Good morning, everybody, and welcome to Kindred Group's teleconference concerning the trading update for the fourth quarter, 2022 that was issued this evening. With me on the teleconference, I have Kindred Group's CEO, Henrik Tjärnström, and CFO, Johan Wilsby. We'll start the teleconference with a summary of the trading update, and after that, we'll open up for questions from the audience. With that, I would like to hand over to Henrik. Thank you very much, Patrick. Warm welcome, everyone. To start with, let's make it clear the performance during the fourth quarter did not meet our expectations. During the fourth quarter, the total revenues reached approximately GBP 305 million. That was an increase of 24%, or 23% in constant currency, and 3% excluding the Netherlands, o r 2% in constant currencies compared to the same period last year. The lower revenue than expected was due to four main reasons. First, the World Cup disrupted the sporting calendar and resulted in approximately 25% fewer top football league fixtures compared to the fourth quarter last year. Contrary to expectations, the turnover from the World Cup was not enough to offset the impact of the reduced fixtures elsewhere. The reduced fixtures is something, of course, we were aware of, but we were hoping and expecting that the World Cup would compensate for that in a better extent, and that did not happen. At the same time, I think it's worth highlighting that the reduced number of fixtures have not disappeared, and it means that for the first and the second quarter of 2023, there will be an increased number of fixtures. Around 100 more fixtures in the first quarter, or 15% up compared to the same period last year, or 150 more fixtures in the second quarter, or a 30% increase year on year. The second point is the sports betting margin of the free bets, which came in at 8.9%, which was below the long-term average of 9.4%. We're of course working on optimizing the margin, and whilst it is good for customers that the margin is low for us, it of course has an impact on the overall group and profitability when the margin comes in lower than the long-term average. Especially in a quarter like this as we highlight time of the third quarter report, we started the fourth quarter with above long-term average margin of around 10%, and now coming in on 8.9% for the full quarter clearly means that the margin at towards the end of the quarter was significantly below the long-term average. Thirdly, the previously communicated settled payout of GBP 5.3 million following the Houston Astros winning the World Series resulted in a negative revenue contribution of GBP 4.4 million. Regulatory fourth point, regulatory changes increased focus in notably Belgium affect also the revenue negatively. In Norway, we have made several changes to our offering, which has also impacted revenue. During the quarter, we saw a strong development in several markets still. As we highlighted in the release last night, especially Netherlands, France, and Sweden were highlighted. Also, as could be read from the disclosure in the press release, the revenue contribution from Netherlands reached approximately GBP 53 million, or an daily average of around GBP 570,000 a day. Underlying EBITDA for the quarter reached approximately GBP 39 million, and excluding North America, the underlying EBITDA reached approximately GBP 54 million. The underlying EBITDA was negatively impacted by weaker revenue than expected, as we explained. Secondly, historically low gross profit margin of only 53.9%. This was negatively impacted also by the Astros winning the World Series, which resulted in a GBP 3.9 million EBITDA loss and unfavorable market mix on top of that. Thirdly, considerable marketing investments ahead of and during the World Cup, marketing costs, excluding affiliates, amounted to around GBP 67 million, as we highlighted in the release. As we discussed before around big tournaments, there are unique events to acquire and reactivate our customer base. Kindred, again, we have utilized this opportunity also this time by investing in marketing to build a customer base. That is, of course, also a result that we came in on 1.83 million active customers for the quarter, which is the second highest recorded number and an increase of 25% compared to the fourth quarter last year. While the weaker than expected performance during the fourth quarter can largely be attributed to a few one-off events and the headwinds that we mentioned in Belgium and Norway, we take this very seriously, and actions are being taken to further improve our profitability in the short and medium term. These include, but are not limited to, reducing losses in North America by decreasing marketing spend prior to launching our proprietary platform. Secondly, re-prioritizing investment projects to free up capacity for key strategic initiatives and reduce short-term costs, and also to further optimize the group's operating expenses to reduce cost growth and improve scalability. We at management do not believe that the fourth quarter of 2022 results are indicative of the true earnings power of the business. We have therefore decided to communicate a non-recurring indicative guidance for the fiscal year 2023. Kindred estimates that the underlying EBITDA for the full year to reach at least GBP 200 million, assuming long-term average sports betting margins. This includes the actions also mentioned above to further improve the profitability. We remain fully confident in our strategy, the key value drivers, and the financial targets that we communicated at our Capital Markets Day on the 14th of September last year. That concludes the summary of the press release. With that, we would like to open up for questions from the audience. 