All right. Thanks everyone for joining us this morning. I'm Jed Kelly, Senior Analyst at Oppenheimer. Happy to have Peter and Rob from Flutter to talk about recent developments in the company, what's going on into football. Exciting time as always. Thank you, Peter, and thank you, Rob, for joining us. Jed, lovely to see you. Thank you for having us. All right, thanks. Okay. We'll just dive right into it. You reported results last week, and we saw accelerating engagement, especially around the World Cup. But the big news is the incremental promotional investments impacting EBITDA by about $270 million you're making into FanDuel. Can we dive into that decision and sort of the strategic rationale behind it? Of course. I mean, look, we've been talking to a lot of people about this, Jed, and it's been a very straightforward decision for us to make. Let me give you the background to it. I think the first thing I'd say is that the sportsbook improvement plan we put into place in FanDuel has been working very well. When I think about the recent performance of the business on a number of dimensions, I think we've been very pleased to see the progress that we're making. Whether it's the introduction of the loyalty program, which is improving average player days, whether it's actually us providing better engagement and entertainment for our customers, I think that's certainly been the case. Look, as someone who's spent a lot of time in New York, you'll have some sympathy for those customers who are betting on the Mets. When they were on their long losing streak, we had a bit of fun with that and we were refunding customers their money. At the start of the Soccer World Cup, we did that big promo around goals to be scored, particularly for the American team, but also around the group stage of the tournament, knowing that that would give customers the winning feeling and get them excited as we are going into the tournament. I think all those have, from a loyalty perspective, we had great traction with the Bet Protect+ product, which dealt with the injury issue. I think we have had really good traction sort of landing the excitement that FanDuel brings to our customers. When I look at what has been happening from a customer perspective, if I take the NBA finals, we saw 26% more actives on a game this year compared to last year. 40% more handle. I mean, of course it was terrific if you had the chance to be in New York and feel the excitement of the city and the Knicks had that huge victory. With that great quality content, we saw really good traction and engagement from customers. Now, it was not necessarily the most profitable thing from our perspective, but it meant that customers had full wallets going into the Soccer World Cup. We saw 2.3 million customers engage with us through the World Cup. A third of those were customers who had reactivated. So they were lapsed customers from the football season last year. People who had got a little bit disappointed with the very high margins, the poor quality content we saw. We are sat here right now, and we are carrying a much bigger business from a customer perspective than we normally would do into the second half of the year. We are seeing good momentum, as I say. The loyalty programs working will be fully rolled out for the football season. Bet Protect, I think, is really resonating with customers. We had a great instance of it the other night where it paid out. For us, the question was: How do we make sure that we extend our leadership position in OSB, right? From my perspective, I want to make sure that when we exit 2026, we have a bigger business with a better trajectory for the future from a market share perspective. That is what we are focused on. The way to think about this is it is an investment in growing ARPU. We have done a lot to build our AMPs platform over the years, but this is about growing ARPU, share of wallet, and also driving up the sort of expenditure in the category. Rob, I do not know if there is anything else you want to Yes, I think Peter's touched on the main points. This is about focusing on the longer-term U.S. opportunity, which we still think is very substantial for us, and that's a lot more important than maximizing short-term EBITDA, and that's why we're willing to make this investment. I think as we think about this into 2027, we need to trade through the NFL in Q3 and Q4 and see what kind of momentum that we've got exiting the year. I also think it's sensible to assume that we continue investing into 2027. It's a short to medium term thing. I don't think we'll be doing this in perpetuity, and there's lots of levers that we can pull in time. We're very confident about our longer term margin trajectory. Certainly, we would foresee continuing this in the short to medium term, particularly given the levels of success that we're having early on in this investment program. Got it. Just as a follow-up to that, I think when we think about FanDuel marketing here in the United States, you've done a very good job promoting the product, promoting the Same Game Parlay. Do you start to market more the loyalty programs to try to reengage those customers and drive awareness, or do you think this is something that customers will find organically as they start to reengage with the platform into football? I think our brand is a really important part of their