Betsson — Call Transcript 2026

Welcome to Betsson Q1 Report 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing #5 on their telephone keypad. Now I will hand the conference over to CEO Pontus Lindwall and CFO Martin Öhman. Please go ahead. Thank you very much. Hello everyone, and welcome to Betsson's presentation of the Q1 report for 2026. I'm Pontus Lindwall, President and CEO of Betsson. With me today is also our CFO, Martin Öhman. Hi, everyone. In Q1, we saw continued good customer activity in our B2C business with active customers up 11% year-over-year at all-time high levels. Group revenue amounted to EUR 285 million, and EBIT was EUR 34 million in the quarter. The EBIT margin was 11.9% for the period. Revenue for the B2C operations was increased by 15% year-over-year and reached a new record level. Growth was particularly strong in Latin America, primarily driven by positive performance in Peru. Western Europe also delivered double-digit growth with Italy as the main driver, where we continue to gain market share in both sports betting and casinos. Overall, our B2C business continues to grow and contributes significantly to the group's earnings. In parallel, we keep on investing in several B2C markets where we have not yet reached profitability, which reduces operating income by approximately EUR 10 million-EUR 15 million per quarter. We continue to believe that these markets have the potential to become profitable, while we closely monitor and evaluate their development and future prospects. Revenue in the B2B operations decreased to EUR 51 million, driven by lower revenue from one customer. However, activity for these customers has stabilized since early December. Over the medium term, we are confident that we can increase our B2B revenue with both existing and new partners. Casino revenue declined by 4%, while sportsbook revenue was up 1% year-over-year. The sportsbook margin was 8.4%, slightly higher than in the first quarter last year. Our balance sheet is as strong as ever. We ended the quarter with a net cash position of EUR 165 million. In March, we entered into an agreement to acquire Rhino Entertainment Group's B2C business, including a license in Canada, as well as some technology assets for our B2B business. The transaction is in line with our strategy to create long-term value through investments in both existing and new B2C markets, and through further developing our B2B offering. The acquisition is expected to deliver economies of scale, improved profitability, and enhanced growth opportunities in both business areas. The total purchase price amounts to EUR 64.5 million and will be financed with existing cash. In 2025, the acquired assets, both B2C and B2B, generated an estimated EUR 13.7 million of EBITDA on a pro forma basis. Completion of the deal is expected in Q2 or Q3 this year, subject to regulatory approvals. Betsson's engagement in sports continued in the first quarter. We entered into a multi-year sponsorship with Davis Cup, the classic annual international team competition in tennis. This partnership further strengthens Betsson's extensive global sponsorship portfolio across elite sports. Betsson is currently the main sponsor of football clubs Inter Milan, Club Brugge, and Boca Juniors. Now we look forward to following the national Davis Cup teams closely across our different regions. In Italy, a new campaign for Betsson Sport was unveiled in the quarter. The 2026 campaign introduces a new TV commercial and sees Roberto Baggio and Fabio Cannavaro join Francesco Totti as ambassadors for the brand. Francesco Totti is the former captain of Roma and 2006 World Cup winner with Italy, and he's being joined by Roberto Baggio, winner of Ballon d'Or and one of Italy's most recognized footballers, and Fabio Cannavaro, the former Italy captain and 2006 World Cup winner. Betsson was also announced as the title sponsor of Betsson Summer Pro Padel 2026, one of the major sporting events of the summer in Argentina. Betsson's tech platform is a player account management system that makes up the core of the customer offering and user experience. The platform manages customer payments, customer data, as well as the games offered to players. During the quarter, the implementation of a new proprietary front-end framework continued, which has been built for increased flexibility and performance, and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward. Betsson also runs a proprietary sportsbook, and during the quarter, several enhancements to the customer experience were introduced, such as expanded bet builder functionality, AR-powered match previews, and enriched live stats. These enhancements position our sportsbook strongly ahead of peak events such as the upcoming FIFA World Cup. Mobile adoption has remained a key focus, supported by a new app for InkaBet in Peru, as well as expanded native app capabilities in other markets designed to drive customer acquisition and retention. A number of new suppliers of slots, casino games, were launched in various markets during the quarter. During the first quarter, Betsson participated in the Sustainable Gambling Zone at ICE Gaming Trade Fair in Barcelona. Betsson sponsored the event for the fourth consecutive year, where all proceeds go to organizations working for safer gaming, and Betsson also participated in several panels to discuss responsible gaming and sustainability. More details about Betsson's sustainability framework and reporting can be found in the new sustainability report, which was recently published as part of the annual report for 2025. This is the first sustainability report according to the EU Directive on Sustainability Reporting, called CSRD. At Club Brugge Champions League match in Madrid, Betsson chose to highlight the club's long-standing social message, "No heart, no glory." This initiative aimed to encourage blood and plasma donations in Flanders in Belgium. Now I'll hand over to Martin for a closer look at the financials. Thanks, Pontus. The first quarter was a quarter with more or less maintained revenue level, but decreased operating income year on year. In today's presentation, we will give you more details of the numbers released earlier in April. Before we go into the details of the financial numbers, we start with a few KPIs. Customer deposits in all gaming solutions are down by 14% compared to the same period last year, but number of active customers increased by 6%. The gross turnover in sportsbook across all Betsson gaming solutions was down 21% compared to the same period last year and amounts to approximately EUR 1.5 billion. Sportsbook margin was 8.4%, which is higher than the 8.0% margin in the first quarter last year, but below the two-year rolling average margin of 8.7%. Sportsbook revenue slightly increased by 1% compared to last year and amounted to EUR 80 million. The casino turnover is down 17% year-over-year, and casino revenue decreased by 4%. Casino revenue represented 72% of the group's total revenue in the quarter, and sportsbooks some 27%. Reported revenue for the quarter amounted to EUR 285 million, a decrease of 3% year-over-year, but 4% organic growth. Revenue from locally regulated markets increased by 20% compared to last year and now constitutes 73% of total revenue, compared to 59% last year. Revenue from the B2C business has grown by 15% or EUR 31 million year-over-year, whilst the B2B business shows declining revenue year-over-year by 43% or by EUR 39 million, explained by decreased revenue from one of the group's B2B customers. Revenue from the B2B business corresponds to 18% of total revenue, and B2C revenue to 82%. Splitting revenue by region, we see growth compared to previous year in all regions except for the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year. In the Nordic region, revenue decreased both compared to the corresponding period last year and to the previous quarter. The decline is primarily driven by reduced activity in the casino products. Both Denmark and Sweden reported lower revenue during the quarter, which is the outcome of an active decision to focus marketing activities where we see the best return on investments. The Nordic region represented 11% of the group's total revenue in the first quarter. Revenue from Western Europe increased by 10% year-on-year or by EUR 6 million, and reported the highest revenue ever for the region in a single quarter. As Pontus said, the Italian market reported all-time high revenue in the first quarter, reaching new record levels in both deposits and turnover. The growth compared to the corresponding period last year is mainly driven by the casino