Good morning and welcome to the lastminute.com Half Year and Q2 2025 Financial Results Conference Call. Today's call will be hosted by Julia Weinhart, Head of Investor Relations, and joined by Alessandro Petazzi, Chief Executive Officer, and Diego Fiorentini, Chief Financial Officer. All participants are currently in a listen-only mode. There will be an opportunity to ask live or webcast questions following the presentation. Please note that this call is being recorded. At this time, I'd like to turn the call over to Julia, Head of Investor Relations. Please go ahead. Good morning. Thank you, Sherry. Good morning, everyone, and thank you for joining us today. It's a pleasure to welcome you to our Investor and Media Conference Call. We appreciate your continued interest in lastminute.com, and we are pleased to share with you today the progress we have made. After our presentation, we will open the floor for questions. With that, I'll hand it over to our CEO, Alessandro, who will begin with an update on our strategic direction. Thank you, Julia. Good morning, everyone. Thank you for taking the time to attend our call, even at the beginning of August. This is the first half-year results presentation since I took office, and I think we're definitely off to a good start. We've set clear priorities. We were focused on the execution, and we have clarified our strategic choices. Before we dive into the financials, I would like to take a step back and remind you of our strategic priorities because I think it's always useful to frame what we've been doing in a quarter or in a half-year period in the context of our overall strategic pillars, which are the four that you can see here on page five. Strengthening the market presence is about a clear focus of growing our B2C proposition across European markets where we already have licenses and have room to scale. We're investing in our brand portfolio, and basically, we're focusing each brand, the ones who are focused on flights and the ones who are focused on packages. Rather than trying to be everything to everyone, we're focusing our investments where each brand delivers the most value. We've also aligned the brand identity of the various brands to make sure that people understand that they're all part of the lastminute.com group. We're also evolving our core products, which are packages. The underlying technology is obviously always the same, always the same platform of dynamic packaging. The evolution of the product is in the direction of saying customers care about having a good holiday package, good value for money. They don't really care about the underlying technology. Basically, we're building further elements into the product to make sure that we own more of the customer journey, turning the product, changing the terms and conditions, and making sure that we provide good value for our customers. The fourth and final driver is about making sure that we are a travel companion, meaning that we remain relevant for our customers not only when they search and book for their holiday, but also all the way through the journey, from the pre-departure moment till after the trip ends. Ideally, they come back to us to re-engage and inspire their next trip. We've been talking about this. Again, in terms of what we've been doing over the past quarter, you might remember that since the beginning of the year, we've been investing in 14 European high-potential emerging markets, which internally we define as tier two, as opposed to our five core markets: U.K., France, Germany, Italy, and Spain. We highlighted Benelux and The Nordics as good performance among those tier two markets. Now Ireland has also emerged as a high potential. Basically, the idea here is not necessarily to remain forever investing in all these 14 markets, but really to take the time to understand in which among these markets we can become a market leader. This goes hand in hand with the second element related to our brand portfolio. As I was saying, we've been increasing the visibility of our core brand, lastminute.com. We have clarified that the other various brands, especially the flight-related ones such as Volagratis, Rumbo, and Bravofly, belong to the lastminute.com group, and we have aligned their visual identity. On top of our usual brand awareness campaigns in the core markets, we've also started this approach for the first time in a tier two market, which is specifically Sweden. Now, in terms of the package evolution, we already mentioned that we've been building a business historically on selling flights, hotels, and flight plus hotel combination with a very rational approach required to customers to choose exactly the flight they want, exactly the hotel they want. Obviously, that will remain valid, and that will remain, let's say, in the forefront of our offering. At the same time, we also want to become a more integrated holiday provider. In parallel to our traditional flight and hotel product, and not as a substitution, but as an addition, we're delivering a full-curated holiday in one product. As you can see here on page nine, it's a new type of package which features not only selected flights and hotels, but also other