Good morning, everybody, and welcome to Kindred Group's Q4 2022 earnings presentation. My name is Patrick Kortman, heading Corporate Development and Investor Relations, Kindred Group, and I'll be moderating the Q&A after today's presentation. With this short introduction, I would like to hand over to Henrik Tjärnström, Kindred Group's CEO, who will walk you through the presentation. Welcome on the stage. Thank you very much, Patrick. Thank you very much, everyone. Warm welcome, as Patrick said, to our Q4 2022 presentation. Just to say a few words in general about the quarter. As you know, football is our largest sport by some margin, and every other year, we have a major championship, either through a European Championship or a World Cup. These are unique opportunities for us to both acquire new customers and also reactivate our large historical database. Normally, these championships takes place during a seasonally slower second and Q3 when there is not much else football going on. This was, of course, the first time when we saw a World Cup happening in the winter period in the busy Q4, which is normally the strongest quarter for both casino and games and also for sports. Given the new scheduling, it was very difficult to say what the activity would be, and also whilst we generated significant intake and activity of customers, the turnover and the overall margin did not meet our own very high expectations. It was known in advance that the scheduling and the disruption of the sports schedule would happen during the Q4. Our expectations was that the tournament would actually compensate for that and overcompensate also for the slower period before and after the tournament. We knew that it would be around 200 less major sporting football events during the quarter. The benefit is now, of course, that these will happen now during the first and the Q2 of 2023. Big positives during the tournament was still our, the level of continued and strong development that we're seeing in the Netherlands, but also the high activity base with our second-highest-ever active customer base. I would also like to take the opportunity to thank all my colleagues at Kindred for all the hard work making this possible. Thank you very much. If we look at today's and the outline of today's presentation, it will be as follow. We're gonna start with some highlights for the Q4 2022, and then look at the business overview with all the various elements you can see here, and then round off with a summary. If we look at some key highlights, as you can see here, we have on a reported numbers basis, we have strong growth, 25% up in revenues to GBP 305 and a half million. Of course, last year's, we didn't have any contribution from the Netherlands, which we had this year, and that clearly helps the picture. Still excluding Netherlands, we still had an increase of 3% year-on-year. Again, locally regulated share of revenues came in at 81% for the quarter, a new all-time high. Underlying EBITDA, even though it was a significant step up from last year to GBP 39.1 million, it did not meet our high expectations. We had still an underlying EBITDA margin of 13%, considering the strong developments in the Netherlands and the increases we've seen in tax rate, and more on that later. Also, free cash flow, significant improvements to GBP 30.9 million for the quarter. Active customers, as I mentioned, our second highest quarter ever on 1.83 million customers, up 25% year-on-year. Net cash stood at GBP 39.2 million after the quarter end. Of course, as I said, the Q4 did not meet our own high expectations. As a consequence, we're taking immediate actions as well to improve profitability. I will come back to that in a few slides' time. If we look at the revenue development, quarter by quarter and also for the last couple of years, you can see it here. We came in on GBP 305 and a half, as I just mentioned. If we would have had, just to highlight a few items that explains the shortcoming to our high expectations. For one, the lower-than-long-term average sports betting margin, which we'll also come back later in the presentation, if that would have been more similar to the, to the rolling, last 12 month, we would have been around GBP 10 million higher revenues. If we look at the market developments, as we highlighted already on the 12th of January, we saw Belgium and Norway underperforming compared to our expectations. Actually they shrank with around GBP 6.1 million for the quarter, and we would have expected a similar growth. That would have been around GBP 12 million extra contribution to revenues. The Astros winning the World Series in baseball led to a GBP 4.4 million impact also on revenues. If you just summarize those three elements, you would have come to around GBP 25 million, GBP 26 million extra revenues that would have come on top of these GBP 305 and a half. The growth then would have been more similar to a 35% growth. Of course, Netherlands exceeded our expectations. These are normal and not trying to explain a just the negatives, but also to highlight that the underlying business is performing very strongly, and that is what gives us confidence also for the future outlook. If we also look at the cost improvements across the P&L, it's very encouraging to see the development we're seeing across our different cost KPIs. As you can see here, a consistent trend across all elements, and actually improvement on also cost of sales, but also marketing, salaries, other OPEX, and also on the CapEx level. These are of course also normal as we grow the revenues on the back of the relaunch in the Netherlands, but also given that we have in the Euros and World Cup championship quarters when we have a very high marketing investment during the run-up to the tournaments, that is also impacting the numbers. As you can see here, marketing as a percentage of revenues came in on 25.2%, both for the quarter and also for the full year 2022. We expect the marketing for 2023 to come in a couple