product. The sportsbook product continued to show strong growth with increased revenue both year-over-year and compared to the previous quarter, but the sportsbook revenue is still relatively smaller than the casino revenue in Italy. France reported increased revenue both compared to the corresponding period last year and compared to the previous quarter. Revenue from Belgium decreased compared to the corresponding period last year and previous quarter, explained by decreased sportsbook revenue. The Western Europe region represented 21% of total revenue in the quarter. Revenue from the CEECA region decreased by 22% or by EUR 27 million. Revenue was negatively impacted in the first quarter by lower license revenue for system deliveries in the region, with a decline primarily driven by the casino product. The B2C segment in the region continued to perform well. Croatia, Greece, Georgia, Poland, Lithuania, and Latvia all reported increased revenue compared with the corresponding period last year. The growth in Croatia and Greece was driven by the casino product, while the growth in Poland and Georgia was driven by the sportsbook product. The CEECA region represented 34% of the group's total revenue. Revenue in the Latin America region increased by EUR 19 million or by 21% compared to the same period last year, and also increased compared to the previous quarter. Peru and Colombia reported increased revenue in the quarter, and the growth was driven by solid performance across both the casino product and the sports book product, with underlying growth in both player deposits and turnover in both markets. Argentina reported in line with the corresponding period last year and the previous quarter. The reported revenue was significantly impacted by negative currency effects in the quarter. In local currency, Argentina continued to report strong growth across both casino and sports book. The Latin America region represented 33% of the group's total revenue in the first quarter. Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. Revenue is slightly down year-over-year, impacting gross profits. However, revenue from locally regulated markets has increased and, following that, increased gaming taxes by some EUR 8 million. Increase of cost of services provided is, apart from gaming taxes, also explained by higher payment provider fees following increased B2C revenue and higher costs related to regulatory licenses. Gross profit is also impacted by the change in revenue mix between B2C and B2B in the quarter, where we in this quarter see a step down in the B2B revenue as percentage of total revenue. Year on year, gross profit decreased by EUR 24 million compared to the same period last year and amounted to EUR 164 million, which corresponds to a gross profit margin of 58% compared to 64% last year. Marketing spend increased by EUR one million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing cost as well. Personnel expenses increased by some EUR three million compared to last year, explained by increased number of employees following geographical expansion, increased investments in product and technology development. Depreciation and amortization costs increased by EUR two million year on year as a result of increased capitalized development costs. Other items are flat year on year, where increased capitalized development costs are counteracting increased other external expenses. Operating income amounts to EUR 34 million, a decrease of 47% compared to last year. The EBIT margin was 11.9% compared to 21.9% last year. Operating cash flow amounts to EUR 58 million compared to EUR 86 million in the same period last year. The deviation year-on-year is mainly explained by lower operating income and increased taxes paid. Operating cash flow is also impacted by changes in working capital of EUR 17 million, mainly explained by decreased accounts receivable and lower payment provider balances. Cash flow from investing activities sums up to EUR 15 million and relates to investments in own product and technology development. Cash flow from financing activities impacted the cash flow by EUR 25 million, mainly driven by share buybacks of EUR 20 million, but also impacted by dividend paid to non-controlling interest of EUR 2 million, loan to associated companies of EUR 1 million and lease payments of EUR 2 million. Betsson has, as of end of March, a net cash position of EUR 165 million and an equity ratio of 66%. Pontus, back to you. Take us through the trading update. Thank you, Martin, for reading out all those figures. Let's look at how the second quarter has started. The average daily revenue for the second quarter to date, up to and including 21st of April, has been 3.7% higher than the average daily revenue of the full second quarter of 2025. During the period so far in April this year, the sportsbook margin has been higher than the historical average. Now, a quick summary of the first quarter. We saw continued strong performance in B2C, but the B2B business declined. Regionally, growth was strong in Latin America and Western Europe, while the CEECA region and the Nordics both declined. The share of locally regulated markets was the highest ever at 73% and drove higher gaming taxes. Lower B2B revenue and higher gaming taxes impacted profitability in the quarter. In June, the FIFA World Cup will begin, which we expect to contribute to increased activity and customer intake. Our investments in recent years have strengthened our position and with a competitive offering, a strong brand, and a proven strategy, we are well-positioned to capitalize on opportunities in the global online gaming market. Thanks everyone for listening to the presentation, and now it's time for Q&A. We welcome your questions. If you wish to ask a question please dial pound key five on your telephone keypad, to enter the queue if you wish to withdraw your question please dial pound key six on your telephone keypad. The next question comes from Georg Attling from Pareto Securities. Please go ahead. Good morning, guys. I have a couple of questions. Starting with B2B, you say that this customer that you have has seen the revenue stabilizing since December. Does that mean that we should expect B2B flat sequentially here in Q2? It's very hard to see how the rest of the quarter is going to develop. What we have seen so far since December last year, it has stabilized. Okay. You write in the report that B2C contributes significantly to profits. We've seen what's happened to profits obviously now that B2B has come down. Just a bit curious how we should read that, the significant contribution. Can you say anything more? Is it more than half? A bit more detail there would be great. We're not in the position to give those figures out. We can just reiterate that we have significant profits also from B2C. As we mentioned in the report and during the presentation, we continue to invest in several B2C markets as well, that looks promising for the future, but which comes with higher costs than revenues for the time being. Okay. In these growth markets that you currently lose money on the B2C side, have your strategy at all changed in regards to those investments, considering how B2B has developed? No, it has not because we don't believe that it's the right thing to try to fix one thing with working on another thing. These are markets that we believe in long-term, and all the markets that we have where we operate now with profits in the B2C, they have taken many, many years to build up. That's how business is made, and we have to keep investing in the markets that we believe in. Okay, is my interpretation correct that if B2B continues to decline, you're not going to change the strategy to protect the margin in the short term? This is something that we haven't really discussed because it's not the situation that we are in front of right now. As we say, the B2B has stabilized, and we are looking towards getting also new clients onto the B2B side. We are more preparing for that kind of scenario going forward. That's clear. I just have a final question on Rhino. If you could share some more details here on their turnover, how much is that? How much is B2B versus B2C in that pro forma detail that you provided? We haven't published those figures, so that's not something that we can go into. Okay. Will it be accretive or not to the margin on the group level? Yes, it will. Okay. That is clear. Thanks for taking my questions. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. There are no further questions. Thank you everyone for listening in, and see you at the next presentation. Bye bye. Bye bye.