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 Ed Young from Morgan Stanley. Please go ahead. Good morning. Thank you for taking my questions. First one on Belgium. Could you talk us through the affordability limit impact? You know, how much is revenue down that market? I guess, where can you see it recovering to, given that you're not in control of the player journeys, in the government system? Second of all, on U.S. losses, you mentioned there, Henrik, about reducing marketing. How much could your normalized EBITDA loss be reduced by next year? How should we think about how much you will want to spend when the platform does come online in states like New Jersey in early next year? Finally, is there any pause that these issues give you in terms of the issues in, you know, Norway and Belgium in particular into next year around the strategy in terms of diversifying sources of growth or view on M&A or view of the future of the U.S.? Or is this sort of an operational bump you'll need to get through and then sort of carry on as per you've outlaid so far? Thanks. Thanks a lot, Ed. If we start on the Belgium question, as you highlight, it's, it's part of the checks that needs to be done with the government systems. It's also, I think, worth highlighting, looking back at 2019 when limits were introduced in the first time in Belgium market. Of course, these regulatory changes happen. It's also a question about making the user experience as smooth as possible to handle these changes. Back in 2019, it took us a couple of quarters to restore those or come up with an optimized level or experience. After that, we've seen Belgium growing really strongly for a few years. We believe that this time it's somewhat similar. It's also important regarding a level playing field in the Belgium market, where we believe that we have applied the processes in a more compliant way than perhaps some of our competitors have done as well. Of course, we're working to making our own experience as good as it can be, and also clear to inform the customers on how they need to or how they can optimize their own sort of increase of limits as well in the process. It's also worth highlighting that we have seen a strong growth in activity in Belgium. Again, similar to the U.K., this is more addressing or more affecting the higher value segments. In turn, that means then that we have a more sustainable database in Belgium. It's again, part of the long-term ambition of the Group. He had a question about the impact in Belgium. The impact in Belgium has been similar to what we reported in the third quarter also for the fourth quarter year-on-year. We had said 13% for the third quarter, and it's a similar amount for the fourth quarter as well. We're expecting Belgium to return to growth during 2023. U.S. is an initiative that we're doing, and as you know, and as you've seen from the previous quarterly reports and presentations, we're taking actions gradually and looking at performance and adjusting. This is the same thing for now, that we continue to focus on reducing our investment contribution in the North American market. What we're choosing to do now is to look at the investments before we launch our own platform. As we're not been completely satisfied with the return that we've been getting prior to launching the platform, we'd further be looking to scale back before we launch our platform, which we believe will be within the coming weeks or month. Also when you look at the overall, the third question you had was regarding. Diversity of growth. Yeah, exactly. We are clearly looking at that on an ongoing basis, as we mentioned at the Capital Markets Day, a well-balanced portfolio of markets. Of course, we use that to the best extent as well, and invest where we see the best growth and also for the longer term, the profitability as well. Of course, we're also looking at things continuously regarding both the underlying organic growth rate and trying to optimize that, but also strategic acquisitions that will help boost our long-term sort of growth opportunity as well. Perfect. Can I just follow up very quickly on the U.S.? I mean, you've done about... excluding obviously this quarter, which had its own impact in the U.S. Obviously, we all saw that and understood that. It's sort of been about $11 million-$12 million EBITDA loss per quarter. I'm just trying to understand. You're saying you wanna reduce marketing investment ahead of the platform launch, you're saying that's coming in the coming weeks and months. I'm just trying to get an idea of, you know, is that really a material change? Could we see losses sort of halve until that's done? Obviously you'll start in New Jersey, the platform will then go to presumably Pennsylvania and