of percentage points below this level. Again, very encouraging to see the consistent improvement across the different cost elements. Again, we're expecting this trend to continue also on the back of the initiatives that we're taking to further improve our profitability. These elements are also reflected, as you can see here, and also, as we say, even if we see a significant year-on-year improvement of 42% up in underlying EBITDA or reported EBITDA for the Q4 to GBP 39.1 million, compared to the GBP 27.6 million in underlying EBITDA for Q4 2021, we still clearly have an initiative then to further improve our profitability to ensure that these profitability is picking up gradually now into 2023 and beyond. It's also worth highlighting here, as you can see, that after 2019, which was a challenging year, we saw a very strong comeback gradually throughout 2022 and also into 2021. That's also what gives us confidence that these are normal patterns of lower profitability in connection with the re-regulation processes, 2019 in Sweden and now 2022 in the Netherlands, and that's also will help to contribute to the coming quarters. Some of the immediate actions we are taking, as you can see here, and we also mentioned these already at the time of our trading update on the 12th of January, and we have grouped them into three different categories to both improve the profitability short and medium term. That's to first and foremost, the first element to reduce losses in North America, actually decreasing our marketing spend in our market prior to launching our own platform across our footprint. We're also taking actions, as you can see in the report, we've exited Iowa in December 2022, and we're also not gonna utilize one of our unnamed market access opportunities that we've had in our portfolio. Again, similar to what we said, throughout the last couple of years, we are constantly refining our operations in any new market we're launching, and then North America is no difference to that. We're really further improving our profitability and expecting to see a significant improvement in our EBITDA contribution from the North American market in 2023 compared to 2022. Other elements is re-prioritizing our investment projects to really free up resources to really be able to put more focus on the really key strategic initiatives, such as KSP, to further reduce cost. To further optimize our operating expenses and really to reduce the growth rate of our OPEX levels and reviewing all cost items for efficiency purposes. We also developed a refreshed spend plan for 2023 that includes recruitment freeze for non-essential role, travel restrictions, et cetera. Really, this is what we always do, but we're taking further actions now to really improve our profitability in the short and medium term. If we look at the FX developments, it's been fairly neutral across our basket of currencies, but you can see some bigger swings in certain currencies. Overall, though, relative limited impact. You can see here that we have around GBP 2.8 million positive effect on revenues, but also a GBP 1.1 million negative effect on EBITDA. Basically, if we would have had unchanged FX rates, we would have had around GBP 1.1 million higher underlying EBITDA. Overall, fairly small developments in the scheme of things. If we look at the business overview, and to start again with the World Cup and highlight a little bit more details around the World Cup, which we always do in connection with the end of the tournaments. As you can see, some highlights here on the left with a 42% increase in the posting players compared to the Euros 2020. Again, really strong developments, as I said, on intake and also reactivation. We had 16% of our total sportsbook turnover in the Q4 was driven by the World Cup. Here you can also see that for the Bet Builder, which was an intentional push that we did around the tournament, we had strong developments with the highest ever turnover event for Bet Builder. Also, 35% of the World Cup players used Bet Builder, and it drove 10% of the World Cup turnover. The 22% margin that we generated on the Bet Builder drove 15% of our, the total World Cup gross win. Also, as we said, timetabling meant that around 25% fewer top football league fixtures in the Q4 compared to Q4 2021. As I said, the positive is that these have not disappeared. They will resurface. Most of them will happen now in the Q1 2023 and the Q2. if we look at the numbers in more detail, the active customers, as I said, a really strong tournament from that point of view, 904,000 active customers across the whole tournament. As you can see here also, turnover was fairly evenly balanced between the group stages and the knockout stage. Also as there was significantly more upsets in the beginning of the tournament, we had a stronger gross winnings revenue generation during the group stage than the knockout stage. That can also be seen here in the margin development, which was significantly higher in the beginning than at the end of the tournament. That also meant that the total margin came in on 14%, which is in line with what we saw also in during the Euros tournament last year. A positive is that the tournament exceeded 2020 Euros in turnover, and we had now the World Cup final getting up to second place in our all-time high ranking. It's only beaten by the World Cup final in 2018. Again, really a strong activity event, but did not reach our high expectations as such, but some really positive developments. If we look at our share of locally regulated revenues, as I mentioned, it's a new all-time high on 81% in the Q4, and we really continue to focus our growth in our locally regulated markets. As you can see here, they grow much faster than our other markets, up 38% compared to 11% for our other markets. Netherlands, as you can see here, is also a very strong development in 2022 for the H2. As you can see also here on the right-hand side, we are very pleased to show that the increase we've seen in