Speaker 3: Welcome to Betsson Q1 Report 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing #5 on their telephone keypad. Now I will hand the conference over to CEO Pontus Lindwall and CFO Martin Öhman. Please go ahead. Welcome to Betsson Q1 Report 2026. welcome to betsson q1 report 2026 For the first part of the conference call, the participants will be in listen-only mode. for the first part of the conference call the participants will be in listen-only mode During the questions and answers session, participants are able to ask questions by dialing #5 on their telephone keypad. during the questions and answers session participants are able to ask questions by dialing #5 on their telephone keypad Now I will hand the conference over to CEO Pontus Lindwall and CFO Martin Öhman. now i will hand the conference over to ceo pontus lindwall and cfo martin öhman Please go ahead. please go ahead

Speaker 4: Thank you very much. Hello everyone, and welcome to Betsson's presentation of the Q1 report for 2026. I'm Pontus Lindwall, President and CEO of Betsson. With me today is also our CFO, Martin Öhman. Thank you very much. thank you very much Hello everyone, and welcome to Betsson's presentation of the Q1 report for 2026. hello everyone and welcome to betsson's presentation of the q1 report for 2026 I'm Pontus Lindwall, President and CEO of Betsson. i'm pontus lindwall president and ceo of betsson With me today is also our CFO, Martin Öhman. with me today is also our cfo martin öhman

