Hello. Good afternoon, good morning, and good evening to our international participants. I'm Philip Reicherstorfer, Group Treasurer here at AUTO1 Group. Welcome to our first AUTO1 Group capital markets event. We will start, as always, with a presentation and then have the opportunity for a question answer session. The presentation today should take about an hour, and we've scheduled a similar time for Q&A. Hopefully we'll be wrapping up in about two hours from now. If you would like to ask a question, please raise it by the usual Zoom Q&A tool at the bottom of your screen. We will then call on you to ask your question directly after the presentation. Before I hand over, I must make you aware of the safe harbor provisions at the beginning of this presentation. These will apply to any forward-looking statements made by management during this call today. Today, Christian Bertermann, our Co-Founder and CEO of AUTO1 Group, Christian Wallentin, our CFO, will provide you with a deeper understanding of our retail and merchant segments. It has been five years since the IPO. Our business has changed materially. We think now is the right moment to lay out historic financial segments and long-term targets for both our merchant and retail businesses. We're excited that you're joining us today. With that, over to you, Christian. Hi, everyone. Thank you, Philip. Welcome to this event. AUTO1 Group is Europe's leading vertically integrated digital automotive platform for buying, selling, and financing used cars. Together with Hakan Koç, we founded AUTO1 in Berlin in 2012. Since then, we have traded more than six million cars across 30-plus countries, generating EUR 8.2 billion of revenue in 2025. Today, we're going to walk you through the AUTO1 model and what makes it structurally different from any other player in Europe. We'll show you how our two segments, merchant and retail, interact and compound one another, each making the other stronger over time. We will lay out the long-term financial targets for both segments and explain specific drivers for unit and margin progression on the back of the immense opportunity ahead of us. We're building the best way to buy, sell, and finance cars. Our mission shapes everything we do. We didn't grow up in the old school used car business. We have backgrounds in tech and see a very large, very fragmented, and deeply inefficient market that we can change for the better. Since day one, our approach is to systematize and digitize the industry at scale. That is why we built our C2B buying business, Europe's largest consumer purchasing network and our sourcing engine, to make car selling fast, transparent, and fair. It is why we built AUTO1.com, our merchant platform, and the backbone for B2B buying across Europe. It's why we launched Autohero in 2020, the first trusted fully digital car buying experience in Europe. On top of that, we have built market leading integrated financing products for dealers and consumers alike because financing is such an integral part of this market. The sequence of how we built the company matters enormously. We started with supply, building the consumer sourcing engine first in 2012. One year later, we launched AUTO1.com, bringing inventory to the dealer side and starting to accumulate the pricing data that sits at the core of our AI pricing models today. Only in 2020, after eight years of building the foundation, we launched Autohero. We invested more than a decade into becoming the European leader in digital car sales, AI-powered pricing, Pan-European logistics, physical car infrastructure, and innovative car financing products. The results speak for themselves. From 230 cars in 2012, we grew to more than 842,000 cars traded last year and a record 249,000 units in Q1 of this year alone. Group gross profit per unit has increased steadily since 2012 and is on a very remarkable track since 2018, increasing every single year. We crossed EUR 100 million adjusted group EBITDA for the first time in 2024 and almost reached EUR 200 million in 2025. We are now at the point where we are no longer just building, we are leveraging. We drive volumes and profitability simultaneously. AUTO1 Group is one of the most exciting investment opportunities in Europe today. First, we operate in one of the biggest markets of the world. Used cars is a massive, highly fragmented industry, and the vast majority of customers are unhappy with the current buying and selling experience. Second, our superior vertically integrated business model sets us clearly apart from the traditional brick-and-mortar approach in used car trading, generating superior customer experiences, growth, and profitability at scale. Third, the outstanding customer experience we deliver is winning market share across every customer group we serve. Fourth, the Pan-European infrastructure that took a decade to build and cannot be replicated is our structural moat. We build in a very scalable way, and we have a proven expansion strategy for every part of our business. Fifth, underlying our business is a very robust financial model based on the advantages of vertical integration that delivers market-leading profitability at scale. Let us walk you through each of these now. Over to you, Christian. Thank you, and a warm welcome from my side as well. Let's start with a deep dive into the European used car market and the massive opportunity ahead of us. Europe's used car market is one of the biggest consumer spending categories globally. For most European families, buying a car is the largest or second-largest financial decision they will ever make, depending on if they choose to own their home. The used car market is almost twice the size of apparel and four times the size of the electronics market. On a value basis, that is EUR 700 billion in annual transaction volume, with EUR 100 billion in financing. The EUR 100 billion financing pool deserves a particular mention. Every used car transaction is also a financing opportunity, and the economics of embedded car financing are compelling. At slightly above 3% market share, we are already the largest player in Europe, with 97% of this market still ahead of us. What makes this market so extraordinarily attractive is the combination of size, fragmentation, stability, and its unhappy customers. There are over 250,000 dealers in Europe, and the top 20 own less than 6% of the market. The main reason is that the traditional brick-and-mortar approach in used car trading has scale limitations. On top of that, Europe is not one market. We have different languages, tax rules, registration regimes, transport networks, and very local demand patterns that form barriers to easily scale Europe-wide. European used car volumes are very stable at around 27 to 28 million transactions per year and have a long-term CAGR of around 2%. The underlying general need for mobility is what drives the size and stability of this market in the long run, a market that is built into the fabric of everyday European life, yet it remains one of the least consolidated, least digitized consumer markets anywhere. Then, maybe most importantly, almost four out of five consumers do not enjoy the car-buying experience. They dislike the haggling, the opacity, the lack of trust, and the physical car-buying journey, which can be exhausting and frustrating at the same time. Now I'm handing over to Christian to walk you through our superior vertically integrated business model. Thank you, Christian. Let me first apologize for the slide. The truth behind that small font is that the advantages of vertical integration are creating numerous benefits for our customers, so they barely fit on one page. We source directly from consumers across nine European markets through a seamless digital evaluation and funnel, combined with our dense network of drop-off branches. As a result, we control our entire supply without being dependent on auctions or third-party wholesalers. With our unique approach to car buying, we are creating a superb selection of cars for our buying customers while offering market-leading prices to our selling customers through our European demand generation engine. On pricing, our AI pricing engine is built on over 6 million actual realized transactions accumulated over 14 years. We generate a competitive price for selling within seconds, our matchmaking technology connects supply to demand across the entire EU efficiently. This is how we are realizing best prices for our buyers and sellers, a huge competitive advantage. On logistics, our bespoke logistics network with more than 170 logistics hubs, more than 300 logistics partners, and a dedicated last-mile delivery fleet for Autohero is the largest