Q4 2023 Evolution AB (publ) Earnings Call - Q&A

February 1, 2024

Martin Carlesund: I'm the CEO of evolution with me IFC, we still have our CFO Dirk locascio. I will start with some comments on our performance in the quarter were Australia, we'll hand over to Jacob for closer look at our financials. After that I will turn off our presentation with an outlook footprint before. And then we are happy to take all of your questions. So let's begin next slide please. The underlying growth drivers for our business remains strong there is a global audience for the excitement and entertainment that online casino brings and we continued to see strong global demand for our games. You also can see the trend in growth more and more countries regulate latest model the more interesting being Brazil. In light casino, both existing as well as new game launches transfer three continue to attract new players and also new papers at the beginning of the year I spoke of 'twenty to 'twenty. Three is the year of the product and I think 23 has lived up to that billing in. In the year, we launched more than 100, new exciting games a record number in any given year for evolution. In the quarter, we have further expanded our north American footprint by expanding our games portfolio. In December we saw the long awaited launch of Crazy time in New Jersey. This is a landmark global score evolution for the U S online gaming market. We're very optimistic about the face time, becoming a favorite online game show in the United States as we have seen perform exceptionally well globally. In the quarter. We also launched creates conflict in new Jersey, as well as Super six BOE in Pennsylvania, three gains are due to go live in additional states during 2024. Another shipments in the quarter as the crafts launched in Connecticut, which means that <unk> now is live in all our U S markets the broader portfolio in U S opens up a new player types entry into legacy.

Martin Carlesund: My name is Martin Carlesund, I'm the CEO of Evolution, with me I as usual have our CFO Jacob Kaplan. I will start with some comments on our performance in the quarter where after that we'll hand over to Jacob for a closer look at our financials. After that I will run off our presentation with an outlook for 2024, and then we are happy to take all of your questions. So let's begin, next slide please. The underlying growth drivers for our business remains strong, there is a global audience for the excitement and entertainment that online casino brings, and we continue to see a strong global demand for our games. We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil. In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: My name is Martin Carlesund, I'm the CEO of Evolution, with me I as usual have our CFO Jacob Kaplan.

Martin Carlesund: Remains the other region, which mainly consists of Africa. It stands for nearly 3.5% of the group's revenue, and it's a future growth opportunity for us. Share of revenues from regulated markets continues to be stable and amounts to 40% for Q4 2023. With that, I'll hand over to you, Jacob Kaplan. Next slide, please.

I will start with some comments on our performance in the quarter were Australia, we'll hand over to Jacob for closer look at our financials. After that I will turn off our presentation with an outlook footprint before.

This call is being recorded.

Martin Carlesund: I will start with some comments on our performance in the quarter where after that we'll hand over to Jacob for a closer look at our financials. After that I will run off our presentation with an outlook for 2024, and then we are happy to take all of your questions. So let's begin, next slide please. The underlying growth drivers for our business remains strong, there is a global audience for the excitement and entertainment that online casino brings, and we continue to see a strong global demand for our games. We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil. In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: I will start with some comments on our performance in the quarter where after that we'll hand over to Jacob for a closer look at our financials.

Martin Carlesund: After that I will run off our presentation with an outlook for 2024, and then we are happy to take all of your questions. So let's begin, next slide please. The underlying growth drivers for our business remains strong, there is a global audience for the excitement and entertainment that online casino brings, and we continue to see a strong global demand for our games. We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil. In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: After that I will run off our presentation with an outlook for 2024, and then we are happy to take all of your questions. So let's begin, next slide please.

And then we are happy to take all of your questions.

So let's begin next slide please.

Welcome to the evolution Q4, 2023 report.

Jacob Kaplan: Thank you, Martin, and good morning to all of you listening. Revenue amounts to EUR 475.3 million in the quarter. In total, this is a growth rate of 16.6% year on year compared to Q4 2022. This is fully organic growth as the latest acquisitions were included also in Q4 2022. In the comparison to Q4 2022, there is a negative effect from changes in currency rates. Our estimate is that revenues are negatively affected by just over 8 percentage points, making year-on-year growth in Q4 adjusted for changes in currency rates above 25%. Growth at constant currency is an estimate. We base it on recalculating the GGR generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3.

Martin Carlesund: The underlying growth drivers for our business remains strong, there is a global audience for the excitement and entertainment that online casino brings, and we continue to see a strong global demand for our games. We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil. In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

The underlying growth drivers for our business remains strong there is a global audience for the excitement and entertainment that online casino brings and we continued to see strong global demand for our games.

For the first part of the conference call the participants will be in listen only mode.

During the question and answer session participants are able to ask questions by Dialling pound key five on the telephone keypad now I will hand, the conference over to the speakers CEO Martin call Sundin CFO Jacob Calpine.

Martin Carlesund: We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil. In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: We also clearly see the trend where more and more countries regulate, latest and one of the more interesting being Brazil.

You also can see the trend in growth more and more countries regulate latest model the more interesting being Brazil.

Martin Carlesund: In live casino, both existing as well as new game launches 2023 continue to attract new players and also new play groups, at the beginning of the year I spoke of 2023 as the year of the product, and I think 23 has lived up to that billing. In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

In light casino, both existing as well as new game launches transfer three continue to attract new players and also new papers at the beginning of the year I spoke of 'twenty to 'twenty. Three is the year of the product and I think 23 has lived up to that billing in.

Please go ahead.

Good morning, everyone welcome.

<unk> year end report.

Martin Carlesund: In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution. In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: In the year, we launched more than 100 new exciting games, a record number in any given year for Evolution.

In the year, we launched more than 100, new exciting games a record number in any given year for evolution.

Right.

My name is might be volatile on the CEO of looser with me IFC, we still have our CFO.

Martin Carlesund: In the quarter, we have further expanded our North American footprint by expanding our games portfolio, in December we saw the long awaited launch of Crazy Time in New Jersey, this is a landmark launch for evolution and for the US online gaming market. We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

In the quarter, we have further expanded our north American footprint by expanding our games portfolio.

Sure.

I will start with some comments on our performance in the quarter were off that we have over to Jacob.

In December we saw the long awaited launch of Crazy time in New Jersey. This is a landmark global score evolution for the U S online gaming market.

Of our financials after that.

Jacob Kaplan: At that time, we stated the estimated negative effect to revenues to be 6 to 8 percentage points in the quarter. We provided a range then and have settled on one number now. As mentioned, it's still an estimate, not an exact number, but overall, my view is that the FX headwind is on similar level in Q3 and Q4. The total group revenue of EUR 475.3 million in Q4 is made up of EUR 405 million related to Live Casino, with a growth rate of 21% year on year, and EUR 69.8 million from RNG Games. An increase of EUR 3 million from the previous quarter, but 3.7% lower than the same period in 2022.

Our presentation with an outlook for transit from before.

Although we are happy to take all of your questions.

Martin Carlesund: We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally. In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

Martin Carlesund: We're very optimistic about Crazy Time becoming a favorite online game show in the United States as we have seen it perform exceptionally well globally.

We're very optimistic about the face time, becoming a favorite online game show in the United States as we have seen perform exceptionally well globally.

So let's begin next slide please.

Martin Carlesund: In the quarter we also launched Crazy Coin Flip in new Jersey, as well as Super Sic Bo in Pennsylvania, three games are due to go live in additional states during 2024.

The underlying growth drivers for our business remains strong there is a global audience for their excitement and entertainment online casino brings and we continue to see strong global demand growth.

In the quarter. We also launched creates conflict in new Jersey, as well as Super six BOE in Pennsylvania, three gains are due to go live in additional states during 2024.

Martin Carlesund: Another shipments in the quarter as the crafts launched in Connecticut, which means that <unk> now is live in all our U S markets the broader portfolio in U S opens up a new player types entry into legacy. <unk> has already done in the rest of the world and the big budget increase due to the shelf life and the total <unk> market. Also worth mentioning is that we recently signed a new content partnership agreements with Panasonic and testing engagement for the U S market. At the end of the program, we had over 65 separate lives, resulting from an increase of over 300 stages during the year the. The high demand for our product means that we must excel in existence to this until new wants to keep the pace within that. We would as already mentioned accelerates increase of pseudo capacity. During 2024. Notable project. This quarter include the opening of usage in Bulgaria, as well as small stood in Colombia. We're the largest to this planned to go live in Colombia. Later this year in Q4, we also see good pace up and recruitment and it is not satisfactory answer factor levels. We will continue to have a high focus on recruitment as we need to expand our suite of space to bounce up to high demand. We were all of 2023 with strong financial results and content to the new year with compressed with a fantastic pipeline of new games, and the strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024 next slide please.

Martin Carlesund: Another achievement in the quarter is the Craps launch in Connecticut, which means that Craps now is live in all our US markets. The broader portfolio in US opens up for new players types entry into live casino as it has has already done in the rest of the world and the big budget increase in to the share live and the total online casino market. Also worth mentioning, is that we recently signed a new content partnership agreement with Fanatics Betting and Gaming for the US market. At the end of the quarter we had over 1600 live tables live, resulting from an increase of over 300 tables during the year. The high demand for our product means that we must [Inaudible] studios and build new ones to keep in pace with demand. We would, as already mentioned, accelerate the increase of studio capacity during 2024. Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Martin Carlesund: Another achievement in the quarter is the Craps launch in Connecticut, which means that Craps now is live in all our US markets.

We also plan to see that.

Another shipments in the quarter as the crafts launched in Connecticut, which means that <unk> now is live in all our U S markets the broader portfolio in U S opens up a new player types entry into legacy.

More and more countries regulate later and one of the more interesting being brought it.

Martin Carlesund: The broader portfolio in US opens up for new players types entry into live casino as it has has already done in the rest of the world and the big budget increase in to the share live and the total online casino market. Also worth mentioning, is that we recently signed a new content partnership agreement with Fanatics Betting and Gaming for the US market. At the end of the quarter we had over 1600 live tables live, resulting from an increase of over 300 tables during the year. The high demand for our product means that we must [Inaudible] studios and build new ones to keep in pace with demand. We would, as already mentioned, accelerate the increase of studio capacity during 2024. Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Eli casino, both existing as well as new game launches. Consequently continue to attract new players and also new papers at the beginning of the year I spoke of 'twenty to 'twenty three is the year of the product.

<unk> has already done in the rest of the world and the big budget increase due to the shelf life and the total <unk> market.

Jacob Kaplan: In Live Casino, we have managed to increase the number of table launches, and as Martin mentioned earlier, we're in a much better balance and are gradually moving out of the undersupply situation that we talked about in Q2 and Q3. Still more to do, and we have a year of very heavy investment and expansion in front of us, but we have made very, very good progress in Q4. RNG also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter, so some increase to be expected. We are happy to break the negative trend from earlier in 2023 and look to continue improvements in small steps from where we are today. We can see how One Stop Shop, OSS, gives us new opportunities to offer our operators some really compelling functionality.

Also worth mentioning is that we recently signed a new content partnership agreements with Panasonic and testing engagement for the U S market.

And I think.

<unk> has lived up to that billing and this year, we launched more than 100, new exciting games a record number in any given year for revolution.

Martin Carlesund: Also worth mentioning, is that we recently signed a new content partnership agreement with Fanatics Betting and Gaming for the US market. At the end of the quarter we had over 1600 live tables live, resulting from an increase of over 300 tables during the year. The high demand for our product means that we must [Inaudible] studios and build new ones to keep in pace with demand. We would, as already mentioned, accelerate the increase of studio capacity during 2024. Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Martin Carlesund: Also worth mentioning, is that we recently signed a new content partnership agreement with Fanatics Betting and Gaming for the US market.

Martin Carlesund: At the end of the quarter we had over 1600 live tables live, resulting from an increase of over 300 tables during the year. The high demand for our product means that we must [Inaudible] studios and build new ones to keep in pace with demand. We would, as already mentioned, accelerate the increase of studio capacity during 2024. Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Martin Carlesund: At the end of the quarter we had over 1600 live tables live, resulting from an increase of over 300 tables during the year.

At the end of the program, we had over 65 separate lives, resulting from an increase of over 300 stages during the year the.

In the quarter, we have further expanded our north American footprint by expanding our games portfolio in.

The high demand for our product means that we must excel in existence to this until new wants to keep the pace within that.

Martin Carlesund: The high demand for our product means that we must [Inaudible] studios and build new ones to keep in pace with demand. We would, as already mentioned, accelerate the increase of studio capacity during 2024. Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

In December we saw the long awaited launch of Crazy time in New Jersey. This is a landmark loans for evolution for the U S online gaming market.

We would as already mentioned accelerates increase of pseudo capacity. During 2024. Notable project. This quarter include the opening of usage in Bulgaria, as well as small stood in Colombia.

We're very optimistic about the place upon becoming a favorite online games. So in the United States as we have seen perform exceptionally well globally.

Martin Carlesund: Notable projects this quarter include the opening of a new studio in Bulgaria, as well as small studio in Colombia, where the largest studio is planned to go live in Colombia later this year. In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

We're the largest to this planned to go live in Colombia. Later this year in Q4, we also see good pace up and recruitment and it is not satisfactory answer factor levels.

In the quarter. We also know states conflict in New Jersey, as well as Super simple in Pennsylvania, three gains are due to go live in additional states during 2024.

Martin Carlesund: In Q4 we also see good pace up in recruitment and it is not satisfactory, on satisfactory levels factor levels, we will continue to have a high focus on recruitment as we need to expand our studio space to answer up to high demand. We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Jacob Kaplan: Some of that we will preview already next week at ICE. EBITDA totals EUR 337 million in the quarter for a margin of 70.9%. For the full year, margin amounts to 70.9% in the quarter, and for the full year, the margin is 70.5%, which is well within the guidance for the full year of 68% to 71%. Every quarter includes a number of expense items that are somewhat one-off or non-recurring, but they still, there's always something every quarter. Sometimes this weighs a little bit negative, sometimes a little bit positive. In Q4, I would say it weighs on the positive side, so the reported margin is a little bit helped by that in Q4.

We will continue to have a high focus on recruitment as we need to expand our suite of space to bounce up to high demand.

Another shipment in the quarter as the crafts launch in Connecticut, which mean that perhaps now is driving all our U S markets the broader portfolio in U S opens up a new play types and being utilized to signal as it has already done in the rest of the world and the big bulk base, increasing the share of live in adult we'd all like to see the market.

We were all of 2023 with strong financial results and content to the new year with compressed with a fantastic pipeline of new games, and the strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors.

Martin Carlesund: We ended up 2023 with strong financial results and comes into to the new year with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to for further strengthening our market share and continued to widen the gap to competitors. Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

Also worth mentioning is that we recently signed a new content partnership agreements with Panasonic staffing engagements for the U S market.

Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024 next slide please.

Martin Carlesund: Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024 next slide please. Let's look at our financials revenues in the quarter increased by 16, 6% to 405 million Euro for the year to date for growth amounts to 23, 5%.

Martin Carlesund: Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024 next slide please.

Martin Carlesund: Now, let's move to the coming slides and get into some details for Q3 and also some comments on 2024. Next slide please.

At the end of the partners, we had over 65 papers live the salt we from an increase of over 300 pages during the year.

Martin Carlesund: Let's look at the financials, revenues in the quarter increased by 16.6% to 407.5 million Euros for the year to date [Inaudible] growth amounts to 23.5%. EBITDA in the quarter increased by 20.5% to 337 million Euro corresponds to a margin of 70,9%. For the full year, we reached a margin of 70,5%, which is in the upper part of our 68% to 71% guidance of 23. We grew live revenue with 21.1% compared to Q4 last year, summarized into total revenue of 406 million Euro, in the fourth quarter R&D revenue amounts to $69.8 million, which is a growth of four 4.5% compared to Q3, but the negative growth of 3.7% compared to the same quarter last year. For the full year, it's important to point out that R&D growth is 2.6% in total, which is which is for now is satisfied here, we of course have high ambitions, but we are taking clear and important step forward in R&D during Q4. I'm very pleased with the margin for the full year 2023, assets result, it's a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill. Hi, folks on recruitment in recent months and we have been able to identify inefficiencies and improving these. It really isn't so it takes a couple of quarters to get back to where we need to be in order to fulfill to fill our studio build out with new fantastic evolutionary.

Martin Carlesund: Let's look at the financials, revenues in the quarter increased by 16.6% to 407.5 million Euros for the year to date [Inaudible] growth amounts to 23.5%.

Let's look at our financials revenues in the quarter increased by 16, 6% to 405 million Euro for the year to date for growth amounts to 23, 5%.

The high demand for our product means that we must expand an existing students and build new wants to keep the pace within that.

We will as already mentioned X Sandy raised the increase of pseudo capacity. During 2024. Notable project. This quarter include the opening of used it in Bulgaria as well a small study in Colombia, we're the largest duty stand to Golar in Colombia. Later this year in Q4, we also see good pace up in recruitment.

Martin Carlesund: EBITDA in the quarter increased by 20.5% to 337 million Euro corresponds to a margin of 70,9%. For the full year, we reached a margin of 70,5%, which is in the upper part of our 68% to 71% guidance of 23. We grew live revenue with 21.1% compared to Q4 last year, summarized into total revenue of 406 million Euro, in the fourth quarter R&D revenue amounts to $69.8 million, which is a growth of four 4.5% compared to Q3, but the negative growth of 3.7% compared to the same quarter last year. For the full year, it's important to point out that R&D growth is 2.6% in total, which is which is for now is satisfied here, we of course have high ambitions, but we are taking clear and important step forward in R&D during Q4. I'm very pleased with the margin for the full year 2023, assets result, it's a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

EBITDA in the quarter increased by 25% to 337 million Euro corresponds to a margin of 17, 9%.

Jacob Kaplan: Looking into 2024, our expectation for EBITDA margin is 69% to 71% range, in that range. The heavy expansion phase we are in at the moment and will continue to next year will affect the margin, especially in H1. Then we expect to improve towards H2. Starting out probably in the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023. I've added a slide to zoom out a bit and take a look at the multi-year performance of Evolution. The chart to the left shows reported revenues by year split over Live Casino and RNG.

For the full year, we reached a margin of 735%, which is in the upper part of our 68% to 71% guidance of 23.

Martin Carlesund: We grew live revenue with 21.1% compared to Q4 last year, summarized into total revenue of 406 million Euro, in the fourth quarter R&D revenue amounts to $69.8 million, which is a growth of four 4.5% compared to Q3, but the negative growth of 3.7% compared to the same quarter last year. For the full year, it's important to point out that R&D growth is 2.6% in total, which is which is for now is satisfied here, we of course have high ambitions, but we are taking clear and important step forward in R&D during Q4. I'm very pleased with the margin for the full year 2023, assets result, it's a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

And it is now six factory all satisfactory levels.

We grew license revenue was 21, 1% compared to Q4 last year summarized into total revenue of 406 million Euro in the fourth quarter R&D revenue amounts to $69 8 million, which is a growth of four 5% compared to Q3, but the negative growth of three 7% compared to the same quarter last year.

We will continue to have a high focus on recruitment as we need to expand our suite of space to house up to high demand.

We all know 2023 with strong financial results and content to the new year with compressed with a fantastic pipeline of new games, and a strong momentum, which makes us well placed to put further strengthening our market share and continued to widen the gap investors.

Martin Carlesund: For the full year, it's important to point out that R&D growth is 2.6% in total, which is which is for now is satisfied here, we of course have high ambitions, but we are taking clear and important step forward in R&D during Q4. I'm very pleased with the margin for the full year 2023, assets result, it's a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

For the full year, it's important to point out that R&D growth is two 6% in.

Now, let's move to the coming slides and get into some details of Q3 and also some comments on the traffic front for next slide please.

In total which is which is for now is satisfied where.

Jacob Kaplan: As you can see in the chart, year-over-year, we have added between EUR 300 and 360 million in live revenue per year over the past 3 years. I think 335 in 2023. RNG revenue has also increased since we entered the vertical in 2021. Even though, as you know, we feel we could do even better in RNG, it has been a very profitable high margin addition to the group and a great expansion to the product portfolio. The charts to the right shows EBITDA and EBITDA margin. As we have grown top line, we have also managed to increase margin over the years. This is a product of a scalable business model and also our firm belief that high awareness cost is healthy for an organization.

We of course have high ambitions, but we are taking clear and important step forward in R&D during Q4.

Martin Carlesund: I'm very pleased with the margin for the full year 2023, assets result, it's a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

Okay.

Let's look at the financials revenues in the quarter increased by 66% to 475 million Euro for the year to date growth amounts to 23, 5%.

I'm very pleased with the margin for the full year 2023 assets result, yes. It is.

As a result of the heightened amount of our products in combination with that we constantly are working smart to increased efficiency. In 2024, we will increase investments in expansion both in new product R&D existence unused to just needed. So our EBITDA margin guidance of 24, which is 69% to 71%.

Martin Carlesund: In 2024, we will increase investments in expansion, both in new product, R&D, existent business and new businesses needed to our EBITDA margin guidance of 2024, which is 69% to 71%. It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

EBITDA in the quarter increased by 25% to 307 million euro corresponds to more than 79%.

Martin Carlesund: It is always important to point out that the amount of trade between margin and market share [Inaudible] market shares. Important also to note that the board proposes a dividend of $2.65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders. All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

For the full year, we reached a margin of 785% which is in the upper part of our 68 to 70 lump sum guidance of 23.

It is always important to point out, but the amount of trade off between margin and market share for market shares.

We grew license revenue was 21, 1% compared to Q4 last year summarized into total revenue of 406 million Euro in the fourth quarter R&D revenue amounts to 69 8 million, which is a growth of four 5% compared to Q3, but the negative growth of three 7% compared to the same quarter last year.

Important also to note that the board proposes a dividend of $2 65 euro per share for complementary which is in line with our dividend policy of distributing 50% of net profit back to our shareholders.

Jacob Kaplan: We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margin some in the past two years. As we have pointed out, our main priority is revenue growth, increasing market share, and ultimately increasing profits. So while we do give margin guidance for the coming year, the margin is a product of all the other things we do and not a target in and of itself. That's a quick look at the full year development. I'll move on to the next slide, and then we'll take a closer look at the most recent quarters. This slide shows our P&L in some more detail. Let's go through it from the top.

Martin Carlesund: All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible]. With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

Martin Carlesund: All in all, fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth [Inaudible].

All in all fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth.

For the full year, it's important to point out that R&D growth is two 6%.

Martin Carlesund: With the fast growth of the company, we need to have an equally high pace in our recruitment, and recruitment will continue to be one of our priorities, and one of our key processes. At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

Transports.

In total, which is which I know is satisfied.

With the fast growth of the company.

We of course have high ambitions, but we are taking clear and important step forward in R&D during Q4.

We need to have an equally high pace in our recruitment and recruitment will continues to be one of our priorities and one of our key processes at the end of the period beyond well beyond 90000 of looseness working hard to delight players every day.

Martin Carlesund: At the end of the 4th period beyond we were well beyond 90,000 evolutioners working hard to delight players every day. The increase in stock, year on year, amounts to 2001 online filing fees corresponding to an increase of 13%. The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

I'm very pleased with the margin for the full year 2023 assets for sale since as a result of the heightened amount of our product in combination with that we constantly are working hard to increase efficiency. In 2024, we will increase investments in expansion both in new product R&D existence students amused needed to our EBITDA.

The increase in stock year on year amounts to 2001 online filing fees corresponding to an increase of 13%.

Martin Carlesund: The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 2024 as we continued to experience a very high demand that we need to fulfill.

Jacob Kaplan: We've covered revenue development both for the three-month period, October to December, and the full year comparison on the previous two slides. I'll move down to expenses. Personnel expenses amounts to just under EUR 94 million in the three-month period. That's an increase of 15% compared to the same period last year. We have managed to increase pace in recruitment in several locations in the quarter, as mentioned. Personnel expenses also is affected by some positive one-off effects as bonus provisions have been adjusted at year-end. Depreciation amounts to EUR 34.4 million. That includes EUR 11.1 million in amortization of intangibles related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants, and also royalties. The line amounts to EUR 44.5 million in the quarter.