Speaker 2: Hi, everyone. Hi, everyone. hi everyone

Speaker 4: In Q1, we saw continued good customer activity in our B2C business with active customers up 11% year-over-year at all-time high levels. Group revenue amounted to EUR 285 million, and EBIT was EUR 34 million in the quarter. The EBIT margin was 11.9% for the period. Revenue for the B2C operations was increased by 15% year-over-year and reached a new record level. In Q1, we saw continued good customer activity in our B2C business with active customers up 11% year-over-year at all-time high levels. in q1 we saw continued good customer activity in our b2c business with active customers up 11% year-over-year at all-time high levels Group revenue amounted to EUR 285 million, and EBIT was EUR 34 million in the quarter. group revenue amounted to eur 285 million and ebit was eur 34 million in the quarter The EBIT margin was 11.9% for the period. the ebit margin was 11.9% for the period Revenue for the B2C operations was increased by 15% year-over-year and reached a new record level. revenue for the b2c operations was increased by 15% year-over-year and reached a new record level Growth was particularly strong in Latin America, primarily driven by positive performance in Peru. Western Europe also delivered double-digit growth with Italy as the main driver, where we continue to gain market share in both sports betting and casinos. Overall, our B2C business continues to grow and contributes significantly to the group's earnings. Growth was particularly strong in Latin America, primarily driven by positive performance in Peru. growth was particularly strong in latin america primarily driven by positive performance in peru Western Europe also delivered double-digit growth with Italy as the main driver, where we continue to gain market share in both sports betting and casinos. western europe also delivered double-digit growth with italy as the main driver where we continue to gain market share in both sports betting and casinos Overall, our B2C business continues to grow and contributes significantly to the group's earnings. overall our b2c business continues to grow and contributes significantly to the group's earnings In parallel, we keep on investing in several B2C markets where we have not yet reached profitability, which reduces operating income by approximately EUR 10 million-EUR 15 million per quarter. We continue to believe that these markets have the potential to become profitable, while we closely monitor and evaluate their development and future prospects. Revenue in the B2B operations decreased to EUR 51 million, driven by lower revenue from one customer. However, activity for these customers has stabilized since early December. Over the medium term, we are confident that we can increase our B2B revenue with both existing and new partners. Casino revenue declined by 4%, while sportsbook revenue was up 1% year-over-year. The sportsbook margin was 8.4%, slightly higher than in the first quarter last year. Our balance sheet is as strong as ever. We ended the quarter with a net cash position of EUR 165 million. In parallel, we keep on investing in several B2C markets where we have not yet reached profitability, which reduces operating income by approximately EUR 10 million-EUR 15 million per quarter. in parallel we keep on investing in several b2c markets where we have not yet reached profitability which reduces operating income by approximately eur 10 million-eur 15 million per quarter We continue to believe that these markets have the potential to become profitable, while we closely monitor and evaluate their development and future prospects. we continue to believe that these markets have the potential to become profitable while we closely monitor and evaluate their development and future prospects Revenue in the B2B operations decreased to EUR 51 million, driven by lower revenue from one customer. revenue in the b2b operations decreased to eur 51 million driven by lower revenue from one customer However, activity for these customers has stabilized since early December. however activity for these customers has stabilized since early december Over the medium term, we are confident that we can increase our B2B revenue with both existing and new partners. over the medium term we are confident that we can increase our b2b revenue with both existing and new partners Casino revenue declined by 4%, while sportsbook revenue was up 1% year-over-year. casino revenue declined by 4% while sportsbook revenue was up 1% year-over-year The sportsbook margin was 8.4%, slightly higher than in the first quarter last year. the sportsbook margin was 8.4% slightly higher than in the first quarter last year Our balance sheet is as strong as ever. our balance sheet is as strong as ever We ended the quarter with a net cash position of EUR 165 million. we ended the quarter with a net cash position of eur 165 million In March, we entered into an agreement to acquire Rhino Entertainment Group's B2C business, including a license in Canada, as well as some technology assets for our B2B business. The transaction is in line with our strategy to create long-term value through investments in both existing and new B2C markets, and through further developing our B2B offering. The acquisition is expected to deliver economies of scale, improved profitability, and enhanced growth opportunities in both business areas. The total purchase price amounts to EUR 64.5 million and will be financed with existing cash. In 2025, the acquired assets, both B2C and B2B, generated an estimated EUR 13.7 million of EBITDA on a pro forma basis. Completion of the deal is expected in Q2 or Q3 this year, subject to regulatory approvals. Betsson's engagement in sports continued in the first quarter. In March, we entered into an agreement to acquire Rhino Entertainment Group's B2C business, including a license in Canada, as well as some technology assets for our B2B business. in march we entered into an agreement to acquire rhino entertainment group's b2c business including a license in canada as well as some technology assets for our b2b business The transaction is in line with our strategy to create long-term value through investments in both existing and new B2C markets, and through further developing our B2B offering. the transaction is in line with our strategy to create long-term value through investments in both existing and new b2c markets and through further developing our b2b offering The acquisition is expected to deliver economies of scale, improved profitability, and enhanced growth opportunities in both business areas. the acquisition is expected to deliver economies of scale improved profitability and enhanced growth opportunities in both business areas The total purchase price amounts to EUR 64.5 million and will be financed with existing cash. the total purchase price amounts to eur 64.5 million and will be financed with existing cash In 2025, the acquired assets, both B2C and B2B, generated an estimated EUR 13.7 million of EBITDA on a pro forma basis. in 2025 the acquired assets both b2c and b2b generated an estimated eur 13.7 million of ebitda on a pro forma basis Completion of the deal is expected in Q2 or Q3 this year, subject to regulatory approvals. completion of the deal is expected in q2 or q3 this year subject to regulatory approvals Betsson's engagement in sports continued in the first quarter. betsson's engagement in sports continued in the first quarter We entered into a multi-year sponsorship with Davis Cup, the classic annual international team competition in tennis. This partnership further strengthens Betsson's extensive global sponsorship portfolio across elite sports. Betsson is currently the main sponsor of football clubs Inter Milan, Club Brugge, and Boca Juniors. Now we look forward to following the national Davis Cup teams closely across our different regions. In Italy, a new campaign for Betsson Sport was unveiled in the quarter. The 2026 campaign introduces a new TV commercial and sees Roberto Baggio and Fabio Cannavaro join Francesco Totti as ambassadors for the brand. Francesco Totti is the former captain of Roma and 2006 World Cup winner with Italy, and he's being joined by Roberto Baggio, winner of Ballon d'Or and one of Italy's most recognized footballers, and Fabio Cannavaro, the former Italy captain and 2006 World Cup winner. We entered into a multi-year sponsorship with Davis Cup, the classic annual international team competition in tennis. we entered into a multi-year sponsorship with davis cup the classic annual international team competition in tennis This partnership further strengthens Betsson's extensive global sponsorship portfolio across elite sports. this partnership further strengthens betsson's extensive global sponsorship portfolio across elite sports Betsson is currently the main sponsor of football clubs Inter Milan, Club Brugge, and Boca Juniors. betsson is currently the main sponsor of football clubs inter milan club brugge and boca juniors Now we look forward to following the national Davis Cup teams closely across our different regions. now we look forward to following the national davis cup teams closely across our different regions In Italy, a new campaign for Betsson Sport was unveiled in the quarter. in italy a new campaign for betsson sport was unveiled in the quarter The 2026 campaign introduces a new TV commercial and sees Roberto Baggio and Fabio Cannavaro join Francesco Totti as ambassadors for the brand. the 2026 campaign introduces a new tv commercial and sees roberto baggio and fabio cannavaro join francesco totti as ambassadors for the brand Francesco Totti is the former captain of Roma and 2006 World Cup winner with Italy, and he's being joined by Roberto Baggio, winner of Ballon d'Or and one of Italy's most recognized footballers, and Fabio Cannavaro, the former Italy captain and 2006 World Cup winner. francesco totti is the former captain of roma and 2006 world cup winner with italy and he's being joined by roberto baggio winner of ballon d'or and one of italy's most recognized footballers and fabio cannavaro the former italy captain and 2006 world cup winner Betsson was also announced as the title sponsor of Betsson Summer Pro Padel 2026, one of the major sporting events of the summer in Argentina. Betsson's tech platform is a player account management system that makes up the core of the customer offering and user experience. The platform manages customer payments, customer data, as well as the games offered to players. During the quarter, the implementation of a new proprietary front-end framework continued, which has been built for increased flexibility and performance, and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward. Betsson also runs a proprietary sportsbook, and during the quarter, several enhancements to the customer experience were introduced, such as expanded bet builder functionality, AR-powered match previews, and enriched live stats. Betsson was also announced as the title sponsor of Betsson Summer Pro Padel 2026, one of the major sporting events of the summer in Argentina. betsson was also announced as the title sponsor of betsson summer pro padel 2026 one of the major sporting events of the summer in argentina Betsson's tech platform is a player account management system that makes up the core of the customer offering and user experience. betsson's tech platform is a player account management system that makes up the core of the customer offering and user experience The platform manages customer payments, customer data, as well as the games offered to players. the platform manages customer payments customer data as well as the games offered to players During the quarter, the implementation of a new proprietary front-end framework continued, which has been built for increased flexibility and performance, and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward. during the quarter the implementation of a new proprietary front-end framework continued which has been built for increased flexibility and performance and which strengthens the user experience by enabling faster and more efficient rollout of new features and updates going forward Betsson also runs a proprietary sportsbook, and during the quarter, several enhancements to the customer experience were introduced, such as expanded bet builder functionality, AR-powered match previews, and enriched live stats. betsson also runs a proprietary sportsbook and during the quarter several enhancements to the customer experience were introduced such as expanded bet builder functionality ar-powered match previews and enriched live stats These enhancements position our sportsbook strongly ahead of peak events such as the upcoming FIFA World Cup. Mobile adoption has remained a key focus, supported by a new app for InkaBet in Peru, as well as expanded native app capabilities in other markets designed to drive customer acquisition and retention. A number of new suppliers of slots, casino games, were launched in various markets during the quarter. During the first quarter, Betsson participated in the Sustainable Gambling Zone at ICE Gaming Trade Fair in Barcelona. Betsson sponsored the event for the fourth consecutive year, where all proceeds go to organizations working for safer gaming, and Betsson also participated in several panels to discuss responsible gaming and sustainability. More details about Betsson's sustainability framework and reporting can be found in the new sustainability report, which was recently published as part of the annual report for 2025. These enhancements position our sportsbook strongly ahead of peak events such as the upcoming FIFA World Cup. Mobile adoption has remained a key focus, supported by a new app for InkaBet in Peru, as well as expanded native app capabilities in other markets designed to drive customer acquisition and retention. these enhancements position our sportsbook strongly ahead of peak events such as the upcoming fifa world cup. mobile adoption has remained a key focus supported by a new app for inkabet in peru as well as expanded native app capabilities in other markets designed to drive customer acquisition and retention A number of new suppliers of slots, casino games, were launched in various markets during the quarter. a number of new suppliers of slots casino games were launched in various markets during the quarter During the first quarter, Betsson participated in the Sustainable Gambling Zone at ICE Gaming Trade Fair in Barcelona. during the first quarter betsson participated in the sustainable gambling zone at ice gaming trade fair in barcelona Betsson sponsored the event for the fourth consecutive year, where all proceeds go to organizations working for safer gaming, and Betsson also participated in several panels to discuss responsible gaming and sustainability. betsson sponsored the event for the fourth consecutive year where all proceeds go to organizations working for safer gaming and betsson also participated in several panels to discuss responsible gaming and sustainability More details about Betsson's sustainability framework and reporting can be found in the new sustainability report, which was recently published as part of the annual report for 2025. more details about betsson's sustainability framework and reporting can be found in the new sustainability report which was recently published as part of the annual report for 2025 This is the first sustainability report according to the EU Directive on Sustainability Reporting, called CSRD. At Club Brugge Champions League match in Madrid, Betsson chose to highlight the club's long-standing social message, "No heart, no glory." This initiative aimed to encourage blood and plasma donations in Flanders in Belgium. Now I'll hand over to Martin for a closer look at the financials. This is the first sustainability report according to the EU Directive on Sustainability Reporting, called CSRD. this is the first sustainability report according to the eu directive on sustainability reporting called csrd At Club Brugge Champions League match in Madrid, Betsson chose to highlight the club's long-standing social message, "No heart, no glory." This initiative aimed to encourage blood and plasma donations in Flanders in Belgium. at club brugge champions league match in madrid betsson chose to highlight the club's long-standing social message "no heart no glory." this initiative aimed to encourage blood and plasma donations in flanders in belgium Now I'll hand over to Martin for a closer look at the financials. now i'll hand over to martin for a closer look at the financials