whole feature set and value proposition for customers, right? I think it's important that we talk about our product features, whether that's the parlays or indeed loyalty, or indeed Bet Protect. I also think when people see the FanDuel brand advertised and watch those commercials, they're going to be proud that that's the sportsbook that they're carrying. Right? I think you'll see us try and use the FanDuel brand more as part of the value proposition that we have for customers as well. Look, we spend a lot of money. We're on air a lot. We engage with a lot of consumers, and I think it's important that the FanDuel brand stands for that. Part of that value proposition that we deliver customers as well. Got it. I want to keep this more strategy, but I do have to ask, the one question we did get post the call was squaring the guidance. Obviously, we got the 3Q investment, then a pretty big 4Q step up. Can you just help us how we should square that ramp into the fourth quarter? Yeah, sure. If you look at the 4Q, year-on-year, it steps up by about $200 million in terms of EBITDA, and $100 million of that is just from sports results. As you know, we forecast to expected margin. Actually last year on Q4, when you look at it holistically, we've actually had some adverse luck sports results. About another $90 million is from the Missouri investment that we had last year. We launched Missouri in Q4 last year, and we definitely lent in from an investment perspective there. You then move into Q4 this year. We'll have the benefit from market making. We've got some cost improvements going for us as well. Actually, a $ 200 million swing feels very achievable from our perspective, particularly if you take it off the back of some of the momentum that we've got at the moment. I think if you add to that how we're thinking about prediction markets, as we've talked about, we think there's going to be some synergistic benefit for us on a nationwide marketing basis when we look at predicts aligned with our core sportsbook products. Although some of the later than planned product rollout and predicts will mean that some of the spend that we initially planned shifts out to the right on predicts, but we just need to see where our predicts product is as we exit the year before we take any decisions on that investment into 2027. I was looking at the NFL Christmas schedule, and the NBA Christmas schedule just came out. That seems to be just given all the sports content that went on with some of the injuries last year. It seems like we could have a better. If we have just a, let's call it stable content slate, that should add a couple points to the growth, correct, as we think about 4Q? Listen, decent content is always welcome from our perspective, and we typically get very good engagement around it, as we've seen with the World Cup recently, where we smashed through all of our targets because the content was so good. We recently had the NFL Hall of Fame game, which is a few weeks before the start of the season. If demand on that is anything to go by, then we're quite encouraged about what we're seeing ahead of the new NFL season. Got it. The other key topic, you said the U.S. online sports betting market's growing about 5%. iGaming's growing faster. Can you just discuss some of the dynamics, what's going on there? Yeah. Look, there's a lot of data and a lot of noise on the market, Jed. I really wish that we could find some consolidated view of NGR because that would give us the best real read on revenue, and that's what we have in a lot of other markets in which we operate. Let's just think about what we've seen over the last few quarters. We know that there were some market-wide slowdowns in Q4 last year. The NFL content wasn't as compelling. We saw these very high win rates. Ultimately, people are there for fun and entertainment, and it stopped being that. I think we saw some market implications. Obviously, our performance was not great in that situation, and I think we made the situation a bit worse, and that's why we lost a little bit of share in Q4. Coming into this year, if you look at it on a GGR basis, the growth rates for the first four, five months were pretty close to double digits. Now, when you include the June data, there was a lot of swing in sports results and stuff year-over-year. It's more like 5%. When we were trying to plan for the second half, we'd taken that conservative view and put the 5% in for H2. When we see compelling content, we think about the very strong growth we saw with the NBA finals. We think about the performance we've seen in the Soccer World Cup. We've had some record weeks in MLB. Rob just talked about the Hall of Fame game from NFL. Look, would I be tempted to take the overs on that at the moment? Probably. But look, we want to be conservative with our guide. We will see what happens. Look, I think if we can get some great NFL content, and we can keep our customers engaged with some of the exciting plans and propositions we have for them, we will see what it can look like. Yeah. But the important thing is that our focus is on growing the ARPU now. That is the big thing for us. We want to capture that extra wallet share from customers. We have got a real reason for customers to keep betting with FanDuel now because our loyalty program, which we are deploying to all of our customers, will mean