Hello, and welcome to the presentation of MAG's Q1 Report. We're going to go through the highlights today and then end with a Q&A session, and also then have online Q&A throughout the day. But today, presenting the report is me, Daniel Hasselberg. I'm the CEO of MAG. Magnus Wiklander, CFO. So let's look at some highlights here. So this is September to November. Of course, we're happy with the organic growth of 18% compared to last year, measured in U.S. dollars. And then I think a big impact on this period is the currency headwind. So in Swedish kronor, it's a 5% revenue growth. And this is looking at adjusted revenues since we divested Primetime last year. And then looking at the ARPDAU, which is not as currency dependent. We always measure that in U.S. dollars. So that is a good measurement of the monetization efficiency across our games. And it's up 35% compared to last year and on a similar level as Q4. So this is kind of record levels historically for the company, something we're super happy about. And also a couple of weeks after the quarter ended, so in December, we got a record revenue day for QuizDuel. So this, I think, is important to describe the story of how mobile games have really great long-term retention work. This is a game we relaunched as New QuizDuel in 2020. And now, five and a half years later, we're still recording peak revenues for the game since launch. This is how we look at games. It's a really long-term engagement in optimizing the game experience, optimizing user acquisition, and continuously grow for many, many years. We have a high belief in QuizDuel reaching even higher peaks in 2026. I think this plays into Crozzle as well. This is, of course, our latest game that we started scaling up in May, June last year. A little bit more than six months into that game's launch now. It's much more fluctuations early on. We had a fantastic Q4 in terms of UA volumes and quality, especially in the U.S. market. Then Q1 has been much more challenging in terms of competition in the U.S. We focused more on making sure we can get the game ready for the European markets with slightly less competition, while we hope to see the U.S. market normalize a bit more because it was pretty extreme during the last months of 2025. When you have a lot of influx one quarter and much lower volume the next quarter, you will see top line fluctuate as well because many of the cohorts are very new. Give it a year or two, it's going to be less dependent quarter over quarter on how UA is doing. But right now, we're going in for further geo-expansions. We launched Swedish in Q1. And then early Q2, we also launched in German and French. And more languages, Spanish, Italian, and other languages coming shortly. So that's another vector of expansion for the game. And then, of course, we're also building out the product itself. So we launched a completely new game mode in Crozzle Run for three weeks over Christmas. Here we saw the players really appreciating that, a lot of extended playtime in the game and so on. So that's going to come back as an event again in a couple of weeks with a new theme and further optimized and so on. And I think this shows how we're going to approach working with Crozzle into the future. So adding new game modes, new events, and new features and make it just a richer and richer experience. I think, again, looking back to when we launched New QuizDuel back in 2020, we did that because we wanted to have a platform where we could do much more variation for the players compared to the original QuizDuel game. And we've continuously done that for more than five years now. So it's the same thing with Crozzle. It's going to continue to become a more rich and varied product for the players to interact with. Yeah, and taking a broader look at our portfolio, the product mix, we have stable performance in the older part of the game setup, both in the slightly bigger games taken care of by the LiveOps team and the smaller ones in the catalog. And movements here are generally down to currency movements and specifically the U.S. dollar headwind in the last year, divestment of Primetime. And we also moved Crozzle out into the growth department at global launch last spring. But counted in U.S. dollar, we see stable performance in several quarters now in this part of the portfolio. Yeah, and if we look at the growth side here with Crozzle, Wordzee, and QuizDuel, Crozzle, as I mentioned before, has gone down a bit when the UA volume shifted so much. But this is where we think the biggest growth potential is if we look at the coming years. And then we have Wordzee had a pretty stable quarter, but QuizDuel was the star in this group during the last few months. We launched QuizDuel Teams in Germany and did a lot of interesting optimizations in general in the game. And now in Q2, we launched teams globally for QuizDuel. But we see a lot of potential in all of these three games. But this particular quarter, I'd say QuizDuel is the star in the group. And for new games, I also want to emphasize how we work with new games now with our new tech platform. So we build games that can be standalone products, but they can also the core mechanic of that game can become an event or a side core in one of our live games. And that's