Speaker 2: Thanks, Pontus. The first quarter was a quarter with more or less maintained revenue level, but decreased operating income year on year. In today's presentation, we will give you more details of the numbers released earlier in April. Before we go into the details of the financial numbers, we start with a few KPIs. Customer deposits in all gaming solutions are down by 14% compared to the same period last year, but number of active customers increased by 6%. The gross turnover in sportsbook across all Betsson gaming solutions was down 21% compared to the same period last year and amounts to approximately EUR 1.5 billion. Sportsbook margin was 8.4%, which is higher than the 8.0% margin in the first quarter last year, but below the two-year rolling average margin of 8.7%. Sportsbook revenue slightly increased by 1% compared to last year and amounted to EUR 80 million. Thanks, Pontus. thanks pontus The first quarter was a quarter with more or less maintained revenue level, but decreased operating income year on year. the first quarter was a quarter with more or less maintained revenue level but decreased operating income year on year In today's presentation, we will give you more details of the numbers released earlier in April. in today's presentation we will give you more details of the numbers released earlier in april Before we go into the details of the financial numbers, we start with a few KPIs. before we go into the details of the financial numbers we start with a few kpis Customer deposits in all gaming solutions are down by 14% compared to the same period last year, but number of active customers increased by 6%. customer deposits in all gaming solutions are down by 14% compared to the same period last year but number of active customers increased by 6% The gross turnover in sportsbook across all Betsson gaming solutions was down 21% compared to the same period last year and amounts to approximately EUR 1.5 billion. the gross turnover in sportsbook across all betsson gaming solutions was down 21% compared to the same period last year and amounts to approximately eur 1.5 billion Sportsbook margin was 8.4%, which is higher than the 8.0% margin in the first quarter last year, but below the two-year rolling average margin of 8.7%. sportsbook margin was 8.4% which is higher than the 8.0% margin in the first quarter last year but below the two-year rolling average margin of 8.7% Sportsbook revenue slightly increased by 1% compared to last year and amounted to EUR 80 million. sportsbook revenue slightly increased by 1% compared to last year and amounted to eur 80 million The casino turnover is down 17% year-over-year, and casino revenue decreased by 4%. Casino revenue represented 72% of the group's total revenue in the quarter, and sportsbooks some 27%. Reported revenue for the quarter amounted to EUR 285 million, a decrease of 3% year-over-year, but 4% organic growth. Revenue from locally regulated markets increased by 20% compared to last year and now constitutes 73% of total revenue, compared to 59% last year. Revenue from the B2C business has grown by 15% or EUR 31 million year-over-year, whilst the B2B business shows declining revenue year-over-year by 43% or by EUR 39 million, explained by decreased revenue from one of the group's B2B customers. Revenue from the B2B business corresponds to 18% of total revenue, and B2C revenue to 82%. The casino turnover is down 17% year-over-year, and casino revenue decreased by 4%. the casino turnover is down 17% year-over-year and casino revenue decreased by 4% Casino revenue represented 72% of the group's total revenue in the quarter, and sportsbooks some 27%. casino revenue represented 72% of the group's total revenue in the quarter and sportsbooks some 27% Reported revenue for the quarter amounted to EUR 285 million, a decrease of 3% year-over-year, but 4% organic growth. reported revenue for the quarter amounted to eur 285 million a decrease of 3% year-over-year but 4% organic growth Revenue from locally regulated markets increased by 20% compared to last year and now constitutes 73% of total revenue, compared to 59% last year. revenue from locally regulated markets increased by 20% compared to last year and now constitutes 73% of total revenue compared to 59% last year Revenue from the B2C business has grown by 15% or EUR 31 million year-over-year, whilst the B2B business shows declining revenue year-over-year by 43% or by EUR 39 million, explained by decreased revenue from one of the group's B2B customers. revenue from the b2c business has grown by 15% or eur 31 million year-over-year whilst the b2b business shows declining revenue year-over-year by 43% or by eur 39 million explained by decreased revenue from one of the group's b2b customers Revenue from the B2B business corresponds to 18% of total revenue, and B2C revenue to 82%. revenue from the b2b business corresponds to 18% of total revenue and b2c revenue to 82% Splitting revenue by region, we see growth compared to previous year in all regions except for the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year. In the Nordic region, revenue decreased both compared to the corresponding period last year and to the previous quarter. The decline is primarily driven by reduced activity in the casino products. Both Denmark and Sweden reported lower revenue during the quarter, which is the outcome of an active decision to focus marketing activities where we see the best return on investments. The Nordic region represented 11% of the group's total revenue in the first quarter. Revenue from Western Europe increased by 10% year-on-year or by EUR 6 million, and reported the highest revenue ever for the region in a single quarter. Splitting revenue by region, we see growth compared to previous year in all regions except for the Nordics and the Central and Eastern Europe and Central Asia region, the CEECA region, which both are down compared to last year. splitting revenue by region we see growth compared to previous year in all regions except for the nordics and the central and eastern europe and central asia region the ceeca region which both are down compared to last year In the Nordic region, revenue decreased both compared to the corresponding period last year and to the previous quarter. in the nordic region revenue decreased both compared to the corresponding period last year and to the previous quarter The decline is primarily driven by reduced activity in the casino products. the decline is primarily driven by reduced activity in the casino products Both Denmark and Sweden reported lower revenue during the quarter, which is the outcome of an active decision to focus marketing activities where we see the best return on investments. both denmark and sweden reported lower revenue during the quarter which is the outcome of an active decision to focus marketing activities where we see the best return on investments The Nordic region represented 11% of the group's total revenue in the first quarter. the nordic region represented 11% of the group's total revenue in the first quarter Revenue from Western Europe increased by 10% year-on-year or by EUR 6 million, and reported the highest revenue ever for the region in a single quarter. revenue from western europe increased by 10% year-on-year or by eur 6 million and reported the highest revenue ever for the region in a single quarter As Pontus said, the Italian market reported all-time high revenue in the first quarter, reaching new record levels in both deposits and turnover. The growth compared to the corresponding period last year is mainly driven by the casino product. The sportsbook product continued to show strong growth with increased revenue both year-over-year and compared to the previous quarter, but the sportsbook revenue is still relatively smaller than the casino revenue in Italy. France reported increased revenue both compared to the corresponding period last year and compared to the previous quarter. Revenue from Belgium decreased compared to the corresponding period last year and previous quarter, explained by decreased sportsbook revenue. The Western Europe region represented 21% of total revenue in the quarter. Revenue from the CEECA region decreased by 22% or by EUR 27 million. As Pontus said, the Italian market reported all-time high revenue in the first quarter, reaching new record levels in both deposits and turnover. as pontus said the italian market reported all-time high revenue in the first quarter reaching new record levels in both deposits and turnover The growth compared to the corresponding period last year is mainly driven by the casino product. the growth compared to the corresponding period last year is mainly driven by the casino product The sportsbook product continued to show strong growth with increased revenue both year-over-year and compared to the previous quarter, but the sportsbook revenue is still relatively smaller than the casino revenue in Italy. the sportsbook product continued to show strong growth with increased revenue both year-over-year and compared to the previous quarter but the sportsbook revenue is still relatively smaller than the casino revenue in italy France reported increased revenue both compared to the corresponding period last year and compared to the previous quarter. france reported increased revenue both compared to the corresponding period last year and compared to the previous quarter Revenue from Belgium decreased compared to the corresponding period last year and previous quarter, explained by decreased sportsbook revenue. revenue from belgium decreased compared to the corresponding period last year and previous quarter explained by decreased sportsbook revenue The Western Europe region represented 21% of total revenue in the quarter. the western europe region represented 21% of total revenue in the quarter Revenue from the CEECA region decreased by 22% or by EUR 27 million. revenue from the ceeca region decreased by 22% or by eur 27 million Revenue was negatively impacted in the first quarter by lower license revenue for system deliveries in the region, with a decline primarily driven by the casino product. The B2C segment in the region continued to perform well. Croatia, Greece, Georgia, Poland, Lithuania, and Latvia all reported increased revenue compared with the corresponding period last year. The growth in Croatia and Greece was driven by the casino product, while the growth in Poland and Georgia was driven by the sportsbook product. The CEECA region represented 34% of the group's total revenue. Revenue was negatively impacted in the first quarter by lower license revenue for system deliveries in the region, with a decline primarily driven by the casino product. revenue was negatively impacted in the first quarter by lower license revenue for system deliveries in the region with a decline primarily driven by the casino product The B2C segment in the region continued to perform