Hello, welcome to the presentation of MAG's Q3 report. I'm Daniel Hasselberg, I'm the CEO of MAG. Magnus Wiklander, CFO. As usual, we're going to talk you through some of the highlights of this report, this is March, April, and May. Then at the end, we have a Q&A session, and throughout the day we'll answer questions online as well on our X and Bluesky accounts. Starting with looking at the highlights from this quarter. Our revenues grew by 9% as measured in US dollars. In Swedish krona was about 4%, there's a little bit of currency headwind here. The average revenue per daily active user grew by 24%. This is a combination of our latest game, Crozzle, is now a bigger part of the portfolio and also optimizations in our live games in general versus last year. Thirdly, want to highlight that Wordzee is now out on our new tech platform, so that gives us a lot of interesting opportunities going forward. More about that in a minute. In Q2, we talked about the geographical expansion of Crozzle. We localized it to a number of more languages, so Dutch and the Nordic languages and so on. We expected that to result in growth in Q3, which we also saw. The revenues and DAU grew throughout the quarter, so we exited at a higher revenue level than we entered the quarter. I think it's a good reminder that this is a one-year-old game. We started scaling it up in late May last year. Usually it takes two to three years for a game to peak after launch, so we have a lot of exciting stuff ahead of us in terms of new features and optimization of the current both content and functionality in the game. Crozzle is also now rolling out on the latest version of our platform, which means that it's going to get access to all the functionality you can see in Wordzee right now, but also all the different side cores and the new functionality we're building on the platform side. I think it's worth mentioning the platform extra this time. I wrote about it in the CEO word and the report as well. We're really going into an interesting place as a company right now. We have two of our most important games on the platform and all the new games also built to run here. We are planning to migrate more of the live games to the platform as well over time. This means that when we develop a new feature, when we deploy it the second time, third and fourth time, it's much, much faster. The average time to market for a new feature goes down a lot. Same thing with the cost. It helps our margins and also, even as important or maybe even more important, we get much more content out to all our games, which increases the LTV. That in turn gives oxygen to the UA machine so we can run more UA, which we need to do to get to our SEK 500 million a year financial goal that we set for ourselves. The platform, the compounding nature of it, that you build, the more games you have on the platform, the more valuable the platform becomes. When more games building features that all of them can use, all the games grow in value. This is a really, really important part of our strategy going forward. Now we're really getting started when we have two of the most important games on it. Here's just some concrete examples of things that are either on the platform or being built for the platform, things you expect to see in modern free-to-play games, that can really benefit all of our games. They are similar types of products, even though they have different core mechanics and so on. Things like daily missions or season pass or different events and competitions. Also importantly that we have the same system for optimizing economies and scheduling live ops events. Our central operations team can have a much easier way of reusing wins from one game to the next and building really, really good tools so we can apply to all our games. Yeah, very exciting time for us to see that now roll out in a bigger scale. Yeah. With that, we take a look at the product mix where we do our usual portfolio overview. In the older part of the portfolio, we show again good stability, same numbers, quarter-over-quarter. Also if we look back a year or two years, we also have good stability in US dollars, and movements are down to movements in the currency exchange rate. Stability here is a testament to the work we put in through the live ops team, making sure the apps are up to date and adding content for our users to enjoy over time. Yeah. On the growth side here was a little bit shift. The revenue is stable compared to last quarter, where QuizDuel had a slightly slower quarter. We had a record quarter the quarter before, so still historically good, but slightly less than the quarter before. Whereas Wordzee and Crozzle contributed more, so the overall pie stayed roughly the same. Here is where we expect growth to happen is in this part of the portfolio. On the new game side, last quarter, we talked about that we had two new side cores that were developed, one Match-3 core and a completely new blaster puzzle core. Both of those are live now, so the Match-3 is live globally in Wordzee. The new Blaster is live on Android for QuizDuel in a number of countries, going global during this week, and then hopefully iOS in the next week or otherwise in the very short timeframe from now. That gives us a lot of opportunities for optimization of those games. In addition, we of course also have standalone games in market testing, a number of word games that are all built on our new platform. In addition, as you see some new stuff on