what's happening here in the coming months. We have two cores that we have built that are going to go live in QuizDuel and Wordzee. And that's to give more variation, but also to help increase the ARPDAU of those products. So we think it's a really interesting way of building products. Taking a dive into our audience KPIs, we show a user acquisition that is up by 6 million to 19 million in this quarter compared to the same quarter last year, but it's significantly down from Q4 levels, as we've mentioned, that affects some of our KPIs in this quarter. DAU is down somewhat year over year, but stable since a few quarters back and showing a relatively similar level to Q4. ARPDAU continues to show record level numbers on the basis of good portfolio performance, specifically QuizDuel, and influx of users to Crozzle from the Q4 marketing and the Q1 marketing. The same view now for the financial KPIs, where net sales is showing a growth of 5% year over year. Again, broadly, portfolio performance improvements and adding Crozzle to the stack is part of the growth part there. But it's also despite the US dollar headwind in the last year again. So if you look at the adjusted net sales in U.S. dollars, we show a growth of 18%, as already mentioned. And of course, Crozzle is a big part in the growth there. Our adjusted EBITDA is down by SEK 4 million year over year. But it's significantly up from Q4, and it's following the volume changes in the UA between the quarters. And we end the quarter at SEK 78 million cash balance. Here is a longer-term view of the revenues versus the profit margin. Here we can clearly see these dynamics that we talked about for many, many years that when we accelerate UA, we see revenue shooting up, but we also see short-term margin compression. When you decelerate user acquisition investments, the margin bumps up. That's what we expect to see, and that's what we're seeing here as well. Slightly lower UA volumes leads to higher margins. Still want to emphasize that our goal is always to invest as much as possible in user acquisition as long as we can keep our profitability profile intact. We want to invest more in UA than we did this quarter, but this is the volume that we could invest with a good quality. We're going to continue to try and expand UA volumes while looking at the profile of payment or paybacks. But I think this is an important dynamic to understand why the profit margin can go really bumped up versus last quarter and why that is. And to the growth engines of the company, it's basically building or buying new games, working with the LTV across the live games to both increase profits on existing audience, but also to give more leverage to the UA engine. So the higher the LTV, lifetime value of the game, the easier it is to win the auctions when you try to find new players coming in. Wrapping up just what's right ahead of us. So Crozzle global rollout, of course. So this is, again, coming back to Spanish, Italian, other European languages, and just expanding the footprint of the game, which also gives UA more opportunity to find new players. And we mentioned this in the report as well. We have set up a joint operations team across multiple of our products. We saw really interesting wins in QuizDuel in 2025. And now we're also going to start working with Wordzee and later Crozzle with the same team. So same set of tools, same approach, and can share wins across the games easier. And then lastly, the new cores. So we're excited about having the opportunity to launch new game mechanics into our live games and hopefully boost ARPDAU to even higher levels than the record we've seen the last couple of quarters. With that, I think we move to see if there are any questions online at this moment. And again, reminding that you can write questions on Bluesky or X throughout the day. So we have one regarding UA for Crozzle. Is the competition from direct competition or other companies? So I think this is a combination. I think the crossword category has heated up during the last year. We see that quite often. We launch a new game, and there are other people who want to launch similar games. But in UA, it's really hard to judge what's actually causing the competition because it's an enormous market. So one single competitor in the games business, it's a very small fraction of all the UA competition we face when we try to buy impressions and show it to the right players. So it might be a combination of similar products and a generally hotter market. I've talked to peers in the industry that are not in our categories that have also experienced a very tough few months in the U.S. market specifically. So I think it's been a very competitive environment in the U.S. lately. And it can always be a combination of both kind of e-commerce demand coming in as well as big game companies really pushing forward. I wish I had the answer to it. We actually don't know. But the competition in Word, for example, it's a much smaller volume of money than the rest of games and, of course, the rest of mobile advertising. Yeah, I think that was the one online question today. So again, if you have any questions, write them online, and we'll answer throughout the day. Yeah, thank you so much for watching this stream. Thank you.