that there is a real incentive to give that next bet to FanDuel, which is going to be very different to what we saw last year. Got it. Then just, obviously the potential follow-up is, and maybe for the people who are not in the weeds on the industry like I am or some of the other investors, is prediction market cannibalization. Because you do talk to some investors and they are like, "Oh, I just look at the headline volumes," and they think they are taking share, but there seems to be a lot more going on underneath the hood. I think we need to distinguish between what is happening in those states where there is regulated OSB and the states where there is not. Clearly, in the states where there is not, prediction markets have a free run. There is no competitor to them other than the illegal bookies. I think in the regulated OSB markets, we are seeing very limited cannibalization. We have got lots of different ways of triangulating it. We know our competitors are doing the same thing, and they are coming to the same conclusions. All the data we look at in the regulated states, we are seeing very limited cannibalization. It makes sense. It makes sense because the sports offering on a regulated OSB is better than you can find on a predictions market, and it is better in terms of the breadth of markets. But also, we offer generosity. We spent the beginning of the call talking about the big lean in we're going to have around generosity in the second half. The prediction markets are not offering their customers generosity, and it is very difficult for them to deliver that because of the nature, the variety of different market makers operate on their platforms. Got it. You just talked about ARPU and concentrating on ARPU. When we start to look at net win margins, is it more about net win dollars per customer versus net win margins? Is that the way we should start to think about it? Not really. This is something that we have obviously got lots of experience at internationally and around the world. We have international markets which are way out in front of the U.S. in terms of structural margins at the moment. We think there is a lot of headroom for the U.S. to go into. We have markets that are operating at a higher promo percentage, as a result, than the U.S., and not all of the structural margin gains that you see drop through to the net revenue line. They can get reinvested. I think the key is that we see growth over time in that structural margin, and we think that there is a long runway of growth in the U.S. from the 8.7% that we have got. For us, the key figure that we talked about at our Investor Day back in 2024 was the net revenue margin of 12%. We talked about the 16% with 4% generosity at the time. We are already at 16% structural margin in Q4 last year. So we feel that there is definitely more runway on that. If you think about the U.S. in terms of where it is in terms of parlay penetration compared to other markets, it has still got, we think, levels to go. There is more that we are doing around product innovation. Actually, we do think that the generosity number will come down in the medium to long term, as I talked about earlier, and we have got initiatives like model-driven generosity that we have deployed in our Australian market that has worked very hard for us. I think we look at both ultimately, and we are looking at a number of KPI metrics across the board. But I think when it comes to win margin, it's net win margin is what we're quite focused on from a percentage perspective. Got it. Then, so you haven't seen where if that net win margin creeps up over 10% over the last 12 months, you might see a handle decline. Is that more sort of back last December, last January, holds got really high. It was just pretty volatile for the sportsbook customers, and that's where we saw some of the churn? I think that there are two factors that have compounded, Jed. First of all, if people are not having winning experiences, it becomes less exciting. There are those ones that get away. When you've got your five-leg parlay and you just get let down on one of the legs and you tell all your friends about how you nearly made it, that's fine. But you do occasionally need to have some of these things that you do need to have some winning experiences. In that very significant period of high margin, the content wasn't particularly compelling that a lot of people were betting on, and people weren't having those winning experiences. I think we can create opportunities to help engineer those experiences for customers. I talked about some of the stuff we did going into the Soccer World Cup, where we did our goals promo going into the group stage and knew there would be a lot of goals scored. Look, I'm sure many people watching this call made some money off me with the goals that the U.S. team scored in their opening games in the World Cup. That's part of the fun and excitement I want people to have. I think there's activation and sort of customer focus that we have to have that the team, I think, have got a better grip on now. Got it. You bring up an interesting point on the World Cup. If you sort of look at the U.S. World Cup hold rates versus ex-U.S. World Cup hold rates, it seems like you did much better outside the U.S. Is there just a typical way, given the complexity of our sports markets, the way that U.S. bettor is