Thank you operator, good afternoon and welcome to MTG's interim report presentation for the first quarter 2021. As said, my name is Lars Torstensson, I'm the CFO and also EVP of Communications and Investor Relations at MTG. With me today, I have our Group President and CEO, Maria Redin. We will begin by presenting the quarter then take your questions in the Q&A session. Please keep in mind that only dial-in participants can ask questions. With that said, I'm now handing over to you, Maria, to take us through the quarter. Thank you, Lars. Welcome to everyone joining our conference call. Our first quarter for 2021 has been intensive, both from an operational and an M&A perspective. While we've seen solid progress in our strategy during the quarter, both relating to our gaming vertical and our esports one, we have also continued to be impacted by the pandemic circumstances, such as restrictions to international travel and the continued limitation on hosting of events affecting our esports business. It's not just about the business. I would like to take the opportunity to thank all our teams across esports and gaming for the effort and great spirit. You've stayed focused and motivated despite very tough circumstances, and for that I'm very grateful. Let me now take you through the presentation, and afterwards I look forward to taking your questions. Our results for the first quarter were mixed because the pandemic continued to negatively impact our esports business. Our gaming vertical performed well, showing increased user engagement with our expanding portfolio titles. During the quarter, we've seen InnoGames soft launch their new city builder title, Rise of Cultures, on the U.S. market, and later in April, also on the European market. The results of the new game have shown promising results across several important KPIs. Additionally, Hutch has also released its new title, Top Drives, at the end of the quarter. Overall, the new games pipeline has continued to progress according to plan, which I will come back to later. Our esports vertical continued to be impacted by the postponed return of live audience events, and the short-term visibility remains low. As a consequence, we are experiencing longer decision-making processes from brand sponsors and also in the quarter, delayed signing of a small number of anticipated larger sponsorship contracts. Most of these contracts have now been closed in Q2. On back of emerging trends and learnings from the pandemic, we have accelerated strategic and operational investments in our esports product portfolio to strengthen our position, diversify our current offering, and broadening our addressable markets. I'm very excited about these new investments as they will be setting us up for a position of strength as we continue to navigate towards a normalized operating environment, which we hope to see in the late 2021. Last but not least, we continued to keep high M&A momentum in Q1, during which we announced the agreement to acquire yet another impressive gaming company, Ninja Kiwi, to our growing gaming vertical. The acquisition builds on our ambition to further diversify our gaming group with more genres and stronger evergreen IPs. More to come on that. If you then can move to the next slide. Let's start off reviewing the gaming vertical performance in the first quarter. First of all, we are very excited about the gaming vertical that we are building, containing strong studios such as InnoGames, Hutch, Kongregate, and now also Ninja Kiwi. Together, we will be able to leverage on each other's strengths and benefit from collaboration on UA, Live Ops, and BI. Additionally, MTG now has a much more diversified games portfolio stretching between different genres and life cycles, and with a solid pipeline of new games that can be introduced across 2021 and 2022. As a result of the clear benefits of being a joint gaming company, we've taken the first steps on knowledge-sharing to ensure that we realize synergies between the different companies. It is still early days, but I'm very happy to see the pool effects we see and experience between the different management teams and the excitement that they have working together. I am certain that this, over time, will result in stronger vertical performance, better and more engaging games that resonate even stronger with our player bases, and that ultimately accelerates the value of the gaming co as a whole. Let's move now on to the results. We're pleased to see yet another good quarter delivered from our gaming vertical. In the quarter, net sales increased by 23% to SEK 767 million. Foreign exchange rates had a negative impact on 9% in the quarter, resulting at a growth at constant FX of 32%, of which organic growth was 8%. InnoGames delivered solid operational performance in the quarter with sales increasing across the existing games portfolio, driven by successful in-game events and marketing, yielding strong results for Forge of Empires, but also strong performance in the portfolio of the classic games. In the quarter, we've seen Hutch deliver solid growth compared to last year's quarter, driven by its title Top Drives. Their Formula 1 manager game experienced a high level of seasonality with players awaiting the launch of the actual 2021 Formula 1 World Championship. As this took place towards the end of the quarter, the title has experienced a boost in downloads and also users in the beginning of Q2. Kongregate's performance in the quarter shows stable progress despite the technical issues with the newly launched Teenage Mutant Ninja Turtles. With that now all solved, and with the technical snag behind us, we will now be able to scale the game going forward, which we look forward to. As mentioned, in the quarter, we saw a number of important milestones on the new game front. In February, InnoGames soft launched a new title, Rise of Cultures, in the U.S. market. With additional European markets being added now in April, the new title has shown promising results