Q2 2026 Everplay Group PLC Earnings Call

September 15, 2026

Speaker #1: Good morning, everyone, and thank you for joining Everplay's 2026 interim results presentation. I am joined today by Rashid Varasha, our CFO and COO. I'll start out with an overview of the group's operational and strategic progress in the first half.

Mikkel Weider: Good morning everyone, and thank you for joining everplay's 2026 interim results presentation. I am joined today by Rashid Varachia, our CFO and COO. I will start out with an overview of the group's operational and strategic progress in the H1. Rashid will take you through the financial review. Finally, I'll return to cover our strategy and the outlook. The H1 of 2026 was a period of solid progress within the company, preparing for a very strong H2 of the year. We had no large launches during the H1, as well as a delay in the launch of Hell Let Loose: Vietnam, which naturally impacted the results.

Speaker #1: Then Rashid will take you through the financial review, and finally I'll return to cover our strategy and the outlook. The first half of 2026 was a period of solid progress within the company, preparing for a very strong second half of the year.

Speaker #1: We had no large launches during the first half, as well as a delay in the launch of Hill-lit Loose Vietnam, which naturally impacted the results.

Speaker #1: Excluding the impacts of our exit from physical distribution, group revenues declined 5% year on year, to £67 million, which we think was a very respectable performance leading up to all our big launches in the second half.

Mikkel Weider: Excluding the impact of our exit from physical distribution, group revenues declined 5% year on year to GBP 67 million, which we think was a very respectable performance leading up to all our big launches in the H2. Our resilient back catalog yet again delivered very strongly, with revenues growing in the half, which we of course, are very happy about. We released six smaller new games in the H1, which were mostly well-received, but didn't quite match the hugely successful breakout Date Everything! in H1 last year. The key focus during the H1 was preparing for and investing in our major new releases in the H2, foremost Hell Let Loose: Vietnam and War Dogs. This of course, resulted in a very significant H2 weighting this year, which was as expected and already communicated.

Mikkel Weider: Excluding the impact of our exit from physical distribution, group revenues declined 5% year-on-year to GBP 67 million, which we think was a very respectable performance leading up to all our big launches in the H2. Our resilient back catalog yet again delivered very strongly, with revenues growing in the half, which we of course, are very happy about. We released six smaller new games in the H1, which were mostly well-received, but didn't quite match the hugely successful breakout Date Everything! in H1 last year. The key focus during the H1 was preparing for and investing in our major new releases in the H2, foremost Hell Let Loose: Vietnam and War Dogs. This of course, resulted in a very significant H2 weighting this year, which was as expected and already communicated.

Speaker #1: Our resilient back catalog yet again delivered very strongly, with revenues growing in the half, which we, of course, are very happy about. We released six smaller new games in the first half, which were mostly well received, but didn't quite match the hugely successful breakout "Date Everything" in H1 last year.

Speaker #1: The key focus during the first half was preparing for and investing in our major new releases in the second half, foremost Hill-lit, Loose Vietnam, and Wardogs.

Speaker #1: This, of course, resulted in a very significant H2 rating this year, which was, as expected, already communicated. As a result, adjusted EBITDA came in lower than last year, at £9 million.

Mikkel Weider: As a result, adjusted EBITDA came in lower than last year at GBP 9 million. We progressed with several strategic initiatives during the half. We expanded the pipeline of first-party IP titles, and we implemented a number of organizational changes designed to improve execution and efficiency, including the reorganization of Team17 into three core genre pillars and focusing a slimmer astragon Entertainment towards its core IPs. We also continue to attract very high-quality new talent to the group, including the hire of a new Chief Growth Officer. I will talk more about these topics later on. We ended the half with a strong cash balance of GBP 57 million, providing ample capacity to fund organic growth and do selective M&A. The board declared an interim dividend of 1.1 pence. Most importantly, we have entered the H2 with real momentum.

Speaker #1: We progressed with several strategic initiatives during the half: we expanded the pipeline of first-party IP titles, and we implemented a number of organizational changes designed to improve execution and efficiency, including the reorganization of Team17 into three core genre pillars, and focusing a slimmer Astrogon toward its core IPs.

Speaker #1: We also continued to attract very high-quality new talent to the Group, including the hire of a new Chief Growth Officer. I'll talk more about these topics later on.

Speaker #1: We ended the half with a strong cash balance of £57 million, providing ample capacity to fund organic growth and do selective M&A. The Board declared an interim dividend of 1.1 pence.

Speaker #1: Most importantly, we have entered the second half with real momentum. H2's sales to date have been significantly ahead of our expectations, with record performances from our new releases: Hill-lit, Loose Vietnam, and WarDogs.

Mikkel Weider: H2 sales to date have been significantly ahead of our expectations, with record performances of our new releases, Hell Let Loose: Vietnam and War Dogs. As a result, I am delighted to announce that we expect our 2026 full year results to be materially ahead of current market expectations. Now, let's look at the operating performance of our three businesses during the H1. Turning first to Team17, revenues declined by 16% in H1 compared to H1 last year, where we had some very popular titles being released. The half was also very impacted by our decision to delay the launch of Hell Let Loose: Vietnam from June to August. However, Team17 still launched four new small titles, LumenTale: Memories of Trey, Sintopia, Wardrum, and Rogue Point. LumenTale: Memories of Trey and Sintopia performed very well, although not quite matching the performance of Date Everything! last year.

Speaker #1: As a result, I am delighted to announce that we expect our 2026 full-year results to be materially ahead of current market expectations. Now, let's look at the operating performance of our three businesses during the first half.

Speaker #1: Turning first to Team 17, revenues declined by 16% in H1 compared to H1 last year, when we had some very popular titles being released.

Speaker #1: The half was also very impacted by our decision to delay the launch of Hill-lit: Loose Vietnam from June to August. However, Team 17 still launched four new small titles: Lumen Tail, Syntopia, War Drum, and Rogue Point.

Speaker #1: Lumen Tail and Syntopia performed very well, although not quite matching the performance of Date Everything last year, so revenues didn't reach the same level as the prior period.

Mikkel Weider: Revenues didn't reach the same level as the prior period. The back catalog was down 5% due to the non-recurrence of a couple of platform deals, but on the other hand, it benefited from the expansion of several of our established titles onto new platforms, including Worms W.M.D. on Amazon Luna, Overcooked! All You Can Eat on Netflix, and Nice Day for Fishing on Epic Games. This enabled our games to reach new audiences, a very robust performance overall. A highlight of the half was Team17 being named Indie Publisher of the Year at the MCV/Develop Awards, which is a strong external endorsement of the quality of our people and portfolio. A huge congratulations to the team.