other states. I'm just trying to get an idea of what the cadence of losses might look like in the U.S. If you could give us any quantification, that would be helpful. Yeah. We expect the losses to bottom out for 2022. We see an improvement then to 2023. As we communicate also at the CMD to be able to get to a breakeven position in 2026. That plan remains in place. We're working towards that. We have not disclosed the sort of the numbers regarding or given any forecast regarding the quarterly investments in the U.S. or North American markets. We will have to get back to you or the market on that perhaps in connection with our fourth quarter report as well. It's a meaningful change that we're doing here to make sure that we further improve the path to profitability for the North American market. Okay. Thanks very much. Thank you. The next question comes from Oscar Rönnkvist from ABG. Please go ahead. Morning, guys. Thanks to you for taking my questions. I have quite a few, if that's okay. Just first of all, just on the sportsbook margin, I think that many people had anticipated higher sportsbook margin given all the World Cup results that we saw. A lot of draws. I mean, a lot of favorites losing in the beginning of the tournament. Of course for you, because France, which is the biggest sportsbook market for you, that they've lost in the final, for example. Can you just elaborate a little bit, how does the sportsbook margin change because of the different results? I think it was quite contrary to what people predicted here. Yeah. No, thanks, Oscar. Good morning. The sportsbook margin, as we mentioned around previous tournaments, the normal pattern, if there is such one around the tournament, is that there is mostly more favorites winning in the beginning of the tournament, which means that customers accumulate money in their wallets. Later on in the tournament when there's normally more draws and extra times and penalties even, that kind of money tends to come back. Overall for the tournament, we have a relatively high margin. This time around, as you say, this started off with quite a few upsets in the beginning, which meant that the customers' wallets were a bit drained. When they sort of replenished that, it did not materialize as much as we'd sort of expected. But it's also fair to highlight that even if there was draws during the tournament, it was win matches that was quite number of goals being scored. As you say in the finals as well, when we have a lot of goals being scored and also when we have the likes of Mbappé winning the Golden Boot and Messi is also scoring in the matches. A lot of the Bet Builder fixtures is also paying out quite well. France reaching far into the tournament means that the margin in France is quite low as a consequence. France being a big sportsbook market for us, that pulls the margin down. also then in the final as Mbappé, for example, scored a hat-trick as well, that is also did not generate the high margin for the final either. It's also worth highlighting, as I say, it's important for the customers to win, to create long-term loyalty in the customer database as well. Over time, and if you look over a year period, the margin is more and more. We were feeling that it would be good to come out and highlight the confidence we have in the business and the belief that we have in our long-term plan and our path towards the financial goals and targets that we've put out for 2025. That 2023, of course, is a year in that direction, and that we remain fully confident in our execution ability and the underlying momentum and delivery of the group. That's why we wanted to just clarify that and highlight a number that we are confident in based on sort of long-term average margins and activity. it's more to help the market, to see that. Yeah. clearly it's clearly also showing that the Q4 results are not what we believe the true underlying performance of the business. No, exactly. I can see that. Then just a follow-up because you reiterate the 20-25 targets. I know that you say that you wanna come in above GBP 200 million, but let's say GBP 200 million. You have quite a long path to reaching the implied midpoint of GBP 344 million in the 2025 target. Could you just elaborate on how we should think about 2024 and also 2025? I know it's a long way to get there, but I mean, it's a quite rapid earnings growth we should see in 2024 and 2025. I mean, obviously, 2023 will be an investment year, but can you just explain the dynamics of the margin expansion? Yeah, there's clearly several components to that. One I think is worth highlighting is Netherlands, where we are only six months into the process and that is still on a ramp up in such ways from a profitability point of view, and the margin is expanding in such a market for us. As we grow further into that market and we will prove the contribution from the Netherlands also from a profitability margin point of view. That is clearly one. Also the improved position in North America is also expected to clearly help in delivering that. Also, the strategic investments we're doing in the likes of KSP and other things will also start to generate more and more contribution to the expansion of the margin towards 2025. Those are all building blocks