Thank you very much. Good morning all you that have dialed in. It's also Andreas Uddman, our CFO, attending this call and will also present the financial part. We can start with slide two, Stillfront at a glance. This is how we look currently, or at the end of the quarter. We were 19 studios globally with approximately 1,250 employees. As we have continued for quite some time is to constantly improve and build our portfolio, and they have two common themes as always, that it's long lifecycle games and loyal users that play our games, which we think contributes to our stability and predictability in our business model. We had in March, 60 million unique players and on a monthly basis and 12 million on a daily basis. We had our main markets being U.S., Germany, MENA region, U.K., and France in terms of revenues. You can also see on the lower right side how our revenues were distributed globally in the first quarter. It was North America 53%, Europe 32%, Asia 10%. You can also see our offices on that slide. Next slide, please. We would like to take the opportunity to highlight some of all the very high level of activity in our portfolio. There's always a lot of development going on new products, so come back to, but also with our existing portfolio. One of our strengths, I would say, is to conduct so-called LiveOps, where we add on new feature and functionalities and run events on our existing portfolio. Here are some highlights for the quarter. We added 10 new titles into our active portfolio from our acquisitions. We can also see that Word Collect and Trivia Star consistently were ranked among the top three downloaded apps in that very category, word and trivia games in the U.S. in Q1. We are also happy to conclude that the BitLife internationalization has started, naturally with U.K. and in a very good way, was the number one downloaded app on iOS in late January. We had a good start on the internationalization of BitLife, and more will come later in this year. Conflict of Nations continues to scale well on mobile and showing strong performance since it was launched on mobile in September last year. On the topic of events, we have just to highlight the Shakes & Fidget event, Legendary Dungeon, that in March led to a 25% increase in monthly bookings just for connected to one event, which shows, we think, the power and the efficiency of working actively with LiveOps. This is only one example, obviously. We have events of this kind or similar kind in all our games in the active portfolio on, if not monthly, it could be in some cases weekly, and in some cases it's bi-monthly. You can see the kind of effect it could generate. Also very satisfactory is that Fashion Nation from Nanobit, who came into soft launch in the U.S. showing strong early metrics, not the least retention numbers, which is usually the most tricky one to get right. If that is right, it's promising, but it's too early to make any projections, but we are very pleased with the first soft launch and hope to see that continue as we roll out in more and more countries later this year. Albion Online mobile version is a very exciting opportunity for us, where we go true cross-platform, which has been the successful and grand strategy portfolio for so long time from Bytro and Dorado. That is following the plan, we're scheduling the soft launch coming in for June. We think that it's also very exciting. We have the small [Forager's Allegiance], which was part of the main game when we acquired Everguild. Have now onboarded using the what we called the center of excellence, now we call it the Stillhub for marketing, and already in a few weeks, we have been able to triple the investment in marketing spend, with very strong return on marketing. That's also very promising for the rest of the year and for many years to come, hopefully. All in all, a lot of things going on in our portfolio. Here are just some of them. In general, we are very pleased with the composition and the broadening of our portfolio and not the least how our studios are taking care of LiveOps and development. Going to next slide. An overview over our revenue development. We had a 91% year-over-year Q1 net revenue growth. That was, of course, driven primarily from acquired studios, but we also had 9.5% organic growth, which we think is decent and as our addressable market is between 8% and 9%. We also had a negative FX of 8.9%, primarily with a weaker U.S. dollar compared to SEK. That is not present in local currencies, but nevertheless in our reported numbers. There you can see on the right side how we bridge the Q1 2020 revenues to the Q1 2021 revenues. We also had a tough comparison for a short period, but maybe still affecting the organic growth in Q1, but not as much as it will do in Q2, and that is due to the very fantastic, I would say, uplift we had last year, and that we would not have, for anything in the world, would have been without because it was really exceptional beneficial for Stillfront and our financial performance last year. The only downside is the comparison number, but in the perspective of building this company for yet another next coming 10 years, that is only a small comparison thing. It doesn't change anything on how we operate our business. We can also see here that our UAC in relation to net revenues were up to 28%, which was exactly what we also flagged for, that it will look slightly different when we have more casual games. This is according to plan, and we also think that this number is representative for the rest of 2021. We think we don't say it's representative for 2022 and onwards. We can go to next slide, please. Our EBIT development. We had a 103% growth year-on-year of our EBIT in absolute numbers, which is a satisfactory number indeed. You can see that we had a 33% margin, which we think is strong considering, which is almost forgotten now, Q1 last year, we had 31% in EBIT margin. The big difference is that last year we spent 21% in UA, whereas now we spend 28%. Hence, you can see clearly that we are more efficient and our business model is scalable, and we also have a higher gross margin as well as OpEx is lower in relation to our net revenues. That is the change that we sought to establish, and I think it has come in in a very satisfactory way. We can also see that we have still Q1 LTM 37% of EBIT margin, equaling some SEK 1.7 billion in EBIT the last 12 months. Again, it's very important, so please don't hesitate to ask questions about understanding the dynamics now with higher UA, but higher gross margin and a fairly strong EBIT margin. That dynamic is important that you understand. Go to next slide, please. Looking to our active portfolio. You can see, as I mentioned earlier, that we, in March, were the first month with all the acquisition consolidated. We reached some more than 60 million unique monthly playing our games, whereas more than 12 