well. the b2c segment in the region continued to perform well Croatia, Greece, Georgia, Poland, Lithuania, and Latvia all reported increased revenue compared with the corresponding period last year. croatia greece georgia poland lithuania and latvia all reported increased revenue compared with the corresponding period last year The growth in Croatia and Greece was driven by the casino product, while the growth in Poland and Georgia was driven by the sportsbook product. the growth in croatia and greece was driven by the casino product while the growth in poland and georgia was driven by the sportsbook product The CEECA region represented 34% of the group's total revenue. the ceeca region represented 34% of the group's total revenue Revenue in the Latin America region increased by EUR 19 million or by 21% compared to the same period last year, and also increased compared to the previous quarter. Peru and Colombia reported increased revenue in the quarter, and the growth was driven by solid performance across both the casino product and the sports book product, with underlying growth in both player deposits and turnover in both markets. Argentina reported in line with the corresponding period last year and the previous quarter. The reported revenue was significantly impacted by negative currency effects in the quarter. In local currency, Argentina continued to report strong growth across both casino and sports book. The Latin America region represented 33% of the group's total revenue in the first quarter. Revenue in the Latin America region increased by EUR 19 million or by 21% compared to the same period last year, and also increased compared to the previous quarter. Peru and Colombia reported increased revenue in the quarter, and the growth was driven by solid performance across both the casino product and the sports book product, with underlying growth in both player deposits and turnover in both markets. revenue in the latin america region increased by eur 19 million or by 21% compared to the same period last year and also increased compared to the previous quarter. peru and colombia reported increased revenue in the quarter and the growth was driven by solid performance across both the casino product and the sports book product with underlying growth in both player deposits and turnover in both markets Argentina reported in line with the corresponding period last year and the previous quarter. argentina reported in line with the corresponding period last year and the previous quarter The reported revenue was significantly impacted by negative currency effects in the quarter. the reported revenue was significantly impacted by negative currency effects in the quarter In local currency, Argentina continued to report strong growth across both casino and sports book. in local currency argentina continued to report strong growth across both casino and sports book The Latin America region represented 33% of the group's total revenue in the first quarter. the latin america region represented 33% of the group's total revenue in the first quarter Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. Revenue is slightly down year-over-year, impacting gross profits. However, revenue from locally regulated markets has increased and, following that, increased gaming taxes by some EUR 8 million. Increase of cost of services provided is, apart from gaming taxes, also explained by higher payment provider fees following increased B2C revenue and higher costs related to regulatory licenses. Gross profit is also impacted by the change in revenue mix between B2C and B2B in the quarter, where we in this quarter see a step down in the B2B revenue as percentage of total revenue. Explaining the development in operating income, this picture breaks down the different components in the profit and loss statement to display the impact of the different line items. explaining the development in operating income this picture breaks down the different components in the profit and loss statement to display the impact of the different line items Revenue is slightly down year-over-year, impacting gross profits. revenue is slightly down year-over-year impacting gross profits However, revenue from locally regulated markets has increased and, following that, increased gaming taxes by some EUR 8 million. however revenue from locally regulated markets has increased and following that increased gaming taxes by some eur 8 million Increase of cost of services provided is, apart from gaming taxes, also explained by higher payment provider fees following increased B2C revenue and higher costs related to regulatory licenses. increase of cost of services provided is apart from gaming taxes also explained by higher payment provider fees following increased b2c revenue and higher costs related to regulatory licenses Gross profit is also impacted by the change in revenue mix between B2C and B2B in the quarter, where we in this quarter see a step down in the B2B revenue as percentage of total revenue. gross profit is also impacted by the change in revenue mix between b2c and b2b in the quarter where we in this quarter see a step down in the b2b revenue as percentage of total revenue Year on year, gross profit decreased by EUR 24 million compared to the same period last year and amounted to EUR 164 million, which corresponds to a gross profit margin of 58% compared to 64% last year. Marketing spend increased by EUR one million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing cost as well. Personnel expenses increased by some EUR three million compared to last year, explained by increased number of employees following geographical expansion, increased investments in product and technology development. Depreciation and amortization costs increased by EUR two million year on year as a result of increased capitalized development costs. Other items are flat year on year, where increased capitalized development costs are counteracting increased other external expenses. Operating income amounts to EUR 34 million, a decrease of 47% compared to last year. Year on year, gross profit decreased by EUR 24 million compared to the same period last year and amounted to EUR 164 million, which corresponds to a gross profit margin of 58% compared to 64% last year. year on year gross profit decreased by eur 24 million compared to the same period last year and amounted to eur 164 million which corresponds to a gross profit margin of 58% compared to 64% last year Marketing spend increased by EUR one million compared to last year and corresponds to 16% of total B2C revenue and to some 21% when including affiliate marketing cost as well. marketing spend increased by eur one million compared to last year and corresponds to 16% of total b2c revenue and to some 21% when including affiliate marketing cost as well Personnel expenses increased by some EUR three million compared to last year, explained by increased number of employees following geographical expansion, increased investments in product and technology development. personnel expenses increased by some eur three million compared to last year explained by increased number of employees following geographical expansion increased investments in product and technology development Depreciation and amortization costs increased by EUR two million year on year as a result of increased capitalized development costs. depreciation and amortization costs increased by eur two million year on year as a result of increased capitalized development costs Other items are flat year on year, where increased capitalized development costs are counteracting increased other external expenses. other items are flat year on year where increased capitalized development costs are counteracting increased other external expenses Operating income amounts to EUR 34 million, a decrease of 47% compared to last year. operating income amounts to eur 34 million a decrease of 47% compared to last year The EBIT margin was 11.9% compared to 21.9% last year. Operating cash flow amounts to EUR 58 million compared to EUR 86 million in the same period last year. The deviation year-on-year is mainly explained by lower operating income and increased taxes paid. Operating cash flow is also impacted by changes in working capital of EUR 17 million, mainly explained by decreased accounts receivable and lower payment provider balances. Cash flow from investing activities sums up to EUR 15 million and relates to investments in own product and technology development. Cash flow from financing activities impacted the cash flow by EUR 25 million, mainly driven by share buybacks of EUR 20 million, but also impacted by dividend paid to non-controlling interest of EUR 2 million, loan to associated companies of EUR 1 million and lease payments of EUR 2 million. The EBIT margin was 11.9% compared to 21.9% last year. the ebit margin was 11.9% compared to 21.9% last year Operating cash flow amounts to EUR 58 million compared to EUR 86 million in the same period last year. operating cash flow amounts to eur 58 million compared to eur 86 million in the same period last year The deviation year-on-year is mainly explained by lower operating income and increased taxes paid. the deviation year-on-year is mainly explained by lower operating income and increased taxes paid Operating cash flow is also impacted by changes in working capital of EUR 17 million, mainly explained by decreased accounts receivable and lower payment provider balances. operating cash flow is also impacted by changes in working capital of eur 17 million mainly explained by decreased accounts receivable and lower payment provider balances Cash flow from investing activities sums up to EUR 15 million and relates to investments in own product and technology development. cash flow from investing activities sums up to eur 15 million and relates to investments in own product and technology development Cash flow from financing activities impacted the cash flow by EUR 25 million, mainly driven by share buybacks of EUR 20 million, but also impacted by dividend paid to non-controlling interest of EUR 2 million, loan to associated companies of EUR 1 million and lease payments of EUR 2 million. cash flow from financing activities impacted the cash flow by eur 25 million mainly driven by share buybacks of eur 20 million but also impacted by dividend paid to non-controlling interest of eur 2 million loan to associated companies of eur 1 million and lease payments of eur 2 million Betsson has, as of end of March, a net cash position of EUR 165 million and an equity ratio of 66%. Pontus, back to you. Take us through the trading update. Betsson has, as of end of March, a net cash position of EUR 165 million and an equity ratio of 66%. betsson has as of end of march a net cash position of eur 165 million and an equity ratio of 66% Pontus, back to you. pontus back to you Take us through the trading update. take us through the trading update

