Welcome to LeoVegas Q2 2022 results. Throughout the call, all participants will be in listen-only mode, and afterwards, there'll be a question-and-answer session. Just to remind you, this conference call is being recorded. Today, I am pleased to present Gustaf Hagman, CEO, and Stefan Nelson, CFO. Please begin your meeting. Well, good morning, and warm welcome then to the second quarter of 2022 here, LeoVegas Mobile Gaming Group. With me here today, we have Stefan Nelson. Hi, Stefan. Good morning. Hi. Hi, Gustaf. Let's go ahead with the highlights for Q2 2022. Our revenues came in at EUR 98 million. Our organic growth was 1%, but excluding the Netherlands, 9%. Our depositing customers were 442,647. Our EBITDA was EUR 5.4 million, but our adjusted EBITDA was EUR 9 million, and that's 9.2% margin. Our regulated and taxed shares are on an all-time high of almost 80%. It came in on 79%. Our new depositing customers were 158,149. Here you can see our revenue since launch of LeoVegas back in Q1 2012. Last quarter then, EUR 98 million in revenues. If we have a look at our revenue mix, our product mix, casino classics, which is basically our slot games, came in on 73%. Live casino, 15%, and our sports book were 12% of our gross gaming revenues. Business update. Some comments from the Nordic markets in Sweden, another strong quarter in the Swedish market and Expekt continue to deliver really strong growth, which we are really happy to see that. Rest of Nordics, somewhat little bit weaker development in the rest of the Nordics. All in all, the Nordics stands for 53% of our revenues, and that's EUR 51 million in MGR during the quarter. A substantial growth of 33% year-on-year. Rest of Europe, the Netherlands, since last day of September, we ceased services to Dutch residents until we got a Dutch license. There is nothing happens in the Netherlands. The rest of Europe numbers are affected by the pause in the Netherlands, of course. Continued little bit weak development in Germany. Germany is on an regulation phase, and we focus on other markets with higher ROI for the moment. Rest of Europe stands for 26% of the revenues, and that's EUR 25 million during the quarter. Rest of world. In Canada, Ontario, became a regulated market the fourth of April this year, and LeoVegas was one of the first brands to launch. We had a really positive launch and a positive view of the future of the groups in being in the markets in the Ontario market. Rest of world, most key markets in the region continue to deliver solid growth. We have an increased focus on Latin America going forward as well. Rest of world stands for 21% of the revenues during the quarter. Sports. An all-time high in sports revenues for the group. It's actually led by BetUK and Expekt. We are seeing really good numbers coming out from BetUK as well. Teddy Sheringham is a new ambassador for BetUK in the U.K. market. We're also discussing several new football sponsorship for the near future. That will provide us with a global reach and will be relevant in parts in new target groups as well. Let's keep tuned for that one. Regarding the bid then from MGM, it's progressing, developing according to plan. The latest update is that MGM Resorts International holds 27% of our outstanding shares in LeoVegas. Also that the acceptance period ends the thirtieth of August, so just in about two and a half weeks. If we look at current trading, the start of Q3 here, preliminary revenues in July was EUR 32.8 million, and that's an 8% increase, excluding the Netherlands, compared to July last year. All right. With that, I leave to you, Stefan, to run our business KPIs. Over to you. Thanks, Gustaf. We'll start as usual with our customer base. In the second quarter, we had a decline in our new depositing customers. While we had a slight increase in our returning depositing customers. This resulted in our total customer base decreasing 4% year-on-year. However, it's important to note, of course, that as Gustaf mentioned, the Netherlands is not in the numbers here, which it was a year ago. We've also deliberately shifted some of our acquisition to more high quality channels. Meanwhile, our average pay value increased 6% year-on-year, and also slightly up quarter-on-quarter. Next page, looking at our deposit and MGR. Our deposit increased 5% year-on-year, and 3% quarter-on-quarter. That shows the underlying growth of the business, which we have achieved despite the closure of the Netherlands in-- after Q3 last year. Meanwhile, our MGR increased 2% year-on-year with a slight decline compared to Q1. The difference between the deposits trend and the MGR is relating to a slightly lower gaming margin in this quarter. That you can also see to the right here where we have a small drop. If we take