million playing our games every single day. That's strong numbers, and they have been growing some over 300% year-on-year. The MAUs and the DAUs have been growing 237%. This is very important numbers because from our perspective, the fact that you have both a wide portfolio of games that is attractive for your audience and that you have a very large pool of players playing your game regularly, that will open up for opportunities that you can source a lot of players to other games within a portfolio from one or two games they already play, which means that we will be less dependent on external sourcing and external UA for increasing the activity in our portfolio. That is something which is strategically very important for us, and hence we have taken these steps, and I think we have exceeded so far our expectations on reaching these numbers of active users. You can also see in terms of monthly paying users for the first time, it's more than 1 million, so it's 1.2 million paying for our entertainment every month. That is satisfactory. You can also see that UA is increasing as a consequence of what we just spoke about by 143%. All in all, we think we have a very strong diversification. Our now 52 games, we have in this Casual & Mash-up are actually the largest one, Strategy, where we haven't done any acquisitions for a while, still are very solid. I will go into that in a minute. That's representing 28%, and then Action & RPG are 33%. We had in total 77% of our revenues coming from mobile, and we have now 15% in ad bookings and a number higher than that in March, whereas all the new entities were consolidated. We think that we are basically on the high teens in March of ad bookings, which was something that we communicated as a target a year ago or something. I think we can say that we have reached that one. Going to next slide, a bit into the Strategy part of our portfolio. You can see how very stable and predictable this part of our business is. You can see that also, despite that it's moving more slowly Casual & Mash-up, we had a clear uplift in Q2 last year. Otherwise, it's exceptionally stable. You can see that the MAU are almost unchanged since Q3. It's 5% down year-over-year. The DAUs are 2% down year-over-year, but actually increasing from Q3 and Q4. The ARPDAU is growing by 14%, which is basically what explains that we are growing this area organically by 10%, as you can see in bookings. That is that we have been able to convert more users into paying users on average. It's not the average revenue per paying user that is going up, it's actually going down, but we are broadening our paying user base. Now it's up to 117,000, which is a 17% year-on-year growth, which we think is very good and healthy. The 12 games in this category, 66% of the revenue comes from mobile, and it is very Europe-intensive. Part of our portfolio is over-represented, I should say, in Europe by 45%. Looking on next slide is our SIM/RPG portfolio, consisting of 23 games, 62% mobile, 44% in North America. Very stable ad revenues in this part of our portfolio, 5%. You can see also that our MAU is growing impressively. The MAU numbers grown by 143% year-on-year. Also we can see that our DAU is growing 69%, and our monthly paying users has grown by 123%. Our UA is also going up in this area. We can also conclude that Albion Online has had a very good start, and that this is despite we have not yet launched the mobile version, which I mentioned will happen in June, we hope to think. Big Farm: Mobile Harvest and Shakes & Fidget continue to perform very solidly and strong throughout Q1 as they did in Q4. The only small disappointment is the KIXEYE titles that are delivering below expectations in Q1. That is, of course, having a negative impact on our organic growth. We have taken measures, and we are convinced that we will have a good development in KIXEYE for many years to come. Going into the Casual & Mash-up part of our portfolio. Not surprisingly, it's growing rapidly due to the acquisitions of Super Free and Moonfrog, even though they're not fully into the numbers here, but they are performing according to plan. We are also happy to see, but not surprised, that the Storm8 main titles are very stable, and from one month it's growing, one other month it's flat. It's very stable since Q4, and that's very good. It's very expected since they had a tremendous uplift in Q2 last year. Since these cohorts of users that we took in Q2, they are more or less out of the system. They have churned according to the natural pattern, but now we are stabilized, and we are convinced that both Property Brothers and Home Design Makeover have big growth opportunities for years to come. We can also see that we have 33% ad bookings, so it's significantly increased, primarily driven by the Super Free titles, and 73% of our revenues come from North America in this area. You can see that we have 700,000 monthly paying users, which is a significant number as well. I think we could hand over to Andreas then to go into the financials more in specifics. Thank you, Jörgen. Good morning, everyone. We start on financial highlights for the Q1, page 11. Jörgen was mentioning we continue to have a strong underlying revenue growth as a group with 91%, and we continue to have a good adjusted EBITDA, more than 33%. In line with what we've seen before, we have a strong cash flow generative business. We generated SEK quarter of a billion this quarter as well, even if we had negative effects on working capital due to mainly timing effects from our platform providers. Strong cash flow generation. We still have a strong financial position with SEK 1.2 billion on cash and still unutilized long-term facilities of SEK 1.1 billion. We keep our conservative levels of leverage of 1.3 in the quarter, which is below our target of 1.5, and even if we in the quarter paid for both Moonfrog and Super Free. Overall, Q1, we continue to have an underlying good, healthy performance of the business and a continuous strong financing platform. This will help us to continue to be part of this consolidation that happens in the market. Moving to the income statement. Jörgen has talked a bit about the dynamics, but our net revenues in total grew to SEK 628 million for the year-over-year, so 91%. Organic growth of 9.5%, and acquired growth 91%. We have some negative effects on reported effects of 8.9%. I think the key thing around revenues is what is really showing and coming through in this quarter, is the diversification of revenues. We added 10 new active games to the portfolio and also to the non-active portfolio as well. We also added more ad revenues that now represents 15% of our total bookings in our active portfolio. This now shows around that we increase our gross margin by 3 percentage points. This is something that is creating a good natural hedge, more games, more diversification, but also