Speaker #1: The back catalog was down 5% due to the non-recurrence of a couple of platform deals. But, on the other hand, it benefited from the expansion of several of our established titles onto new platforms, including Worms WMD on Amazon Game Night, Overcooked All You Can Eat on Netflix, and Nice Day for Fishing on Epic.

Speaker #1: This enabled our games to reach new audiences, so a very robust performance overall. A highlight of the half was Team17 being named Indie Publisher of the Year at the MCV/Develop Awards, which is a strong external endorsement of the quality of our people and portfolio.

Speaker #1: A huge congratulations to the team. Looking ahead, Team17 is positioned for very strong growth in H2, underpinned by outstanding sales from new releases, Hell Let Loose, Vietnam, and Wardogs.

Mikkel Weider: Looking ahead, Team17 is positioned for very strong growth in H2, underpinned by outstanding sales from new releases Hell Let Loose: Vietnam and War Dogs, which I will come back to later. Also the additional new title launches, Silver Pines, What Goes Up, and Hokko Spaces still to come. We also announced the next installment of Team17's iconic Worms franchise, Worms: Galactic Tactics at Gamescom. It's coming in 2027. It's great to have our iconic IP alive and kicking. StoryToys delivered another excellent performance, with revenue growth of 43%. Downloads exceeded 18 million during the half, with active subscribers increasing by 22% year on year to 408,000.

Speaker #1: Which I will come back to later, but also the additional new title launches—Silver Pines, What Goes Up, and Hokko Spaces—still to come.

Speaker #1: We also announced the next installment of Team17's iconic Worms franchise, Worms Galactic Tactics, at Gamescom. It's coming in 2027. It's great to have our iconic IP alive and kicking.

Speaker #1: StoryToys delivered another excellent performance, with revenue growth of 43%. Downloads exceeded 18 million during the half, with active subscribers increasing by 22% year on year to 408,000.

Speaker #1: The team released 394 app updates across the portfolio, maintaining strong engagement and fresh content, including the addition of three new franchises for the LEGO DUPLO Disney app, such as Toy Story.

Mikkel Weider: The team released 394 app updates across the portfolio, maintaining a strong engagement and fresh content, including adding three new franchises for the LEGO DUPLO Disney app, including Toy Story. LEGO Bluey made a strong revenue contribution in the half, including the Bluey Apple Arcade Ultimate Playdate campaign, which brought Bluey coloring content to Disney Coloring World. The app also received several industry accolades, including winning Best Mobile Game of the Kidscreen Awards, as well as Best Licensed Video Game Project at the Bologna Licensing Awards. StoryToys partnership with Netflix continues successfully with My Very Hungry Caterpillar, now live on Netflix Playground. Looking ahead in H2, plenty of new content is already out, including a school play pack for LEGO Bluey and George Gets a Hearing Aid for LEGO DUPLO Peppa Pig. We are also working on ramping up user acquisition and cross-promotions between the apps.

Speaker #1: Lego Bluey made a strong revenue contribution in the half, including the Bluey Apple Arcade Ultimate Playdate campaign, which brought Bluey coloring content to Disney Coloring World.

Speaker #1: The app also received several industry accolades, including winning Best Mobile Game at the Kids' Screen Awards, as well as Best Licensed Video Game Project at the Bologna Licensing Awards.

Speaker #1: The StoryToys partnership with Netflix continues successfully, with My Very Hungry Caterpillar now live on Netflix Playground. Looking ahead in H2, plenty of new content is already out, including a School Play Pack for LEGO Bluey and 'George Gets a Hearing Aid' for LEGO DUPLO Peppa Pig.

Speaker #1: We're also working on ramping up user acquisition and cross-promotions between the apps. At Astrogon, revenues declined by 20%, or by 6% if we exclude the impact of the exit from physical distribution.

Mikkel Weider: At astragon Entertainment, revenues declined by 20%, or by 6% if we exclude the impact of the exit from physical distribution. The business has refocused on its core IP franchises, which help deliver a robust back-catalog performance, supported by five paid-for DLCs, special editions, and the Nintendo Switch 2 release of Police Simulator: Patrol Officers. Two smaller new first-party IPs were released in the half. Ranger's Path into PC early access and Underground Garage on PC. Both, unfortunately, did not meet internal expectations, and as a result of recent divisional performance, reorganization initiatives have been completed during the half. We have reduced headcounts and costs and recently introduced several centralization initiatives. We only have one CEO in astragon Entertainment now, as opposed to two co-CEOs. Looking ahead, we expect a solid financial performance from astragon Entertainment. We launched Bus Simulator 27 last week, which despite some early issues, still contributes well to astragon Entertainment's revenue.

Speaker #1: The business has refocused on its core IP franchises, which helped deliver a robust back catalog performance, supported by five paid-for DLCs, special editions, and the Switch 2 release of Police Simulator: Patrol Officers.

Speaker #1: Two smaller new first-party IPs were released in the half: Rangers' Path into PC Early Access and Underground Garage on PC. Both, unfortunately, did not meet internal expectations, and as a result of recent divisional performance, reorganization initiatives have been completed during the half.

Speaker #1: We have reduced headcounts and costs, and recently introduced several centralization initiatives. We only have one CEO in Astrogon now, as opposed to two co-CEOs.

Speaker #1: Looking ahead, we expect a solid financial performance from Astrogon. We launched Bus Simulator 27 last week, which, despite some early issues, is still contributing well to Astrogon's revenue.

Speaker #1: Still to come, we have the full release of Seafarer, and we have also announced Construction Simulator Evolution into Early Access and the next installment of Police Simulator, reinforcing the long-term opportunity in Astrogon's first-party portfolio.

Mikkel Weider: Still to come, we have the full release of Seafarer: The Ship Sim, and we have also announced Construction Simulator: Evolution into early access and the next installment of Police Simulator, reinforcing the long-term opportunity in astragon's first-party portfolio. With that, I will now hand over to Rashid for the financial review.

Speaker #1: With that, I'll now hand over to Rashid for the financial review.

Speaker #2: Great. Thank you, Mikhail. Group revenues decreased by 8% to £66.9 million in the first half, or by 5% on an underlying basis excluding the exit from Astrogon physical distribution.