engaging with your product versus people outside the U.S.? Well, I think there shouldn't really be a big difference, but in soccer, one of the things that American consumers like to bet on is the 120-minute market. This is taking the game to the end of regular time plus extra time. Typically, in the European markets, people are only betting to the outcome of the game at full time. There is a difference. You think about all those games that went to sort of extra time and stuff. Bookies will always be hoping for a draw. It's the outcome that often delivers the best result for us, because then you have neither team winning. That's why I think one of the structural things you see, particularly around the way that we've created soccer markets in the U.S. I think more generally, though, when I think about U.S. sport, you couldn't really design across the NBA and NFL and MLB, you couldn't design better codes for wagering on. If you think about the nature of the player narratives, the fact that you even introduce breaks in the game, which are, I think some people call them commercial breaks, but they're great opportunities for customers to get their bets on for what they think is going to happen in the next quarter or the next phase of play. It was pretty remarkable, I think in the last football season, we had more handle on Gibbs than we did on the Patriots when they went through to the Super Bowl. Look, player narratives are absolutely crucial. We also know, look, we spend a lot of time talking and focusing on parlays. We've done the analysis. We know that the more customers engage in our parlay product, the more legs they take, the higher frequency at which they take the products, the more likely they are to stay with us. Retention rates improve. Whilst margins do often increase, retention rates also improve. I think that the U.S. market is going to, with that player narratives, that interest in parlays, I think we will end up with very good structural gross win margins in America, notwithstanding some of the differences we might see on soccer because of the way we structured the 120-minute markets. Got it. All right. We'll focus now on prediction markets. Can you just give us an update on your strategy versus consumer facing versus market making? It seems like it's a pretty smart strategy given leveraging your best-in-class trading. Would love to hear more about that. Yeah. We're actually targeting both, as we've spoken about. In our prediction market products, FanDuel Predict, customer acquisition is clearly our priority there. That's where we see the real long-term benefit for the business when you think about the prediction market ecosystem. As we've said this year, the product rollout that we've had has been slightly slower than we would've liked. We've had some challenges along the way, but I think moving our sports and novelty product to crypto is going to ensure that we're far better positioned on that front moving forward. By the end of the year, I think our product proposition is going to be a lot more competitive, and we've already recently seen quite a significant increase in our volumes. From a market making perspective, we're really excited about that as an extra product line for us, if you like. Progress to date has been very quick and profitable. We think this is where the majority of the economics will sit within the prediction market ecosystem when you look forward. We're focused on taking as big a share of that as we possibly can. I think the advantage that we've got coming back to it is actually looking at these complex parlay style bets with the correlated outcomes. We've demonstrated our expertise in this area before. This is why we've got a pricing advantage on the core sportsbook, and that carries over here. That gives us confidence that we can take that meaningful share, and we're scaling that business really rapidly. I think the other thing we saw a few weeks ago, we've been speaking to some of our investors about, is the CFTC have guided recently that they're not going to allow the core market making on own platforms. I think given where we sit overall at the moment, we see that as advantageous to us. We need to see how that plays through, but that's certainly an interesting development in the last few weeks. One thing with market making. I assume if you are using your back-end infrastructure on RFQ for third-party platforms, you are actually improving that experience for the retail user. How do you sort of think about balancing the market making, which is highly profitable, versus sort of cannibalizing the opportunity in some of those unregulated markets? Well, Jed, I think we have to look at this, and look, the primary area that prediction markets are gaining their traction is in these states which are unregulated. This is a great way for us to leverage, as Rob says, the pricing capability that we have built over years into this new incremental sort of TAM and opportunity. We already see plenty of people trying to scrape our prices and support their market-making activity, and we have got some plans for how we may deal with that. Wisdom of the Flutter bet engine. Yeah. We will see. Look, I would rather directly monetize it. I think that we can make very good returns on it. I think we have got the balance sheet to cope with some big volumes on it. I think we will have one of the