to ensure. Also Relax, of course, is an element in that as well, which is to deliver. That is the component. It's pretty much in line, and that's what we've said, that remain fully confident in the strategy that we laid out and the key value drivers and the financial targets that we communicated at the Capital Markets Day in September. Okay. I see. Also, you say that, except for the U.S. reduction in marketing spend, obviously, as you alluded to a bit earlier, you say that you wanna implement some cost optimization and investment reprioritization. Can you just tell us, like, where would that be, in the different cost divisions, so to say? Yes. Johan, do you wanna take that? Johan cannot take it. Johan can take it. That's fine. I'll take it. What we're looking at to review all cost items for efficiency purposes and refreshing our plan also for spend in 2023. This is in line with the areas that we communicated last night. The non-recurring guidance include actions, but we cannot comment on the overall number at this point. We're clearly looking across the P&L and no sort of item is sacred in that sense. We take this, as I said, very seriously and the deviation that we see from expectations, both our own and the market's expectations. That's why we're taking firm actions now to improve profitability in the short and medium term. Okay. Got it. Just a final question. Does the macro environment had any impact on either the lower revenues in Q4 and also when you consider the 2023 guidance? Are you expecting any downturn in the macro part of the business? I'm talking about lower deposits, lower spend from punters, et cetera in 2023 or are you expecting business as usual in 2023? It's of course a very difficult question to answer and exactly where. I have nothing new to say compared to what we said before, that we don't see any sort of immediate signs on that. Of course, it's something that we monitor closely for whatever indicators we can see on that. At the same time, I think it's worth highlighting as well that the regulatory changes over the last couple of years, if we talk about like the U.K. and now also Netherlands and what we've seen in other markets as well, it's of course also contributing to rather reduce the ARPU or making the databases more sustainable, which is of course very positive for the longer term. Short term, that also has could be sort of seen similar to the potential macroeconomic factors as well. We don't see any indications yet, but we can elaborate more perhaps at time of the fourth quarter report on the eighth of February. All right. I see. I think that was all for me for now. Thank you very much for taking my questions. Thank you. Thank you. The next question comes from Martin Arnell from DNB Markets. Please go ahead. Hi, good morning, guys. Good morning. I missed the first, five, 10 minutes, but if you look in Q1 quarter, and you commented on the number of fixtures in Q4, what can you say? What do you see when you look at the calendar in Q1, year-on-year? No, absolutely. As we highlighted earlier here then is that the, the reduced number of fixtures, which we of course were aware of, that that would be the case, it was of course difficult to estimate the impact of that. Of course, also as the 64 matches during the World Cup was of a bigger dignity than some of the kind of, top fixtures that would have normally happened. Nevertheless, when it's about 200 less fixtures, it did not manage to compensate for that fully. At the same time, those 200 fixtures have not disappeared. They will, they will come back, or they either come back already in Q3 or start of fourth quarter, or at least Q3 then, or Q1 or Q2 next year. As I highlighted, for Q1, we're expecting around 100 more fixtures or 15% up compared to the first quarter of last year. For Q2, around 150 fixtures. The fixtures, the leagues continue for further into the summer or the second quarter than they normally do. Up around 30%, for the second quarter. It's. Okay. They not disappear. It's just more a cannibalization effect. Sorry, what did you say about the percentage increase year-on-year? In Q1, you said 16%? 15% and 30% in Q2. 16% and 13%. Okay. `1 5% and 30%. Three zero. 15% and 30%. Okay, sorry. What can you... I mean, we are two weeks into Q1, and you are used to sort of comment on the start of trading in the quarters. I mean, can you say anything like, are your year-over-year revenue growth daily average higher or lower so far in Q1 compared to Q4? Yeah, we, as we did not mention that in the release, we cannot comment on that. Can say that the benefit, the unexpected benefit of the World Cup was the intake and activity increase that we've seen. Of course, that means also, like in previous tournaments, that the quarter beyond the tournament, we come in with a higher activity. That is, of course, important way for us to build the business in connection with these tournaments, and also that the marketing investments that we do around the tournament is of course impacting that quarter. The benefits is normally taking six to nine months to actually come through. That means that there is a sort of a lag in the benefits coming. What we talked about historically is sort of short-term pain for long-term gain, and that's also