Rashid Varachia: Great. Thank you, Mikkel. Group revenues decreased by 8% to GBP 66.9 million in H1, or by 5% on an underlying basis, excluding the exit from astragon physical distribution. The decline reflected lower new release revenues, given the phasing of the group's major 2026 releases to H2. Accordingly, we expect strong double-digit growth in H2. As touched on by Mikkel, Team17 revenues declined by 16%, with strong performance from the back catalog offset by lower new release revenues. StoryToys delivered very strong growth, up 43%, driven by LEGO Bluey, which launched last year, and their Netflix partnership. astragon sales fell 6% on an underlying basis, excluding physical distribution revenues.

Speaker #2: The decline reflected lower new release revenues, given the phasing of the Group's major 2026 releases to H2. Accordingly, we expect strong double-digit growth in the second half.

Speaker #2: As touched on by Mikhail, Team17 revenues declined by 16%, with strong performance from the back catalog offset by lower new release revenues. StoryToys delivered very strong growth, up 43%, driven by LEGO Bluey—which launched last year—and the Netflix partnership.

Speaker #2: Astrogon sales fell 6% on an underlying basis, excluding physical distribution revenues. The back catalog once again delivered excellent performance, with a marginal increase to €64.3 million, and strong contributions from titles such as Overcooked, Hell Let Loose, Dredge, Disney Coloring World, LEGO DUPLO World, and Police Patrol, to name a few.

Rashid Varachia: The back catalog once again delivered excellent performance with a marginal increase to GBP 64.3 million, strong contributions from titles such as Overcooked, Hell Let Loose, Dredge, Disney Colouring World, LEGO DUPLO World, and Police Simulator: Patrol Officers, to name a few. New release revenues came in below the prior year level of GBP 2.7 million, reflecting the tough comparator from Date Everything! in H1 2025, lower than expected revenues from astragon new releases, and the planned H2 weighting of our major releases this year. First-party IP revenues declined 18% due to a couple of non-recurring platform deals from the prior year, as well as a focus on new content in H2. However, still represented 31% of group sales. The original Hell Let Loose, along with Golf With Your Friends and Police Simulator: Patrol Officers all made good contributions.

Speaker #2: New release revenues came in below the prior year level of $2.7 million, reflecting the tough comparator from Date Everything in H1 2025, lower-than-expected revenues from Astrogon new releases, and the planned H2 weighting of our major releases this year.

Speaker #2: First-party IP revenues declined 18% due to a couple of non-recurring platform deals from the prior year, as well as a focus on new content in H2.

Speaker #2: However, it still represented 31% of group sales. The original hit Little Loose, along with Golfy the Friends and Police Patrol, all made good contributions. Third-party revenues were broadly stable at €46.4 million, supported by Overcooked, Dredge, Disney Coloring World, and LEGO DUPLO World.

Rashid Varachia: Third-party revenues were broadly stable at GBP 46.4 million, supported by Overcooked, Dredge, Disney Colouring World, LEGO DUPLO World. Gross profit decreased by 29% to GBP 23.9 million, with gross margin falling to 35.7%. This was due to several factors: lower sales for Hell Let Loose and Date Everything!, higher amortization cost of GBP 1.9 million title impairment, platform deals in H1 2025, and the timing of royalty payments and mix effect from lower margin back catalog revenues linked to lower first-party revenues. Specifically, within the cost of sales lie capitalized development costs. Amortization increased to GBP 9.7 million, mainly due to title released over the last 12 months. Expense development costs increased as we continue to invest in back catalog content and the StoryToys Netflix partnership. Royalty payments reduced modestly by 1% sales to GBP 29.5 million.

Speaker #2: Gross profit decreased by 29% to $23.9 million, with gross margin falling to 35.7%. This was due to several factors: lower sales for Hill-lit Loose and Date Everything, higher amortization costs, a $1.9 million title impairment, platform deals in H1 2025, and the timing of royalty payments and mix effect from lower margin back catalog revenues linked to lower first-party revenues.

Speaker #2: Specifically, within the cost of sales line, capitalized development costs amortization increased to $9.7 million, mainly due to titles released over the last 12 months.

Speaker #2: Expense development costs increased as we continued to invest in back catalog content and the StoryToys Netflix partnership. Royalty payments reduced modestly by 1% of sales to 29.5%.

Speaker #2: Looking ahead, a significant improvement in gross margin is expected in the second half of 2026, as revenues from major second-half releases are recognized. For the full year 2026, gross margin is anticipated to be within the recent historical range.

Rashid Varachia: Looking ahead, a significant improvement in gross margin is expected in H2 2026, as revenues from major second half releases is recognized. For full year 2026 as a whole, gross margin is anticipated to be within the recent historical range. Adjusted EBITDA decreased to GBP 9.2 million, with a margin of 13.8%, reflecting lower gross profit and operating deleverage in the first half. Admin costs increased to GBP 22.3 million, driven by higher marketing investments ahead of major H2 launches and higher staff costs associated with enhanced keep functions across the group. Acquisition-related costs and adjustments rose to GBP 6.2 million due to IP acquisitions in FY 2025. Looking ahead, a sharp improvement in adjusted EBITDA is expected with very strong double-digit growth in adjusted EBITDA in H2, margins returning to broadly FY 2025 levels. Looking further down the P&L, a GBP 2.2 million tax charge includes a one-off GBP 1.3 million prior year adjustment.

Speaker #2: Adjusted EBITDA decreased to £9.2 million, with a margin of 13.8%, reflecting lower gross profit and operating deleverage in the first half. Admin costs increased to £22.3 million, driven by higher marketing investment ahead of major H2 launches and higher staff costs associated with enhanced key functions across the Group.

Speaker #2: Acquisition-related costs and adjustments rose to $6.2 million due to IP acquisitions in FY2025. Looking ahead, a sharp improvement in adjusted EBITDA is expected, with very strong double-digit growth in adjusted EBITDA in H2 and margins returning to broadly FY2025 levels.

Speaker #2: Looking further down the P&L, a £2.2 million tax charge includes a one-off £1.3 million prior-year adjustment. This resulted in a small reported loss after tax of £0.6 million.

Rashid Varachia: This resulted in a small reporting loss after tax of GBP 0.6 million. However, adjusted profit before tax was GBP 8.8 million, adjusted profit after tax was GBP 5.3 million, and basic adjusted EPS was 3.7 pence. Capitalized development costs increased to GBP 16.4 million, spread across 20% more titles than in H1 2025. In line with our strategy of elevating and investing in our existing first-party franchises, first-party IP represented 65% of capitalized development spend in the half. For full year 2026, we expect capitalized development costs to be in the range of GBP 35 to 40 million, reflecting the higher number of titles in development, with first-party IP accounting for around two-thirds of our expenditure.

