ZEAL Network (Xetra:TIMA) Q3 2026 Earnings Call

0:00 Perfect. Good morning, everyone, and welcome to SEAL's earnings call for the first nine months of 2026. I'm Andrea, the CFO of SEAL, and I'm joined with our CEO, Stefan. This presentation is available for you also on our investor relation website, if you don't see it now live on the screen. So let's start with the agenda. The agenda for today's call is we will start with the highlights for the first nine months and then talk you through the financial and operational update. Afterwards, we will go into the strategic progress and our guidance for the full year 26. And at the end, we finish with key takeaways and then we open up for your questions. And with that, handing over to Stefan.

0:47 Thank you, Andrea, and also from my side, good morning, everyone. Thanks for joining the call. Let me start with the highlights of the first nine months of 2026. We delivered double-digit growth with 22%, including the first-time consolidation of Seven Canyon, our acquisition in the UK. Andrea will provide more detailed insights later. What's very important is that our lottery business kept growing even though the Eurojackpot situation was somewhat weaker than expected. But despite all of this, we added more than 1 million new customers in the first nine months of this year. That's the first time that we've passed this mark in that period. With the acquisition of Seven Canyon, we diversified our business into the highly attractive UK price draw market and that integration is progressing very nicely.

1:36 We raised more than 300 million euros for public funding and charitable causes in all of our markets and following the consolidation of Seven Canyon, we have updated our revenue guidance by 20 million euros. now incorporating the newly consolidated UK businesses. To sum it up, the core business is growing, our customer base is growing and Seven Canyons opens new markets for us. Back to you, Andrea. Thanks, Stefan. Now let's look at the financial and operational performance in more detail. So first of all, let's put everything into context. And here we look into our jackpot environment in Germany. The jackpot environment was mixed over the first nine months. Lotto 6049 reached its 50 million euro maximum for the first time ever and stayed there for 26 draws.

2:27 This was quite outstanding. As a result, the average jackpot for Lotto 6 out of 49 rose from 9 to 32 million year over year. But as you might remember from our last earnings call presentation, the key driver for our customer growth is actually Eurojackpot. And Eurojackpot was weaker. Eurojackpot reached 120 million, the maximum only in May, and remained there for two drills. compared to four times in the previous year. In average, it fell from 50 million to 41 million. This is why we are particularly proud of our record new customer growth in the first nine months of 2026.

3:13 And now let's see how this translates into financial results. Here you see our group P&L with the main revenue and cost items. But let me explain a bit the items and especially the one-off effects that we have inside with Seven Canyon. Revenue increased strongly by 22%, up to 199 million, with 10.5 million coming from Seven Canyon. which we consolidated from the 9th of July onwards. But even excluding Seven Canyon, revenue grew by 16% year over year, driven by the strong performance in our core business in Germany. On the operating expenses, the increase reflects our continuous investment in growth and diversification of our strategy.

4:04 Really important for us. Personal expenses increased by 11% as average FTEs rose by 30%. This of course includes also our UK businesses and their teams. Marketing expenses rose by 35% up to 67 million. And this also includes Seven Canyon with 4.8 million euros. And we are very proud of these investments because this is actually considering our very strong boundary conditions that we set up for our teams. On the indirect expenses, they were up 61%, mainly driven due to one-off effects in the consultancy cost and advisory area of 4.9 million that are related to the Seven Canyon transaction.

4:56 And this is, of course, a non-recurring item. Additionally, 1.8 million of this increase is linked to the Seven Canyon Group. As a result, EBDR increased by 9%. and our EBITDA margin mounts to 30%, reflecting the M&A-related one-off expenses as well as higher marketing investments within our guardrails. Net profit shows 32 million euros. He has to remember that the year 2025 had a one-off effect, a positive tax attribution based on the re-evaluation of deferred tax liabilities that was in place in Q3 2025 with 4.1 million. In 2026, we are just posting the normal tax rate of around 32%.

5:52 Therefore, if you want to compare like for like without the special tax effect from 2025, basis of our net profit grew actually by 8%. Let's have a brief look on the effects that Seven Canyon had in our EBTR and we are providing here an EBTR-adjusted bridge where you can see how the effects from Seven Canyon impacted our SEAL P&L. If you start with the reported EBTA of 58.7 million, and take the contribution from Seven Canyon out from the revenue side but also from the cost side as well as the 1F expenses that we already communicated to you of 4.9 million and the FX effect of the transaction you are actually ending up with an underlying poor business deal EBITDA before the transaction of 62.7 million what is really a strong result for the first nine months of 2026.