what we believe will be for 2023. Okay. Thank you. That's clear. When it comes to your EBITDA deviation versus your previous expectations, I mean, how big of a thing was the Belgium and the Norway comments in that? Yes. We have not disclosed that number, but we can highlight, as we mentioned, when you see a decline of that 13% mark in across two markets like that, then of course it has an impact. Also the contribution from those markets are also above the group average. That means that there is a further increase, as we mentioned, regarding the unfavorable market mix in the sort of portfolio. That has an impact to sort of of the overall profitability. I must ask you also on your U.S. comments, North America, you expect improvements in 2023. Is that also going to be driven by potential cancellation of plans, expansion in certain state that you feel is too competitive for the moment? What we said also in the release this morning is that, if we, of course, the Astros win is part of our business and it was a conscious decision that. Nevertheless, it would exclude that just to try to explain the underlying performance of also the North American business. We saw a solid growth in the underlying activity and business, which again is what we've highlighted in terms of the third quarter and the second quarter report as well, when we've seen a more, more sustainable, sort of product mix and also increase in intake and activity base of the North American market. That has also then continued into the fourth quarter and also highlighted in a also a top-line growth on the underlying. Of course, that's sort of impacted by the one-off payout relating to the Astros winning. Okay. your own platform, migration, how should we think about that? Yeah, we are at the final stages, now, and we hope and believe that it's a question of weeks or so to be able to launch our platform in New Jersey to start with. That is, will be an important milestone for highlighted also at the connection of the Capital Markets Day in September, where we will see a much improved, A toolbox for the local team, and of course, also giving us the ability to support the local team with the weight and power of the whole group, and also for us to get better scalability and significantly improve the experience for the customers. We believe that that is an very important step for us to go towards the break-even point in 2026. That is what we're working hard to do that first for New Jersey and then rolling it out Pennsylvania and the states to come as well in North America. The focus firmly remains on the multi-product states, as you know, Pennsylvania, also New Jersey, especially after the platform launch, where we will be increasing our marketing presence and gauge that very closely, and also in Ontario, of course. Just final two questions from me. Netherlands, your re-entry, is it still on par with the strong start that you experienced this autumn, or has anything changed there? Just secondly, you know, coming back to the World Cup, why do you think player turnover was lower than your expectations heading into the event? The Netherlands continues to do really well. We are confident that we are a top three operator at the fourth quarter, and we also remain fully confident in the ability to regain market leadership during 2023. That is no change. We are very pleased with that. The other one, the World Cup. Yeah. The World Cup, we've looked a lot around that and see what could be. As we highlighted in the third quarter presentation as well, we were very optimistic about it, and that is normally the case with the World Cup, but it also was the fir st time this Winter World Cup and what the implications of that could be. Be that it was happening in the midst of a normally busy season and also with the matches taking place, albeit quite good scheduling of fixtures from a timing-wise for the main markets of ours. I would say potentially that it happens at the time of a normally busy quarter. If we have a normal World Cup or Euro championship, which happens in the middle of the summer, then of course there is not much else to do. Then it becomes more of a focus and hype on that. Now, when it happens in the run after Christmas, it could be that the customers potentially had a little bit more split focus on other things during the season as well. Also, of course, when there's other sports ongoing as well, that could have had an impact as well. Also it could be that the focus on sports during the fourth quarter, and that was intentional for us to really focus on maximizing intake and activity around the sport, meant that casino was more impacted than it would have been as well. We take on board, we underestimate the potentially the disruptions of a first Winter World Cup. We, of course, implement learnings from that. You had, somewhat of a negative effect in casino as well, that's what you're saying, right? Yes. Okay. Thank you. Thank you, Martin. There are no more questions at this time, so I hand the conference back to the speakers for any closing remarks. I can actually see here and that there are, question in the queue from, Kiranjot as well as from Simon Davies. before that The next question comes from Kiranjot Grewal from Bank of America. Please go