of its kind for cars in Europe. Thanks to it, dealers can receive their fresh purchases incredibly fast, both nationally and cross-border, including all paperwork being handled professionally. At the same time, the network allows us to offer very fast, convenient, and reliable delivery times for our retail customers. On our physical infrastructure, our physical infrastructure across Europe is a moat 14 years in the making. Today, we operate 12 in-house production centers with a combined refurbishment capacity of over 248,000 vehicles. Every car that goes through the Autohero refurbishment process fulfills the same high-quality standard, adding to the high trust the Autohero brand stands for today. Together with more than 750 drop-off and more than 150 pickup points, our physical infrastructure is a unique asset that enables more than 70% of the European population to reach a drop-off point within 15 minutes' drive from their home. Our trusted brands are a key component of our vertically integrated model representing the better, superior way to buy, sell, or finance a car. They decrease friction and offer customers peace of mind. Our consumer-selling brands and our dealer brand, AUTO1.com, are based on 14 years trusted transactions with private consumers and dealers alike. Autohero is the fastest-growing European auto retail brand with already 35% aided brand awareness. We believe that building an unparalleled brand experience, no matter where our customers can get in contact with our brands, is a massive future demand driver. On financing, our in-house merchant financing provides dealers with the capital they need to grow their business across eight markets. Consumer financing is embedded directly in the Autohero purchase flow and can be completed easily and stress-free in under five minutes. Both are funded through our own ABS programs at institutional scale, which means we can pass competitive rates through to our customers, in turn driving conversion on finance transactions. All of these different layers of our vertically integrated model are structural advantages compared to the traditional brick-and-mortar approach in used car trading. They directly translate into increased value for our customers. We have spent more than a decade to develop our business model and our unique operating approach. Vertical integration gives us control over price, speed, and customer experience, or in other words, every aspect of the transaction in a way no one else can match. Christian will now explain our products in merchant and retail in detail and how they are contributing to our exceptional customer experience. Thank you, Christian. Let me take you through each of our segments and showcase to you how we create value for our customers. We are operating two segments on one integrated platform. Autohero is our consumer growth engine, changing the way people buy cars. Carefully selected vehicles from our consumer sourcing business go through one of our 12 large industrialized production centers for inspection and reconditioning. They are then listed online on Autohero, extremely convenient to check out, and available with integrated financing and a 21-day return policy. We're delivering to the buyer's door and we're making their purchase available for nearby pickup quickly. It's an e-commerce-like experience applied to one of the largest purchases they will ever make, their new car. The Autohero growth trajectory tells the success of our value proposition. Since launching in 2020, we have grown almost 60% compound annual growth rate. In parallel, GPU has grown from EUR 362 in 2021 to EUR 2,605 in 2025. These great results are based on a superior value proposition, our operational discipline, and excellent execution from our teams. On the merchant side, we have built the pan-European wholesale market leader for used cars. We source vehicles directly from consumers across nine countries and sell them to one of our more than 54,000 buying dealers spread across more than 30 countries. At the core of the business, sits a unique matchmaking engine that, for instance, matches the supply of Volvos in the Nordics with demand in Spain, or sourcing Renault in Germany and selling it to France. No other used car player does this at our scale. We continue to grow strongly with a 12-year CAGR of roughly 50% since 2013. Our unit economics continue to improve steadily with merchant GPU growing to EUR 976 in 2025. Autohero, our retail segment, launched in 2020. In five years, we have grown to over 100,000 units delivered across nine markets, making it the fastest-growing used car retail brand in Europe. Our NPS stands at 69. That is world-class score for any consumer product, let alone for car sales. Aided brand awareness reached 35% in Q1 2026, up nine percentage points year-on-year. Our ambition is simple, to make Autohero the go-to brand when buying a used car. Brand drives organic acquisition. Organic acquisition lowers cost per unit. Lower cost per unit increases contribution margin. That is the compounding flywheel. The skills we have built to get here are not easy to replicate. We learned how to source at scale, price at scale, refurbish at scale, and deliver at scale, continuously improving our unit economics on the way. These are the capabilities that will power Autohero to category leadership across Europe. We create value for our retail customers in multiple ways. We offer a vast selection of cars listed across Europe at any given time. Every single one has gone through the same rigorous, standardized refurbishment process at one of our own production centers. Cars come with a detailed uniform condition profile, AI-powered damage detection, and 12-month standard warranty. Our scale is structural pricing advantage that compounds further with transactions. The more cars we process, the lower our refurbishment and logistics cost per unit, and the more competitive our pricing becomes. The same logic applies to our seamlessly integrated financing. The bigger we get, the more competitive our financing rates can become. Additionally, AI pricing gets smarter with more data. In retail, there's still plenty of potential for improving price precision by a bigger data set. Autohero offers maximum convenience. The entire purchase journey is completed online or on our app without a single phone call if you don't want to make one. Financing is approved in minutes. We deliver to your door within 10 days in one of our iconic glass trucks, or the car is available for pickup at numerous locations across Europe, often as quickly as within 48 hours. You enjoy a 21-day, full money-back, no-question-asked return policy in case you change your mind. Altogether, this is the best way of buying a car. AUTO1.com is Europe's number one wholesale platform for used cars. Over 54,000 unique buying dealers, 30-plus countries, 50,000 cars available at any given time. These are the results of 14 years of continuous investments into supply and demand, platform technology, AI pricing, and physical infrastructure. AUTO1.com is effectively the clearinghouse of the European used car market. As mentioned before, Europe is not a single car market, but over 30 national markets with different price levels, tax regimes, registration systems and consumer preferences. We have reduced this complexity to a few simple clicks for our dealer partners. With us, they can tap into any country's supply. Cars are sold to the dealer in Europe who values it the most. With paperwork, logistics, payment and financing handled by us, every car flows to its highest value use across the continent. The value that we offer our dealer partners is based on three key pillars. We offer the largest EU-wide selection at great prices. Around 50,000 cars listed daily across 30-plus markets, consistently quality graded and AI priced in real time. Dealers buy at market value and with full transparency. Prices are adjusted to market conditions in real time based on more than 6 million realized transactions historically. As part of the fully digital end-to-end experience, auction bidding, payment, transport, and documentation is all managed centrally on our platform. Dealers can focus on their customers. We handle everything else. Our AI-powered search and recommendation tools help them to find the right cars in no time. Through our in-house merchant financing product, dealers get instant working capital to buy more cars without tying up their own cash. It is the only fully integrated sourcing and funding solution in Europe, and it is a key driver of frequency and loyalty on our platform. Over to Christian, who will walk us through how we built the infrastructure to scale and what our expansion playbooks look like in practice. Thank you. We operate the largest European vehicle drop-off and delivery network, seamlessly connected to the biggest logistics infrastructure for cars. With a weight of one to two metric tons, our goods require a unique logistics chain. This physical network that we own and operate forms a very strong moat and is one of our many structural competitive advantages. We operate more than 750 branches across Europe, where selling customers drop off their car and papers. 