The increase in headcount is clearly higher than the two previous quarters and we are focusing on increasing the expansion phase further in 'twenty to 'twenty four as we continued to experience a very high demand that we need to proceed.

Margin guidance from before which is 69 to 71.

It is always important to point out that the amount of trade off between margin marketshare Rudolph per market shares.

Martin Carlesund: We've hired folks on recruitment in recent months and we have been able to identify inefficiencies and improving these. It really isn't so it takes a couple of quarters to get back to where we need to be in order to fulfill to fill our studio with new fantastic evolutioners, next slide please. The Game Rounds Index shows the development of the whole evolution network and includes all gains and it can be seen as a general indicator of exiting our network. Overtime more game launches means more activity, leads to increased revenue, this quarter game launch increased 30% year on year, it's a high growth rate in our total revenue, Game Rounds growing faster than revenues and developments we have seen in the past few quarters and it's natural. I'm positive as the border of new players from new regions come in with a little bit lower that site sizes. I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please.

Martin Carlesund: We've hired folks on recruitment in recent months and we have been able to identify inefficiencies and improving these.

Important also to note that the board proposes a dividend of $2 65 per share for complementary which is in line with our dividend policy of distributing 50% net profit back to our shareholders.

Hi, folks on recruitment in recent months and we have been able to identify inefficiencies and improving these. It really isn't so it takes a couple of quarters to get back to where we need to be in order to fulfill to fill our studio build out with new fantastic evolutionary.

Martin Carlesund: It really isn't so it takes a couple of quarters to get back to where we need to be in order to fulfill to fill our studio with new fantastic evolutioners, next slide please.

It really isn't so it takes a couple of quarters to get back to where we need to be in order to fulfill to fill our studio build out with new fantastic evolutionary.

All in all fantastic numbers and I'm very pleased with our financial performance in the fourth quarter, and we are definitely well placed to deliver strong growth with strong sponsor.

Martin Carlesund: The Game Rounds Index shows the development of the whole evolution network and includes all gains and it can be seen as a general indicator of exiting our network. Overtime more game launches means more activity, leads to increased revenue, this quarter game launch increased 30% year on year, it's a high growth rate in our total revenue, Game Rounds growing faster than revenues and developments we have seen in the past few quarters and it's natural. I'm positive as the border of new players from new regions come in with a little bit lower that site sizes. I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please. Next up is. Yes. Beautiful slide. In 'twenty to 'twenty three we grew the evolution live offerings significantly further widening the gap between evolution and our competitors over all categories, we launched more than hundred games on the slide you see the lower side from the <unk> game that we launched during the year two of the strongest brands in our portfolio or our lightning and crazy time. In 2023 kept advancing boats in our dose in Holland brands with spinoffs, including countries like Crazy Pachinko vendor overlap Lightning OXXO. We will also launch the largest and most spectacular game show we have ever made time to time in. In 'twenty to 'twenty, three we completed a fantastic product roadmap. Most games are launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at evolutions will never stop pushing boundaries forward. Forward all booked as possible, even so we have breakthrough goals than ever for 24 months.

Martin Carlesund: The Game Rounds Index shows the development of the whole evolution network and includes all gains and it can be seen as a general indicator of exiting our network.

The Game Rounds Index shows the development of the whole evolution network and includes all gains and it can be seen as a general indicator of exiting our network. Overtime more game launches means more activity, leads to increased revenue, this quarter game launch increased 30% year on year, it's a high growth rate in our total revenue, Game Rounds growing faster than revenues and developments we have seen in the past few quarters and it's natural. I'm positive as the border of new players from new regions come in with a little bit lower that site sizes. I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please.

The game room index shows the development of the whole evolution network and includes all gains and that and it can be seen as a general indicator of exiting our network.

Martin Carlesund: Overtime more game launches means more activity, leads to increased revenue, this quarter game launch increased 30% year on year, it's a high growth rate in our total revenue, Game Rounds growing faster than revenues and developments we have seen in the past few quarters and it's natural. I'm positive as the border of new players from new regions come in with a little bit lower that site sizes. I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please.

With the fast growth of the company.

We need to have an equally high pace in our recruitment and recruitment will continue to be one of our priorities and one of our key processes at the out of the portfolio. We work beyond well beyond 90000 of Loopnet working hard to delight players every day.

Overtime more game Ross being more activity leads to increased revenue this quarter game launch increased 30% year on year, It's a high growth rate in our total revenue <unk> growing faster than revenues and developments, we have seen in the past few quarters and it's natural.

Jacob Kaplan: It's 4% lower than the same period 2022, but up EUR 1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 as our expansion pace increases, as I mentioned earlier. Summing up, total operating expenses just under EUR 173 million for the period, an increase of 10% compared to the same period last year. For the full year, expenses total EUR 655 million, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to EUR 303 million in the quarter. Financial items amounts to about half a million EUR.

Martin Carlesund: I'm positive as the border of new players from new regions come in with a little bit lower that site sizes. I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please.

Martin Carlesund: I'm positive as the border of new players from new regions come in with a little bit lower that site sizes.

<unk> installed a year on year amounts to 2001 online filing fees corresponding to an increase of 30%.

I'm positive as the border of new players from new regions coming a little bit lower that site sizes.

Martin Carlesund: I'm very pleased with activity increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules, next slide please.

I'm very pleased with access to increase in Q4 at the back of all great releases of course versus off of the higher delivery our production schedules.

Next up is. Yes. Beautiful slide. In 'twenty to 'twenty three we grew the evolution live offerings significantly further widening the gap between evolution and our competitors over all categories, we launched more than hundred games on the slide you see the lower side from the <unk> game that we launched during the year two of the strongest brands in our portfolio or our lightning and crazy time. In 2023 kept advancing boats in our dose in Holland brands with spinoffs, including countries like Crazy Pachinko vendor overlap Lightning OXXO. We will also launch the largest and most spectacular game show we have ever made time to time in. In 'twenty to 'twenty, three we completed a fantastic product roadmap. Most games are launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at evolutions will never stop pushing boundaries forward. Forward all booked as possible, even so we have breakthrough goals than ever for 24 months. Sure. First I want to mention that we in 'twenty to 'twenty four we launched the by far most advanced and technically complex game show, we have ever met and it would make even crazy times nervous or be pushed office flow.

Yes.

Martin Carlesund: Beautiful slide, in 2023 we grew the Evolution live offerings significantly, further widening the gap between Evolution and our competitors. Over all categories, we launched more than hundred games, on the slide you see the logo designs from the 12 live games that we launched during the year, two of the strongest brands in our portfolio or our Lightning and Crazy Time. In 2023 kept advancing goals in house brands with spinoffs, including countries like Crazy Pachinko, Red Door Roulette, Lightning Lotto. We also launch the largest and most spectacular game show we have ever made, Funky Time, in 2023 we completed a fantastic product roadmap. Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025. Sure. First I want to mention that we in 'twenty to 'twenty four we launched the by far most advanced and technically complex game show, we have ever met and it would make even crazy times nervous or be pushed office flow. I will take it will take entertainment and excitement to new level comp to ice next week to see the two spectacle being counted. 12 to 24 tons of quantified. Revolution. Leap years, we win more determined than ever with RMB. AI used to the new technology take a leap forward and even so even higher entertainment for our end users we. We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The quarter evolution is innovation on the end game is entertainment the future doesn't wait you'll need to run to catch up sometimes take a leap never stop never be complacent always the pattern. Run faster than on warehouse and be a little bit better every day. Every year, we try to surpass ourselves. There is no one else to look for and look for inspiration we have to motivate ourselves we need to say stay on our toes breaking boundaries trades with other stream of same or think it's impossible on our own we need to relentlessly continue to create evolutions future, which is the same as the future logging. The group's product roadmap of 'twenty 'twenty four 'twenty five is the strongest one effort, but during 2020 for transplant, but we've taken product needs.

Martin Carlesund: Beautiful slide, in 2023 we grew the Evolution live offerings significantly, further widening the gap between Evolution and our competitors.

Beautiful slide.

Hi, folks on improvements in recent months and we have been able to identify inefficiencies and improving.

In 'twenty to 'twenty three we grew the evolution live offerings significantly further widening the gap between evolution and our competitors over all categories, we launched more than hundred games on the slide you see the lower side from the <unk> game that we launched during the year two of the strongest brands in our portfolio or our lightning and crazy time.

Martin Carlesund: Over all categories, we launched more than hundred games, on the slide you see the logo designs from the 12 live games that we launched during the year, two of the strongest brands in our portfolio or our Lightning and Crazy Time. In 2023 kept advancing goals in house brands with spinoffs, including countries like Crazy Pachinko, Red Door Roulette, Lightning Lotto. We also launch the largest and most spectacular game show we have ever made, Funky Time, in 2023 we completed a fantastic product roadmap. Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025.

It will take a couple of quarters to get back to where we need to be in order to fulfill to fill our studio build out with new fantastic evolutions.

Thanks, Patrick.

In 2023 kept advancing boats in our dose in Holland brands with spinoffs, including countries like Crazy Pachinko vendor overlap Lightning OXXO.

The game room index shows in development of the Homeland Luton network and includes all gains and that it can be seen as a general indicator of exiting our network.

Jacob Kaplan: This includes interest rate income, which is positive EUR 7 million, but in the quarter, but also negative charges for IFRS 16 lease costs and the revaluation of intragroup debts and bank balances in other currencies than the accounting currency, and the net is EUR half a million on financial items. Tax is at EUR 20.1 million in the quarter for a tax rate of 6.7%. For the full year, tax rate is 6.8%. As has been communicated several times during the past two years, tax rates will increase as Pillar Two regime comes into effect during this year, 2024. There's still uncertainties as to exactly how Pillar Two top-up tax will be administered, and the actual top-up tax will be paid first in 2026.

Martin Carlesund: In 2023 kept advancing goals in house brands with spinoffs, including countries like Crazy Pachinko, Red Door Roulette, Lightning Lotto. We also launch the largest and most spectacular game show we have ever made, Funky Time, in 2023 we completed a fantastic product roadmap. Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025.

Martin Carlesund: In 2023 kept advancing goals in house brands with spinoffs, including countries like Crazy Pachinko, Red Door Roulette, Lightning Lotto.

Martin Carlesund: We also launch the largest and most spectacular game show we have ever made, Funky Time, in 2023 we completed a fantastic product roadmap. Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025.

Martin Carlesund: We also launch the largest and most spectacular game show we have ever made, Funky Time, in 2023 we completed a fantastic product roadmap.

Overtime more game Ross being more activity leads to increased revenue this quarter gain loss increased 30% year on year, a higher growth rate than our total revenue game rounds growing fast the non Rev. Nathan developments, we have seen in the past few quarters and that trumps the impasse.

We will also launch the largest and most spectacular game show we have ever made time to time in.

In 'twenty to 'twenty, three we completed a fantastic product roadmap. Most games are launched in the second half of the year and we're only starting to notice the contribution to our network.

Martin Carlesund: Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased. We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025.

Martin Carlesund: Most games were launched in the second half of the year and we're only starting to notice the contribution to our network. I'm very pleased.

Post spin as the vulnerable new phase from new regions coming.

I'm very pleased.

Martin Carlesund: We are pleased and proud of everyone at Evolution who never stops pushing boundaries forward, all book is possible, even so we have breakthrough goals than ever for 2024-2025.

Lower bad science.

We are pleased and proud of everyone at evolutions will never stop pushing boundaries forward.

Very pleased with activity to increase in Q4 at the back of all great releases of all sets us up with a higher delivery Alpha launch studios.

Forward all booked as possible, even so we have breakthrough goals than ever for 24 months.

Martin Carlesund: First I want to mention that we in 2024, we launched the by far most advanced and technically complex game show we have ever made, and it would make even Crazy Times nervous or be pushed off the throne. I will take, it will take entertainment and excitement to new levels comp to eyes next week to see the two spectacle being unveiled. 2024-2025 will revolution the product lead years, we will, more determined than ever with R&D, AI, used to the new technology take a leap forward and even, to an even higher entertainment for our end users. We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The core of evolution is innovation and the end game is entertainment, the future doesn't wait for you, you need to run to catch up, sometimes take a leap, never stop, never be complacent, always be [Inaudible], run faster than anyone else and be a little bit better every day. Every year, we try to surpass ourselves, there is no one else to look for inspiration, we have to motivate ourselves, we need to say on our toes, breaking boundaries, create what others may not or think it's impossible on our own. We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please. Thanks, Patrick. Okay. Yes. This slide shows the breakdown of our revenue by geographic region. We are a true global a strong demand for our product, which is also reflected in the spread of revenues over geographic regions. Europe continues to have a healthy growth with a month to 9% in the fourth quarter compared to last year for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets. In Asia, So continued growth with a month, which amounted to 45% compared to 2022 and for the quarter. The growth was 33, 4%, we still see rapid growth in Asia and the potential of nature made huge with 7 billion population. We grew revenue in North America was 8% from Q3 to Q4 and in total for <unk> III <unk> worked hard to launch new games in the U S and in December we were finally able to launch three new games in the market, including traits that we will continue to bring new games to the U S market, the neck and neck in la. One is our wonderful retro games video poker the North American market is still an early stage in an early stage of development and there's a long runway for growth or by this pace is unpredictable. Latin America currently makes up a bit less in terms of our top revenue in the quarter and with the growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum we. We now have one small suite in Argentina, one in Colombia, and we have initiated a concession of largest larger state of the US did in Colombia to cover the demand we see in the market, we see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remained the other region, which is mainly consists of Africa, a sniper merrily three 5% of the gross revenue. And this is a future growth opportunity for us. Shatter revenues for regulated from Tom regulated markets continues to be stable and amongst the port up some for Q4 Trump trade. With that I'll hand over to you Jacob.

Next slide please.

Yes.

Sure. First I want to mention that we in 'twenty to 'twenty four we launched the by far most advanced and technically complex game show, we have ever met and it would make even crazy times nervous or be pushed office flow. I will take it will take entertainment and excitement to new level comp to ice next week to see the two spectacle being counted. 12 to 24 tons of quantified. Revolution. Leap years, we win more determined than ever with RMB. AI used to the new technology take a leap forward and even so even higher entertainment for our end users we. We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The quarter evolution is innovation on the end game is entertainment the future doesn't wait you'll need to run to catch up sometimes take a leap never stop never be complacent always the pattern. Run faster than on warehouse and be a little bit better every day. Every year, we try to surpass ourselves. There is no one else to look for and look for inspiration we have to motivate ourselves we need to say stay on our toes breaking boundaries trades with other stream of same or think it's impossible on our own we need to relentlessly continue to create evolutions future, which is the same as the future logging. The group's product roadmap of 'twenty 'twenty four 'twenty five is the strongest one effort, but during 2020 for transplant, but we've taken product needs.

Beautiful slide.

Sure.

In 2023 renewed evolution LIBOR, bringing significantly further widening the gap between evolution and our investors over all categories, we launched more than hunger games on the Snyder's at the lower side from 12 live games that we launched during the year two of the strongest brands in our portfolio or our lightning increase upon.

First I want to mention that we in 'twenty to 'twenty four we launched the by far most advanced and technically complex game show, we have ever met and it would make even crazy times nervous or be pushed office flow.

Jacob Kaplan: We will see how this plays out. We will be open to adapt our operations to achieve a tax-efficient structure where that makes sense. These items brings us to a profit for the three-month period of EUR 283 million. This equals an earnings per share of €1.31 per share for the quarter, after dilution, and €4.93 for the full year. That's the full year number is an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you, Martin, we'll look at cash flow and financial position. As usual, we'll start to the left. This chart shows development of capital expenditure.

Martin Carlesund: I will take, it will take entertainment and excitement to new levels comp to eyes next week to see the two spectacle being unveiled. 2024-2025 will revolution the product lead years, we will, more determined than ever with R&D, AI, used to the new technology take a leap forward and even, to an even higher entertainment for our end users. We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The core of evolution is innovation and the end game is entertainment, the future doesn't wait for you, you need to run to catch up, sometimes take a leap, never stop, never be complacent, always be [Inaudible], run faster than anyone else and be a little bit better every day. Every year, we try to surpass ourselves, there is no one else to look for inspiration, we have to motivate ourselves, we need to say on our toes, breaking boundaries, create what others may not or think it's impossible on our own. We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please.

I will take it will take entertainment and excitement to new level comp to ice next week to see the two spectacle being counted.

In 12% to three kept advancing boats in our dose in Holland brands with spin offs, including countries like Crazy Pachinko retinal Roadmaps Lightning auto.

12 to 24 tons of quantified.

Revolution.

Leap years, we win more determined than ever with RMB.

Martin Carlesund: We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The core of evolution is innovation and the end game is entertainment, the future doesn't wait for you, you need to run to catch up, sometimes take a leap, never stop, never be complacent, always be [Inaudible], run faster than anyone else and be a little bit better every day. Every year, we try to surpass ourselves, there is no one else to look for inspiration, we have to motivate ourselves, we need to say on our toes, breaking boundaries, create what others may not or think it's impossible on our own. We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please.

Martin Carlesund: We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow.

We will also launch the largest and most spectacular Gainesville will have abermin honky fab in.

AI used to the new technology take a leap forward and even so even higher entertainment for our end users we. We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The quarter evolution is innovation on the end game is entertainment the future doesn't wait you'll need to run to catch up sometimes take a leap never stop never be complacent always the pattern.

In 'twenty to 'twenty, three we completed a fantastic product roadmap. Most games were launched in the second half of the year and we're only starting to notice the contribution to our network.

Martin Carlesund: The core of evolution is innovation and the end game is entertainment, the future doesn't wait for you, you need to run to catch up, sometimes take a leap, never stop, never be complacent, always be [Inaudible], run faster than anyone else and be a little bit better every day. Every year, we try to surpass ourselves, there is no one else to look for inspiration, we have to motivate ourselves, we need to say on our toes, breaking boundaries, create what others may not or think it's impossible on our own. We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please.

We will expand our portfolio of great games to all markets and with endless energy continues to develop the gains of tomorrow. The quarter evolution is innovation on the end game is entertainment the future doesn't wait you'll need to run to catch up sometimes take a leap never stop never be complacent always the pattern.

I'm very pleased.

Jacob Kaplan: The gray part of the bars represents investment in tangible assets, which is mainly our studio build projects. In the quarter, CapEx in tangible assets is EUR 12 million, slightly up from earlier quarters 2023. As we have mentioned a few times, we are ramping up our expansion projects, and that will be reflected in higher investment also going forward. The blue part of the bar is investment in intangible assets, and it's related to development of new games and features to the platform. It's EUR 18 million in the quarter. Total CapEx for the quarter is EUR 30 million. For the full year, CapEx expenditure amounts to EUR 94 million, clearly short of the EUR 120 million. That was our guidance at the start of the year.

But what we have baked and I'm proud of everyone at evolution, who never stop pushing boundaries forward.

Forward all booked as possible, even so we have breakthrough goals than ever before.

Martin Carlesund: Every year, we try to surpass ourselves, there is no one else to look for inspiration, we have to motivate ourselves, we need to say on our toes, breaking boundaries, create what others may not or think it's impossible on our own. We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please.

Run faster than on warehouse and be a little bit better every day.

Four continents.

First I want to mention that leaves, 20% before we lost the by far most advanced and technically complex game show, we have ever met and it would make even crazy side nervous will be pushed off the slope.

Every year, we try to surpass ourselves.

There is no one else to look for and look for inspiration we have to motivate ourselves we need to say stay on our toes breaking boundaries trades with other stream of same or think it's impossible on our own we need to relentlessly continue to create evolutions future, which is the same as the future logging.

Martin Carlesund: We need to relentlessly continue to create Evolution's future, which is the same as the future live gaming, our groups product roadmap of '2024-2025 is the strongest one ever, but during 2024-2025 we've taken product needs. Next slide please.

We will take it will take and Sustainment and excitement to new lab count of ice next week to see the two spectacle biamby's.

Martin Carlesund: Next slide please.

Martin Carlesund: This slide shows the breakdown of our revenue by geographic region. We have a true global and strong demand for our product, which is also reflected in the spread of revenues over geographic regions. Europe continues to have a healthy growth with amounts to 9% in the fourth quarter compared to last year, for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets. In Asia we saw a continued growth which amounted to 40,5% compared to 2022, and for the quarter the growth was 33.4%, we still see rapid growth in Asia and the potential nature may be huge with 7 billion population. We grew revenue in North America with 8% from Q3 to Q4, and in total for 2023 close to 10%, we've worked hard to launch new games in the US and in December we were finally able to launch three new games in the market, including Crazy Times. We will continue to bring new games to the US market, and the next in line is our wonderful retro-game Video Poker, the North American market is still in an early stage of development and there's a long runway for growth, or by this space is unpredictable. Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

The group's product roadmap of 'twenty 'twenty four 'twenty five is the strongest one effort, but during 2020 for transplant, but we've taken product needs.

So I'm just want before trying to quantify.

Jacob Kaplan: The reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain EUR 120 million guidance for CapEx, as we have picked up the pace in Q4 and also have ambitious plans for expansion during the year. EUR 120 million is a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide showing cash from the period is the operating cash flow after investments of EUR 284 million. Financial risk will remain low even with the increased pace in investment. Cash conversion, operating cash flow in relation to EBITDA is 80% for the full year. Good level.

Evolution of the product.

Leap years, we win more determined than ever with R&D.

Thanks, Patrick. Okay. Yes. This slide shows the breakdown of our revenue by geographic region. We are a true global a strong demand for our product, which is also reflected in the spread of revenues over geographic regions. Europe continues to have a healthy growth with a month to 9% in the fourth quarter compared to last year for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets. In Asia, So continued growth with a month, which amounted to 45% compared to 2022 and for the quarter. The growth was 33, 4%, we still see rapid growth in Asia and the potential of nature made huge with 7 billion population. We grew revenue in North America was 8% from Q3 to Q4 and in total for <unk> III <unk> worked hard to launch new games in the U S and in December we were finally able to launch three new games in the market, including traits that we will continue to bring new games to the U S market, the neck and neck in la. One is our wonderful retro games video poker the North American market is still an early stage in an early stage of development and there's a long runway for growth or by this pace is unpredictable. Latin America currently makes up a bit less in terms of our top revenue in the quarter and with the growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum we. We now have one small suite in Argentina, one in Colombia, and we have initiated a concession of largest larger state of the US did in Colombia to cover the demand we see in the market, we see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remained the other region, which is mainly consists of Africa, a sniper merrily three 5% of the gross revenue. And this is a future growth opportunity for us. Shatter revenues for regulated from Tom regulated markets continues to be stable and amongst the port up some for Q4 Trump trade. With that I'll hand over to you Jacob.

I used to the new technology take a leap forward.

Okay.

Martin Carlesund: Europe continues to have a healthy growth with amounts to 9% in the fourth quarter compared to last year, for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets. In Asia we saw a continued growth which amounted to 40,5% compared to 2022, and for the quarter the growth was 33.4%, we still see rapid growth in Asia and the potential nature may be huge with 7 billion population. We grew revenue in North America with 8% from Q3 to Q4, and in total for 2023 close to 10%, we've worked hard to launch new games in the US and in December we were finally able to launch three new games in the market, including Crazy Times. We will continue to bring new games to the US market, and the next in line is our wonderful retro-game Video Poker, the North American market is still in an early stage of development and there's a long runway for growth, or by this space is unpredictable. Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

Yes.

So even higher entertainment for our end users we.

This slide shows the breakdown of our revenue by geographic region.

We will expand our portfolio of great games to all markets and with LNG continues to develop the gains of tomorrow. The core resolution is innovation on the end game is segment the future doesn't wait till you need to run to catch up and sometimes take elite never stop never be complacent always the pattern mode.

We are a true global a strong demand for our product, which is also reflected in the spread of revenues over geographic regions. Europe continues to have a healthy growth with a month to 9% in the fourth quarter compared to last year for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets.