Speaker #2: However, adjusted profit before tax was £8.8 million, adjusted profit after tax was £5.3 million, and basic adjusted EPS was 3.7 pence. Capitalized development costs increased to £16.4 million, spread across 20% more titles than in H1 2025.

Speaker #2: In line with our strategy of elevating and investing in our existing first-party franchises, first-party IP represented 65% of capitalized development spend in the half.

Speaker #2: For full year 2026, we expect capitalized development costs to be in the range of $35 to $40 million, reflecting the higher number of titles in development.

Speaker #2: With first-party IP accounting for around two-thirds of our expenditure. Operating cash conversion was strong at 128%, and the group ended the first half with cash of £57.1 million, which was slightly below the same period last year due to lower adjusted EBITDA.

Rashid Varachia: Operating cash conversion was strong at 128%, and the group ended the first half with cash of GBP 57.1 million, which was slightly below the same period last year due to lower adjusted EBITDA, higher dividend payment of GBP 2.7 million, and higher CapEx offset by lower acquisition-related expenditure. Thank you ever so much for listening, and I will now hand you back to Mikkel.

Speaker #2: Higher dividend payment of £2.7 million and higher capex, offset by lower acquisition-related expenditure. Thank you ever so much for listening, and I'll now hand you back to Mikhail.

Speaker #1: Thank you, Rasmus. Our strategy remains focused on four key pillars: building long-term first-party IP roadmaps, discovering and nurturing innovative third-party games, maintaining disciplined cost control, and driving organic and inorganic growth.

Mikkel Weider: Thank you, Rashid. Our strategy remains focused on four key pillars: building long-term first-party IP roadmaps, discovering and nurturing innovative third-party games, maintaining disciplined cost control, and driving organic and inorganic growth. In H1, I am pleased to say we made good progress across each of these priorities. Our first-party franchises are very important to us. We have more control and greater visibility of performance, and we get higher margins. We can more easily operate and sustain life cycle revenues through additional content and back-catalog sales. The first-party IPs create a more solid foundation for us. In H1, as already mentioned, astragon launched a small new title, Ranger's Path. This has been followed in H2 by Team17's successful launch of Hell Let Loose: Vietnam, the next installment of our top-selling franchise, and astragon's Bus Simulator 27. We have also announced four additional titles supporting our healthy pipeline.

Speaker #1: In H1, I'm pleased to say we made good progress across each of these priorities. Our first-party franchises are very important to us. We have more control and greater visibility of performance, and we get higher margins.

Speaker #1: We can more easily operate and sustain lifecycle revenues through additional content and back catalog sales. The first-party IPs create a more solid foundation for us.

Speaker #1: In H1, as already mentioned, Astragon launched a small new title, Ranges Path. This has been followed in H2 by Team17's successful launch of Hill-lit: Loose Vietnam, the next installment of our top-selling franchise, and Astragon's Bus Simulator 27.

Speaker #1: We have also announced four additional titles supporting our healthy pipeline: Construction Simulator Evolution, a new Police Simulator game, Golf With Your Friends 2, and Worms Galactic Tactics.

Mikkel Weider: Construction Simulator: Evolution, a new Police Simulator game, Golf With Your Friends 2, and Worms: Galactic Tactics. Third-party titles also remain very important for us, and we are committed to discovering a broad range of new and exciting games, which we can nurture over time in our back catalog. In H1, we brought four new titles to the market. Team17's LumenTale: Memories of Trey was a particular highlight, receiving a very positive response from the role-playing audience. There is no better example of our successful nurturing of third-party titles than the Overcooked franchise, which celebrated its 10th anniversary in August. The franchise has attracted more than 100 million players across PC and console platforms, and we extended its audience further during the half, releasing Overcooked! All You Can Eat on Netflix.

Speaker #1: Third-party titles also remain very important for us, and we're committed to discovering a broad range of new and exciting games, which we can nurture over time in our back catalog.

Speaker #1: In H1, we brought four new titles to the market: Team17's Lumen Tale was a particular highlight, receiving a very positive response from the role-playing audience.

Speaker #1: But there is no better example of our successful nurturing of third-party titles than the Overcooked franchise, which celebrated its tenth anniversary in August. The franchise has attracted more than 100 million players across PC and console platforms, and we extended its audience further during the half by releasing Overcooked All You Can Eat on Netflix.

Speaker #1: Since the period end, we also launched a hugely successful War Dogs—Team 17's first title with our strategic partner, Bulkhead—which I will come back to in more detail shortly.

Mikkel Weider: Since the period end, we also launched the hugely successful WARDOGS, Team17's first title with our strategic partner Bulkhead, which I will come back to in more detail shortly. As we own a stake in Bulkhead, you could of course argue it is a bit of a first-party IP title as well. Our CapEx on the new title has increased this year, managed within a disciplined capital allocation framework. Ultimately, we are investing in more titles to secure our healthy pipeline while focusing expenditure on games where we have confidence in good returns, particularly on proven franchises with established communities. When considering our higher CapEx, it is important to reiterate the strong, consistent track record we have of delivering good returns from our investments. Since 2020, in aggregate, our investment in new title has exceeded breakeven within year one, and we have achieved a multiple return on our investments within three years.

Speaker #1: As we own a stake in Bulkhead, you could, of course, argue it's a bit of a first-party IP title as well. Our capex on the new title has increased this year, managed within a disciplined capital allocation framework.

Speaker #1: Ultimately, we're investing in more titles to secure our healthy pipeline, while focusing expenditure on games where we have confidence in good returns, particularly on proven franchises with established communities.

Speaker #1: When considering our higher capex, it's important to reiterate the strong, consistent track record we have of delivering good returns from our investments. Since 2020, in aggregate, our investment in new titles has exceeded break-even within year one, and we have achieved a multiple return on our investments within three years.

Speaker #1: So, while capex is increasing this year to a range of £35 to £40 million, and to a similar range for FY 2027, we are confident in getting a good return from that.

Mikkel Weider: While CapEx is increasing this year to a range of GBP 35 to 40 million and to a similar range for FY 2027, we are confident in getting a good return from that. The increase in CapEx this year reflects our larger pipeline of new games, which is up 15% compared to last year. In fact, average spend per title is broadly flat this year. However, we are and should be investing more in our established first-party titles and also when we come across highly proven games and brands with large communities where we realistically can calculate a very strong return, with WARDOGS providing a great example. First-party titles will account for around two-thirds of our CapEx this year, and these titles have consistently delivered a higher return. We are confident that we are pursuing the right strategy for our shareholders.

