Hello everyone and thank you for joining the Supergroup Third Quarter 2025 Earnings Webcast and Conference Call. My name is Lucy and I'll be coordinating your call today. During the presentation you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. It is now my pleasure to hand over to your host, Enkem Ojebo, Head of Investor Relations to begin. Please go ahead.

Good morning, everyone, and thank you for joining us today to discuss Supergroup's results for the third quarter 2025. During this call, Supergroup may make comments of a forward-looking nature that are subject to risk, uncertainties, and other factors discussed further in its SEC violence that could cause the actual results to differ materially from historical results or from the company's forecast. Supergroup assumes no responsibility to update forward-looking statements other than as required by law onto this call supergroup may refer to certain non-GAAP financial measures these non-GAAP financial measures are in addition to and not a substitute from measures of financial performance prepared in accordance with GAAP supergroup has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the investor relations page of supergroup's website supergroup recommends that investors refer to a supplementary presentation posted to the company's website today i'm joined by neil manashi chief executive officer and elinda von weg chief financial officer after our prepared remarks we'll open the call up for questions and now i'd like to turn the call over to name thank you good morning everyone and welcome to Supergroup's third quarter 2025 earnings course.

We delivered another strong and resilient performance this quarter, powered by consistent execution, record customer engagement, and continued focus on margin expansion. We achieved this despite customer-friendly sports results in September, and with customer acquisition up very nicely year-on-year, we are positioned for a good fourth quarter. We enjoyed seeing many of you in our London office for our Investor Day in September. Now, we would like to share some key takeaways since then. First, we hit a record of 6 million monthly active customers in September, which we have already surpassed in October. This reflects the depth of our global footprint, our localized execution, and the value loyal customers continue to place on our products and platforms. Second, we are proud to officially announce the upcoming Q4 launch of SuperCoin, our South African Rand Peg Digital Assets Stablecoin initiative. This marks a significant and strategic step forward in how we think about payments, rewards and engagement finally despite unfavorable sports outcomes in september rolling marginally into october we are raising a full year group revenue and ebitda 2025 guidance before i turn to linda for the financial details i wanted to offer a quick overview of our operational performance this quarter and elaborate more on supercoin europe's revenue surged 46 percent year over year with the uk and spain leading the charge up 71 and 11 respectively this outstanding performance reflects a combination of regulatory stability product innovation and enhanced marketing execution in contrast germany continued to be impacted by tighter regulatory restrictions as well as an intentionally reduced marketing spend to preserve unit economics in a challenging environment. Africa delivered 36% year-over-year growth, driven by strong performance across all markets. Botswana remains a standout with continued momentum since launch. Malawi and Tanzania also posted solid gains, while Africa grew 23% year-over-year. In Nigeria, we have successfully completed the migration to our new technology platform which positions us for improved scalability and customer experience in zambia we are proactively navigating casino tech with tax headwinds and are making good progress north america grew 14 year over year canada ex-ontario increased 15 supported by higher deposit volumes and strong customer retention Ontario increased 3%. We are planning to launch our new casino client there in the first half of 2026. APAC revenue was also up 3% year-over-year, marking a solid improvement from last quarter's 6% decline. In New Zealand, revenue declined 2%, primarily driven by continued marketing restrictions. We are obviously actively addressing this issue. We are on track to launch the ZAR Supercoin in late November in partnership with Luna, the largest customer-consumer crypto exchange in South Africa. This new South African RANDPEX stablecoin is designed to deepen customer loyalty, reward engagement, and enable cross-platform benefits across the Supergroup ecosystem. We intend Supercoin to be more than just a rewards tool. It marks a crucial first step in integrating digital assets into our product stack. Our digital asset wallet is expected to launch in Q1 2026, starting in South Africa, where adoption of alternative payment methods continues to accelerate. This wallet will provide customers with a seamless and secure way to store, send, and transact using SuperCoin, and we expect it will lead to cost efficiencies over time. In the longer term, we plan to expand availability in line with local regulatory frameworks. With that, I'll now turn over to Alinta.

