Thank you very much. Good morning, everyone, and thank you for joining at a very short notice this call to share with us a very exciting moment for Banijay Group. Banijay Group is acquiring Tipico, the undisputed leader of sports betting and online gaming in Germany and Austria. I'm François Riahi, CEO of Banijay Group, and I'm here with Sophie Kurinckx-Leclerc, CFO, to walk you through the key aspects of the largest acquisition process by the group so far. Of course, Sophie and myself will be happy to answer your questions. So first, we will present the transaction, and second, we will present an overview of what Tipico is today. First, the strategic rationale behind this strategic move, before providing a wrap-up, and we open the call for questions.
As already mentioned, Banijay Group signed yesterday, no, actually this morning, a binding agreement with CVC and Tipico's founders to acquire Tipico Group, the leader sports betting and gaming operator in Germany and Austria. Through this transaction, Banijay Group becomes a majority shareholder of a new European champion in sports betting and online gaming, combining Betclic and Tipico, and becoming number one of sports betting in continental Europe. As explained during our Capital Markets Day last May, Banijay Group is a natural consolidator of the entertainment industry, building leading positions across every segment we operate in. In content production, we carried out two transformative acquisitions in 2015 and 2020, which made us the world's leading audiovisual producer with Banijay Entertainment. In 2023, we entered the live business, and in just two years, we've become the leading producers globally of ceremonies.
In sports betting and gaming, our growth so far has been vastly organic, focused on building a strong, scalable, and proprietary tech architecture. Thanks to our strong organic growth over the last years, Betclic has developed leadership positions in four countries organically, and today, we are taking a new step forward. With the acquisition of Tipico, we are creating a true European champion of sports betting and online gaming, aligning our leadership positions in our different businesses. This transaction is transformative for the group, given its size. After the transaction, as you can see on the slide, the content business and the sports betting business will be roughly the same size.
With 2024 pro forma numbers, our revenues of EUR 6.4 billion in 2024 would be almost evenly split, with EUR 3.3 billion coming from TV productions and live content, and EUR 3 billion coming from the sports betting and gaming business, compared to EUR 1.5 billion on a reported basis. Before entering the rationale of this transaction, I would like to say that Tipico has been familiar to us for many, many years. Why is that? Because Betclic and Tipico share the same DNA and entrepreneurial and tech-driven spirit, and we run businesses of similar scale and nature. Customer-centric platforms build first for sports fans, local market champions with strong brands, operating exclusively in regulated markets. This is a wedding between equals in size and similar animals. But this similarity comes with a very important element of complementarity: the geographies. Today, in sports betting, we hold leadership positions in four countries with Betclic.
Tipico will bring two new ones without overlapping. Together, we will be stronger to continue growing at high pace, and we will be more diversified. This acquisition perfectly delivers on the ambition we set out during our CMD, either to develop in new markets where regulation is starting or buying leadership positions in new large markets. That's the second one for this transaction. This combination also brings two highly profitable cash-generative growth engines under one roof. It will create significant value by sharing best practices, pooling capabilities and expertise, and leveraging greater scale to expand market reach, but Sophie will come back on that. We often discussed in the past with Tipico shareholders how much a combination of Betclic and Tipico would make sense. This is happening today without going through a competitive process, thanks to our shared vision. A shared vision which is not only words but commitments.
Tipico founders are rolling over 100% of their stake in Tipico in the combined company, when CVC is also rolling over a part of their shares. All the shareholders of Betclic and Tipico believe in the rationale and the value creation potential of this combination and will benefit from it. Let's move to the transaction overview. This operation will take the form of a combination of Tipico and Betclic, following the acquisition of Tipico, including Admiral Austria, by Banijay Group. As I just mentioned, Tipico founders will roll over 100% of their shares into Banijay Gaming with zero cash out. Banijay Group will buy the majority of the stake of CVC shares, while the remaining portion of CVC shares will be rolled over into Banijay Gaming. Same for Tipico's managers.
As a result of this rollover, the founders of both Betclic and Tipico will remain long-term shareholders alongside Banijay Group, reflecting a lasting partnership and very strong confidence in future value creation. Now, regarding the proposed structure, at completion, Banijay Group will own 65% of the combined entity, Betclic and Tipico's founders 28%, while CVC and the management team of Tipico will together hold 7%, with options agreed with Banijay Group to acquire their stake. In the target structure, Banijay Group will hold at least 72% of the capital, while the remaining shares will be held by the founders of Betclic and Tipico. In the context of the combination of Betclic and Tipico groups, the financial terms agreed have been based on very close respective valuations of EUR 4.8 billion for Betclic and EUR 4.6 billion for Tipico.