Martin Carlesund: In Asia we saw a continued growth which amounted to 40,5% compared to 2022, and for the quarter the growth was 33.4%, we still see rapid growth in Asia and the potential nature may be huge with 7 billion population. We grew revenue in North America with 8% from Q3 to Q4, and in total for 2023 close to 10%, we've worked hard to launch new games in the US and in December we were finally able to launch three new games in the market, including Crazy Times. We will continue to bring new games to the US market, and the next in line is our wonderful retro-game Video Poker, the North American market is still in an early stage of development and there's a long runway for growth, or by this space is unpredictable. Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

Brown fast and been on warehouse and be a little bit better every day.

In Asia, So continued growth with a month, which amounted to 45% compared to 2022 and for the quarter. The growth was 33, 4%, we still see rapid growth in Asia and the potential of nature made huge with 7 billion population.

Every year, we try to surpass ourselves.

Jacob Kaplan: Finally, to the far right in the slide, a summary of the balance sheet. We're in a strong financial position, fully equity financed. The board proposes a dividend of EUR 2.65 per share. That's approximately EUR 564 million to be distributed to owners. This is 62.7% of our net profit for the fiscal year 2023. In line or slightly over our dividend policy of at least 50% payout on net profit. In addition, the board has initiated a buyback program during the period, in total EUR 400 million. Through buybacks and dividends, 90% of profit for the year will be shifted back to owners, while we manage to maintain an aggressive growth agenda for the business.

Martin Carlesund: We grew revenue in North America with 8% from Q3 to Q4, and in total for 2023 close to 10%, we've worked hard to launch new games in the US and in December we were finally able to launch three new games in the market, including Crazy Times. We will continue to bring new games to the US market, and the next in line is our wonderful retro-game Video Poker, the North American market is still in an early stage of development and there's a long runway for growth, or by this space is unpredictable. Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

There is no one else to look for and look for inspiration we have some alternate ourselves we need to say stay on our toes breaking boundaries trade or others being mob same authentic it's impossible on our all we need to relentlessly continue to create evolutions future, which is the same as the future of I gaming.

We grew revenue in North America was 8% from Q3 to Q4 and in total for <unk> III <unk> worked hard to launch new games in the U S and in December we were finally able to launch three new games in the market, including traits that we will continue to bring new games to the U S market, the neck and neck in la.

Martin Carlesund: We will continue to bring new games to the US market, and the next in line is our wonderful retro-game Video Poker, the North American market is still in an early stage of development and there's a long runway for growth, or by this space is unpredictable. Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

The groups product roadmap with 12 to 24000, plus five is the strongest <unk> ever but during 2020 for transplant, but we'll take a product mix.

One is our wonderful retro games video poker the North American market is still an early stage in an early stage of development and there's a long runway for growth or by this pace is unpredictable.

Thanks Samad.

Okay.

This slide shows the breakdown of our revenue by geographic region.

Martin Carlesund: Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%. We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

Martin Carlesund: Latin America currently makes up a bit less than 7% from our total revenue in the quarter and with a growth in the quarter of close to 20%.

We are going to go well and strong demand for our product, which is also reflected in the spread of revenues over the geographic regions. Europe continues to have a healthy grow with him up to 9% in the fourth quarter compared to last year for the full year the growth amounts to 12%, which is a good sign that we can still develop and grow our more mature markets.

Jacob Kaplan: Of the buyback, about EUR 150 million have been completed at the end of the period, so EUR 285 million remains to be done in 2024. At the end of the year, cash balance was EUR 985 million, out of which then EUR 564 million will be dividend, and an additional EUR 285 million will be used for buybacks. Okay, that was the end of my prepared comments. I'll hand it back to you, Martin, and we'll take questions after that.

Latin America currently makes up a bit less in terms of our top revenue in the quarter and with the growth in the quarter of close to 20%.

Martin Carlesund: We believe it's a region with great potential and good momentum. We now have one small studio in Argentina, one in Colombia, and we have initiated the construction of largest state of the art studio in Colombia to cover the demand we see in the market. We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

We believe it's a region with great potential and good momentum we.

We now have one small suite in Argentina, one in Colombia, and we have initiated a concession of largest larger state of the US did in Colombia to cover the demand we see in the market, we see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil.

In Asia, we saw continued growth with them, which amounted to 45% compared to 2022 and for the quarter. The growth was three 4%, we still see rapid growth in Asia and the passion the nature made huge with 7 billion population.

Martin Carlesund: We see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil. Remains the other region, which is mainly consistent of Africa, which sums for merrily 3.5% of the gross revenue, and this is a future growth opportunity for us. Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

Martin Carlesund: Thank you, Jakob. Thank you. A few words to conclude this report presentation before we open up for questions. Evolution offers an unparalleled portfolio of unique games, setting the pace for the whole industry with new groundbreaking releases. The roadmap for 2024 looks nothing but fantastic, and our ambition for 2024/2025 is higher than ever. We want and desire to do and create what others dream of, and 2024/2025 are probably leap years for Evolution, where we will continue to bring exciting new live casino title game shows and slots to players in the whole world. Next week at ICE in London, we will show some, but not all, of what we have in store for players during 2024. The roadmap for the year is extraordinary, and I'm very excited to bring our entertainment to players across the world.

Remained the other region, which is mainly consists of Africa, a sniper merrily three 5% of the gross revenue.

We grew revenue in North America, with 8% from Q3 to Q4 and in total group III Joseph Tung themselves. They worked hard to launch new games in the U S and in December we were finally able to launch three new games in the market, including traits that we will continue to bring new games to the U S market the neck and neck in line.

And this is a future growth opportunity for us.

Martin Carlesund: Share and revenues for regulated from regulated markets continues to be stable and amongst the port up sum for Q4 2023. With that I'll hand over to you Jacob. Next slide please.

Shatter revenues for regulated from Tom regulated markets continues to be stable and amongst the port up some for Q4 Trump trade.

With that I'll hand over to you Jacob.

Our next Opex. Thank you Martin and good morning to all of you listening. Revenue amounted to 475 3 million euro in the quarter and. Total business a growth rate of 16, 6% year on year compared to the fourth quarter of 2022. This is truly organic growth at the latest acquisitions were included also in the last quarter of 2022. The comparison to Q4 quick attitude there is some negative effect from changes in currency rates. Our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%. Growth of corporate cost estimate we base it on recalculate things that <unk> generated in many different classes to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3 at that time. Estimated negative effect that revenues to be six to eight percentage points in the quarter. We provided the range down and have a settled on one number now. As mentioned, it's still an estimate not an exact number but overall my view with the FX headwind is a similar level in Q3 Q4. The total group revenue of 475 points in the fourth quarter is made up of 405 million Euro related July casino with a growth rate of 21% year on year. $69 8 million Euro from R&D games and. The increase of 3 million in Europe from the previous quarter, but. 3.7% lower than the same period. Yeah. And like I say, no we haven't managed to increase the number of flavor launches and as Martin mentioned earlier. Much better balanced are gradually moving out of the under supply situation that we talked about in Q2, and Q3 still more to do and. We have a year of very heavy investment in expansionary prompted us, but we have made very very good progress in the fourth quarter. Orange is also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarters. Some increase to be expected, but we are happy to break from negative trend from earlier in fact practice III and look for continued improvement in small steps on where we are today. We can see how one stop shop with us. It gives us new opportunities to offer our operators some really compelling functionality.

Jacob Kaplan: Thank you Martin and good morning to all of you listening. Revenue amounted to 475.3 million euro in the quarter and total business growth rate of 16.6% year on year compared to the fourth quarter of 2022. This is truly organic growth as the latest acquisitions were included also in the last quarter of 2022. In the comparison to Q4 2022 there is some negative effect from changes in currency rates, our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%. Growth of constant currency is an estimate, we base it on recalculating the [Inaudible] generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today. We can see how one stop shop with us. It gives us new opportunities to offer our operators some really compelling functionality. Some of that we will preview orders next week of ice. EBITDA totaled 337 million in the quarter for a margin of seven 9% for the full year margin amounts to 70 point. Sorry, seven 9% for the quarter and for the full year. <unk> is set up in five. 5%. Which is well within the guidance for the full year of 68% to 71%. Every quarter includes a number of expense items, but are solid. One off or nonrecurring, but.

Jacob Kaplan: Thank you Martin and good morning to all of you listening.

<unk> is a wonderful retro game video poker the North American market is still an early stage in the northern states.

Jacob Kaplan: Revenue amounted to 475.3 million euro in the quarter and total business growth rate of 16.6% year on year compared to the fourth quarter of 2022. This is truly organic growth as the latest acquisitions were included also in the last quarter of 2022. In the comparison to Q4 2022 there is some negative effect from changes in currency rates, our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%. Growth of constant currency is an estimate, we base it on recalculating the [Inaudible] generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Jacob Kaplan: Revenue amounted to 475.3 million euro in the quarter and total business growth rate of 16.6% year on year compared to the fourth quarter of 2022.

Revenue amounted to 475 3 million euro in the quarter and.

Development, and there's a long runway for growth or by this pace is unpredictable.

Total business a growth rate of 16, 6% year on year compared to the fourth quarter of 2022.

Jacob Kaplan: This is truly organic growth as the latest acquisitions were included also in the last quarter of 2022. In the comparison to Q4 2022 there is some negative effect from changes in currency rates, our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%. Growth of constant currency is an estimate, we base it on recalculating the [Inaudible] generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Jacob Kaplan: This is truly organic growth as the latest acquisitions were included also in the last quarter of 2022.

Latin America currently makes up a bit less than seven tons of auto revenue in the quarter and with the growth in the quarter of close to that.

This is truly organic growth at the latest acquisitions were included also in the last quarter of 2022.

Martin Carlesund: Come visit us at ICE in London next week, which, by the way, is the last year in London, as 2025 ICE will be in Barcelona. Investment for the future will not only continue. It will accelerate in 2024. Even so, we are cautious and mindful with how we spend our money as always. Innovation and R&D is key to increase the end user satisfaction. Copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase the gap to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions, please. Next slide.

Jacob Kaplan: In the comparison to Q4 2022 there is some negative effect from changes in currency rates, our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%. Growth of constant currency is an estimate, we base it on recalculating the [Inaudible] generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

We believe it's a region with great potential and good momentum will.

The comparison to Q4 quick attitude there is some negative effect from changes in currency rates. Our estimate it's up revenues are negatively affected by just over eight percentage points, making year on year growth in Q4 adjusted for changes in currency rates about 25%.

We now have one small suite in Argentina, one in Colombia, and we have initiated the concession of the largest largest states are those the new Columbia to cover the demand we see in the market, we see that the regular trend in Latin America continue and we are very excited about the opportunity in Brazil.

Jacob Kaplan: Growth of constant currency is an estimate, we base it on recalculating the [Inaudible] generated in many different currencies to euro using the exchange rates from the same quarter the previous year. We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Growth of corporate cost estimate we base it on recalculate things that <unk> generated in many different classes to euro using the exchange rates from the same quarter the previous year.

Remains the other region, which is mainly consists out of Africa, the snapper metal at three 5% of the gross revenue.

Jacob Kaplan: We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter. We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Jacob Kaplan: We added this disclosure in Q3, at that time we take the estimated negative effect that revenues to be 68 percentage points in the quarter.

And this is a future growth opportunity for us.

We added this disclosure in Q3 at that time.

Shadow revenues for regulated from from regulated markets continues to be stable and amongst the port of some for Q4 from three.

Estimated negative effect that revenues to be six to eight percentage points in the quarter. We provided the range down and have a settled on one number now.

Jacob Kaplan: We provided the range down and have settled on one number now. As mentioned, it's still an estimate not an exact number, but overall my view with the FX headwind is a similar level in Q3 and Q4. The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Day Box: With that I'll hand over to you day box. The next Opex. Thank you Martin and good morning to all of you listening.

As mentioned, it's still an estimate not an exact number but overall my view with the FX headwind is a similar level in Q3 Q4.

Operator: The next question comes from Oscar Rönnqvist from ABG Sundal Collier. Please go ahead.

Day Box: Revenue amounted to 475 3 million euro in the quarter and total business the growth rate of 16, 6% year on year compared to the fourth quarter of 2022.

Jacob Kaplan: The total group revenue of 475.3 in the fourth quarter is made up of 405 million Euro related to live casino, with a growth rate of 21% year on year and $69.8 million Euro from R&D games. An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

The total group revenue of 475 points in the fourth quarter is made up of 405 million Euro related July casino with a growth rate of 21% year on year.

Day Box: Full year organic growth at the latest acquisitions were included also in the last quarter of 2022.

$69 8 million Euro from R&D games and.

Operator: The next question comes from Oscar Rönnqvist from ABG Sundal Collier. Please go ahead.

Jacob Kaplan: An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022. In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Jacob Kaplan: An increase of 3 million euro from the previous quarter, but. 3.7% lower than the same period in 2022.

Day Box: In comparison to Q4, there is some negative effect from changes in currency rates. Our estimate is up revenues are negatively impacted by just over eight.

The increase of 3 million in Europe from the previous quarter, but.

Oscar Rönnqvist: Jacob, and thanks for taking my questions. The first one, maybe Jacob, if you could just repeat what you said regarding the Pillar Two expectation. You said something about 2026. Could you just repeat that, please?

Oscar Rönnkvist: Jacob, and thanks for taking my questions. The first one, maybe Jacob, if you could just repeat what you said regarding the Pillar Two expectation. You said something about 2026. Could you just repeat that, please?

3.7% lower than the same period.

Jacob Kaplan: In live Casino, we have managed to increase the number of [Inaudible] launches and as Martin mentioned earlier, we're in a much better balanced and are gradually moving out of the under-supply situation that we talked about in Q2, and Q3. Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Yeah.

And like I say, no we haven't managed to increase the number of flavor launches and as Martin mentioned earlier.

Day Box: <unk> points, making year on year growth in Q4 adjusted for changes in currency rates about 25%.

Much better balanced are gradually moving out of the under supply situation that we talked about in Q2, and Q3 still more to do and.

Day Box: Growth of positive currency is an estimate we base it on recalculating that <unk> generated in many different classes to euro using the exchange rates from the same quarter. The previous year. We added this disclosure in the Q3 at that time.

Jacob Kaplan: No, it's just clarifying that the actual payment of tax will be in 2026, the topic of tax. But, of course, we will accrue for tax already from Q1, so there's no change in what we've said before. That's the same.

Jacob Kaplan: Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter. R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Jacob Kaplan: Still more to do and we have a year of very heavy investment in expansionary pin front of us, but we have made very very good progress in the fourth quarter.

We have a year of very heavy investment in expansionary prompted us, but we have made very very good progress in the fourth quarter.

Orange is also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarters.

Day Box: Estimated negative effect that revenues to be six to eight percentage points in the quarter. We provided the range down and have accepted all in one number now.

Oscar Rönnqvist: Thank you very much. Just, I would like a comment on the shareholder remuneration, if you like. It was 90% this year, as you mentioned, and obviously the DPS was maybe a little bit higher than expected, a little bit higher than the 50% that you have been hovering around before. Just, I know this is a question for the board obviously, but just from your side and from your sort of proposal, do you see still any M&A opportunities or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends and buybacks, please? Thank you.

Jacob Kaplan: R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter so some increase to be expected, but we are happy to break the negative trend from earlier in 2023, and look to continue improvement in small steps on where we are today.

Oscar Rönnkvist: Thank you very much. Just, I would like a comment on the shareholder remuneration, if you like. It was 90% this year, as you mentioned, and obviously the DPS was maybe a little bit higher than expected, a little bit higher than the 50% that you have been hovering around before. Just, I know this is a question for the board obviously, but just from your side and from your sort of proposal, do you see still any M&A opportunities or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends and buybacks, please? Thank you.

Some increase to be expected, but we are happy to break from negative trend from earlier in fact practice III and look for continued improvement in small steps on where we are today.

Day Box: As mentioned, it's still not an exact number but overall my view is up ethics headwinds, while similar level in Q3 Q4.

We can see how one stop shop with us. It gives us new opportunities to offer our operators some really compelling functionality. Some of that we will preview orders next week of ice. EBITDA totaled 337 million in the quarter for a margin of seven 9% for the full year margin amounts to 70 point. Sorry, seven 9% for the quarter and for the full year. <unk> is set up in five. 5%. Which is well within the guidance for the full year of 68% to 71%. Every quarter includes a number of expense items, but are solid. One off or nonrecurring, but.

We can see how one stop shop with us.

Day Box: The total group revenue of 475 points in the fourth quarter is made up of 405 million euro related to like I said with a growth rate of 21% year on year, $69 8 million Euro from R&D games.

Jacob Kaplan: We can see how one stop shop [Inaudible] gives us new opportunities to offer our operators some really compelling functionality, some of that we will preview over at next week [Inaudible]. EBITDA totaled 337 million euro in the quarter for a margin of 7,9% for the full year margin amounts to sorry 70,9% for the quarter and for the full year the margin is 70,5%, which is well within the guidance for the full year of 68% to 71%. Every quarter includes a number of expense items, but our solid was off for nonrecurring, but there's always something every quarter, sometimes this weighs a little bit negative, sometimes a bit positive, in the fourth quarter I would say it weighs on the positive side where the reported margin, it's a little bit helped by that in Q4. Looking into 2024, our expectation for EBIT margin, EBITDA margin is 69% to 71% range, in that range, they have an expansion phase we are in at the moment and will continue to next year, will affect the margin, especially in the first half of the year and then we expect to improve towards the second half of the year. So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution. The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits. So while we do give margin guidance for the coming year. The margin is the product of all the things the other things we do not target in itself. So that's a quick look at the full year development I will move on to the next slide. The closer look at the most recent quarter. This slide shows our P&L and some more detail. Let's go through it from the top with covered revenue development both for the three months period October to December. The full year comparison. Two slides, so I'll move down to. So expenses personnel expenses that amounts to just under 94 million euro in the three month period Thats, an increase of 16% compared to the same period last year. Managed to increase pace and recruitment and several locations in the quarter a special. Personnel expenses. So it's affected by some positive one off effect of bonus provisions have been adjusted. At year end. Depreciation amounted to $34 4 million Euro that includes $11 1 million euro in amortization of intangibles related to acquisitions. Moving further down our operating expenses. This includes items such as consumable equipment communication costs consultants. And also royalty base. Amounts to $44 5 million during the quarter is 4% lower than the same period market to market too, but up $1 million from the previous quarter. It is a line item that is a bit lumpy and we will see continued increases during 2024 of our expansion pace increases. Earlier. Summing up total operating expenses. Just under 173 million in Europe for the period, an increase of 10% compared to the same period last year and for the full year expenses totaled 665 million Europe, and Thats, a 20% increase compared to the full year. Happy to. Operating profit sums up to $303 million. In the quarter. Financial items amounts to about half a million Europe. This includes interest rate income, which is a positive 7 million Europe, but in. In the quarter, but also negative charge offs or biopharma extremely cost <unk>. Evaluation of intra group debt and bank balances in. Other core system the company versus the net it's happened again.

It gives us new opportunities to offer our operators some really compelling functionality.

Some of that we will preview orders next week of ice.

EBITDA totaled 337 million in the quarter for a margin of seven 9% for the full year margin amounts to 70 point.

Jacob Kaplan: EBITDA totaled 337 million euro in the quarter for a margin of 7,9% for the full year margin amounts to sorry 70,9% for the quarter and for the full year the margin is 70,5%, which is well within the guidance for the full year of 68% to 71%. Every quarter includes a number of expense items, but our solid was off for nonrecurring, but there's always something every quarter, sometimes this weighs a little bit negative, sometimes a bit positive, in the fourth quarter I would say it weighs on the positive side where the reported margin, it's a little bit helped by that in Q4. Looking into 2024, our expectation for EBIT margin, EBITDA margin is 69% to 71% range, in that range, they have an expansion phase we are in at the moment and will continue to next year, will affect the margin, especially in the first half of the year and then we expect to improve towards the second half of the year. So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution. The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Day Box: An increase of 3 million in Europe from the previous quarter.

Day Box: Great.

Day Box: <unk> <unk> lower than the same period.

Sorry, seven 9% for the quarter and for the full year.

Day Box: And like I say, no. We have managed to increase the number of favorite launches and as Martin mentioned earlier, we're in a much better balance are gradually moving out of the under supply situation that we talked about in Q2 and Q3 still more to do.

Martin Carlesund: Yeah, I can answer that. I mean, the baseline of the dividend to the shareholders is the 50% dividend policy. There's no changes to that. The decision on the buyback is a one-off taken by the board. The long-term future of Evolution is the most important thing we have. We will constantly evaluate M&A and whatever technology or whatever we could add to that, and we would not put us in a situation where we take a dividend policy or any other type of policy that would hinder that.

<unk> is set up in five.

5%.

Which is well within the guidance for the full year of 68% to 71%.

Jacob Kaplan: Every quarter includes a number of expense items, but our solid was off for nonrecurring, but there's always something every quarter, sometimes this weighs a little bit negative, sometimes a bit positive, in the fourth quarter I would say it weighs on the positive side where the reported margin, it's a little bit helped by that in Q4. Looking into 2024, our expectation for EBIT margin, EBITDA margin is 69% to 71% range, in that range, they have an expansion phase we are in at the moment and will continue to next year, will affect the margin, especially in the first half of the year and then we expect to improve towards the second half of the year. So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution. The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Every quarter includes a number of expense items, but are solid.

One off or nonrecurring, but.

Day Box: And we have a year of very heavy investment in expansionary prompted us, but we have made very very good progress in the fourth quarter.

Hey, Phil. Always something every quarter, sometimes this waste a little bit negative sometimes a bit positive in the fourth quarter I would say based on the positive side. So there are mortgage reported margin, it's a little bit helped by Dr. In Q4. Looking into 2024, our expectation for EBIT margin EBITDA margin ex <unk>. 69% to 71% range and by branch. We have an expansion phase we are in at the moment and we'll continue to next year it will affect the margin, especially in the first half of the year. We expect to improve towards the second half of the year, So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report the final. The final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year. Format of evolution. Chart to the left shows reported revenues by year split over licensing and R&D. As of yesterday on the chart. Year over year, we have added between 300 360 million Euro in live revenue per year over the past three years I think the three. 335. His practice right. Yeah. R&D revenue has also increased century MP vertical in 2021, even though as you know we think we could do even better in oranges. It's been a very profitable high margin addition to regroup the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin. As we have grown top line. We have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We have a very rapid margin expansion during the pandemic years in 2020, one and we managed to maintain a high margin and also increase the margins down in the past two years as we have pointed out many of our main priority is revenue growth increased market share and ultimately increase in profits.

Always something every quarter, sometimes this waste a little bit negative sometimes a bit positive in the fourth quarter I would say based on the positive side. So there are mortgage reported margin, it's a little bit helped by Dr. In Q4.

R&D also shows improved revenue numbers in Q4, albeit Q4 is a seasonally stronger quarter. So some increase to be expected, but we are happy to break the negative trend from earlier in 2023.

Jacob Kaplan: Looking into 2024, our expectation for EBIT margin, EBITDA margin is 69% to 71% range, in that range, they have an expansion phase we are in at the moment and will continue to next year, will affect the margin, especially in the first half of the year and then we expect to improve towards the second half of the year. So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution. The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Looking into 2024, our expectation for EBIT margin EBITDA margin ex <unk>.

Day Box: The continued improvements in small steps on where we are today.

Oscar Rönnqvist: Got it. Thank you very much. Then just on the foreign exchange headwind, which you alluded to of around 8%, it was at least quite a bit more than my expectations in terms of the magnitude of the headwind. Could you just elaborate a little bit on what regions you saw the biggest impacts? Just trying to get a sense of the underlying growth in the different regions, if you have any comments, that would be very helpful. Thank you.

Oscar Rönnkvist: Got it. Thank you very much. Then just on the foreign exchange headwind, which you alluded to of around 8%, it was at least quite a bit more than my expectations in terms of the magnitude of the headwind. Could you just elaborate a little bit on what regions you saw the biggest impacts? Just trying to get a sense of the underlying growth in the different regions, if you have any comments, that would be very helpful. Thank you.

69% to 71% range and by branch.

We have an expansion phase we are in at the moment and we'll continue to next year it will affect the margin, especially in the first half of the year.

Day Box: We can see how one stop shop more with us and it gives us new opportunities to offer our breakthrough some really compelling functionality.