Thank you, Neil. Let's now walk through the financials. We had an exceptional July and August, and despite those sports outcomes that Neil mentioned, our core business performed, enabling us to confidently raise our full-year guidance above previous investor day targets. The group generated a total revenue of $557 million, up 26% year-over-year. Group-adjusted EBITDA reached $152 million, representing 65% year-over-year growth, with a robust margin of approximately 27%. This quarter's margin improvement reinforces the strengths of our model. We are investing in markets that deliver the best returns while maintaining cost disciplines and increasing operational efficiency, including expanded use of AI across customer support and trading. We again approved our marketing ratio and still drove record customer engagement and wagering growth. These fundamentals, disciplined reinvestment, efficiency gains, and a shotgun ROI positions us to finish this year strongly and carrying momentum into 2026. The quarter was also driven by strong sports outcomes in July and August and increased uptake of parlays. Goals were further supported by favorable wagering activities with sports betting wages hitting $901 million for the quarter up 12% and casino wages up 20% year-over-year. Our sportsbook margins also improved from 11% in Q3 2024 to 12.8% in Q3 2025. Our balance sheet remained strong. We ended the quarter with $462 million cash on the balance sheet. Over the last two-half months, we have returned $136 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free capital generation and careful consideration capital allocation strategies. Today, we are raising our full-year 2025 group revenue to be between $2.17 and $2.27 billion, and group-adjusted EBITDA guidance to between $555 and $565 million. This uplift reflects our robust growth in monthly active customers, diversification in our revenue mix, and steady start to quarter four. I will now hand back to Neil for closing remarks.

Thank you, Linda. Q3 showcased the power of our diversified global footprint, efficient cost structure, and strong operating leverage. Even in a tough sports hold environment, we delivered record customer activity, 65% year-over-year growth inhibitor, and consistent reinvestment in our product and tech platforms. As we move into the final quarter of 2025, we remain focused on executing our growth strategy, unlocking further margin expansion and delivering long-term value to our shareholders. I'll now turn the call over to the operator to open the call up for questions. Operator?

Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. The first question comes from Jason Tilchen of Canaccord Genuity. Your line is now open. Please go ahead.

Good morning, and thanks for taking my question. One thing I'm curious about, if you could share a little more detail regarding the magnitude of the difference in payments costs in Africa relative to some of the other markets you operate in, and a little bit more about maybe the level of investment required in this initiative relative to the potential savings over time from reduced payments costs.

Thank you. yeah hi that's not yes so in africa because of the wallets and stuff it's significantly more than other markets in the world so um so with this initiative it can over time obviously reduce that and yet the cost involved in implementing the super coin haven't been excessive at all it's actually quite it's it's easily manageable and over time obviously with engagement in in the customer base going forward we we are really excited about this opportunity And just to follow up on that, you mentioned in prepared remarks a few times about rewards.

I'm just curious what the opportunity is to potentially use this as a mechanism to drive retention for the user base in those markets.

Yes, listen, it's all about our customer acquisition, keeping the retention of our customers and keeping them in our ecosystem. So with the Supercoin, there's lots of different benefits we can give them as they start interacting with that. because it's a method that we will control and we're in total control of all of that destiny so so for us it's a very exciting opportunity b b b because of that you know there's bonus money you can give them there's lots of different things you can get to you you can give them great thank you very much thank you the next question comes from jordan bender of citizens your line is now open please go ahead hey everyone thanks for the question i want to start on guidance you'll

adjusting for the tough sports comp in the prior year 4q revenue still implies slowing growth trends from what we've seen year to date are you seeing anything into november that would imply anything slowing across some of your major kpis outside of just some of the poor sports results that it bled into October.

Thank you, Jordan, for your question. In the guidance for the remainder of the year, we just assumed a normalized forehold in line with around 14%. As you can see in the investor presentation, we've prepared a slide on that. As you know, it's very tricky for us to have any kind of understanding of the impact of when it does have an outlier like in September but what happened in September is well because July and August were so significantly higher you do have an equalized quarter so that's why we just kept it normalized and we're also very excited about the continued momentum in the customer activity fueled by also marketing efficiencies in line with our prior quarters so that all will help deliver that last part of the year and furthermore we just have to rely on consistent execution and a seasonal supportive calendar.

And I'll just add in Jordan, that obviously quarter four 2024 was a hard comp because the sports margin was at 15.9%.

Perfect, thank you. And then just maybe to follow up on the US business, anything left from a revenue or a cost standpoint we should be expecting in the fourth quarter?

Yeah, so the gaming operations is all wrapped up in the US and the only thing that is now that we're just doing it, the operational wind down and wrap up. In the guidance for quarter four, we've included that. That is an absolute immaterial number, and we won't foresee any revenues coming through in quarter four.

Perfect. Thank you, and really nice quarter. Thank you.