across several KPIs. As an example, it is significantly outperforming Forge of Empires on its retention metrics, which is quite impressive. Additionally, the company has soft launched the other title, Lost Survivors, now in April. InnoGames, we continue to now build game playing across these two titles in soft launch. We hope to look forward to full commercial release over the year, which will also bring with it increased marketing investments in the quarters to come. In March, Hutch soft launched a new title, "Puzzle Heists." We're looking forward to seeing the continued development and the impacts of UA scaling of that title as well. Adjusted EBITDA in the quarter improved to SEK 204 million, with a margin of 27%. The year-over-year improvement in margin was thanks to maintain high player link engagement across the portfolio. If you move to the next slide. On March 24, we announced the acquisition of Ninja Kiwi, a New Zealand-based leading mobile games developer and publisher. Their evergreen IP, "Bloons", is loved by millions of fans worldwide, and it's played a pivotal role in the development of the entire tower defense game genre. Their success today has been done solely through organic growth, which is impressive. Being now a part of our gaming vertical, we believe that there are more opportunities ahead through the collaboration of the other studios. Also with our esports vertical and mobile esports in particular, as the community around the "Bloons" title already today set up their own competitions. Looking forward, the anticipated title, "Battles 2 ", will be launched this summer, something that we're very excited about and look forward to support through our gaming company. The next step before Ninja Kiwi is a part of the MTG family, however, is the closing of the deal, and that we anticipate coming up now in Q2. If you can move the page. Taking a holistic view of our gaming vertical, I can conclude that our portfolio titles through the acquisition of Hutch and Ninja Kiwi has become much more diversified, both when it comes to genre, title, and different parts of the gaming life cycle. Despite the difficulties brought about with the pandemic, not being able to work together at the office, co-creating and challenging each other, we've been able to progress according to plan. I'm impressed by how well our different gaming companies have been able to maintain productivity during these tough times. Hence, we have now an even more comprehensive new games pipeline with over 10 games in different stages of production. Our gaming vertical continues to grow with new companies, genres, and strong IPs, more talented people, and experienced minds. This bodes very well for the remainder of the year, during which we will both launch additional new games, scale up marketing, and continue to pursue relevant M&A opportunities. If you then move on to the esports vertical and turn page. Although our esports continued to be affected by the ongoing pandemic in the first quarter, we maintained a strong online schedule, relevance amongst fans, and continued commitment from our partners. Net sales from esports vertical decreased 18% to SEK 244 million, negatively impacted by foreign exchange rate of 8%. Organic growth for the quarter was - 11%. This year, we were not able to hold any physical events compared to last year, when that was still possible, actually, in January and February. Further, publisher activations have been rescheduled to later part this year. We've seen low monetization from both publishers and brand partners due to the pandemic. In the quarter, ESL Gaming successfully delivered and produced three master properties as scheduled, all being produced online. Due to the pandemic and maintained low visibility, we do not expect live events to return in significant volumes before the end of the year. Some brand sponsors are hesitant to commit contractually and are awaiting a return to normality. A small number of anticipated large sponsorship contracts did not materialize as expected in the quarter and were instead signed now early in Q2. Post quarter end, we're pleased to see ESL Gaming announce the strategic prolongation of its cooperation with Intel starting in 2022, which is a strong signal of confidence from our largest partner. Added to that, ESL Gaming recently announced extension of the sponsorship agreement with SAP and also the media partnership with DouYu. Strategic partnership with publishers remained very active in the quarter. For example, we strengthened our relationship with Activision Blizzard, as ESL Gaming was awarded the official Hearthstone esports program for the next two years. Valve selected ESL Gaming as a partner for their CIS and EU Dota 2 DPC League, and post quarter end, we also announced extended agreement with Epic Games, which allowed DreamHack to operate two different tournament structures on the back of the Fortnite for the remainder of the year. ESL B2C businesses continue to experience sequential growth in the monthly active users on the back of the ongoing pandemic and improved product features. The long-term goal is to elevate the B2C business, enabling it to become a more meaningful contributor and to improve diversification of ESL Gaming's revenue streams by exploring new emerging trends within esports. What excites us is the broadening of esports concepts with the emergence of competitive gaming outside AAA titles. This is, of course, mobile mid-core we present with our ESL Mobile Open, but can also be the casual competitive gaming. This leads me into why we're now confident in investing for the future of esports. If you then turn to the next page. Q1 2021 has also been 1/4 of importance and accelerated investments in the esports vertical to better position MTG for the future. These investments include continued expansions of ESL Gaming B2C and mobile esports products. It also involves the digitalization of traditional sports into esports products with the recently announced partnership with