sustainability efforts that we're working on and compliance, and then also to have a scalable operation that takes care of the scalability aspects in the group. Those three ones are really underpinning our commercial initiatives with a strong growth in our existing markets, and also enabling us to invest and grow and establish our presence in North America. With, of course, all having the ambition to have strong growth in our locally regulated profits. If we look at the five key elements that we'll be looking at during the coming five years, or the coming years, you can see them here to really continue and capture the existing growth opportunity we see in our existing markets and also continue to grow faster than the overall market, like we indeed have done over the years as well. Also to firmly establish ourselves as a market leader in the Dutch market, which we, of course, as we said, we're already well underway to achieve. Also to utilize the cost efficiencies and scale that our Kindred Sportsbook platform will bring and which is progressing well as well. To provide customers with unique and tailored content through the highly profitable Relax acquisition and to continue to leverage value from that for the overall group. To further build on our presence in North America, where we now have a base in place to capture future value opportunity. We're aiming for being a top ten operator across our footprint of states in North America and also have a mid-single digit market share across those markets for the longer term. Again, you can see a lot more on these details at the Capital Markets Day presentation on our corporate side, and you can see the link at the bottom of this slide. As we said then, and also we issued a press release in the morning prior to the CMD, we also communicated financial targets for 2025. Again, you'll see a lot more detail at the presentations, but just to mention the hard numbers, we're aiming for total revenues of over GBP 1.6 billion for 2025, and also through the cost optimization and scalability aspects, we're aiming for an underlying EBITDA margin of 21%-22% for 2025. Then the board has also revisited the distribution policy and changed that to now 75%-100% of free cash flow after M&A. Also some more guidance elements at the bottom as you can see here as well. If we summarize the Q3, and if we look at the trading update as well for the start of the Q4, for the first 23 days of October, we had a solid start with high activity across our markets continuing. For the start of the Q4, the comparatives of course still distorted by the temporary closures of services to Dutch residents last year when we did not have any contribution from the Netherlands. If we look at the comparatives for the daily average now for the first 23 days, we have GBP 3.3 million of daily average revenues. If we look at that for Q2, we had GBP 2.6 million, and for the third quarter we had GBP 3 million. We're up 27% compared to the average for the full quarter of 2021, and that is 25% in constant currency. If we exclude the Netherlands, we will be on GBP 2.8 million instead, and that's 6% higher than for the full quarter of 2021. It's important to remember that this is the start of the quarter. It's only for the first 23 days, and it's a strong start. But we're also expecting to see a massive activity increase now start of the World Cup happening in only three weeks away from now. Of course, sports betting gross winnings revenue has also been impacted by margin too, but that remains in line with the margin that we experienced during the Q3 for 2022, but also the busy sports calendar, as I mentioned, with the creating space for the World Cup now that is happening in November and December. A strong trading update. If we look at the various elements, we have a solid underlying growth, and we see encouraging activity ahead of the World Cup. The majority of our markets is showing a healthy growth and a positive sequential trend in customer activities, which of course is part of the plan in the build-up towards the start of the World Cup now in, on the 20th of November. We see a significant improved profitability in underlying EBITDA margin and free cash flow, which is a good indicator of our scalable business model. The Netherlands is exceeding our expectations and the strong performance has with this encouraging customer growth and positive EBITDA contribution already during the first month after launch. That is, of course, very positive also for the longer term. Important strategic values are now in place and the financial targets are set for 2025, and the outlook is strong, and we will drive significant shareholder value over the coming years. We of course look forward to very much to the fourth quarter being extremely busy with the peak season that is always happening, and on top of that, this year we have a World Cup as well. Of course, there will not be the normal league events during the quarter, but those events will happen then later on in the season, and we'll still expect the fourth quarter to be a really active and good quarter for the group. With that concludes the presentation. I invite Patrick back up for a Q&A. Welcome, Patrick. Thank you, Henrik. I'm sure there will be a lot of questions from the audience, but as a warm-up, I would like to start with one question that we received from the web. It's a question which is to some extent already addressed, but