DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the fourth quarter ended December 31st, 2025. My name is Cherie and I will be your operator this afternoon. Prior to this call, Double Down issued its financial results for the fourth quarter of 2025 in a press release, a copy of which is available in the investor relations section of the company's website at www.doubledowninteractive.com. You can find the link to the Investor Relations section at the top of the homepage. Joining us on today's call are Double Down CEO, Mr. In-Click Kim, and its CFO, Mr. Joe Segrist. Following their remarks, we will open the call for questions. Before we begin, Joe Giaffone, the company's Investor Relations Advisors, will make a brief introductory statement.

Thank you, Cherie. Before management begins their formal remarks, we need to remind everyone that some of management's comments today will be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended. And we hereby claim the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and include expectations and projections not present or historical facts, and can be identified by the use of words such as may, might, will, expect, assume, believe, intend, estimate, continue, should, anticipate, or other similar terms. Forward-looking statements include and are not limited to those regarding the company's future plans, merger and acquisition strategy, strategic and financial objectives, expected performance, and financial outlook. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially and adversely from what the company expects. Therefore, you should exercise caution in interpreting and relying on them. We refer you to Double Down's annual report on Form 20F, filed with the Securities and Exchange Commission on April 21, 2025, and other SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. These forward-looking statements are made only as of the date of today's call. The company does not undertake and expressly claims any obligation to update or alter the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. During today's call, management will discuss non-IFRS financial measures which are believed by management to be useful in evaluating the company's operating performance. These measures should not be considered superior to, in isolation, or as a substitute for the financial results prepared in accordance with IFRS. A full reconciliation of these measures to the most directly comparable IFRS measures available in the earnings release issued this afternoon. I'd like to remind everyone that this call is being recorded and will be made available for replay via a link in the Investor Relations section of Double Down's website. Thank you for your patience with that, and it's now my pleasure to turn the call over to Double Down's CEO, I.K. Kim. Go ahead, please.

Thank you, Joe. Good afternoon, everyone. We are delighted to be with you today. to discuss our first quarter and full year 2025 results. Key highlights include continued year-over-year growth of SuperNation, the first full quarter contribution from WOW Games, the significant growth of our direct consumer revenue stream, and continued strong profitability from our business model. We continue to demonstrate our ability to deliver strong adjusted EBITDA and drive high levels of cash flow, fundamental factors that we believe will contribute to increase shareholder value. Let's start with the quarterly results. This afternoon, we reported first quarter consolidated revenue of $95.8 million up 17% year over year, and adjusted EBITDA of $40.6 million, up 16% year over year. In Q4, we again delivered on our operating priority to drive a high conversion of revenue to profit and cash flow. Net cash flow from operations was $42.6 million in the quarter, bringing the total for full year 2025 to $136.8 million. And we continue to deliver this profit and cash flow results as we invested in new player acquisition activities at SuperNation. Our social casino business continues to be the engine of profit and cash flow generation for the company. In the first quarter, social casino revenue grew 9% year-over-year to $79.7 million, driven by our first full quarter of contribution from WOW Games. WOW Games benefits from broad payer engagement, which, as you can see, is reflected in our strong Q4 total social casino payer conversion rate of 9.6%. This is up from a conversion rate of 6.9% in Q4, 2024. Conversely, Wild Games payers on average spend less than those from the traditional double-down social casino business, resulting in lower total social casino monthly average revenue per payer of $198 as compared to $282 in Q4, 2025. We've spent the last few months working closely with WOW Games and see operational and product synergies between it and our traditional Double Down social casino business. In addition, while the overall social casino market has growth challenges, we see growth potential outside the United States and look to further leverage the WOW Games acquisitions, particularly in Europe. As discussed in the past, we have been working hard to increase the direct-to-consumer or DTC elements of our social casino revenue. WoW Games benefits from a relatively large DTC component due to its strong web-based history. And mostly, importantly, we significantly ramped DTC purchases made in Double Down Casino in Q4. During the quarter, we launched product features and introduced purchase offers, which focused on DTC. As a result, DTC revenue exceeded 30% of our total social casino revenue in the first quarter. We plan to continue to optimize our social casino business to benefit from the DTC transition. and are focused on driving further growth of DTC revenue as a percentage of our overall social casino revenue in 2026. Turning to our iGaming business, SuperNation's Q4 2025 revenue was $16.1 million, up 78% year-over-year. For perspective, SuperNation's quarterly revenue run rate has more than doubled since Double Down closed this acquisition a little more than two years ago as we continue to make positive progress on acquiring new players while implementing product and operations improvements. From an innovation perspective, we fully launched our first iGaming casino title called Los Vegas in the UK market and are now working to optimize its marketing strategy and operations as we look to ramp its player base and bring the brand to other markets. You can see from our results that our prudent investments are continuing to provide growth opportunities and enhanced player engagement, resulting in strong profits and cash flow. We continue to demonstrate the ability to successfully integrate acquisitions while we innovate in our core business. Now I will turn it over to our CFO, Joe Sigrist, to walk us through our financials before providing my closing remarks. Joe?