Bundesliga, NHL, and the International Olympic Committee. Additionally, investments were made in the quarter in preparation for expansion into new geographies and markets. Another key trend is the rise of casual competitive gaming platforms, which enable tournaments and competitions for casual mobile gamers. With our recent VC investment in Joyride, a new innovative casual competitive gaming platform, we secure access to a new B2C platform. Further, on back of our belief in mobile esports, we have also done a VC investment in Meta Games, which offers a mobile esports manager game to drive further engagement within the product. While these businesses and product investments are in line with our strategy for esports, the cost associated with them has impacted adjusted EBITDA for the vertical by approximately SEK 25 million for the quarter. At the same time, these investments, we are preparing our esports vertical for a mixed model of live events together with an enhanced online product proposition post the pandemic. We expect these emerging models to lead not just to faster growth and increased revenues, but also richer and more resilient commercial operations. Having said that, we will still continue to carry on pursuing operation efficiencies in our core esports business and also seeking new commercial and sponsorship agreements to drive improvements. With that said, I will hand over to Lars now and walk you through the financials. Thanks. As Maria has already stated, it has been a very active quarter, both operationally and from an M&A perspective. The pandemic continued to impact our operations, but in very different ways for our two verticals. The quarter was impacted by significant currency headwinds. The gaming vertical experienced 9%, while esports 8% in translational headwinds, in total 9% for the group. Net sales amounted to SEK 1,011 million, growing by 9% or 18% excluding FX. Organic growth amounted to 2% for the group supported by the gaming vertical, but held back by the esports vertical. The gaming vertical grew by 23% with inclusion of Hutch, 32% excluding FX. The underlying net sales grew by 8%, driven by InnoGames and a continued high engagement among the gamers and successful in-game events throughout the quarter. As mentioned, our esports vertical had three master events in the first quarter, all online and without live audience. Compared to the same period last year, net sales were down by 18%, negatively impacted by mainly offline events moving online and lower monetization thereof, canceled festivals, and delayed publisher activations due to the coronavirus pandemic. Excluding exchange rates impact, sales was down 11%. Organic net sales growth was also down 11%, with our own operated properties at a + 10% and our esports services at -50% due to delayed activation with publishers. EBITDA amounted to SEK 100 million, SEK 204 million from gaming, including Hutch and continued strong performance by InnoGames, and negative SEK 82 million from esports, supported by improved cost structure related to online events, but affected negatively by the ongoing pandemic and accelerated operational investments into new strategic initiatives. The gaming vertical had an adjusted EBITDA margin of 27%, supported by continued strong performance at InnoGames and high level of user engagement compared to last year. New game launches impacted the quarter to some extent. Let's take a closer look at the esports. As Maria mentioned, two factors have impacted the operational results in the quarter. Due to current circumstances with the ongoing pandemic and lack of clarity on when societies can return to normalcy, we are experiencing longer decision-making processes from brand partners, and in the quarter, delayed signing of a small number of anticipated larger sponsorship contracts, which negatively impacted revenue and adjusted EBITDA for the quarter. Most of these contracts have now been closed and are therefore being booked in Q2 instead. Maria also talked about accelerated investments into several strategic initiatives in the esport vertical, following us starting to see more positively on a return to live audience events again. We would like to make sure that we are at the forefront when it comes to services offered to fans and partners. These initiatives led to extraordinary costs of SEK 25 million impacting the adjusted EBITDA. With that said, the EBITDA adjustments in the quarter amounted to SEK 46 million to be compared to SEK 48 million last year. Merely flat development. Management incentive programs amounted to SEK 19 million, also M&A cost amount to SEK 27 million as a result of higher activity in predominantly the gaming vertical. Depreciation and amortization in the first quarter amounted to a negative SEK 97 million and included amortization of PPA of around SEK 54 million. Amortization of PPA was higher compared to last year, mainly related to the Hutch acquisition. Excluding PPA, depreciation, and amortization was flat year-over-year at SEK 43 million. Net financial items amounted to a negative SEK 49 million, mainly due to unrealized exchange gain related to earn-out revaluations. Last but not least, the group's tax was SEK 31 million, predominantly reflecting the increased result in the gaming vertical and InnoGames. Let's move on to the cash flow statement. On the back of improved financial performance compared to last year, the group reported an improvement in net cash flow from operations at a negative SEK 8 million, positively impacted by InnoGames, but adversely impacted by the operational performance in the esports vertical on the back of continued headwind from the pandemic and increased strategic investments. The relatively large delta in working capital between Q1 2021 and Q1 2020 was mainly because of the gaming vertical. As mentioned in the fourth quarter conference call, InnoGames received an early payment by one of the distribution platform owners that had a positive impact. As a consequence, this payment