Hello, ladies and gentlemen, and welcome to the DocMorris AG Half-Year Results of 2025. 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 later on, please press nine, followed by the star key on your telephone keypad. For now, let me turn the floor over to your host, Walter Hess. Yes, thank you very much. Good morning, everybody, and thank you for joining today's conference call, which will be hosted by Daniel Wüest, our CFO, and me. Let me start by giving you a quick overview of the key highlights from the first half of 2025. We delivered strong growth in our Rx business, with revenues increased by 43.5%. In July, the Rx bonus was reconfirmed, which strengthens our competitive positioning in the German market. TeleClinic revenues grew by more than 150% year- on- year, while our non-Rx business in total continued to deliver steady and profitable growth of 4.4%. We also took an important step into the future by leveraging AI innovation and starting the rollout of the DocMorris Health Companion. Financially, we successfully completed the CHF 200 million capital increase with a 99% take-up rate, demonstrating strong shareholder support and confidence in our strategy. Finally, we are on track to deliver on our promises. We confirm our guidance of more than 10% revenue growth and an EBITDA in the range of -CHF 35 million to - CHF 55 million for the full year. In summary, the first half of 2025 shows clearly our core business is growing steadily, our new value drivers are scaling fast, and we are well-funded and on track to deliver on our commitments. Let's start with the ecosystem highlights on slide number five. Let me walk through how our company is evolving from yesterday to today and to tomorrow. Yesterday, our focus was on building and strengthening a leading online pharmacy in Germany and across Europe. We became the best-known pharmacy brand in the market and are best positioned and strongly accelerating our growth in the EUR 58 billion Rx market in Germany. At the same time, we built a profitable non-Rx business. This gave us not only scale but also the trust and recognition that are essential in healthcare. The online pharmacy is our solid core foundation, the base from which everything else can grow. Today, we are building on that foundation. We don't replace it; we are expanding it. On top of this foundation, we have added new, fast-growing high-value drivers. Our telemedicine and our retail media platforms, and increasingly the use of AI and expansion of ecosystem partnerships, are enabling us to transform. We are moving from being a purely transactional pharmacy to becoming a one-stop health platform, one that connects patients, doctors, pharmacies, and partners in entirely new ways. Here's the emotional part of it. It means we are no longer only helping people when they need to buy medication; we are helping them navigate their health more broadly with care and support. Tomorrow, which starts today, is where the real opportunity lies. Our ambition is clear: to become the trusted health companion across Europe. Imagine having a companion by your side for every step of your health journey, from the first consultation to receiving medication to ongoing monitoring and all kinds of health information and support. That is the seamless digital health experience we are building. We are creating not just a business that scales profitably, but one that truly redefines what healthcare feels like for millions of people. Let's move to slide number six. One of the key milestones on our path to becoming the seamless health companion and to move from our current classical chatbot to a true companion is the launch of the agentic DocMorris assistant. This assistant is built on an internally developed LLM-powered multi-agent system with a custom retrieval augmented generation architecture. This unique setup enables us to design personalized health journeys and go far beyond what generic assistants can offer. We are starting with a beta phase right now in our DocMorris app, which will allow us to learn, iterate, and continuously improve the user experience. This approach ensures that step by step we can expand functionality, integrate additional services, and move toward a full-scale rollout of the agentic DocMorris assistant. You might ask, why a known DocMorris agentic assistant? Of course, the big players, as you can see on the right-hand side, are also moving towards becoming personal assistants. We have a decisive advantage. DocMorris is a trusted health brand, and we want to leverage this trust with the agentic DocMorris assistant that provides fast and trusted answers when you need them most. Unlike the generic assistants, we have the ability to connect the whole health journey from symptoms to solutions and integrate it seamlessly end- to- end. As a result, it will lead to higher traffic, enhanced engagement, and stronger customer loyalty. Let's move to the business highlights now and turn to slide number