components from transfers and transport to experiences and tickets. Right now, the other elements of the selection is that we are selecting hotels only with a certain rating to make sure that we're only suggesting options which customers are for sure happy about and only in a number of destinations which represent our top selling destinations and the ones in which we have a broader portfolio of offerings. Over the past few months, we've been progressing in the development of these packages, and we are now testing them since actually a few weeks. By the way, this evolution wouldn't be possible without the evolution of our ancillary offering, which is something that maybe we haven't been talking so much about, but it's very important also for our unit economics, not just in the package business, but also in the flight-only business. Recently, we've been adding new transfer options and parking services, again, in this effort to make sure that we own more of the full journey of the customers. We've also been talking about scalability and basically considering that the company is evolving and the strategy has been evolving, we felt the need to also adapt our organization to the evolution of the company, both in terms of making it more efficient and in terms of making it more scalable. First of all, we needed to set very clear strategic directions. After doing that, what we've been doing basically with a new organization that was announced internally in June and went live from July 1 is we proceeded in two directions. On one hand, we made sure that we have fewer layers in the organization so that the decision-making becomes faster and, again, more efficient with fewer silos and fewer levels in the company. At the same time, we've identified the technology, data, and automation as three core functions that need to report directly to me in order to make sure that they sit at the core of our leadership team. This is the importance that we're now giving not just in our strategic direction, but also organizationally to data and automation. It's, let's say, a proof of the fact that we see AI not just as a tool, but as a key lever for our evolution, both from a customer experience point of view and from an operational excellence point of view. By the way, with this new organization, a byproduct of this new organization is the fact that we have, as we were saying, reduced some layers. We have eliminated some roles in the company. As a consequence, approximately 40 people have left the company, and that's why you will see, or you might have already seen, a one-off cost under the adjusted EBITDA of approximately EUR 4.7 million, which is basically the severance payment which has already been paid by the end of June to these people. That will create a saving of approximately EUR 1 million per quarter already from Q3 onward. This is not a prediction. This is not a forecast. This is something that is already being done, and it's already happening, again, as a consequence of this leaner operating model. As we move on to the financials and the details, the first thing, how we see these results. I've seen that some of you might have expected even better results, probably on the back of our exceptional Q1 results. Maybe there was an expectation that Q2 would be exactly the same. Actually, you might remember that considering that Q1 results were announced in mid-May, when we had already seen how April had gone, we anticipated the fact that actually there had been a bit of a purely seasonal effect because this year, Easter happened later than in 2024. This affected the booking window of dynamic packages. Typically, people book their holidays, especially the holiday packages, for the summer only after Easter. There were a lot of holidays this Easter, and typically, people do not book their summer holidays while they are on their Easter holiday. This is a phenomenon and trend that we already anticipated. Probably, you felt that we were being too conservative, but actually, we knew what was going on. That's exactly what happened. That's why you will see throughout the presentation that we insist a bit on looking at the H1 numbers because we feel that they provide a more accurate apples with apples comparison of this year versus last year, whereas we had the Easter situation create an exceptionally good March for dynamic packaging and a pretty bad April. If I look at it cumulatively, this effect obviously is sterilized. That being said, if I look at it from an H1 point of view, you see revenues have been growing 11%. In line with our guidance, gross profit 9% and a bit less because of the continued investment in the tier two markets in which we have these new marketing campaigns, as we were saying. Adjusted EBITDA has been growing 26% thanks mostly to the operational lever that we've been talking about, the fact that basically the fiscal space has not been growing compared to 2024. Obviously, all the increase in revenues and gross profit has a direct impact in the adjusted EBITDA, which reached almost EUR 29 million on an H1 basis. Now, the net result of H1 at EUR 7.8 million, you might be surprised by the fact that it's actually lower than last year. The main effect