Kambi Group plc

Good morning, everyone, and very welcome to Canby's Q2 report presentation. My name is Mia Nordlander, and I am Senior Vice President, Investor Relations and Sustainability. And this morning, I'm here with our CEO, Christian Nylén, and our CFO, David Kenyon. Today, we will start to hear about some highlights from the quarter from Christian. Then David will talk about the financial summary and Christian will come back and talk about some commercial and strategic updates, then a short summary and finally time for questions. You can either call them in here to us in the studio and you do so by pressing Pound key and five, or you can send them to me here in the chat. So once again, very welcome to our presentation and over to you, Christian.

Thank you, Mia. And good morning. So, yeah, Q2, I would say, is a very strong financial performance. We have a turnover plus 20% if we're excluding PEN online. And this is, of course, driven by... the large football tournaments Euro 2024 and Copa America. The result was very bookmaker friendly, so we had a quarterly record margin this quarter. I will talk more about the tournaments later on in the presentation. Early on in the quarter, we signed one of the largest tribes in the US, Choctaw Nation of Oklahoma. They are very large in Oklahoma, of course, and the proximity to Texas means that we have a lot of traffic from Texas as well. And this proximity to Texas also opens up for a lot of potential if Texas opens up at some point. I will talk more about that later as well. As ever, we have completed a number of partner launches, and most importantly, we started with Svenska Spel and with LiveScorebet ahead of Euro, which was on time and very important both for us and our partners to get those launches out ahead of the big tournaments. And of course, we have appointed Werner Becher as our new CEO, and he starts tomorrow taking over from me. And I will talk more about that later as well. But for now, I hand over to David.

Thank you, Christian, probably for the last time, but thank you. So revenue for the quarter was 45.7 million versus 42.9 million Q2 last year. And for the first half, 88.9 million compared to 86.9 million. As Christian mentioned, this was driven by a really strong sporting calendar and an excellent performance with a strong margin in those events. I'll talk more about those. Our total costs were within our guided range, and this led to an EBIT earnings per interest tax and amortization on acquisitions of 7.5 million, up from 5 million this time last year. For the first half, we had the same metric was 13.3 million, up from 10.8 million. We carried out 3.3 million euros worth of buybacks in the quarter. And nevertheless, our cash balance increased from 46 million to 52.7 million at the end of the quarter. 46 million at the start of the quarter, 52.7 by the end of the quarter. And I'll run through that cash flow shortly. This is the turnover index, which sets out the aggregation of our operators' performance. As usual, the blue columns are an indexed aggregation of the turnover with the operators, and the orange line is the aggregated operator trading margin. The turnover for the quarter was 704 on the index. This was an index that was set at 100 originally when we first listed. This index of 704 this quarter, it's a 3% growth from last year on the face of it, but 20% when stripping out the Penn online impact. This, of course, was really helped by the significant level of activity on both the Euros and the Copa America. In the Euros, we had 40 of the 51 matches fell in Q2, and the Copa had 22 of their 32 matches in the quarter. And overall, these two tournaments alone contributed 9% of our turnover this quarter. The Euros in particular had a really strong margin with some very operator-friendly results, and this really contributed to the strongest margin you'll see on this graph here, so 10.3% across the quarter. This very high margin may have had a slight dampening effect on our turnover, but I think all in all, we can conclude it was an extremely strong quarter from an operational perspective. This, of course, led to a strong cash flow for the quarter. So as I mentioned, we had an opening cash balance of 46 million, and on top of that, we made an operating profit of 6.2 million. Our tax movements here, you see, included a tax refund of 4.6 million, which is part of the annual corporation tax payment mechanism in Malta. We also repurchased 3.3 million of shares at an average price of around 97 kroner per share. And this led to a closing cash balance of 52.7 million, an extremely healthy balance sheet as we move forward. A bit more detail then on the buybacks we carried out. As I said, we did 3.3 million in the quarter. That's 392,000 shares. This now takes us to 636,000 shares repurchased in the first half for a value of 5.6 million. We now hold 4.4% of the total shares in the company through buyback schemes. And in May, we announced a long-term capital allocation policy to really set out our stall with what we will do with buybacks going forward, which is to return capital to shareholders through buyback schemes, whilst preserving sufficient capital in the business for our operational requirements. I think in practice, what this means is we'll be likely to see more material amounts used for buybacks and longer periods, over longer periods than we've done historically. And of course, we'll start carrying those out as soon as we can. So yeah, with that, I'm going to hand you over to Christian.