Thank you. The next question comes from Jed Kelly of Oppenheimer. Your line is now open. Please go ahead.

Hey, great. Thanks for taking my questions. You know, I think you highlighted, you know, we're kind of watching some tax developments here, you know, in a couple countries in Africa and then potentially in the U.K. Can you just remind us, you know, how much of a tax cushion you baked in and sort of some of the medium term guidance you laid out at your recent investor day?

Yes. So remember taxes, obviously, with us, the way to mitigate taxes is number one, cost efficiencies. There's cost efficiencies in everything we do, then it's the product efficiencies and it's the marketing efficiencies. So all of that is coming together. And for us, we have lots of headroom there to take some of these tax increases. The big one, obviously, for everyone's mind is the UK and how much they plan to go up But for us, we've got a resilient business model and we're growing. So, yes, it might take some of the extra profit out of it, but with all the other savings coming in, we have to mitigate against them.

So, Jess, just to go back to the reference to Africa, the only really impact at the moment on tax in Africa is around Zambia, and that's been embedded in the Q4 guidance forecast.

Got it. Thanks. That's helpful. And then just circling back to Ontario, you said you highlighted it's growing 3%. I think overall Canada is growing high teens. How should we think about Alberta's growth rate when that market legalizes? Should we think that grows mid-single digits, or do you think you can maintain that strong growth you're seeing in the rest of Canada? Thank you.

So I think we've learned our lessons, obviously, as we would say, in Ontario. Again, we've got the new clients being launched there shortly in next quarter in Ontario. And we're obviously enhancing the product. So all of that will help us deliver more in Alberta. But this is one that I would say Alberta would be high at T, et cetera. We would expect to be closer to what else we see in Canada. Thank you.

Thank you. The next question comes from Bernie McTernan of Needham.

Your line is now open. please go ahead hi this is stefanos chris uh calling in for bernie thanks for taking our questions um pretty healthy margin level despite some negative sports results can you just talk about the puts and takes on margin in the quarter and if that's sustainable going forward um yes um directionally 100 um our model benefits from mixed towards higher quality casino revenue.

And we also have the strong geographic diversification. And what we've been seeing, even though the sports results have been under pressure, we've seen increased power-lay contribution, which had a favorable impact, as well as what Neil and I constantly talk about, our structural efficiencies, as we roll out AI-enabled operations and discipline processing negotiations, et cetera.

We definitely believe that this margin is sustainable. got it thank you um and then you called out strength in the uk and spain just anything specific to call out there thank you so i so i think if you take uk and spain it's the product to gain remember we closed a lot of markets and i keep telling people that when we close those markets it was then to be able to focus the resource in on on the markets where we're winning and that you can see that in obviously the uk and stuff so all the stuff we're doing on parlays the products, the processing, everything that happens in the product is you're seeing a direct correlation of how those numbers are going. So it's not, look, this is a dedicated resource allocation, and we keep pushing more and more. And our brand strength, obviously, is compounding. Spain, we've got like the super club loyalty was introduced, ongoing product upgrades. And so all of that's coming together. And that's all about this operating leverage that sits in our platforms.

Got it. thank you the next question comes from clark lampin of btig your line is now open please go ahead thanks for taking the questions um neil maybe i can follow up a little bit on that comment around um uk growth and the product um and the product i guess sort of driver uh underpinning it is was that apricot driven and and if so is that something that we should think about maybe being sort of earlier stages with the uk sportsbook um and then sort of second question As we think about the sportsbook business overall, maybe as sort of a follow-up on Jordan's question around the forward outlook, if we sort of run forward the numbers with seasonal improvements in your customers in line with what we've seen in the past, it would seem like there was a pretty significant downtick on a per-customer basis. Is that in any way sort of related to engagement patterns? Have you seen any downtick or maybe should we read this as just sort of a prudent way of approaching, I guess, the sort of 4Q setup and modeling?