Speaker 4: Thank you, Martin, for reading out all those figures. Let's look at how the second quarter has started. The average daily revenue for the second quarter to date, up to and including 21st of April, has been 3.7% higher than the average daily revenue of the full second quarter of 2025. During the period so far in April this year, the sportsbook margin has been higher than the historical average. Now, a quick summary of the first quarter. We saw continued strong performance in B2C, but the B2B business declined. Regionally, growth was strong in Latin America and Western Europe, while the CEECA region and the Nordics both declined. The share of locally regulated markets was the highest ever at 73% and drove higher gaming taxes. Lower B2B revenue and higher gaming taxes impacted profitability in the quarter. Thank you, Martin, for reading out all those figures. thank you martin for reading out all those figures Let's look at how the second quarter has started. let's look at how the second quarter has started The average daily revenue for the second quarter to date, up to and including 21st of April, has been 3.7% higher than the average daily revenue of the full second quarter of 2025. the average daily revenue for the second quarter to date up to and including 21st of april has been 3.7% higher than the average daily revenue of the full second quarter of 2025 During the period so far in April this year, the sportsbook margin has been higher than the historical average. during the period so far in april this year the sportsbook margin has been higher than the historical average Now, a quick summary of the first quarter. now a quick summary of the first quarter We saw continued strong performance in B2C, but the B2B business declined. we saw continued strong performance in b2c but the b2b business declined Regionally, growth was strong in Latin America and Western Europe, while the CEECA region and the Nordics both declined. regionally growth was strong in latin america and western europe while the ceeca region and the nordics both declined The share of locally regulated markets was the highest ever at 73% and drove higher gaming taxes. the share of locally regulated markets was the highest ever at 73% and drove higher gaming taxes Lower B2B revenue and higher gaming taxes impacted profitability in the quarter. lower b2b revenue and higher gaming taxes impacted profitability in the quarter In June, the FIFA World Cup will begin, which we expect to contribute to increased activity and customer intake. Our investments in recent years have strengthened our position and with a competitive offering, a strong brand, and a proven strategy, we are well-positioned to capitalize on opportunities in the global online gaming market. Thanks everyone for listening to the presentation, and now it's time for Q&A. We welcome your questions. In June, the FIFA World Cup will begin, which we expect to contribute to increased activity and customer intake. in june the fifa world cup will begin which we expect to contribute to increased activity and customer intake Our investments in recent years have strengthened our position and with a competitive offering, a strong brand, and a proven strategy, we are well-positioned to capitalize on opportunities in the global online gaming market. our investments in recent years have strengthened our position and with a competitive offering a strong brand and a proven strategy we are well-positioned to capitalize on opportunities in the global online gaming market Thanks everyone for listening to the presentation, and now it's time for Q&A. thanks everyone for listening to the presentation and now it's time for q&a We welcome your questions. we welcome your questions