did not happen this quarter as it did in 2020. In February, we finalized the rights issue related to the Hutch transaction of SEK 2,526,000 that was used to repay the bridge facility used in that transaction of SEK 1.8 billion. The repayment of the vendor note to InnoGames of SEK 1,142,000,000. Additionally, we also concluded an accelerated book bid related to the Ninja Kiwi transaction of approximately SEK 1.1 billion. Furthermore, we invested SEK 90 million net in the VC funds, and the CapEx amounted to SEK 53 million in the quarter as we continue to invest in our games pipeline and develop new esports platforms. As a result, the net change in cash and cash equivalents for continuing operations amounted to SEK 576 million. That means that the group had a net cash position of SEK 1,750,000 as of Q1 2020. Gaming continues to be the cash flow contributing entity. Looking into the second quarter, I would like to remind everyone that the upcoming comps will be tougher for gaming and easier for esports because of the way the pandemic affected the second quarter of 2020. That concludes the financial part of the presentation of the quarter. Now back to you, Maria. Thank you, Lars. To summarize the first quarter, our gaming vertical continues to grow with new companies, genres, and strong IPs, more talented people and experienced minds. This bodes well for the remainder of the year, during which we will both launch additional new games and continue to pursue relevant M&A opportunities. For esports, we still expect the ongoing pandemic to continue to have an impact on our business with key stakeholders such as brand sponsors and publishers. While continuing to operate our events in digital formats for as long as deemed responsible and necessary during the remainder of the pandemic, we are making investments to capitalize on the emerging trends we see within the extended esports ecosystem. Overall, we remain confident in our ability to handle the challenges we face, and we're excited about the opportunities ahead of us. We look forward to delivering our strategy, investing in and developing our gaming and esports verticals, and creating further shareholder value. With that, it concludes my part of the presentation. Thank you. Thank you, Maria. That concludes the formal presentation of our first quarter interim financial results report. We are now ready to take any questions that you might have on the report or the conference call presentation. Operator, can we please have the first question? Thank you. Just to remind you guys, to ask a question, please press star one on your telephone keypad. If you want to cancel it, you may press the pound or hash key. Your first question comes from the line of Oscar Erixon from Carnegie. Please go ahead, Oscar. The line is now open. Thank you very much, and good afternoon, both of you. A couple of questions from me, starting with the esports segment. These growth investments of SEK 25 million, I believe it was, as well as delayed sponsorships, which I assume is SEK 10 million-SEK 20 million, should this be considered one-offs that will come back in Q2? If you can discuss both separately, please. Thank you. Thank you, Oscar. Related back to the strategic investments in Q1 and delayed sponsorship contracts, should they be considered one-offs? Maria, if you would like to elaborate on that. Hi, Oscar. I think we're very excited about the investments we're doing on the esports side. We've always said that we want to make sure that we continue to build both on organic and inorganic initiatives, I think that's what we're now executing on back of. The investment, I would not look at them as a one-off exercise. That is something we continue to pursue, it would also gradually over the year and more so in 2022, also deliver revenues on the top line. I think that's what you should expect. When it comes to the sponsorship, I think that as I said, also Lars reiterated, we do have low visibility. We are working very hard to make sure that we optimize the monetization for this year. We continue to do so, we already now are upselling for 2022. Our ambition is that we will close more interesting and relevant sponsorships, and that is what we're working on. It's too early to say exactly how the impact for the remainder of the year will look like. Okay, great. Thank you. Another question here. These investments, how should they be interpreted? Is this a shift from B2B to B2C? Could you explain the investments and your plans a little bit more in detail? Also, do you see a permanent shift away from large physical master events, or just some help there would be good. Yeah. Thanks, Oscar. The first one is regarding the investments again, if there's a shift away from B2B, more into investments into B2C, and if that should be read as an indication of a more permanent shift away from large arena events to more digitalized events as well, Maria? Yes. No, it's a very good question. I think the way to look at it, you may have heard us talking about zero to hero concept and our pyramids open to the master levels. That's generally what we are now investing on back of. I think that we have, we are the leader of the independent tournaments and league operator with our ESL and DreamHack brands. On back of that, we operate what you can look at as a media product on the top end of the pyramid. What we want to do with this investment is to make sure that we bring a much broader base to the bottom part of the pyramid with our open ecosystem, where you can have more of a platform and B2C value proposition. I think also the exciting part that we are seeing is today, in our master events and our ESL Pro Tour, we actually largely focus on the AAA hardcore professional players and titles. What we're seeing is an emergence about competitive gaming, both on the mobile mid-core side, where we have in the ESL Mobile Open, which we're now rolling out on a more global basis. We used to be North America, we expanded to Europe. This year, we're rolling out