82 of these locations now serve additionally as Autohero pickup points, where retail buyers can collect their Autohero car. This is the Buy Autohero co-branding model, which we believe is a powerful first step of bringing our two consumer brands closer together, targeting a seamless customer experience. 77 pickup locations are operated exclusively by Autohero, mostly in areas where the retail delivery volume is already very high. Additionally, we operate 12 large production centers that currently run at around 50% utilization. Together, these form our incredibly strong physical moat, more than 10 years in the making. We have a proven playbook for scaling our business. While the drivers are different for scaling supply, merchant, or consumer demand, we possess unique knowledge on how to invest, apply, and monitor each driver. These playbooks were developed over years and were optimized with every success and failure we went through. The same also applies to our infrastructure. We successfully scale our logistics network, the number of branches, our production centers, our retail delivery infrastructure in line with the needs of the business at improving unit economics. Every driver and market has a lean rollout playbook that is executed disciplined and precisely when needed. Our strong organizational knowledge for scaling input drivers enables us to do both at once, building quickly while we operate with increasing leverage at scale. We come to the heart of today's event, our long-term segment targets and the drivers behind them. For the first time, we're disclosing full historic segment financials for both merchant and retail and will explain unit and profit drivers within each segment P&L in detail. Let us start with merchant. Merchant is the wholesale market leader, our cash generation engine, and as we will showcase in the next minutes, a business with a very large growth and profitability runway ahead. Across the last decade, three trends make up the development of the merchant business. First, strong unit growth. Units almost multiplied 25 times since 2014, from 29,000 to more than 740,000 cars sold in 2025. The business grew every single year, with the exception of COVID and a strong profitability push in 2023. Over the years, it was tested by very different macro environments and has emerged from each one stronger and more profitable. Second, structurally rising profitability per car. Gross profit per unit grew from EUR 749 in 2021 to EUR 976 in 2025. Total gross profit reached EUR 723 million in 2025, up from EUR 416 million in 2021. Third, a substantial increase of adjusted EBITDA per unit sold, EUR 113 in 2021, EUR 257 in 2024, and EUR 320 in 2025. The profit of every car we trade has almost tripled in two years. Let me walk you through 2025 totals on the next slide. Revenue was EUR 6.4 billion in 2025, up from EUR 4.2 billion in 2021. Gross profit was EUR 723 million. SG&A was EUR 484 million, of which EUR 104 million was marketing, EUR 269 million operations, and EUR 110 million overhead. That results in adjusted EBITDA of EUR 239 million for the merchant segment, a 3.7% margin up from EUR 158 million and 3.1% margin in 2024. This is an absolute profitability improvement of 51% year-on-year. The merchant business has a considerable amount of fixed cost leverage visible in the overhead line, with total overhead just growing roughly 3% per annum over the full period from 2021. Marketing is getting similarly efficient at scale, a testament of the strong brands and consumer trust we have built within merchant. We now translate the historic merchant financials into per unit terms and show you the massive long-term opportunity. Since 2022, we have increased GPU every single year, arriving at a level for gross profit per unit of EUR 976 for 2025. In the long term, we are expecting merchant GPU to reach levels between EUR 1,080 and EUR 1,200 per unit. On marketing, we have seen a continuous downward trend over the years, with marketing hitting a level of EUR 141 per unit in 2025. In the long term, we are expecting marketing per unit to reach levels between EUR 140 and EUR 110. On SG&A in total, we have observed EUR 653 in 2025. We expect SG&A to decrease to between EUR 600 and EUR 480 in the long term, consequently, we're expecting adjusted EBITDA per unit for merchant of EUR 480 to EUR 720 for the long term, a strong future upside and a continuation of the adjusted EBITDA per unit ramp over the last few years. We are combining these long-term targets for merchant unit economics with a growth rate corridor of 10%-15% per annum. We believe that this corridor represents a prudent target that we feel comfortable achieving. Our goal, of course, is to be on the top end of that range and ideally outperform over time. Let's now go into the details. Start with units and lay out the total addressable market for merchant. We will first go through the TAM logic for demand, then we'll lay out an equally simple approach for the supply side. We are categorizing the 250,000 dealer pool of Europe into 5 categories: enterprise, large, medium, small, and local dealerships. Based on our own data and models, we roughly know the share of cars that each type of dealer is looking to buy externally, as internal sourcing is typically limited. The relevant amounts are indicated in the table column external sourcing demand. In total, these amounts aggregate to 10 million units per annum. This is the amount that, based on our modeling, the total dealer base of Europe is looking to buy from other sources than their own. The current market share that we reached with our 2025 merchant volume is around 7% of that, with higher shares in the small, medium, and large segments. We believe that we're best positioned to grow that share to between 20% and 25% in the long term and still have 75% of the market to go thereafter. Let's look at the total addressable market from the supply side now. The continental European car park is 190 million vehicles. 24% of car owners are interested in selling over the period of the next 12 months, a rolling indicator. This equates to roughly 45 million cars potentially up for sale. Out of this amount, based on our own customer data and models, we assume between 20% and 30% of car owners are generally interested in our C2B selling product. This number is a result of several factors, among them, for instance, the age of the vehicle they own and the preference for comfort in the sales process. Consequently, the resulting TAM for our C2B product is 10 million to 15 million units per annum. We assume that we can increase our market share to 20%-25% of that TAM, which roughly equates to 2.5 million to 3 million units bought per annum in our long-term outlook. After laying out the TAM logic for both demand and supply, let's zoom in a bit and explain the high-level input drivers for scaling units towards those long-term targets. We'll start with supply. Broader marketing reach is a key input driver for us on the supply side. We already have considerable brand strengths, with over 60% aided awareness in our largest sourcing markets. This makes it much easier to grow from here. However, unaided awareness is much smaller and only 22% for Europe, population weighted. This means there's a lot more investment potential for higher marketing reach in the future. An increase in awareness generally leads to an increase in the number of customers interested in selling via our C2B product. As an additional catalyst ahead, we're executing a plan to step by step integrate our Autohero and C2B brands with the goal to fully integrate our C2B brands into Autohero over a multi-year horizon. We're expecting significant synergies from this one unified brand for buying and selling over time. On top of that, we will continue to expand our branch network. The logic is straightforward and proven many times over. The shorter the drive time to one of our drop-off points, the more customers are interested in selling to us. Today, roughly 70% of our customers are within 15 minutes drive time of a branch. We believe that we can shorten this distance further and enable a much larger share of the population to be in close reach by building