We expect to improve towards the second half of the year, So starting out probably at the lower end of the range.

Day Box: Some of that we will preview already next week.

Day Box: Yes.

Day Box: EBITDA towards US 337 million euro in the quarter for a margin of seven 9% for the full year margin amounts to 70 point.

Jacob Kaplan: So starting out probably at the lower end of the range. I'll go to the next slide. This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution. The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Jacob Kaplan: So starting out probably at the lower end of the range. I'll go to the next slide.

I'll go to the next slide.

This is the final report the final.

Jacob Kaplan: This is the final report, the final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year format of evolution.

The final quarter of 2023, so I've added a slide to zoom out a bit and take a look at the multi year.

Jacob Kaplan: Yeah. We haven't broken it down by. What was your expectation?

Day Box: Sorry, seven 9% in the quarter and for the full year.

Oscar Rönnqvist: I had 4.

Oscar Rönnkvist: I had 4.

Format of evolution.

Day Box: Margin is seven 5%.

Chart to the left shows reported revenues by year split over licensing and R&D.

Jacob Kaplan: Oh, okay. Yeah. It's a little bit different. Yeah. No, but it is an estimate and not a really exact number. I would say it's on a similar level, like I said. But we haven't broken it down by region, no.

Day Box: Which is well within the guidance for the full year of <unk>.

Jacob Kaplan: The chart to the left shows reported revenues by year split over licensing and R&D, and as you can see on the chart, year over year, we have added between 300 and 360 million Euro in live revenue per year, over the past three years, I think the 335 in 2023. R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Day Box: The 8% to 71% ever.

As of yesterday on the chart.

Day Box: Every quarter includes a number of expense items that are solved with one off nonrecurring but.

Year over year, we have added between 300 360 million Euro in live revenue per year over the past three years I think the three.

Day Box: There's always something every quarter, sometimes this wastewater negative sometimes a bit positive in the fourth quarter I would say based on the positive side. So there are more that the reported margin is a little bit helped by that in Q4.

Oscar Rönnqvist: All right. Understood. Just a final one, just on the Crazy Time launch in the US. Do you have any early indications? Do you see an increased activity in the lobby?

Oscar Rönnkvist: All right. Understood. Just a final one, just on the Crazy Time launch in the US. Do you have any early indications? Do you see an increased activity in the lobby?

335.

His practice right.

Yeah.

Jacob Kaplan: R&D revenue has also increased since we entered the vertical in 2021, even though as you know we think we could do even better in R&D as it has been a very profitable high margin addition to the group, the greatest expansion to the product portfolio. The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

R&D revenue has also increased century MP vertical in 2021, even though as you know we think we could do even better in oranges.

Martin Carlesund: It's a little bit too early to give any indication of lobby or other. I mean, but we're happy with the launch. It's a very powerful launch.

Day Box: Looking into 'twenty five before our expectation for EBIT margin EBITDA margin.

Martin Carlesund: It's a little bit too early to give any indication of lobby or other. I mean, but we're happy with the launch. It's a very powerful launch.

It's been a very profitable high margin addition to regroup the greatest expansion to the product portfolio.

Day Box: 69% to 71% range and by branch.

Day Box: They have expansion phase we are in at the moment.

Oscar Rönnqvist: Understood. Thank you very much.

Oscar Rönnkvist: Understood. Thank you very much.

The chart to the right shows EBITDA and EBITDA margin.

Day Box: Next year will affect the margin, especially in the first half of the year about we would expect to improve towards the second half of the year. So starting out we'll be at the lower end of the range.

Jacob Kaplan: The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Jacob Kaplan: The chart to the right shows EBITDA and EBITDA margin, as we have grown top line, we have also managed to increase margin over the years.

As we have grown top line. We have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization.

Operator: The next question comes from Ed Young from Morgan Stanley. Please go ahead.

Jacob Kaplan: This is a product of our scalable business model and also our firm belief that high awareness cost is healthy for our organization. We had a very rapid margin expansion during the pandemic years in 2020 and 2021, and we managed to maintain a high margin and also increase the margins down in the past two years. As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

Speaker Change: I'll go to the next slide.

Speaker Change: This is the final report the final funding.

Ed Young: Good morning.

We have a very rapid margin expansion during the pandemic years in 2020, one and we managed to maintain a high margin and also increase the margins down in the past two years as we have pointed out many of our main priority is revenue growth increased market share and ultimately increase in profits.

Martin Carlesund: Good morning.

Ed Young: Morning. Your excitement about the product pipeline is very tangible, Martin, but I think I'll save the questions on that for ICE when we can see what you're so excited about. My first question, if it's okay, is on North America revenue. Obviously, you know, it's record revenue there and sort of finally got going again, but it is still a little bit below market growth rates. Is it the right way to read that RNG is seeing some market share losses? I think all the major suppliers appear to be from the data we look at, given you've got some you know, big new suppliers coming in there, and therefore it's fair to say that live is growing above that level.

Speaker Change: But in the quarter or quite a quite a bit right. So I've added a slide to zoom out a bit and take a look at the multi year.

Revolution.

Speaker Change: To the left shows reported revenues by year split over life casino in R&D.

Jacob Kaplan: As we have pointed out many, our main priority is revenue growth, increased market share and ultimately increase in profits.

So while we do give margin guidance for the coming year. The margin is the product of all the things the other things we do not target in itself. So that's a quick look at the full year development I will move on to the next slide. The closer look at the most recent quarter. This slide shows our P&L and some more detail. Let's go through it from the top with covered revenue development both for the three months period October to December. The full year comparison. Two slides, so I'll move down to. So expenses personnel expenses that amounts to just under 94 million euro in the three month period Thats, an increase of 16% compared to the same period last year. Managed to increase pace and recruitment and several locations in the quarter a special. Personnel expenses. So it's affected by some positive one off effect of bonus provisions have been adjusted. At year end. Depreciation amounted to $34 4 million Euro that includes $11 1 million euro in amortization of intangibles related to acquisitions. Moving further down our operating expenses. This includes items such as consumable equipment communication costs consultants. And also royalty base. Amounts to $44 5 million during the quarter is 4% lower than the same period market to market too, but up $1 million from the previous quarter. It is a line item that is a bit lumpy and we will see continued increases during 2024 of our expansion pace increases. Earlier. Summing up total operating expenses. Just under 173 million in Europe for the period, an increase of 10% compared to the same period last year and for the full year expenses totaled 665 million Europe, and Thats, a 20% increase compared to the full year. Happy to. Operating profit sums up to $303 million. In the quarter. Financial items amounts to about half a million Europe. This includes interest rate income, which is a positive 7 million Europe, but in. In the quarter, but also negative charge offs or biopharma extremely cost <unk>. Evaluation of intra group debt and bank balances in. Other core system the company versus the net it's happened again. Our financial items.

Speaker Change: And as of yesterday in the chart.

Speaker Change: Year over year, we have added between 300 down 360 million Euro in live revenue per year over the past three years I think.

Jacob Kaplan: So while we do give margin guidance for the coming year, the margin is the product of all the things, the other things we do and not target in itself. So that's a quick look at the full year development, I will move on to the next slide and we'll take a closer look at the most recent quarter. This slide shows our P&L in some more detail, let's go through it from the top. We've covered revenue development both for the three months period October to December and the full year comparison on the previous two slides, so I'll move down to expenses. Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year. We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items. Tax is up $20.1 million euro in the quarter were flex rate over $6, 12%. For the full year tax rate of six 8%. <unk>. That's been communicated. Our clients during the past two years tax rate will increase as <unk> comes into effect. During this year qualified before the spinoff certain please as to exactly how pillar two top opex will be administrated. The actual tax took opex. Tax will be paid first impacted 26, so we will see how this plays out. We wouldn't be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to a profit for the three months period of 283 million. Earnings per share of one zero 31 euro per share for the quarter of the dilution. $4 93 euro for the full year. The full year, an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin will look at cash flow and financial position.

Jacob Kaplan: So while we do give margin guidance for the coming year, the margin is the product of all the things, the other things we do and not target in itself.

So that's a quick look at the full year development I will move on to the next slide.

Speaker Change: 335.

The closer look at the most recent quarter.

Speaker Change: Practices.

Speaker Change: Yeah.

Speaker Change: Orange a revenue has also increased as we enter the vertical in 2021, even though as you know we think we could do even better in R&D has been it has been a very profitable high margin addition to the group the greatest expansion to the product portfolio.

This slide shows our P&L and some more detail.

Jacob Kaplan: So that's a quick look at the full year development, I will move on to the next slide and we'll take a closer look at the most recent quarter. This slide shows our P&L in some more detail, let's go through it from the top. We've covered revenue development both for the three months period October to December and the full year comparison on the previous two slides, so I'll move down to expenses. Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year. We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: So that's a quick look at the full year development, I will move on to the next slide and we'll take a closer look at the most recent quarter.

Let's go through it from the top with covered revenue development both for the three months period October to December.

Ed Young: Is that a fair way of interpreting your growth, and how should we think about that dynamic heading into 2024?

The full year comparison.

Jacob Kaplan: This slide shows our P&L in some more detail, let's go through it from the top. We've covered revenue development both for the three months period October to December and the full year comparison on the previous two slides, so I'll move down to expenses. Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year. We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: This slide shows our P&L in some more detail, let's go through it from the top.

Speaker Change: The charts to the right shows EBITDA and EBITDA margin.

Two slides, so I'll move down to.

Martin Carlesund: We're doing very well in Live. I would also add to this that we are doing a great quarter, Q4 in North America, but we always say that the quarters are lumpy. It goes up, and it goes down. It's a great quarter. We're doing very well in Live and then how exactly the market share will play out is, I think that we are doing okay for the full year and a little bit better than okay in Q4. You broke up a bit, I think.

So expenses personnel expenses that amounts to just under 94 million euro in the three month period Thats, an increase of 16% compared to the same period last year.

Speaker Change: As we have grown top line. We have also managed to increase margin over the years. This is a product of our scalable business model and also our firm belief that high awareness cost it's healthy for our organization.

Jacob Kaplan: We've covered revenue development both for the three months period October to December and the full year comparison on the previous two slides, so I'll move down to expenses. Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year. We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: We've covered revenue development both for the three months period October to December and the full year comparison on the previous two slides, so I'll move down to expenses.

Managed to increase pace and recruitment and several locations in the quarter a special.

Jacob Kaplan: Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year. We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: Personnel expenses, that amounts to just under 94 million euro in the three month period, thats, an increase of 16% compared to the same period last year.

Speaker Change: We have a very rapid margin expansion during the pandemic years in 2020, one and we managed to maintain a high margin and also increase the margins down in the past two years as we have pointed out many of our main priority is revenue growth increased market share and ultimately increase in profits. So.

Personnel expenses.

So it's affected by some positive one off effect of bonus provisions have been adjusted.

Jacob Kaplan: We've managed to increase pace in recruitment, in several locations in the quarter, as I've mentioned, personnel expenses also it's affected by some positive one off effect of bonus provisions have been adjusted at year end. Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

At year end.

Depreciation amounted to $34 4 million Euro that includes $11 1 million euro in amortization of intangibles related to acquisitions.

Speaker Change: While we do give margin guidance for the coming year the margin of that product.

Moving further down our operating expenses. This includes items such as consumable equipment communication costs consultants.

Speaker Change: The other things we do.

Jacob Kaplan: Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions. Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: Depreciation amounted to $34,4 million Euro, that includes $11.1 million euro in amortization of intangibles, related to acquisitions.

Speaker Change: Targeting node itself.

So that's a quick look at the full year development I'll move onto the next slide.

Ed Young: Sorry. Can you hear me now?

Martin Carlesund: Yeah.

Jacob Kaplan: Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base. The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: Moving further down, other operating expenses, this includes items such as consumable equipment, communication costs, consultants and also royalty base.

Ed Young: The second question's on capacity growth. You made repeated comments during the call about accelerating headcount and four new studios. You obviously opened Bulgaria at the end of last year, which I assume is sort of an empty box right now to be built. And Jacob, you made the comment about raising the CapEx back up to EUR 120 that you didn't get to do this year. I guess when you say you added 300 tables this year, is it fair to say that you expect to add more than that in 2024? And can you perhaps talk a little bit about the bit that's hard for us to see, which is addition of new studios versus the sort of ramp within them.

And also royalty base.

Speaker Change: The closer look at the most recent quarter.

Amounts to $44 5 million during the quarter is 4% lower than the same period market to market too, but up $1 million from the previous quarter. It is a line item that is a bit lumpy and we will see continued increases during 2024 of our expansion pace increases.

Speaker Change: This slide shows up to an hour and some more detail.

Jacob Kaplan: The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter. It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: The line amounts to $44.5 million euro in the quarter, is 4% lower than the same period 2022 but up $1.5 million from the previous quarter.

Speaker Change: Let's go through it from the top with covered revenue development both for the three months period October to December.

Jacob Kaplan: It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier. Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Jacob Kaplan: It is a line item that is a bit lumpy, and we will see continued increases during 2024 of our expansion pace increases as I mentioned earlier.

Speaker Change: The full year comparison on the previous two slides so I'll move down too. So expenses personnel expenses that amounts to just under 94 million Euro in the three month period Thats, an increase of 15% compared to the same period last year.

Earlier.

Summing up total operating expenses.

Just under 173 million in Europe for the period, an increase of 10% compared to the same period last year and for the full year expenses totaled 665 million Europe, and Thats, a 20% increase compared to the full year.

Jacob Kaplan: Summing up, total operating expenses just under 173 million euros for the period, an increase of 10% compared to the same period last year, and for the full year expenses totaled 665 million euro, and that's a 20% increase compared to the full year of 2022. Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Speaker Change: Increased pace and recruitment and several locations in the quarter a special.

Speaker Change: Personnel expenses also is affected by some positive one off effect of bonus provisions have been adjusted.

Happy to.

Operating profit sums up to $303 million.

Ed Young: How should we think about table ramping generally through the year? Thanks.

In the quarter.

Jacob Kaplan: Operating profit sums up to $303 million euro in the quarter, financial items amounts to about half a million euro, this includes interest rate income, which is positive 7 million euro in the quarter, but also negative charge offs for IFRS [Inaudible] cost and the re-evaluation of intra group debt and bank balances in other currencies, and the company currencies the net it's happened again on financial items.

Financial items amounts to about half a million Europe. This includes interest rate income, which is a positive 7 million Europe, but in.

Speaker Change: At year end.

Speaker Change: Depreciation amounted to $34 4 million Euro that <unk> 11, 1 billion euro in amortization of intangibles related to acquisitions.

Martin Carlesund: Unfortunately, we don't guide exactly on the numbers of tables, but yes, we are increasing the pace of growth. We're adding 4 studios next year, and we're adding more capacity than last year, meaning 2023. Unfortunately, I don't guide you on exactly how many, but we're increasing the pace. That's natural, as we have been a little bit behind during 2023. We were not delivering to demand, and we were pacing up, and we have a little bit of a backlog. Yes, we're increasing during 2024.

In the quarter, but also negative charge offs or biopharma extremely cost <unk>.

Speaker Change: Moving further down our operating expenses. This includes items such as consumable equipment communication costs for salt pumps and also royalty base.

Evaluation of intra group debt and bank balances in.

Other core system the company versus the net it's happened again.

Speaker Change: The line amounts to $44 5 million during the quarter is 4% lower than the same period bucket to market too, but up $1 million from the previous quarter. It is a line item that is a bit lumpy. We will see continued increases during 2024 of our expansion pace increases.

Our financial items.

Our financial items. <unk> is up $20 1 million during the quarter were flex rate over $6, 12%. For the full year tax rate of six 8%. <unk>. That's been communicated. Our clients during the past two years tax rate will increase as <unk> comes into effect. During this year qualified before the spinoff certain please as to exactly how pillar two top opex will be administrated. The actual tax took opex. Tax will be paid first impacted 26, so we will see how this plays out. We wouldn't be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to a profit for the three months period of 283 million. Earnings per share of one zero 31 euro per share for the quarter of the dilution. $4 93 euro for the full year. The full year, an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin will look at cash flow and financial position. So we'll start to the left this chart. Development of capital expenditure the great part of the bars represent investments in tangible assets, which is mainly our studio build projects in the quarter Capex compounded lasted 12 million Europe slightly up from earlier quarters 2023, and as Brad mentioned, a few times, we are ramping up our expansion projects that will be reflected in higher <unk>.

Our financial items.

Tax is up $20.1 million euro in the quarter were flex rate over $6, 12%. For the full year tax rate of six 8%. <unk>. That's been communicated. Our clients during the past two years tax rate will increase as <unk> comes into effect. During this year qualified before the spinoff certain please as to exactly how pillar two top opex will be administrated. The actual tax took opex. Tax will be paid first impacted 26, so we will see how this plays out. We wouldn't be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to a profit for the three months period of 283 million. Earnings per share of one zero 31 euro per share for the quarter of the dilution. $4 93 euro for the full year. The full year, an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin will look at cash flow and financial position.

<unk> is up $20 1 million during the quarter were flex rate over $6, 12%.

Jacob Kaplan: Tax is up $20.1 million euro in the quarter with a tax rate of $6.7%, for the full year tax rate is 6,8%. As has been communicated several times during the past two years, tax rate will increase as Pillar Two regime comes into effect during this year 2024. This builds uncertainties as to exactly how Pillar Two corporate tax will be administrated and actual tax, corporate tax will be paid first in 2026. So we will see how this plays out, we will be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to profit for the three months period of 283 million euro, this equals some earnings per share of 1,31 euro per share for the quarter after dilution, and $4.93 euro for the full year, the full year numbers an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin we'll look at cash flow and financial position. So we'll start to the left this chart. Development of capital expenditure the great part of the bars represent investments in tangible assets, which is mainly our studio build projects in the quarter Capex compounded lasted 12 million Europe slightly up from earlier quarters 2023, and as Brad mentioned, a few times, we are ramping up our expansion projects that will be reflected in higher <unk>. <unk> also going forward. Part of the bar is investment in intangible assets and its related to development of new games and features to the platform with $80 million during the quarter total capex for the quarter its spectrum in Europe for the full year capital expenditure amounts to 94 million Euro clearly short of the $120 million that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at that pace. We envisioned at the beginning of the year. For 2024, we maintain a 120 million in your guidance for Capex. But we have picked up the cloud at the pace in Q4, and also have ambitions ambitious passport expansion during the year. 120 million, it's a significant level of investment, but it's well within our financial capacity looking at the chart in the middle of the slide show in cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased take some investment. Cash conversion operating cash flow innovations EBITDA is 8% for the full year. That level.

Jacob Kaplan: Tax is up $20.1 million euro in the quarter with a tax rate of $6.7%, for the full year tax rate is 6,8%.

For the full year tax rate of six 8%.

Jacob Kaplan: As has been communicated several times during the past two years, tax rate will increase as Pillar Two regime comes into effect during this year 2024.

<unk>.

That's been communicated.

Our clients during the past two years tax rate will increase as <unk> comes into effect. During this year qualified before the spinoff certain please as to exactly how pillar two top opex will be administrated. The actual tax took opex.

Ed Young: Finally, you give your sort of annual disclosure on customer concentration. You know, it looks like really the business is in a similar shape to how it was maybe five years ago in terms of your top one, two to five customers, et cetera. Do you think there's a case, given some of those largest customers will inevitably be aggregators, for disclosing that data on an operator level basis which might show more the sort of underlying diversification or sort of concentration, if you like, within the business? Is that something that you would perhaps consider or are you just gonna stick with what you've given, which probably looks more concentrated than I guess it probably is underlying?

Speaker Change: I mentioned earlier.

Speaker Change: Summing up total operating expenses.

Jacob Kaplan: This builds uncertainties as to exactly how Pillar Two corporate tax will be administrated and actual tax, corporate tax will be paid first in 2026. So we will see how this plays out, we will be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to profit for the three months period of 283 million euro, this equals some earnings per share of 1,31 euro per share for the quarter after dilution, and $4.93 euro for the full year, the full year numbers an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin we'll look at cash flow and financial position.

Jacob Kaplan: This builds uncertainties as to exactly how Pillar Two corporate tax will be administrated and actual tax, corporate tax will be paid first in 2026.

Speaker Change: Just under 173 million of Europe for the period, an increase of 10% compared to the same period last year and for the full year expenses totaled 665 million Europe, and Thats, a 20% increase compared to the full year.

Tax will be paid first impacted 26, so we will see how this plays out.

Jacob Kaplan: So we will see how this plays out, we will be open to adapt our operations to achieve a tax efficient structure, where that makes sense. These items brings us to profit for the three months period of 283 million euro, this equals some earnings per share of 1,31 euro per share for the quarter after dilution, and $4.93 euro for the full year, the full year numbers an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin we'll look at cash flow and financial position.

Jacob Kaplan: So we will see how this plays out, we will be open to adapt our operations to achieve a tax efficient structure, where that makes sense.

We wouldn't be open to adapt our operations to achieve a tax efficient structure, where that makes sense.

Speaker Change: Institute.

Speaker Change: Operating profit sums up to 303 million during the quarter.

Jacob Kaplan: These items brings us to profit for the three months period of 283 million euro, this equals some earnings per share of 1,31 euro per share for the quarter after dilution, and $4.93 euro for the full year, the full year numbers an increase of 27% compared to 2022. I'll move on to the next slide. Before I hand back to you Martin we'll look at cash flow and financial position.

These items brings us to a profit for the three months period of 283 million.

Speaker Change: Financial items amounts to about half a million Europe. This includes interest rate income, which is a positive 7 million Europe, but down.

Earnings per share of one zero 31 euro per share for the quarter of the dilution.

In the quarter, but also negative charge offs or byproducts extend lease costs.

$4 93 euro for the full year.

The full year, an increase of 27% compared to 2022.

Speaker Change: Evaluation of intergroup depths and bank balances in.

Jacob Kaplan: Before I hand back to you Martin we'll look at cash flow and financial position.

Martin Carlesund: I mean, they are our customers and to stretch over our customers and go into and make their revenues split. I don't see that, at least not currently. That's the answer on that. Naturally, some aggregator will be big and there will also be other operators that are big.

Speaker Change: In other currencies than the company versus the net is happening.

I'll move on to the next slide.

Jacob Kaplan: As usual we'll start to the left, this chart shows development of capital expenditure, the great part of the bars represent investments in tangible assets, which is mainly our studio build projects. In the quarter Capex [Inaudible] 12 million euros slightly up from earlier quarters 2023, and it's been mentioned a few times, we are ramping up our expansion projects and that will be reflected in higher investments also going forward. The blue part of the bar is investment in intangible assets and it's related to development of new games and features to the platform, with $80 million during the quarter. Total capex for the quarter is 30 million euros, for the full year, capital expenditure amounts to 94 million euros, clearly short of the $120 millions that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level. Finally to the far right on the slide a. A summary of the balance sheet, we're in a strong cash position fully equity financed the board proposed a dividend of $2 65 euro per share that's approximately 564 million euro. To be distributed to owners. This is 52, 7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout on net profit. In addition, the board has initiated a buyback program during the period and totaled 400 million euro so through buybacks and dividends, 90% for the year will be shifting back to owners. We managed to maintain an aggressive growth agenda for the business. Oh, the buyback about $115 million will have been completed at the end of the period. So 285 million euro remains to be EBITDA 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments I'll hand that to market.

Before I hand back to you Martin will look at cash flow and financial position.

Speaker Change: Our financial outcomes.

So we'll start to the left this chart. Development of capital expenditure the great part of the bars represent investments in tangible assets, which is mainly our studio build projects in the quarter Capex compounded lasted 12 million Europe slightly up from earlier quarters 2023, and as Brad mentioned, a few times, we are ramping up our expansion projects that will be reflected in higher <unk>. <unk> also going forward. Part of the bar is investment in intangible assets and its related to development of new games and features to the platform with $80 million during the quarter total capex for the quarter its spectrum in Europe for the full year capital expenditure amounts to 94 million Euro clearly short of the $120 million that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at that pace. We envisioned at the beginning of the year. For 2024, we maintain a 120 million in your guidance for Capex. But we have picked up the cloud at the pace in Q4, and also have ambitions ambitious passport expansion during the year. 120 million, it's a significant level of investment, but it's well within our financial capacity looking at the chart in the middle of the slide show in cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased take some investment. Cash conversion operating cash flow innovations EBITDA is 8% for the full year. That level. Finally to the far right on the slide a.

