Hello, ladies and gentlemen, and Welcome to the DocMorris AG Conference Call Regarding the Half Year Results 2024. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. If you would like to ask a question after the presentation, please press nine, followed by the star key on your telephone keypad. Let me now turn the floor over to your host, Walter Hess, CEO of DocMorris. Yeah, thank you very much, and welcome everybody to our H1 twenty twenty-four conference call. We are pleased to inform you about our half year twenty twenty-four results, and give insights into the development of our RX business. Today with me is Marcel, our Group CFO. I start the business update with an introduction of where we stand. The indicative outlook of March consisted of two components, the OTC and the RX business. We are achieving the plans for the OTC business in terms of growth and breakeven. The assumptions for the RX business were indicative, as nobody could foresee how eRX develops this year. The first half year was coined by two completely different quarters: a challenging one before CardLink was introduced, and a quarter with encouraging growth, the months following the launch of CardLink. The speed of the transition from PRX to eRX went faster than anybody could expect. Consequently, a high number of our existing PRX customers were not able to redeem their prescriptions anymore with us until CardLink went live, mid of April. Missing the first four months leads to a relevant reduction of contribution due to cohort dynamics of new RX customers ordering four to five times per year. CardLink itself is a great success. This innovation, coming from the DocMorris team, finally opened us and others, the door to the eScript market, and was the starting point for strong eRX growth. Besides shifting OTC to eRX customers, the main driver for eRX, eRX growth is new eRX customers. Since the start of CardLink, we have strongly increased them, and for sure, this is not the endpoint. We know how to further increase them, and therefore are going to invest additionally in eRX customer acquisition. eRX is a process. We are just at the beginning of it, on the basis of breakeven with the non-eRX business and a strong start with eRX since CardLink is available. Let's now move to slide number 4 with our key messages and highlights. Accelerated by CardLink, RX sales grow strongly since April, after a drop in Q1. In July, total RX sales grew by 6% year-over-year, and compared with an average month in Q1, the increase is 36%. The new customers grew four times compared to last year. On our path to profitability, achieving breakeven with the business excluding eRX, was a crucial milestone. By further underlying improvements of 14 million CHF year-over-year, and more than 90 million CHF in total, we now have achieved this target. TeleClinic continues to be a highlight. In Q4 last year, TeleClinic achieved breakeven for the first time. This positive development continues quarter by quarter, with a doubling of sales and positive EBITDA contribution in H1. Finally, by end of H1, we show a solid balance sheet with a cash position of CHF 195 million. After achieving and receiving the full earn-out of CHF 47 million from the sale of the Swiss business, we now also completed the sale of the property at the price of CHF 26 million. Let's move to slide number 5 now. We are right at the very beginning of a long-term journey with eRX in Germany. Our focus during the last two years was on consolidating brands with DocMorris as the lead and eRX brand, integrating and closing locations, reducing complexity and cost, with the result of achieving breakeven with the base business in H1. Taking in consideration the given framework conditions from the past, the start with eRX is strong and encouraging. With the launch of CardLink, mid of April, we entered in a completely new phase. We started with testing and learning extensively, with the aim to find out which is the most effective way to maximize the transfer of existing paper, Rx, and OTC customers to new eRX customers, and to maximize acquisition and retention of new eRX customers. The assumptions regarding the attractiveness of the eRX unit economics are more than confirmed already now. By scaling eRX and leveraging on the profitable OTC and Europe, as well as the accretive TeleClinic business, we are going to reach profitability, profitable growth, and positive cash flow. Digitalization in Germany starts with lawmaking. The Digital Law and Health Data Usage Law came into force in H1, and the Law to Strengthen Care shall come into force by end of this year. These laws have paved the path for chronic care, including eRX, the repeat script, telemedicine, and many more. The next groundbreaking innovation will be the adjustment of doctors' remuneration. Planned from January twenty twenty-five, it will motivate doctors to use the repeat script for the care of chronically ill patients. The impact of these exciting developments starts to become visible at DocMorris. We have successfully processed more than 500,000 eRX already. This leads to a significant eRx market share of 0.52% in volume, and increasing market share of 0.37% in value in July. This is good news, as both market shares are continuously growing month by month. Since the launch of CardLink in April, we finally were able to start promoting and offering a highly convenient way of redeeming e-scripts digitally and easily. In combination with keeping our promise of next-day delivery for orders placed by 8 P.M., at close to 100%, we get very positive customer feedback and reviews in all portals. To use CardLink, app downloads are required. On the