ahead. Hello, Kiranjot. Hey. Hey, how are you? I'm good, you? Good. Good. Thank you. Just a few questions from me. I mean, a lot of the negative impacts in Q4 we can say are more one-off. Belgium and Norway are less so. We're probably going to see an ongoing impact. What sort of impact should we consider from these changes for 2023? That's my first one. Second, considering we've got a boost in fixtures in 2023, we are talking about pullbacks in investments as well, there's a recovery in the Netherlands. Why is there a bit of a gap between your guide and, you know, estimates? I suppose what I'm trying to work out is where have expectations been too bullish? Is it the Dutch recovery? Lastly, are you seeing any impact on a macro front in terms of customer spend? I realize the revenue sort of missed your expectations, but staking per customers, was that still resilient given all the moving parts, or has there been a pullback there too? I think you just mentioned casino is impacted. Do you think that was because of less of a focus by you, or do you think it's, you know, more of a macro impact? Thank you very much. If I start at the end there on the casino and the macro, as I said, it was a conscious decision that we did during the quarter to focus on sports communication. When that happens in the middle of what is seasonally a strong casino quarter, that can have an impact. That's partly a conscious decision that we made. Regarding the overall sort of, comparative consensus, regarding the Belgium, Norway impact, that is there, of course, and we. As I said, in 2019, it took us and the customers a couple of quarters to return to growth, then we saw very strong growth for many quarters to come. We believe that this is sort of a similar thing. As we highlighted in Q3, we were down 13% and a similar amount this quarter as well. That is partly both to improve the user experience and the customer journey around that, but also again, for the overall market dynamics and creating a level playing field. As I said, we are having the ambition to return to growth in Belgium and expect to do that at least towards the end of the year or the second half of the year. It's a bit of an unknown right now what kind of time we're talking about there as we're doing. Rest assured, we're working as hard as we can to improve the experience as much as we can and also working with the regulator and the governments as well on the overall level playing field aspect. In Norway, we have made a few changes as we communicated separately to our offering, and that's had an impact now in the fourth quarter. That is also then expected to continue throughout this year to until we kind of lap the changes that we made in the market, in the offering. Those are elements to it. Also, as I said, we're initiating a review and go through of the... and actions that we're taking to further improve the profitability, both short and mid-term, and the items that we mentioned there as well to ensure. We see this more as kind of one-off items. Of course, as you say, Belgium and Norway are more kind of or less so in a sense in a one-off. At the same time, we've shown before that by working through thes e kind of regulatory changes and adapting before and faster than our competitors, we normally can turn these kind of changes also into competitive advantage for the longer term. Again, it's worth highlighting that the sustainability of the database is improving, and we saw a strong growth also in the Belgium market when it comes to activity. It was predominantly in the higher value segment that we saw impact, and that's where we're focusing to improve the customer journey for that segment there. Thanks. In terms of that gap between your guidance and where sort of consensus sits today, where do you think expectations have been too bullish? Potentially, yeah, Belgium and Norway are not included in people's numbers at the moment. Do you think that explains the gap, or is there also too much bullishness in perhaps the Dutch recovery? I t's hard to, to tell really, and not perhaps for us to, to comment on as such as well. W e are focusing on our own numbers, of course, and, and, uh, trying to make them as good as possible. As we say, we're expecting the EBITDA to reach at least to a hundred million, uh, for the, for the full year as well. So we of course, uh, have the strategic investments initiatives that we're doing, and that's what we're looking at now to reprioritize the investments projects to free up capacity for, for, for those key strategic initiatives, but also reduce short-term costs. So we're working to, to optimize the portfolio. But we cannot give much more nuance to that, uh, right now. Thank you. That's it for me. Thanks, Grewal. The next question comes from Simon Davies from Deutsche Bank. Please go ahead. Yeah. Morning. Just one quick one left from me. Just in terms of the World Cup, obviously 888 did put out a trading statement this morning saying that their experience was it was bang in line with their expectations. Were there specific geographic markets for you that were particularly weak, i.e., France, which might have explained why your performance through the World Cup might be different to those of other operators? Yeah. I mean, we cannot