a number of 1,200-1,400 branches in the long term. That would enable 90% of customers to reach us within 13 minutes of drive time. So far, we have built over 700 branches with a lean, standardized rollout playbook. For both drivers, we have more than a decade of experience in building and growing them. Both are supply-side investments fully within our control with returns we can measure precisely. Let's now focus on the input drivers for merchant demand. We have steadily scaled our buying dealer base from 20 dealers in 2012 to 54,000 buying dealers for last year. When we look at our demand base from a cohort point of view, then we can see that the dealers who stick with us are increasing their basket over time in a very stable way. This is the result from investments into three main areas. One, greater investment into sales and platform, better coverage of our dealer base and new platform features drive new dealer acquisition, higher activity, and better conversion. More dealer demand also directly increases our pricing power on every car. Two, merchant financing has developed into a key demand driver. Dealers using our floor plan financing solution typically grow their basket with us by 40%-60%. Financing eases our dealers' working capital constraint and increases loyalty to our platform. Fulfillment, number 3, is a similar important driver. Every investment in faster, more reliable delivery increases conversion, basket, and retention standardly as dealers can turn their inventory faster and can come back for replenishment quicker. An important aspect of these unit drivers is that they reinforce one another. Greater investment in sourcing by broader marketing reach and our expanding branch network increases the level of supply and therefore selection on AUTO1.com. Greater selection together with larger investments into distribution attract more buying dealers and larger baskets. More demand for more dealers means better prices for sellers since Pan-European demand allows us to pay more than locally in many cases. Higher volumes and better prices enable, again, more investment in sales, platform finance, and fulfillment, reinforcing this flywheel effect. This is a genuine network effect in a physical market, which is rare. Most marketplaces have network effects but no operational leverage because they do not touch the product. Most operators have leverage but no network effect because they are local. We have both. Every node of our infrastructure serves both sides of the market, and every car that flows through adds data that improves pricing for the next car we trade. While the flywheel accelerated, merchant GPU increased from EUR 749 in 2021 to EUR 976 in 2025. We expect merchant GPU of EUR 1,080-EUR 1,200 in the long term. We expect EUR 50-EUR 100 improvement from better trading. Constantly improving trading systems route each car to its highest value channel and buyer. Improved demand forecasting optimizes our selection in real time, indicating needed volumes per specific car type dynamically. Improved AI pricing continues to increase seller and buyer conversion in parallel across 30 markets. Every car we trade makes the next trade more informed. Overall, we are expecting a compounding return on our investments into trading, data, and technology. We expect a further EUR 50-EUR 120 of improvement from financing and other products. Every transaction on AUTO1.com is an opportunity to attach value, whether it is dealer financing, logistics services, or car and document handling. These attached revenues carry robust margins because the transaction, the customer, and the infrastructure already exists. The incremental cost of attaching a financing contract or a transport to an existing trade is minimal, and penetration of these products remains at an early stage. Let us go to the cost lines of merchant. Let us start with marketing. We are setting a long-term target of EUR 140-EUR 110 per unit for marketing. This target corridor is based on three buckets of drivers that increase marketing efficiency over time. We are expecting the expanding branch network, the additional retail purchases triggered by our quickly expanding retail business, and our industry-leading C2B NPS to contribute to higher selling conversion over time. We believe that our multi-year brand unification plan will unlock substantial synergies between the two brands, and in the case of marketing costs for buying a car, lower the cost of marketing per car purchased further and in line with historic trends. We expect retail trade-ins to become a more material source of cars purchased over time, essentially blending down the average marketing cost per car purchased, as they are purchased at near zero marketing cost per car. Let us take a look at the operations line next, so the variable costs of buying and selling a car in merchant. We are expecting operations cost per unit of EUR 350-EUR 300 per unit in our long-term outlook. We believe we can improve operations cost per unit by EUR 20-EUR 70 in the long term while we scale the business further. We expect EUR 10-EUR 50 of improvement in operations from, one, applying AI process improvements and automation for our physical evaluation process with the goal to shorten the overall evaluation time, and two, higher utilization of our drop-off network capacity over time. Additionally, we are expecting EUR 10-EUR 20 of improvement from further sales and customer service process optimizations, leading to efficiency gains. The last merchant cost line is overhead. We are expecting overhead cost per unit of EUR 80-EUR 110 in our long-term outlook. This strong reduction is in line with the trend of the past three years in which we have kept investment into overhead rather stable on a total base. Drivers of this development are, one, we took the majority of the investments from building up the central functions already in the past years. Two, going forward, the relative growth of investment needed for central functions to continue to perform is limited. Three, there's further upside by applying AI and automation technology to central functions. That completes merchant. Let's now switch to Autohero. The structure of this part is very similar to merchant. We're first going to look at the historic disclosure and the long-term segment targets, a view of the TAM, and then detail the different GDP and cost drivers for the long-term unit economics. From our start in 2020 to over 100,000 cars delivered last year, and Q1 setting another record, Autohero is the fastest growing car retailer in Europe. In parallel to unit growth, gross profit per quarter has steadily grown to EUR 82 million for Q1 2026, driven by a very strong ramp of retail GPU. Adjusted EBITDA per unit sold is on a remarkable trajectory as well, starting with negative EUR 4,100 in 2021. Based on heavy upfront investment, it is on a strong trajectory towards break even, with loss per unit diminishing to negative EUR 410 in 2025. This trend is also visible in the Adjusted EBITDA margin progression per unit. Starting with -29.3%, margin per unit improved to -2.4% in 2025. Let's look at these numbers on an absolute basis. Over the five-year trajectory, our retail revenues tripled to EUR 1.76 billion. Retail gross profit reached EUR 268 million in 2025, almost 18 times more than in 2021, driven by strong improvements in trading, consumer financing, and the sale of attached products. SG&A was EUR 309 million in total, of which EUR 92 million was attributable to marketing, EUR 69 million to production, EUR 55 million to operations, EUR 9 million to consumer financing, EUR 52 million to logistics, EUR 34 million to overhead. Adjusted EBITDA was negative EUR 42 million, a -2.4% margin. Let's look at these values on a per unit basis and frame the massive long-term opportunity for retail. Since 2021, we have increased GPU every single year substantially, with 2025 GPU reaching EUR 2,638. In the long term, we're expecting retail GPU to reach levels between EUR 3,880 and EUR 4,470 per unit. On marketing, we have generally seen a strong downward trend versus the 2022 and 2021 numbers and have observed a level of EUR 650 to EUR 900 over the last three years. In the long term, we're expecting marketing per unit to reach levels between EUR 710 and EUR 540 per unit. One thing to point out here is that we are including the marketing costs for buying retail cars in this value, as indicated in the table. For total SG&A per unit, we saw values of around EUR 3,000 for the last three years. We expect total SG&A per unit, this includes marketing now, of EUR 2,430 to EUR 2,060 in the long term. Consequently, we're expecting Adjusted EBITDA per unit for retail of