best market-making capabilities, particularly in combos, and we will look to try and make a lot of money out of it. Is any of this strategy, you look at the states, I think the states are almost 30 and four against prediction markets. I mean, we all assume this is going to the Supreme Court, then you see the other day on Friday, the CFTC Commission says we do not want you using American odds. Can you just discuss some of the changes in the regulatory landscape as it kind of shifted your view on how you want to approach the market? I think it is fair to say that the market is evolving quickly. Trying to take a very long-term assessment is really hard, right? You talked about the ruling around American odds. Rob mentioned this issue around market making people's own platforms. I think ultimately this gets resolved by the Supreme Court. I am sure there is a market on when that will actually happen. We can have a look at what people think is most likely. I have always stated that I think whatever happens, the outcomes are either good or great for us. I think what we would like to see is clarity, I think whatever happens, I think we are very well positioned. There are two things we are focused on, this is why it is all incremental for us. One is acquiring those customers in those states in advance of sports betting, regulating in the market. Something that we are very focused on. The second thing is making money using market making. We talked about the $ 50 million for this year, I am very confident in the team's ability to do that. They do a brilliant job, I am excited to see how big a share we can take of that part of the profit book. Got it. Is there a share you are targeting? Large. Large? More than we have now. We'd like it to be larger. All right. Like to hear that. Just last thing on prediction markets. You've obviously operated Betfair for a while. Can you talk about the similarities, the differences between Betfair, what's going on in the U.S.? It's different in the U.S. because 40% don't have access to an unregulated sports book or a regulated sports book. Just kind of give us the puts and takes of your experience owning Betfair and that asset. Yeah. I've been involved with Betfair since April 2013, so it's been a while now. The Betfair exchange is regulated as an OSB effectively in the U.K. and Italy and Brazil and in all the markets in which we operate it. In those markets, if I take the U.K. as an example that I know well, there's no regulatory or tax arbitrage. Everybody in the U.K., wherever you live, whichever county, you can bet. Everybody can. What we see is that the exchange takes a low single digit of our U.K. revenues. So it's a niche product. It's a niche product for two reasons. The first is we don't offer generosity on the exchange. We can't. Because if Rob places a GBP 100 bet on his soccer team to win, the market maker wins the GBP 100 off him, the market maker's not going to fund Rob the free bet, because the market maker can't be confident they'll get the next bet. It's all blind matched. That's a very important component of the trust associated with it. I understand that's what the Commodity Futures Trading Commission are also trying to achieve. So generosity is very, very difficult to apply in the platform. That's one of the reasons it never got as much traction. The other issue is the breadth of products offering is much narrower on the exchange. Look, for those reasons, it's never got as much traction. I think when I look at the U.S. market, at the moment, there's this regulatory arbitrage. If I live in California, I can access prediction markets. I cannot access OSB. I cannot believe that, in time, the regulatory arbitrage is allowed to carry on to the same extent. We will see what happens. Obviously, the Supreme Court will make their ruling. I think whilst ever you see regulated OSB and prediction markets side by side on a level playing field, the OSB wins because of generosity and because of the superior product offering. Makes sense. I want to go to iGaming now. Obviously, high 20s growth over the last two years. It is probably coming out of your last couple of Investor Days, you were not even in the first place, and you have now done a really good job just growing market share. Can you give us the outlook for that business, that segment? How we should be thinking about it? Yes, we still think there is a huge iGaming opportunity, Jed. The team have done a brilliant job, as you say, over the last two-three years. We had 2 points of share gain last year on top of 3 points in the year prior to that. We have really cemented that number one position. The focus now is on maintaining that leadership through a differentiated proposition. We have had a playbook here that has worked very well for us in terms of direct acquisition, the experience that we have taken from other markets, including things like exclusive products and in-house products. When you look at the rest of the runway for 2026 into 2027, we have got lots more exclusive content coming. Lots of the franchises that have worked very well for us in the past, the Huff N' Puff series of games, the Willy Wonka series of games. Now ultimately, we are not even seeing penetration at rates that we thought we would get to at the Investor Day, where we said we would get to 9.5% penetration in the U.S. The thing that we said at the