Mikkel Weider: While CapEx is increasing this year to a range of GBP 35 to 40 million and to a similar range for FY 2027, we are confident in getting a good return from that. The increase in CapEx this year reflects our larger pipeline of new games, which is up 15% compared to last year. In fact, average spend per title is broadly flat this year. However, we are and should be investing more in our established first-party titles and also when we come across highly proven games and brands with large communities where we realistically can calculate a very strong return, with WARDOGS providing a great example. First-party titles will account for around 2/3 of our CapEx this year, and these titles have consistently delivered a higher return. We are confident that we are pursuing the right strategy for our shareholders.

Speaker #1: The increase in capex this year reflects our larger pipeline of new games, which is up 15% compared to last year. In fact, average spend per title is broadly flat this year.

Speaker #1: However, we are—and should be—investing more in our established first-party titles. Also, when we come across highly proven games and brands with large communities, where we can realistically calculate a very strong return—with War Dogs providing a great example—we pursue those opportunities.

Speaker #1: First-party titles will account for around two-thirds of our capex this year, and these titles have consistently delivered a higher return. We're confident that we are pursuing the right strategy for our shareholders.

Speaker #1: The performance of Hill-lit Loose Vietnam this year has confirmed this. Finally, delivering organic growth remains a top priority. As I just mentioned, we do see opportunities to accelerate growth through occasional investments in larger titles, such as War Dogs.

Mikkel Weider: The performance of Hell Let Loose: Vietnam this year has confirmed this. Finally, delivering organic growth remains a top priority. As I just mentioned, we do see opportunities to accelerate growth through occasional investments in larger titles such as WARDOGS, but we will remain highly selective and only when we are confident in the risk-reward profile. We have also continued to strengthen the organization to support future growth, drive synergies, and unlock greater values from future acquisitions. As part of this, we are delighted that Jon Rissik has joined everplay as Chief Growth Officer to oversee new growth opportunities across the group. Most recently serving as CEO of Dovetail Games, Jon brings more than 25 years' experience in gaming, franchise, and life cycle management. It is great to have Jon on board, and he is already making a real difference.

Speaker #1: But we will remain highly selective, and only proceed when we are confident in the risk-reward profile. We have also continued to strengthen the organization to support future growth, drive synergies, and unlock greater value from future acquisitions.

Speaker #1: As part of this, we're delighted that John Rizic has joined Everplay as Chief Growth Officer to oversee new growth opportunities across the group. Most recently serving as CEO of Dovetail Games, John brings more than 25 years' experience in gaming franchises and lifecycle management.

Speaker #1: It's great to have John on board, and he's already making a real difference. Further investments were also made in central functions, including People and Culture, Finance, IT, and M&A, as part of the move toward a more scaled service offering from our center.

Mikkel Weider: Further investments were also made in central functions, including people and culture, finance, IT, and M&A, as part of the move towards a more scaled service offering from our center. By centralizing, we are driving efficiencies across the group, and we enable the business units to stay agile and nimble. The reorganization of Team17 into three portfolio pillars, each focused on specific areas of the market and designed to deepen category expertise, has progressed well. While the H1 was quieter from an M&A perspective, selective M&A remains an important component of the group's long-term growth strategy. We are very happy to announce that since the period end, we have exercised our option to increase our stake in Super Media Group, the parent company of WARDOGS developer Bulkhead. We now own 28% of the company, up from 20%. We invested an additional GBP 2 million.

Speaker #1: By centralizing, we're driving efficiencies across the group, and we enable the business units to stay agile and nimble. The reorganization of Team17 into three portfolio pillars, each focused on specific areas of the market and designed to deepen category expertise, has progressed well.

Speaker #1: While the first half was quieter from an M&A perspective, selective M&A remains an important component of the Group's long-term growth strategy. We're very happy to announce that since the period end, we have exercised our option to increase our stake in Super Media Group, the parent company of War Dogs developer Bulkhead.

Speaker #1: We now own 28% of the company, up from 20%. We invested an additional £2 million. Considering the outstanding performance of War Dogs since launch, this has been a very attractive investment for the group, and we are very excited to further expand our partnership with Bulkhead within the shooter genre.

Mikkel Weider: Considering the outstanding performance of WARDOGS since launch, this has been a very attractive investment for the group, and we are very excited to further expand our partnership with Bulkhead within the shooter genre. With that, I will soon turn to the outlook. Before I do that, let's kick off with a clip from a game you might have heard of by now. That was WARDOGS, which we launched last week. If you haven't heard about it, I'm not sure where you've been. It's fair to say that it is going very, very well, and I'm just so thrilled with the performance and want to say a huge congratulations to the team at Bulkhead and Team17. H2 was going very well even before the WARDOGS launch.

Speaker #1: With that, I will soon turn to the outlook, but before I do that, let's kick off with a clip from a game you might have heard of by now.

Speaker #2: Come on, come on, come on, come on, come on.

Speaker #1: That was War Dogs, which we launched last week. And if you haven't heard about it, I'm not sure where you've been. It's fair to say that it is going very, very well, and I'm just so thrilled with the performance and want to say a huge congratulations to the team at Bulkhead and Team17.

Speaker #1: But H2 was going very well, even before the War Dogs launch. Hill-lit Loose Vietnam was released in August, delivering record month-one sales for the group, attracting peak CCUs of over 65,000 and achieving the number one position on Steam's global bestseller chart.

Mikkel Weider: Hell Let Loose: Vietnam was released in August, delivering a record month one sales for the group, attracting peak CCUs over 65,000 and achieving the number one position on Steam's Global Bestseller chart. There were some technical issues affecting the first weeks of review scores, but the team is making solid progress fixing these issues, and the review scores have improved significantly afterwards. Our records were broken again this month with the launch of WARDOGS into early access. The reception has been incredible. We have already sold well in excess of 1 million copies, with peak CCUs well above 400,000, and the review scores have great momentum, hitting 80% positive on Steam. As we speak right now, it is still the number one top-selling game on Steam.

Speaker #1: There were some technical issues affecting the first weeks of review scores, but the team is making solid progress fixing these issues, and the review scores have improved significantly afterward.

Speaker #1: And then our records were broken again this month with the launch of War Dogs into early access. The reception has been incredible—we have already sold well in excess of 1 million copies, with peak CCUs well above 400,000.

Speaker #1: And the review scores have great momentum, hitting 80% positive on Steam. As we speak right now, it is still the number one top-selling game on Steam.