EUR 1,450- EUR 2,410 in the long term, a strong future upside, and a continuation of the Adjusted EBITDA per unit track of the last few years. We are combining these long-term targets for retail unit economics with a growth rate corridor of 20%-40% per annum. We believe that this corridor, similarly to merchant, represents a prudent target that we feel comfortable achieving. Our goal is, of course, to be on the top end of that range and ideally outperform over time. Now let's turn to the AUTO1 Group total addressable market. We believe that 15 million units per annum are directly addressable with the current market footprint that AUTO1 Group has. We expect another 5 million used car transactions from the C2C market to be addressable over time, as we generally observe a trend of decreasing C2C shares. Our biggest market, Germany, for instance, shows that trend nicely in recent years, with C2C shares falling from 41% to 24% over the course of a decade. The reason for this trend is that consumers are increasingly choosing what dealers provide, trusted selection, warranty, financing, and convenience. AUTO1 Group is best positioned to capture this huge overall demand pool, offering the most trust and convenience at the best price Europe-wide. Now let's look at the different drivers of retail long-term unit economics, starting with trade GPU. Trade GPU increased from EUR 346 in 2021 to EUR 1,866 in 2025. We expect a trade GPU of EUR 2,400-EUR 2,680 in the long term. We expect EUR 290-EUR 450 of improvement from better sourcing, driven by a bigger retail database, resulting in higher pricing precision and lower error rates. More data can improve pricing materially, as already demonstrated in the merchant segment. We also expect the share of trade-ins to increase strongly with more scale and believe that enabling cross-border sourcing is a positive trade GPU driver in the long run. We expect to add EUR 240-EUR 360 per unit from better trading, optimizing selection with more scale, more precise demand forecasting, improved trading systems, new platform features, rising brand recognition, combined with positive word of mouth and faster delivery are all strong positive drivers for trade GPU over time. Now over to Christian Wallentin for details on GPU finance. Thank you, Christian. Consumer financing has become a key value driver in the retail segment. We started by attaching external bank financing and earning a referral commission. That's the kickback line on this page. Then we built our own captive finance business, and the GPU per car stepped up considerably from just EUR 12 of internal interest per unit in 2021 to EUR 210 in 2025, an 18-fold increase in four years. The reason we can capture that margin rather than collect a referral fee is that our own product is simply better for the customer. A better product is what leads and lets us keep the economics. Financing is embedded directly in the Autohero flow, approved in minutes, with terms built around the specific car and customer because we own both sides of that transaction. That converts better, it's why the captive lines keeps taking share from the referral line year after year. Our captive markets today are Germany, Austria, and Spain. The long-term outlook is EUR 870-EUR 1,100 of finance GPU per retail unit, 4 to 5 times the 2025 captive finance levels. We get there on three levers, rolling out from three markets toward all nine Autohero markets, increasing attachment within those markets, and letting the loan book mature because financing income is earned over the life of each loan. Today's origination build a stock of recurring high margin revenue that compounds for years. Strategically, financing changes what Autohero is. A car sale is a transaction, a multi-year financing relationship is a customer. It deepens retention, drives potential trade-ups, the next purchase, and turns Autohero into a relationship-driven business fueled by data and knowledge. This is one of our largest value pools in our retail model, it's already proven market by market. Let me now take you through the levers underneath our long-term GPU finance target of EUR 870-EUR 1,100 and what to expect on each of the business as the business scales. I won't pretend this slide is simple, that's partially the point. The complexity you see here mirrors the complexity of the rollout itself. Building a captive finance business across market is genuinely hard, operationally and structurally. That difficulty is exactly why it's defensible. Let's start with the attachment. Group-wide, we're around 40% in Q1. In our captive markets, we already exceed 50%, while external-only markets run at 20%-51%. The group figure is the blend of high internal attachment and lower external markets. Spain is the latest proof that the model travels. It has ramped according to plan over the past year, is now trending higher very quickly, with over 20% of customers now taking our internal financing offer. Our long-term target is 50%-60% attachment rate across the platform. On how the book grows, think of it as a sizing tool. Autohero units times attachment times the average loan, that gives you the annual originations, the new lending we write in a year. You have to multiply that by our origination to AUM multiplier, you get the total loan book outstanding. That multiplier was almost 1.4x in Q1 and moves towards 2.5 to 3 times long term as the business matures. Put plainly, we're earning on this year's new loans plus all the still outstanding loans from prior years. Net interest margin then tells you what you actually earn on the book, 5% today. Austria at 5.2%, Spain at 5.8%, with a long-term range of 5%-7%. Our risk, this is a low risk by design. The Q1 cost of credit was 1.2% with a long-term expected range of 1%-2%. The structural reason it stays low is twofold. First, we know the asset and the customer better than any bank could because we bought the car, we inspected it, refurbished it, and priced it. That same data continuously sharpens our scoring and underwriting. The book is expected to get better as it grows. Second, we are the disposal channel for the collateral. When a loan defaults, the car come back to our own remarketing engine, so we expect our loss given default to be structurally lower than a generic lender's. The two separate efficiency stories. One is operating cost. OpEx per loan is EUR 74 today and heading toward EUR 50 at scale, driven by platform automation. The other is capital. The business is structurally capital light. Through our securitization program, our own equity in the portfolio steps down with each generation of a securitization structure, from 16% in the warehouse to 5% in our outstanding FinanceHero 2 structure, to 1.5% in our just announced FinanceHero 3, enabled by vertical risk retention. As that structure rolls across the book, we expect the whole portfolio to settle in at 1%-2% range long term, trending toward the 1.5% that we expect FinanceHero 3 to deliver. Each of these levers is already working in our captive markets, which underpins our EUR 870 to EUR 1,100 long-term GPU outlook. Now back to you, Christian. Thank you, Christian. The third driver of retail GPU is GPU other products. We're expecting GPU other products of EUR 610- EUR 680 in the long term. We're expecting EUR 160- EUR 210 of improvement from higher attach rates from our premium warranty products and an increase of warranty duration. Additionally, we expect the launch of our subscription model for warranties and improved bundling of warranty and financing services as long-term contributors. We're expecting EUR 60- EUR 80 of GPU other products increase from smarter selling of second wheel sets in Europe and EUR 20 additional contribution from various other attached products like registration, insurance, or maintenance. Let's now switch to the cost lines of the retail long-term P&L and start with marketing. We are expecting a combined marketing cost per unit for retail of EUR 710- EUR 540 in the long term. This value includes the marketing investment needed for retail selling and the market spend needed for retail buying. We see three main drivers to reach this level over time. One, we believe that our plan to establish Autohero as a selling brand will turn the existing C2B marketing funnel into a low-cost buyer pool over time. Additionally, we're expecting a higher share of repeat buyers over time, lowering overall marketing cost per car. Two, we're expecting our brand strengths to compound over time, lowering overall cost per unit in retail. Brand, once built, is a durable demand generator that does not need paid acquisition. Together with increasing consumer readiness to buy cars online, our