Investor Day was we anticipate one new state between 2024 and 2027. We are hoping we get that next year. I think there is a lineup of states at the moment that are getting close. Virginia, potentially being one of them, but some bigger ones as well. I think we constantly say if we get New York iGaming, it will be as big as sports booking in California. There is lots more to go after. I think that once the first domino falls, we will see a lot more iGaming states, which are really going to add to this profit pool for us. You do make a good point about regulation. Say the Supreme Court prediction markets become legal. Does that then force a lot of these states operating higher taxes for sports betting to legalize iGaming to protect their sports betting properties? Listen, I think there's lots of different outcomes. But ultimately, if you're sitting in one of those states, do you want to be sitting on the sidelines, not getting any tax revenues on these things when others are making hay while the sun shines? I think there's lots of different potential outcomes here. But I think if you look at short-term, what we're seeing in the regulatory space. In 2025, we saw a bunch of states increase taxes on our sector. We've only seen one this year in North Carolina, and that was a modest increase. We've seen the tax increases in states slow down. We're seeing lots of green shoots in terms of conversations of potential states opening up. I think the overall dynamic around prediction markets and that narrative is probably only helping with that. Some of the promotional reinvestment we're seeing in sports, should we expect that to benefit iGaming, or is more of the growth going to be driven by some of your casino-first players? Listen, ultimately, our strategy has been mostly casino first, and that's been incredibly successful. Given the size of our sportsbook, when the sportsbook is doing well, you do get a halo impact into iGaming. So in the World Cup recently, where we delivered a lot more AMPs than we anticipated, a lot more handle than we anticipated. The iGaming product performed very well as a result as well, because it was getting very good cross-sell. We do get that halo benefit. I think we had less of that in Q4 last year as we experienced some of the challenges with the sportsbooks. As we go into the second half this year, hopefully that's something that will continue to be a benefit off the back of the World Cup. Got it. Can you give us an update on how Alberta's trending? So Alberta's got off to a great start. I think this is quite consistent with our state launches generally, or a province launch in this case, if we're being specific. Alberta's half the size of Ontario, but within two weeks, it had done similar iGaming volumes in terms of acquisition. I think within three weeks, the sportsbook volumes were 75% of what we achieved in Ontario. We're off to a real flying start. There's clearly lots of latent demand, and I think it clearly demonstrates the resonance of the FanDuel brand that we've got across the U.S. and Canada still. Got it. Now we'll go to the international markets. You're obviously a category leader, podium position on most of your markets. Can you give us an update, what's working? Where you're seeing progress, and then how the U.K.'s going about 12 months after the tax increase? Yeah. Let me touch on the portfolio overall. Maybe Peter can pick up on the U.K. We are really pleased with the progress in the international business. I think our Italian business is performing particularly strongly. We have continued to grow our number one position there, and that is even in light of slightly slower growth in our Snai business that we acquired last year, as we have migrated it onto the Sisal platform. Actually, if you look at the growth across Italy and also in Turkey, which is part of our SEA market, the growth has been phenomenal. There is high inflation in Turkey, but our growth has been 40% plus, and it has been outstripping inflation there. Our CEE business, which we do not talk about very much, has been growing double digits. Central and Eastern Europe. Yeah, Central and Eastern Europe, for those that do not know, has been growing phenomenally well. Actually, we have been making really good progress in Brazil, although the overall market in Brazil has been slightly dampened by some recent regulatory changes that I think people are aware of in the market. Then Peter can pick up on the U.K. Yeah, I think it is worth reminding everybody, because we often do not talk about the international business very much, but we continue to be number one across sportsbook and iGaming in the U.K. It is not just a podium position, Jed, but it is a gold medal. Twin gold medals in the U.K. It is a very attractive market. It is the largest online market in Europe. I think if you look at our market share, we have a 39% share in sports, and we have a 22-point share in iGaming. That is where we see significant headroom for growth. It is much more fragmented, that part of the market, than sports. Actually, the long-tail operators have about 35% share of iGaming in the U.K. market. It is very fragmented. I think the tax changes that the U.K. government have brought in, I think are going to give us a really good opportunity to substantially increase our market share. Those long-tail operators are going to be under a