6:54 And now let's look into our businesses. We start with the core lottery business. The lottery billings increased by 10%. And the main driver, like in the last quarters, were of course the more active customer base and the higher spend. The higher spend was mainly supported by the Lotto 649 jackpot that we had in Q2 and Q3. Average monthly active users increased by 7% and our monthly FD billings increased by 3%. Even more important, the lottery revenue increased by 16% year over year, a really strong growth ahead of the billings growth that we just communicated to you.

7:42 The gross margin improved by 0.8 percentage points from 17.5 to 18.3%, a really strong number. This margin improvement was again driven by Fable product mix and also highlighting our diversification strategy that we put into the products in Germany. Overall, we achieved a strong top-line growth with further improving the margin profile of our lottery business, what will benefit us for the future. The second growth driver is, of course, our customer acquisition, as you know. And here we reached, Stefan said it already, the new nine months record with one million new customers we acquired. 15% more than last year, despite a weaker Euro jackpot environment.

8:35 And that with keeping still track on our boundary conditions on CPLs and payback periods for any kind of investment that we are doing in marketing. Cost per lead increased by 11%, reflecting this higher acquisition volume, raising media costs and also the marketing investment into the launch of Autoverlosung. And you will hear about that later from Stefan. For the corporate brokerage business, CPL was 47.1 Euro and compared to 42.5 in the three-year period. This demonstrates still very strong and healthy unit economics that we are really proud of and we stepped up our marketing even in weaker jackpot environments and that is reflecting our diversification strategy making us more independent from jackpots.

9:32 Now let's look at the other segment in Germany, games. Our games business continues to grow as we expand the portfolio of our games and we have currently around 840 games live and we also increased our user base. Revenue increased by 18% to 12.1 million euros while the active customer grew by 27%. As expected, the strong growth year-over-year of the mouse results in a broader player mix, where the higher portion of newer, lower-spending customers consequently lower the relative share of high-value players. As a result, the R2 declined by 7%, as we expected.

10:17 So nothing that surprises us. Overall, the year-on-year increase in active users more than offsets the lower APU and the segment actually contributed 5.5 million euros in EBITDA, a growth of 12%. We continue to expect further growth in the game segment, although the pace of customer additions is likely to moderate depending on the overall lottery customer behavior. Let me now briefly talk you through the Seven Canyon impact in our numbers and how it contributed with the first time consolidation in SEAL. After consolidation, Seven Canyon contributed 10.5 million euros in revenue and 1.4 million euros in EBITDA to the group.

11:10 Marketing spend, as I said already, was at 4.9 million euros, the largest cost item within the overall P&L. and is in line with an acquisition-driven business model that we have in the UK price market. And it is included, as you have seen it already, in our segment Other. Apart from the contribution of the P&L, we also have two acquisition-related effects in our overall group P&L. First one, consultancy cost of the transaction of around 4.9 million, as mentioned already, which are booked on the group level, and also an amortization of 1.4 million Euro in the third quarter on the intangible assets identified in the preliminary PPA and that reflects mainly brands, customer relationships and software.

12:05 Looking at the P&L of Seven Canyon for the third quarter, I'd like to mention that the 1.4 million EBITDA contribution include one of expenses, non-recurring one of expenses of around 800,000 euros. That means the underlying EBITDA contribution is actually by 2.2 million. And with that, back to Stefan for some exciting updates on our own lottery products. Thank you, Andrea. As you know, we have social lotteries in Germany that help us to get more independent from the standard lottery products and the jackpot cycles. One of them is Traumasverlosen and Traumasverlosen continue to scale during the first nine months. We completed four house draws in 2026.

12:54 House 9 reached a draw after 63 days in line with House 8 and delivered billings of €8.8 million. The direct-to-consumer share remains strong at more than 50%, 58% to be exact. and this is an up 1% performance in comparison to earlier houses. The 11th RAFFLE, a house at Lake Tegernsee in Bavaria, is currently underway demonstrating the repeatability and growing maturity of the product. A product that is not yet matured because we only launched it this year is our third charity lottery from Auto Verlosung in Germany and that also continues to develop very well. The second draw was completed with more than 258,000 tickets sold and more than 2 million euros in additional billing.