brand audience itself grows every year, which increases return on every EUR spent in brand. On top of that, our industry-leading NPS reinforces trust and word of mouth, reducing the share of customers acquired through paid advertising over time. We're expecting that our growing retail customer base deepens our advertising insights into segments, preferences, and needs as a third level, unlocking sharper targeting, messaging, and execution, and in turn, lowering retail marketing cost per unit over time. Now let's go to production cost. We define production cost here as the combination of two components, the cost of materials, parts, and external refurbishment work recognized in COGS, and the SG&A portion covering labor and production center cost for work done in-house. One thing is worth noting. As we bring more production in-house, costs shift from COGS to SG&A over time. You can see this in the chart. However, the total comes down, and that's the important message here. We are expecting a production cost of EUR 930-EUR 870 in the long term. We're expecting EUR 10-EUR 30 of improvement in COGS through optimized spare parts procurement and a further lowering of the share of external work. We're expecting EUR 120-EUR 160 of improvement in SG&A production through AI-powered workforce planning, a complete rollout of our proprietary car audit inspection technology, lean process improvements, and structurally lower mechanical complexity with growing EV shares. For logistics, we're expecting EUR 340-EUR 290 of logistics cost per unit in our long-term outlook. This number includes payroll and other OpEx for logistics. We expect EUR 170-EUR 220 of improvements through, one, the densification of our production and pickup center footprint, reducing driving distances by up to one-third, and generally shorter distances mean lower transport cost per car, faster delivery times, and more satisfied customers. Two, synergy effects of combined flows and dedicated fleets between inbound and outbound logistics at scale. Three, higher utilization of pickup locations with growing scale. Now let's look at the operations cost per unit line. We're expecting EUR 450-EUR 330 of operations cost per unit in our long-term outlook. We're expecting EUR 80-EUR 160 of improvement in retail sales and customer service by applying AI process automation, for instance, using agents in non-business hours. We're expecting EUR 20-EUR 60 of improvement in purchase operations through higher utilization and purchase process improvements. These are the same drivers we have outlined above for the purchase portion of the merchant operations piece. The final cost line is retail overhead. We're expecting EUR 130-EUR 100 of retail overhead cost per unit in our long-term outlook. We are expecting an overhead cost per unit reduction of EUR 200-EUR 230 per unit in the long term. This strong reduction is in line with the trend of the past four years in which we have kept investment into overhead stable on a total basis while scaling units strongly. Similarly to merchant, drivers of this development are, we already took the majority of the investments for building up the central functions in the past years. Going forward, the relative growth of investment needed for central functions to continue to perform is limited, and there's further upside by applying AI and automation technology to central functions. Let's close the Autohero section with an important effect to know about. The speed at which we grow retail is a headwind to short-term unit economics, as a high share of SG&A per unit cost occurs roughly 60-80 days before the corresponding revenue and gross profit is realized. In other words, sourcing, marketing, production, inbound logistics, and the purchasing part of operations costs occur in the P&L when we buy and recondition our fresh cars. On top of that, a portion of the sales marketing builds up demand that lies in the future. These customers are customers that started to be in the market for buying a car but will take weeks and months for the final decision. Put together, this means the faster we grow, the more of these costs we carry for cars not yet sold, and the bigger the short-term headwind to unit economics will get. In numbers, this means growing at a 20% rate per annum is a roughly EUR 250 per unit headwind. 30% means around EUR 350 and 40% around EUR 450. As a rule of thumb, every additional 10% of growth adds about EUR 100 of short-term headwind. We generally believe it makes sense to grow faster given where we are right now, and given that we're expecting a major step in all of the drivers outlined before when we approach the critical threshold of 1% retail market share. We expect that critical threshold to be somewhere between 250,000 and 300,000 retail transactions per year. This is a perfect segue for our milestone group targets. While we so far laid out long-term targets for both segments and the corresponding drivers in detail, we also want to give you a better sense for what the business will look like on the path towards these long-term targets, which we call milestone targets. We are not linking them to any specific year, but to the number of units that we think will enable these levels of unit economics per segment. When we will reach these will ultimately be driven by the sequence of growth rates over the coming years. While this is not formal guidance, this is roughly where we expect to be as a milestone on the path towards those long-run targets. You can see here there's a range of growth rates and no specific date, but this should be helpful as you think about the trajectory to help build your models. Based on a merchant growth corridor of 10%-15% annually, our milestone target for merchant is 1.2 million units per year at a GPU of EUR 1,025 or above, delivering EUR 400+ of adjusted EBITDA per unit. Based on a retail growth corridor of 20%-40% annually, the milestone target for retail is 300,000 units per year at a GPU of EUR 3,300 or above, delivering EUR 800+ of adjusted EBITDA per unit. The group milestone target roughly corresponds to the low end of our 5%-9% margin target, while the low end of our long-term targets would be within that 5%-9% range, and the high end of the long-term targets would exceed that range. We think giving you goals in absolute EUR is more useful for models than percentages. While we absolutely stand by our prior percentage targets going forward, now that we offer a lot more disclosure, we think keeping the focus on EUR targets makes it simpler for everyone. After 14 years of investment into our vertically integrated business model, we have established an unmatched platform that maximizes value for car buyers and sellers across Europe. We are incredibly excited to continue our journey towards these targets outlined today, and with that, unlock the massive potential in one of the world's largest and most fragmented markets. Thank you very much for your attention. We will now go over to the Q&A section of this event. Thank you. If we could just have the readout of how to ask questions and unmute yourself. Before we begin with the Q&A portion of today's call, I'd like to go over a few brief technical points. If you haven't already done so, please submit your questions using the Q&A tool located at the bottom of your Zoom screen. Philip will call on participants in turn. Once your name is announced, I will unmute your line and hand over the floor to you. Kindly ensure that your microphone is enabled and that you are ready to speak when prompted. Thank you. Okay. Thank you. Actually, we'll start with five questions that we got from [Joe Barnett-Lam] from UBS. Unfortunately, I think he always seems to have technical issues with the Zoom tool, so I'm just going to ask the questions on his behalf. The first one would be the timing on target. What is the timeline for the milestone and long-term targets? If we apply a midpoint of the growth target corridor to 2025 units, this would imply you will achieve your milestone targets in 2029. Should we think about 2029 as the target year for the milestone targets? How about long term? We are having a question on cash conversion. The guidance you have given is obviously helpful, there's nothing disclosed with regards on cash conversion. Over the long term, what cash conversion are you targeting and what are the building blocks? We are coming to the, I guess, auto retail market in general. There's a decent amount of debate around the auto retail market at present. Can you help us understand, in your volume targets, what you assume for the underlying market? I think back to our business production capacity and CapEx. If you sum your production capacity on