lot of pressure, both from a regulatory and this tax increase. I think there is an opportunity for us to use our scale as the market leader to better navigate these tax changes. We have got a very sustainable and clear plan to mitigate the tax changes. I think we are going to keep our foot down hard on the marketing and generosity side with other ways that we can help mitigate some of the increase in costs. Look, I think we will deliver those first order of cost savings we have talked about. We expect to see some significant growth and benefits come through as a sort of second-order impact as a result of competitors pulling back marketing or generosity, whatever they need to do to try and make their numbers work. I think the team are doing a great job in the U.K. We have migrated the Sky business over to the core operating platform. We are now starting to see the sequential improvements you would expect to see coming out of that significant shift. Look, I am excited to see where we can take the business. Got it. Just dovetailing off that, can we talk about the cost savings initiative phase II and how you allocate that across geographies? Yeah. We talked about an incremental $500 million at Q2 that we think we will get by 2029, and that is across OpEx and CapEx. Circa 20% of that we think is CapEx. The narrative that we have put around this deliberately is that it provides us headroom to absorb inflationary pressures and tax headwinds and essentially also free up capacity to invest in revenue-generating initiatives across the business. Given that most of these cost initiatives will be weighted towards our international and corporate segments, about 20% of this is the U.S. We have already announced a U.S. restructuring this year, which has started to take out some of their portion of the cost savings. We see the international element really underpinning that 5%-10% growth algorithm that we have talked about previously. In the last year, international EBITDA has been relatively flat when you look at it on an absolute level. That's largely because we've been navigating through the period post U.K. iGaming tax change and the loss of India. If you look into 2027 and beyond, we think that we're going to be up towards the top end of that growth algorithm. If you look at these cost savings and the phasing, we are quite confident that we'll be able to get after a lot of this cost saving quite quickly. Previously, as we've talked about, normally we'd say a $1 of cost saving on an annualized run rate basis has a $1 of cost from a one-off perspective. We think given the nature of this envelope of costs and the fact that a lot of it's coming out of our technology estate and then a lot of it from our operating model as well, we see the cost being slightly lower than that, and we're going to come back at Q3 and provide a bit more color in terms of the phasing and the laydown of how we see that playing through. Got it. Can we just talk about capital allocation, particularly about deleveraging the balance sheet? You're obviously making these investments in the U.S. You're maybe extracting some savings internationally. Can you give us an update on the target leverage on the next 18- 24 months? Yeah, sure. As we exit Q2, we're running at 4.3x on our leverage, which is slightly higher than what we'd anticipated given the challenges in the runway that we had earlier this year. Ultimately, our capital allocation priorities have remained unchanged since we set out talking about these at the Investor Day. We continue to invest where we see the highest returns, and we've always said that's typically been organically, and that's why we're investing behind the U.S. business at the moment, where we see that long-term trajectory that we talked about earlier, and in our international growth markets such as Brazil, where we think there's huge growth opportunities going forwards. We obviously paused the buyback program because we're focusing in the near term on deleveraging the balance sheet. I think as we go through 2026, we intend to take the 4.3x down to a number beginning with a three by the end of this year. Then we'll significantly delever as we go through 2027 as well. Ultimately, we'll start looking at buybacks again when we feel like we've got a healthy, robust balance sheet, as we will delever quite quickly. We don't think that's too far out. From an M&A perspective, clearly. There's not much that happens in this sector without it coming across our desk first, but our immediate priority is around de-leveraging. I'm sure as we work through the next 12, 18 months as further opportunities come across our desk, we'll have a look at them. But we are pretty confident about returning to our guided 2x- 2.5x leverage range in the medium term. I'm not expecting you to tell us your acquisition strategy, but do you feel like there's certain markets across the globe where you feel like that could be additive to your whole portfolio? Yeah. When we think about the international business, look, we've got a mixture of different markets in there growing at different rates. I think we're fortunate that we've never been in a situation where we've been a forced buyer. You never want to be one of those businesses that's having to make a strategic acquisition somewhere, which is code for overpaying. We've done deals where we've wanted to do them, not