13:49 The format has proven its appeal and contributes to both revenue growth and gross margin. For our car raffle business, we also strongly benefit from a fruitful exchange with the Seven Canyon team as they have a long-standing experience with executing car raffles. So the acquisition of Seven Canyon is a two-way learning street. With that, I'm handing back to Andrea for an update on our strategic progress. Thanks Stefan. Yes, so strategic progress as we always want to be very transparent what we have as targets for 2026 and where we stand. So first of all, Germany. Our goal is to strengthen further our acquisition effectiveness and we achieved that with a 1 million record new customers in the first nine months this year.

14:35 So really strong performance and as I always remind you with the clear boundary conditions on CPL and payback period, these are great investments for the future of SEAL. Secondly, we continue to scale our own lottery products and Stefan just gave updates on two of the products, Traumhausverlosung and Traumautoverlosung. Four houses are drawn in 2026 and in total the 11th draw is on the way for Traumhausverlosung. and Traumautoverlosung is developing well as well. Thirdly, in Germany, we sustain our games growth by expanding the portfolio. We are now at 840 titles, as I told you already, and our monthly active users rose by 27% revenues by 18%. So really good numbers. And the fourth strategic target that we added after the acquisition is of course the diversification within to the UK market and where we now build a meaningful second home for SEAL.

15:44 And with that, following the first-time consolidation of Seven Canyon, and we mentioned it at the beginning already, we raised our revenue guidance to 270 up to 280 million euros. The increase is around 20 million euros, and this reflects solely the expected Seven Canyon contribution from July to December within the SEAL Group. We confirm our EBITDA guidance of 70 to 75 million euros, assuming a normal jackpot environment in Germany for the rest of the year. This range includes, as you know, the positive Seven Canyon EBITDA contribution, as well as the M&A related one-off expenses and integration expenses that we have. For Germany, we continue to plan marketing investment of around 85 to 95 million euros.

16:35 And we ramped that up actually quite well in October with the nice 120 million jackpot and euro jackpot that we have seen. And on the other hand, the midterm guidance stays as it was communicated to you already for 27 to 29. And a revenue growth in the mid-teens and an EBITDA margin above 30%. And with that, for the conclusion back to you, Stefan. Thank you, Andrea, and I'm super happy to summarize the key takeaways of the blockbuster first nine months in 2026 for SEAL. First, our core lottery business continued to grow despite the somewhat weaker jackpot environment. Group revenue increased by 22% to 199 million euros. EBITDA, again, unadjusted, but growing by 9%, 59 million euros, while we absorbed the one-off effects of the cost of the Seven Canyon acquisition. Second, we acquired more than 1 million customers in the first nine months of this year, a first for Zeed's history. We did so with very disciplined unit economics in a weaker jackpot environment.

17:44 Third, we entered the final quarter with a broader product portfolio, a second home market in the UK, and a clear path for continued profitable growth. and finally, following the first-time consultation of Seven Canyon Group, we have raised our revenue guidance to 280 million euros. EBITDA guidance and our marketing budget remain unchanged. Thank you very much for listening. We are now open for Q&As and I hand back to Andrea and the team to open the channel for questions. Yes, thank you very much for your presentation. Ladies and gentlemen, now it is your turn as we are opening the Q&A session with questions via audio line only. Therefore, please click on the raise hand button. If you are dialing in by phone, please press star key 9 to raise your hand and star key 6 to unmute yourself. Please make sure you introduce yourself with your full name and institution.

18:48 And we're coming with this to the first hand up of Tim Kruse. The stage is yours. Yes, Tim Kruse from Ortega. Thanks for the presentation and taking my questions. A few questions on the lotteries. Actually, I saw that Freiheit Plus was very successful in the third quarter, especially comparing to last year. Can you comment on those effects? Is this sort of the organic development? Is there anything we should factor in Q3, which made that quarter especially good? on the Traumhaus Verlosung. Can you comment on sort of the growth pattern of that in the third quarter, especially maybe on sequential development compared to the second quarter?

19:44 I mean, I don't have the concrete numbers at hand, but if I try to exclude sort of all the other effects, seems that, yeah, it was more or less flat maybe compared to Q2. And then on the other hand, the Traumautoverlosung looks very interesting from the unit economics. I think you had two million in billings, if I recall that correctly, that compared to the car prices seems even more favorable than maybe the Traumhausverlosung. Maybe you could comment on that. And then I have a few housekeeping questions, which I would come back to. Thanks. Thank you for the question. Let me pick up the first one of Freiheit Plus. Great for mentioning that we are super proud of the development that we have with Freiheit Plus. It's kind of the poster child for a subscription-based annuity lottery product that we are doing together with Bildungschancen here in Germany.