betting duties has been substantial over the last two quarters of GBP 45 million increase over the last two quarters alone, that we can still show that the underlying EBITDA margin, albeit that we're not satisfied with the development, we're still seeing that it indeed has bottomed out now and are on the rise as expected. Now we're seeing that trend to pick up and continue towards our financial targets of 21%-22% underlying EBITA margin for 2025. If we look at the active customers and also the ARPU level, you can see here that again, the second highest ever activity quarter, of course, assisted by the World Cup, but also the comeback in the Netherlands. If we exclude the Netherlands, the growth of 25% would have dropped to still a 12% increase, which of course is still very, very strong. The ARPU at the same time decreased by approximately 2% compared to the Q4 of 2021. If we look at the really long-term trends here from 2011 to 2022, the compounded annual growth rate in active customers are 14%, and the ARPU growth has been 2%. Again, we're continuing to grow the business in a sustainable way by increasing actives faster than the ARPU. If we look at the split by product, we see a fairly stable development compared to the Q3 of 2022, where casino games now came in on 54% and sports on 41%, and poker and bingo sharing the remaining 5%. Of course, as we highlighted, sports betting, the World Cup distorted the calendar in Q4. And we still increased our revenues from sports betting with 20% compared to the same period last year. Excluding Netherlands, it would have been more or less flat. The, the racing product contributed to 5% during the quarter. Casino games, also strong growth, 25% up, but also excluding Netherlands, it was flat compared to the same period last year. Poker and other products are stable at around 5%, but Poker grew with 19% in the Q4. Stable developments and solid developments across our product base. If we look at the sports betting margin in more detail, worth to highlight and reiterate that for us, we work very actively with trying to optimize the margin rather than maximizing he margin. We've added one line now in this graph, which is the rolling last 12 month margin. If you look at certain quarters, of course, the development is more volatile, but as soon as you add sort of a rolling 12 months, you see much more stable development, as you can see on the yellow line here. You can also see that for the Q4, we came in on 8.9%, as I mentioned, which is lower than the long-term average, dotted line of 9.4%, and also the last 12-month rolling average of 9.5%. Of course, it's also good when there is lower margin, it means that customers are winning more, and that also creates better loyalty for the longer term. That's really why we're really working hard to optimizing the margin rather than maximizing it. If we look at the split by region, you can see here that the developments now, the strong comeback in the Netherlands, we really see a Western Europe segment that is picking up speed and increase from 56% in Q3 to 60% now in the Q4. Strong developments, not only in the Netherlands in the Western Europe segment, but also in France and UK that was in line with prior-year comparatives, which is positive considering the further affordability measures that we introduced during the third and the Q4 of 2022. Belgium, as we highlighted, at the trading update on 12th January, declined by 15% in local currency against prior-year comps, as we highlighted then and also in the report this morning, that is largely driven by the introduction of the deposit limits on the 20th of October. As normal, we see these kind of developments to take some time for both the customers to navigate around these, but also for us to improve the customer experience around these kind of measures. The positive side is that Belgium actives actually grew with 42% year-on-year in the Q4. We're seeing a broader database, which means a more sustainable database also for the longer term. A positive development, albeit that did not expect Belgium to decrease this much, as I said, rather to grow in around the World Cup. In the Nordics, we saw gross winnings revenue increasing by 4% driven by solid performance both in Sweden and Denmark, therefore offsetting the negative development we saw in Norway, that with further changes that we implemented to further highlight that we're passively accepting customers only from the Norwegian market. CEEs development remained firm on 10% for the quarter, helped by a strong development in mainly Romania, gross winnings revenue actually increased 7% versus the same period last year. For the other segment, we actually saw a decrease of 20%, largely due to the one-off payout on the Astros win. If we exclude the Houston Astros, we would have seen the other segment to grow with 9%. Of course, that is part of the business, and hence the reported is down 20%. Strong underlying KPIs, as we come back to in the North America market. That is where we're coming here. As you can see, the Q4 was impacted by the single largest ever payout that we've had in Kindred. That was resulted in the reported revenues from the North American market coming in on GBP 4.4 million for the Q4, a 38% reported decline and approximately 44% decline in constant currency. If we would reinstate that to look at the underlying metrics, we would have had an GBP 8.8 million of revenue generation, and that would have been an increase of 24% as reported or 9% in constant currency compared to Q4 2021. Quarterly actives also grew with 16% in the Q4. That is still whilst we're on our third-party platforms in North America. Our proprietary platform launch is nearing, and it's under the very final stages of regulatory approval now in New Jersey, and we're expecting to launch that within the coming couple of weeks. That would, of course, be a very important milestone for us. Albeit that is not completely comparable to Netherlands, it will still mean that we can actually