Speaker Change: Is that the <unk> 1 million during the quarter were flex rate of six 7% for.

So we'll start to the left this chart.

Development of capital expenditure the great part of the bars represent investments in tangible assets, which is mainly our studio build projects in the quarter Capex compounded lasted 12 million Europe slightly up from earlier quarters 2023, and as Brad mentioned, a few times, we are ramping up our expansion projects that will be reflected in higher <unk>.

Speaker Change: For the full year tax rate is six 8%.

Jacob Kaplan: In the quarter Capex [Inaudible] 12 million euros slightly up from earlier quarters 2023, and it's been mentioned a few times, we are ramping up our expansion projects and that will be reflected in higher investments also going forward. The blue part of the bar is investment in intangible assets and it's related to development of new games and features to the platform, with $80 million during the quarter. Total capex for the quarter is 30 million euros, for the full year, capital expenditure amounts to 94 million euros, clearly short of the $120 millions that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Speaker Change: As has been communicated.

Speaker Change: Several times during the past two years tax rate will increase us pillar tuberous in constant effect. During this year classified before the spinoff certainties as to exactly how pillar two top opex will be administrated.

Ed Young: Okay. Thank you.

Martin Carlesund: Thank you.

Jacob Kaplan: The blue part of the bar is investment in intangible assets and it's related to development of new games and features to the platform, with $80 million during the quarter. Total capex for the quarter is 30 million euros, for the full year, capital expenditure amounts to 94 million euros, clearly short of the $120 millions that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Jacob Kaplan: The blue part of the bar is investment in intangible assets and it's related to development of new games and features to the platform, with $80 million during the quarter.

Operator: The next question comes from James Rowland Clark from Barclays. Please go ahead.

Speaker Change: The actual tax.

<unk> also going forward.

Speaker Change: Tax will be paid first impacted 26, so we will see how this plays out.

Part of the bar is investment in intangible assets and its related to development of new games and features to the platform with $80 million during the quarter total capex for the quarter its spectrum in Europe for the full year capital expenditure amounts to 94 million Euro clearly short of the $120 million that was our guidance at the start of the year.

James Rowland Clark: Hi. Good morning, everyone.

Speaker Change: We would be open to adapt our operations to achieve a tax efficient structure, where that makes sense.

Jacob Kaplan: Total capex for the quarter is 30 million euros, for the full year, capital expenditure amounts to 94 million euros, clearly short of the $120 millions that was our guidance at the start of the year. And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Martin Carlesund: Good morning.

James Rowland Clark: Good morning. My first question is just on sort of current trends. I know you don't really like to talk about this, but given all the product investment has gone in the back half of Q4, including Crazy Time, you've obviously mentioned a lot, can you help us with a sort of sense as to whether that has accelerated your group growth trends?

Speaker Change: These items brings us to appropriate for the three months period of 283 million Euro equals.

Speaker Change: Earnings per share of one Bureau, 31 euro per share for the quarter of the dilution.

Jacob Kaplan: And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year. For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Jacob Kaplan: And the reason for this is that we simply have not been able to expand at the pace we envisioned at the beginning of the year.

And the reason for this is that we simply have not been able to expand at that pace.

Speaker Change: $4 93 euro for the full year.

We envisioned at the beginning of the year.

Jacob Kaplan: For 2024, we maintain a 120 million euro guidance for Capex, but we have picked up the [Inaudible] in Q4, and also have ambitious plans for expansion during the year. 120 million euro it's a significant level of investment, but it's well within our financial capacity. Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

For 2024, we maintain a 120 million in your guidance for Capex.

Speaker Change: The full year number is an increase of 27% compared to 2022.

Martin Carlesund: You mean how the Q1 2024 has started, or did I?

Jacob Kaplan: You mean how the Q1 2024 has started, or did I?

But we have picked up the cloud at the pace in Q4, and also have ambitions ambitious passport expansion during the year.

Speaker Change: I'll move on to the next slide.

Speaker Change: Before I hand back to you Morten we will look at cash flow on a physician is.

James Rowland Clark: Well, exactly, yes.

Martin Carlesund: Yeah. Okay. We haven't made any statement on that. Yeah, we don't have any comment on the current quarter. It's still so early in the quarter, but as Martin mentioned, I mean, if you look through for the full year 2023, our product releases were a little bit towards the H2 of the year. Of course, some of those products are, you know, just maybe still ramping up. But yes, they're all fully rolled out, but you know, they can still develop and contribute. That's a general answer, but we haven't made any statement on the first couple of weeks of 2024.

Jacob Kaplan: Yeah. Okay. We haven't made any statement on that. Yeah, we don't have any comment on the current quarter. It's still so early in the quarter, but as Martin mentioned, I mean, if you look through for the full year 2023, our product releases were a little bit towards the H2 of the year. Of course, some of those products are, you know, just maybe still ramping up. But yes, they're all fully rolled out, but you know, they can still develop and contribute. That's a general answer, but we haven't made any statement on the first couple of weeks of 2024.

120 million, it's a significant level of investment, but it's well within our financial capacity looking at the chart in the middle of the slide show in cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased take some investment.

Speaker Change: As usual, we'll start to the left this chart shows development of capital expenditure that the great part of the bars represent investments in tangible assets, which is mainly our studio build projects in the quarter Capex and funded last this 12 million Europe slightly up from earlier quarters, 2023, and as Brad mentioned, a few times we all.

Jacob Kaplan: Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Jacob Kaplan: Looking at the chart in the middle of the slide, showing cash during the period with the operating cash flow after investments of $284 million.

Jacob Kaplan: So financial risk will remain low even with the increased takes in investment. Cash conversion, operating cash flow innovations EBITDA is 8% for the full year. That level.

Cash conversion operating cash flow innovations EBITDA is 8% for the full year.

Speaker Change: Wrapping up our expansion projects that will be reflected in higher investment also going forward.

That level.

Finally to the far right on the slide a. A summary of the balance sheet, we're in a strong cash position fully equity financed the board proposed a dividend of $2 65 euro per share that's approximately 564 million euro. To be distributed to owners. This is 52, 7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout on net profit. In addition, the board has initiated a buyback program during the period and totaled 400 million euro so through buybacks and dividends, 90% for the year will be shifting back to owners. We managed to maintain an aggressive growth agenda for the business. Oh, the buyback about $115 million will have been completed at the end of the period. So 285 million euro remains to be EBITDA 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments I'll hand that to market.

Jacob Kaplan: Finally to the far right of the slide a summary of the balance sheet. We're in a strong cash position, fully equity financed, the board proposed a dividend of $2.65 euro per share, that's approximately 564 million euro to be distributed to owners, this is 52.7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout on net profit. In addition, the board has initiated a buyback program during the period and totaled 400 million euro, so through buybacks and dividends, 90% of profit for the year will be shifting back to owners while we managed to maintain an aggressive growth agenda for the business. On the buyback, about $115 million euro have been completed at the end of the period, so 285 million euro remains to be done in 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

Jacob Kaplan: Finally to the far right of the slide a summary of the balance sheet.

Finally to the far right on the slide a.

A summary of the balance sheet, we're in a strong cash position fully equity financed the board proposed a dividend of $2 65 euro per share that's approximately 564 million euro.

Speaker Change: The blue part of the bar is investment in intangible assets and its related to development of new games and features to the platform with $80 million during the quarter total capex for the corporate stoping in the euro.

Jacob Kaplan: We're in a strong cash position, fully equity financed, the board proposed a dividend of $2.65 euro per share, that's approximately 564 million euro to be distributed to owners, this is 52.7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout on net profit. In addition, the board has initiated a buyback program during the period and totaled 400 million euro, so through buybacks and dividends, 90% of profit for the year will be shifting back to owners while we managed to maintain an aggressive growth agenda for the business. On the buyback, about $115 million euro have been completed at the end of the period, so 285 million euro remains to be done in 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

James Rowland Clark: Okay. Thank you. On the demand supply and balance that in the statement you say is in a better place. I guess when do you think it might be in the right place, or maybe you think it is there already?

To be distributed to owners. This is 52, 7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout on net profit.

Speaker Change: For the full year capital expenditure amounts to 94 million Euro clearly short of the $120 million that was our guidance at the start of the year.

Speaker Change: The reason for this is that we simply have not been able to expand at the pace we are.

Jacob Kaplan: In addition, the board has initiated a buyback program during the period and totaled 400 million euro, so through buybacks and dividends, 90% of profit for the year will be shifting back to owners while we managed to maintain an aggressive growth agenda for the business. On the buyback, about $115 million euro have been completed at the end of the period, so 285 million euro remains to be done in 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

Martin Carlesund: We are close to that. We will expand a little bit more, and we will increase the pace, and a couple of quarters in will probably be maybe even oversupplying, but we are close to a good place right now.

In addition, the board has initiated a buyback program during the period and totaled 400 million euro so through buybacks and dividends, 90% for the year will be shifting back to owners.

Speaker Change: We envisioned at the beginning of the year.

Speaker Change: For 2024, we maintain a 120 million in your guidance for Capex.

Speaker Change: Plus we have picked up the plant and the pace in Q4 and also how ambitions ambitious passport expansion during the year.

We managed to maintain an aggressive growth agenda for the business.

Jacob Kaplan: On the buyback, about $115 million euro have been completed at the end of the period, so 285 million euro remains to be done in 2024. At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

Jacob Kaplan: On the buyback, about $115 million euro have been completed at the end of the period, so 285 million euro remains to be done in 2024.

James Rowland Clark: Great. Thank you. Then my final one is just on the margin guidance. In 2023 it was 68% to 71%, and now it's 69% to 71%, so you've narrowed it. You have mentioned the, you know, the heavy level of investment and expansion that's going into 2024. I just wanted to get a feel of your conviction on that range and why you have heightened it when you're putting so much investment into the year.

Oh, the buyback about $115 million will have been completed at the end of the period. So 285 million euro remains to be EBITDA 2024.

Speaker Change: 120 million Euro is a significant level of investment, but it's well within our financial capacity looking at the chart in the middle of the slide show in cash during the period with the operating cash flow after investments of $284 million. So financial risk will remain low even with the increased pace of investment.

Jacob Kaplan: At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks. Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

Jacob Kaplan: At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks.

At the end of year cash balance was 985 out of which 564 million will be dividend and an addition of 285 would be used for buybacks.

Jacob Kaplan: Okay that was the end of my prepared comments, I'll hand it back to you Martin, I will take questions after that.

Speaker Change: Conversion operating cash flow innovations EBITDA is 8% for the full year.

Okay that was the end of my prepared comments I'll hand that to market.

Speaker Change: That level.

Speaker Change: Finally to the far right on the slide a.

Martin Carlesund: Thank you Jacob, a few words to conclude this report presentation before we open up for questions. Evolution offers an unparalleled portfolio of unique games, setting the pace for the whole industry with new groundbreaking releases. The roadmap for 2024 looks nothing but fantastic, and our ambition for 24-25 is higher than ever, we want and desire to do and create what others dream of. And 2024-2025 are probably years for Evolution, but we will continue to bring exciting new live casino title Gameshows and slots to players in the whole world. Next week at [inaudible], we will show some but not all of what we have in store for players during 2024, the road map for the year is extraordinary and I am very excited to bring our entertainment to players across the world. [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona. Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: Thank you Jacob, a few words to conclude this report presentation before we open up for questions.

Speaker Change: A summary of the balance sheet, we're in a strong cash position fully equity financed the board proposes a dividend of $2 65 euro per share that's approximately 564 million euro.

A few words to conclude this report presentation before we open up for questions.

James Rowland Clark: Any color around that would be very helpful.

Martin Carlesund: Evolution offers an unparalleled portfolio of unique games, setting the pace for the whole industry with new groundbreaking releases.

Martin Carlesund: I think that we are in a good margin level. I mean, we delivered 70.5, 70.9% in the quarter. We're happy with that. The incremental margin is as the margin is a little bit higher, of course, over 70.5. Now we're coming into an investment phase, and we're going to do even more. We stay with the guidance that we have, 69-71%. The 1% that we added was more added last year as a result of the instability and uncertainty with inflation and interest rates and everything else. We're just narrowing it back to the 3% where we were before.

Evolution offers an unparalleled portfolio of unique game setting the pace for the whole industry with new groundbreaking releases.

Martin Carlesund: The roadmap for 2024 looks nothing but fantastic, and our ambition for 24-25 is higher than ever, we want and desire to do and create what others dream of. And 2024-2025 are probably years for Evolution, but we will continue to bring exciting new live casino title Gameshows and slots to players in the whole world. Next week at [inaudible], we will show some but not all of what we have in store for players during 2024, the road map for the year is extraordinary and I am very excited to bring our entertainment to players across the world. [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona. Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: The roadmap for 2024 looks nothing but fantastic, and our ambition for 24-25 is higher than ever, we want and desire to do and create what others dream of.

Speaker Change: To be distributed to owners. This is 52, 7% of our net profit for the fiscal year 2023, so in line or slightly over our dividend policy of at least 50% payout of net profit.

<unk> map for 24 looks nothing fantastic and our ambition for 2425% is higher than ever we want and desire to do and create with Atlas V. More tons in 2400, <unk> our product lead this revolution, but we will continue to bring exciting new live casino title Gameshows Alan.

Martin Carlesund: And 2024-2025 are probably years for Evolution, but we will continue to bring exciting new live casino title Gameshows and slots to players in the whole world. Next week at [inaudible], we will show some but not all of what we have in store for players during 2024, the road map for the year is extraordinary and I am very excited to bring our entertainment to players across the world. [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona. Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: And 2024-2025 are probably years for Evolution, but we will continue to bring exciting new live casino title Gameshows and slots to players in the whole world.

Speaker Change: In addition, the board has initiated a buyback program during the period and totaled 400 million euro so through buybacks and dividends, 90% are appropriate for the year will be shifting back to owners.

Martin Carlesund: Next week at [inaudible], we will show some but not all of what we have in store for players during 2024, the road map for the year is extraordinary and I am very excited to bring our entertainment to players across the world. [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona. Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Slots to players in the homework.

Speaker Change: Still we managed to maintain an aggressive growth agenda for the business.

Next week at <unk>, we will show some but not all of what we have in store for players during 2000 tons for the road map for the year is extraordinary and I am very excited to bring our entertainment to players across the water conservation at ice in London next week, which by the way in which the last year in London at 25 ice will be in March.

Speaker Change: The buy back about 150 million Euro have been completed at the end of the period, So 285 million euro remains to be done before.

Jacob Kaplan: I think it might look more scientific than it actually is.

Martin Carlesund: [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona. Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: [Inaudible] an Ice in London next week, which by the way, it's the last year in London, at 2025 Ice will be in Barcelona.

Speaker Change: At the end of year cash balance was 985 of which 564 million will be dividend and ambition of 285 would be used for buybacks.

Martin Carlesund: Yes.

Jacob Kaplan: We used to give, like, a 2% or 3%, I guess you could say, range, and then we widen it as Martin said. Just felt, yeah, go back to what we did before. That's.

Loan.

Investments for the future will not only continue it will accelerate 2020, even so we are cautious and mindful with how we spend our money as always.

Martin Carlesund: Investments for the future will not only continue, it will accelerate 2024, even so we are cautious and mindful with how we spend our money, as always. Innovation and R&D is key to increase the AMU satisfaction, copying someone will never drive development. As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Speaker Change: Okay that was the end of my prepared comments of a mature market.

James Rowland Clark: Okay, thank you very much.

Speaker Change: Question is offered up thank you Erika and Dave.

Martin Carlesund: Thank you.

Speaker Change: A few words to conclude this report presentation before we open up for questions.

Innovation in R&D is key to increase the AMU satisfaction copying someone will never drive development.

Operator: The next question comes from Kiranjot Grewal from BofA. Please go ahead.

Speaker Change: Evolution offers an unparalleled portfolio of unique game setting the pace for the whole industry with new groundbreaking releases the roadmap for 24 looks nothing fantastic and our ambition for 'twenty four 'twenty five is higher than ever we want and desire to do and create with others <unk> and <unk>.

Martin Carlesund: As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: As the leading innovator in online casino, together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors.

As the leading innovator in online casino together with a record number of new products released every year, we continue to relentlessly increase to get to our competitors. We are well equipped for fantastic and exciting times ahead, and I'm very much look forward to the country.

Kiranjot Grewal: Hey, morning, guys. Just a couple of questions from me. Firstly, can I just go back to North America? I mean, growth seems still relatively low there. What's behind the softness? Is there something more technical in there, maybe lack of initial fees, for example, that's making the growth a bit lower? Some color on that. The second question is around Asia. Asia growth still looks strong, but slowing slightly, quarter-on-quarter. What's behind the slowdown? Do you think anything there to do with Macau's recovery that could be impacting the Asian performance? The last question is around that step-up in recruitment in Q4. I think that was really encouraging to see. What's behind the expansion? Would that be fixed?

Martin Carlesund: We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024. Now, let's move to questions. Please next slide.

Martin Carlesund: We are well equipped for a fantastic year and exciting times ahead, and I very much look forward to 2024.

Now, let's move to questions. Please next slide.

Speaker Change: <unk> thousand 400, <unk> a provider <unk> revolution, but we will continue to bring exciting new live casino title game shows and slots to players in the whole world.

Martin Carlesund: Now, let's move to questions. Please next slide.

Operator: 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 Oscar Rönnkvist from ABG Sundal Collier. Please go ahead.

Speaker Change: Next week at <unk>, we will show some but not all of what we have in store for players during 2000 and for the road map for the year is extraordinary and I'm very excited to bring our entertainment to players across the World Congress at ice in London next week, which by the way is the last year in London 20 tons of five ice will be important.

Okay.

Operator: The next question comes from Oscar Rönnkvist from ABG Sundal Collier. Please go ahead.

The next question comes from Oscar Val from AEG Sundial Calia.

Speaker Change: No.

Please go ahead.

The investments for the future will not only continue to accelerate towards the turn before even so we are cautious and mindful with how we spend our money as always.

Okay.

Oscar Ronnkvist: Thanks for taking my questions. So the first one, maybe if you could just repeat what you said regarding the Pillar Two expectations, so you said something about 2026, could you just repeat that please?

Kiranjot Grewal: Is it just the fact that there's new studios coming out now in different regions that's helping you, or is there something else? Thank you.

Peter Chu.

Speaker Change: Ovation in R&D is key to increase the end user satisfaction copying someone will never drive developments.

So you said something about 2026 could you just repeat that please.

Martin Carlesund: Yeah. Let's talk a little bit on the growth in North America. I'm very happy with it. I'm pleased with the quarter. We grew 8% quarter on quarter, and I think that is a good bump up in North America. The total for the year is 20%. Could always do a little bit better. We had a couple of quarters which weren't as good, but I'm happy with Q4. Q4 good. No, I don't see it as that soft. When it comes to Asia, it's a very large market. Also that is a bit lumpy. But as with the size that we have, we're growing 30% to 40%, and that is significant. I'm also happy with that.

Jacob Kaplan: No I said that the actual payment of tax will be in 2026, the corporate top opex, but. Of course, we will accrue for tax already from Q1. So there is no change in what we've said before that's the same.

The actual payment of tax will be in 2026 top opex, but.

Speaker Change: As the leading innovator in online casino together with a record number of new products released every year, we continue to relentlessly increase the gap to our competitors. We are well equipped for fantastic year and exciting times ahead, and I'm very much look forward to Huntsville.

Of course, we will accrue for tax already from Q1. So there is no no change in what we've said before that sort of thing.

Oscar Ronnkvist: Okay. Okay. Thank you very much. Then just like a comment on the shareholder remuneration if you like, so it was 90% this year as you mentioned, and obviously, the DBS was maybe a little bit higher than expected, a little bit higher than the 50% that you have been hovering around before. So just I know this is a question for the board obviously, but just from your side or from your sort of proposal. Do you see still any M&A opportunities? Or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends than buybacks Please. Thank you.

Oscar Ronnkvist: Okay. Okay. Thank you very much.

Oscar Ronnkvist: Then just like a comment on the shareholder remuneration if you like, so it was 90% this year as you mentioned, and obviously, the DBS was maybe a little bit higher than expected, a little bit higher than the 50% that you have been hovering around before. So just I know this is a question for the board obviously, but just from your side or from your sort of proposal. Do you see still any M&A opportunities? Or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends than buybacks Please. Thank you.

Then Jeff.

Speaker Change: Now, let's move to questions. Please next slide.

A comment on the shareholder remuneration.

If you like so it was 90%.

Speaker Change: 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 on your telephone keypad.

<unk>, you mentioned and obviously, the DBS was maybe a little bit higher than expected a little bit higher than the 50% that you have been.

Hovering around.

Oscar Ronnkvist: So just I know this is a question for the board obviously, but just from your side or from your sort of proposal. Do you see still any M&A opportunities? Or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends than buybacks Please. Thank you.

Oscar Ronnkvist: So just I know this is a question for the board obviously, but just from your side or from your sort of proposal. Do you see still any M&A opportunities?

So just I know this is a question for the board, obviously, but just from from your side from your sort of proposal.

Speaker Change: Okay.

Do you see still any M&A opportunities or do you think that we could maybe start like.

Speaker Change: The next question comes from Oscar Val from AVG Sundial Collier. Please.

Oscar Ronnkvist: Or do you think that we could maybe start like a sort of new outlook for the shareholder remuneration with more dividends than buybacks Please. Thank you.

Martin Carlesund: That's how I look at it. When it comes to the pick-up of recruitment, we were a little bit slow on investment. We didn't get all the studios there. One parameter, of course, is that we are growing in new places. We added Bulgaria, of course, and we added capacity in other studios. We also focused on sort of that we corrected some inefficiencies in the already existing studios. It's a combination that we now got back to where we want to be. It's not a situation where we fixed it in one month and then in Q4. It

The new outlook for for the shareholder remuneration.

Please go ahead.

Okay.

Oscar Val: Thanks for taking my questions. So the first one maybe if you could just repeat what you said regarding the.

More dividend.

Buybacks. Please thank you.

Martin Carlesund: I can answer that. The baseline of the dividends to the shareholders is depicted in dividend's policy, there's no changes to that, and the decision on the buyback is a one off taken by the board. The future the long-term future of evolution is the most important thing we have, so we will constantly evaluate M&A and whatever technology or whatever we put up to that and we would not put us in a situation where we would take our dividend policy or in the advertising policy that would hinder that.

The baseline of the dividends to the shareholders as depicted something's on policy and Theres no changes to that.

Oscar Val: Peter Chu.

Oscar Val: So you said something about 'twenty 'twenty six could you just repeat that please.

The decision on the buyback.

Oscar Val: No.

Oscar Val: The actual payment of tax will be in 2026 top opex, but of course, we will accrue for tax already from Q1. So there is no no change in what we.

As a one off taken by the board.

Martin Carlesund: The future the long-term future of evolution is the most important thing we have, so we will constantly evaluate M&A and whatever technology or whatever we put up to that and we would not put us in a situation where we would take our dividend policy or in the advertising policy that would hinder that.

The future.

The long term future of evolution is the most important thing we have so we will constantly evaluate M&A whatever technology or whatever we put up to that and we would not put us in a situation, where we would take your statement on the policy or the other type of policy that would hinder that.

Oscar Val: <unk> said before that's the same.

Speaker Change: Okay. Okay. Thank you very much.

Then Jeff.

Jeff: I would like to comment on the shareholder remuneration.

Martin Carlesund: Of course, we noticed where we were already in Q1, and it takes a little while to change it, and that's also why it takes a little bit a while before we are exactly where we want to be, even if we're close to that level right now.

Jeff: If you'd like so it was 90%.