20:41 The team has really driven that product to new heights month by month. There have been several product improvements, several pricing improvements, several improvements from the winning perspective. So actually that product is really one that we can use as a foundation for the other social lotteries and Also for our business in the UK, when we drive further subscription rates into these markets. So actually a product that we're very proud of. Thanks for the question. On Traumhausverlosung, I think it's important that we look at the raffle periods as well, because in the third quarter, we just had one actual raffle happening.

21:28 The next raffle happened beginning of Q1. Paul, and therefore it compares to a raffle, a Q2, where actually two raffles happened. Why is that so important? Because these homo phases, so the phases, the two, three days before the actual draw, are the highest sales events that we have within that product, and therefore it's relevant to count how many draws we have in the different periods. And the last one, Traumautoverlosung, it's the same license concept and it's the same unit economics as Traumhausverlosung, so they're actually 100% comparable. Okay, but maybe just from sort of the outcome of the raffles compared to the pricing of what you are drawing looks more favorable.

22:19 That's what I mean. The unit economics is understood. That's sort of given by the regulatory environment, as I understood. But that's what I meant in that respect. Not really, because really the RTP is defined by our license. So the return to player, the prices that we have to give out to our customers is defined by the license and by the regime. And they have both the same target RTPs. We have to look at the entire package of cars and not just at one car. So the RTP is really similar. The good thing is that we've opened up a new segment of players. We have very relevant numbers of new players that have not played any lottery before.

23:08 in our customer segments for the Tram Autoflowsum. Plus, it's a great add-on product in the supermarket where we upsell our existing lottery customers. So we are very happy with the overall development of Tram Autoflowsum. Okay, then two questions on the P&L. Firstly, the other income and indirect costs both increased. I guess that's sort of related to the consolidation of Seven Canyon. Andrea, could you maybe just sort of comment on the background of that? What sort of different cost items are in there? Not in detail, but sort of just as a general understanding, or if there's anything... or if that's also the transaction related topics we are looking at in the cost part for the third quarter. And then on the transaction costs, actually those seem very high in related to the transaction price. In the last call, you mentioned that there's an insurance premium on those VAT topics you are still solving or are still to be solved for Seven Canyon. Is that included in these transaction costs?

24:25 Maybe you could comment on that and that's all from me. Thank you. Yeah, so I start with the stuff that I remember, then please remind me if I miss one of the questions. So let's start with the transaction costs. The transaction costs don't include the VAT costs. The VAT costs are before the consolidation of the 7-panion group, so that's not an expense in our D&L. What is included are the overall transaction costs. And you have to remember that we actually bought the Seven Canyon Group to a very good price tag at the end of the process. And therefore, you might think that the related transaction costs are a bit high. But yeah, I think it's rather a good price than high transaction costs.

25:18 And in the Then you had a question on the other operating income. These are the special one-off effects that we have once in a while, always in our P&L. When you look back several quarters, you will see that, or even years, we always have some movements there. They are not related to Seven Canyon, but rather to our lottery gaming operations. Okay, and the last one was on the indirect costs. I guess that's where these one transaction costs were included. Okay, thank you. Thank you very much, Mr. Kruse. And we're coming to Abed Jarad. The space is yours, Abed. Welcome. I see you are unmuted, Abed, but we cannot hear you.

26:10 Can you change your in and output of the microphone? Now, I think? Yes, yes, perfect. Hello. Good morning, Abid from MVB Research. Thanks for taking my question. So maybe first on the EBITDA margin, which is expected in Q4. Based on the guidance, you can assume like 15 to 20 EBITDA margin compared to 26 in Q3. Even though there won't be any additional one-offs, do you expect to increase marketing spending or where does this decline come from? In general, as you know, we are targeting a 30% EBITDA margin overall and deliver strongly against that.

27:05 Of course, like I mentioned before, if jackpot environments and in general the overall structure of the market allows us in marketing to invest more, then we are going to do that. And especially in October, we really use that potential that the jackpot environment had and increase significantly our marketing business. Okay, so the marketing should also overweight the absence of the one offs. So that's like that excluding any one offs from Q3. I thought you questioned about Q4 and not the full year. On the full year, of course, we will be where we always end up around the 30%.