the question is the following: Can you give some color on your total negative profit contribution from the U.S. so far and how you expect this to develop going forward? When do you expect to have positive profit contribution from the U.S.? Yes. As I said, in 2020, we are now been live in seven states. We're gonna reduce that to six for after Iowa, and then we're going increase it to seven again with Washington then in beginning of next year. So we have been on an investment position across our state footprint, and that is what we've been saying all along, that it will take some time, a few years to get to profitability in the US. We of course have regrouped and refocused our efforts during the last 18 months to really focus on our multi-product states. We're still in investment phase also across those ones. What we said here, as I just highlighted, is that we're expecting the contribution for 2022 to be negative from a further investment compared to 2021. From 2023 onwards, we will see a gradual improvement, and as we said at the CMD that we will be on positive contribution or break even in 2026 across our current state footprint. We're very confident that this is a good investment still for the longer term, and we know exactly what we need to put in place, and we are doing that. As I said, we see already now with the existing setup, we see some positive signs of developments, and we're expecting those to become more visible over the coming quarters already. Very good. Thank you. The second question from the web is about the Italian market and what you expect from that one. The Italian market, as I said, grew 30% year-over-year, but it's to be fair from relatively low levels, so it's still quite a small market for us. It remains a little bit to be seen with the new licensing regime that's coming up and everything. Of course it's a big market from a population point of view, so we are evaluating our options more for the longer term. Clearly very encouraging to show a 30% increase year-over-year in Italy. Before opening up for questions from the audience, we have a question about the macro environment and if you're seeing any impact from the tougher macro backdrop on your demand. We're not seeing anything yet, and I think it's worth pointing out yet 'cause it's a little bit hard to tell. In previous economic turbulent times, we have not seen any tangible proof of impact either, so if that's anything to go by. I think what some have said before is that the sector is perhaps resilient but not immune. It's a little bit hard to identify exactly these kind of impacting factors. As we're having an underlying good growth trend from the conversion from offline to online, that could be masking some of these effects that could be there. So far so good. We have not seen any impact yet, but of course something that we're following very closely, and we will come back to no doubt in coming quarters as well. So far so good, I would say. Thank you. With that, I would like to open up for questions from the teleconference. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Oscar Rönnkvist from ABG. Please go ahead. Thank you, and good morning, guys. First of all, I just had a question on, I saw that you said something about a higher margin in Q4 than in Q3, Henrik. Could you just give me some color on what factors you assume to get there? I'm mainly thinking about the marketing assumptions here. Yeah. No. The trend that I was referring to is what we expect to see as we did after 2019 into 2020 as well, where we see gradual improvement. As you know, for Q1 we had 9.9% underlying EBITDA margin. We had 10.6% for Q2, and now we have 14.5% for Q3. That kind of trend is expected to continue over time to reach the kind of financial targets that we set for 2025. Of course we're not expecting it to be completely linear, as we said, so that is what it will be. Due to Q4, which is normally a very strong quarter, and high season, we expect still the margin to continue to improve going forward and to reach that long-term average margin that we communicated. Just to clarify then, you're not talking about Q4 isolated, regarding margin, or are you talking about the sort of rolling 12 months? We're expecting to see an improvement, sort of, quarter on quarter over time. Again, not saying that it's a given that it will be quarter on quarter sequentially always an improvement. The logical thing now that we have the Netherlands for a full quarter in Q4 and we're also having the World Cup and the strong casino that we normally see in Q4, it should bode well for the underlying EBITDA margin as well. All right. Preparing for the World Cup and also, I mean, ramping up the Netherlands, how much have you put in marketing regarding World Cup and the Netherlands, when looking at marketing? Or should we expect sort of a steep rise in marketing costs in Q4. Yeah. Could that be sort of a normalized? Yeah. As I said, we reiterated our guidance for mid-20s% for the full year, and we are bang on that, already now after nine months. That would indicate that Q4 will also be around that level, if anything. Of course, we will seize the opportunity. It's a unique opportunity we have every other year when we have a major football championship to both take in new customers and also reactivate our dormant database. We will of course seize that opportunity and which will lead to marketing investments. It's also important to