strengthening of our gross margin. That entailed then that we can spend more on UA without distorting the whole P&L. That's a very important dynamic, and that now is visible in the numbers. It's important to remember as well that this 15%, both Super Free and Moonfrog, has a higher share, as we communicated before, our ad revenues, and they were only consolidated two months for Super Free and one month for Moonfrog. In terms of our other costs, both our external costs and our staff costs, here we have also a positive impact on FX. Our cost base is naturally hedged to our revenues, and that we see as well. It's also important that these combined, where we naturally grow, increase our cost base, but they increase less than revenues. This shows some scalability, quite a bit of scalability in our business model, whilst we can actually spend 28% of our net revenues in UA. This is a very important dynamic which is now coming through. Going below EBITDA, we have more amortization and depreciation from our games that are sort of going live or have been going live. That's a natural increase. That gives us the EBIT margin of SEK 432 million, which is then 103% increase from last year. We have some items affecting comparability this quarter. Majority of that or a big portion of that is from the Moonfrog acquisition. Then we have some cost optimization projects ongoing in KIXEYE as well, as again, what Jörgen was talking about. Financial items. The underlying interest cost is SEK 30 million, which is we utilize more of our facilities, a natural increase there. We have SEK 23 million of non-cash interest, which is booked under the financial items section. We have a positive effect of FX of SEK 9 million in the quarter. We reported SEK 60 million of tax, which is equivalent of 29%. In that, it's also an impact of transaction costs, which is not deductible. If we strip that out, our underlying tax rate is around 26%. Moving to the next slide, the cash flow and the balance sheet metrics. First of all, looking at the quarter, cash flow from operations before working capital adjustments is SEK 387 million. We had a negative effect in the quarter of SEK 138 million working capital. This is mainly driven by receivables. Q1 has less days, so some of that receivables were only received in early April, so it's money we will get back. Even with that effect generated SEK 249 million of free cash flow from operations. High investment pace, of course, with two acquisitions completed, which was approximately SEK 1.3 billion of cash that went out. We spent SEK 144 million of new product development, 11% of revenues, so in line with previous trends we've seen. We strengthened our cash flow for the period with SEK 174 million after these investments. Cash flows, always last 12 months shows the trend, I think, the best. Here we have a 150% increase in our operative cash flow to SEK 1.3 billion of cash. That increase is 150%. We continue to spend and increase our spend on product development, which has increased 73%. It's that relationship that is very important to point out that, yes, we do increase the absolute amount we invest. That is also leading to a bigger product pipeline. Our operative cash flow increases more. That relationship is important and something that we look at a lot. With that investment, i.e. being able to deploy almost half a billion in new product development in the last 12 months, we still generate SEK 810 million of free cash flow that can fuel our acquisition strategy as well as our financing activities. We introduced a new cash conversion ratio. This, before we had it over net profits. We are now tracking it against EBITDA. It seems much more relevant because we have so many non-cash items in our P&L, such as PPA amortizations and earnout interest. That was 0.45, which is effectively an increase of 50% from the same period last year. Looking at our key balance sheet metrics, continuously, we have utilized more facility. We are still below our target of 1.5, and we do continuously work with our financing on a tactical basis. The foundations we laid last year, that has served us well to be able to execute on our M&A strategy while we are keeping a conservative approach to our actual leverage. We have still SEK 1.2 billion of unutilized cash in the group. Another part here which is very important, when we look at debt, we do not look at just the absolute numbers, we look at our maturity profile. Here we have a good structure at the moment with the first due date on our 2022 bond in end of 2022. We have the RCF that we utilize, which is 2023, and then we have the 2024 bond. Maturity profile is something we look at. This is also important that we can not just look at an absolute value of debt, but we actually look at how this is structured to be able to remain conservative on that part as well. To sum up, we continue, as we have done in the previous quarter, strong underlying performance in the business, continued strong cash flow generation, and our financing platform that we laid in 2020, has served a good purpose by us being able to execute two new deals, and finalize them without doing any additional financing except for utilizing our facilities. With that said, I will hand back to Jörgen. Thank you, Andreas. To summarize and give an update on some few special topics, that will be the final part of this presentation. If we go to the slide with IDFA, a topic that is spoken a lot about, and now it's finally here, so we can get through that one. As you probably know, during April now, Apple has started rolling out the changes with the iOS 14.5 update. As we have concluded for quite some time now, we started already in June last year to prepare ourselves for this change, so that is good. Also we saw that in our portfolio, the actual users that we have acquired last year, 20%-40% of the users on iOS actually already have manually opted out. It indicates that we have been able to cope with this up to that level. Of course, it will be more that it's not trackable in the way that it was previously when it's the reverse thing that you have to opt in to tracking instead of manually opting out. What we expect, and many in the industry, is that the CPI is expected to drop, so the cost per install, the prices are going down. Of course, we as a company representing some 1% of the global market, it's not only up to us to set the market price. It's very much depending on how others will act in this. It will for sure be an adaptation of CPIs for some types of marketing, short to mid-term. We have also, since the very inception of this company, focused a lot on being strong or even leading in terms of diversification of channels and providers of marketing opportunities, which was not made 10 years ago due to any changes in iOS, but it serves us well now when the change is actually happening. I think that will open up, for sure, opportunities