this slide, the smaller symbols here in new games and core, and these are 100% AI-built games. We have a very exciting timeline now for prototyping, where we can go from idea to fully playable game experiences very quickly. This creates a lot of interesting new challenges in terms of how quickly can you actually test and measure and get data to understand which of these are the very best ones so we can then put into production on our own platform and make it the next big hit game from MAG. It's really a very different pace in terms of the prototyping of games, which is very exciting. Over to our usual audience KPIs, where we have user acquisition coming in at 18 million. That's up from last year. It's also up from the previous quarter, mostly by backing Crozzle, but also some of the other games in the portfolio. We rate 18 as entering the growth area of marketing, whereas lower numbers are more of a maintenance type levels. Our DAU is flat sequentially and down a little bit year-over-year. ARPDAU, as mentioned in our headlines, is up 24% to $0.088, and that's the same as last quarter. We're remaining at the historically high levels we've been at, boosted by the Crozzle performance, basically. Our financial KPIs, with net sales up by 4% year-over-year, despite some currency headwind. Looking at the numbers in USD, we're up by 9%, and that's a combination of Crozzle, of course, being added and, year-over-year, QuizDuel is strong, and portfolio-wide improvements in general. Finally, EBITDA, despite currency headwind, higher marketing, we're still coming in slightly higher on EBITDA. All of that leads to some cash build-up to SEK 85 million cash balance by the end of the quarter, which is up SEK 1 million from the previous quarter. Here we have a multi-year view of revenues and profit margins. We see the usual pattern here, where we expanded the UA a little bit in the quarter, and then you see a downward pressure on the profit margin short-term. I think the most important thing here is that we want to have UA volumes being quite a bit higher for a much longer period of time so we can start growing to SEK 100 million+ revenue per quarter. This is all the investments we're doing with the platform and this new way of building is to build these stronger games so we can invest more UA and really grow to where we want to be size-wise as a business. These are the fluctuations, and I think this is good for understanding that if and when UA accelerates in terms of volume, we always expect downward pressure on the profit margin for the short-term. Longer-term, of course, all UA is invested with cohort by cohort being profitable. This is more of a short-term accounting effect rather than anything else. Our growth engines, this is how we see growth play out, and we see progress in all of these, I think, in this quarter with Crozzle is still contributing to growth year-over-year. UA is backing up Crozzle and other games in the portfolio, and we have a nice portfolio-wide improvement of many games between last year and this year, adding to some growth. If we wrap it up here, looking ahead in maybe the next six months or so, we have, as I mentioned before, Crozzle is also rolling out on the latest version of the platform, so on Android in a number of markets and iOS shortly. Getting access to all these new features, and we expect the next six months for Crozzle to be really exciting in terms of what we can do with that game feature-wise and live ops-wise. QuizDuel and Wordzee with their new course with Match-3 and the new version of Blaster, also very exciting to see what we can do with that. We know there's a lot of optimization opportunities when you have thousands of levels and different types of events running around these cores, and you have win streak optimization, and there's a lot of opportunity here to build value from what we already put out in the market now. The acceleration of new games that I mentioned, it's really changed how you think about prototyping in a world where the quality is so high with stuff you can generate. Also, as I mentioned in the report, building things is much quicker and faster now. It's still super hard to know what's actually going to work, then put it to scale and market it. Testing it, verifying that there's an appetite for this product in the market, and then see if we get the performance we want. Those steps are still the really most important thing to get the next hit out. The early testing, so much faster than before, and I think it's a very exciting time. I think may be worth mentioning that AI is now used across basically all the functions of the company, and we can really see how it helps and speeds up all over the place, and it's a very exciting time to build and run a business right now. With that, I think we're done with what we wanted to present in terms of highlights from the report, and see if there's any questions that coming in during the stream. First one is on staffing. The staff cost grows faster than revenue. You're back to over 101 full-time employees. Wouldn't it make sense with the help of AI that numbers of staff go down? I think this question comes up a lot across all bunch of industries, and the opportunity for us with AI is actually to get much more done, and we need to do that. A lot of our competitors are much bigger than we are, and we see the opportunity ahead of us where we can get much more content out and do more exciting live operations than we've been capable of