Speaker 3: If you wish to ask a question please dial pound key five on your telephone keypad, to enter the queue if you wish to withdraw your question please dial pound key six on your telephone keypad. The next question comes from Georg Attling from Pareto Securities. Please go ahead. If you wish to ask a question please dial pound key five on your telephone keypad, to enter the queue if you wish to withdraw your question please dial pound key six on your telephone keypad. The next question comes from Georg Attling from Pareto Securities. if you wish to ask a question please dial pound key five on your telephone keypad, to enter the queue if you wish to withdraw your question please dial pound key six on your telephone keypad. the next question comes from georg attling from pareto securities Please go ahead. please go ahead

Speaker 1: Good morning, guys. I have a couple of questions. Starting with B2B, you say that this customer that you have has seen the revenue stabilizing since December. Does that mean that we should expect B2B flat sequentially here in Q2? Good morning, guys. good morning guys I have a couple of questions. i have a couple of questions Starting with B2B, you say that this customer that you have has seen the revenue stabilizing since December. starting with b2b you say that this customer that you have has seen the revenue stabilizing since december Does that mean that we should expect B2B flat sequentially here in Q2? does that mean that we should expect b2b flat sequentially here in q2

Speaker 4: It's very hard to see how the rest of the quarter is going to develop. What we have seen so far since December last year, it has stabilized. It's very hard to see how the rest of the quarter is going to develop. it's very hard to see how the rest of the quarter is going to develop What we have seen so far since December last year, it has stabilized. what we have seen so far since december last year it has stabilized

Speaker 1: Okay. You write in the report that B2C contributes significantly to profits. We've seen what's happened to profits obviously now that B2B has come down. Just a bit curious how we should read that, the significant contribution. Can you say anything more? Is it more than half? A bit more detail there would be great. Okay. okay You write in the report that B2C contributes significantly to profits. you write in the report that b2c contributes significantly to profits We've seen what's happened to profits obviously now that B2B has come down. we've seen what's happened to profits obviously now that b2b has come down Just a bit curious how we should read that, the significant contribution. just a bit curious how we should read that the significant contribution Can you say anything more? can you say anything more Is it more than half? is it more than half A bit more detail there would be great. a bit more detail there would be great

Speaker 4: We're not in the position to give those figures out. We can just reiterate that we have significant profits also from B2C. As we mentioned in the report and during the presentation, we continue to invest in several B2C markets as well, that looks promising for the future, but which comes with higher costs than revenues for the time being. We're not in the position to give those figures out. we're not in the position to give those figures out We can just reiterate that we have significant profits also from B2C. we can just reiterate that we have significant profits also from b2c As we mentioned in the report and during the presentation, we continue to invest in several B2C markets as well, that looks promising for the future, but which comes with higher costs than revenues for the time being. as we mentioned in the report and during the presentation we continue to invest in several b2c markets as well that looks promising for the future but which comes with higher costs than revenues for the time being

Speaker 1: Okay. In these growth markets that you currently lose money on the B2C side, have your strategy at all changed in regards to those investments, considering how B2B has developed? Okay. okay In these growth markets that you currently lose money on the B2C side, have your strategy at all changed in regards to those investments, considering how B2B has developed? in these growth markets that you currently lose money on the b2c side have your strategy at all changed in regards to those investments considering how b2b has developed

Speaker 4: No, it has not because we don't believe that it's the right thing to try to fix one thing with working on another thing. These are markets that we believe in long-term, and all the markets that we have where we operate now with profits in the B2C, they have taken many, many years to build up. That's how business is made, and we have to keep investing in the markets that we believe in. No, it has not because we don't believe that it's the right thing to try to fix one thing with working on another thing. no it has not because we don't believe that it's the right thing to try to fix one thing with working on another thing These are markets that we believe in long-term, and all the markets that we have where we operate now with profits in the B2C, they have taken many, many years to build up. these are markets that we believe in long-term and all the markets that we have where we operate now with profits in the b2c they have taken many many years to build up That's how business is made, and we have to keep investing in the markets that we believe in. that's how business is made and we have to keep investing in the markets that we believe in

Speaker 1: Okay, is my interpretation correct that if B2B continues to decline, you're not going to change the strategy to protect the margin in the short term? Okay, is my interpretation correct that if B2B continues to decline, you're not going to change the strategy to protect the margin in the short term? okay is my interpretation correct that if b2b continues to decline you're not going to change the strategy to protect the margin in the short term

Speaker 4: This is something that we haven't really discussed because it's not the situation that we are in front of right now. As we say, the B2B has stabilized, and we are looking towards getting also new clients onto the B2B side. We are more preparing for that kind of scenario going forward. This is something that we haven't really discussed because it's not the situation that we are in front of right now. this is something that we haven't really discussed because it's not the situation that we are in front of right now As we say, the B2B has stabilized, and we are looking towards getting also new clients onto the B2B side. as we say the b2b has stabilized and we are looking towards getting also new clients onto the b2b side We are more preparing for that kind of scenario going forward. we are more preparing for that kind of scenario going forward

Speaker 1: That's clear. I just have a final question on Rhino. If you could share some more details here on their turnover, how much is that? How much is B2B versus B2C in that pro forma detail that you provided? That's clear. that's clear I just have a final question on Rhino. i just have a final question on rhino If you could share some more details here on their turnover, how much is that? if you could share some more details here on their turnover how much is that How much is B2B versus B2C in that pro forma detail that you provided? how much is b2b versus b2c in that pro forma detail that you provided

Speaker 4: We haven't published those figures, so that's not something that we can go into. We haven't published those figures, so that's not something that we can go into. we haven't published those figures so that's not something that we can go into

Speaker 1: Okay. Will it be accretive or not to the margin on the group level? Okay. okay Will it be accretive or not to the margin on the group level? will it be accretive or not to the margin on the group level

Speaker 4: Yes, it will. Yes, it will. yes it will

Speaker 1: Okay. That is clear. Thanks for taking my questions. Okay. okay That is clear. that is clear Thanks for taking my questions. thanks for taking my questions

Speaker 4: Thank you. Thank you. thank you

Speaker 3: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more phone questions at this time. I hand the conference back to the speakers for any written questions and closing comments. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. as a reminder if you wish to ask a question please dial pound key five on your telephone keypad There are no more phone questions at this time. there are no more phone questions at this time I hand the conference back to the speakers for any written questions and closing comments. i hand the conference back to the speakers for any written questions and closing comments

Speaker 4: There are no further questions. Thank you everyone for listening in, and see you at the next presentation. Bye bye. There are no further questions. there are no further questions Thank you everyone for listening in, and see you at the next presentation. thank you everyone for listening in and see you at the next presentation Bye bye. bye bye

Speaker 2: Bye bye. Bye bye. bye bye