remember that then we're building our database to a new level normally, and that means that in the first quarter we will come in with a higher activity base as well, which is good then for the coming quarter and during 2023 as well in this case. All right. Understood. I have a question on the trading update. If you could give any color on how we should view the trading update versus the remainder of the quarter. I mean, shouldn't it be fair to assume that the World Cup and casino seasonality should support the latter part of Q4 quite significantly? If you have any comments on that? Yeah, that would be logical. That's what we're expecting as well. As I said, we're expecting a significant activity increase now from in the period around and after the 20th of November. September-December is a strong casino quarter, month normally during the quarter, so that will also be expected. Absolutely, the peak of the quarter should be ahead of us. I'm sorry, did you say December should be the strongest casino quarter? It's casino month during the quarter. Yeah. That is normally every year the December is the strongest casino month during the year. Great. Thank you. Just a final one on the UK growing 10%. Do you have any color on what that looks like sequentially from Q2 levels and what we should expect going forward with the White Paper a bit stalled, maybe? No, I don't have that number. Can I make sure that? In front of me, to be honest. You can find that if you look at, probably, the CMD, but also the Q2 presentation. No, it's. We've put a lot of efforts in place and, as I mentioned, we have now implemented and installed and introduced monthly and yearly deposit limits on all accounts in the database and also doing financial stress checks across the customer database. Those ones are showing the highest exposure to financial stress are not allowed to register even. We have worked very hard during the last couple of quarters to introduce further measures and it's still sort of remains to be seen and sort of a negative impact really coming from those. Logically they will be impacting again the higher value segment. It's worth highlighting though that already Q3 last year we started to introduce affordability measures and now we've sort of gradually been introducing further and further measures during the last twelve months. We've also been working and that's mostly impacting the high net worth segment. We've of course been working very actively across the database as well and the different products, customer segments. In the mid-tiers we've seen a very strong development offsetting to some extent those impacts that we're seeing in the higher value segments. Overall then up 10% year-on-year, which is encouraging, and of course we'll come back in the coming quarters with the impact there. At the same time, we believe that us being not one of the largest operators in the market, we are in a relatively good position in the overall scheme of things in the market. Of course, we are also waiting for the White Paper and to see what's gonna happen with that, if it's back on the table now again with the new prime minister or what's gonna happen. It's something that the industry's been looking for for a long time to get more clarity from the U.K. market. In the meantime, we have introduced these measures, as I mentioned, and are very confident that we are in a good place overall in the market. Great. Think that was all for me. Thank you very much. Thanks, Oscar. Thank you. The next question comes from Georg Attling from Pareto Securities. Please go ahead. Good morning, guys. Starting with a question on the Netherlands and specifically with regards to the trading update. It seems like the average daily gross winnings. Color on the acceleration in the Netherlands and in the beginning of Q4, because it doesn't seem like that has happened. Yeah. Hi, George. Now I can understand what you're looking for because the 460, 476 compared to what you had around 500,000 then for the start of the fourth quarter. It's also a bit of rounding there as well. The long-term trend remains very, very strong that we're seeing a gradual increase. Of course, that will not continue forever, but we still see a very solid continued development into the fourth quarter as well in the Netherlands. Okay, thanks. The second question. You mentioned that you're doing some adaptations to the website in Norway. In Norway, if I'm correct, could you just elaborate on these changes and how that will impact the offering. Yes, absolutely. Out of respect for the ongoing legal process in Norway, we won't go into too much detail around the process. Again, just to highlight, as we issued on the seventh of October in our press release that we are passively accepting customers from Norway in our sites in Malta, and Norwegian customers are completely free, in our opinion, to choose freely where they want to commit or conduct their gambling. And that is the situation as it is. To further emphasize that we're not targeting actively Norwegian market, we have agreed to make further changes to our sites to make sure that that's even more clear, and that's what we have done during the sort of the latter part of the Q3 and now into the Q4 as well, or basically into the fourth quarter. We can come back on that later, but we believe that the Norwegian market is similar to the other markets that we've seen going through a local regulation. It's in the