because in some areas, in some regions, for some type of marketing and campaigns and for some type of products, it will open up opportunities. For others, it will be more challenging, but then the price level will compensate. I think that we are in a good shape. We have made an extensive A/B testing of different ways of adopting our marketing. I think it's too early to say after the first week here, more or less, the outcome of this. It will be hard to say anything before it stabilizes, whether that takes three weeks or two months, I don't know. I'm absolutely convinced that we are in a position to take on this change and also both handle the limitations where they come up, primarily in the strategy area, I would say, where you target more. We have other ways of doing that, which we will come back to when we report Q2. Also that we can seize the opportunities that we expect will come from lowering prices and that the market will be not completely efficient for a while before it settles. All in all, I think we are in a good shape. Very hard to say for the short term, but mid-term and onwards, we think that this will not be any larger impact to our business. Going to a few words on our business outlook on next slide. We think we have had a solid start to this year in line with our expectations very much, both in terms of the numbers, slightly higher margin that we may have hoped for or had hoped for, but that's of course very good. We have been able to compare it to Q1 last year. We can really see that, and we have also elaborated on that our business model is highly scalable and that we can increase the marketing, get back some of that increase in marketing by increased gross margin and also lower OpEx in relation to our net revenues. That model change is something that we have sought to achieve for quite some time. It leads us to a more solid foundation, a stronger diversification in our business model. As mentioned also earlier, we have a very strong pipeline of games entering into soft launch 2021. This is also very encouraging that we have been able to more than double the number of products coming out. It's almost a factor of three compared to last year. We keep our investment into product development at around 10%, 10.9% in Q1. We are not exceeding our investment levels. However, we are significantly achieving more results with that. That is very good, of course, promising. As said, it will be sensational if we wouldn't struggle with a comparison number in Q2 because we have this exceptional growth. We also are convinced that in Q4 and the end of the year, we will definitely be back on organic growth again. Exactly if that kicks in in Q3 or in October or in November or when it kicks in, it's hard to say and always dependent on how our new products can scale. Finally, we have intensified the process to transfer from First North to the main market in Nasdaq Stockholm. We hope and think that we will be able to do that within the next coming months, of course, depending on receiving the necessary approvals as always. It looks good, we think. That was it, and with that, I think we open up for Q&A. Thank you. If you do wish to ask a question, please press zero one on the telephone keypad. If you do wish to withdraw your question, you can do so by pressing zero two on the telephone keypad. Our first question comes from the line of Alex Duval from Goldman Sachs. Please go ahead. Your line is open. Good morning, everyone, many thanks for the question. Just a couple of quick ones here. Firstly, on the Apple situation, you articulated that there could be some risks, but also opportunities, and that you feel the company is in good shape to deal with this. I wondered if you could quantify a little bit the sort of range of impacts we should be thinking about. What's your expectation at this point? A little bit more detail in terms of numbers would be helpful. Secondly, you obviously achieved 9.5% organic growth in the quarter, and there's an expectation of sort of roughly high single-digit, low double-digit market growth in organic terms this year. I wondered if you could talk a bit about how we should think about your progression as a company relative to that. Perhaps how many percentage points roughly we could be thinking in terms of outperformance, if that's relevant. Many thanks. Thank you. First of all, IDFA, again, in the very short term, it's hard to say, but we are convinced, and we are collecting data literally as we speak to see where potential opportunities will arise, because they will definitely do so. To be honest, it's exceptionally hard to make a prediction, and of course, we have different scenarios that we work with, but it's hard to make any firm statement to the market on what we expect in the next, say, the first three, four, five, six, eight weeks or whatever. Again, if you take the very large picture of this, it will always be that the strong demand will find the supply of products on the market. It has been changes previously when GDPR, it was told that no one could play anymore on desktop, which has proven to be completely wrong. I'm sure it will open up opportunities. To quantify them both to the numbers and to time them, it's very hard to. We don't do any statement in this situation. It's only gone one week, and not everybody has updated their phones either. I think it's premature. When it comes to organic growth, if we take away, and again, it's important to understand why we are explicit about the negative growth, because we had a tremendous traction in Q2 last year, which also comes in partly to Q3 on the casual side, because the casual games are growing very fast when you fuel the marketing and recoup on the marketing. Also the revenues from casual customers decline much faster than the strategy games. That's why we will see some effect in Q3. We have said it many times that we are as convinced as ever that we have built ourselves a possibility to grow stronger than the market. Our view on the market growth is 8%-9%, and that is because we have a blend of 23% being browser game where the market are declining. We don't have a very large presence in some Asian areas where the growth is higher. Now we have just entered into India, which is exciting for us, but it will not contribute to the total that much this year, but we see that has growth potential. Considering that we have built this huge universe of marketing opportunities where we constantly optimize putting our dollars where it pays off the best over the whole portfolio, all channels, all regions, and constantly evaluate and rebalance our marketing mix, that is one of the few, but one of the exceptionally important structural competitive advantages that you ever can build on this market, and we are very strong in that. That's why I think that over longer time, we have a good chance to grow by one or two percentage points