of this is this one-off provision of EUR 4.7 million, which I already was talking about. Plus, there was an element of adverse exchange rate, especially affecting our deposit in pounds for Q2. This is clearly a one-off cost, which, as I was mentioning, is generating already starting from July 1st, a saving of approximately EUR 1 million per quarter on our HR and salaries cost, which then obviously will impact positively our EBITDA going forward. You can already see in this slide that the flight business performed particularly well. I would say that the difference in this has been partially the reintroduction of Ryanair into our meta channel, especially, but across all our channels, but not just that. I think it would be very limiting to see the performance of the flight channels or the flight product only related to Ryanair reintroduction. A lot of that has been happening thanks to a big improvement in unit economics, especially thanks to our ancillary strategies, which we were able to start implementing from the beginning of this year. As a result, both flights and hotels grew at double-digit rates. Packages, anyway, remain at the core of our business in terms of absolute numbers. If we're moving on to page 13, we can take a closer look at the top line performance. As you see, there was a 9% growth in Q2, getting to revenues of almost EUR 94 million, driven, I would say, especially in our B2C core channels with a higher marketing spend across the tier two markets. If you see on an H1 basis, you can see the performance of the various product categories, which reached 11% on average on H1, as we were saying. Packages accounted for over two-thirds of total revenues, and they confirmed their role as the key contributors to the group's top line growth, even if obviously this quarter was particularly strong on flight and hotels. We were anticipating at the beginning of the year that all categories, we were expecting all categories to grow differently from the past few years, in which only one category was growing and at least partially compensating the decrease in the other categories. The only part of the business which didn't grow is what we call other, I would say, which are not part of our core product offering, and especially talking about the cruise business in these numbers. If we look at gross profit on page 14, you might see a slightly different view here. Gross profit was broadly in line with revenues. As anticipated, we had this increased marketing investment, which I mean we know has a short-term impact on the profitability. From a Q2 point of view, the softer performance of packages is mostly an artifact of the switch between March and April. If we look at it from an H1 point of view, you can see that gross profit increased 5% for packages and over 20% for hotels and 29% for flights, obviously starting from a much smaller base. Overall, our gross profit stood at over EUR 76 million with a 9% increase versus H1 last year, benefiting from volume growth. As you will see in a moment, this is reflected in a higher than proportional improvement in EBITDA thanks to the management of our fixed cost base. With that, and to give you more details on that, I hand over to Diego. Okay. Thank you, Alessandro, and good morning, everyone. We are now at slide 15, where we present our total cost structure with a split between variable and fixed cost base. I will start by focusing on the Q2 results. Variable costs went from EUR 49.8 million to EUR 56 million, an increase of 13%, which was well below the 20% growth in booking volumes, reflecting improved unit cost efficiencies. The increase was mainly driven by marketing and sales costs, particularly in Q2, as we ramped up our marketing investment to expand our offering and boost brand awareness in tier two European markets, as previously noted by Alessandro. Fixed costs remain broadly stable in the quarter, with an increase of just 2%, mainly due to HR costs. Looking at full-year results, variable costs increased 13% following a similar trend, primarily driven by an 18% rise in marketing and sales expenses. Fixed costs remain stable year on year, as higher HR costs from new hires were offset by a 7% reduction in operating expenses compared to the prior year. Following the Q2 business reorganization, we expect a leaner fixed cost base, with projected savings of EUR 1 million per quarter, primarily driven by HR efficiencies. We are now moving to slide 16, and having already covered GTV, revenue, and gross profit, I will now move on to the metrics from adjusted EBITDA onwards. Adjusted EBITDA in Q2 reached EUR 14.5 million, up 6%, with operational leverage amplifying profitability despite increased marketing costs. Reported EBITDA came at EUR 9.8 million versus EUR 14.4 million last year, impacted by EUR 4.7 million in non-recurring costs, mainly related to the previously mentioned business reorganization, which was part of a broader efficiency and simplification initiative. EBITDA totaled EUR 3.9 million versus EUR 10.2 million, impacted by higher depreciation linked to tech projects that are being capitalized during the second half of 2024. The quarterly net result was also affected by FX