Oscar Ronnkvist: Got it, thank you very much. Then just on the foreign exchange headwind, which you alluded to of around 8%, there was at least a quite a bit more than my expectations in terms of the magnitude of the headwind. So could you just elaborate a little bit on what regions you saw the biggest impacts? And just trying to get a sense of the underlying growth in the different regions if you have any comments that would be very helpful. Thank you.

Oscar Ronnkvist: Got it, thank you very much.

This year as you mentioned and obviously the DBS was maybe a little bit higher than I expected on it a bit higher than the 50% that you have been.

Oscar Ronnkvist: Then just on the foreign exchange headwind, which you alluded to of around 8%, there was at least a quite a bit more than my expectations in terms of the magnitude of the headwind. So could you just elaborate a little bit on what regions you saw the biggest impacts? And just trying to get a sense of the underlying growth in the different regions if you have any comments that would be very helpful. Thank you.

Just on the foreign exchange headwind, which you alluded to of around 8%. There was at least a quite a bit more than my expectations in terms of the magnitude of the headwind. So could you just elaborate a little bit on what regions you saw the biggest impact.

Jeff: Hovering around before so just I know this is a question for the board obviously, but.

Kiranjot Grewal: Got it. Thank you.

Oscar Ronnkvist: So could you just elaborate a little bit on what regions you saw the biggest impacts? And just trying to get a sense of the underlying growth in the different regions if you have any comments that would be very helpful. Thank you.

Jeff: From from your side and from your sort of proposal <unk>.

Operator: The next question comes from Martin Arnell from DNB Markets. Please go ahead.

Jeff: Still any M&A opportunities or do you think that we could maybe start like sort of a new outlook for for the shareholder remuneration.

To get a sense of the underlying growth in the different regions that.

Martin Arnell: Thank you. Good morning, guys.

Do you have any comments that would be very helpful. Thank you.

Martin Carlesund: Good morning, Martin.

We haven't broken it down by just one whats your expectation. I had four. Sure. Okay, yes, so it's a little bit different yes. But it is an estimate. Not not. Really exact numbers. Like I said on a on a similar level, so I haven't broken it down by region. Alright understood.

Jacob Kaplan: We haven't broken it down by, what was your expectation? I had four. Sure. Okay, yes, so it's a little bit different yes. But it is an estimate. Not not. Really exact numbers. Like I said on a on a similar level, so I haven't broken it down by region.

Jacob Kaplan: We haven't broken it down by, what was your expectation?

Jeff: More dividend buybacks. Please thank you.

James Rowland Clark: My first question is, this is the second consecutive quarter with underlying live growth stabilizing. Do you think that the initiatives you've taken so far is enough to avoid deceleration of live growth in 2024?

Martin Arnell: My first question is, this is the second consecutive quarter with underlying live growth stabilizing. Do you think that the initiatives you've taken so far is enough to avoid deceleration of live growth in 2024?

Jeff: Okay.

I had four.

Jacob Kaplan: I had four. Sure. Okay, yes, so it's a little bit different yes. But it is an estimate. Not not. Really exact numbers. Like I said on a on a similar level, so I haven't broken it down by region.

Oscar Ronnkvist: I had four.

Speaker Change: I mean, the baseline of the dividends to the shareholders as depicted some dividend policy, there's no changes to that.

Jacob Kaplan: Okay, yes, so it's a little bit different yes, but it is an estimate and not a really exact numbers. Like I said on a on a similar level, so, but we haven't broken it down by regions

Sure.

Okay, yes, so it's a little bit different yes.

But it is an estimate.

Not not.

Speaker Change: A decision on the buyback.

Really exact numbers.

Speaker Change: It's a one off taken by the board.

Like I said on a on a similar level, so I haven't broken it down by region.

Speaker Change: The future.

Speaker Change: The long term future of evolution is the most important thing we have so we will constantly evaluate M&A whatever technology or whatever we put up to that and we would not put us in a situation, where we'll take your dividend policy or any other type of policy that would hinder that.

Alright understood.

Martin Arnell: We don't guide on the growth of Live 2024, but I am a firm believer that we are doing exactly the right thing for the market. We're pushing it, and now we see Brazil is coming, and we are seeing signs of regulation in states in the United States. We see opportunity, we see growth in Europe on a level which we haven't seen before. I'm full of confidence, and the growth runway is the same as before, where maybe 80, 85, or 86% is still land-based in the world, and we're moving forward. We see the first regulatory signs in Asia, where the Philippines is regulated. I'm very optimistic.

Oscar Ronnkvist: Alright understood. Just a final one just on the Crazy Time launch in the US. do you have any early indications? do you see an increased activity in the lobby?

Martin Carlesund: We don't guide on the growth of Live 2024, but I am a firm believer that we are doing exactly the right thing for the market. We're pushing it, and now we see Brazil is coming, and we are seeing signs of regulation in states in the United States. We see opportunity, we see growth in Europe on a level which we haven't seen before. I'm full of confidence, and the growth runway is the same as before, where maybe 80, 85, or 86% is still land-based in the world, and we're moving forward. We see the first regulatory signs in Asia, where the Philippines is regulated. I'm very optimistic.

Just a final one just create some time launching the new Wes do you have any early indications do you see an increased activity in the lobby.

Martin Carlesund: We are it's a little bit too early to give that indication of lobbying or other, but we're happy with the launch, it's a very powerful launch.

It's a little bit too early to give them.

Indication of lobbying rather I mean.

Speaker Change: Got it thank you very much.

But we're happy with the launch it's a very powerful launch.

Speaker Change: Just on the foreign exchange headwind, which you alluded to of around 8%. It was at least a quite a bit more than my expectations in terms of the magnitude of the headwind. So could you just elaborate a little bit on what regions you saw the biggest impact.

Oscar Ronnkvist: Understood. Thank you very much.

Operator: The next question comes from Ed Young from Morgan Stanley. Please go ahead.

Please go ahead.

Speaker Change: To get a sense of the underlying growth in the different regions that.

Yeah.

Ed Young: Good morning. Your excitement about the product pipeline is very tangible Martin, but I think I'll save the questions on that products when we can see what you're so excited about. My first question, if it's the case on North America revenue, obviously it's a record revenue there and sort of finally going again, but its still a little bit below market growth rates. Is it the right way to read that? The RMG is seeing some market share losses, I think all the major supplies appear to be from the data we look at, given you've got some big new supply is coming in there. And therefore it's fair to say that live is growing about that level, is that fair way of interpreting North America growth? And how should we think about that dynamic heading into 2024? We're doing very well in line. And. I would also add to this today, we are doing great quarter four in North America, but we always say that the quarters are lumpy. It goes up clinical not so great quarter, we're doing very well.

Ed Young: Good morning. Your excitement about the product pipeline is very tangible Martin, but I think I'll save the questions on that products when we can see what you're so excited about.

Speaker Change: Do you have any comments there would be very helpful. Thank you.

Good morning, your excitement about the product pipeline is very tangible Martin, but I think I'll save the questions on that price when we can see what you will what youre talking about.

Speaker Change: We haven't broken it down by just one whats your expectation.

Martin Carlesund: Products coming, world is stable, more stable, and we are pushing forward. Exactly how that plays out in the percentage growth per quarter is very hard to say. If there are a couple of states regulating 25, it would mean a lot to US. If Brazil is coming out then it would mean a lot for Latin America, but we don't know exactly when that will happen.

Four.

Speaker Change: Yes.

Ed Young: My first question, if it's the case on North America revenue, obviously it's a record revenue there and sort of finally going again, but its still a little bit below market growth rates. Is it the right way to read that? The RMG is seeing some market share losses, I think all the major supplies appear to be from the data we look at, given you've got some big new supply is coming in there. And therefore it's fair to say that live is growing about that level, is that fair way of interpreting North America growth? And how should we think about that dynamic heading into 2024?

Okay, So it's a little bit different.

Mike.

Speaker Change: But it is an estimate them.

Sorry.

Last question, if it's the case on North America revenue obviously.

Speaker Change: Not not.

Speaker Change: Really the exact numbers.

Speaker Change: I guess on a similar level, so we haven't broken it down by region.

Our record revenue patterns that are fine.

Coming again, but it is still a little bit below market growth rates.

Speaker Change: Alright understood.

Ed Young: The RMG is seeing some market share losses, I think all the major supplies appear to be from the data we look at, given you've got some big new supply is coming in there. And therefore it's fair to say that live is growing about that level, is that fair way of interpreting North America growth? And how should we think about that dynamic heading into 2024?

Ed Young: The RMG is seeing some market share losses, I think all the major supplies appear to be from the data we look at, given you've got some big new supply is coming in there.

Speaker Change: Just a final one just create some time launching the new West do you have any early indications do you see an increased activity in the lobby.

Is it the right way to read that the RMG is seeing some market share losses, I think all the major supplies appear to be from the data we look at given you've got some.

James Rowland Clark: Yeah. Thanks. That sounds promising. On your recruitment, you stepped up in the quarter. Why did you wait until late 2023 for this, like, big push on recruitment? Was it because the new studios wasn't in place or how should we think about that?

Martin Arnell: Yeah. Thanks. That sounds promising. On your recruitment, you stepped up in the quarter. Why did you wait until late 2023 for this, like, big push on recruitment? Was it because the new studios wasn't in place or how should we think about that?

Speaker Change: We are.

New supply is coming in there and therefore, it's fair to say that life is growing.

Speaker Change: It is a little bit too early to give them an indication of lobbying rather I mean, but we're happy with the launch it's a very powerful launch.

Ed Young: And therefore it's fair to say that live is growing about that level, is that fair way of interpreting North America growth? And how should we think about that dynamic heading into 2024?

That level is that fair way of interpreting most of our growth and how should we think about that dynamic heading into 2024.

Speaker Change: Understood. Thank you very much.

We're doing very well in line.

Martin Arnell: Yeah. It's not like we sat and wait, and then first of October we did what we were supposed to do, and you see the figure. Of course, we see that already in Q1, that we are sort of not where we want to be. There is a multitude of things. We didn't expand fast enough. We didn't have the capacity, and you want to balance that. Then we built out and moved up to the area, and we expanded in existing studios, and we got it going slowly bit by bit. Now you see the effects of that. So there's many things to do. Don't forget that when we indicate even on a EUR 94 million investment, it's a lot of investments, a lot of build up, a lot of things to do.

Martin Carlesund: Yeah. It's not like we sat and wait, and then first of October we did what we were supposed to do, and you see the figure. Of course, we see that already in Q1, that we are sort of not where we want to be. There is a multitude of things. We didn't expand fast enough. We didn't have the capacity, and you want to balance that. Then we built out and moved up to the area, and we expanded in existing studios, and we got it going slowly bit by bit. Now you see the effects of that. So there's many things to do. Don't forget that when we indicate even on a EUR 94 million investment, it's a lot of investments, a lot of build up, a lot of things to do.

And.

Martin Carlesund: We're doing very well in live and I would also add to this that we are doing a great quarter, Q4 in North America, but we always say that the quarters are lumpy. It goes up and it goes down, it's a great quarter, we're doing very well in live and then how exactly the market chatter will play out it's, I think that we are doing okay for the full year and a little bit better [Inaudible] in Q4. You broke up a bit I think.

Martin Carlesund: We're doing very well in live and I would also add to this that we are doing a great quarter, Q4 in North America, but we always say that the quarters are lumpy.

I would also add to this today, we are doing great quarter four in North America, but we always say that the quarters are lumpy.

Speaker Change: The next question comes from Ed Young from Morgan Stanley.

Ed Young: Please go ahead.

Good morning.

It goes up clinical not so great quarter, we're doing very well.

Ed Young: Yeah.

Martin Carlesund: It goes up and it goes down, it's a great quarter, we're doing very well in live and then how exactly the market chatter will play out it's, I think that we are doing okay for the full year and a little bit better [Inaudible] in Q4. You broke up a bit I think.

Ed Young: Good morning, your excitement about the product pipeline is very tangible Martin, but I think I'll save the questions on that price when we can see what you will what youre. So excited about.

Ed Young: And then how exactly the market chatter will play out.

I think that we are doing okay for the full year. The better located in Q4. Okay. You broke up a bit I think.

Ed Young: Mike.

The better located in Q4.

Mike: My first question if it's the case on North America revenue obviously.

Mike: Record revenue patterns that are finally, coming again, but it is still a little bit below market growth rates.

Okay.

You broke up a bit I think.

Martin Carlesund: Coming into 2024, we're aggressively pushing towards 100,000, and there's a lot of build up. Sometimes it takes a little bit longer. There's someone that is going to deliver something, they don't deliver. As you probably all know that from renovating a bathroom at home or something like that sometimes unforeseen things make it take time.

Ed Young: Sorry can you hear me now? So second question is on capacity growth. You made repeated comments during the call about accelerating head count and four new studios, you also opened Bulgaria at the end of last year, which I assume it's sort of an empty box right now to be filled. And Jcob you made a comment about raising the Capex back up to the 120 that you didn't get through this year, I guess when you say you added 300 tables, does that say that you expect to add more than that in 2024? And can you, perhaps talk a little bit about the bit that's hard for us to see which is addition of new studios versus the sort of ramp within them. So how should we think about table ramping generally through the year? Thanks.

Ed Young: Sorry can you hear me now? So second question is on capacity growth.

Mike: Is it right way to read that the R&D is seeing some market share losses, I think all the major supplies appear to be from the data we look at given you've got some.

So second question is on capacity growth.

Ed Young: You made repeated comments during the call about accelerating head count and four new studios, you also opened Bulgaria at the end of last year, which I assume it's sort of an empty box right now to be filled. And Jcob you made a comment about raising the Capex back up to the 120 that you didn't get through this year, I guess when you say you added 300 tables, does that say that you expect to add more than that in 2024? And can you, perhaps talk a little bit about the bit that's hard for us to see which is addition of new studios versus the sort of ramp within them. So how should we think about table ramping generally through the year? Thanks.

You made repeated comments during the call about.

Accelerating head count and four New studios.

Mike: No big New supply is coming in there.

Mike: And therefore, it is fair to say that life is growing above that level is that fair way of interpreting growth and how should we think about that dynamic heading into 2024.

In Bulgaria at the end of last year, which I assume it's sort of an empty box right now to be filled.

Ed Young: And Jcob you made a comment about raising the Capex back up to the 120 that you didn't get through this year, I guess when you say you added 300 tables, does that say that you expect to add more than that in 2024? And can you, perhaps talk a little bit about the bit that's hard for us to see which is addition of new studios versus the sort of ramp within them. So how should we think about table ramping generally through the year? Thanks.

Martin Arnell: Okay. Thank you. My final question, maybe to you, Jacob. You had this -8% FX effect in the quarter. Based on the current spot rates, when do you expect FX to be zero year on year?

And.

Martin Arnell: Okay. Thank you. My final question, maybe to you, Jacob. You had this -8% FX effect in the quarter. Based on the current spot rates, when do you expect FX to be zero year on year?

Jay could you make a comment about.

Mike: Doing very well in line.

Raising the Capex back up to the 120 that you didn't get through this year I guess when you say you.

Mike: And.

Speaker Change: I would also add to this today. So we are doing a great quarter.

<unk> added 300 tables. This year is it fair to say that you expect to add more than that in 2024 and can you, perhaps talk a little bit about the.

Speaker Change: In North America, but we always state that the quarters are lumpy.

Ed Young: And can you, perhaps talk a little bit about the bit that's hard for us to see which is addition of new studios versus the sort of ramp within them. So how should we think about table ramping generally through the year? Thanks.

Ed Young: And can you, perhaps talk a little bit about the bit that's hard for us to see which is addition of new studios versus the sort of ramp within them.

Jacob Kaplan: Broadly speaking, I think the large movements were, let's say, Q3, Q4, Q1 of 2022, 2023. As we come into sort of Q2 and second half of it, if the rates, you know, in general, it's hundreds of different currencies and they all move a little differently, but then it should be less, I would say. You could say, I think also important to remember in this currency adjustment is that it's not that the rates from Q4 last year were the correct rates. I mean, some of these, you know, they might never go back to where they were a year ago. That, I wouldn't think of it like, aha, it should have been 25% growth. I mean, it's probably less than that.

It's hard for us to say, which is addition of NIS <unk> first is to sort of ramp within them. So how should we think about type of ramp and generally through the year. Thanks.

Speaker Change: It goes up clinical not so great quarter, we're doing very well in line.

Speaker Change: And.

Ed Young: So how should we think about table ramping generally through the year? Thanks.

Speaker Change: Then how exactly the market chatter will play out.

Speaker Change: I think that we are doing okay for the full year.

Martin Carlesund: Unfortunately, we don't guide exactly on the numbers of tables, but yes, we are increasing the pace of growth, we're adding four studios next year, and we're adding more capacity than last year, leading 2023. Unfortunately, I don't guide you on exactly how many but we are increasing the pace, and that's natural that's we have been a little bit behind during transit concentrate. We were not delivering to demand and we're facing out and we have a little bit of a backlog. So yes, we're increasing during 2024.

Speaker Change: And a little bit better in Q4.

Next year.

Speaker Change: Okay.

And we're adding more capacity than last year, leading fund III.

Speaker Change: You broke up a bit I think.

Martin Carlesund: Unfortunately, I don't guide you on exactly how many but we are increasing the pace, and that's natural that's we have been a little bit behind during transit concentrate. We were not delivering to demand and we're facing out and we have a little bit of a backlog. So yes, we're increasing during 2024.

Martin Carlesund: Unfortunately, I don't guide you on exactly how many but we are increasing the pace, and that's natural that's we have been a little bit behind during transit concentrate.

Speaker Change: Sorry can you hear me now yeah.

Unfortunately, I don't guide you on exactly how many but we are increasing the pace.

Speaker Change: So second question is on capacity growth.

Speaker Change: He made repeated comments during the call about.

And that's natural as we have been a little bit behind during transit concentrate we were not delivering to demand and we're pacing up and we have a little bit of a backlog. So yes, increasing during the month.

Martin Carlesund: We were not delivering to demand and we're facing out and we have a little bit of a backlog. So yes, we're increasing during 2024.

Speaker Change: Accelerating head count and full new studios.

Jacob Kaplan: Yeah, it's an attempt to sort of illustrate a bit. To answer your question, I would say towards Q2 at the current level, I think we should see less of a headwind than what we're doing in Q3, Q4.

Speaker Change: Bulgaria at the end of last year, which I assume is sort of an empty box right now to be filled.

Hello.

Ed Young: Okay, and then finally, you give your sort of annual disclosure on customer concentration. It looks like ready to it just is in a similar shape to how it was maybe five years ago in terms of your top one two to five customers et cetera. Do you think Thats the case? Given some of those largest customers will inevitably be [Inaudible] Do you think that's the case for disclosing that data on an operating level basis, which might show more of a sort of underlying diversification or also the concentration if you like within the business? Is that something that you would perhaps consider or are you just going to stick with what you get and which probably looks more concentrated than I guess it probably is underlying?.

Speaker Change: Jacob you made the comment about <unk>.

Speaker Change: Raising the Capex back up to 120 that you didn't get to this year I guess when you say.

Martin Arnell: Okay. Thank you, guys.

It looks like ready to it just isn't a similar shape to how it was maybe five years ago in terms of your top one two to five customers et cetera.

Jacob: It's 300 tables. This year is it fair to say that you expect to add more than that in 2024 and can you, perhaps talk a little bit about the.

Operator: The next question comes from Amar Galijasevic from Carnegie. Please go ahead.

Ed Young: Do you think Thats the case? Given some of those largest customers will inevitably be [Inaudible] Do you think that's the case for disclosing that data on an operating level basis, which might show more of a sort of underlying diversification or also the concentration if you like within the business? Is that something that you would perhaps consider or are you just going to stick with what you get and which probably looks more concentrated than I guess it probably is underlying?.

Do you think Thats the case, given some of those largest customers will inevitably be.

Jacob: It's hard for us to say, what Chase addition of new studios versus the sort of ramp within them. So how should we think about table ramp and generally through the year. Thanks.

<unk> do you think it was the case for disclosing that data on an operating level basis, which might show more of a sort of underlying diversification also the concentration if you like within the business is that something that you would perhaps consider or are you just going to stick with stick with what you get in which which probably looks more concentrated than I guess it probably is underneath.

Amar Galijasevic: Good morning, guys. Just, like, two questions from me here. One on the Latin American revenue here in Q4. I know you said that revenue over quarters is lumpy, and it's expected to be in the future as well. But I guess Q4 is a seasonally strong quarter. If you could just provide us with some more color on what's happening in Latin America in Q4, and just, you know, how to reason about the quarters in 2024.

Speaker Change: Unfortunately, we don't guide exactly on the numbers.

Ed Young: Is that something that you would perhaps consider or are you just going to stick with what you get and which probably looks more concentrated than I guess it probably is underlying?.

Speaker Change: Hey, Buzz, but yes, we are increasing the pace of growth, we're adding force do deals next.

Buzz: Next year.

Hi.

Buzz: And we're adding more capacity than that year, meaning three.

Okay.

Martin Carlesund: I mean, they are our customers, and to stretch over our customers and going to make their revenue split. I don't see that, at least not currently, that's the answer on that. And naturally some aggregate will be taking and there will also be other operators that are big.

Martin Carlesund: I mean, they are our customers, and to stretch over our customers and going to make their revenue split. I don't see that, at least not currently, that's the answer on that.

Buzz: Fortunately I don't guide you on exactly how many but we are increasing the pace.

Martin Carlesund: Good question. Yes. Brazil is 60% of Latin America. They are regulating in December. Prior to regulation, there is always a little bit of, let's say, uncertainty on the market, and someone might withdraw, and there might be changes on the market, and those effects you could see there.

Going to make their revenue split.

Buzz: And that's natural as we have been a little bit behind during transit concentrate we work.

Not see that at least not currently.

That's down from there.

Martin Carlesund: And naturally some aggregate will be taking and there will also be other operators that are big.

Martin Carlesund: naturally some aggregate will be taking and there will also be other operators that are big.

Buzz: Not delivering to demand and we're pacing up and we have a little bit of a backlog so yes, increasing viewing.

And naturally some.

Some aggregate there will be big and there will also be other operators that are baked.

Speaker Change: Thanks, Paul.

Paul: Okay, and then finally you.

Ed Young: Okay. Thank you. Thank you.

Speaker Change: You're all set of annual disclosure on customer concentration.

Yeah.

Speaker Change: It looks like really that this isn't a similar shape to what it was maybe five years ago in terms of your top one two to five customers et cetera.

Operator: The next question comes from James Rowland Clark from Barclays. Please go ahead.

Amar Galijasevic: Okay, understood. Pretty much expecting no change pre-Q4 2024 kind of like share growth, but you know, that-

Please go ahead.

Speaker Change: Do you think Thats the case, given some of those largest customers will inevitably be applicators do you think was the case for disclosing that data on an operating level basis, which might show more of a sort of underlying.

James Rowland Clark: Hi, good morning, everyone. My first question is just on current trends in Asia, I'd really like to talk about it. But given all the product's investment has gone in the back half of the fourth quarter in creating Crazy Times which you obviously mentioned a lot. Can you help us with a sort of sense as to whether that has accelerated your groups [Inaudible] trends?

James Rowland Clark: Hi, good morning, everyone.

James Rowland Clark: My first question is just on current trends in Asia, I'd really like to talk about it. But given all the product's investment has gone in the back half of the fourth quarter in creating Crazy Times which you obviously mentioned a lot. Can you help us with a sort of sense as to whether that has accelerated your groups [Inaudible] trends?

Martin Carlesund: Come again. I didn't catch that.

Good morning, good morning.

My first question is just on.

Amar Galijasevic: Yeah, no. Just so that effect of some operators withdrawing, et cetera, will persist kind of throughout 2024. Is that correct?

Current trends in Asia really talk about it but given all of the products investment has gone in the back half.

Speaker Change: Suffocation or sort of concentration if you like within the business is that something that you would perhaps consider or you just going to stick with stick with what you get in which which probably looks more concentrated than I guess it probably is underlying.

Third quarter U K Crazy times, you can see.