That's why I was mentioning a kind of wedding between equal-sized companies, resulting in a combined enterprise value of EUR 9.4 billion. Regarding the financing terms, Sophie will come back on it later in the presentation, but it is worth mentioning that we expect a fast leveraging, which is a key element for this deal. In terms of next steps, the proposed transaction is subject to customary conditions precedent, in particular the approvals regarding the merger control and gambling regulators. The closing of the transaction is expected by mid-2026. We also plan to divest our 53.9% stake in bet-at-home, a listed German online gaming and sports betting company. Let's move now to a short presentation of Tipico Group. Tipico is a little bit the German Betclic.
It is the undisputed leading sports betting and online gaming operator in Germany, and since the acquisition of Admiral Austria in September 2025, it is now also the sports betting and retail slot leader in Austria, both 100% regulated markets. It's, above all, a platform designed for sports fans, with 86% of its revenue coming from online and offline sports betting in Germany, slightly higher than Betclic. Tipico is almost a synonym for sports betting in Germany, the reference brand, the one everyone knows and uses. Nine out of 10 sports betting in Germany know Tipico, and it's the most searched sports betting app on Google by far. Beyond sports betting, Tipico also offers online casino table games and slots in Germany and, through Admiral, retail slot machines in Austria, creating a diversified platform that boosts cross-selling and engagement across products.
The strong recognition of Tipico as a sports betting leader has been built through a dual model combining digital and retail, with 62% of revenue coming from online activities and 38% from its retail network. In Germany and Austria, having a physical presence really matters. It is an important driver of brand awareness. That is why it is a real competitive advantage. It is new to us as Betclic doesn't have a retail presence, so it's adding a new capability in our group. This strong presence, both online and offline, represents today around 2 million unique active players online and a network of 1,250 shops across both countries.
Tipico operates under a fully proprietary technology platform at scale, with impressive KPIs: over 8,000 transactions per minute at peak, more than 3 million updates per day, over 50,000 retail and mobile requests per second, and a combined Tipico plus Admiral tech team of more than 580 full-time employees. This results in a trusted and reliable application recognized as best-in-class product. Tipico's app is the highest-rated on iOS and Android in its market, with an average score of 4.7 out of 5, and it's also the most downloaded betting app, holding twice as much downloads as its nearest competitor. If you followed our Capital Markets Day, the similarities on this point with Betclic will seem obvious to you. In short, Tipico is the go-to platform for sports fans in Germany and Austria, a brand that combines trust, scale, and technology to deliver the best betting experience on the market.
That's what we would say also of Betclic on its markets. Let's now take a closer look at the rationale behind this combination and how it will unlock significant value for the group. First, if we look at the European sports betting and gaming players, excluding lotteries, we see that before the transaction, Tipico and Betclic ranked respectively number seven and number eight. By bringing together the two sports betting and online gaming leaders in their local markets, Banijay Gaming is now changing scale and moving up as the fourth largest European sports betting and gaming player, doubling its scale in revenue, as well as in EBITDA and cash flow, with EUR 3 billion on a pro forma basis.
It is also worth noting that Banijay Gaming will become number one in sports betting and number two in gaming in continental Europe, as Flutter and Entain have a strong presence in the English-speaking countries, the U.S., the U.K., Australia, etc. The next slide will illustrate this strong presence in continental Europe. As you may know, the most important in our industry is not total scale, even if it matters, but positions on the markets where you are operating, as each market is different, regulated by different authorities with different customer preferences. Because of the importance of fixed costs, having leadership positions is of the utmost importance to be profitable and in a situation to increase your market share. Today, we already have leading positions across four countries: in France, Portugal, Poland, and Côte d'Ivoire, which makes us already a strong, fast-growing, and diversified operator.
With the addition of Tipico and Admiral Austria within Banijay Gaming umbrella, we increased the number of local champions from four to six. As clearly shown on the map, this transaction gives us a truly pan-European footprint, with leadership positions in three out of the five most populated EU countries and, in total, in six countries covering approximately 240 million people, and what's even more exciting is that these are still largely under-penetrated markets, offering us significant headroom to grow further, not to mention the opportunities that could come up if regulation evolves on specific products, including end of monopoly or regulation of new products. Let's now have a look at the governance structure of the new combined entity.