also in the Middle and African region and also Asia. Incremental to that, on back of the VC investments, we're also looking into the casual competitive side, and I think that's extremely exciting because it all comes down to the same thing. It is competitive gaming, whether it's on AAA hardcore titles or if it's actually more of the mid-core titles, which we have on our mobile open side, or even Joyride is having much more casual side on their platform. It's not to move away. We love our ESL Pro Tour events. It's more to complement and actually build on the value proposition that we have always talked about, zero to hero, online to offline. Now we are taking a step forward there on back of the trends that we are seeing and also the learnings that we've had in the last year. I think also last but not least, which I didn't talk about, is also what we see on the sports side is an extremely interesting trend. We have observed it for quite some time. We launched DreamHack Sports Games. I think this year we are actually seeing the real movement. It's very exciting that we this year signed up the IOC, the NHL, and also Bundesliga. Thank you. Just one final question on that topic before moving over to gaming quickly. In terms of margins for the esports, will this new investment impact the margins in 2021 further, or should we see more as in 2022? The question is around the esports operational margins and how they will be impacted by further investments, Maria. We don't want to give a forward-looking guidance or ambition, but what I can say is that we want to continue to pursue these investments. I think they are extremely strategic and extremely important, and that will put us in a much better position in 2022 when we also see that the markets will normalize, and we will look forward to bring offline events back to the market. What we will also pursue very focused is to optimize the monetization in the existing core operations this year, even though everything is run online, we will make sure that we push and drive monetization on back of our inventory and also the efficiency on our cost base. Understood. Thank you. Gaming, just couple of questions before leaving it over. First of all, gaming seems a little bit soft given the Hutch consolidation. Could you say something about how much Hutch contributed in Q1? Also if you could say whether you cut down on marketing, for example, Forge of Empires to allocate more to the soft launches in the quarter? Thanks, Oscar. Just going to repeat the question so we understood them correctly. When you look at the results for the gaming vertical, is there any possibility to say anything about the Hutch contribution to the results and if there's been a movement at InnoGames from established titles like "Forge of Empires" to the new games? It is once again you, Maria. If we start with the Hutch contribution, I think we're very happy to see how they've been performing on the top line. They had a very strong performance in the quarter. I think what we were probably not expecting, nor did they, was the higher seasonality this year on the "Formula 1" manager game. What we saw was a very strong comeback of the game when the Formula 1 season started towards the end of the quarter, and also now in Q2, the uplift both on downloads and on the revenue progression. I don't want to go into, and I don't want to break down the different companies' contributions, so I will not do that on Hutch either. I can say is that we're excited to work with them. I think also them becoming a part of our gaming co, I think that will also help them to accelerate the areas they need to work on because it's still a young company, it's young games. As you know as well, there's two parts to successful games. One part is making the games, and I think they are fantastic and outstanding at it. The other one is the monetization of games. That's where you come to the UA efficiencies and the Live Ops. I think that's where they can also do strong learnings from the different peer companies in the group. I think that's where even though it's early days, I think we're very excited about the conversations that is going on. On to your second question when it comes to InnoGames, we would never sub-optimize any game. “Forge of Empires” is performing fantastic. We have been doing great marketing on back of that. We're very happy to see the ROAS level, so that we continue to execute on and to optimize that performance while we also start to scale the new games. We want to continue to optimize and drive growth in “Forge”, also as we start to ramp up marketing this year on back of the new titles. You should expect us on active number to increase marketing this year. Great, I will leave it at that and potentially come back with a few more questions. Thank you both. Thank you. Thank you. Operator, could we have the next question, please? Yeah, next question comes from the line of Erik. Please go ahead, Erik. That might be me. Do you hear me? Please go ahead, sir. Yeah, it's definitely you, Erik, so please go ahead. Yes. Can you hear me? Yeah, we can hear you loud and clear. Perfect. Sorry about that. Yeah. Hi, Maria. Hi, Lars. Starting off on the gaming here, can you perhaps talk a bit more about the promising KPIs that you're seeing for "Rise of Cultures", and when do you expect a more meaningful impact from this game in terms of revenues, and perhaps when do you expect the full launch of the game? Thank you. Thank you, Erik. Now doing a little bit more of a deep dive on "Rise of Cultures", the latest title being launched by InnoGames. If we could please elaborate a little bit on the early KPIs that we're seeing, especially maybe contrasting versus "Forge", when will they have a meaningful impact? Meaning when will we do a full commercial launch of that game, Maria? Yes. As always, we're a little bit restricted on giving out KPIs on title and soft launch, but I think as we also mentioned earlier in the presentation now is, you monetize it comes down to three