headwinds, especially the recent weakening of the British pound after tariff increases, partially offset by financial income generated from cash holdings. Despite all of those effects, net result was positive for the quarter at EUR 1.3 million, with an earnings per share of EUR 0.12. Looking now at the last year result, adjusted EBITDA continued to show a strong year-on-year performance, reinforcing our confidence in achieving full-year targets. EBITDA, while partially impacted by the financials, by the factors mentioned earlier, ultimately reached last year's level at EUR 24.1 million. EBITDA at EUR 13.3 million was down 15% due to higher amortization and financial items for the period. Net result was EUR 7.8 million, with an earnings per share of EUR 0.33. We are now moving to slide 16. As you can see, the net financial position movement over the last 12 months. This view helps smooth out the seasonality of our business, which is strongly influenced by typical OTA working capital dynamics. The net financial position stood at EUR 113.4 million compared to EUR 142.9 million recorded in June 2024. The primary driver of the fixed cash flow generation was EBITDA, which reached EUR 43.3 million over the last 12 months after absorbing the costs related to the reorganization. CapEx totaling EUR 21.9 million primarily reflects investments focused on enhancing our website and online platform, with spending peaking at the end of 2024. The change in net working capital was negative by approximately EUR 26 million, mainly driven by changes in payment meter. Net financial position was also affected by the renewal of resourcing agreements, a purely non-cash accounting effect. I hand it over to Alessandro for the key takeaways. Thank you, Diego. Thank you. Basically, let me try and take a slightly different angle here. I mean, you can see on page 19 the key takeaways. If I can take even a step back, I understand that these are relatively complex results. You know, a lot of things happening, a lot of things to understand. It is not as straightforward as maybe Q1 was, but for good reasons, I would say, in the sense that we are doing the things that need to be done. The growth is there. Again, if we forget this switch between March and April and look at the H1 performance, the growth is definitely there. The growth is definitely in line with our guidance, I would say even higher than our guidance probably on the adjusted EBITDA level. The things that are impacting the net result are things which will allow the company to be in a better place in the future, in a better place financially with the savings that we've been talking about, which will allow us to pay back in a little over four quarters the one-off cost that we incurred. Also, in a better place from a strategic point of view, having an organization that is better suited to deliver on our strategic priorities. Also, from a cash flow point of view, what Diego explained, we've been taking a conscious decision, right, because of the extra amount of cash that we have in the seasonal positive time of the year. Obviously, Q2 and Q3 are these quarters in which we have an excess cash. We thought it made sense to do two things, to stabilize, I would say, our kind of working capital dynamics without having these huge swings of working capital. From September onwards, the effect that you've seen in the rolling 12 months, you will not see that anymore. It will be much smoother, I would say. At the same time, this has allowed some improvements from a P&L point of view. We didn't need to have that excess cash on our balance sheet. Again, a very conscious decision that we've taken in the interest of the company. I think this is what we're doing. We are assessing the areas of improvement, and we're taking them head on. I would say this is it in terms of the key takeaways. Last but not least, I would like to remind everyone at page 20 that we gave a guidance at the beginning of the year of low double-digit growth for these years on revenues and adjusted EBITDA. We had already anticipated that adjusted EBITDA will probably have a slightly higher than revenues growth because of the thanks to the operational leverage, and actually the results that we've seen in H1 and also what we're seeing in the past few weeks make us confident that this is exactly something that we can confirm for the year end. With that, I hand over to Julia for the final remarks and reminding you of our financial calendar. Thank you, Alessandro. Now I'd like to briefly walk you through our upcoming financial calendar. On the 17th of September, we will be present at the Investor Conference in Zurich, followed by the Baader Investment Conference in Munich on the 22nd of September. On the 6th of November, we will be publishing our Q3 trading update, and we will have another opportunity to meet our investors and interested parties on the 25th of November at the Deutsches Eigenkapital Forum in Frankfurt. We'll now begin today's Q&A session, starting with live questions first, followed by those submitted through the webcast. Please note that similar questions we may have grouped together, so your question might be slightly rephrased. To ensure that everyone has the opportunity to ask questions today, we may limit the number of questions per participant. Of course, we remain available after the call to address any questions we were unable to cover during our session. With that, I'll hand it over to Sherry again, the Forum's call operator, to begin with the live questions. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and turn off the volume from the webcast while asking a question. Webcast viewers may submit their questions in writing via the relative field. Anyone who has a question may press star and one at this time. The first question from the phone comes from the line of Baptiste de Leville, Kepler Cheuvreux. Please go ahead. Hello, Alessandro, Diego, Julia. Thank you for presenting and having this call during the summertime. A few questions. First question on dynamic packages. In Q2, it was only 1% growth, but like you said, there was this March-April effect. Can you confirm that in H2, you are more confident that it will return to a more, we'll say, normal kind of growth in the low double digit? That's my first question. Second question is. Sorry. Yeah. Sorry. Yeah. Sorry, this is Alessandro. Yeah. As Julia was saying, we will allow every participant to have one question. Sorry. If possible, follow up. Yes. If the question you asked is the most important one, I will answer that. Sure, go ahead. Thank you. Thank you. Thank you. Yes, absolutely. I mean, as we were saying, if you look at it from an H1 point of view, you will see that the results are 100% in line, if not, I would say, better at the EBITDA level than our stated guidance. We can confirm that for the full year as well. No doubts about that. I think we can move on to the second question. Baptiste, of course, you will have a chance to ask further questions later on as soon as we finish the round. Of course, of course. Thank you. As a reminder, to ask a question from the phone, please press star and one. There are no more questions from the phone. Okay, thank you, Sherry. We will now move to our webcast questions we have received this morning. I will be reading the first question. Can you give more details on the reorganization and what are the drivers of the $5 million expense, and how can the annual $4 million cost savings be achieved? I think it's pretty easy, but frankly, I think I already elaborated during the call. Maybe this question was written before the presentation. In general, again, as a methodology suggestion, I would ask everyone to ask their questions after the presentation so that we make sure to cover only things that were not covered. Very quickly, I will repeat in case that was not clear. Basically, the $4.7 million of one-off costs are the severance costs paid to the people paid already by the end of June to the people who left the company. The $4 million annual cost saving is just basically the fact that we will not have their salaries as part of our cost base anymore. Again, this is not a prediction or something that we hope will happen. It's something that is already happening from July 1. Thank you, Alessandro. Now we're moving towards the next question received this morning. Going forward, with what growth trends in DP and flights will you count? Flights have been growing with a high rate. Is it mainly due to basic effects, for example, Ryanair last year, or more a strategic shift and more focus in flights? Flights is the most competitive sector with most margin pressure. Can you please comment on this? Yeah, sure. I mean, I would say the first thing is that let's keep in mind that the flight segment has shown a positive performance both in volumes and profitability, right? This is very important because I would say profitability drives volumes rather than the other way around. The key change this year, yes, of course, we have the Ryanair product on the B2C side, which we didn't have last year, and that clearly helped. It's true that flights in general have a lower take rate. I mean, it's been improving, obviously, in this year. We have 6.6% in H1 2025 versus 5.8% in H1 2024, but lower than packages. That being said, it's been growing, right? The unit economics of flights have been growing. I would say the key element has been the fact that we tweaked certain elements. About execution, we tweaked certain elements in our pricing approach with machine learning models being the ones that we use to price flights, taking into account also the margins that we expect to receive on a specific booking by the ancillary services that we will sell. Obviously, this requires the model to be very good at predicting what type of customers will then also buy an ancillary service because if we can predict that, then we can potentially discount the price of the flight itself and recoup the margin after we sell the ancillary. Obviously, it's not deterministic. It's statistical. If you're good at predicting that, then you can be very effective in terms of having good pricing, but also in terms of having good marginality. In the moment in which we have these good unit economics and we have all the products available, especially on the meta channel, we can be more visible. We can have higher conversion, and it starts