slide 20, it's roughly 250,000. Obviously, your milestone target is 300K. Can you talk about expectations for production facilities going forward and also peak drop-off locations and how that plays into CapEx? Finally, on customer penetration, I think especially in the merchant segment, when we look at slide 27 and your share of external dealer sourcing, it's obviously bell curve from smallest to largest customers. Is that a natural shape you expect to remain or are there product gaps and other specific blockers that are currently impeding your penetration from the smallest and largest customers? Yeah. I'll pass over to you. Yeah. Thank you, Philip. Thank you, Joe. Maybe we should also try to start answering some of the questions directly, Philip, and then maybe we do two at a time or so because at some point it gets too much to write down. Maybe simpler. Yeah, timeline on target, I think, yeah, that's pretty much something that I referenced at the end of the presentation. We're not giving any specific timelines in number of year for the milestone or for the long-term targets. However, we have given you a growth rate corridor, which I think, yeah, you can definitely work with. Assuming the low end or the high end or something in between will get you to a specific year, and we believe that this is the best way how to represent and answer this question. I think that we're the first two pretty much, yeah. Again, we're operating with annual growth rate corridor assumptions here, which are in the case of merchant, not too far apart. In the case of retail, the spread is a bit bigger. You know where we are currently in terms of growth rate. You can pick pretty much a growth rate assumption here that you find relevant. On the cash conversion, I think that's best for Christian Wallentin to answer. Thank you. We introduced two pages on cash in the appendix, we will introduce those as well in the version that is on the webpage. We just wanted to do that. In summary, since we turned adjusted EBITDA positive, we have generated a cumulative EUR 367 million of adjusted EBITDA, as you can see on this page here, and generated EUR 104 million of free cash flow. That's a conversion of almost 30%, 28%. In the long term, as growth normalize, we see this increasing to 40%-50%. I actually think we will come back to this page when we get questions on ABS structures and cash flow, but let's pause that for now. On the development of the auto retail market, we've shown you a couple of numbers on the market volumes in the slide deck. We expect that over time, the market will return back to its long-term CAGR of 2% from current levels. We do not see any major disruption affecting volumes here. Based on our models, we could work with a stable market from here, but we think Also our long term, the assumptions we laid out on the TAM, on the different ones, they're based on the current market size numbers. We could work with a stable market from here, but we think that the market will return to its long-term CAGR of 2%. On production capacity and CapEx, I think your question was on the milestone, we assume that we will have around 20 production centers. We're going to then build, roughly eight, nine, 10, something like this. The CapEx needed for each center is somewhere between EUR 2 million and EUR 4 million. As a reminder, we're working here with brownfield and not greenfield opportunities. This means we're converting existing facilities, which is a low-cost approach. It's working fine. I don't know whether we briefly want to talk about the customer distribution on page 27. Yeah. Can you repeat that question? I think the question is basically whether we will continue to focus on the medium-sized customers, and are there any special barriers for us to work with the largest or the smallest customers? Yeah. Maybe we can move to page 27. Yeah. That would be nice. I think it's the next one. The next one, yeah. Yeah. The one before. Oh, no, the one after that one, I think. With the merchant groups, right? Yeah. I think you need to go back a little. Yes. This one. I think this one is the one in question. Yeah. We have higher market shares in those small, medium, and large groups because these are just making up the bulk of the volume, right? That's why we are concentrated more on those. We think enterprise customers are an interesting segment. Yeah, we would need to adjust and invest and develop our AUTO1 sales platform a bit different for them. This has been something that is on the table, but it's not something that we, at the moment, prioritize, given how much growth potential we have in the large, medium, and small. We would think that the structure of those shares that you currently see here probably grow in line with the current distribution. Yeah. If we double it, then we'll double it, but relative from the value where it is today. Thank you. Thank you. Joe, thanks for the questions. We will now move to Andrew Ross from Barclays. I think, Andrew, you had about six questions or so, maybe we can split them into three blocks of two. Hi, guys. Can you hear me okay? Yes. Yes. Don't worry. In the interest of one's sanity after those 5, I'll keep it to three. Can you give us a sense of the phasing of the improvement in EBITDA per unit that you're talking about between 2025 and the milestone year, whenever that is? Is there kind of a back-end weighting to it as you scale across investment you've made into brand marketing and into fulfillment capability? That would be helpful to understand. I guess that leads into question two. Can you tell us what level of units you would expect per retailer will break even on an EBITDA basis under IFRS? Second question. The third question was to come back to that slide in the appendix on the cash conversion. I can't see that yet on the website. It would be quite helpful to go through that in more detail. Here you wrote the answer as a conversion of 40%-50% from EBITDA into free cash flow. Can you walk us through in more detail the CapEx, particularly the working capital and how much capital you're expecting to absorb as you scale the inventory receivables, something going the other way on payables? That would be helpful to understand in more detail. Thank you. Okay. Block number one. Andrew, the phasing of improving unit economics from where we are today, and to the milestone target. As indicated in the script, we would think there's stronger progression on each of those drivers the closer we're getting to the critical threshold. Somewhere between 250,000 and 300,000 units, we would expect to get a majority of the improvements. This is what I would say as a trend. As we approach those units, we're getting stronger ramp of all of the drivers outlined above. Before that, we'll also see improvements, but of a lower absolute improvement. The reason, for instance, if you think about in logistics, is just that we need to approach a certain density of the transaction network. Logistics I think is an easy example to understand that now we're at 100,000 units, and then at 2.5x to 3x of those units, the driving distance is just smaller and there's more potential to bundle the inbound and outbound fleets, and that leads to this ramp and reduction of the delivery and logistics cost per unit. That's something that is really kicking in as a stronger lever the more dense it gets. It's not a linear improvement. I think that's what I'm pointing out here. What level of unit will we be break-even in Autohero? I think if you look at the numbers, you can see that we're pretty close. If you calculate in the headwind to short-term unit economics and the growth rate for 2025, you can assume not growing, we would actually be on an adjusted EBITDA break-even already. However, we choose to grow because of exactly of the answer to question one. Yeah, if you look at the trajectory, then yeah, we have been on a constantly improving track and I would say we're close. Again, it depends also on the level of growth and yeah, we try to maximize growth under the side target of overall group profitability. Yeah, that's what we're trying to manage in the best possible way. Yeah, I hope this answers your question. Let's move to the, a bit more on the cash question. This is. Yeah It is related to both our operational cash flow and then the ABS structures and the net debt. I think this will be a slightly long-winded answer, but I want to do this because we've received a lot of questions historically from various levels of knowledge. I'll try to go through it in a structured way. First of all, I think most importantly, we are cash flow positive and our projections, we self-fund our growth. That's the takeaway. Just to illustrate that point, we