metrics, of course, acquiring customers, how much you monetize the customers, and how well you retain the customers. If you look at the holistic combination of those, we're very happy to see how the game is progressing. I think that what stands out above and beyond our expectations is the retention. I think I mentioned a reference versus Forge of Empires, and I think there's the reason why we do that, it's a twofold because Rise of Cultures is actually built to some extent on back of the success of Forge. It's both city builder games, and also Forge of Empires is our most successful game. I can say that the retention metric, which is of course the starting foundation of any successful game, is significantly above the levels that we see in Forge, which gives us a good indication, at least, of the game. Still, many things need to come together before it's a full-fledged launch and a home run. The starting points are very good. To your second question, I wish I could tell you an exact date, but it little bit depends as we now roll out more features into the game. That is a must in order to drive the monetization part. If everything is progressing to plan, I'm hoping that we should see something sooner than later, and that you see now Q2, Q3, Q4 ramping up on the marketing each quarter. To your point when you should see revenues then, again, assuming everything goes according to plan, I would say that any material contribution will probably come in the last quarter of the year and then a meaningful contribution in 2022. What we normally say for new games, especially within InnoGames, which has a little bit richer titles and put more marketing spend behind it, is that they're all loss-making year one and turn into profitability year two. That's how you should look at this game as well. Perfect. Thank you. Is it possible to quantify how big the UA impact from "Rise of Cultures" and "Puzzle Heights" was in this quarter, and maybe do you expect the margin to decline here in Q2 as well? Regarding marketing investments related to the new games in Q1, how it will impact going forward as well? No, we did roll out marketing, but it wasn't fundamentally moving the needle for the gaming in Q1. You should start to see the impact coming through in Q2 and Q3, and that is also going to negatively impact the margin to some extent. Perfect. Thank you. On the M&A opportunities here, you said that you're happy to see some more M&A going in later this year. Should we expect more deals already this year, and/or are you already now in any discussions worth mentioning? Thank you, Erik. The M&A agenda. We try to keep our cards quite close to our body here, Erik, but because it's of course always competitive situations out there. I don't know, Maria, if you could share some insights into our thinking, both on gaming as well as esports. Yeah, no, I think Lars has a very valid point. As a general sort of remark, we never comment on any M&A until it's actually real and happened and signed. I think what is interesting is, if you look at our position today and where we were just going eight months ago, I think that the inbound interest that we are getting and becoming a part of our group has changed quite fundamentally, which is of course extremely exciting because it gives us a range of opportunity to explore interesting discussions to be held, and then see what is the best fit to our portfolio, both on the gaming side and the esports side. For us, as we have stated, we want to drive value creation through organic growth and inorganic growth, and that we will continue to do, whilst also of course, making sure that we keep a very clear focus to make sure we can also integrate the companies and realizing the benefits of becoming a bigger group. I think that's also why we're very excited to see the dialogue that's happening across the gaming portfolio right now. It's extremely exciting, and I think now we're starting to see the real benefits of actually having a gaming group and the great competence that we have within our portfolio companies. Perfect. Thank you. I think I'll stop there for now at least. Thank you. Thank you, Erik. Operator, could we have the next question, please? Yes, the line of Martin Arnell from DNB. Martin, your line is now open. Hi, Maria and Lars. Can you hear me? Yes, we can hear you loud and clear. Excellent, thanks. I just want to ask you how you're trending so far in Q2, if we've seen some reopenings in Europe, if that has impacted the momentum in the gaming top line? Help me out, Martin. I'm not 100% sure that you're referring to the gaming vertical or the esports vertical when you talk about openings there. Gaming vertical, like in the U.K., for example, there's been reopenings since mid-April. Exactly. Curious to know if you've seen any impacts on the momentum. Yeah, it's a good question, of course. It's regarding if more open societies are impacting the gaming vertical in any meaningful way. Maria, if you would like to begin elaborating on that one. Yeah. It's a very good question. They have only been open so much and so long, I think what we see is no change in any trends on our side. It's rather progressing in line with our expectations. I think, of course, as more markets then open up, then time will see, we see nothing currently in our cards. Yeah, we rather see quite also strong correlation. If you take a company based in the U.K., as Hutch, for example, then their games has been more correlated, for example, F1 Manager, as Maria said, towards the season, and other events rather than the pandemic. As the Formula 1 season gets going, then the interest around the games is also increasing as a result of that. I think that is going to be a more important trend than maybe societies open. On that subject with Hutch and the F1 seasonality, how big percentage of Hutch revenue is normally derived in the first quarter? Thanks, Martin. It's regarding how the revenues have been divided between the quarters. Yes, Martin, it's a relevant