over longer time than the market structurally. Of course, if we have, as we have had in some quarters in history, three successful launches in the same quarter, of course, we will outgrow the market more in that particular quarter, whereas if we don't have any successful launches for one or two quarters after that, then we might not grow that much faster. Besides that, if you look at the long trend, we have provided ourselves with opportunities to grow 1%-2% faster than the market. That's great. Many t Hanks. Thank you. Our next question come from the line of Chirag Vadhia from HSBC. Please go ahead. Your line is open. Hi. Thanks for taking my questions. Just the first one, on the negative impact coming through in Q2, just to clarify, is that purely based on comps, and there is no quantification of IDFA within this? Is that correct? That is correct. Again, we see low visibility to IDFA. It consists of both opportunities and challenges short term. CPIs will drop if that goes in a short time. It opens up for good marketing opportunities in casual because casual don't use targeting. For them, a lower CPI is just compact good news, so to speak. Basically, this is based on comps, so not that we have put in some cushion for IDFA. Thanks. Could you talk a bit more about what the timeline and plan is for IDFA going forward, given, I guess Google will probably phase out GAID and CPIs go down, will the return on ad spend also decrease? How are you sort of thinking about this and the timeline going forward? If you take away the very short term, again, I see no reason why or no logic why return on market spend should be lower, because what will happen in that case is that the market should just swallow, just to pick a number out of the area, say that it's 20% less efficiency. If that will just be swallowed by the market, that means that the market will have on average 20% lower profitability, and that will not happen. We are in a good spot because we have wide diversification of products. We are in many regions where we actively promote our games, and we have channel diversification like few others. We can optimize that, but that's why we are so convinced that the prices will go down because the value of the traffic that we're acquiring is lower for the cases when you target. Thanks. That's really clear. Just on some of the business performance, to KIXEYE delivering slightly below expectations in Q1, could you elaborate a little bit more on what the underlying drivers are behind this? Sorry, the underlying? Just the underlying drivers of the underperformance of KIXEYE. KIXEYE was quite a special acquisition when we made it. For those of you that followed us at that point in time, it was not the founder following the business, and it was a kind of large asset deal or carve-out from another business, which was a good decision, by the way. We can see that the structure of the business was not optimal. Now we are making efficiencies. We thought that it may be compensated by the fact that new products would have come out earlier to compensate for that. Basically, the cost structure were not optimal. It hasn't changed our view on the possibilities for KIXEYE, and they have several exciting projects and products in their pipeline. Great. Thanks so much. Thanks for your question. Thank you. Our next question come from the line of Danesh Zare from Redeye. Please go ahead. Your line is open. Good morning, gentlemen. Great report. A question regarding the fee decrease on the Microsoft Store on PC. They lowered from 30% to 12%. Of course, it's very good development for publishers overall, especially on a long-term perspective. Microsoft Store is a small part of your revenues today. Would you perhaps consider focusing more on this channel due to the fee reduction? How do you think this will affect the market overall going forward? Apple has cut App Store fees for small developers in the past. Maybe you could elaborate on that. Yes, I think it's positive as you rightly state, and I think that from our perspective, we are always trying to diversify regarding the channels that we actually have launched in April prior to knowing this, Big Farm: Mobile Harvest on the Microsoft Store. As you also said, it's negligible revenues at this point in time. Of course, we are return on ad spend driven, and of course, one component in that, if you have a difference of 18% in platform fee, and it answers decently to our marketing efforts, of course, that is taken into consideration. I think it's great in general. It's rational in general as well. Of course, it will put some pressure, I would assume, to Google and Apple over time. I don't expect that will change in short-term or mid-term, this or next year. Over longer time, I think it's not a far-fetched thought that the platform fees will be lowered from the main channels, Apple and Google, some point in time as well. I think also this will not only put some pressure in general terms, but it also shows that maybe 30% is high because when a market leader goes down to 12%, it indicates that. Finally, it will definitely, in my view, it's early, but I think it will increase the volumes in the Microsoft Store for the reasons that I mentioned. Great. Really strong report overall, especially the high margin despite high UAC. Could you comment or maybe elaborate on the UAC market now that many companies we're seeing re-increased advertising budgets, and maybe give some color on the large UA spend of 28% in terms of net sales and your view of the marketing return on investment KPIs? Yeah. It has been a quite normal Q1 in the sense that it's normally the best quarter and also this year to market because the market prices are lower in January, February and March than it is in December, for instance. You're far away from the seasonality weakness in Q3. It's usually the best period for marketing, and it has been so for us for many years. That is one component. Following that, basically the prices were expected lower than it has been, well Q2 was special, but Q3, Q4 last year. That was satisfactory. As we have said that the nature of the business in casual is that you have a higher UA spend because the dynamics is that you drive more traffic with a less portion of in-app purchases returning the marketing spend, but instead you get, especially in that case, possibly with volume, you get ad revenues which has 100% margin and no platform fee. It's a different dynamic, but we have seen that it has come in in Q1 according to what we hoped for and expected. I think that is good and that adds dimensions as just as Andreas elaborated on to our business model. That is all good. I think that we will be on this level for 2021 to build volume and to take the growth opportunities. Again, if you take away the uncertainty of how fast the CPIs will drop, we have never had that high return on marketing spend in terms of days. It's