It is worth mentioning that in the context of this deal, our first priority is to ensure smooth integration, including operational continuity, business momentum, and cultural alignment, especially with the 2026 World Cup coming. That's why each brand will keep its own DNA and identity while leveraging on complementarity and respective strengths on both proprietary platforms. Integration is never easy, but it is not new to us. Building on our strong track record of 45 acquisitions realized since 2008 and two transformative ones at Banijay Entertainment level, we have already demonstrated our ability to unify champions and deliver value creation. One of the most important things in this business is the people. Having teams with deep industry experience and proven track record is what truly drives performance. So it came naturally to unite pioneers of the industry.
Banijay's gaming future board of directors will be composed of Nicolas Béraud, founder and current CEO of Betclic, as chairman as of January 1, 2026, and Joachim Baca, who has extensive knowledge of this industry, former CEO of Tipico, as vice chairman. At executive level, Julien Brun, current COO of Betclic since 2017, will step up as new CEO of Betclic, and Axel Hefer, current CEO of Tipico, will keep its position. This is a unique team in terms of experience, know-how, and track record of value creation in this industry. The founders of both groups, Betclic and Tipico, will remain long-term shareholders in Banijay Gaming alongside Banijay Group, reflecting a long-term partnership and full alignment on future value creation, and their knowledge, I'm talking here about Tipico's founders of the German and Austrian market, will be great assets for the board.
As you can see, this is a very exciting project on a strategic point of view. Now, I leave the floor to Sophie that will give you further details on financials and value creation of this accretive deal.
Thank you, François. On this slide, you can have an idea on how the business profile of Banijay Gaming will look like post-combination. By combining Betclic, Tipico, and Admiral Austria, Banijay Gaming will gather 6.5 million unique active players on a monthly basis average for the year, increasing by almost 2 million. And secondly, 1,250 shops, the largest sports betting network in Germany and Austria, including stationary and franchise shops. The DNA will remain unchanged.
First, sports fan-centric, with 82% of revenue generated on sports book activities, and digital-first platform, while moving from a pure online player to a more diversified omnichannel model with approximately 80% of sales generated online and 20% offline. On a 2024 pro forma basis, the combined Betclic and Tipico generated over EUR 3 billion in revenue and EUR 854 million in adjusted EBITDA, resulting in a joint EBITDA margin of 28%, an increase of 100 basis points compared to Betclic on a standalone basis, mainly explained by a lower amount of betting taxes as a percentage of revenue at Tipico. The combined pro forma adjusted free cash flow amounts to EUR 716 million, a strong cash conversion of 84%, slightly lower than Betclic standalone, reflecting the cash out from lease relating to the retail business of Tipico.
Adjusted operating free cash flow amounts to EUR 684 million on a pro forma basis, as well as a high conversion of 80% accretive at group level. As mentioned earlier, our main priority is to ensure operational continuity and business momentum to drive successful integration and maximize value creation. Betclic and Tipico are today very successful, and we won't do anything which could jeopardize this success. That's why we plan to break down the synergies execution plan in two phases. The first one focusing on stabilization while delivering revenue and cost synergies, before deploying in a second phase an integration plan, initiating IT and platform conversions. By 2028, we expect to generate approximately EUR 100 million of synergies on a yearly basis.
In terms of top-line growth, our strategy will focus on, first, accelerate product innovation to pioneer the next generation of user experience by leveraging the best from each platform, including technology and talents, with the support of highly experienced management teams, a combined pool of more than 1,200 tech experts across the group. This business is about tech and innovation. Second, scaling innovation across markets by rolling out local successes of each platform across our footprint, adjusted with local specificities, and we have already identified products on both sides that could easily be deployed by the other platforms. Third, unlocking new growth frontiers, capitalizing on complementary strengths and knowledge from Betclic and Tipico. An example here could be on poker, as Betclic already operates online poker in France, with strong position as number two in the market.
Tipico could leverage this knowledge to develop in this field, as online poker in Germany is regulated and open to competition. There will be also opportunities to optimize OpEx and CapEx of these two growing businesses through, first, the optimization of infrastructure and tech efficiency, and, of course, secondly, leveraging the shared procurement power across entities to capture economies of scale with key suppliers. We strongly believe Betclic and Tipico create a powerful combination that can be leveraged for growth and efficiency. Let's move now to the summary and see how Banijay Group will benefit from this exciting development. The deal we announced today is a major step in the story of Banijay Group. It is simply the largest deal ever in terms of enterprise value and EBITDA contributed.