right-hand side, you see a good example of testing and learning before spending money. From the moment on, CardLink was becoming a reality. We successfully started to accelerate our activities to push app downloads and quadrupled them in July against previous year. After the renewed Rx bonus ban in 2021, we were able to keep a relevant number of customers using paper prescription till end of 2023. A high share of them with public insurances called GKV. With the fast change of the system to eRx for GKV, from December to January, many of our loyal customers were not able to get the paper Rx from doctors anymore, and therefore were forced to see a local pharmacy. Only with the start of CardLink, have we been able to address these customers again. All in all, meanwhile, we regained and shifted more than 85% of them. Together with the high growth rate of new customers, we could more than double eRx sales since January, and get back to year-over-year growth with Rx in July, what we will see on slide number nine. Since the start of CardLink, we achieved a monthly growth of Rx revenues and new eRx customers. The revenue of July is 36% higher than the average month in Q1 2024, which is significant compared to the start of eRx in January. Total Rx sales grew 6% in July, year over year. Most important and very promising is the development of new customers. Compared to previous year, in July, we gained four times as many new Rx customers, with a very strong acceleration since April. The high attractiveness of eRx customers has been more than confirmed after a few months already. The development of the customer acquisition costs and the key KPIs of new customers, with increasing profitability each year, show that these customers are profitable in less than 18 months. Even more encouraging are the indications of patients using repeat scripts, with up to three times higher revenues. Consequently, we are very confident that every euro spent in a new customer is well invested, as it is an investment in growth with a positive contribution in the second year already. An important pillar of this pleasing development is the marketing campaign with the Gesundbergs. Through the digital channels, we could realize more than 900 million ad impressions and improve all relevant KPIs, such as a significant reduction of the CPI, the cost per app install. The TV campaign has a reach of more than 1.4 billion, with benchmarks showing that also the TV campaign performs very well in all main KPIs. After the first phase of telling the market to ask the doctor for a printout of the eRx, which was actually contradictory but necessary, in the second phase, we focused on extensive testing and learning. One of the test initiatives was called Local Buzz. We tested various marketing and communication formats in three cities in Germany, to find out which ones were most effective in promoting our offering and gaining new customers. Based on the findings from the last four months and the various tests, we have now started to roll out further initiatives and activities to accelerate the acquisition of new eRx customers in H2. Let's now switch to another strategic pillar of our digital health ecosystem. The importance of telemedicine in general, and TeleClinic in particular, is continuously increasing. With the law to strengthen care, telemedicine becomes an important pillar of healthcare in Germany. For us, TeleClinic is a strategic element of our digital health ecosystem, offering health in one click to customers and patients. Comparable to the pharmacy market, the total market for medical consultations is worth EUR 50 billion. And in this market, the current market penetration of telemedicine is less than 1%. By winning several large tenders with well-known strategic partners, TeleClinic will double its revenue, exceeding EUR 10 million in twenty twenty-four, at highly attractive growth and strong EBITDA margins, with similar growth expected in twenty twenty-five and beyond. Amongst the telemedicine platforms, TeleClinic is leading by far in all respects. Even by zooming into the market of video consultations, TeleClinic is the absolute market leader with more than 30% share. Due to high entry barriers, such as the full integration into the public health care system in Germany, the very high user satisfaction and the deep network integration with more than 65 ecosystem partners, TeleClinic has established a unique and excellent market position in a market that is only just beginning to wake up. Let me conclude the first part with an update on our sustainability activities on slide number fourteen. Again, we could exceed the ambitious targets by achieving most of our annual goals already in H1. Most noteworthy are the new services for HIV patients and kidney health in the area of Healthier People, as well as the further CO2 reduction in the segment Germany, saving 75% of Scope 1 and 2 emissions. With this, I would like to hand over to Marcel now. Thank you, Walter, and welcome also from my side. The start of electronic prescription and the promising development with CardLink in Germany has obviously a relevant impact on the financial statements for H1, twenty twenty-four, which I will point out in the following slides. In addition, I will outline the progress of the business towards profitability. We have been presenting the EBITDA development in this form for more than two years now. Our aim is to show the development of the business over a longer period in a consistent and comprehensible way. As you can see, we have again improved our EBITDA in the base business by seven million, compared to the previous half year, resulting from further efficiency