So, just back on the UK, obviously, I always think we under-indexed the brand was really good in the UK, but as we've got more focus on the product, you've seen the uptick there. Plus, remember, we've also launched the casinos or the Jackpot City, et cetera, and we put a lot of effort into that. So, all of that's coming together. plus you've got the parlay mix that that that product which is obviously that we purchased from apricot that we're almost finally getting over the line and owning it in the next in in the next few months it's all coming together because we actually own 100 the roadmap there and um and what's happening so so that's all coming together for what i call betway global internationally obviously the betway africa has always been running a superb product right So that all helps. No, I think when you come to the handbook and stuff, it's not. Listen, we're always prudent, as you know. This is how we operate. Again, we're still 80%, and this quarter I think was 83% or something, casino. It just depends how the football lay of the land actually falls in, because football's our number one sport. i think in september what we saw with the champions league was that all the favorites were winning in the champions league round robin but now we're starting to move in we'll move into the next supplement into the next phase and that's when there's there's the favorites don't always win so for us it's just being prudent we've got listen for me it's all about and for them i always keep discussing it it's all about customers in the house and how they're engaging and we're delivering more and more of those months on month. And then that's why I said October's numbers of customers in the house was even more than September.

Okay. If I could throw one more in, your Africa growth was up 36% this quarter. Anything that you would call out sort of along the lines of, you know, the same sort of underpinning drivers with product in that territory? And maybe more importantly, how should we think about the sustainability of growth at an elevated pace? Thank you.

It's definitely more durable growth-based growth. We do obviously see Botswana as a standard in the mix when it comes to first launch. Botswana was about 4% in quarter one, 4.5% in quarter two, and now 6.5% in quarter three. So that just shows how that one country contributed to the growth of Africa. By generalize, the growth is around the consistent African, consistently across all the African countries. And we've also just completed the Nigeria tech migration, which we hope to also see a nice uplift and stability in the next couple of months.

And then just to conclude, remember we've launched Jackpot City as a secondary casino brand in Africa. it's now live in south africa ghana malawi and tanzania and we foresee that ghana will be the launch will happen in ghana now so we don't know so i think from our rumor we set out that we've got to get our casinos in all the markets we're operating in and that's the same for uk thankful africa we've now hopefully coming soon to spain and then the last one obviously is germany that we've still got some tech stuff to do there because it's quite restrictive of what we have to do.

Thank you. The next question comes from Ryan Siddall of Craig Hallam. Your line is now open. Please go ahead.

Hey, good day. Really nice results. I want to stay on the hold, kind of the sports impact in September. If I look at August, it looked like it was kind of an outsized good guy for the sports book from a hold standpoint win, offset by September. Are you able to kind of net those two together throughout the whole quarter on kind of what the net impact was from sports gross margin impact relative to what you were expected?

So I think it's on slide 12 in the investors deck, we've included quite a nice slide now just to explain the ebbs and the flows of sports margin, which is obviously, you know you can't really predict um any of that so what we just started to see like neil explain as well as the the timing of the matches and um and another and the outcome uh will now be a bit more favorable because for the for the for that for for big way not for for the customer maybe because of in the beginning you have much more favorable that favors that was but on this slide you will see we had a high of 18.8 percent and a low of 7.3 percent so that we've actually marked now so that average of 14 is what we kind of project forward but net over a period of time the margin is increasing due to all everything that Neil has mentioned of you know more rollout of the of the parlay product in other parts about which was quite dominant in Africa but now in other parts of the world um as well as just custom engagement uh fair enough um supercoin or is south africa kind of the initial launch is there plans to launch a similar coin in let's say nigeria and other markets or is this kind of a one let's trial it and see how it goes

before making any other kind of further strategy and and decisions yes so south africa was was the first place to start just just because of the cash license and high digital wallet adoption there and so also we've got a big customer base there so we're trying it out there and as it works there then we'll see the other markets and i have to be looking looking at the other markets but we rather wanted starting one country and and then moved out as opposed to try and do it in so many countries all at once i mean there's quite a lot of technical lift that has to happen here and with With Luna being the largest consumer exchange, having the biggest customer base in South Africa, we decided to start there first. So there's a road to go there. This is obviously the first part, listing on the exchange. And then you would get into the wallet adoption into Bestway, which I said would probably happen in quarter one towards the end of quarter one.

Maybe just a follow up on that. Maybe a naive question to crypto. though, but can you launch the same super coin in other markets or would it have to be a kind of full separate infrastructure and coin?

Yeah, it's basically every coin will be, this is the ZR coin, some super coin, then you have the different currency coins in each market, but it's all the same technology, same everything. We just got to get onto those relevant exchanges in the countries we decide to go with and does the laws of that country allow us to do it. Thanks, guys. Good luck. Thank you.

The next question comes from Mike Hickey of Benchmarks.com. Your line is now open. Please go ahead.