before. Due to our relatively small size as a company. We really see this as an opportunity to create growth for the company rather than to see how can we cut cost, because it's really growing into this SEK 500 million with SEK 100 million profit. That's our goal. To get there, we need to get much, much more content out. I think an important part of our job now is really to enable all of the people who work at MAG to get much more power in their hands by using the latest tech tools, rather than looking at how can we cut different positions. It's much more about how can everyone get much more done, and that work is happening as we speak in a very exciting way. Okay. Is DAU, MAU, daily active, monthly active, going down due to higher quality users, or is UA being directed at a more specific target group? I'd say DAU and MAU is much more of a side effect than anything else. The user acquisition, modeling and how the UA networks work and how we use our prediction model, it's all based on return on ad spend. Say you want a specific percent of your money back within seven days and 30 days and so on. We don't really target a certain user price or quality. Let's say that DAU, for example, ends up being what it is. Sometimes we get more high price, high quality traffic, and then DAU is smaller. Or if we would get traction in a lower price market, we see DAU go up. Of course, it's also a matter of the age of their portfolio, the retention of the games and so on. It's not something we really steer towards. I think the person writing the question is talking about the right things here. It depends a lot about quality of traffic and volume of traffic. Currently, there's more higher quality than higher volume, and that's why you see this effect. Third one is on UA. If we look back at the last summer's UA boost, has it played out as expected or better or worse? I'd say it's pretty much as expected. As always, the UA we invest, the money comes back and with a profit. I think the earlier you do a UA boost, the more uncertainty you have, but then you also need to play with that margin. Say if you let Crozzle age another year or two, we could also likely push our payback windows out slightly further into the future because we have much more certainty about what payback looks like in a year or two years and three years. By doing that, you can bid higher in the auctions and get higher volumes. We're trying to be cautious early phase, and then you can get more and more firm in your modeling. I think we're pretty happy with the results. I think what we're not happy with is that we couldn't sustain the UA spend levels for more than a few months last summer and early fall. That's why we didn't see the continued revenue growth across that we hoped to see during the summer. When you do have more of a boost rather than a higher level for a long period of time, it doesn't show as exciting in the business a year later on. We need to get to a sustained higher UA volume. That's what we're aiming for. Okay. Do you have more clarity on the new app fee structure from the beginning of the year where the stores take a smaller share? I unfortunately don't think that much have happened. What we do see, for example, is that over the last couple of years, they have taken a few steps back, sometimes forced by regulation, sometimes trying to be slightly ahead of regulation. Google Play, for example, has a 15% fee instead of 30% for the first $1 million every year. You have, I think, 15% of subscriptions on year two and onwards for a subscriber. There's also opening up for more opportunities to have payments handled outside of the store, especially in the U.S. market. I think those are especially effective when you have maybe a more mid-core or used to paying online kind of audience and a high volume of in-app payments in the game. We're still relatively advertising heavy and relatively casual or very casual-oriented in terms of our audience. You see some companies that have put more focus on web shops. You can see that their gross margins are improving. We're starting from a better place as advertising is just net. The long-term trend, we want to believe that it's going in the right direction. If anything, 30% will go to 20%, not to 35% at least. Bigger companies are fighting the good fight for us, I'd say. Okay. Do you still see the same great user activity and time spent, et cetera, for Crozzle? Yeah, it's super strong in terms of the session length and daily play time. It's really up there with the highest or if not the highest, depending a little bit on which market you look at. Also a very high ARPDAU game, which you see in our average ARPDAU. Okay, last question coming in here online. Do you see growth in Wordzee now with the new Match-3 game? We see really promising signs. I guess we need to get back to that. It's been out fully live since the last week of the quarter we're currently talking about. Hopefully we can come back when we report on Q4 and describe what the impact has been to the game, and I hope we can report some positive development in Wordzee. It's certainly something we expect to see given having a new, really strong core mechanic into the game. That's why we built it and integrated it, but too early to report on it yet just a few weeks into this quarter. Okay. I think with that, we conclude this stream. Thank you for watching, if you have other questions, you can follow us online on X and Bluesky. Thank you so much for watching. Thank you.