comment on others, and of course, market mix is a bit different, as you say, and as I highlighted earlier here. France was very successful throughout the tournament, which of course means that margin are lower for that. Also in the final, when you would normally see, even if that's just one match in a sense, which is not compensating for all of it, but still when there was the result that it was with Mbappé scoring a hat-trick and with the Bet Builder fixtures and things that it was not the sort of same strong margin as perhaps expected due to extra time. France is for sure part of it. We saw good activity and things, but it's also worth highlighting that the periods before and just after the tournament and in a normal Q4 when we see a lot of fixtures and us being more of a sports betting company as well, perhaps compared to some of our competitors, then that kind of periods are the ones where we saw the biggest deviation from the expectations really. I think we in fairness, we probably underestimated that effect of the just before and just after. Also it's kind of, as you know, towards the end of the tournament, there is relatively few matches being played, and whilst in the normal, fourth quarter, there are more matches just ongoing at any given point in time. That, that is, they, those matches did not manage to offset the reduced number of fixtures. Were you disappointed by the performance in the Netherlands on the World Cup? No, we were not. We saw a very strong intake and activity as well, and Netherlands going relatively far into the tournament as well, what's good. Ideally, they would have gone even further, but still it was a good performance. As we highlighted this morning, Netherlands was a strong performance also in France from the business and also in Sweden and others. I think it's, again, it's, predominantly Belgium and Norway who highlight markets that kind of under-delivered to our expectations for the reasons we mentioned here. Okay. Understood. Thank you. Thank you. There are a few questions from the web, though, we'll take here. From JP Morgan, we have a question. Do you envision any potential new strategies to help the company expand? We have our strategy laid out, and we are confident in that, as we highlighted here, and we're working hard to execute on that. The key drivers of the strategy we highlighted in time of the Capital Markets Day in September. Again, as I said, we are fully confident in that and the key value drivers and the targets that we communicated then. But of course, we're also looking, as we say, continuously on opportunities for example, M&A and things like that to be able to complement the organic growth of the business. Again, that's nothing new in a sense. We believe that the plan we have is solid, and we are well on our way to executing on that example, the Netherlands and regaining market leadership there, which we're fully confident will happen now during 2023. We have a question from SGCM. Can you talk about what your 2023 cost-cutting program means for strategic initiatives like KSP, investment in Netherlands to become market leader and investment in Relax Gaming? Should we expect delay to those goals? No. As we highlighted, mentioned already here, we are reprioritizing investment projects to free up capacity for those key strategic initiatives, but also to reduce short-term costs. Again, the plan is firm and we're delivering on that plan. No, I guess is the answer on that question. We have a number of questions in the U.S., and we have discussed the U.S. quite a bit here during the call. Do you see any risk for loss of revenue when you will change platform in the U.S., as it would require customer migration? In that case, can you give an estimation on the potential size of that loss? We're not expecting a loss because we're expecting to launch with an improved experience. We of course appreciate and are humble that any migration normally means a certain migration impact. At the same time, if we're migrating to something that will be a better experience and also give us better tools and abilities to operate markets, we're expecting any impact to be short-term, if anything, and then quite quickly to be changed into a growth opportunity. Net-net, we expect to benefit from the migrations over time and quite quickly. Linked to this question, there is a question about when will a new platform come to market, and is it go for all states or select strategy? As I highlighted, we are in the final stages of the New Jersey certification process, we believe. That should mean that within the coming weeks, we should be able to give more information around that. We're gradually rolling it out then across the other states that we're live in, as we mentioned with Pennsylvania, during the second quarter and then rolling out, further, towards the second half of the year. Thank you very much. I think that was the last question that we take for now. With this, I would like to thank you all for participating in today's teleconference. I would like to remind you that we have our year-end report for 2022 on the 8th of February. We're looking forward to meeting you all again, when we have our webcast on the same day. Thank you. Thank you very much. Look forward to meet you then.