eight. With that, to our core foundation, the online pharmacy business, which includes both prescribed medication and OTC/DPC products. As you can see on this slide, we are continuing to drive sequential Rx revenue growth, with Q2 revenues up to 4.6% versus Q1, and total Rx revenues growing 43.5% in the first half of 2025. With this, our eRx revenues nearly doubled year on year in Q2, up to 1.8x, underlining the accelerating momentum in electronic prescriptions. The rollout of eRx in Germany is a central pillar of our strategy. It opens up a EUR 58 billion prescription drug market, with around 80% of volume driven by chronic patients. While the digital uptake is still at around 1%- 1.5% right now, we are convinced that penetration will rise steadily towards 10% and more over time, as we have seen in other digital savvy markets such as Sweden. The digitalization of healthcare is unavoidable, driven by patient demand and strong dynamics in technology. Another important development in the first half of the year was the confirmation of the Rx bonus by the German Federal Court of Justice, as you can see on slide number nine. After the European Court of Justice ruled once again at the beginning of the year, on July 17, the German Federal Court of Justice reconfirmed this decision. This provides us with full legal clarity and a solid foundation for our customer offering. With this clarity, we have launched on the same day a campaign focused on the Rx bonus and convenience of ordering digitally with DocMorris, reinforcing our positioning as the most attractive and trusted choice for our patients. From a financial perspective, the costs of the RX bonus are fully compensated by balancing with marketing expenses. In other words, we are able to deliver a highly compelling offer to customers without impacting our overall profitability targets. This ruling not only strengthens our competitive positioning, but also underlines the regulatory support for our business model, which is another important building block as we continue to expand our prescription business. On slide number 10, our non-Rx business also continues to grow steadily and profitably, with revenues up 4.4% year- on- year in the first half of 2025. This is despite the negative impact of the closing of the Zur Rose Pharmacy in Germany. This is driven by OTC and DPC products in Germany and our segment Europe, and supported by initiatives such as growing marketplace, TeleClinic, and retail media businesses. These service revenues are scaling rapidly, growing by more than 120% in the first half of 2025. This is exactly the kind of fast-growing high-value driver that demonstrates how we already have evolved into a holistic health platform. The picture is clear. Today, we are not only maintaining profitable growth in our core non-Rx business, but we are also unlocking entirely new revenue streams through our services. Together, we prove that our platform is expanding from a transactional pharmacy into a broader, more connected health ecosystem. Let me go now one level deeper into one of our fast-growing high-value drivers, TeleClinic. TeleClinic shows an extraordinary momentum, with revenues up more than 150% year- on- year, with highly attractive margins. Looking ahead, TeleClinic is expected to contribute around 10% of total DocMorris gross profit already in full year 2025, underlining how impactful this business is becoming for the group. What makes TeleClinic unique is its extraordinary competitive position, built on strong network effects and high partner satisfaction. We already handle over 3.5 million treatments. We work with more than 4,500 doctors, and we have built more than 60 strategic partnerships with leading health insurers and doctor associations. Just recently, we signed a second landmark agreement with a doctor association. This time, it's Westfalen-Lippe, representing more than 16,000 doctors. This is another great success and an important proof point. It shows not only how valuable our platform is for patients and insurers, but also how much it is trusted and valued by doctors and their associations. With that, TeleClinic is becoming a permanent part of the standard of care in Germany. All of that creates a sustainable competitive edge that is very difficult for others to replicate. Importantly, the growth opportunity doesn't stop here. In 2025 and beyond, we expect further strong growth from TeleClinic, driven by the expansion of existing and new partnerships and the increase in reimbursed telemedicine treatments for doctors, rising from 30% to 50% today. TeleClinic is a perfect example of how we are successfully expanding beyond the pharmacy into services that are scalable, profitable, and strategically differentiating. It shows how these new services can significantly expand the overall growth, profitability profile, and company value of DocMorris. Finally, let me introduce a second high-value driver with our retail media business, which we