provide the same tools and systems to and support from the Group into the local team as we have done very successfully in not only Netherlands, but also most of our other markets. Again, really see this as a major milestone for us to change performance in North America. In the meantime, we're focusing on improving our cost efficiency, as I said, including to reduce marketing spend until we have rolled out our platform across the different states. That's also what we're saying that the contribution that we saw from 2022 in North America is at the rock bottom, and we're expecting significant improvement in our contribution in 2023 compared to 2022 for the North America market. If we look more detail on the Netherlands and the strong performance we are happy to show there, we also that is exceeding our own expectations. We see a continued strong intake, but number of active customers now for the Q4 reaching 209,000, a 53% increase compared to the Q3 of 2022. Again, just highlighting the fast ramp up. Of course, to be fair, the 53% is also assisted by the World Cup tournament, which is a big event, especially for a market like the Netherlands, but still very strong underlying development, and the trend is very, very positive. Gross winnings revenue reached approximately GBP 53 million for the quarter, a 63% increase compared to the Q3. Again, just highlighting the ramp-up in the Dutch market. The positive daily active the daily average gross winnings revenue development remained throughout the quarter. As you can see here, the daily average revenue generation was GBP 580,000 per day during the Q4. That trend is now continuing also and was higher at the end of the quarter. We're also confident to say that based on the performance in Q4, we have now reached a top three position, and we're also firmly on track to be the number one operator during 2023. If we look at Relax, also very strong developments. It grew 64% in Q4 year-on-year. Also to be fair here, some of our, the Relax operators, were impacted in Q4 2021 on the back of the ceasing of services to Dutch residents. Nevertheless, very strong developments as you can see here over the last couple of quarters. It amounted to total revenues then of GBP 13.3 million, of which includes a GBP 2 million revenue restatement relating to the first three quarters of 2022. There is much more detail you can find on that on page 12 in the quarterly report. The total revenues, excluding this adjustment, was still up to 64%, GBP 11.3 million for the Q4. The reported B2B revenue, excluding the Kindred element, came in on GBP 8.4 million for the quarter. Strong development in that. Also the gross profit contribution from Q4 was GBP 8.7 million, versus GBP 6.1 million in Q4 2021. Also during the quarter, Relax signed 23 new operators and had 9 network Dream Drop launches of own content in the quarter. We also launched in Kindred our own first exclusive title that was developed in collaboration with Relax in December, and several more games are planned to be launched during this year. The earn-out provision, as you saw, has also been reversed in items affecting comparability for Q4. It's also worth highlighting that development is on the back of very ambitious earn-out targets that were set in negotiation with the selling shareholders at the time of the acquisition. It's not reflecting on the strong performance that the team in Relax have delivered. If we look, similar to Relax, which is a part of our strong focus to improve product control and customer experience, our in-house sportsbook will drive scalability and mitigation of risk for Kindred. This is a slide that we showed in connection with the Capital Markets Day in September, and we just wanted to reiterate some of the points that we're mentioning here. One is about giving us complete control of the speed and flexibility to differentiate, respond, and innovate in an ever-changing gambling landscape. Of course, for us, it's key to do that over exactly our footprint and also based on our own priorities, so getting really better control in that sense. From a supplier security point of view, we have a complete reduction than in risk of uncertainty with a full platform ownership and diverse supply chain. That's also for all the different sports book elements that we possess in the business by the KRP that we're already doing in-house, the French business, and also all our other markets. Of course, also to highlight that this comes with a robust financial model. We have a highly scalable financial prospects, creating a significant greater sports profit margin, as I will show in the next couple of slides. We're also very pleased to reiterate that the KSP remains firmly on track for test launch towards the end of this year. We've seen solid progress across all areas and significant milestones, as you can see here on the right, has been delivered throughout 2022, we're entering 2023 with a very positive momentum. Of course, we have a lot of milestones to tick off also during 2023, but really encouraging that we are on track against our plan. We've also been very successful in securing an extensive wealth of experience and really being able to attract really top talent from across industry, which is a key element to de-risk also the delivery of the overall project. Of course, focus now for 2023 includes finalizing the key product features and rollout planning, as well as obtaining the certifications and regulatory approvals that are fundamental to operate our independent sports book. We're again, we're on track for a first test market launch towards the end of this year and start the rollout during 2024. If we look at the financial case, we're very confident in the not only strategically sound but also operational confidence that we have, but we also expect material financial benefit from the KSP implementation. As you can see here, we're expecting and logically then carrying a bit of double cost now for the couple of years. The investment, as you