Yeah. Hey, Neil, Linda, Inc. Supergroup team. Congrats, guys. A great quarter and a great THE YEAR, DEFINITELY GETTING A REAL PICTURE HERE OF 2025, NEIL, JUST CURIOUS WHEN YOU LOOK AT SORT OF THE DRIVERS HERE OF YOUR GROWTH, AND THERE'S A LOT OF THEM, JUST CURIOUS SORT OF THE MAIN DRIVERS, THE MOST DURABLE DRIVERS THAT YOU THINK WILL ALSO BE A POSITIVE IMPACT TO YOUR 26 OUTLOOK. So I guess, Neil, just curious if you can kind of give us what 26 looks like here, growing off such a great 25 and, you know, how much are sort of existing drivers of growth versus new drivers like SuperCoin? I mean, SuperCoin sounds great. It's just hard to sort of understand the impact and how material you think it could be.

It seems like it could be great on revenue and cost. but i guess i'm just getting a better idea of 26 you know would be great you know okay i won't comment on 2026 yet but i've been about but i tell you where where what we've delivered on so we've delivered on marketing efficiencies everywhere right in the business you know we spend 400 and almost 500 million dollars on marketing for 2025 so it's getting that efficient we said in the beginning we've got to get that more efficient we're doing it finding the new channels so that's one obviously closing the markets that we were never saw a part of profitability i always think the opportunity cost of being in those markets is huge and you're seeing it by that we can redeploy in into the product into the markets we are winning in and that's one like ontario now the new clients coming new stuff's coming there so so and that's all happening plus we've we've got product so it's all about your product right it's like what is your product how's your product relative to the competitors in each market so in africa i think we've got a standout product i think we're catching up in in some of the other markets especially the uk and as we're closing that parity we are seeing the uplift in in our customers behavior customer loyalty etc we then talk about process efficiencies one is payment efficiencies we all over that new rates etc in in the african business processing is expensive it can be anything from three to six percent right of deposits but remember what happens in those markets is they they deposit they cash out they redeposit they cash out they redeposit so you've got a lot of churn of the same money so you're paying deposit fees in and out all the time so so hopefully with our supercoin etc we can build that balance that stays in our ecosystem we're not paying for the same money but three or four or five times you know in in in the u.s as an example in the uk the processing fees are tiny they've pennies right in transaction fees but not in some of the other markets so so that's where that comes comes together and then what we always said and we said for the last three years and since we finally got stuck into especially with the linda's been really pushing it is these cost efficiencies it's how do we do the business how do we double the business with not doubling the cost and that's really what this is all about and we finally seeing that coming through and there's more and more efficiencies, new call centers, software, new risk management. It's happening everywhere, and that's what we have been pushing. And then, you know, that you ultimately need that because in some markets you can win, in some markets you're not winning, like Germany. But Germany is really a function of the regs. But also, you know, when Germany, we had to wait to split out our wallet. So, yes, has it been on the main burner for us? Probably not. But now we can finally get to it that we split out the casino wallet from the sports wallet so we can finally offer casino in Germany so you know all these things take time but we're finally getting them and I think it's about actioning the points that we believe in and that's what you can see is dropping down so if you have to look to 2026 we are setting some of the goals we set on our best today how do we increase the revenue and then operating leverage kicks in so probably hear from us about 2026 in february time right when we do our uh our um end of year um wrap up etc and most importantly you know um our our deposits and net revenue are are already tracking well and it's all about customers in the system and again if you look remember that yesterday we had one slide which obviously spencer did on his cohort analysis but around it it's all about the customers and we can't forget this business is all about this customer and everything we do has to evolve around the customer and as you get six million in you've got a lot of work that the system has to do to make sure that all six million are treated correctly right and that's what we striving to do next um thanks neil the the other piece on um africa obviously it just seems like a an incredible opportunity for you guys near and long term uh we noticed that kenya has made a

a change to their tax scheme and um we know that you exited kenya because of some um i guess you could say one of your guys has ridiculous tax environment obviously it wasn't great you left and now they've got a change um just curious your thoughts on that change and if you um if it's significant enough that maybe you could re-examine that market as an opportunity and if you think uh the new tax scheme may have positive implications uh for other countries where you operate yes i think that's i mean that's actually a very good point you know if you bring

up kenya they had this excise tax on sports and casino where you could actually do it on on sports you couldn't actually apply it to casino and it takes them for two years or almost to do it so yes absolutely that's a case that we could absolutely go back in there turn on the software and it just means they finally found a mechanism that that that they're more comfortable in which is taxing on deposits in and out which is a much more fairer and easier way basically for them to monitor and the the tax collection so zambia also went against this exercise i think the first time what we saw in zambia is as an industry all of us came together to go to go and lobby the government to finally say you don't have casino there you're going to lose all this revenue and they're slowly lifting and in kenya as we do that kenya goes to the exact model that we suggested for zambia so i think it's the ebb and flow and as these new businesses come in you know we we we are working with the government so absolutely and and that's something that's a personal point is that you you have always got opportunities to go back in and and so and that's what we'll do right and our products there we we just got to get the resource to be able to just to turn it back on and neil um last question thank you for your time on this the um when lawrence gave his presentation on Africa at your Investor Day.