improvements in logistics, streamlining of the organization and ecosystem growth, especially at TeleClinic. The negative result in H1 2024 consists of additional eRx customer acquisition of thirteen million and other eRx costs for marketing and pharmaceutical staff, development for CardLink, app improvement or chronic care services. That means that our target of EBITDA breakeven in the base business has been achieved. Walter has already explained that now is the right time for targeted new customer acquisition for prescription drugs, and in particular, for chronic patients. It is in the short term, an investment that pays off and will have a positive contribution from next year on. I would also like to emphasize that a strong cost and result awareness is firmly anchored in the entire organization, and will continue to be a key success factor in the future. External sales in local currency increased by 8.4% compared to the previous year. The growth was driven by the OTC business in Germany and the continuous focus on profitable customer base. Whereas the Rx revenue decreased by 10.6% due to the paper prescription decline in Q1. Since mid-April, the Rx business has been growing on the basis of the CardLink solution. Gross margin is stable at 21.6%. The drop in PRX revenues compensates margin improvements of the OTC business. The negative EBITDA in H1 2024 consists, as explained on the previous slide, of additional eRx customer acquisition expenses and other eRx costs. As usual, we also show the breakdown into the geographical segments. The German figures, I have already commented with the group figures. In Europe, both revenue growth from 28 million EUR to 33 million EUR, and improved EBITDA were achieved in the first half of the year. The turnaround was thus successfully implemented despite the persisting competitive intensity. The highlight of now our KPI chart is the continued growth of active customers to 10 million. This figure, together with the stable and sustainable development of basket size and order frequency, makes us very confident that sales growth will continue. The small reduction you can see in basket size, order frequency, and in the repeat order rate in H1 2024, is related to the higher number of new customers, because repeat customers always have higher values. This is in line with our expectations. Finally, the site visits at 195 million in the last twelve months, has also increased. In general, site visits will be less relevant as our app will be increasingly used for CardLink. In summary, a steady and positive developments that supports the realization of our goals. On slide 20, we see our P&L compared to the previous year period. We achieved an increase in revenues and with a stable gross margin of 21.6%, a 7% increase in gross profit. On the cost side, we reduced personnel expenses significantly by CHF 8 million. This is mainly based on a further increase in efficiency in the logistics process and reduction of indirect costs. Other operating income and expenses also improved by CHF 2 million. Distribution expenses increased because of the direct dependency on the number of parcels delivered, and marketing expenses have been deliberately increased, mainly for stronger new customer acquisition. Despite this marketing increase of CHF 13 million, the EBITDA improved slightly compared to the previous year's period. We have only minor adjustments of EBITDA in H1 2024, and a positive impact from the financial result due to currency exchange rates. Let's conclude the financial update with a look at the balance sheet. The cash position, including current financial assets, increased in H1 2024 to a comfortable level of CHF 195 million. In addition, not included in these figures, we sold the non-operational property of the Pharma Swiss business in August, with a cash inflow of CHF 26 million and a book profit of CHF 13 million. The debt maturity profile has been significantly improved with the issue of a new convertible bond and the simultaneous repurchase of the existing one. The new duration is until 2029. Net working capital normalized with an improvement by CHF 20 million versus December 2023, due to inventory reduction and increase of payables. As a result, the equity ratio remains at a solid level of 43.7%. In conclusion, DocMorris is ready for the growth in the prescription business that finally has started in the second quarter of 2024. With that, I hand back to Walter for the outlook. Thank you, Marcel. Let me summarize the key takeaways before getting to the outlook. CardLink is a great success from day one. Since then, app downloads, eRX sales, and new eRX customers are growing significantly. The eRX unit economics and key KPIs are even better than expected, and consequently, eRX is the proven driver for profitable growth. It is a unique strategic opportunity to invest in valuable new eRX customers, which pay back less than eighteen months. And again, we are very confident that every euro spent in a new customer is really well invested. The window of opportunity is open right now, which is the main reason for adapting the outlook on the next slide. The external revenue in 2024 is now expected to grow between 5% to 10% due to the PRX drop as a result of the limited market access and delay until CardLink in April. The adjusted EBITDA to be around EUR -50 million, due to the deliberate investment in growth with new eRx customers. We were further able to optimize cash by reducing CapEx to around EUR 30 million this year. And with this, we are looking forward now to the Q&A section of today's call. Ladies and gentlemen, if you would like to ask a question now, let me remind