Speaker #1: There isn't enough room on this slide to share all the other amazing stats on the game's performance, but this is truly a groundbreaking game.

Mikkel Weider: There isn't enough room on this slide to share all the other amazing stats on the game's performance, but this is truly a groundbreaking game. It's clearly going to be a very important franchise for the group moving forward, which makes our stake in Super Media Group all the more exciting. We have even more new content to come in H2, including Silver Pines, Hokko Spaces, and What Goes Up. The pipeline is building very nicely for 2027 too, with first-party IPs, Police Simulator, Golf With Your Friends 2, Worms: Galactic Tactics, all due to be released along with great third-party titles such as Holstin and Westlanders. We are very excited about the future pipeline. Let's watch some trailers.

Speaker #1: It's clearly going to be a very important franchise for the group moving forward, which makes our stake in Super Media Group all the more exciting.

Speaker #1: We have even more new content to culminate, too, including Silver Pines, Hakaro Spaces, and What Goes Up. The pipeline is building very nicely for 2027 as well, with first-party IPs Police Simulator, Golf With Your Friends 2, and Worms Galactic Tactics all due to be released, along with great third-party titles such as Hostine and Westlanders.

Speaker #1: So, we are very excited about the future pipeline. Let's watch some trailers.

Speaker #3: Good things aren't made to last. I didn't lock inside my past. My fingers here. I wish you, baby.

Operator: Good things are not made to last. I dim up inside my past. My fingers chill. I wish you were here. Take cover. Going to race when I do. Up to it. Hey, hey. This one has your name on it. Ladies. Looking upon a bat. Watch out now. Coming in hot. Hey, howdy.

[Video Narrator]: Good things are not made to last. I dim up inside my past. My fingers chill. I wish you were here. Take cover. Going to race when I do. Up to it. Hey, hey. This one has your name on it. Ladies. Looking upon a bat. Watch out now. Coming in hot. Hey, howdy.

Speaker #1: Finally, looking at the outlook for the current financial year, and following the strong start to H2 trading, we expect revenues and adjusted EBITDA to be materially ahead of current market expectations.

Mikkel Weider: Finally, looking at the outlook for the current financial year and following the strong start to H2 trading, we expect revenues and adjusted EBITDA to be materially ahead of current market expectations. We expect adjusted EBITDA margin to be broadly in line with FY 2025 and capitalized development expenditure in the range of GBP 35 to GBP 40 million. I am also excited by the prospects of 2027, where we see further room for growth due to the strong pipeline of new releases we have and the high quality of games from this year entering the back catalog. Thank you all for listening to this presentation. If you would like to reach out to the team, our contact details will be available on our website through the investor section.

Speaker #1: We expect adjusted EBITDA margin to be broadly in line with FY 2025, and capitalized development expenditure in the range of 35% to £40 million.

Speaker #1: I'm also excited by the prospects for 2027, where we see further room for growth due to the strong pipeline of new releases we have, and the high quality of games from this year entering the back catalog.

Speaker #1: Thank you all for listening to this presentation. If you would like to reach out to the team, our contact details will be available on our website in the investor section.

Speaker #4: Come on, come on.

Operator: Come on, come on. Nothing exciting ever happens around here.

[Video Narrator]: Come on, come on. Nothing exciting ever happens around here.

Speaker #2: Nothing exciting ever happens around here.

Speaker #1: I'd like to thank the management team for the presentation. We have had a number of pre-submitted and live questions. Just as a reminder, if you would like to ask a question, please type it into the Q&A box situated on the right-hand side of your screen.

Operator: I would like to thank you for the management team for the presentation. We have had a number of pre-submitted and submitted live questions. Just as a reminder, if you would like to ask a question, please type them into the Q&A box situated on the right-hand side of your screen. I would like to hand over to the management team for the questions and answer session.

Speaker #1: I'd like to hand over to the management team for the question and answer session.

Speaker #5: Great, hi there. Thanks for joining our Q&A session. I'm going to kick off with a few of the questions. I think the first one is to Rashid.

James TBD: Great. Hi there. Thanks for joining our Q&A session. I am going to kick off with a few of the questions. I think the first one is to Rashid. Are you able to add a bit more color as to what materially ahead of current expectation means? How confident are you in achieving those new expectations?

James Targett: Great. Hi there. Thanks for joining our Q&A session. I am going to kick off with a few of the questions. I think the first one is to Rashid. Are you able to add a bit more color as to what materially ahead of current expectation means? How confident are you in achieving those new expectations?

Speaker #5: Are you able to add a bit more color as to what 'materially ahead of current expectation' means? And how confident are you in achieving those new expectations?

Speaker #1: OK, yeah, thanks, James. So, yeah, very pleased to announce a material upgrade. Our brokers this morning have raised guidance by 10% on adjusted EBITDA, and I believe a similar sort of value in terms of our top-line revenue as well.

Rashid Varachia: Okay. Yeah, thanks, James. So yeah, very pleased to announce a material upgrade. Our brokers this morning have raised guidance by 10% on adjusted EBITDA, and I believe a similar sort of value in terms of our top-line revenue as well. Yes, there is still a long way to go, but obviously we are feeling confident in terms of achieving those numbers for this year.

Speaker #1: So yes, there's still a long way to go, but obviously we're feeling confident in terms of achieving those numbers for this year.

Speaker #5: That's great. Mikel, maybe you could talk about what part of the business is growing the fastest right now?

James TBD: That is great. Mikkel, maybe you could talk about what part of the business is growing the fastest right now.

James Targett: That is great. Mikkel, maybe you could talk about what part of the business is growing the fastest right now.

Speaker #6: So right now, definitely the shooter category, with War Dogs and Hell Let Loose, has the most momentum within Team17. But of course, StoryToys is also doing really well, adding a lot of new subscribers to their business.

Mikkel Weider: Right now, definitely the shooter category with WARDOGS and Hell Let Loose has the most momentum within Team17. Of course, StoryToys is also doing really well, adding a lot of new subscribers to their business.

Speaker #5: OK, and then maybe following on from that, how pleased are you with the performance of Hell Let Loose Vietnam since launch? And how important is that franchise in driving the second half revenue momentum?

James TBD: Okay, and then maybe following on from that, how pleased are you with the performance of Hell Let Loose: Vietnam since launch? How important is that franchise in driving the H2 revenue momentum?

James Targett: Okay, and then maybe following on from that, how pleased are you with the performance of Hell Let Loose: Vietnam since launch? How important is that franchise in driving the H2 revenue momentum?