a flywheel effect, which drives, again, from profitability to volume. As I said, the growth has been much bigger than just the component due to the fact of having Ryanair back on our B2C channel. That being said, packages remain the main driver of the overall improvement of take rates. They went from 11% in the first half of last year to 12%. Clearly, they have structurally higher margins. Conceptually, the new offering of bundled packages, more curated packages that we have, has even higher margins because the more components you bundle, thanks to the effect of overpack rates, the better the price, the value for money that you can give to customers, but also the higher the margins you can have. Obviously, we will need to assess in the future how important this product will become in our overall sales mix. This is it. I would say looking ahead, it remains, as we already communicated, that packages are the key pillar of our growth strategy and also the evolution of packages. We will continue to spend from a marketing point of view in the right markets to have the right balance between profitability, but also strengthening brand awareness. Precisely because we are a profitable company, we can afford to, let's say, take a bit of an investment time to start growing in markets in which we were not present or not present with our B2C proposition and progressively reap the benefits of these markets at a later point in time, right? This is a normal phase of growth for that. Thank you, Alessandro. Now moving to the next question. Can you elaborate on the free cash flow bridge, especially on the change in net working capital and the remark on payment mix change? Thank you, Julia. Alessandro briefly spoke about this before, but basically, it's a lower reliance on credit card utilization. As interest rates in the market have been going down the last 12 months, it made more sense to reduce the cash balance and reduce the credit card utilization. Thank you, Diego. Now, the next question we have received. Could you elaborate on the expected share of curated holiday packages within the overall packages segment by year-end or midterm? How will the new product model compare to classic dynamic holiday packages in terms of margin contribution? In general, I would say it's extremely early days. We're still in a testing phase. We're still assessing, first of all, not in all our markets, just in selected test markets, how this thing is working and how we will need to suggest it to our customers from a user experience point of view, right? There are various options of how to present. One thing is having the technology and having the supply offering to create these products. Now we are in good shape in that sense. The technology is there. The supply is there. The third element, which is not trivial, is to make sure that the go-to-market is the appropriate one. We need to make sure that we have not only the pricing right, but also the way to explain to our customers how these products, how these packages differ from the other ones, and what are the advantages for them, and so on and so forth. There will be a lot of test and learn over the next few quarters. I think that for this year, this is mostly, I would label it a test and learn about this, which is a key part of our future strategy. Next year, they will start becoming a significant contribution on our revenues. What we can already anticipate is that conceptually, and also based on the very first test, the unit economics of these packages are better in the sense that, as I said, the more components you bundle, clearly, there is on one hand, it's a higher overall price, right? That is something to be kept in mind, that maybe the audience for these packages is slightly different. It's more similar to a traditional tour operating audience. At the same time, also the marginality for us is very good. Also, we can offer good value for money because having more components, we have an ability to discount certain elements more than if we just bundled flight and hotel. The question still remains of, okay, this higher price, how many people will choose these higher priced, higher value options versus the lower price, lower value options, right? I think we will not have clear answers before next year, I would say. Thank you, Alessandro. The next question we have received. What is the reason for the sharp rise in finance costs and long-term lease liabilities in H1 2025? Hi, Julia. Thanks. I think I already mentioned during my introduction in Q2, we were affected by the volatility of the exchange rates, especially at the beginning of the quarter. If you remember, there was a lot of volatility in the market effect as a consequence of the introduction of the tariffs from the U.S. This negative effect was partially offset by the financial income we generated from our cash holdings. Talking about long-term lease liabilities, again, this is already discussed in the net financial position bridge. It's mainly an accounting effect due to the renewal of the lease hosting agreement. I remind everybody, this is a pure non-cash item. Thank you, Diego. Moving to the next question. Can you give me more color on the different mix