have started a few years ago, aren't we? Retail media means that brands and manufacturers advertise their products directly in a retailer's ecosystem, where the purchase decisions are actually made. This happens both on-site, for example, directly on the DocMorris platform when customers search or browse, and off-site, where we use digital channels beyond our own site to reach and engage potential customers. With our own retail media agency named dmr Advertising, we have built a key player in retail media for healthcare. What this means in practice is that we offer advertising and sponsored content for relevant health products placed with high precision and relevance on on-site and off-site platforms. We are leveraging our deep market know-how and unique access to customer insights to provide highly targeted, high-precision ad solutions for pharmaceutical manufacturers and health brands, for example. This creates real value for partners and a very attractive margin profile for us. The business is also scaling rapidly. Already this year, we expect mid-single-digit million EBITDA contribution, and this is just the beginning. Over time, we see this business as another highly profitable growth driver that is structurally very complementary to our pharmacy and platform strategy. With these ecosystem and business highlights and updates, I would like to hand over now to Daniel for the financial updates. Thank you, Walter, and also a warm welcome from my side. In the next few minutes, I would like to provide you with some further insights on DocMorris' financial performance in the third half of the year. If you turn to slide number 14, revenue growth, as Walter already mentioned, for the group was 10.2% in local currencies, with all business units contributing positively to this growth. You have realized that the growth in Q2 with 7.1% was lower than in Q1 with 13.4%. The reason for that was, first of all, the focus on profitability, especially on the OTC/DPC segment products offering, but also, as already mentioned in the past, not only by us, that the Q2 had significantly less working days than Q1. The other last year, it was the other way around. From a financial and a CFO point of view, very important, we have seen an improvement of the gross margin by 70 basis points year- on- year, even 130 basis points compared to the second half of 2024. That's just the start and not the end of the journey. The increase of the gross margin is a nature of the contribution of OTC/DPC, where we see the first effects of our focus on pricing and the kind of distinctive channel distribution management, as well as the growing weight of our service businesses, which, as you know, have very high gross margins. Therefore, with the strong growth they are experiencing and will experience in the past, will also support the expansion of our gross margin. Adjusted EBITDA came in with -CHF 28.8 million. That's lower or worse than what you have seen in the first half of 2024. The reason for that is that we have, compared to the first half of 2024, CHF 13 million of additional marketing spend, which comes mainly from three sources. First of all, the setup costs for the new DocMorris TV campaign, which started at the beginning of March. Secondly, the increased Rx marketing spending. Last but not least, we also have a base effect because, you know, in Q1 2024, everyone waited for the launch of CardLink, which then happened in the second half of April. Therefore, by definition, the marketing spending was naturally lower than usually, given that the CardLink was not ready at that point in time. Very important is that we have seen between Q1 and Q2 a structural improvement of the EBITDA with a difference of additional positive CHF 3.4 million, i.e., from -CHF 16.1 million to minus CHF 12.7 million. This structural improvement will be ongoing, not only for the remaining of the year, for Q3 and Q4 movers, and which will help there is further gross margin improvement than the seasonality effect in the second half, where usually volumes and therefore also the leverage or operational leverage is much better than in the first half of the year. I think this spend and additional cost measures, which you have all, which are already reflected in Q2, will go ongoing, and you will see a substantial improvement in absolute terms of quarterly EBITDAs, but also on the relative level. Reported EBITDA was better than adjusted EBITDA. That's mainly due to the sale of the two real estate assets, which we have classified as assets for sale and which have successfully been sold in the first half of the year for CHF 6 million. That resulted in a book gain of CHF 3.4 million, which is a positive contribution to the reported EBITDA. Against that, we had CHF 1.7 million of additional provisions, which then made kind of a reported EBITDA, which came in with -CHF 27.1 million, and which is CHF 1.7 million better than the adjusted EBITDA we are usually focusing on. Important