Speaker #6: It's very important. It's one of the factors why we're expecting higher results than previously. It has done really well since launch. While we did see some hiccups during the launch, it is now in a very good state with good user scores and is selling well.

Mikkel Weider: It's very important. It's one of the factors why we're expecting higher results than previously. It has done really well since launch. While we did see some hiccups during the launch, it is now in a very good state with good user scores and selling well. It's an important part of the puzzle for sure.

Speaker #6: So it's an important part of the puzzle, for sure.

Speaker #5: Thank you. Rashid, what proportion of expected H2 revenues rely on unreleased titles versus the ongoing performance of the titles you’ve already released?

James TBD: Thank you. Rashid, what proportion of expected H2 revenues rely on unreleased titles versus the ongoing performance of the titles you've already released?

James Targett: Thank you. Rashid, what proportion of expected H2 revenues rely on unreleased titles versus the ongoing performance of the titles you've already released?

Speaker #1: Yeah, so we've now released the majority of our key titles. For the current year, we are expecting some smaller titles to be released in the final quarter of the year.

Rashid Varachia: Yes. We've now released majority of our key titles for the current year. We are expecting some smaller titles to be released in the final quarter of the year. But they'll be relatively small to our overall revenue contribution.

Speaker #1: But they'll be relatively small to our overall revenue contribution.

Speaker #5: Great. Sticking with the guidance comments, obviously it's great to have such a strong launch in the second half of the year. But the bar has been set high for next year.

James TBD: Great. Sticking with the sort of the guidance comments. Obviously, it is great to have such strong launches H2 of the year. But the bar has been set high for next year. As we sit today, do you think it will be possible to grow revenues in 2027?

James Targett: Great. Sticking with the sort of the guidance comments. Obviously, it is great to have such strong launches H2 of the year. But the bar has been set high for next year. As we sit today, do you think it will be possible to grow revenues in 2027?

Speaker #5: So, as we sit today, do you think it will be possible to grow revenues in 2027?

Speaker #1: For the underlying business, definitely. So, as we sit here today, we've had exceptional performance from our two biggest games, Hell Let Loose and War Dogs. But yes, definitely excited for next year.

Rashid Varachia: For the underlying business, definitely. As we sit here today, we have had an exceptional performance from the two biggest games, Hell Let Loose and WARDOGS. Yes, definitely excited for next year. As Mikkel mentioned in the video as well, we have got some great games coming, which we have already announced, some games which we have not announced yet. But yes, I can confirm for the underlying business, definite growth.

Speaker #1: As Mikel mentioned in the video as well, we've got some very—we've got some great games coming, which we've already announced, and some games which we haven't announced yet.

Speaker #1: But yes, I can confirm that for the underlying business, there is definite growth.

Speaker #5: What made management decide to increase its stake in Super Media Group?

James TBD: What made management decide to increase its stake in Super Media Group?

James Targett: What made management decide to increase its stake in Super Media Group?

Speaker #6: Well, I think there was a fairly obvious decision. They're doing a great game that is performing very, very well, and we had an opportunity to take a larger stake.

Mikkel Weider: Well, I think that was a fairly obvious decision. They are doing a great game that is performing very well, and we had an opportunity to take a larger stake, so we just grabbed that one, and are very happy with now owning 20% of Bulkhead.

Speaker #6: So we just grabbed that one and are very happy with now owning 28% of Bulkhead.

Speaker #5: That's great. And, speaking of Bulkhead, several people are interested in just knowing if it's a usual type of typical publisher deal that we have with Bulkhead for War Dogs.

James TBD: That is great. Speaking of Bulkhead, several people are interested in just knowing if it is a usual type of typical publisher deal that we have with Bulkhead for WARDOGS.

James Targett: That is great. Speaking of Bulkhead, several people are interested in just knowing if it is a usual type of typical publisher deal that we have with Bulkhead for WARDOGS.

Speaker #1: Yes, it's definitely what we refer to as our standard terms for our publisher deal, so there's nothing extraordinary in the deal structure commercially. But it's obviously working really well.

Rashid Varachia: Yes, it is definitely what we refer to as our standard terms for our publisher deal. So there is nothing extraordinary in the deal structure commercially, but it is obviously working really well for both parties, James. I think I should highlight that point.

Speaker #1: For both parties, James—yeah, I think I should highlight that point.

Speaker #5: Yes. Okay, and then just—I mean, just a question on revenue recognition for War Dogs. Given that it's currently in early access, is revenue from early access sales recognized in full at the point of sale, or is it deferred over the expected early access period?

James TBD: Yeah, okay. Then just a question on revenue recognition for WARDOGS. Given that it is currently in early access, is revenue from early access sales recognized in full at the point of sale or deferred over the expected early access period?

James Targett: Yeah, okay. Then just a question on revenue recognition for WARDOGS. Given that it is currently in early access, is revenue from early access sales recognized in full at the point of sale or deferred over the expected early access period?

Speaker #1: Yeah, so it's standard recognition. There's no unusual accounting there. So the standard policy is, on day of launch, revenue is recognized. We're not a subscription business.

Rashid Varachia: Yeah, so it is standard recognition. There is no unusual accounting there. So the standard policy is on day of launch, revenue is recognized. We are not a subscription business, which would be slightly different over the term of our subscription deal, whether it is 6 months, 12 months, whatever. But for us, yeah, it is a standard recognition.

Speaker #1: Which would be slightly different over the term of our subscription deal, whether it's six months, 12 months, whatever. But for us, yeah, it's a standard recognition.

Speaker #5: Mikel, what has been your top operational priority since taking over as CEO?

James TBD: Mikkel, what has been your top operational priority since taking over as CEO?

James Targett: Mikkel, what has been your top operational priority since taking over as CEO?

Speaker #6: Definitely the organizational side. We've included the new pillars, and we have done some restructuring in Astergarn. We have added new people, so a lot on the organizational side has been a key focus.

Mikkel Weider: Definitely on the organization side, we have included the new pillars. We have done some restructuring in astragon Entertainment. We have added new people. A lot on the organizational side has been a key focus. Also started out focusing on, you could say, organic growth rather than inorganic growth via acquisitions, but that is definitely something we are going to look more into in the months ahead.

Speaker #6: Also, we started out focusing on, you could say, organic growth rather than inorganic growth via acquisitions. But that's definitely something we're going to look more into in the months ahead.

Speaker #5: A question on Astragon: What is at the core of the recent problems here, and what's been done to try and fix it?

James TBD: A question on astragon Entertainment. What is at the core of the recent problems here, and what is being done to try and fix it?