27:57 I was talking about Q4, but I compared it to Q3, which had a couple of one-off costs. Exactly. This will fade in Q4, right? Of course. There was a special effect in Q3. Exactly, so the decline in implied EBITDA margin in Q4 is purely coming from expected increase in marketing expense, right? Yes. Okay. Profitable marketing investments. Yeah, okay. Maybe regarding the top line, so excluding Seven Canyon, you grew revenue in Q3 by 9% year over year?

28:42 and Q4 guidance imply broadly flat revenue Q on Q, like organically. What actually is your organic growth expectation for next year and where should it come from? Do you expect any pricing effects next year? Sorry, Abed, can you repeat the question? Was it related to Seven Canyon or...? No, no, I said excluding Seven Cannons, so talking about only organic growth, revenue grew 9% year over year in Q3. And Q4, it would imply like broadly flat revenue growth. So I'm talking, what's your expectation for organic growth in 2027 and where should it come from? And if you expect any pricing increases like in this year?

29:37 Remember that you are comparing with the 9% year-over-year increase a high jackpot month quarter last year in Q3 compared to a no jackpot in Q3 this year. So the 9% is actually in comparison a great achievement. If you look into 2027, we are still communicating and standing strongly by our mid-teen growth expectation that we have on the revenue side. And here to pull out, this is based on the overall market shift that we are seeing From the offline to online transaction that we are seeing every year happening, the online market grows one to two percent every year. And we as market leader, of course, capture the majority of that growth.

30:26 And therefore, we still see a continuous double digit growth over the next years as we guide within our overall pipeline guidance and that in Germany. Okay, so in Germany you expect also methane growth or is it inorganic? It's organic. Organic, okay. Okay, maybe let's move on to my last question on 7th Canyon. So excluding this one of effect, EBITDA margin was 21%.

31:12 Is it a reasonable run rate for this business? This is the current run rate that we have seen in Q3. That's correct. Our goal is, of course, also to move this business to a 30% EBITDA margin, like we communicated to you in the transaction. That's the goal, but we have to get there. Okay. All right. Thank you so much. Thank you for your questions, Abed. And we will move on to Lukas Spang. The stage is yours, Lukas. Yes, hi, good morning to both of you. In your presentation, you mentioned besides the consulting costs, another 800k of one of effects.

31:58 But I think you didn't really mentioned why these 800k occurred. So can you shortly explain where these 800,000 came from, please? Yes, of course. They are mainly one of the facts that relate to the former founders' payments that are still in there that will get out at the end of 2026. And it also relates to restructuring within the 7-pinning group. So some of these 800k will be again in Q4? 100,000 of that will still be in Q4. The 700,000 of and the rest will not be recurring.

32:43 Okay. And if we then calculate a, let's say, run rate for Seven Canyon and take the 1.4 million you mentioned and the 800k, we come to 2.2 million. Is this, let's say, an operating run rate for the next quarters we should calculate with? Our ambition for these businesses is of course higher, especially Q4 is in general a strong sales quarter for these businesses. So we expect that numbers increase. And in general, as we communicated also, we expect also for the Seven Canyon Group a double-digit growth. And that's what we are targeting.

33:28 Yeah, okay. And then... On shareholder value measures, now the stock in this year is down 20% while the market is up. You increased your revenues by more than 20%. You could also increase your earnings. You generated roughly 20 million operating free cash flow, so excluding the M&A transaction. and in the past you emphasized that shareholder measure shareholder value measures or shareholder value returns like share buybacks are still on the table so what needs to happen for you to take action here?

34:16 Thank you very much. In the future as well, if we can use our generated funds to generate further growth in also an agonic options. But is something of these measures still to be expected this year or will this just something for next year again? Nothing that I can share with you.

35:03 Okay, thanks. Thank you, Lukas, for your questions. And we're coming to the last hand up for now from Simon Keller. Simon, please. Hey, everyone. Thanks for taking my question. Simon, can you come closer to your microphone? Does this work better? A bit, yes. Thank you. First of all, congrats on the strong Q3. Your view?

36:07 Nice question. Thanks. You know, we communicated our midterm ambition to you guys. Double digit, top line growth, revenue growth and 30% EBITDA margin. I think you can run in the numbers yourself and we will communicate the guidance for 2027 for your beginning of next year. Okay, thank you. Thank you, Simon. And we're coming to Jack Cummings from Bärenberg. Jack, this is your space. Good morning. Thanks for taking the question. I just wanted to ask on the games business. I think billing stepped up quite a bit in Q3. I think it went to 58 million of billings versus 51 to 52 in the last three quarters. Was there anything specific you would call out in the games business that caused that higher level of billings?