is the non-RX segment is well on track to generate positive EBITDA contributions. You remember last year, it was a little break even, and this year, it will start really contributing EBITDA to the whole group. That's kind of a prerequisite to also achieve then and build the base to achieve and become EBITDA positive in the course of next year. Overall results are according to management expectation, and we are well on track to deliver our guidance for 2025 and also then setting the base for the midterm guidance, which we have communicated. Let us go and discuss the two segments. We will start with the bigger one, with Germany. Basically, and not surprisingly, given the relative size, you can see more or less the pattern of the group. Revenues increased 10.5% in local currency, and that's definitely also true for the group results. Given that the effect is with Germany, Walter already mentioned it, the closure of Zur Rose Germany by the end of last year had kind of a mid-single-digit percentage point impact on the growth, given that it is pretty difficult to keep your clients when you close down a brand due to that you are not in a position to refer an existing client to another brand or another company. That's the reason why we assume and can see that we had a substantial loss of revenue, but also clients coming from the closure of Zur Rose Germany. Rx contributed 43.5% in local growth, which was 10.5%, while non-Rx 4.4%. Also here, the same pattern, non-Rx - 0.3% growth in Q2 versus 7.3% in Q1, showing the focus on profitability, which was kind of put in Q2. On RX, we had 52.3% growth in Q1 and then 36.2% in Q2. TeleClinic really stands out with 150% of growth, but also the other services are doing extremely well. They are together growing with over 70%. Altogether, our service subsegment, not official segment, but subsegment has contributed with over 120% growth in the first half of the year. This is expected to significantly contribute to growth also in the future. Gross margins in Germany even improved by 75 basis points to 140 basis points. 75% would be nice, but basis points and 140 basis points come year- on- year. That's, as I mentioned, mainly due to better pricing or smarter pricing or selective pricing and higher contribution of services and services which have high gross margins. The lower EBITDA translates directly into the additional CHF 13 million additional marketing spend. Segment AU did also a good job. They grew revenue by 5.7%. Also here, same pattern, 7.6% in Q1 growth and then lower growth in Q2, also with the aim to focus on profitability, with a higher than only 3.9%. Adjusted EBITDA, they came in with -CHF 0.7 million and are well on track to achieve EBITDA break- even in 2025. Let's move to the KPIs. On the active customers, you see we have on a half-year base, we gained 200,000 new customers. Having said this, the gain of Rx customers was overproportional compared to OTC/DPC customers. Where does this come from? As I mentioned, the closure of Zur Rose brand that had an impact of a few hundred thousand customers, which over time in the first half phased out. Therefore, on a like-for-like basis, this 10.5 million should be a higher number. That also explains why in the beginning, in Q1, we had the increase of 200,000 and Q2 was more or less flat, meaning that RX customers still grow, but with on the counterbalance, there was kind of a stable to negative development on the OTC/DPC customer base, also due to pricing and more selective channel mix. On the app downloads, there's also a nice development. The app downloads in the first half almost doubled compared to the second half a year ago, to 1.2 million in the first half. Basket size also, even it shows somehow a negative trend, but I think there are two reasons and kind of positive reasons for this negative trend because, first of all, new RX customers usually do not fill up the basket as much as they could, but they do a first test. That's the reason, and only order one instead of two, three medications, even if they could, to see how that works. If it works, then they will come again. That's one explanation that the new Rx customers are usually driving have much lower baskets, and that drives the overall baskets down. Secondly, and that's explained in the footnote too, sometimes it's important to read the footnotes. I think here we define the basket size, the average size of the basket size, but if an Rx customer has purchased one medication, for example, at day one, and the next day, given that because the service was so perfect that, okay, let's also order a sun cream with DocMorris and with a much lower basket and this ordering, that also is counted into this average basket calculation. Therefore, you see it's a double effect. First of all, lower basket at the beginning, and then secondly, if an Rx client, and as soon as he has once ordered Rx, he is an Rx client, is ordering an OTC basket only or a mixed basket, that also counts