After years of organic development in the sports betting and gaming industry, focusing on building the best infrastructure platform and delivering the highest growth in the market, we are now reaching a major milestone with this consolidation transaction in the sports betting and gaming industry. And this move perfectly illustrates our position as the natural consolidator of the entertainment industry. Our ambition is turned into action. The transaction is clearly accretive financially. We are acquiring a highly profitable and cash-generative company, allowing us to achieve strategic ambitions, but also which will be an enhancer of value creation for the benefit of the shareholders of Banijay Group. At group level, on a pro forma basis in 2024, and excluding synergies, our adjusted EBITDA margin increased by 280 basis points.
We maintain our strong adjusted cash flow conversion rate of 80%, and we improve our adjusted operating free cash flow conversion above 65%, and we expect our leverage to decrease below 2.5 times within three years after the closing, driven by a strong cash flow generation that will support the deleveraging of the group and the increase in stake of Banijay Group into Banijay Gaming. Excluding any exercise of call options, deleveraging is expected to be around 0.5 times per year. As a result, the new Banijay Group, based on 2024 pro forma figures, delivers EUR 6.4 billion in revenue, an increase of EUR 1.6 billion, EUR 1.4 billion in adjusted EBITDA, representing a 22% adjusted EBITDA margin compared to 19% before transaction, and EUR 1.1 billion in adjusted free cash flow and EUR 1 billion in adjusted operating free cash flow, representing strong conversion rates of 81% and 71%, respectively.
This is just pro forma figures for 2024, and we will update our financial targets for 2028 in due course, as we had communicated them on an organic basis. Thank you for listening to this presentation, and now we are ready to answer your questions.
Thank you. We will now begin the question and answer session. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. If you wish to ask a question via the webcast, please type into the box and click submit. There may be a short pause as attendees register their questions. We will now take our first question from the line of Davide Amorim from Berenberg. Please go ahead.
Bonjour François, bonjour Sophie. Thank you for taking my question. Just three on my side.
Is your goal to keep Tipico retail shop, retail shop with more capital intensity as you just explained, and will impact Banijay Gaming free cash flow generation? The second question, after the integration of Tipico, do you still expect to grow double-digit in organic top-line revenue, as Banijay Gaming has been able to do in the past? And lastly, why not bringing the two platforms of Banijay Gaming and Tipico under the same roof? Because you have been developing the Banijay Gaming in the past, and it would have been even more accretive on the synergy side. Merci beaucoup.
Thank you for your questions. I will try to go through it, and Sophie will complement also. On the retail shops, of course, we intend to keep the retail shops of Tipico. It's an integral part of the business model of Tipico.
In Germany and Austria, as in other countries like Italy, for example, retail shops are very strategic also for the brand awareness, for the brand visibility, and clearly, it's a competitive advantage of Tipico, and it's also the case for Admiral in Austria, and maybe I will let Sophie comment on the free cash flow elements on Tipico. We are not yet updating our guidance that we gave during the CMD. We still have to work on it to include the synergies, etc., but I'm not going to say that we are going to continue to grow at double digit yet, but I expect to say it later, but clearly, this is a growth transaction. It's a transaction about growth because, of course, and it comes also to your first point, there will be some efficiencies, some cost synergies, and that's for sure.
But when you grow at double digit, when you are in a dynamic industry like where we are, I think the most important element is to catch up the growth to be able to grow even further, as Sophie was explaining, by using the best of both companies, etc. So this is really a deal about growth. It's not a deal about cutting costs, of course. Then, in terms of IT platforms, of course, there will be a convergence of IT platforms, but it's not as if we were buying a small operator and putting our very good technology on them, or we are talking about companies that are best in class in technology in their different markets. That's why I was talking about very similar animals. We have very good competencies on IT on both sides, on tech, on product.
We'll take our time to have a convergence of platforms and building very strong synergies, always first to get more growth, but of course, it will come with cost efficiencies. As in our business, we're talking about tech. When it's about investing in new AI tools in the cloud, of course, both companies are cloud-based, etc. There will be synergies, for sure, in the IT, but the point is not just to kill one platform and to put our platform instead. That could have been the case with a weaker player than Tipico, but here we are talking about a strong player, and it's even more exciting in terms of growth creation and value creation.
Just on the first question on the operating free cash flow, well, despite we have this new retail shop that will increase our lease expense, we keep very high level of conversion rate, and we even increase our adjusted operating free cash flow conversion rate, so we are still in the same range, and we remain confident on this. In addition to what François mentioned, just for you to know, we, of course, will provide you with new guidance during our annual results, as we will, well, we provided previously the guidance only on an organic growth basis.