question, but we don't break down individual companies or gaming companies on a quarterly basis, as you know. It's the same thing with Hutch. Of course, F1 being one of the largest titles, and that title then being dependent on the Formula 1 season, there will be seasonality related to that one, meaning that the Formula 1 season usually starts then, or always starts in the end of Q1 and then goes on for Q2 and Q3 and Q4. That's what you should expect going forward when it comes to specifically Hutch and the Formula 1 title. Okay, thank you. On InnoGames, how should we view the margin this year? I guess there was a boost last year. Are you looking at something in between 2019 and 2020 for the full year? When it comes to InnoGames and margin development, once again, we don't guide specifically on companies. Maria, if you would like to elaborate to some extent on InnoGames. Yeah. No, I think it's fair to say, as you commented, that InnoGames did enjoy exceptionally high margins last year. The return on ad spend was on very elevated levels, especially in Q2. Also, we should remember that we didn't put any marketing behind any new games in 2020 for InnoGames. Coming back to how I answered the previous question also, how to think about scaling and marketing going forward and margin impact, you should expect us now to start scaling marketing. That is success for us, to be fair, because that means that our games in soft launch going into commercial launch are successful and performing. That will push down and put pressure a little bit on the margins this year, but will position us for strong growth then in 2022. That's why we believe it's a good investment to be done, and that will pay back over time. As you say, Maria, as you know, we are extremely data-driven when it comes to InnoGames, and we monitor the ROAS levels very closely, and we see, as we've done historically, very good returns on the marketing spend that we're doing as well. It's never done by chance, but rather based on data-driven decision-making processes and the marketing spend that we are doing both on Forge of Empires, the classic games, and now the new games are well-balanced and also with the right return profile as well. Okay, great. Just a final question. On your marketing spending in the gaming vertical, are you seeing any key shifts or changes in the returns or pricing so far in March, April, compared to January, February, or late last year? When it comes to pricing, when it comes to the different marketing channels, if I understood it correctly, Martin, if that has changed in any meaningful way when it comes to April or March, April then. Maria? Yes. We actually continue to see very successful and strong marketing, and that is also what drove the performance in Q1. Now we will see going forward as well with the IDFA coming into place now in May, but that is something that we are actively monitoring, and I think that we have done the preparations as we can, and take it from there. We continue to enjoy good marketing returns, and that's why we can continue to feel comfortable that we do the spending levels we do. Okay. Excellent. Thank you, guys. Thank you. Thank you, Martin. Take care. Operator, could we have the next question, please? No further question at this time, sir. Please continue. I think we have another one, Oscar. Oh, sir. Apologies, sir. Oscar Erixon from Carnegie on the line, sir. Thank you. Sorry, Oscar. Yeah. I heard that you work for Carnegie, I guess, but. [crosstalk] Exactly. That's right. Just to follow up here on IDFA, which I think is clearly a very important topic right now. Can you talk a little bit about what you have done to prepare for the impact, what you expect? Have you seen anything so far? A deep discussion would be great there because I presume it's already started a little bit now, this week. Thanks. Thank you, Oscar. As you're saying, highly relevant question with the introduction of iOS 14.5 IDFA changes, something that we, of course, have been spending a lot of time on. Maria, could you elaborate on preparatory work, and, I don't know, it's hard to say, but expectations also when it comes to IDFA? Yeah. I think that what is fair to say is that at least we got an extra five months on what we initially thought to prepare and making sure that also across the different portfolio companies we have, that we have an aligned view, and we have a shared best practice. There's no one perfect source to how you prepare for this one, because you don't know exactly how it would play out, how many will opt in, opt out, what kind of tracking will you be able to have post this. I think what we feel comfortable with is that the base foundation, and especially the structure we have within InnoGames, is extremely data-driven, and we have a high predictability in that model, and that gives us comfort also to continue to do marketing, even though we may have slightly lower tracking levels on back of those customers. I think what is important to remember as well is that we are not 100% mobile only. We actually have a 58%-42% split, mobile versus browser, and that also helps on the browser side, to be fair, on this side of diversity. I think we're going to learn as we go along. I think that we are as prepared as we can be, and then it comes down to closely monitoring now every campaign, which we're already doing. We feel as comfortable and prepared as we can. Then we will keep you updated as we proceed. A small detail there, Oscar, and you might already be aware of that, just to reference the Ninja Kiwi, which could be interesting, is that, of course, their success has always been based on organic growth only. As such, our new member to the gaming companies is not exposed in that sense to IDFA either. Could be good to know. Great. Thank you. It would be interesting to hear, if you break down your gaming exposure, I think it's fair to assume that InnoGames will be most hardly hit given that it's high ARPU, it's targeted marketing. Could you break down what