of payment methods? Yes. As I mentioned before, given the lower return available on cash holding, we decide to reduce the utilization of the credit cards. Thank you, Diego, for the time. I think that right now, there are no other questions. At least I see no other questions written in the webcast, so we can potentially go back to Baptiste who had more questions from the live. Sherry, if you can help us with that. Yes. Thank you. No, you answered the questions on your ancillary strategy on flights. I think you gave a good answer. I think the last question would be on your marketing strategy. I understand that you're investing in tier two countries. It seems like you are testing the waters in some countries, and it's not like you were sure that you will be pursuing these investment efforts in countries where you're not happy with the results or where you feel you cannot have a really good edge or you can make the difference. Is that the way I understand that? Can you confirm it, or? Yeah. Thank you. Yeah. I would say that's correct in the sense that we will need to see how each market performs, and we need enough time to then assess where we are happy, where we are not happy. As I said, for example, right now, we're very happy about Ireland, and we're quite happy about the Nordics. Some Eastern European markets remain smaller, but maybe it's also very early days. There's a lot of test and learn there. Don't get it wrong, it's not an irrelevant contribution. Already today, if I take all the tier two markets together, they would already be one of our top five markets. Obviously, if I take them one by one, they are still lagging far behind the top five core markets. If I take them as a whole, they already have a pretty decent contribution into the overall revenues and gross profit of the company. Thank you. Especially, I would say, more than proportionally because of what we were saying, more than proportionally on the revenue side, because, again, we are investing with accepting a relatively lower return on the investment of the marketing campaign, as it is normal when we open new markets. Yeah, yeah. Last question on the, you know, but one axis of your strategy, which is aligning the different brands. I went to the website of Volagratis, etc., etc., and I can see that you're, yeah, it's looking the same now. My question is just on the infrastructure and the IT side of things. I just want to make sure that all those brands are working under the same IT infrastructure. I guess the inventory is different from lastminute.com too because it's more specialized on packages and other brands are more specialized on flights or hotels, etc., but using different inventories. The IT infrastructure is the same. Do you think you can make more, create more synergies between those brands in the future? Or you're still, at the moment, you're happy with what you have? No, no, it's clear the question. No, absolutely, the technology, the platform is the same. There's no, it's not that they are running on completely different things. The one that is the only website in our group that is a bit different is Weg.de, the German one, which has a slightly different approach. It's basically comparing the offering of other tour operators, such as TUI and DER Tour. It's kind of, and the reason for that is that it's a website that the group acquired a few years ago. It has intrinsically a different product from being directly a seller of flights or hotels or packages, right? In the case of Weg.de, the merchant of record basically is the tour operator who sells the package, and Weg.de is the front, the window, let's say, the shop where you can buy those products. In the future, you will also be able to buy the lastminute.com packages there, right, when we have established our presence as being also a curator and creator of kind of tour operator-like packages, but not in the static way that tour operators use, but with the dynamic packaging technology underlying that. Yeah, technology is the same. Maybe a clarification when you say inventory is different. Actually, not really in the sense that also the supply side of things, both from a contractual point of view and from a technology point of view, is the same shared across the various domains. What is different is the presentation layer. Clearly, in one website, we decide to prioritize dynamic packages, and in another website, we decide to prioritize flights. The underlying connections to the airlines or connections to Amadeus and the GDS and NDC systems or connection to TravelFusion and so on and so forth is exactly the same and shared across the company. That is great. Thank you. Thank you very much. If we do not have further questions live, we do not have other questions written on the webcast. I think we can wrap it up. Thank you again for being here with us today. I look forward to seeing you at either one of the conferences that we will be attending starting September or at the presentation of our Q3 results on November 6. Thank you so much. Thank you. Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing lastminute.com and thank you for participating in the conference. You may now disconnect your lines. Goodbye.