you again. Please press nine, followed by the star key on your telephone keypad. If you wish to cancel that question, please press nine, followed by the star key a second time. The first question comes from Urs Kunz, Research Partners. Please go ahead. Good morning, gentlemen. I'm still a little bit puzzled about the new outlook of the minus 15 million EBITDA. If I get it right, or I got it like that, that the minus 35 that you had on the lower end of your previous guidance was kind of the lowest that you should be able to. Does that imply that you would do more marketing in your than what you projected before in the full year? So to that point, what is your marketing budget for twenty twenty-four? Maybe also an outlook for two thousand and twenty-five. And then my second question is on your outlook on the sales. If I imply that correctly, the 5-10%, if I look at the OTC, still in the high single digit growth rates and the other businesses, also growing quite enormous, that implies an RX, compared to the year before, from -15% to +15%. Am I correct in that? And don't you think, especially on the lower end, your outlook for the growth, for the whole growth for the DocMorris is not too low? And last question depends on your longer-term outlook, EBITDA margin of 8%. And I guess that still implies an RX 10% online, with half of the market going to yourself. And what implies that to kind of mid-term? Before I thought it was 2026 to 2028 you want to reach this target. Is that still correct? Thanks. Thank you for your questions. Maybe just starting with the last one. The 8% EBITDA margin target is for the mid- to long-term, meaning 3-5 years, and has not changed. 10% online penetration is based or is the basis for this assumption and outlook. Then, the first question of the EBITDA of minus 50. Let me remind you of the logic from the indication in March this year. Basis was the break-even in our base business. On top, we communicated that we plan to invest in incremental eRX marketing, 20-30 million EUR, and we have some eRX costs like I have mentioned for pharmaceutical marketing staff, chronic care service, and so on. This was the indication in March. What we have seen now is that our KPIs have confirmed or even exceeded our expectation, and we have decided to invest EUR 10-15 million additional marketing to invest in new RX customers. This is, for this year, an investment, so with a negative impact, but will contribute to our EBITDA from next year on. On the sales side, our OTC growth already in March and now confirmed is more in the mid- to high-single-digit%. In the second half, we have a strong comparison from the previous year, so second half growth on OTC will be lower than in the first half. On the other side, the opposite holds true for the RX growth. We have the -10% in the first half, and in the second half we will grow, but it's still not easy to predict, so we have to range between 5% and 10% as the new guidance for the full year. Maybe just to know exactly, marketing budget now is more in the region of EUR 80 million-EUR 85 million this year. So for the eRX, we have the 20-30, and there we are at the lower end, plus the 10-15. So for eRX, it's more towards 45-50. And last year was 50 million in total. Do you expect that the marketing budget to stay on the high level in twenty twenty-five? I mean, we have not decided. We do not have the budget for next year, so we cannot give a guidance on that, but what is the clear assumption that on a percentage of sales, marketing will decline next year. Maybe the really last question: in 2025, you expect to have a total EBITDA break even, that you reach that somewhere in slide? As said, we cannot give the guidance for 2025. We expect to have a positive impact from the base business of the OTC goals, but also the TeleClinic business. On the other hand, it depends on the ramp up on the eRx sales. Just to remember, every additional 100 million of sales in the eRx business will lead to 14 million additional contribution. So it really depends on this ramp up, and yeah, we cannot give the guidance at this point in time. Okay. Thanks a lot. The next question comes from Jan Koch, Deutsche Bank. Please go ahead. Yeah. Good morning. Thanks for taking my questions. I also have three, please. First of all, could you help us to better understand why the additional investments in RX in H2 are not expected to result in additional sales contribution in H2? And then secondly, when do you expect your RX business to meaningfully pick up speed, or do you just expect a gradual improvement over the coming years? And then finally, one question on the repeat prescriptions: Is there a timeline for the expected cabinet and parliament approval? And when do you expect to be technically ready to process those prescriptions automatically? Yeah, thank you, Jan. I will give an answer on one and three. So that additional investment translated into sales. So with the cohort dynamic of new customers ordering afterwards four to five times. So the first order, in general, has a lower average order value, and as we are already in August this year, for most of the customers, we will just get one order with a lower average order value this year, but then the four to five orders next year. So that's why the impact of the investment in the first year, due to the cohort logic, is lower on sales, yeah, than the money you invest. And the third one regarding the repeat script. So the lawmaking process is even advanced for the repeat script corresponding law. And we assume that it will be went through by end of the year because the system plans to start first of January with the new remuneration