can see here on the right-hand side at the bottom in the red shaded area, is what we need to do to be able to reap the green area under the graph from 2025 onwards. We're expecting to have a positive cash flow contribution already in 2025 following investments now will be peaking during 2023. Post the full implementation, the decrease in total cost for our sportsbook betting, sportsbook betting business, as you can see here, is estimated to translate into around 500 basis points of improvement in the profit margin for our sportsbook betting business. That's basically across the full sportsbook supply that we have today with, as I said, with the KRP, our French business, and the rest. As you can see here on the top, right-hand side, that equates to, if you look at 2021, on around 9%, and then if you look at 2027, of around 4.5%. That is really sort of taking us in that direction. As we said already in February last year and reiterated at the Capital Markets Day, the we're expecting a contribution to improve with at least 200 basis points of positive EBIT margin impact after 2025 when the platform is fully rolled out. A solid financial case on top of the strategically sound and operational confidence in the plan ahead. Our dedicated focus on our Journey to Zero is continuing, and just to reiterate that we are really firm on our long-term ambition, and we're not deviating an inch from that. We're really steadfast on taking ourselves towards zero, but we've been transparent to say that towards the end of 2023 will be a challenge. Of course, it's a vision that we always had. We're very encouraged to see now that, as expected, the contribution fluctuates between the quarters, but we had a drop down again now in Q4 to 3.3%, which is positive, especially considering Q4, which is normally a slightly higher quarter in this sense. Again, that adds to the positive of the decline from 3.8 in Q3 to 3.3% now in the Q4. We have also done that with a stronger focus in Q4 against the younger demographic and reducing harmful gambling and improving the existing intervention. Share of revenue from high-risk players, 3.3%, and also big or positive development in the improvement effect after interventions of 82.1% now in the Q4. That's also positive. We also hosted our 7th consecutive Sustainable Gambling Conference in October last year, and at this time in the Netherlands, and we had over 250 attendees in person on the venue and also a further 250 online. The time of the year regarding a dividend, we're happy to inform the shareholders that the board is proposing an ordinary dividend. The policy is based on a stable ordinary dividend complemented by share buybacks, as the board reiterated at the time also of the Capital Markets Day in September. For this, for 2022, the board is proposing an ordinary dividend of 34 and a half pence per share or GBP 0.345 per share SDR, equivalent to approximately GBP 75 million in total payout, paid out in two installments, one in May and one in November as of the last couple of years. The total payout ratio of dividends and buybacks should over time equal around 75%-100% of free cash flow. This was an adjustment that the board made at the time of the CMD in September. If we summarize the Q4, and we look first at the strong start of 2023, we're very pleased to report this morning the trading update for the first 36 days of 2023. As you can see here, we've seen a strong development across both casino and other, and also in sports betting, and especially in sports betting, aided by a higher-than-long-term average margin of around 12%. Nevertheless, the total average daily revenues for the first 36 days came in on GBP 3.7 million for the period. That is a very strong start. If we exclude the Netherlands, it would be 9% higher than for the full Q1 of 2022. Again, strong start to the year, which is also expected and also normal, as we say, with a lower-than-long-term average margin in Q4 and higher than long-term average at the start of the Q1, which is perfectly normal swings. Of course, we will look to carry this active base that is on a higher level now from the World Cup into Q1 and also throughout 2023. If we summarize, we have strong confidence in the outlook despite the unsatisfactory developments that we highlighted during the Q4. It fell significantly short of our expectation, but can largely be attributed to few one-off items and headwinds in Belgium and Norway, as we mentioned. We've seen, despite the overall performance being below our expectations, several of our core markets, especially the Netherlands and France and also Sweden and Denmark and Romania, continued to perform well with strong customer intake, resulting in the second highest recorded number of active customers in the Q4. Immediate actions are being taken to further improve our profitability, and Kindred we estimate that our underlying EBITDA for 2023 to reach at least GBP 200 million, assuming our long-term average sports betting margin will take place. That the in-house sports book will mitigate risk and drive scalability with material financial benefits after implementation to our shareholders. We've also had an encouraging start to the busy spring of sports, and the World Cup disrupted the sports calendar, which will now result in this busy spring. Again, just to reiterate that, as we mentioned at the time of the trading update on 12th January, remain firmly confident in our financial targets for 2025. That concludes the presentation, and I invite Patrick back up for a Q&A session. Thank you. Just about starting with one warm-up question here from that we have received from the audience, before then handing over to the participants on the teleconference. The question comes from Eric Invest, and it's around the BetBuilder. Mm-hmm. The question is BetBuilder in France your own or do you use Kambi's BetBuilder in that market also? It's not our own, and it's not the Kambi one. It's an external one that we have as we're on a third-party platform in France, and we're doing our own trading on top of that. Once we launch, it will be our own BetBuilder. That's the part of the plan for KSP. Very good. I think with that, handing over to the operator and see if there's any participants on the line. 