Thank you, Sophie, and just if I can follow up, maybe I missed it during the presentation, but is it possible to share the typical growth profile over the last five years?
And for the EUR 100 million synergy, what could be the top line for this amount, the timeline, sorry, for this amount? Thank you.
I think what Sophie said about the EUR 100 million is within three years. And on the growth of Tipico, we have some figures, I think. Well, no, we don't have some figures. Okay. So Tipico has been growing significantly in the past years. But again, we'll give you more update. We'll update our figures on the guidance with this transaction. It's only the signing. We still have some work to do, but we'll update you in due course on our new targets because, of course, our targets in the CMD were only including organic growth. So already with this transaction, we exceed the target of EBITDA of 2028, and of course, it will need an update on our figures.
But we believe, maybe just to elaborate on your point before we give some figures, we believe in the capacity to have more growth in Germany. Germany has gone through, I would say, tough regulation implementation in the past years, and it has been fueling the black market, actually, in Germany. And we believe that now the German authorities are more sensitive to the topic and that, in fact, there will be opportunities to benefit more from the German market.
Thank you.
Thank you. As a reminder to ask a question, please press star 11 on your telephone keypad. Well, there are no phone questions at this time. I'll turn the conference back to the room for any questions from the webcast.
Okay, let's go through the different questions on the webcast. So the first one is: Current Banijay's debt will be refinanced?
Well, no, it will stay as is. Well, there is no reason why we should refinance this debt.
The second one is, can you please confirm that no part of the 3 billion financing package will be financed through debt or upstream of cash value from the Banijay Entertainment restricted group?
Sure. Sure. Well, in fact, the 3 billion financing package will be financed through new debt at Banijay Gaming level.
So with no interference whatsoever with Banijay Entertainment debt or cash flow?
Can you please specify the certain funds financing package?
This is, well, we secured a debt to finance this operation for EUR 3 billion.
Next question is, could we have more details about the IT platform of Tipico and how many platforms are supporting the Tipico development?
Again, as I said, Tipico is very similar to Betclic, so it has not been growing through acquisition, but through organic growth, except for Admiral, which has been closed in September 2025, and it will be integrated on Tipico platform, so we have Tipico basically as one platform supporting its development, just like Betclic, and the next question is, who are the main competitors, and can you come back on Tipico market share, including by type of segment, so no, we are not going to disclose market shares. The main competitors in Germany are, I would say, global brands, so brands that are present in different countries like bet365, like Betano, like bwin, and yeah, that's the point.
Okay. Next question, maybe we split the question in two.
Considering the substantial investment in the Tipico acquisition, what is management's current view on the group's firepower for future M&A, particularly in the entertainment and light division? We understand the focus on consolidating the gaming sector, but we would appreciate insights into whether the significant transaction impacts the ability or willingness to pursue meaningful acquisition opportunities in the entertainment space in the near to medium term.
Thank you. As we mentioned during our Capital Markets Day, we believe that our industry and the segments of industry where we are operating are consolidating, and we want to be able to seize opportunities to take part in this consolidation and to lead this consolidation. We have today the opportunity to do it on the sports betting business with this important acquisition.
It doesn't change our view on the content business, which we believe is also consolidating and that we are also monitoring carefully. Of course, there are financial limits to what we can do, but at the same time, as Sophie was saying, we are buying a company with strong cash flow generation, and the leveraging will be, we expect, it to be quick. And so in no way it reduces our ambition on the content business, but of course, we'll take into account the impact of this transaction on our financials.
Regarding the second part of the question, Tipico is highlighted as a leader in sports betting and online gaming in Germany and Austria, markets stated as fully regulated. Could you discuss the regulatory landscape in these key markets for Tipico, specifically comparing the level and nature of regulation to that of France?
Furthermore, are there any anticipated regulatory changes or evolving legislative discussions in Germany or Austria that could either positively or negatively impact Tipico's business operations, profitability, or market positions in the coming years?
Yes, so maybe we'll say more about it in our next presentation of financial results because we are just entering into the German and Austrian markets as leaders, so as mentioned, Germany and Austria are today fully regulated. In Germany, sports betting is now regulated. It has been, I would say, a recent regulation and license granting to players. The betting offer includes certain restrictions, especially in terms of limits of deposits for the players. Other than that, it's quite similar to the French market. The difference in Germany is the online casino is permitted, which is not the case in France. Also, with very thorough regulation, but it's permitted.