Martin Carlesund: I think that it's very. I would rather put it like this. It's a bit hard to predict exactly what would happen in Brazil right now as it's regulating, and everyone is waiting for exactly how we are going to act on that and potentially with the studio and everything like that. I don't think that there would be any more withdrawals or so on, but it's a bit of an uncertainty on the market right now, which I assume will settle towards the middle of the year, maybe a little bit earlier or so.

Mentioned, a lot can you help us with sort of sense as to whether that has accelerated.

James Rowland Clark: Can you help us with a sort of sense as to whether that has accelerated your groups [Inaudible] trends?

Price trends.

Speaker Change: Okay.

Martin Carlesund: You mean, how the first quarter of 2024 has started? or to that.

Speaker Change: I mean, they are our customers and to stretch over our customers.

James Rowland Clark: Well, Exactly yes.

Speaker Change: I'm going to make their revenue split I don't see that at least not currently.

Jacob Kaplan: We haven't made any statement on that, so there is no, we don't we don't have any comment on the current, it's still so early in the quarter. But as Martin mentioned, I mean, if we look for the full year 2023, our product releases were a little bit towards the second half of the year, so of course some of those products are maybe still ramping up by after they fully rolled out but they can still develop and contribute so. That's a general answer, but we haven't made any statements on the first couple of weeks of the quarter.

Jacob Kaplan: We haven't made any statement on that, so there is no, we don't we don't have any comment on the current, it's still so early in the quarter.

Speaker Change: That's down from there.

Speaker Change: And naturally.

As Martin mentioned I mean, if we look for.

Speaker Change: Some aggregate there will be big and they will also be other operators that are baked.

Jacob Kaplan: But as Martin mentioned, I mean, if we look for the full year 2023, our product releases were a little bit towards the second half of the year, so of course some of those products are maybe still ramping up by after they fully rolled out but they can still develop and contribute so. That's a general answer, but we haven't made any statements on the first couple of weeks of the quarter.

For the full year 2023, our product releases were a little bit towards the second half of the year. So of course some of those products are.

Amar Galijasevic: Okay. Thanks. That's very helpful. There's just one final question to Jacob here, again, on the margin guidance. If I'm not mistaken, you said that H1 will be weaker in terms of margin than H2. If I'm not mistaken, you said that H1 perhaps would be, you know, at the bottom end of the 2024 guidance. I'm just.

Speaker Change: Okay. Thank you. Thank you.

Yeah.

Maybe still ramping up slowly.

Fully rolled out.

Speaker Change: The next question comes from James Rowland Clark from Barclays.

They can still develop and contribute so.

Jacob Kaplan: That's a general answer, but we haven't made any statements on the first couple of weeks of the quarter.

That's a general answer, but we haven't made any statements on the first couple of weeks ago before.

Speaker Change: Please go ahead.

Speaker Change: Hi, good morning, everyone.

Speaker Change: Good morning. Good morning. My first question is just on <unk>.

Jacob Kaplan: Yeah.

James Rowland Clark: Okay, thank you. And then and then on the demand supply imbalance that in the statement you say its in a better place, I guess. When do you think it might be in the right place, or maybe you're thinking is there already?

Amar Galijasevic: Trying to understand why that is.

Jacob Kaplan: That's totally what I said. I mean, basically we've given the range 69% to 71% for the full year, and beginning of the year will be in the lower end of the range. That's what we said, due to the, you know, lot of expansion and what we talked about earlier. We won't sort of give guidance on quarter by quarter, but just to give you a feel for how we see the year, that's how we look at it.

And then and then on the demand supply imbalance in the statement you say it in a better place.

Speaker Change: Current trends in Asia.

Speaker Change: <unk> cloud as Scott given all the product investment has gone in the back half of the fourth quarter Crazy times you can see.

I guess.

When do you think it might be in the right place or maybe you're thinking is there already.

Speaker Change: And a lot can you help us with sort of sense as to whether that has accelerated.

Martin Carlesund: We are close to that, we will expand a little bit more and we will increase the pace on a couple of quarters and we'll probably been maybe even oversupplying. But we are close to a good place right now.

We will expand a little bit more and we will increase the pace on a couple of quarters <unk>, probably been maybe even oversupply, but.

Speaker Change: Great trends.

Speaker Change: You mean, how the first quarter of 'twenty four has stopped the or to that.

We are close to a good place right now.

Amar Galijasevic: Yeah. Just a follow-up on that, looking at my numbers, kind of even with the step up in operating costs and investments throughout 2024, it sounds like, you know, let's play with the number of 69.5 in the beginning and 70.5 in the end. It's just a big swing for a couple of quarters. Does that indicate that, you know, you're also expecting, let's say, sales to be slightly slower in H1 and then accelerate in H2 as well? If you get my question? Oh, thank you.

Speaker Change: Exactly yes, yes, okay.

James Rowland Clark: Great, thank you. And then my final one is just on the on the margin guidance, last in 2023 was 68% to 71% and now 69% to 71% so you've narrowed it, and you have mentioned the heavy level of investments in expansion thats going into 2024. So I just wanted to get a feel of your conviction on that range and why you have heightened it when you're putting so much investment into the year? Any color around that would be very helpful.

James Rowland Clark: Great, thank you.

Speaker Change: We haven't made any statement on that so that there's no. We don't we don't have any comment on the clinical it's still so early in the quarter, but as Martin mentioned I mean, if you look for.

James Rowland Clark: And then my final one is just on the on the margin guidance, last in 2023 was 68% to 71% and now 69% to 71% so you've narrowed it, and you have mentioned the heavy level of investments in expansion thats going into 2024. So I just wanted to get a feel of your conviction on that range and why you have heightened it when you're putting so much investment into the year? Any color around that would be very helpful.

It lost in 2023, it was 68% to 71% to <unk> 69 to 71 cents a narrowed it.

Speaker Change: For the full year 2023, our product reduces learn a bit towards the second half of the year. So of course some of those products are.

And you have mentioned the.

The heavy level of investment in expansion Thats going into 2024. So I just wanted to get a feel of your conviction on that range and why you have.

James Rowland Clark: So I just wanted to get a feel of your conviction on that range and why you have heightened it when you're putting so much investment into the year? Any color around that would be very helpful.

Speaker Change: Yes.

Speaker Change: Maybe still ramping up but yes, there will fully rolled out.

Jacob Kaplan: I get your question, but I don't think I'm able to answer honestly. It's a lot of things, of course. I mean, mainly what we control is mainly sort of how we invest and how we expand. There we know we have a lot of activity probably throughout the year, but, you know, especially in H1. That's kind of the basis of my comment. How top line develops, that we'll see. It's like I said, the main priority is top line growth always and the margin. We do give the margin guidance, but it's not. Yeah, it's more to give you an indication of how we see it right now than.

Speaker Change: Can still develop them and contribute so.

When you're putting so much investment into the year.

Speaker Change: That's a general answer, but we haven't made any statement.

Any color around that would be very helpful.

Speaker Change: The first couple of weeks ago before.

Yes. <unk>.

Speaker Change: Okay. Thank you.

<unk>.

Jacob Kaplan: I think that we are in a good margin level, I mean we delivered 70.5%, 70,9% in the quarter, so we're very, we're happy with that. And the incremental modern is, as the margin is that the time of course over 70.5, but now we're coming into an investment phase and we're going to do going to do even more. So if we stay with that with the guidance of about 69% to 71% the 1% that we added was more added last year as a result of the instability and uncertainty with inflation and the interest rates and everything else. So we're just narrowing it back to the 3% that we were before. I think it might look more scientific than it actually is we normally we used to give like a 2% or three. Ranch and then we widened it does more than just that. Go back to what we did before.

Jacob Kaplan: I think that we are in a good margin level, I mean we delivered 70.5%, 70,9% in the quarter, so we're very, we're happy with that.

Speaker Change: And then on the demand supply imbalance in the statement you say is it at that.

We are in a good margin level.

We delivered 70, 579% in the quarter.

Speaker Change: Base.

Speaker Change: I guess.

We're happy with that.

Speaker Change: When do you think it might be in the right place, where maybe you think is there already.

Jacob Kaplan: And the incremental modern is, as the margin is that the time of course over 70.5, but now we're coming into an investment phase and we're going to do going to do even more. So if we stay with that with the guidance of about 69% to 71% the 1% that we added was more added last year as a result of the instability and uncertainty with inflation and the interest rates and everything else. So we're just narrowing it back to the 3% that we were before.

Jacob Kaplan: And the incremental modern is, as the margin is that the time of course over 70.5, but now we're coming into an investment phase and we're going to do going to do even more.

And the incremental modern SaaS as the margin isn't at the time of course over 70 fiber, but now we're coming into an investment phase and we're going to do going to do even more so so if we stay with that with the guidance of about 69% due on the 1% that we added was more added last year as a result of the.

Speaker Change: We are close to that we are.

Speaker Change: We will expand the bit more and we will increase the pace on a couple of quarters and will probably be.

Jacob Kaplan: So if we stay with that with the guidance of about 69% to 71% the 1% that we added was more added last year as a result of the instability and uncertainty with inflation and the interest rates and everything else. So we're just narrowing it back to the 3% that we were before.

Speaker Change: Maybe even oversupply, but.

Speaker Change: We are close to a good place right now.

Amar Galijasevic: Okay.

Jacob Kaplan: Yeah. Hope that helps.

Instability and uncertainty.

Amar Galijasevic: Okay. Thank you very much. That's all for me.

Speaker Change: Great. Thank you and then my final one is just on the on the margin guidance.

<unk> on the interest rates and everything else. So we just narrowing it back to the 3% when we were before.

Jacob Kaplan: Thank you.

Jacob Kaplan: So we're just narrowing it back to the 3% that we were before.

Speaker Change: It lost in 2023, it was 68% to 71% to <unk>, 69% to 71% say narrowed it.

Operator: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Unknown: I think it might look more scientific than it actually is, we normally we used to give like a 2% or 3% range and then we widened it does more than just that. Go back to what we did before.

I think it might look more scientific than it actually is we normally we used to give like a 2% or three.

And you have mentioned.

The heavy level of investment in expansion Thats going into 2024. So I just wanted to get a feel of your conviction on that range and why you have.

Ranch and then we widened it does more than just that.

Jacob Kaplan: Thank you very much for participating. Pleasure to talk to you and answer your questions. See you soon again. Thank you.

Go back to what we did before.

James Rowland Clark: Okay. Thank you very much. Okay. Yeah.

Speaker Change: Heightened when you're putting so much investment into the year.

Okay.

Yeah.

Speaker Change: Any color around that would be very helpful.

Speaker Change: Yes.

Operator: The next question comes from Kiranjot Grewal from BofA. Please go ahead.

I think that.

Speaker Change: The.

Speaker Change: We are in a good margin level I mean, we delivered 70, 579% in the quarter.

Please go ahead.

Kiranjot Grewal: Hey, Good morning guys, just a couple of questions from me. Firstly can I just go back to North America, I mean growth seems still relatively low there, what's behind the softness? Is there something more technical in there? Maybe lapping of initial fees for example, that is making the growth a bit lower? Some color on that. The second question is around Asia. Asia growth still looks strong but slowing slightly quarter on quarter. What's behind the slowdown? And do you think anything had to do with Macau's recovery that could be impacting the Asia performance? And then the last question is around that step up in recruitment in Q4, I think that was really encouraging to see. What's behind the expansion what it'd be fixed? Is it just the fact that this new studio is coming out now in different regions that's helping you? Or is this something else? Thank you.

Kiranjot Grewal: Hey, Good morning guys, just a couple of questions from me.

We're happy with that.

Speaker Change: The incremental modern SaaS as the margins and at the time of course over 75, but now we're coming into an investment phase and we're going to do even more so so if we stay with that with the guidance of about 69% due on the 1% that we added was more added last year as a result of the.

Kiranjot Grewal: Firstly can I just go back to North America, I mean growth seems still relatively low there, what's behind the softness? Is there something more technical in there? Maybe lapping of initial fees for example, that is making the growth a bit lower? Some color on that. The second question is around Asia. Asia growth still looks strong but slowing slightly quarter on quarter. What's behind the slowdown? And do you think anything had to do with Macau's recovery that could be impacting the Asia performance? And then the last question is around that step up in recruitment in Q4, I think that was really encouraging to see. What's behind the expansion what it'd be fixed? Is it just the fact that this new studio is coming out now in different regions that's helping you? Or is this something else? Thank you.

Firstly can I just go back to North America, I mean growth seems still relatively low what's behind the softness is there something more technical Linda maybe lapping of initial fees. For example that is making the growth Noah some color on that.

Kiranjot Grewal: The second question is around Asia. Asia growth still looks strong but slowing slightly quarter on quarter. What's behind the slowdown? And do you think anything had to do with Macau's recovery that could be impacting the Asia performance? And then the last question is around that step up in recruitment in Q4, I think that was really encouraging to see. What's behind the expansion what it'd be fixed? Is it just the fact that this new studio is coming out now in different regions that's helping you? Or is this something else? Thank you.

Kiranjot Grewal: The second question is around Asia. Asia growth still looks strong but slowing slightly quarter on quarter. What's behind the slowdown?

Speaker Change: Instability and uncertainty.

The second question is around Asia.

Speaker Change: Inflation on the interest rates and everything else. So we just narrowing it back to the 3% when we were before.

<unk> still looks strong but slowing slightly.

Kiranjot Grewal: And do you think anything had to do with Macau's recovery that could be impacting the Asia performance? And then the last question is around that step up in recruitment in Q4, I think that was really encouraging to see. What's behind the expansion what it'd be fixed? Is it just the fact that this new studio is coming out now in different regions that's helping you? Or is this something else? Thank you.

Quarter on quarter.

What's behind the slowdown and do you think anything to do with Macau is recovery that could be impacting the Asia performance.

Speaker Change: I think it might look more scientific than it actually is.

Speaker Change: We normally we used to give like a 2%.

Speaker Change: I can say ranch and then we might have missed this multi step so just.

And then the last question is around that step up paying recruitment in Q4, I think that was really encouraging to see.

Speaker Change: Go back to what we did before.

Kiranjot Grewal: What's behind the expansion what it'd be fixed? Is it just the fact that this new studio is coming out now in different regions that's helping you? Or is this something else? Thank you.

Speaker Change: <unk>.

Speaker Change: Okay. Thank you very much thank.

What's behind the expansion what it'd be fixed is it just the fact that this new studio is coming out now in different regions. That's helping you is there something else. Thank you.

Speaker Change: Thank you.

Speaker Change: The next question comes from Kevin Sterling from Buffet.

Martin Carlesund: Yes let's talk a little bit on the on the growth in North America. I'm very happy with it, I'm pleased with the quarter, we grow 8% quarter on quarter, and I think that is a good bump up in North America. So the total for the year is 20%, could we all do a little bit better, we had a couple of quarters which weren't as good, but I am happy with Q4. So, Q4 good, I don't see that soft. So when it comes to Asia, it's a very large market, also that this is a bit lumpy, but with the size that we have, we're growing 30%-40%, so that is significant, and I'm also happy with that, so that's how I look at it. When it comes to the pace up of recruitment, we were a little bit slower in investment didn't get [Inaudible] for one parameter of course is that we are growing in new places, we added Bulgaria of course and we added the capacity [Inaudible] studios. And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

Kevin Sterling: Please go ahead.

Yeah.

Kevin Sterling: Hey, good morning, guys.

8% quarter on quarter, and I think that is a good bump up in North America.

Kevin Sterling: A couple of questions from me.

Kevin Sterling: Firstly can I just go back to North America, I mean growth seems still relatively low.

The total for the year is 20%.

Martin Carlesund: So the total for the year is 20%, could we all do a little bit better, we had a couple of quarters which weren't as good, but I am happy with Q4. So, Q4 good, I don't see that soft. So when it comes to Asia, it's a very large market, also that this is a bit lumpy, but with the size that we have, we're growing 30%-40%, so that is significant, and I'm also happy with that, so that's how I look at it. When it comes to the pace up of recruitment, we were a little bit slower in investment didn't get [Inaudible] for one parameter of course is that we are growing in new places, we added Bulgaria of course and we added the capacity [Inaudible] studios. And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

Martin Carlesund: So the total for the year is 20%, could we all do a little bit better, we had a couple of quarters which weren't as good, but I am happy with Q4.

It was a little bit that it will have a couple of quarters, which werent as good but I am happy with Q4.

Kevin Sterling: What's behind the softness is there something more technical Linda maybe lapping of initial fees for example, thus making the growth.

Q4, good no I don't see that soft so.

Martin Carlesund: So, Q4 good, I don't see that soft. So when it comes to Asia, it's a very large market, also that this is a bit lumpy, but with the size that we have, we're growing 30%-40%, so that is significant, and I'm also happy with that, so that's how I look at it. When it comes to the pace up of recruitment, we were a little bit slower in investment didn't get [Inaudible] for one parameter of course is that we are growing in new places, we added Bulgaria of course and we added the capacity [Inaudible] studios. And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

Martin Carlesund: So, Q4 good, I don't see that soft.

When it when it comes to.

Linda: Some color on that.

Martin Carlesund: So when it comes to Asia, it's a very large market, also that this is a bit lumpy, but with the size that we have, we're growing 30%-40%, so that is significant, and I'm also happy with that, so that's how I look at it. When it comes to the pace up of recruitment, we were a little bit slower in investment didn't get [Inaudible] for one parameter of course is that we are growing in new places, we added Bulgaria of course and we added the capacity [Inaudible] studios. And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

The Asia.

Linda: The second question is around Asia, Asia, grit still looks strong but slowing slightly.

It's a very large market. It also that this is a bit lumpy, but with the size that we have we were growing.

Linda: Later on quota.

Linda: What's behind the slowdown in do you think anything to do with Macau is recovery that could be impacting Asia performance.

So it's important to Samsung.

That is significant.

And.

I'm also happy with that so that's how I.

Martin Carlesund: When it comes to the pace up of recruitment, we were a little bit slower in investment didn't get [Inaudible] for one parameter of course is that we are growing in new places, we added Bulgaria of course and we added the capacity [Inaudible] studios. And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

Linda: And then the last question is around that stop paying recruitment in Q4, I think that was really encouraging to see.

I look at it when it comes to the the pace up over two months, we were a little bit.

Slower investment didn't get honestly the last for one pardon me too of course is that we are growing in new places we added Bulgaria for seven and were added.

Linda: What's behind the expansion what it'd be fixed is it just the fact that this new studio is coming out now in different regions. That's helping you is there something else. Thank you.

Martin Carlesund: And we also focused on sort of that we corrected some inefficiencies in the already existing studios, so it's a combination that we now go back to where we want to be, and it's not the situation where we fix this in one month in Q4. It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

And capacity announced studio and we also focused on sort of that.

Speaker Change: Yeah, let's talk a little bit on the on the go to North America, I'm very happy with it I am pleased with the quarter we grow.

Correct and some inefficiencies in the already existing studios.

Speaker Change: 8% quarter on quarter, and I think that is a good bump up in North America.

So it's a combination that we now go back to where we want to be and it's not that it's.

Speaker Change: The total for the year, 20% crude oil will do the best that we had a couple of quarters, which werent as good but I am happy with Q4.

Martin Carlesund: It's, of course, we know this when we were already in Q1 and it takes a little while to change it, and thats also why it takes a little while before we are exactly where we want to be, even if we're close to that level right now.

It is not.

Situation, where we fix it in one month in Q4.

Of course, we know this way we were already in Q1 and it takes a little while to change it and Thats also why it takes a little while.

Speaker Change: Q4, good no I don't see that soft so.

Before we are exactly where we want to be even if we're close to that level right now.

Speaker Change: When it comes to.

Speaker Change: The Asia.

Speaker Change: It's a very large market. It also that this is a bit lumpy, but with the size that we have we were growing 30, 40% on that.

Kiranjot Grewal: Got it thank you.

Operator: The next question comes from Martin Arnell from DNB markets. Please go ahead.

Speaker Change: That is significant.

Speaker Change: I'm also happy with that so that's how I E.

Please go ahead.

Martin Arnell: Thank you good morning, guys. My first question is, this the second consecutive quarter with underlying line growth stabilizing. Do you think that the initiatives you have taken so far is enough to avoid a deceleration of line growth in 2024?

Martin Arnell: Thank you good morning, guys. My first question is, this the second consecutive quarter with underlying line growth stabilizing.

Speaker Change: Look at it when it comes to the the pace up over two months, we were a little bit.

Good morning.

My first question is.

Speaker Change: Slow on the investment Didnt get honestly disaster, one pardon me too of course is that we are growing in new places we added Bulgaria for seven.

This is the second consecutive quarter with underlying life growth stabilizing.

Martin Arnell: Do you think that the initiatives you have taken so far is enough to avoid a deceleration of line growth in 2024?

Do you think that the initiatives you have taken so far nice enough to avoid a deceleration of <unk> growth in 2024.

Speaker Change: And capacity not the studio and we also focused on sort of that.

Jacob Kaplan: We don't guide on the growth of live 2024, but I am a firm believer that we are doing exactly the right thing for the market, we're pushing it and now we see Brazil is coming and we are seeing clients are regulating all states in the United States. We see opportunity to see growth in Europe on the on the securities, on a level which we haven't seen before so, I'm full of confidence and that the growth runways is the same as before where maybe 80 to 85 or 86% of this the long list in the world and we're moving forward. And we see the first regulatory sign in Asia where Philippines is regulated, so I'm very optimistic, products coming, world is stable, more stable and we are pushing forward. Exactly how that plays out in the percentage growth per quarters is very very hard to say. If there are a couple of states regulate in 25, it would mean a lot to U.S. If Brazil is coming out and it would mean a loss for Latin America, but we don't know exactly when that will happen.

Speaker Change: Correct and some inefficiencies in the already existing.

Yeah.

We don't have I don't know we don't.

We don't guide on the growth of live tons accounted for but I am a firm believer that we are doing exactly the right thing for the market pushing against them and now we see Brazil as Com name and we are seeing clients are recognizing all states in Canada.

Speaker Change: So it's a combination that we're now back to where we want to be and it's not that it's not the.

Speaker Change: The situation, where we fix it in one month in Q4.

Speaker Change: Of course, we know this way we were already in Q1 and it takes a little while to change it and Thats also why it takes a little bit.

Jacob Kaplan: We see opportunity to see growth in Europe on the on the securities, on a level which we haven't seen before so, I'm full of confidence and that the growth runways is the same as before where maybe 80 to 85 or 86% of this the long list in the world and we're moving forward. And we see the first regulatory sign in Asia where Philippines is regulated, so I'm very optimistic, products coming, world is stable, more stable and we are pushing forward. Exactly how that plays out in the percentage growth per quarters is very very hard to say. If there are a couple of states regulate in 25, it would mean a lot to U.S. If Brazil is coming out and it would mean a loss for Latin America, but we don't know exactly when that will happen.

The United States, we see opportunity to see growth in Europe on the on the securities on a level, which we haven't seen before so.

Speaker Change: Before we are exactly where we want to be even if we're close to that level right now.

Speaker Change: Got it thank you.

I'm full of confidence in that.

Growth runways to say mass before works, maybe 80 to 85 or 86% of this the long list in the world and we're moving forward and we see the first regulatory science in a shower Philippines is regulated.

Speaker Change: The next question comes from Martin <unk> from Dnb markets.

Jacob Kaplan: And we see the first regulatory sign in Asia where Philippines is regulated, so I'm very optimistic, products coming, world is stable, more stable and we are pushing forward. Exactly how that plays out in the percentage growth per quarters is very very hard to say. If there are a couple of states regulate in 25, it would mean a lot to U.S. If Brazil is coming out and it would mean a loss for Latin America, but we don't know exactly when that will happen.

Jacob Kaplan: And we see the first regulatory sign in Asia where Philippines is regulated, so I'm very optimistic, products coming, world is stable, more stable and we are pushing forward.

Martin: Please go ahead.

Hum.

Martin: Good morning, guys good morning.

I'm very optimistic.

Martin: Alright.

Martin: My first question is.

Max coming wireless stable more stable.

Martin: This is the second consecutive quarter with underlying <unk> growth stabilizing.

Jacob Kaplan: Exactly how that plays out in the percentage growth per quarters is very very hard to say. If there are a couple of states regulate in 25, it would mean a lot to U.S. If Brazil is coming out and it would mean a loss for Latin America, but we don't know exactly when that will happen.