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 Martin Arnell from DNB Markets. Please go ahead. Good morning, guys. Can you hear me? We can hear you well. Great. Thank you. My first question is, I won't get stuck in the queue for performance here, but on the World Cup, there's been several other peers highlighting it, the tournament that success. I think, you know, what sets you apart from their performance in your view? Is it mainly the geographic breakdown that impacted negative in a relative perspective? I can only comment for ourselves and of course it depends what kind of expectations you had if you exceed or not, and we had very high expectations. Sorry. For us, it was a success when it come to intake and activity as we highlighted with our second highest ever active base. It did not meet our own high expectations when it came to turnover. That is what we can comment on. So we saw a mixed bag. We were pleased in certain directions, which is basically the fundamental aspect of a World Cup or a Euro tournament to actually acquire and reactivate. That was a big success and strong activity, but it did not reach our own high expectations on turnover, et cetera. Okay. Thanks. Looking ahead, you said that you have resolute actions to optimize the OpEx. What areas do you think will be most important in this? We're looking across the P&L, and also doing that with really close detail. We have not given an exact number on it, but it's really about reducing the growth in our cost base substantially already now for 2023. That's why we've already implemented some of the actions now, and some are coming in the coming weeks and months. It's really a firm focus to improve our underlying profitability already from now going forward to secure and improve profitability in 2023 and onwards. I know you have this guidance for EBITDA for the full year. Did you mention communication on the marketing to sales ratio for this year? Yeah. We said that a couple of percentage points lower in 2023 compared to the full year 2022, which was 25.2%. A couple of percentage points lower than that for the full year 2023. Thanks. That's very helpful. Also could you shed some light on the KSP investments during the year? How much is that hampering the numbers? Yeah. We haven't disclosed exact numbers on that, but in ballpark numbers, you can say during 2022 of the double costs in the P&L around just over GBP 5 million, GBP 5 million-GBP 6 million for 2022, and about a similar number for CapEx for 2022. That will, as I said, the peak investment will now be during 2023, and then we will see a gradual return coming back then from 2024 onwards as we roll out across markets. Okay. Thanks, guys. That's all for me. Thanks, Martin. Yep. The next question comes from Ed Young from Morgan Stanley. Please go ahead. Good morning. I've got two, please. First of all is on Belgium. You've called it out on the previous call about the impact there. Several of your peers, Entain, say they were still in double-digit growth during the period. One of your large private competitors had a much more mild impact than that. I'm just trying to understand, is there anything specific about either the custom base in the Netherlands or sorry, in Belgium or anything else about the operations there that would help explain that? Yeah, I think it's fair to say that being a clear market leader in Belgium and these kind of temporary or sort of these kind of deposit limits tends to spread out the customer's business across more operators. In that sense, we're probably a little bit more impacted than smaller operators in the market. That could be part of it. Also, what we have done is not only this change on the 20th of October, we have actually changed our sort of operations and with a more stronger focus on sustainability throughout 2022. That could also have had a sort of a compounding effect in hindsight, that was becoming visible already in Q3 when we showed a 13% decline, and now we had 15% decline in Q4. Again, similar to 2019 when these kind of limits were implemented in the first instance, we saw a similar development for a few quarters. Then as I said, when after we have been able to improve the customer experience around these and also explained more clearly to the customers how they can work with these limits, then we saw a very strong growth in Belgium for several consecutive years on the back of that one. We see this as a more of a... To some extent, more of a temporary one, and also the benefit being that the customer database is broadened significantly, which is leading to a more sustainable base as well. Very useful. Thank you. My second question was on the U.S. Again, you've reiterated that you think 2022 was sort of, trough, losses, if you like. Can you just help us again think about how you see the build for the U..S business this year? Obviously, I understand you're moving on to your own platform that will have a cost of sales benefit in terms of no longer, paying for that. Is that the main moving part in terms of improved contribution? Should we also think that you're going to invest behind it and also therefore hopefully grow your revenue and that will net out as a higher contribution? Is this really trying to bridge between the switch to the new platform and your comments around, you know, you know, the U.S. being one of the areas in which you're looking to incrementally cost save from your future plans? Just trying to understand the shape of the business there. Yeah. One of the key aspects of rolling out our own platform across North America is to get an improved customer experience. As I said, more content and more relevance and more speed in our own performance. Basically, as you say, we're expecting to invest behind