I believe, as Sophie was saying, that poker is also permitted, but today, Tipico is not active in this segment, so we have identified that as a potential synergy. In Austria, sports betting is regulated and quite similar to the French market. On online casino, it is a state monopoly. There are some, I would say, views that potentially it could be opened as competition at a certain time, but it's not the case for the moment. So Admiral is not active in that. But in retail, certain federal states permit slot machine offering outside of casino, and Admiral is licensed to operate in all of them. So that's the state of the regulation in the two countries.
Next question. What are the costs associated with the acquisition and its integration?
Today, what we presented you in the combined figures don't take into account the cost of the integration neither the synergies. So we just provided you with the amount of synergies that could be delivered by this deal, both on revenue and cost and CapEx side.
Next question from Christoph Rohrsky. This strategic move obviously is a milestone in the history of Banijay. Congratulations. Will the generated cash flow of the next years be invested in further an organic growth, or will the management focus on integrating this transaction and on organic growth in the near future? Thank you.
Thank you, Christoph, for this question. Of course, the answer is very clear. It's a very large transaction, very large acquisition, and the focus of our teams will be on integration and not on doing more M&A in the short term.
It's a very strong industrial project that we want to make it right. We believe that this acquisition positions us as a consolidator of this business moving forward, but it is clear that the first, I would say, our first focus will be to digest and to create value with this acquisition.
Next. On a long-term view, with the growing positions in the sports and gaming area, does it make sense to keep together the two activities, production distribution and gaming?
As Keynes was saying, on a long-term view, we are all dead, so it's difficult to say things forever. But I think we presented during our Capital Markets Day a quite clear view on our strategy, and this deal is the testimony that we are delivering on this strategy and that this strategy is a good one. Clearly, so. In a while.
But again, I think we cannot say things forever.
On the next question regarding market share and competitors, I think that François already covered this question. And the next one is, what are the interest costs of this financing package?
So the current negotiated cost of debt is not final as we are at the signing, and we have obtained an underwriting from our main financial partners, but we secured this additional EUR 3.1 billion of financing with a margin consistent with what we have for the book level today.
Next question. What is the plan to increase the free float?
It's, of course, an important question, and clearly, it remains a strong priority for us, and we are going to explore how this transaction can help us in reaching this in progressing in this direction. But clearly, so we'll update you as soon as we have a plan.
The next question is on the market. Could you provide more details of the German betting market and growth, how consolidated or fragmented it is, and what are the regulation changes you mentioned?
It's a little bit early for us to go into too many details on this because, as I mentioned, we believe that there are real opportunities in this market and that we will be able to leverage, I would say, the strength of the new group to define what are our ambitions on this market. So all in all, it's a market where the online penetration of gaming remains relatively low compared to Western European peers. So we believe there's a strong upside potential for online migration, which is improving the profitability of the activity. And we will share more figures when we update our targets.
Of course, Germany is the most populated country in the European Union, strong appetite for sports, for football. Austria is a smaller country, but with the same characteristics. So we believe that these markets are quite good markets for us moving forward.
Sorry, Marie told me that there is a question on the call.
Yes, we have a follow-up question from the line of Davide Amorim from Berenberg. Please go ahead.
Yes, sorry. Just a follow-up on my side. Is it possible to have the revenue split between Germany and Austria for the Tipico group? And François, you just mentioned that the penetration rate in Germany is very low compared to the other European countries. What is the reason behind it? Thank you.
We don't provide the revenue by country.
But clearly, Germany is a bulk of the revenues. It's a far larger country.
So I would say Tipico and Admiral have the same type of prevalence in their markets. So it's really a factor of the size of the respective markets. And your second question was on, so I said that I didn't say that it was very low, the online gaming penetration. It's lower than the average in Europe, and there's still some catch-up to do, which should fuel the growth of the EBITDA.
Yes. Maybe just one question more. Who will manage the combined entity?
So we gave some clarity on the governance with Nicolas Béraud moving at, I would say, the combination level with Joachim Baca to second him and with executive CEOs both at Betclic and Tipico level, following what Sophie was saying on the fact that it's very important to have the two companies continuing to perform strongly and being focused on delivering on their plan, which is ambitious.
Okay. Thank you all of you. Do you want to say a word before we close the call?
No, thank you. Thank you. Very happy to have shared that with you, and thank you for your interest in this transaction. We believe it's clearly a milestone and a transformative deal, and quite excited to build this strong European project, which makes sense. Thank you very much.