significantly lower the 180 days in Q1. We are optimistic about that we can continue to market. We have also had a strategy since many years to focus on the LTV side of that equation, meaning that if you have content that people like to play and pay for, then of course, meaning that you get a strong LTV, then you can cope with a lot of things down the road. If the prices are going up for a short period or a longer period, you are in a good position relative others. Also you can increase volume as the CPIs are lower. I think that strategy serves us well. Thank you. Last question, a follow-up connected to that regarding tough comparables. We're moving into tougher comparable territory now in Q2. With the start of Q2, have you noticed any change to the play cohort? Basically the permanent boost, or from COVID, did you see any permanent boost in terms of the gamers behavior and them sticking around and COVID created a lot of new players? Have you seen the retention being lower than usual? It has followed what we have said several quarters now. The cohorts from the COVID Q2 or from March to June have acted very normal. That was our hypothesis already in Q2 last year. It has proven to be exactly the case. That means that the cohort in Casual & Mash-up, they spend typically 80%-90% of the cohort's total spend the first six months. That's why the effect of that was out already in Q4. In strategy games, they are scaling up slower in spend. In strategy, the lifetime value is spread over much longer time. There you gain more uplift over longer time compared to Casual & Mash-up. Basically, the retention curves are very representative, including if you look at Q2 and compare them to Q1 this year or Q2 2019 or whatever, very representative. That's also what explains the tough comparison, because this massive intake of users that gave us several hundred of millions of extra revenues, of course, when we compared with that, it would be sensational if we can grow with the same organic number after these cohorts have churned out. It's just for one quarter, so that doesn't impact the way we execute the business, execute the strategies, or build this company. It's just that the comparison numbers, which is a fictional thing, it's not impacting the way that we operate. It doesn't matter, basically, from an operational perspective. Great answer. Thank you, gentlemen. Have a good day. Thank you. Thank you. Our next question come from line of Jesper Birch-Jensen from ABG. Please go ahead, your line is open. Thank you. Good morning, Jörgen and Andreas. A couple questions from me. As you've highlighted and after looking at the report, it seems like the increase in advertising revenues and the boosting gross margin is really what's allowing you to keep a good level of profitability despite increasing user acquisition. In Q1, you had two months of Super Free and one month of Moonfrog, and you had 15% of revenues through ads. What type of levels are you expecting here in Q2 going on? Are we going to see 20+% and thus seeing elevated gross margin levels for the full 2020 going forward compared to 2020? We stated in the report, we expect the UA of 28% is quite representative for this year. That is one part of answering that question. As I said, I think at least in the beginning, we had in March, when we had all the existing 19 studios consolidated, we were in the high teens in ad revenues, which happened to be the target that we communicated some 18 months ago or so. I think that is what you will see, and that, of course, increases gross margin. Maybe you, Andreas, could just comment on the gross margin impact or how it plays with the ad revenues. Yeah. If you look at Q4, we had 7%-8% of ad revenues, now we have 15%. We made that jump through adding two months of Super Free and one month of Moonfrog Labs. It wouldn't be unrealistic to say that that goes up above 15%, just for that simple mathematical equation. That is more or less the ad revenues. It's 100% gross margin, there's, of course, some fees, but very marginal. That will be continued to strengthen. Exactly how much, we haven't communicated. If you take the line from Q4 to Q1 and extrapolate the impact of one month more of Super Free Games, we will get to slightly higher number than we have now. Thank you. Like you mentioned, you've reached your target for now, but is it your long-term target to keep this in the 20% area or high-teens area, or are you looking for acquisitions which might drive this even higher as a margin booster? It's a multidimensional thing, what we look at, and we have a very clear view, but for obvious reasons, we don't communicate that externally. This has been a strategic target for us, and hence being something that we have looked at and valued high in the criteria for acquisition. What the optimal position is, we have ideas, but nothing that we communicate. I think that it should be a substantial part of our business because besides the fact that it further diversifies our revenue base, which is something that has a value in terms of improving the risk-reward ratio, it's also an inbuilt hedge. If the CPI stops, it will hurt inventories, so to speak, lower the ad revenues for sure. Also the other way around, if the market prices on the CPI goes up, the value for inventory of ad revenue or ad space increases as well. It's an inbuilt hedge. It's not only a diversification. We think and have an ambition that it should be a substantial part of our business. We don't want it to be completely dominating because then it would not be in balance with in-app purchases. Whether that means that it will come into 20% or 25%, it's not that simple. It's put in context, and it's put into evaluating further things. I think we have so much more to do there, and it's not only acquired growth. We have reached some promising results organically, which we'll come back to later this year in terms of improving or increasing ad revenues in other games than the one that is just acquired. Thank you. That kind of leads me on to my next question. There's been a lot of questions on IDFA and the potential negative impact, but you also mentioned potential opportunities. I'll just be interested to hear what types of opportunities you could see there being for Stillfront due to the IDFA changes. Yeah. One is that the CPIs will drop, and it will not drop exactly the same amount on all markets for all types of products. If you have a wide diversification of channels that you market on, and you have a complete system where you optimize, where you are running hundreds of campaigns every single day, and 20 of them will be changed tomorrow because other campaigns are more efficient. If you have that system, if you have that discipline, if you have the operational excellence to do that, of course, it's a higher probability that you will find the channels that will lower the CPIs earlier. If you compare to a company that only market their product in the U.S. through Facebook and Google or whatever, which is not that uncommon, of course, you cannot optimize your marketing mix in the same way as we do. We have almost 60 different channels that we work actively with in almost 60 territories, and now with 52 products. 