our own platform rollout, and that should also then mean a better return on the investments we're doing. Hence that's why we're reducing investments prior to rolling out the platform. Again, we're focusing on the multi-product state. Basically what we're doing now is to reduce cost in the short term and then scaling up once we have rolled out a platform. Our plan is expected for 2023 to be a significant improvement, as you say, on the back of 2022, and then gradual move towards the break-even still targeted for on the contribution level in 2026. It'll be really important for us to measure the impact we'll see from rolling out our own platform now during the second and Q3 of this year to gauge what kind of investment level we're confident to put in behind the business in the U.S. It's a focus on investing in tandem with both the brand and the offering. With the platform rollout, we will really secure an improved offering. We also need to grow the brand then through marketing investments to reap the long-term growth opportunity. We're still committed to being a top 10 operator across North America, across our footprint of states, and also to have a sort of a low to mid-single-digit market share. Again, similar to the U.K., where we've shown that that could be a very profitable position in the market as well. Not having to be sort of up with the market leaders, but still having a very positive business and shareholder value creation for the longer term. Okay. Thanks very much. Thanks. The next question comes from Kiranjot Grewal from BofA. Please go ahead. Hey, guys. Just a couple of questions from me. I think earlier on you flagged that the aggregator bets actually was one of the reasons behind the sports margin weakness. Are these types of bets increasing within your mix? If so, should we assume there'll be increase in volatility in your margin going forward? Also, what should we consider as the new normal sort of sports margin, given that average has been ticking up over the last few years? The last question, if you struggle to pull down losses in North America, could you consider exiting, further states? Thanks. Thanks, Kiranjot. On the first one, on the multipliers, we highlighted that as a reason for the final match not being as strong as perhaps expected. That, again, is good for the customers that you had Messi scoring and also Mbappé scoring a hat-trick, which of course is very popular, especially in the French market. Nevertheless, as we highlighted here, the underlying margin for a bet builder product is higher as it means more exotic bets, which is normally also means higher margin. The long-term average margin, as you say, has been trending upwards. We highlight here 9.4% being the dotted line there. Also, as you can see from the rolling 12-month graph, you can see that it's been trending upwards over the last couple of years as well. We're having the live betting margin being lower than the long-term average that is pulling it down, and at the same time, you have these kind of more exotic products like BetBuilder and others, multipliers, that is pulling it upwards. Also the market mix is also pulling it upwards based on France. If anything now with the Netherlands being a kind of lower margin market than France, it would be logical that that would also help to drag it down to some extent. It's, until we have any more clarity, I think it's fair to assume the 9.4% long-term average that we highlighted here, and there is factors, as I say, that will be pulling in both directions. The long-term average has been fairly stable over the last couple of years and around that 9.4%. When you look at the North America investments. Yeah. If we could consider, Exiting further states. ... exiting further states. Absolutely. I mean, we have always been clear that we are looking at things on an ongoing basis. As we said before, we have refocused our investments from across all states in our footprint to more focus on the multiproduct states. As I said here, we're exited Iowa in December, and we have chosen not to pick up one of the unnamed market access opportunities we had in our portfolio. For sure, that could be an outcome going forward as well that we do further refinements on that. Of course, we're also keen to roll out our platform and see the return we can get from that we're expecting to be good before we do any further evaluation. We're always evaluating. Perfect. Thank you. Thank you. The next question comes from Oscar Rönnkvist from ABG Sundal Collier. Please go ahead. Morning, guys. A couple of questions from me as well. Just first of all, on the trading update. I just need some help understanding the trading update because, I mean, it obviously looks quite strong with the 36% growth, but then you had a very high sportsbook margin, which looks to be about 30% above the average. Obviously, we can't really extrapolate the 30%, I guess, if we're sort of like normalizing the sportsbook margin. I mean can you say like anything what you think any qualification of the run rate if you would have a normalized sportsbook margin in the trading update? As I said, it's very difficult to say because there is moving parts in this as well. Both the sportsbook turnover but also the casino turnover will also be affected if there would be lower margin as such. We wanted to highlight that the 12% is indeed higher, as you say, but it's also worth mentioning that during the same period last year, we had around 11% margin. It indeed, it can be on a... If you look at the shorter period of time, it can be higher margins. As we said here as well, it tends to even out over the longer term if that's a quarter or indeed over more of a full year. Also the turnover effect is not necessarily so visible over a very short period of time, but perhaps rather more of a lag in effect on turnover. As turnover can be quite good and you have a high margin, but it means that the customer wallets then are a bit lower, which means that they either had to replenish