for doctors. So everybody's preparing, and that's why the law is moving fast. On our side, we already now have in place a service for subscription for RX subscription, which now we are expanding to the future repeat script process. And with that, yeah, we will be fully ready the day the remuneration system will change for the doctors. Yeah, maybe to add on the second question about the ramp up and the scaling of the RX business in the future. As Walter explained, it's always very important to acquire the new customers, and the first order is normally in value below the repeat orders, so it's all about then the repeat orders. And, as you know, it's about chronic ill patients, and there we have very high loyalty and carry-over rates, so out of the cohort perspective, we have carry-over rates of roughly 100% in terms of sales. And that means in the future, every new customers will contribute and accelerate growth. And this is the logic why we are very convinced that now is the time to acquire new customers and invest more into marketing. Understood. Very helpful. One follow-up question, if I may: What are your expectations for your free cash flow in H2, and when do you expect to achieve free cash flow breakeven? Yeah, on free cash flow for H2, I mean, you can do the metrics in terms of EBITDA, and we also give the guidance about our CapEx, so it's an easy calculation. In terms of guidance of free cash flow, I can confirm that we expect to achieve free cash flow about twelve to eighteen months after achieving breakeven on EBITDA for the full company. Great. Thank you. The next question comes from Christopher Johnen, HSBC. Please go ahead. Yes, morning. Thanks for taking my questions. First one, coming back to the guidance. So there is some discussion around, you know, the performance and the need for investment, being opportunistic versus reactive. So I get your point on, you know, the customer lifetime value and, you know, you being happy with the KPIs and your economics and seeing, you know, really the value add from adding more customers. But there's still a question about, you know, how much of this is defensive because your closest peer seems to be doing very well, too. So, I guess the question is. I'm not sure to what extent you can help with that. Is, you know, how do you think your current performance, you know, with respect to market shares and let's say the initial take up, how do you see that compared to your closest competitor, especially with respect to, you know, stepping up marketing? Because, you know, some might say at the beginning of the year, when you gave the range, the sort of thirty-five was seen as, as kind of the worst, you know, the highest level of marketing implied that you'd be willing to spend. So I'm just trying to understand, you know, if you have a view on that topic. And then the second question, a shorter one, just, with respect to the strategy at TeleClinic. How are you thinking about that? It seems to be growing extremely well, but I think you're not exactly following an aggressive approach with respect to promotion. Is that something that could change maybe next year? I mean, how do you balance that, you know, growth versus profitability and sort of accelerating that business? Thank you. Yeah, thank you, Christopher. Maybe the first question. Well, we do not comment on competitors' performance, of course. What we can say is our approach was really to test and learn in order to optimize the marketing spending, and this is what we have done the last few months. And as we have shown, since CardLink has been introduced, app downloads, RX sales, new RX customers are growing significantly. And it's not that we are happy, but we are really confident that investing right now into the new customers based on the learning and based on what we see on all main KPIs, be it the retention rate, as Marcel just outlined, or the CAC, the CPI, the average order value, et cetera. It just makes us very confident to invest now, additionally, in order to gain all the contributions within less than 18 months on every customer. So this chronic patients, it's a unique kind of customer. It's not comparable with OTC customers at all, and that's why it makes completely sense, and that's why we have decided to do so. On TeleClinic, yeah. So TeleClinic is really developing very well. Also, as I outlined, thanks to the lawmaking in Germany, which more and more develops in a right direction and supports all the digital services and offerings. And TeleClinic is growing also because they are really, meanwhile, they're the only platform available. So they partner with strategic companies, as you can see on the slide we have shown before. And with that growth by itself is already given and triggered. So the main thing there is getting more and more doctors onboarded, because the demand from the patient side is already there and is increasing due to the behavior of everybody, naturally. Does this answer your question? Okay. Okay. Thank you much. Yep, it does. Thank you. The next question comes from Gian Marco Werro, ZKB. Please go ahead. Your line is open. Morning. Morning, gentlemen, two questions from my side, also on TeleClinic, as many questions have been already answered. So, firs`t question is, you mentioned that you see also a good contribution from an EBITDA perspective in TeleClinic. Can you at least roughly quantify also what you expect there for the end of this year on EBITDA level? And then second question is also the growth dynamic here in TeleClinic again. What are the key drivers at the moment of the strong growth? Is it also mostly related to the eSickNote still, or there are some other