percent of sales in gaming that you find directly exposed to IDFA? What we say is directly exposed to IDFA when it comes to our revenues, it's a very detailed question, Oscar. I don't know, Maria, if you would like to start. I could add maybe a couple of snippets there. Yeah, there is two ways of looking at it. One thing is, of course, how precise you can do your advertising, which then you onboard customers and you then convert to paying customers, which then convert into in-app purchases, which is the vast majority of revenues. Over 90% of our revenue base is in-app purchases versus advertising. To some extent, some believe that the advertising side will be more hard hit than the in-app purchase side. On the revenue base, I think that this plays more to within our purchases will give us some sort of defensibility. When you look at the revenue shift where we have, as I said, we do have a high degree of browser in our revenue base still, where you can continue to do marketing in the same way. If you look at the remaining part, that is of course split between Android and iOS in particular, but I don't want to go into that breakdown, but of course it's the iOS part first and foremost that will be impacted, and then we'll see what Android will do over time. As I said, we feel that we are as prepared as we can be. This is on top of everyone in our product marketing and game team in general to make sure that we secure the best possible outcome for us as a group. If there is anything, at least what gives us comfort coming back to where I started is we do have extremely strong processes and systems which give us high predictability models, which gives us comfort in our marketing machines. One way of putting it as well is, of course, that through InnoGames especially, we are strong when it comes to our marketing and marketing apparatus, so to speak, and that relative strength will also be transferred into an IDFA environment, of course. I think one should also consider that when looking at the new reality in a world where IDFA is a fact that the relative strength can continue to be and maintained also in that environment. Excellent. Thank you very much. Thank you, Oscar. Operator, could we have the last question, please? There's a line from Rasmus. Rasmus, please ask your question. Yes. Hi, this is Rasmus with Handelsbanken. Just wanted to ask you, with gaming becoming increasingly the completely dominant part of MTG, how do you think about the structure of the group going forward? Do you feel that esports belong here, and are you confident that it gets the attention and investment that it might require? Hi, Rasmus. Good to have you back here with a question as well. It was some time ago, but when it comes to the MTG and how it has evolved recently with the lion's share of the revenue now being generated by the gaming vertical, how do we look upon the structure? What do you say, Maria? Yeah. No. Hi, Rasmus. Of course, it's a fair question to ask. I think we put down the foot pretty firmly in the fall also as I took on my new role, that we want to keep both verticals and build value creation in both verticals. With the pandemic, of course, short term, the esports has been hit on the top-line side. We have been able to execute very strongly on the strategy on the gaming side, which has built more sort of a stronger and more robust gaming vertical, that we remain very focused to make sure that we position ourselves at the forefront also on the esports side and make sure that we maintain and build on our leadership position that we have. I think that's why we're so excited about the initiatives that we now are accelerating in this quarter to make sure that for us, esports is so much bigger than you can argue the media part that we have, and that's an amazing product that we do, and we are doing that in a really good shape and form, and we look forward to bringing back the offline events and properly monetize them. We also want to make sure that we build the relevant products and pillars next to it to make sure that we build the proper zero to hero universe and ecosystem, amateur to professional. I think that is a very exciting platform for us, and I think that we are just in the starting base of that. I don't see the sort of relative size today as any indication that these things do not fit together over time. Time will tell. I mean, what we are focused on is to make sure we drive value creation in both verticals, both organic and inorganic in both verticals, and that's what we stay focused on. Just a very brief follow-up on that. You said you don't expect any live events maybe until next year, but you haven't canceled DreamHack Winter, and there's also, as far as I can understand, IEM Winter scheduled for December this year, or am I wrong in that? No, you're absolutely right, and then I wasn't clear, so that was my mistake. Until towards the end of the year, we do expect those events take place towards the end of this year, but not until then. That means we used to have, for example, the Cologne event sort of in, I think late July, August. That will no longer take place. It's first sort of in mid Q4, we will go back to physical events, hopefully. I should just clarify that they will take place but in online format so it's clear. I think also to add to that, I think what we do is I wouldn't say call it light in the tunnel, but right now, based on what we see with the vaccine rollout and so forth, everything in our planning is to go back to an offline environment in 2022. That we are very excited about and to make sure we can also complement that offline environment with a much broader and stronger online value proposition. Very good. Thank you. No problem. Thank you. Thanks, Rasmus. That concludes the conference call for MTG's first quarter interim report. We appreciate you taking the time to join today's call, and we look forward to stay in touch until we release the next quarter report on July 20th. Thank you very much. Take care and stay safe.