into the basket size. Therefore, you have to take that with that in mind and do not think that the basket size is deteriorating on Rx baskets only. Order frequency remained stable at close to the four level, and also kind of a very positive trend, the repeat order rate, which increased from 76% by the end of last year to 78% by mid of this year. You see that this repeat order rate is continuously raising since the introduction of CardLink, which is reflected in the June 2024, or with 75%. Now let's have a closer look at the profit and loss statement. I do not elaborate on the top line because I've already mentioned that. Let's go into the costs. Margins, you've seen 70 basis points increase on the CM1 level. Personnel expenses, that's also notably has gone down by 40 basis points. That's showing first effects of the indirect cost management, but there's definitely much more to come. Marketing expenses, you see that's the CHF 13 million, which I referred earlier on. Distribution and other operating income, there's some increase, which is especially on the distribution with increased freight rates. Having said this, in distribution, but also operating income and expenses, we see still a lot of potential to further reduce that. Especially in the distribution expenses to come in our target corridor, which we have communicated for the midterm guidance on this KPI. I think on EBITDA, we have this discussed. Maybe just one quick note on financial results. The CHF 10.6 million, that's the, let's say, the normal financial result compared to the +CHF 6.2 million last year. The reason for that deviation is just FX. While we had last year CHF 40 million non-cash profits on the financial income, it was kind of slightly the other way down in this half year, where we had -CHF 2.5 million of FX changes and the remaining or mainly the costs and interest costs for the convertible bonds. Group balance sheet, I think, looks even nicer than it has already looked, given the CHF 200 million inflow after the capital increase. You see there's kind of a now even stronger balance sheet with a net equity ratio of 53%, net worth of CHF 90 million, and by mid of the year, CHF 230 million cash at hand, which allows us to completely bridge the time until we become cash flow positive in 2027. A key topic which was still pursued despite the full focus on the capital increase is managing our indirect cost base and also the working capital. You see, despite some slight distraction due to the capital increase, we were further able to manage costs down with the indirect cost. It's a clear ambition and target to have kind of a further decrease on an annual basis. Last year, we had 7.7%, and we aim to come as close to 7%. In the following years, a much further decrease. You will see, especially in 2026, a huge kind of drop in indirect costs, given measures we have started to implement and which we will implement to reduce the cost base and substantially increase revenues. That will have a substantial impact on the indirect cost ratio. The same is true for working capital. Also there, you see the working capital ratio goes down despite the higher revenues. With the half year 2025, with the CHF 45.8 million, I think we somehow, not as deliberately, by the year-end managed the working capital. Therefore, starting from this CHF 46 million base by mid of the year, we are very confident that we can extract in the second half of the year a few millions additional savings in working capital. First of all, just by doing our usual job, but then also secondly by further implementing the big measures like the accounts payable. It's not yet fully executed, but we are on good track to get there. We are also hoping and are confident that we can report on that when we meet, not next time, but in October, but the time after that this mechanism should be implemented. That's the insight to the financials. It's important that based on the half-year figures and the current trading, the management team of DocMorris is very confident to confirm the short and midterm guidance. With that, I think we open the Q&A. Thank you very much for your attention so far. Ladies and gentlemen, if you would like to ask a question now, please press nine, followed by the star key on your telephone keypad. In case you wish to cancel that question, please press three, followed by the star key. Just one moment for the first question, please. The first question comes from Sebastian Vogel, UBS. Please go ahead. Hello here and good morning, I guess I can say. I have three questions. I will ask them one by one, if I may. The first one is with regard to your EBITDA guidance, the -CHF 35 million to - CHF 55 million. What would happen for you that you would rather end up at the CHF 35 million and what would need to happen that you'd rather end up at the CHF 55 million? If you can shed on that, that would be my first question. Okay. I think to say it just bluntly, we have it basically in our own