37:00 And should we assume that that level of billings is now a more steady run rate going forward? Thank you. Thank you for the question. And actually, we are super happy with the development of both the monthly active users that we have in the games business and also the only very slight decrease of average revenue per user. So we think that the current run rate is a good indication of what will happen with this business going forward. As you know, there are certain limitations in the German market. A regulatory setup that allows us to do only so much when it comes to cross-selling, but given that we still will increase the number of games that can be played, that we will have a strong focus on VIP players, and that the average revenue per user is well managed, we are quite confident that this business will continue to grow quite nicely on the revenue base.

37:58 Okay, perfect. That makes sense. And then just a second question. You clearly mentioned when talking about capital allocation, there could also possibly be other inorganic opportunities. It'd be good to just understand, obviously, you entered into the prize draw market in the UK. Are there other geographies that are potentially of interest? Is it other product verticals? It'd be good to just understand when you're evaluating product Capital Allocation, Shareholder Returns versus M&A. What are the sort of inorganic options that you would potentially pursue? Thank you very much. Thank you for the question. The kind of internal guidance that we have for looking at these opportunities is products that we understand in markets that we understand.

38:43 I think the UK acquisition is a good indication of that. We take a business like the price draws for houses or cars and look into markets that are Close to us in terms of regulation, close to us in terms of customer behavior, close to us in terms of competitive setup and competitive landscape. And that's the framework that we have for looking at these opportunities. We will not look into exotic markets with exotic products. That's not what we're good at. Understood. Thank you very much. Thank you, Jack. And we're coming to Jonathan Neuscheller. The stage is yours, Jonathan. Yes, good morning, can you hear me?

39:29 Yes, thank you. Yeah, thanks a lot for the presentation and information you gave us today. I would like to get a bit more information also regarding the general capital allocation that you're planning to do, like Lukas Spang already asked, because I just think you again showed a very strong double-digit growth, a high cash flow, you have a recurring customer base you have low debt and also a low valuation which you also expressed with the insider purchases in the last weeks and when i look at all these points i would just like to understand especially the timing aspect of a possible tender offer or a new special dividend because personally and i really like that signal you have already bought some stocks because I think there could be quite some value creation here, maybe levering the business a bit more. How are you looking at that?

40:36 So I can just repeat the answer that we already gave. Sorry, guys. So we are looking at all the instruments that we can use. We want to give back to our shareholders, of course. We are creating value for them. So please apologize, but that's the answer you get. Jonathan, if you do not have any follow-up questions. No follow-up questions. Thank you. Okay, thank you so much. I would come back to Simon Keller. Please, Simon. I hope you can hear me. I tried to speak loud and clear. Thank you for the question. And let me start by saying that we balance our growth in the games segment very much with our approach to safe gambling and responsible gambling activities.

42:00 In everything that we do, that balance needs to be maintained. And for example, the increase in the spend per spin that you mentioned is something that we look at very carefully. But it also needs to be balanced with the approach to the Lucas limit overall with the customers. And that's definitely something that we're looking into. But again, the growth of the gaming business needs to be always balanced with a solid approach to responsible gambling. Would you say that basically now all of those Yeah, we have just increased the revenue, the minimums, the maximum spin from one euro to three euro. So you will see an ongoing effect of that in the fourth quarter as well.

43:06 Okay, thanks. Can you elaborate? When did you increase the spin limit? Was it directly with the regulatory announcement or just... It was with the regulatory announcement, but spread over a couple of weeks because it's more than 800 games where we have to implement it. Thank you. Thank you, Simon. And I'm holding the room for another moment in case there might be some questions coming up. And that doesn't seem to be the case. We therefore come to the end of today's earnings call. Thank you very much for your interest in SEAL Network SE. A big thank you also to you, Stefan and Andrea, for your presentation and your time.

43:52 Should you, ladies and gentlemen, have any further questions at a later date, please feel free to contact Senior Investor Relations Manager Frank Hoffmann. I wish you all a successful day around the world and handing over to you, Andrea, once again for your final remarks. Thank you all for your questions and for joining us this morning. We appreciate, of course, your interest and the discussions we are having here today. And maybe we see you on one of the investor activities that we have in the month of November, like the Eigenkapital Forum in Frankfurt in a few weeks and can update you on the next results, of course. Thanks. Thank you.