or they will reduce their future turnover. I think it's fair to say that if it would have been normalized margin, logically, it would have been lower. How much? It's, it's hard to tell, but that's why we wanted to give the 12% start sportsbook margin that we had for the first period up to 5th of February. It's a strong start. Again, we expected that on the back of the activity we had in Q4 and with the World Cup, but also the lower than long-term average margin there, which again means that it's kind of, it's higher now for a period as well. That's normal in our business. I see. I understand. Thank you. I mean, when you set the GBP 200 million or GBP 200+ million EBITDA target or guidance for 2023, you can say that, I mean, the year has started sort of in line with expectations or maybe a bit better than you expected. That fair to assume? That was on the 12th of January, so that was a very short trading update to extrapolate for a full year. It's rather that we saw, as was highlighted at the time of the trading update, that we said that we did not see Q4 performance to be an indicator of our long-term potential. Hence, we reiterated that we are confident in 2023 and the long-term forecast that we gave then, non-recurring indicative as well and based on long-term sportsbook margin, et cetera. Still, we are confident and that's also why we say today that we remain fully confident in our 2025 targets. Again, Q4 2022 should not be taken at this as a kind of a clear indication of something different. All right. I see. Thank you. Just next one on Relax. Relax seems to be quite strong in the quarter. Just wanted to get some thoughts from your side if we should extrapolate sort of the run rate or if you think that it was sort of a one-off, the strong Q4 numbers. Yeah. Relax have had a very strong development as you can see throughout the year. As I said, they've launched 23 new operators in Q4 alone, and they have a lot more opportunity coming as well when it comes to launching in North America, starting now towards the end of the Q1 and then rolling out gradually across Those states and then further expansion both in existing customers and new customers and new geographies also in Europe. We're definitely expecting Relax to continue to perform strongly, but we don't give any sort of guidance on how strong that will be during the year. We have high expectations, and Simon and his team is doing a stellar job, in the business as well to deliver good products for the operators, which is, of course, fundamental to sustain this strong growth, and that's something that they're doing really, really well. Well, all right. Brilliant. Thank you. Just the final one on North America or the U.S. in particular, I guess. Both like the 2026 break even and then like the U.S. marketing, like timing-wise of the reduction in U.S. marketing spend. Obviously you're going to go live or you're hopefully going to go live with a new platform in the coming couple of few weeks, I guess. The reduction in marketing spend, that would be until like the entire U.S. is based from your current or your proprietary platform. Is that fair to assume? Yeah. It would be like then... Yeah. Yeah. Right now we're focusing first and foremost on the 3 states or 2 states and 1 province in North America, being New Jersey, Pennsylvania, and Ontario. For the time being, we have not spent much in New Jersey over the last couple of years pending the platform rollout. What this means is in the short term, basically looking at first and foremost Pennsylvania until we roll out our platform there now towards the middle of the year and to reduce investments prior to that in a sense. Also in Ontario then to look at the footprint there to see what kind of efficiencies we can make until we roll out the platform there as well. It's first and foremost it's about the shorter term until we launch in Pennsylvania, basically. That will be the key right now. All the sportsbook only states, there you will cut marketing spend quite significantly like, for example, you exited Iowa, I guess. We exited Iowa and we have already reduced our marketing investments in those states since some time already. This is more around kind of, as I said, in Pennsylvania until we roll out our platform in the first instance. Of course, based on the return we're seeing and the improvements in the KPIs that we're expecting to see in New Jersey, also how we pace our investments across that state. That's again, why we want to roll out first and then evaluate. Understood. Thank you very much. Thank you. I think that there are no further questions from the teleconference. I'm gonna pick one last question from the, from the audience. Mm-hmm. It goes, "How soon can we expect Kindred to run your own KSP?" There is another question in the same. "Will M&A activity be held back during a period of cost saving initiatives? When it comes to the KSP rollout, as we said, we're targeting the first rollout, the first test market, before the year-end or towards the year-end. That is the key. Then rolling out gradually from then on the different markets that we have. Regarding M&A, that is something that's been an important element of our growth plans, and development over the years. As you know, we've done almost one deal a year for the last 15, 16 years. That is a continuous element of that, and that's not impacted by cost savings as such. We're looking continuously at M&A opportunities. Very good. With that, I'll leave it over to you to, for some closing remarks. Thank you very much, Patrick, and thank you very much for attending and really look forward to see you guys back in April. In the meantime, we're working very hard to further improve our profitability as we highlighted today and continuing the positive momentum that we carried now from Q4 into Q1 and make sure that that continues to the best of our abilities throughout the Q1 and the full year 2023. Thanks again for attending and look forward to see you back in April. Thank you.