same trend, but it's more a question of time in that sense. It follows a similar pattern to what we've seen in the likes of Sweden and Netherlands, where over time, it's to the benefit of everyone in the market to introduce a local regulation from both customers, from media and sports, for governments and stakeholders, and also for operators, of course, to get more clarity and create a positive development in the market and also from sustainability aspects point of view. We're fully convinced that that's where Norway is heading over the longer term, but this is sort of a normal development in the lead-up to a local regulation. Is it fair to say that these changes isn't having a meaningful impact on revenues in the country? We cannot comment on that as such, but we have done similar changes in the likes of Netherlands historically, but that was part of the local regulation process there, and we didn't see a material impact from that then. But of course, that remains to be seen a bit in Norway. But again, we're doing this as a step to further emphasize that we are passively accepting Norwegian residents. Okay. On the PAM licensing in New Jersey. First, is this sort of Q4 that's your sort of expectations for the license? When you get the license, how long will it take before you go live with it? Sorry, I missed that in the beginning. What did you say? The PAM. The PAM. Okay. The license. Okay. That's the regulatory certification. Now, as we said, we're ambitious with that to launch during the third quarter. We submitted our platform for regulatory certification already in June this year. Of course, it's a work that we do together with the regulator, but also with our other partners and other stakeholders involved in the lead up to go live. Unfortunately, we could not put that in place for the third quarter, but it's progressing, and we're confident that we can do that within the coming couple of months. But of course, as we're nearing Christmas as well, it could well fall just into the new year as well. That's the timeline that we're working towards right now. We're approaching the final stages in this process. As I said, as soon as we get that clarification and we're expecting then to go live immediately after that. That should be early next year at the latest, we hope right now. At the same time, we're working in parallel with the second state launch, and that's not impacted by the first one in a sense. These are more kind of specific state-by-state processes. Overall, we have this, the hardware is installed and the platform is sort of there, but it's not possible to sort of switch it on just yet. Again, as we said previously, we are optimistic that this will give us better opportunities in the market where we can provide the local team with the backing of the full group, and also more significantly improved tools and aspects of running the business as well, when we're live with our own technology in the market. Okay. Got it. Just a final question on the EBITDA contribution from North America. Is this a run rate that you think will be similar in 2023, the Q3 run rate on EBITDA? Yeah. The 23 numbers is sort of in that region. We see a gradual improvement towards the break-even in 2026 across our current footprint. That's absolutely the plan. Okay, great. Thanks a lot. That's it for me. Yeah. Good. Thanks. The next question comes from Simon Davies from Deutsche Bank. Please go ahead. Yeah. Morning, guys. A few from me, all on the Netherlands, if I may. Firstly, can you talk a bit about CPAs in the Netherlands? You previously alluded to these being much lower than you'd anticipated. What are you seeing in terms of marketing spend in the Netherlands? 'Cause it looks like your incremental margin there is somewhere close to 50%, which suggests very little in terms of marketing spend. On the same subject of marketing, can you talk a bit about your strategy for the World Cup? Are you gonna ramp up marketing given these attractive CPAs? And what do you think your current market share is in the Netherlands now? Thanks a lot. The conditions in the market is with marketing restrictions being sort of further and further introduced, which as you say, it means that we can spend less on marketing than we perhaps envisaged. But at the same time, we have seen a very good intake and activity and conversion to revenues as well. CPAs are more relevant to look at the early stages, and then gradually they become less relevant because most of the marketing and customer activities will be related to more retention than to acquisition. Very attractive CPA rates from that perspective, but it's sort of inherently in the marketing restrictions reality. In some ways we have not been having to spend as much as we envisaged, and at the same time we've had a sort of a higher intake and activity than we expected. That is a kind of double positive in that sense. When it comes to the World Cup, of course, across our markets, we'll see this as a great opportunity to reach a broader audience. It's unique, as I said, every other year when there is a major football championship, the contact areas between potential customers and us is closest, as it can be for every other year period. Of course we want to take that opportunity to really try to entice customers to come in and experience our products and services in a safe and secure environment. That is what we will be doing in the Netherlands, but also