good drivers, some trends that are really playing into the course of TeleClinic? Thank you. Yes. On the first one, I mean, we announced that we expect sales of TeleClinic to exceed the 10 million. And because it's a take rate business, we have a double-digit EBITDA margin, double-digit%. And so it's a low single-digit million amount that will contribute to EBITDA this year. And as also said, we expect similar growth for the future. Yeah, and on the growth dynamic, Gian Marco, yeah, it's the eSickNote you mentioned, but mainly now is also eRx that triggers more demand for telemedicine and for TeleClinic, and the fact that the platform is part of the public health system. So it's not only for private insured people, but it's part of the public health system. And all of that help to push this growth dynamic forward. Thank you. The next question- You're welcome. Sorry. The next question comes from Olivier Calvet, UBS. Please go ahead. Yeah, good morning. Good morning. Jumping in for Sebastian here. Three questions. Firstly, you wrote the volume-based market share of the e-prescription business growing continuously and already stood at 0.52% in July. How is that share looking when considering sales-based market share relative to the overall RX market? So that's the first one. Secondly, just wondering if you could share your thoughts why your paper script are again seeming to grow in July. You know, why are they not coming down more? Are those scripts from privately insured patients or something else? And thirdly, are you confident that you'll be able to reach your targeted EBITDA breakeven and long-term targets, even if the RX gross margin comes in lower than you would expect? Thanks. Yeah. Let me thank you, Olivier. Let me take the first two. So the volume based market share at 0.55... 0.52%. We also mentioned the value-based share for all the RX, which is 0.37%. So we mentioned both. And the difference in between comes from average order values and product mix. That's the reason behind. And on the PRX, again, growing in July. Or reducing, you mentioned reducing in July. So we, with CardLink, we now have the tool on hand, at the service on hand, to address the PRX customers again. In the first quarter, we had to ask them to go to the doctor and ask the doctor to print out an e-script, which is strange anyway, and with CardLink, we have now the possibility, so we can convince and motivate them to use CardLink and to redeem their prescriptions with electronic prescriptions, and that's why we could stabilize the GKV part. Sorry, just to clarify. Maybe just to clarify the second question, because on slide eight, we can see there's a sort of it seems like the paper Rx revenue is relatively resilient, or even nudging up a little bit from June to July. Is there a reason for that? Okay, you refer to that. Sorry, then I, I misunderstood you. Yeah, so there is now also a market share or a share of privately insured people, and there will always remain a certain number of paper prescription for certain types of medication, but also some doctors still do paper prescriptions, as you can see on the dashboard of Gematik, so they are at roughly 80% of all prescriptions being redeemed electronically, which means that there is still a remaining part with paper prescriptions. Okay, thanks. And then on the margin of the electronic prescription, there we are very convinced that this will be a positive contribution to the company. And this is based on our actual KPIs. As said, they exceed our expectation. So, this business for us, it's clear that it's very profitable. And just to remember, we steer also our marketing investments in terms of customer acquisition costs based on payback times. And so we, of course, will adjust day by day, how we spend our marketing and calculate that this really pays off. Okay. Thank you very much. Thank you. So, ladies and gentlemen, just as a reminder, if you would still like to hand in a question, please press nine, followed by the star key. And the next question comes from Yannick Siering, Stifel. Please go ahead. Thank you. Good morning. Just one question left from my side, and that is on your revised outlook. You mentioned material and logistics cost inflation as a headwind and also Rx medication shortages. Could you elaborate a little bit on the drivers and how this has changed compared to March? And maybe also on the shortage, how significant this is, and yeah, if this to what extent it keeps you from growing more dynamically? Thank you. There is no change to the previous announcement. It's just, yeah, that we show what are the headwinds, what are the tailwinds? And of course, we do have inflation on several cost topics, but on the other hand, we are also able to pass this towards our sales prices. So there are no issue or no, or only a minimal impact, what we see from this part. Okay. Thank you. Okay, so as there are no further questions at this point, I'd like to hand it back to the speakers for some closing remarks. Yeah. Okay. Thank you. Before coming to the end of this call, I would like to thank Marcel, personally, very much, because this was his last conference call for analysts and media at DocMorris. We are grateful for his almost twenty-five years of dedicated service, growing DocMorris from a small company through IPO until now. For me, personally, Marcel was a great support and help since I've taken over the CEO functions about two years ago. I wish him all the best for the future, and hope that the most challenging questions in the future will not come from him as a investor in DocMorris. With this, we come to the end. Thank you very much for your time and your attention.