52 x 60 x 60, then we have a much higher amount of campaigns that we can optimize over compared to having two products on one market and two channels. I think it will for sure open up opportunities. That is a big topic, but what this leads to over time is that CRM and taking care of player progression and things like that will be more decisive for your competitiveness. It will be moved since it has been very profitable just to buy new users and not get the most out of these users. Now, if that moves because you cannot target them, the marketing will be less efficient. It will, of course, pay off better if you're able to conduct cross-marketing and a lot of things that you can do in the game to control the progression of the players in the game so that they are satisfied. We're doing a lot of things in that area currently, and that will make Stillfront even more competitive in the future. Thank you. That's all from me. Thank you. Our next question comes from the line of Hjalmar Ahlberg from Kepler Cheuvreux. Please go ahead. Your line is open. Thank you. Maybe a question on your commentary on negative organic growth for Q2. The way you define organic growth, it includes Storm8, but then you also have Candywriter and Super Free Sandbox and Moonfrog as well. Could you comment anything on growth rates for those companies, maybe compared to last year and then how they look like? Well, many of the ones that you mentioned were not then taken into account on organic growth. We think that we have a lot of growth opportunities, both from these studios that you mentioned. They have new products on their way out, and we are increasing the addressable market for the new studios. Again, that's very typical. If you look at Super Free, they have been completely focused on the U.S. market. Now we can open up knowledge about other particular markets, which is a tremendous opportunity for them. That is not a quick fix, but it will happen. We will hopefully see results from that during the year. I think to answer that more quantitative would be a forecast, but nothing has changed in our view on these acquisitions, nor our strong pipeline and the opportunity for them. It will be a similar pattern as it has been, I think. Got it. I know you don't give any forecast, but since you did, you say you expect negative organic growth. Can you say if you expect single-digit or more than that? We don't comment on that specifically. This is the Q1 report, as you know, and it has only elapsed a third of the quarter, so it's too early. Yeah. Got it. Then in terms of seasonality, typically Q2 is an uptick compared to Q1. Do you think that your portfolio is a bit different now compared to historically, but do you still expect portfolio to perform in that way as it looks now as well? Yeah. There are several layers coming in here, so that's why Q2 is very special. The consumers don't think that much about IDFA. Obviously, they're impacted, but they don't think so much about it. I think it will definitely be a very similar pattern for years to come when you play and how you play on the seasonality in Q3 that we usually have had, or every year have had, more or less. There it's lower, the mobile games are not affected as much as desktop. In Q4 and the winter, playing is more intense, and in Q1, marketing is the best period. I expect that to continue for many years to come because that's driven by human behavior, not by any tech giant changes. Got it. You mentioned a bit on potential cross-selling between different games with your now large portfolio. Is this something that you already do or something that you are looking to do going forward? We do that, but it's not a large amount. Again, it hasn't been a burning platform to do that or accelerate these efforts because it is very profitable still to buy new users. I think looking at the longer perspective, this is a great opportunity for us because the gaming companies with a wide portfolio and a large audience will be able to fuel by the internal sources, by cross-marketing and backfilling in the ad space that you have to backfill with your own products if you don't get that repaid from external sources and mediation. There are so many things strongly suggesting that you will have a vast advantage from having both a wide portfolio. It's not good enough with few products and a large audience, but both a wide portfolio and a large audience. We will increasingly, and we have a lot of initiatives ongoing, but I shouldn't say that it will dramatically change anything this year. Next year and onwards, I think we will have stepwise a constantly increased part of our traffic coming from our own ecosystem. Thank you. Just the last question, maybe more longer term and comparing your current portfolio, as you say, you have a bit more casual now compared to last year, with slightly more U.S. spend, which could mean EBIT margin is a bit lower. Do you think this portfolio that you have now has the potential to achieve the 35% EBIT margin long term as your target is? Yes, we have a plan on how to achieve it as well. As we have stated, we take a lower margin. You shouldn't forget that it's 2 percentage points higher than Q1 last year, where we didn't have any significant casual revenue. We have a very clear view on how to achieve this, and that it's all about executing, and we are prepared, and we have the strategy, so it's just doing it. Okay, great. Thank you. Thank you once again if you do wish to ask a question please press zero one on your telephone keypad now. Our next question comes from the line of Erik Lindholm from Nordea. Please go ahead, your line is open. Yes. Hi again. Hi, Andreas. In Q4, you said Super Free had an exit run rate of about $100 million in revenues. Is it possible to sort of get an update on the current exit run rate of revenues for Super Free here at the end of Q1? Well, we haven't stated that particular, but I think they are executing on their plan as we have expected, but we don't have an exact run rate number for one. It will be a nightmare for you as an analyst if we communicated the run rate for 62 games and 19 studios and tried to combine that. We don't communicate individual games on a regular basis, but that was the run rate. We also think that as communicated in conjunction with the acquisition, they have a pipeline of five games coming out later this year, not the first half, but second half. Of course, we have expectations coming from that. For Super Free, just as for several of our studios and all the full pipeline, the majority of these games will come