the next page and look at our customer acquisition and our marketing spend, we had EUR 31 million in marketing costs in Q2. We've continued to maintain a good pace of investment in a number of key markets where we see solid ROI. We've seen a small increase versus the prior quarter, and that's primarily related to our relaunch in the regulated market in Ontario. As Gustaf mentioned, an increased focus in the sports vertical, we're seeing very good results. In relation to revenues, our marketing cost is at about 32%, which is significantly lower than the same quarter last year, where we took some extra investment into relaunch and Expekt, as you might recall. But we also see increased efficiency in our numbers, and that's supported by the lower customer acquisition cost compared to last year. As we talked about many times before, we have a scalable business model. When our revenues increase, we expect the share market investment to gradually decrease. We'll shift between quarters when we see good returns on our investments, we will spend more. Moving over to the financials. Looking at our results, and as Gustaf mentioned before, our reported EBITDA came in at EUR 5.4 million, but our adjusted EBITDA, which shows better the performance of the business, came in at EUR 9.0 million in Q2, and that reflects a margin of 9.2%. In the reported EBITDA, we include a number of non-recurring items, which affects the comparisons. These are primarily attributed to the ongoing public takeover offer, and the transaction, you know, transaction cost. We've also taken the U.K. sanction in our books in Q2. Also worth noting is that both our reported and adjusted EBITDA is affected by around EUR 1 million, which are related to the U.S. expansion project, which is now paused. That will mean that these costs will be substantially lower in the next quarter. If we take the next page, we can see also the build-up between Q1 and Q2 results. Revenues were fairly stable, of course, quarter-on-quarter. However, our gaming taxes have increased, and that's, of course, reflecting our all-time high locally regulated and tax market share at 79%, with Ontario coming in as a tax market in April. The marketing spend I mentioned before, we've also seen a bit of increased operational expenses, and these are somewhat higher than normal, I would say. This is both, of course, coupled with the U.S. project. We also, you know, have seen an increased travel now when kind of the COVID effects are easing off the business. Personnel expenses increased as well this prior quarter, and that is a deliberate strategy to increase our talent within especially the product and tech departments, which will, of course, support our growth ambitions going forward. If we take the next page, just looking at the EBITDA down to our net income. The adjusted EBIT for the period was EUR 5.5 million, and that's when we exclude amortizations from past acquisitions. Our reported EBIT was EUR 0.6 million, and that's when we also have all the non-recurring items and D&A costs included as well. Net financial items, primarily costs linked to our corporate bond. We also have share of profit after taxes from our associate companies, quite small numbers. That leads us to an adjusted net income in Q2 at EUR 4.5 million. Finally, taking a look at our cash flow. We continue to have a solid cash flow generation from our operating activities. In Q2, it amounted to EUR 7.5 million before changes in working capital. In this quarter, we paid corporate taxes of EUR 12 million. We should, as all other years, get a refund in Q3. We expect which will be, you know, most of that amount would be recovered. We've also utilized our RCF during the quarter a bit more, which leaves us with EUR 83 million in cash at hand at the end of the period. With that, I'll leave it back to you, Gustaf. All right. Thanks, Stefan. Let's summarize this Q2 report then. Our revenues during the quarter was EUR 98 million, and that's an organic growth of 1%, but excluding the Netherlands, the revenues increased with 9%. Our adjusted EBITDA was EUR 9 million. That's a 9.2% margin. We had another strong quarter in Sweden, both driven by LeoVegas and Expekt brands. An all-time high for the sports vertical and performance of the group sports book brands, BetUK and Expekt. Current trading and start our Q3 July revenues, EUR 32.8 million. That's an 8% growth when excluding the Netherlands. Okay. With that, let's open up for Q&A session here. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name's been announced, you can ask your question. If you find it answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Martin Arnell at DNB Markets. Please go ahead. Your line is open. Good morning, guys. I hope you can hear me. Yes. Morning, Martin. Good morning, Martin. My first question is on your statement there about the macro situation and that it hasn't impacted the habits of your players. Is that a surprise to you here? Or, and also, what do you expect in terms of player habits during the fall here? You wanna go ahead, Stefan, or? Yeah, sure. Yeah, thank you, Martin. No, I mean, it's still early days, and we're quite humble, right? We also see what's happening out in the world outside our window. On the other hand, you know, our players play for quite, you know, low amounts, most of them. We have currently not seen any signs in our numbers, and that doesn't mean that we won't see it in the future. It's nothing that we can kind of see in shifts in spend patterns or other kind of things in our KPIs. I assume it's still early days, so we're of course also following this and tracking this thoroughly to see if we see any big changes. On your geographic breakdown, can you just remind us sort of what's driving the strong performance in the Swedish market? Second, I noted that rest of world was only up by EUR 1 million year-over-year, and that is sort of the growth region for you. If you could elaborate a little bit on that. Well. Yeah, I can. Okay, I can just mention that Expekt, both Expekt and LeoVegas are doing really well in the Swedish market. It's, I mean, it's strong brands. LeoVegas been around for a decade now, and Expekt is an old sportsbook brand. It's clearly that the customer loves those brands. We're all the time trying to have the best customer experience and making a personal experience with both those brands. I think product is key here also to the growth in the Swedish market. Gustaf, can I just follow up on Sweden there? Are you taking share from the incumbents or smaller brands that's checking out of the market? I think we can see tendency of both actually. You have some of the smaller brands. They might still have a license in the Swedish market, but they are not that active any longer. So I think, given what happened the last maybe one or two years is that, the activity among some smaller brands is not that large. They're not that active anymore. At the same time, we are taking new grounds, specifically then with Expekt in the Swedish markets. Okay. Thanks. On the rest of world number there, if you want to elaborate a little bit why it's not up more than what we see here. Yeah. I can comment. I think there's, you know, it's also reflecting quite tough comparisons, as you know. It's a bit more volatile region, but we still see good momentum in all the markets we focus on. As we commented in the report, we have lowered our investments a bit short-term in some channels in LatAm, where we didn't see good ROI. Of course, Ontario, there were, you know, as there always are some short-term hiccups the first couple of weeks with new regulation. We had to re-KYC all our players. We're back on track on that. You know, a few weeks in April as could be expected due to a bit of kind of child diseases from new regulation. Again, we, you know, see positively on the growth prospects for rest of world, so nothing to be concerned about. Okay. I have a final question on it seems as your OpEx was up to new levels in this quarter explained by investments in the tech organization and new projects, et cetera. Can you summarize what you're investing in here and what you're planning for? Is there any news coming product-wise or what's behind all of these investments? Well, of course, Q2, as in these numbers where you see them, you also see that basically all the non-recurring items are included in the OpEx line. The number is very abnormally high and will not be on that level going forward. And then again, I mean, the U.S. costs are also included there. Apart from that, we are always, you know, investing in new opportunities that we will announce when we get there. I would say that if you look at this number, a lot of it is related to the short-term impact. Well, on the other hand, if you compare to Q2 2021, that was exceptionally low, right? Basically in a period where people working from home and we weren't taking any kind of doing any traveling. I would say that's rather the tough comparable. Our other OpEx should be, you know, EUR 10 million plus given the size of our business and the amount of staff we have. Perfect. Thank you. That's all for me. Good luck going forward. Thanks. Thanks, Thanks, Martin. Thank you. Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. Okay, there seems to be no further questions from the phones at this time, so I'll hand the floor back to our speakers. Well, in that case, we close off and round off this session. Thanks, everyone, for listening in, and I wish all of you a happy day today. Thanks, everyone.