across our other markets. Of course, in the Netherlands, we will stay well within the boundaries of the code that we've been agreeing in the trade association in the Netherlands as well. We've been very encouraged so far in the Netherlands that we've had a very high spontaneous intake of customers. Which of course is very good. I think it's also testament, as I said, to the hard work that we put in preparing ourselves for the launch and having a high quality offer, being the only operator with all three apps in the App Store as one example, but also exclusive slots content and the partnerships that we have created and the team has established within football clubs as well, which is making our offer better than others, and then also having a better sort of reach as well. Can you talk a bit about market share? Where do you think you are now? Yeah, the market share, it's a little bit difficult to tell exactly. As you say here, we are confident to reiterate our ambition for a 15% market share in Q4, and we should hopefully not be far away from that already. Again, we will have to wait and see official numbers until we can sort of tell exactly where we are. At the same time, we're not sort of focusing on that so much. We're more wanting to attract the customers to us to play in a safe and secure environment, and then numbers will be what they are. We are very encouraged by the developments thus far in the market. As I say, we see that trend continuing quite well now into the fourth quarter as well. Sorry, just on the incremental EBITDA margin, do you think that's sustainable at these levels, or do you think that comes down as you push up marketing? Well, it depends what's gonna happen on the marketing restrictions. Clearly, any further marketing restrictions, it's a bit of a double-edged sword. It's a benefit for the larger operators, but of course also levels the playing field with the black market as well. It's a very delicate balance to go there for the authorities to. It's tempting to introduce severe restrictions, but the flip side of that coin is that the black market could stand to benefit from that when the playing field is more even between them. It needs careful consideration, but it's of course tempting if you think that it's excessive marketing to introduce restrictions, but it will come at a cost as well. Of course, as you say, the flip side for us is that the margins will be higher than if we cannot invest in marketing and back into society. Great. Thanks. Thank you. There are no more questions at this time, so I hand the conference back to the speakers. Thank you. There are a few more questions from the web that we will take here. The first one goes back to the discussion that we had here previously about Norway. There's a question, which is the following: Why has Kindred not applied for a license in Norway? Yes, we have applied several times, but we have been turned down, and we have not been given one, and that's part of the arguments that we have in the justifications for a monopoly. It has to be fair and transparent license awards, and that's what we're challenging in Norway, that we have applied and we've been dismissed, and the licenses have been granted exclusively to the monopolies. That is court cases that we have succeeded on in other markets like Hungary ourselves, but also other operators in other markets which have succeeded. That's one of the fundamental principles of the EU treaties and the EEA treaties, which Norway is subject to as well, that you have to have a fair and transparent license award, and you cannot justify a monopoly for financial reasons. That's part of the overall legal process. Yeah Very good. Moving over from Norway to Belgium, and the question is the following: how do you anticipate the imminent advertising ban in Belgium impacting the overall company performance? Well, the advertising bans is as we said here in the Netherlands, as we are one of the market leaders in the Belgian market, we are probably the one that will suffer the least, in a sense, from those kind of things. Again, as I said, it's a very delicate balance overall that restrictions on freedom of speech or albeit commercial or anything will sort of lead to negative aspects as well. That is a fact. Mm-hmm. We are confident that we can manage with those restrictions that are coming. taking the final question from the web, and it's a mode of distribution to shareholders going forward, buybacks or dividends? Combination. What we have done, we have had a solid underlying cash element and then combined with share buyback elements on top of that. That's what the board has communicated, and that's what we have been doing and we're planning to continue to do over the foreseeable time until we communicate anything different. Very good. Thank you very much. I'll leave it to you for the final remarks. Thank you very much, Patrick. Again, thank you very much, everyone, and also very pleased that we could show now a sequential improvement in our underlying EBITDA margin. As I say, we're expecting this now to continue to normalize over the coming quarters and years towards the long-term average and the target that we set for 2025 of 21%-22%. Again, really looking forward to the fourth quarter now with the World Cup and everything that's gonna happen during the quarter and look forward to see you back in February. Thank you very much. I look forward to seeing you in February.