James Targett: A question on astragon Entertainment. What is at the core of the recent problems here, and what is being done to try and fix it?

Speaker #6: Well, we've made several changes to the organization and, very recently, added more central initiatives to improve quality. For example, we now have additional quality assurance from Everplay Group before launching games to assess that everything is in good order.

Mikkel Weider: Well, we have done several changes to the organization, and also very recently added more central initiatives to improve the quality. We have additional quality assurance from everplay group plc before launching games, for example, to assess that everything is in good order, and that we can help this company deliver great results as they have done in the past.

Speaker #6: And that we can help this company deliver great results, as they have done in the past.

Speaker #5: Another one for Mikel: What do you see as the biggest single opportunity for Everplay over the next two to three years?

James TBD: Another one for Mikkel. What do you see as the biggest single opportunity for Everplay over the next 2 to 3 years?

James Targett: Another one for Mikkel. What do you see as the biggest single opportunity for Everplay over the next 2 to 3 years?

Speaker #6: Well, I think doubling down on what really works, and getting the most out of what we have today with some of these big launches.

Mikkel Weider: Well, I think doubling down on what really works and getting the most out of what we have today with some of these big launches is definitely a focus area. We have a chance to become one of the market leaders in this category of shooter games. Also, of course, M&A is going to have a good impact over the next 2, 3 years for sure.

Speaker #6: Definitely a focus area. We have a chance to become one of the market leaders in this category of shooter. It's going to have a good impact over the next two to three years, for sure.

Speaker #5: Thank you. Following the success of War Dogs, are there any other upcoming titles in H2 that you're particularly excited about? Or maybe 27 as well?

James TBD: Thank you. Following the success of War Dogs, are there any other upcoming titles in H2 that you're particularly excited about, or maybe 2027 as well?

James Targett: Thank you. Following the success of War Dogs, are there any other upcoming titles in H2 that you're particularly excited about, or maybe 2027 as well?

Speaker #6: Yeah, Silver Pines is trending really well. We have a lot of wish lists for that one and a good kind of vibe in the community around the game.

Mikkel Weider: Yeah. Silver Pines is trending really well, have a lot of wish list for that one, and a good kind of vibe in the community around the game. Then otherwise, we are, of course, looking very much forward to seeing the launch of our core first-party IPs like Police Simulator and Construction Simulator, and also Golf With Your Friends and Worms. It's great to actually get back on all these IPs that we own ourselves.

Speaker #6: And then otherwise, we are, of course, looking very much forward to seeing the launch of our core first-party IPs like Police Simulator and Construction Simulator.

Speaker #6: And also Golf With Your Friends and Worms. Like, it's great to actually get back on all these IPs that we own ourselves.

Speaker #5: Thank you, Rashid. Maybe you can take this one. I think it refers to our back catalog. It's asking how our existing classic games continuing to perform sorry, are our existing classic games continuing to perform and generate steady income for the business?

James TBD: Thank you. Rashid, maybe you can take this one. It is asking how our existing classic games are continuing to perform and generate steady income for the business.

James Targett: Thank you. Rashid, maybe you can take this one. It is asking how our existing classic games are continuing to perform and generate steady income for the business.

Speaker #1: Yes, so our back catalog performed exceptionally well in H1, as we reported. And if we look at the longevity, James, yes, they are all performing very well.

Rashid Varachia: Well, our back catalog performed exceptionally well in H1 as we have reported. If we look at the longevity, James, they are all performing very well, and they add to our overall revenue. We are very pleased with the performance.

Speaker #1: And they add to, obviously, our overall revenue, so we're very pleased with the performance.

Speaker #5: Great. A question on cash: Can you give expectations for cash generation this year, considering the strong new releases we've had? And what are your thoughts around allocation of this cash going forward?

James TBD: Great. A question on cash, giving expectations for cash generation this year considering the strong new releases we have had and thoughts around allocation of this cash going forward.

James Targett: Great. A question on cash, giving expectations for cash generation this year considering the strong new releases we have had and thoughts around allocation of this cash going forward.

Speaker #1: Shall I answer the first part of the question? So yes. Again, very pleased. As you outlined in your question, James, from a guidance perspective, we will beat the guidance for the full year in terms of cash.

Rashid Varachia: Should I answer the first part of the question? Again, very pleased. As you are outlining in your question, James, from a guidance perspective, we will beat the guidance for the full year in terms of cash, unless we decide to utilize the cash by signing a new M&A deal, which again, we are actively pursuing. Hand over to Mikkel just to quickly talk about what we are doing with M&A.

Speaker #1: Unless we decide to utilize the cash by signing a new M&A deal—which, again, we're actively pursuing. I'll hand over to Mikel just to quickly talk about what we're doing with M&A.

Speaker #6: Yeah, so we have established more structured processes around M&A and have made it an important part of Everplay, looking at new targets and being very structured about it.

Mikkel Weider: Yes, we have established more structured processes around M&A and have an important part of everplay looking at new targets and being very structured about it. We only want to do it if it really makes sense, and therefore we need a big pipeline of potential targets. Yes, that is something we are looking at for sure.

Speaker #6: We only want to do it if it really, really makes sense. And therefore, we need a big pipeline of potential targets. But yes, that is something we're looking at for sure.

Speaker #5: OK, that is actually all the questions that we have at this stage. But I will thank you very much for joining the Q&A.

James TBD: Okay. That is actually all the questions that we have in at this stage. Thank you very much for joining the Q&A, and I will just hand back to Mikkel.

James Targett: Okay. That is actually all the questions that we have in at this stage. Thank you very much for joining the Q&A, and I will just hand back to Mikkel.

Speaker #5: And I'll just hand back to Mikel.

Speaker #6: Well, thank you very much for joining, and thank you so much for supporting this company.

Mikkel Weider: Well, thank you very much for joining, and thank you so much for supporting this company.

Speaker #5: Thank you to the management team for joining us today. That concludes the Everplay Group's investor presentation. Please take a moment to complete a short survey following this event.

Operator: Thank you to the management team for joining us today. That concludes the everplay group plc investor presentation. Please take a moment to complete a short survey following this event. The recording of this presentation will be made available on Gaming Investor. I hope you enjoy today's webinar.

James Targett: Thank you to the management team for joining us today. That concludes the everplay group plc investor presentation. Please take a moment to complete a short survey following this event. The recording of this presentation will be made available on Gaming Investor. I hope you enjoy today's webinar.

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Q2 2026 Everplay Group PLC Earnings Call

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