where we've had to. I think there are some interesting opportunities that are opening up for us where we're beginning to look at some organic market entries. There may be some markets where we wouldn't be comfortable buying an asset in that market. We'd rather just do a clean market entry. Our business in Italy actually effectively did that into Turkey and into Morocco. We have got some of these capabilities in-house to be able to do some of that sort of organic market entry. You might see us start to do a little bit more of that to allow us to target some of these higher growth market opportunities that are around the world. Got it. Coming up to the bottom of the hour here. I guess, Peter, obviously you are stepping down in October. We have had some strategic or management changes in FanDuel. Can you give us a sense on how investors should be viewing sort of the changes we are seeing in management and how that impacts the overall strategy? Yeah. I am very pleased, as I was talking about at the beginning of the call, with the performance that we are seeing in FanDuel at the moment. I think the team are doing a very good job executing against the sort of sportsbook improvement plan. I think they are making better decisions, faster decisions, putting the customer first, and I think we are seeing the benefits of that. I think I am happy with the changes we made. I think we have removed some of the complexity and getting back to basics, and I think that is standing the business in good stead. As regards to Dan and I have worked very closely together my entire time here. Dan has obviously been very closely involved in all of the businesses in international. He spent the last several months helping to drive and push the sportsbook improvement plan in FanDuel, so getting much closer to that business. Dan and I are very closely aligned, as we are with Rob. I think this decision to invest behind the success we are seeing in FanDuel at the moment is the right one. I am taking it a bit on the chin, but for Dan, it is a great gift for him to be able to, I think, have that opportunity to sort of invest behind the success we are seeing at the moment in the business. He is very supportive of it. I think things like the cost program, we have done a lot around costs across the business with the sort of phase I, phase II. Dan is very supportive and removing some of the duplication in the business is something we've wanted to do, and we're doing it. Moving our technology towards more of a service orientated architecture is something we're doing. And of course, extensive use of AI across the business, which is a big unlock for us. Yeah, I think you'll see Dan and I are very aligned. He may talk a bit faster than me, but I think we're trying to achieve very much similar things. And I look forward to seeing him be the most successful CEO the business has had. Got it. As we close out here, you did mention AI. How do you see that impacting the gaming sector? Does it allow sort of smaller competitors maybe to catch up to your pricing edge, or are you able just to expand on. Just grow that competitive moat around pricing even more? Look, AI clearly has very far-reaching implications, whether it's around pricing, whether it's around our ability to massively accelerate what we're doing with our product development life cycle, marketing, all those sort of things. I think in general, the way I look at it is that from a cost perspective, a lot of the stuff that we will do and are doing may give us some short-term advantages, but it's stuff that people can access relatively easily. I think when I look at the size and scale of the data that we have from a consumer perspective, that's a very powerful tool that other people don't have. The model-driven generosity tools that we have, where we're able to use the information we have from our global customer base, is very powerful to help us work out how to deploy that generosity appropriately. You talked about pricing. We see more bet stream data than anybody else does, and that's very powerful in terms of helping us drive our pricing. I think the stuff that gives me ultimately real conviction in this business, in this category is you can't solve sport through AI. And it's why you're seeing massive investment going into live, into sport, because it's going to be a sort of cornerstone of entertainment. And of course, we bring excitement to life for customers around that. And I think what our tools are doing, things like AceAI in FanDuel, allowing us people to sort of engage and construct new bets that they hadn't thought about before, it's going to allow us to radically change the sort of presentation layer to customers, personalization, all those things which relies on data. I think that this business is incredibly well-positioned to take advantage of. Great. Rob and Peter, I want to thank you for your time. Anything you want to leave our audience with, closing remarks or anything before we let you go? Jed, thank you very much for having us, and thank you for spending time talking about the international business. Sometimes people forget about that fantastic part of the portfolio. Yeah. Thanks for[crosstalk]. Thanks, Jed. Yep. Thanks for having us, and looking forward to see what you're offering upcoming in a couple of weeks. Can't wait. Thank you. Thank you. Take care. Bye. Thanks, everyone.