hands whether we end up at CHF 35 million or CHF 55 million. I think the decisive factor is kind of the marketing spend, which we can steer towards one or the other direction. I think currently, expect that we, as I mentioned, that there will be definitely, without any compromise, being better quarterly EBITDAs in Q3 and Q4 than what we have seen in Q1 and Q2. Marketing would be, the marketing expenses for the second half would then be kind of, let's say, the steering wheel to drive it more towards the CHF 35 million or towards the CHF 55 million. I think that's all what we can say so far. Got it. Many thanks. My second question would be on the ramp-up of the Rx bonus that you have started since mid-July, as you were alluding to in your slide deck. Can you share some thoughts on how that sort of ramp-up was going? Any anecdote that you can share there? Yes. What we already can say or see is there is a certain impact, a positive impact, of course. To really share a view is far too early because it was mid-July. Now we are mid-August. We are in the midst of the vacation season in all the German states. We have planned the majority of our marketing activities starting next week and then throughout September, October, and the following months. I think it's important that, first of all, as Walter mentioned, we have good feelings, but good feelings also need to be seen in good numbers. It's much too early that one can see anything. It's very important that's not additional marketing. That's kind of marketing. We just guide it into a new channel, to the bonus, instead of, for example, doing TV campaigns. It's not additional marketing expenses, but we stick to our marketing budget, but just reallocate it from other sources, marketing sources, to the bonus. With much impact, of course, because if someone gets a bonus, he gets all the time. I think that's a much more efficient channel than kind of the other channels. Got it. Many thanks. Quickly, for the second half here on the free cash flow side of things, do you have any sort of flying altitude that you're aiming for that you can share? Yeah. I think if you look at the first half, it would be wrong to just double it up. As I said, given that EBITDA will substantially improve, you will also have a positive effect on the working capital, as I mentioned, with some high million or even a little bit more. If you adjust the first half with these elements, we should have a good guidance for free cash flow that would come out at the end of the year. Got it. Many thanks for now. I'll be going back to the queue. You're welcome. The next question comes from Gian Marco Werro, ZKB. Please go ahead. Good day, everyone. Two questions from my side. The first one is on the OTC growth. If I look at that and also compare it with your key peers, and also considering that you are in the online channel, we have my questions. Why, despite now focusing your marketing spendings on RX, you cannot really accelerate this top line there? What are the key hurdles? Is the market very competitive in which product categories it is noticing in personal care? What is the market growth in the first half year from your perspective? That would be my first question. The second question is on Rx growth. If I consider your reorder rate of 78%, then I do just the back-of-the-envelope calculation and consider that this reorder rate also applies for the Rx business. I just see that the revenues that you generate with new customers are not really picking up significantly. What could you do there better to really also increase these revenues with new customers and gain a quicker pace here? Thank you. Thank you, Gian Marco, for your questions. Maybe on the first one, if you compare Q2 to Q1, there were several effects. One was the seasonality. Q2 is always lower than Q1 in every year. The vacation days, as other competitors also already have explained, had an impact Q1 against Q2 with less working days. It's also very clear our decision in which channels we steer the marketing investment and into which customers, be it the new customers of RX or also repeat customers in RX. With that, we can really very much and very well steer the OTC top line and CM2 and CM3 numbers. With regard to the second question, the 78%, yes, of course, we could most probably grow much more with new customers, but we steer the investment on the marketing, the marketing investment on the Rx side also very much with regard to reasonable customer acquisition costs and ROAS. There we see from our side just limits where we do not invest additional marketing money and in additional growth so that it really also reflects the customer lifetime value and remains in a good relation to it. Thank you. Okay, ladies and gentlemen, just as a quick reminder, if you would still like to ask a question, please press nine followed by the star key. The next question for now comes from Urs Kunz, Research Partners. Please go ahead. Good morning. I have several