He noted four countries that were, maybe Kenya was one of them, I can't remember, but four countries where you're not in today, but are sort of on the radar. And this sort of maybe ties back to 26, which I know you can't exactly talk about, but I appreciated the color. But it's a pretty significant can that he outlines in his presentation is that something that um we should pencil in as a possibility or is it still fairly remote it just seems like given the success here yeah yeah that it could be something no and we we haven't gone into them yet but we are far down the line getting it getting the model right getting how how the money has to be charged etc so we're all over them and and and there are a lot of them They've got the capacity to deliver them.

The question is at what stage in next year we will be launching them. But that's definitely 100% part of our plan. You know, it's all about the African continent.

Yeah, absolutely. When you say far down the line, Neil, that means that there's no roadblocks to opening those countries.

No, there's no roadblocks. It's just about the regulation and getting the legal structures in place, et cetera. because each one's got a slight nuance in the other one, but there's lots of teams on it, and for us, that's all part of our journey. That's exactly what we want to be delivering on. And that's why we feed up all that, and that's particularly why we feed up the African business just to do Africa, and we feed up the rest of the world for them to do the rest of the world. This is exactly the point.

Good. Thank you, guys. Good luck.

Thank you. The next question comes from Chad Bennon of McGuire. Your line is now open. Please go ahead.

Good morning. Thanks for taking my question and nice results all. I wanted to start with the New Zealand regulatory news that we've seen in terms of the online gambling tax change and I guess this fairly different licensing regime. I know that's been a smaller market and one that hasn't. led to as much growth as others. But Neil, can you maybe just kind of touch on how you're feeling about the market and kind of how you think operators will react to this?

So again, all these regulations are still in and out of the different committees in New Zealand. We are all over it. It's just a matter of when they actually finally decide that they are going to fully regulate it especially this is all to do a casino right so so we are we're all over it in what we are doing is and I'll be doing it for a while is they've got certain advertising restrictions that we are adhering to and that's very important with some other competitors aren't but we are because for us it's all about the long-term longevity of that market for us so we're doing that we're able to do certain marketing not others so we've actually taken a constant stance there which is why you see the growth not not being what it is also subject to there has been some devaluation of the new zealand dollar so yes and just to add

to neil's point uh remember new zealand has been taxed for a very long time so we pay a gst tax in new zealand for over for for a couple of years already and mid last year they introduced a smaller a gaming tax. And the noise around tax is just how the regulation are coming to maturity to win the loans to peg that rate of tax. And I think there has been now rumors to increase it a bit more. But like Neil said, this is very early days. But the point I'm just marking is that we have been paying taxes for a while, even though there wasn't a regulation regime at that point in time.

Great. Thank you both.

And then lastly, just in terms of the strong um capital position that you're in any update in terms of how you're thinking about um you know tuck in or bolt on uh m a in this market thank you okay so we won't get this listen we highly selected we don't want to overpay but also we i don't think we can totally underpay either so we have to find that balance but you know at the moment we we make small tiny little ones along the way marketing ones etc but it's all about is it at the right price and does it work and we can't just base these these acquisitions on synergies right and they've got to stand on their own two feet so when we find the right ones it's not that we're not looking we got a long list it's got to make sense for us right and and that's what we're doing and and and really what we're also doing is operational side is we're working out where we need to bolt on along the way if it's in the marketing domains if it's in other stuff etc which is what we're doing you know so like the super coin one another example we bought a cash license we had to buy it from someone's deal so we bolt on these smaller ones along the way but sure the goodness we are all over this yeah we're all over it thanks thank you we currently have no further questions so i'd like to hand back to neil for any closing remarks so thanks everyone for joining us today we are really proud of our performance this quarter and excited about how well positioned we are for the future we will speak to you all again soon thank you this concludes today's call thank you all for joining you may now disconnect your lines