Jacob Kaplan: Exactly how that plays out in the percentage growth per quarters is very very hard to say. If there are a couple of states regulate in 25, it would mean a lot to U.S.

And we are pushing forward exactly how that plays out and the percentage growth per quarters is very very hard to say.

Speaker Change: Do you think that the initiatives you have taken so far is enough to avoid a deceleration of <unk> growth.

If there are a couple of states regulate the quantified it would mean a lot to U S.

Speaker Change: For 2024.

Speaker Change: Okay.

Jacob Kaplan: If Brazil is coming out and it would mean a loss for Latin America, but we don't know exactly when that will happen.

Speaker Change: Performance.

Speaker Change: We don't we don't.

If Brazil is coming out.

Speaker Change: We don't guide on the growth of live accounted for but I am firm believer that we are doing exactly the right thing for the market pushing against them and now we see <unk> com name and we are seeing signs of originating allstate's in.

You made a loss for Latin America, but we don't know exactly when that will happen.

Martin Arnell: Okay, Thanks that sounds promising. On your recruitment, you stepped up in the quarter. Why did you wait until late 2023 for this like big push on recruitment? Was it because the new studios wasn't in place? Or how should we think about that?

Martin Arnell: Okay, Thanks that sounds promising.

Martin Arnell: On your recruitment, you stepped up in the quarter. Why did you wait until late 2023 for this like big push on recruitment? Was it because the new studios wasn't in place? Or how should we think about that?

Martin Arnell: On your recruitment, you stepped up in the quarter.

On.

Youll recruitment you stepped up.

Martin Arnell: Why did you wait until late 2023 for this like big push on recruitment? Was it because the new studios wasn't in place? Or how should we think about that?

In the quarter.

Why did you wait until late 'twenty two 'twenty three for this like big push on the crude.

Speaker Change: In the United States, we see opportunity, we'll see growth in Europe on the on the securities on the left which we haven't seen before so.

The New studios, Washington place or how should we think about that.

Martin Carlesund: It's not like we sat and wait and then 1st of October we did what was supposed to do when you see the beginning. Of course we see that already in Q1, but we are sort of not where we want to be, and there is a multitude of things, we didn't expand person if we didn't have the capacity, and you want to balance that, and that was built out and move up the area and we expanded on existing studios and we got it going slowly bit by bit, and now you see the effects of that. So there's many things to do, and don't forget that when we indicate, even on a $94 million euro investment, it's a lot of investments, a lot of built up, and lots of things to do. And coming into 2024 we're aggressively pushing towards [Inaudible] and there's a lot of buildup. Sometimes it takes a little bit longer, some of it is going to deliver, somethings that don't deliver, and as you probably won't know that from renovating, invest a form or something like that, but sometimes unforeseen things. make it take time.

Martin Carlesund: It's not like we sat and wait and then 1st of October we did what was supposed to do when you see the beginning.

It's not like it's not like with Satcom waste and done first of October with did was supposed to do when you see the beginning of.

Speaker Change: I'm full of comp.

Speaker Change: The growth runways to say mass before works, maybe age 85 or 86% is the long list in the world and we're moving forward and we see the first regulatory signs in Asia, where Philippines is regulated.

Martin Carlesund: Of course we see that already in Q1, but we are sort of not where we want to be, and there is a multitude of things, we didn't expand person if we didn't have the capacity, and you want to balance that, and that was built out and move up the area and we expanded on existing studios and we got it going slowly bit by bit, and now you see the effects of that. So there's many things to do, and don't forget that when we indicate, even on a $94 million euro investment, it's a lot of investments, a lot of built up, and lots of things to do. And coming into 2024 we're aggressively pushing towards [Inaudible] and there's a lot of buildup. Sometimes it takes a little bit longer, some of it is going to deliver, somethings that don't deliver, and as you probably won't know that from renovating, invest a form or something like that, but sometimes unforeseen things. make it take time.

Of course, we see that already in Q1, but we are sort of not where we want to be and there is a multitude of things we didn't expand person that we didn't have the capacity and you want to balance that and that was built out and move up the gallium we expanded an existing citizens and we got it going slowly bit by bit and now you see the effects of.

Speaker Change: <unk>.

Speaker Change: I'm very optimistic products coming.

Speaker Change: This stable more stable and we are pushing forward.

Speaker Change: How that plays out into percentage growth per quarter is very very hard to say.

So.

There's many things to do and don't forget that when we indicate even on a $94 million of investment. It's a lot of investments a lot of built up a lot of things to do and coming into town for principal we aggressively pushing them and there's a lot of buildup.

Martin Carlesund: So there's many things to do, and don't forget that when we indicate, even on a $94 million euro investment, it's a lot of investments, a lot of built up, and lots of things to do. And coming into 2024 we're aggressively pushing towards [Inaudible] and there's a lot of buildup. Sometimes it takes a little bit longer, some of it is going to deliver, somethings that don't deliver, and as you probably won't know that from renovating, invest a form or something like that, but sometimes unforeseen things. make it take time.

Speaker Change: If there are a couple of states regulate big quantified it would mean a lot to U S.

Speaker Change: If Brazil is coming out.

Speaker Change: You made a loss for Latin America, but we don't know exactly when that will happen.

Martin Carlesund: And coming into 2024 we're aggressively pushing towards [Inaudible] and there's a lot of buildup. Sometimes it takes a little bit longer, some of it is going to deliver, somethings that don't deliver, and as you probably won't know that from renovating, invest a form or something like that, but sometimes unforeseen things. make it take time.

Sometimes it takes a little bit longer.

Speaker Change: Okay, Thanks that sounds promising.

Some of it is going to deliver something that don't deliver and you probably won't know that from our renovating and bathroom, a form or something like that but sometimes unforeseen things.

Speaker Change: On.

Speaker Change: Youll recruitment you stepped up.

Speaker Change: In the quarter.

Speaker Change: Why did you wait until late 'twenty two 'twenty three for this like big push on the crude.

Make it take time.

The New studios, Washington place or how should we think about that.

Martin Arnell: Okay, thank you, and my final question, maybe to Jacob. You had this negative 8% FX effect in the quarter. Based on the current spot rates, when do you expect FX to be a [Inaudible] year on year? But broadly speaking I think they are large movements were. Q3, Q4, Q1, 'twenty two 'twenty three so as we come into <unk>. Q2, and second half of it.

Speaker Change: Yes.

Speaker Change: It's not like it's not like we sat and waste and done first of October with deal was supposed to do when you see the beginning of course, we see that already in Q1, but we are sort of not where we want to be there is a multitude of things we didn't expand person that we didn't have the capacity and you want to balance that.

Had this negative 8% FX effect in the quarter based on the current spot rates. When do you expect FX to be a several year on year.

But broadly speaking I think they are large movements were.

Jacob Kaplan: Broadly speaking, I think they are large movements were, let's say Q3, Q4, Q1 over the 22-23, so as we come into Q2, in second half it's the, in in therms of it's hundred of different currencies under all normal efficiency. It should be less I would say. I think also important to remember in this currency adjustments is that, it's not that the rates from Q4 last year, where the correct rates. I mean some of this they might remember go back to where they were a year ago. So I wouldn't think of it like, it should have been 25% growth, I mean, it's probably less than that, but it's an attempt to sort of illustrate this. So to answer your question I would say towards Q2 at the current level I think we should see less of a headwind than what we're doing in Q3-Q4.

Q3, Q4, Q1, 'twenty two 'twenty three so as we come into <unk>.

Speaker Change: That was built up and move up the gallium we expanded an existing system and we've got it going slow a little bit by bit and now youll see the effects of that so.

Q2, and second half of it.

Great and John. Hundreds of different currencies under all normal efficiency. It should be less I would say. I think also important to remember in this currency adjustments et cetera, it's not that the rates from Q4 last year, where the correct rates. Some of this. You might remember. Go back to where they were a year ago. So. Yeah. I wouldn't think of it like. It should have been 25 in <unk>. Outgrowth, I mean, it's probably less than that. Yes, it's an attempt to sort of illustrate Atlas. So to answer your question I would say it towards Q2 at the current level I think we should see less leftover have wisdom and what we're doing in Q3 Q4.

Hundreds of different currencies under all normal efficiency.

Jacob Kaplan: It should be less I would say. I think also important to remember in this currency adjustments is that, it's not that the rates from Q4 last year, where the correct rates. I mean some of this they might remember go back to where they were a year ago. So I wouldn't think of it like, it should have been 25% growth, I mean, it's probably less than that, but it's an attempt to sort of illustrate this. So to answer your question I would say towards Q2 at the current level I think we should see less of a headwind than what we're doing in Q3-Q4.

Jacob Kaplan: It should be less I would say. I think also important to remember in this currency adjustments is that, it's not that the rates from Q4 last year, where the correct rates.

It should be less I would say.

Speaker Change: So there's many things to do and don't forget that when we indicate even on a $94 million of investment. It's a lot of investments a lot of build up a lot of things to do and coming into 'twenty principle, we aggressively pushing some of them.

I think also important to remember in this currency adjustments et cetera, it's not that the rates from Q4 last year, where the correct rates.

Jacob Kaplan: I mean some of this they might remember go back to where they were a year ago.

Some of this.

You might remember.

Go back to where they were a year ago. So.

Speaker Change: And there's a lot of buildup.

Jacob Kaplan: So I wouldn't think of it like, it should have been 25% growth, I mean, it's probably less than that, but it's an attempt to sort of illustrate this. So to answer your question I would say towards Q2 at the current level I think we should see less of a headwind than what we're doing in Q3-Q4.

Jacob Kaplan: So I wouldn't think of it like, it should have been 25% growth, I mean, it's probably less than that, but it's an attempt to sort of illustrate this.

Speaker Change: Sometimes it takes a little bit longer.

Yeah.

I wouldn't think of it like.

Speaker Change: Some of it is going to deliver something that don't deliver and you probably all know that from renovating and bathroom, a form or something like that but sometimes unforeseen things.

It should have been 25 in <unk>.

Outgrowth, I mean, it's probably less than that.

Jacob Kaplan: So to answer your question I would say towards Q2 at the current level I think we should see less of a headwind than what we're doing in Q3-Q4.

Yes, it's an attempt to sort of illustrate Atlas. So to answer your question I would say it towards Q2 at the current level I think we should see less leftover have wisdom and what we're doing in Q3 Q4.

Speaker Change: Make it take time.

Speaker Change: Okay. Thank you and my final question maybe to Jacob.

Jacob: This negative 8% FX effect in the quarter based on the current spot rate when do you expect FX to be a several year on year.

Martin Arnell: Okay. Thank you guys.

Operator: The next question comes from Amar Galijasevic from Carnegie. Please. Please go ahead.

Jacob: Broadly speaking I think they are large movements were Q3 Q4 Q1, 'twenty two 'twenty three so as we come into that.

Please go ahead.

Amar Galijasevic: Good morning, guys, just two questions from me here. One on the Latin American revenue here in Q4, I know you said that revenue over quarters is lumpy, and it's expected to be in the future as well. But I guess Q4 is a seasonally strong quarter, so if you could just provide us with some more color on what's happening in Latin America in Q4? And just how to reason about the quarters in 2024?

Amar Galijasevic: Good morning, guys, just two questions from me here.

Amar Galijasevic: One on the Latin American revenue here in Q4, I know you said that revenue over quarters is lumpy, and it's expected to be in the future as well. But I guess Q4 is a seasonally strong quarter, so if you could just provide us with some more color on what's happening in Latin America in Q4? And just how to reason about the quarters in 2024?

Amar Galijasevic: One on the Latin American revenue here in Q4, I know you said that revenue over quarters is lumpy, and it's expected to be in the future as well.

Two questions from me here one on the Latin American revenue here in Q4, I know you said that revenue over quarters is lumpy and it's expected to be in the future as well.

Jacob: Q2, and second half of it.

Speaker Change: Hey, Jonathan.

Speaker Change: Hundreds of different currencies undo all novel efficiency, but it should be less I would say because they are not I think also important to remember in this currency adjustments is that it.

Amar Galijasevic: But I guess Q4 is a seasonally strong quarter, so if you could just provide us with some more color on what's happening in Latin America in Q4? And just how to reason about the quarters in 2024?

But I guess Q4 is a seasonally strong quarter. So if you could just provide us with some more color on what's happening in Latin America in Q4, and just how to reason about the quarters in 2024.

Speaker Change: Not that the rates from Q4 last year, where the correct rates I mean.

Speaker Change: Some of this.

Speaker Change: Hey, Mike never do.

Martin Carlesund: Good question, yes. Brazil is 60% of the Latin America, they are regulating in December, prior to regulation there is always a little bit of, let's say uncertainty on the market, and some might withdraw when there might be changes in the market, and those effects you could see there.

Speaker Change: Go back to where they were a year ago.

Yes.

Speaker Change: Yeah.

Brazil is.

Speaker Change: I wouldn't think of it like Aha.

<unk>.

60% of the Latin America. They are regulating in December prior to regulation, there is always a little bit of let's say.

It should have been 25% growth.

Speaker Change: Probably less than that.

Speaker Change: Yes, it's an attempt to sort of illustrative news. So fast your question I'll say it towards Q2 at the current level I think we should see less leftover have wisdom and what we're doing in Q3 Q4.

Uncertainty on the market on some one month withdraw one there might be changes in the market and those effects you could see that.

Speaker Change: Okay. Thank you guys.

Amar Galijasevic: Okay, understood, so pretty much no expecting no change for Q4, 2024 kind of like share growth but I don't know. I didn't catch that. And I was just so. That effect of some players or some operators withdrawing et cetera will persist throughout 2024 is that correct. I think that it is. I would rather put it like this it's a bit hard to predict exactly what will happen in Brazil right. Now is the regulating and everyone is waiting for.

Amar Galijasevic: Okay, understood, so pretty much no expecting no change for Q4, 2024 kind of like share growth but I don't know.

Speaker Change: Yeah.

Q4, 2024 kind of like share growth, but I don't know.

Speaker Change: The next question comes from Michael adjacent niche from Carnegie. Please.

Amar Galijasevic: I didn't catch that. And I was just so. That effect of some players or some operators withdrawing et cetera will persist throughout 2024 is that correct. I think that it is. I would rather put it like this it's a bit hard to predict exactly what will happen in Brazil right. Now is the regulating and everyone is waiting for.

Martin Carlesund: I didn't catch that.

I didn't catch that.

Amar Galijasevic: I was just so, that effect of some players, or some operators withdrawing et cetera will persist throughout 2024? Is that correct? I think that it is. I would rather put it like this it's a bit hard to predict exactly what will happen in Brazil right. Now is the regulating and everyone is waiting for.

Amar Galijasevic: I was just so, that effect of some players, or some operators withdrawing et cetera will persist throughout 2024? Is that correct?

Michael: Please go ahead.

And I was just so.

Michael: Hum.

That effect of some players or some operators withdrawing et cetera will persist throughout 2024 is that correct.

Michael: Two questions from me here one on the Latin American revenue here in Q4, I know you said that revenue over quarters is lumpy and it's expected to be in the future as well.

Amar Galijasevic: I think that it is, I would rather put it like this, it's a bit hard to predict exactly what will happen in Brazil right now, as it's regulating and everyone is waiting for exactly how we are going to act on that, and potentially [Inaudible] and everything like that. So I don't think that there would be any more withdraw once or so long, but it's a bit of uncertainty on the market right now. Which I assume will sell towards the middle of the year, maybe little bit earlier or so.

I think that it is.

I would rather put it like this it's a bit hard to predict exactly what will happen in Brazil right. Now is the regulating and everyone is waiting for.

Michael: But I guess Q4 is a seasonally strong quarter. So if you could just provide us with some more color on what's happening in Latin America in Q4, and just how to reason about the quarters in 2024.

Exactly how we are going to act on that and potentially mid this too and everything like that so I don't think that there would be any more withdraw one store so long, but it's a bit of uncertainty on the market right now. Which I assume will sell towards the. The middle of the year, maybe little bit ordinary or Luxor.

Amar Galijasevic: So I don't think that there would be any more withdraw once or so long, but it's a bit of uncertainty on the market right now. Which I assume will sell towards the middle of the year, maybe little bit earlier or so.

Speaker Change: Good question, yes.

Speaker Change: Yes.

Speaker Change: Brazil.

Speaker Change: Yes.

Speaker Change: 60% of the Latin America. They are regulating in December prior to regulation, there is always a little bit of let's say.

Which I assume will sell towards the.

The middle of the year, maybe little bit ordinary or Luxor.

Speaker Change: So I can see on the market in summer months, we drove one there might be changes in the market.

Amar Galijasevic: Okay, thanks that's very helpful and there's just this final question for Jacob here, again on the margin guidance. Just to make sure here, I think you said that H1 will be weaker in terms of margin than at H2, and if I'm not mistaken you said that H1 perhaps would be at the bottom end of the 2024 guidance.

Very helpful.

Amar Galijasevic: Just final question Jacob here again on the margin guidance. Just to make sure here I think you said that <unk> will be weaker in terms of margin and <unk>. And if I'm not mistaken you said that Adrian perhaps would be at the bottom end of the two. 2020 for guidance.

Speaker Change: You could see that.

Just to make sure here I think you said that <unk> will be weaker in terms of margin and <unk>.

Speaker Change: Okay understood so pretty much.

Speaker Change: No expecting no change Q.

And if I'm not mistaken you said that Adrian perhaps would be at the bottom end of the two.

Speaker Change: Q4, 2024 kind of like share growth, but.

2020 for guidance.

Speaker Change: I didn't catch that.

Jacob Kaplan: Yes that's absolutely what I said, I mean basically we've given the range, 69% to 71% for the full year, and we will sort of, beginning of the year will be in the lower end of the range that's what I said. Due to the lack of expansion and what we talked about earlier, so we won't sort of give guidance on a quarter by quarter, but this will give you a feel for how we see the year and that's how we look at it.

Speaker Change: And I was just so.

What does that I mean, basically we've given the range of 69% to 71% for the.

Speaker Change: That effect of some players or some operators withdrawing et cetera will persist throughout 2024 is that correct.

Full year.

We will sort of beginning of the year will be in the low around the rig starts up.

Speaker Change: I think that it is.

Speaker Change: I would rather put it like this it's a bit hard to predict exactly what will happen in Brazil, right now at least regulating and everyone is waiting for.

Jacob Kaplan: Due to the lack of expansion and what we talked about earlier, so we won't sort of give guidance on a quarter by quarter, but this will give you a feel for how we see the year and that's how we look at it.

Due to the lack of expansion and what we talked about earlier, so we won't sort of give guidance on a quarter by quarter, but it will give you a feel for how we see the year.

Speaker Change: Exactly how we are going to act on that and potentially mid this too and everything like that so I don't think that there wouldn't be any more withdraw one store so long, but it's a bit of the uncertainty on the market right now.

That's how we look at it.

Amar Galijasevic: Yeah, and then just just a follow up on that, looking at my numbers, kind of even with the step up in operating costs and investments throughout 2004, it sounds like you know, let's play with a number of 69.5 into beginning and 70.5 in the end. It's just a big swing for a couple of quarters, does that indicate that you're also expecting, let's say, sales could be slightly slower in H1 and then accelerate in H2 as well? if you get my question or.

And investments throughout 2004, it sounds like you know, let's play with a number of 69 and a half into beginning at MTN have happened and it's just a big swing for a couple of quarters does that indicate that you're also expecting let's say sales could be slightly slower in H, one and then accelerate in H two as well if you get my question or.

Speaker Change: Which I assume will settle towards.

Speaker Change: The middle of the year, maybe a little bit earlier.

Amar Galijasevic: It's just a big swing for a couple of quarters, does that indicate that you're also expecting, let's say, sales could be slightly slower in H1 and then accelerate in H2 as well? if you get my question or.

Speaker Change: Okay got.

Speaker Change: Got it very helpful.

Speaker Change: And then just final question to Jay compare again on the margin guidance.

Speaker Change: Just to make sure here I think you said that <unk> will be weaker in terms of margin and <unk>.

Jacob Kaplan: I get your question but I don't think I'm able to answer honestly, it's a lot of things of course, mainly we see how we will. What we control is mainly sort of how we, how we invest and how we expand, and there we know we have a lot of activity probably throughout the year, but especially in the first half so that's kind of the base of my comments. And how, how top-line develops that we'll see but its, like I said the main priorities is top-line growth always and the margin, we do give the margin guidance, but it's not, it's more to give you give you an indication on how we see it right now. Hope that helps.

Jacob Kaplan: I get your question but I don't think I'm able to answer honestly, it's a lot of things of course, mainly we see how we will.

It's.

Speaker Change: And if I'm not mistaken you said that eight of them, perhaps would be at the bottom end of the.

It's a lot of things of course, mainly we see how we will what we control is mainly sort of how we how we invest and how we expand in there. We know we have a lot of activity probably throughout the year, but especially in the first half so.

Jacob Kaplan: What we control is mainly sort of how we, how we invest and how we expand, and there we know we have a lot of activity probably throughout the year, but especially in the first half so that's kind of the base of my comments. And how, how top-line develops that we'll see but its, like I said the main priorities is top-line growth always and the margin, we do give the margin guidance, but it's not, it's more to give you give you an indication on how we see it right now. Hope that helps.

Speaker Change: 2020 for guidance.

Speaker Change: Yes.

Jay: What does that I mean, basically we've given the range of 69% to 71% for the full year.

That's kind of the rest of my comments on how our topline develops that we'll see.

Jay: We will sort of beginning of being the low around the right steps to do so.

Jacob Kaplan: And how, how top-line develops that we'll see but its, like I said the main priorities is top-line growth always and the margin, we do give the margin guidance, but it's not, it's more to give you give you an indication on how we see it right now. Hope that helps.

It's I.

Jay: Due to the north of expansion and what we talked about earlier so.

Like I said the main priorities is topline growth always on the margin, we do give the margin guidance, but it's not.

Jay: So we won't sort of give guidance quarter by quarter, but we'll give you a feel for how we see the year.

Yeah, it's more to give you give you an indication on how we see it right now.

Jay: That's how we look at it.

Yes.

Speaker Change: Yeah, and then just just a fee.

Okay.

Speaker Change: Follow up on that looking at my numbers kind of even with the step up in operating costs.

Hope that helps okay. Thank you very much that's all for me.

Hope that helps okay.

Amar Galijasevic: Okay, thank you very much, that's all for me.

Operator: Thank you. There are no more questions at this time. I hand, the conference back to the speakers for any closing comments.

Jacob Kaplan: Thank you.

Speaker Change: And investments throughout 2004, it sounds like you know, let's play with a number of six to nine and a half into beginning at 70 and a half into and just a big swing for a couple of quarters does that indicate that you're also expecting let's say sales to be slightly slower in H, one and then accelerate in H two S. Well if you get my question or.

Operator: There are no more questions at this time. So I hand, the conference back to the speakers for any closing comments.

There are no more questions at this time.

I hand, the conference back to the speakers for any closing comments.

Martin Carlesund: Thank you very much for participating pleasure to talk to you and answer your questions. See you soon again. Thank you.

Speaker Change: Let me answer your question, but I don't think I'm able to answer almost there.

Speaker Change: It's.

Speaker Change: It's a lot of things of course, mainly we see how we will what we control is mainly sort of how we how we invest and how we expand in there. We know we have a lot of activity appropriate throughout the year, but especially in the first half so.

Speaker Change: That's kind of the basis of my comments somehow I'll topline develops that we'll see.

Speaker Change: It's.

Speaker Change: Like I said the main priority is topline growth always in the <unk>.

Speaker Change: The margin, we do give the margin guidance, but it's not yeah.

Speaker Change: It's more to give you give you an indication on how we see it right now.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Hope that helps okay. Thank you very much that's all for me.

Speaker Change: Thank you.

Speaker Change: There are no more questions at this time, so I hand, the conference back to the speakers for any closing comments.

Speaker Change: Thank you very much for participating pleasure to talk to and ask your question.

Sumit: Sumit. Thank you.

Sumit: [music].

[music].

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