out in Q3, which usually is quite common you do that. We are very satisfied with Fashion Nation from Nanobit. They started in now in, as you saw, some weeks ago. Otherwise, of course, when the visibility is lower for a number of weeks, whatever that number is due to the IDFA, it is potentially not optimal to launch a product at scale, at least. We are developing the product according to the product plans we have. We have no significant delays or so that we haven't communicated any timelines, I think, for that. The majority of these games will come on during the second half of the year, including Super Free. Perfect. Thank you. Just you gave some guidance in conjunction with the Super Free and Sandbox acquisitions of achieving SEK 1.5 billion-SEK 2 billion net revenues for 2021 for the acquisitions. Could you say something, do you think you're trending towards sort of the lower end or the upper end of this guidance? I know it depends on game launches and so on, is it possible to say anything on sort of how you're trending towards this? Well, I can just say that we have no reason to change that, but where it will come up, Again, it's very important to understand that Sandbox is launching their mobile version of Albion Online here in June. If that will go like [Complete Annihilation], we will be, of course, significantly higher. The Super Free Games are casual games, they move very fast. Also that could be a really kicker later in the year. It's both hard to predict when and how it will kick in, but we have no reason to change the interval. Perfect. Thank you. One more question here from me. You expect a higher UA level here for 2021. Like we have discussed, the higher gross margin and maybe lower OpEx levels, is it fair to assume that the adjusted EBIT margin stays around this level for the rest of the year? If you just take the simple math of saying that Q1 is representative more or less. You will wind up at. I think if you take the existing Stillfront and the guidance that we gave on the acquisition, including all of it back in October, you will wind up at mathematically a blend of 32% margin. I think that will be a good starting point. Now we have 33%. It's very hard to say, and for us, it's more about whether it's 32% or 33% or 31.5%, is less important than we make ourselves competitive and continue to grow and continue to take positions for the next coming years to achieve and hopefully exceed our financial targets for 2023. Okay, perfect. Just a final one here while we're at it. At the start of Q2 here, maybe you can't say this, but have you seen the normal pattern of seeing a Ramadan boost to Nida Harb, for example. Can you say anything on the activity levels in April and May? Well, again, we don't give forecasts, and as we mentioned the material, Nida Harb has been maturing slightly the last quarter, meaning that it has declined. We have seen that, for instance, with War and Peace and other products that were launched at the same time in Q4 2017, they could still go into rapid growth. If you see also that was stated in the report that Supremacy 1914 has been growing tremendously, or I think it was in Q4. Mature games could grow. Conflict of Nations grew by 200%. Mature games can absolutely grow, and that is the strength of our portfolio. It goes up and down. Yes, we expect that Ramadan will have a positive impact on our MENA region revenues, including the mobile, but also that product has been in a more mature and a bit softer territory in Q1 than usually. That is what I can say. Perfect. Thank you. Thank you. Our next question comes from the line of Oscar Erixon from Carnegie. Please go ahead, your line is open. Thank you, good morning. A question on your organic growth comments here. Could you just clarify what one should expect sort of beyond Q2? You mentioned the uncertainty of organic growth comes back in August, September, October. Should the base case be for organic growth in Q3 given that the sales did decline sequentially in Q3 last year? Thank you. It's many components that we always have the ordinary seasonality in Q3, and that we expect to happen again. It's typically some 5%-10% lower activity like-for-like in Q3 compared to Q2. We expect that to happen. We expect that especially looking into mash-ups and casual, again, they spend 80%-90% of their revenues, a certain cohort within six months. Even though we didn't have any operational COVID-19 effect in Q3, we had a financial one from the large intake in, especially at Storm8. As we have said, that stabilized. How that all will come out is actually quite hard to say, and also depending on how our new launches come. For sure, the second half, if it's four months, three months, or two months, or whatever, and onwards, we are convinced that we will be back on the right organic growth that we have communicated. We think that we have provided ourselves with the opportunities to grow structurally over longer time faster, one to two percentage points faster than our addressable market, and there is no reason whatsoever to change that view. Of course, with these comparisons, it becomes a bit tougher to analyze. Understood. I'm not going to ask about organic growth or sort of the magnitude in Q2, but I will ask, can you say something about the organic growth in the second half of March? You mentioned in the report that comps were much tougher. Could you discuss the organic growth in the second half of March, and also that if you compare the comparisons in the period last year in March and in April, May, for example, would be helpful. Thank you. Okay. Not very simple to take by heart, but I don't have the second half of March compared to April by heart. I don't recall that number. Anyway, I think usually it's strong in March, April, May, and it will be from an operational perspective, but again, it becomes a bit blurry the picture because the comparison numbers are what they are. Otherwise, we don't think that it will be many changes here. We have another factor, as stated several times, and that is the short-term IDFA changes. How fast will the market adopt? It's super hard to say. We are very pleased with our March month. It was very strong. Unfortunately, the only thing I can say, I don't know if you would like to add something, Andreas, please. No, it was in March last year. Storm8 was consolidated. We started to see the first positive impact last year in Storm8 earliest. With that we have sort of seen a bit negative impact in March versus March with Storm8. We haven't communicated the exact impact of that. Great. Thank you. That's it from me. Thank you. We have no more questions from the line. I will hand it back to our speakers. Thank you for listening in this morning and for all the good questions, and we hope to talk to you soon and meet with you soon, also face-to-face with some of you as well. Thank you, everyone, for this morning. Bye-bye.