questions. The first is regarding the marketing. When you spent CHF 48 million in the first half, are you supposed to, or will you spend less on that since you're going more on the bonus side, or can you elaborate on that? Okay, I can answer this question. As I mentioned, it would be nice if it would be less. We just want to make sure that people do not think that the bonus is on top of the marketing spend, which we already have communicated and which we have in our budget for 2025. It will be unchanged. As said, when Sebastian Vogel asked me, the marketing is somehow the number which we can steer. At this point in time, just assume that the marketing spend remains as foreseen for 2025, with the optionality to adjust it down or upwards if needed and useful. Okay. On Rx, you keep in your hope that Rx growth in 2025 over 40% despite Q2 was only 36%. I think that first of all, it's not an official, it's not above 40%. It's not part of the official guidance. However, we communicated that orally, and that's still the ambition of the management team to achieve more than 40%. As said, we have kind of good indications on the bonus. If the bonus is kicking in and has kind of the effect which we are expecting, I think the growth above 40% should definitely be achievable. Okay. Then my last question about the trusted EBITDA that in the end got worse if I compare half year of 2024 and first half year 2025. By CHF 9 million, if I add up this CHF 30 million spend, more marketing spend, so it's about CHF 4 million better than the year before. I guess most of this CHF 4 million comes anyway from your services like TeleClinic and retail media. I wonder a little bit on the OTC/DPC side, for example, where you said that you concentrate on margin and profitability. Didn't anything come in there, or is there an improvement on that side? I would not phrase it as drastic as you did it, but you're right. I think services had a fair share of this, if you extract the marketing of this incremental better EBITDA compared to the half year 2024. Having said this, I think we were in non-Rx in Q1. We had, let's say, the growth rate, which was above our communicated mid-single to high single-digit growth rate, which, as Walter explained, high growth always means kind of compromising the margins. That's what I wanted to explain, that in Q3 and Q4, we will really steer the OTC/DPC growth around mid-single-digit growth, but with substantially improved gross margin. That will be a combination of services further growing and overproportionately contributing to EBITDA, and OTC/DPC also kind of increasing their share in the EBITDA contribution in the second half. Okay. Thanks a lot. That were my questions. The next question comes from Volker Bosse, Baarder Bank. Please go ahead. Hello, gentlemen. Volker Bosse, Baarder Bank. I have one question left. I would like to dig deeper into the non-Rx sales, the CHF 428.9 million, which you reported for the first half. What would have been the figures if you exclude the other sales? What is the OTC/DPC sales here? Historically, over the last quarters, you broke that out. Perhaps you can provide us here with a clean figure, what would be OTC/DPC sales, excluding TeleClinic and retail media, basically? Thanks. I think TeleClinic, we state that in the presentation, it's CHF 11 million Rx. The other services are retail media and marketplace, and that's kind of a mid-single-digit million revenue contribution. Thank you. Very clear. Thank you very much. Yeah, which brings you to mid-teens, if you aggregate all these three services in. Thank you. Understood. Okay. At this point, there seem to be no further questions. I'll just wait for a couple more seconds. There are no further questions. Back to you, Mr. Hess, for some closing remarks. Thank you very much. Just to summarize, I think the company is really developing well in the right direction. We manage our core foundation, the online pharmacy business, well, and we have given us close guardrails. We manage the core business. At the same time, as you see, we build and develop new businesses, complementary businesses, which, and that's a good thing, already show this year relevant results and will show much more significant results year by year in the future. That's really exciting. It's not just talking about. It's really results that are coming and that are visible also to you all. At the same time, we also, again, can show our strong innovation power of the company with the launch of the agentic DocMorris assistant, the beta launch. Also, this, you will see impacts in the future, be it with higher traffic, be it with engagement, loyalty. These are important steps that we take. We take them now to be visible, let's say, in two or three years, in combination with the foundation, with the services, and as I said, with this innovation. With that, thank you very much for joining. Looking forward to meeting you either in person or with the next call. Have a good.