ended 2022 with slightly less than EUR 550 million cash or so on the balance sheet. We had EUR 652 million cash on the balance sheet at the end of Q1 2026. We raised no debt other than the ABS funding against our assets and no equity in that period. That is EUR 110 million cash generation from 2023 to Q1 2026. This is on top of what we invested into very strong growth in our business and expansion, particularly in our captive finance activities. Now I'll go through the facts or the explanation. We have three types of ABS structures for inventory, merchant finance, and consumer finance receivables. One, non-recourse funding from the ABS facilities collateralized by assets, so receivables, and the inventory. Those you see on the balance sheet. Non-recourse means that the corporate entity of AUTO1 is not liable for credit losses, and that is lenders cannot force an event of default on AUTO1 if the underlying assets underperform or lose significant value. These structures are funded by banks and public investors who like the risk of cars and also in the auto financing secured by cars. There's no need to use cash to repay or put any more cash into these ABS structures. The underlying receivables and the cars being sold are what pays the banks and investors with interest. If needed, the debt is self-liquidating against specific inventory financing receivables. The structures have been successfully tested in the toughest of environments, meaning COVID, and we've been riding through that with style. Therefore, very logically, this non-recourse debt is not part of, one, corporate net debt, or two, the cash flow we need to fund as we grow. This is also supported by the rating agencies. For large U.S. car dealers, we have no rated peers in Europe, by the way, they always exclude inventory financing from debt ratios as they view it as working capital-like item. The agencies also strip out captive finance assets and liabilities from the corporate credit ratios under their captive finance policies. This is the difficulty here now that I'm going to say. The economic reality is what I've described now, and it's not as obvious in the accounting for a couple of reasons. One, we consolidate these structures chiefly because we control the servicing of the underlying assets, which we absolutely want to do because we see better credit performance if we control the contact with our clients. The accounting rules do not reflect the economic risk of the setup, given the only risk that what was put into these structures originally at inception. Under IFRS, we show any increase in assets like inventory or captive finance as a cash outflow in operating cash flow, while the related ABS funding is shown in cash from financing. Hence, the impression is that we are cash flow negative from IFRS perspective. From an economical and a management point of view, and hopefully also your view, the assets and the funding are directly linked. As AUTO1 corporate and shareholders, we will only fund the net proportion of these assets, which have not been funded by the banks or ABS investors. Hence, we focus on something we called AUTO1 Managed Cash Flow. It looks at the net movement of the assets and ABS facilities. On this basis, we've been cash flow positive since at least 2023, and the example that I had in the beginning proves that point. Three conclusions on this. We're doing this in a capital-light way. We only invest cash at the inception into the equity of the structures. The large majority, depending on which structure we talk about, is 80%-99%, depending on, if it's, for example, the FinanceHero 3 structure that's in the market now, will be vertically risk retention, that's up to 99%, is funded by the banks and external investors. There's no further claims on us than the assets in that specific SPV. Conclusion number 2, we are cash flow positive, and we self-fund our growth as these are evergreen ABS structures, and they scale with the business growth. Three, accounting rules do not show the economic reality of the business as we're forced to consolidate them because we control the servicing of the assets. That's just the facts of the matter and the conclusions from them. We are, in order to simplify this for you and for people that follow us, we are publishing Managed Cash Flow with the results on a webpage on a quarterly basis. We will also include more explanatory slides in the earnings presentations. We have already started that, please look out for information there that will go into more details. In addition, we are also considering having a modeling session in the future to explain these technical questions in a more structured way. Today was very much about the segments and giving you that segment detail, we will consider to go back to these more technical modeling topics as well. With that, I think, Philip, if I missed something that you think is relevant, then please add on. No, I think it's a very good, and I hope easy to follow, introduction to the topic for everybody. Maybe just two comments. One, this is actually not new disclosure, if you actually followed our webpage, we were always publishing this Excel spreadsheet with the quarterly earnings numbers, which included this AUTO1 non-IFRS cash flow. It's also normally contained in the highlight section of the financial report we are publishing each quarter. I think going forward, it's something we will also take into the earnings presentation to really make sure that everybody understands the point and sees our view on cash flow. I think the other thing just to mention, because I actually don't think a lot of you realize this, is just how also operationally we are linking the asset side and the ABS fundings. This is not a case where we just every two weeks or so collect our information and then go to the banks and get an advance rate. We literally, if we have to pay for a car that we're purchasing today, we actually tell the funding SPV in the morning, "Look, this is the cars we are paying for today, this is the cars for which we got paid yesterday, this is the net change that we need to fund today." It's fully integrated. Then, for example, if a merchant selects to use merchant finance, we literally on the same day just have a transfer of money from the merchant finance ABS structure to the inventory ABS structure. Again, that runs fully automated and fully integrated, this is why we are really focused on saying, look, those two always belong together. I think one of the challenges we always have from a tech and structured finance perspective is to make sure that as we develop new products, we always keep that pipeline of making sure that as we generate the assets, we immediately also raise the refinancing and operate in this really efficient and capital light manner. That is why I think hopefully everybody will kind of agree that looking at this AUTO1 cash flow and the net changes in the inventory and captive finance assets makes much more sense than looking at the assets separately up in the operating cash flow and then the ABS funding down in the finance cash flow. I think this is really the point about why I think we are so comfortable in our ability to self-fund the business, and I think just don't really often understand a lot of the questions about when will you be free cash flow positive, because from our perspective, we have been free cash flow positive for two and a half years. In other words, IFRS was not built for used car dealers. After that long discussion explanation, I think, James Tate from Goldman Sachs had two questions. Were these all questions from Andrew, or did he have more? I think he said he only had three because the other questions, I think, had been answered. Okay. I think we had one on the CapEx as well. We historically have guided to 20-25 basis points, that has proven to be quite generous historically, we never really got in there. That ties with the number that Christian gave in absolute terms as well. Yeah. That was meant to be 20-25 basis points of revenue or about EUR 20-25 million probably this year. Yes. James? Great. Yeah. Thanks, Philip, and thank you for the presentation. I've got three questions, please. I guess firstly, following up slightly from Andrew's question on retail EBITDA per unit, could you give some color on where you think you'll end up this year, or where you're trending so far through 2026, in terms of retail EBITDA per unit compared to the minus EUR 400 in 2025? That'd be really helpful. Secondly, in terms of the SG&A lines for the retail business, noticed operations and production costs per unit have gradually increased over the last couple of years. I guess, firstly, what's driven this? Then you've outlined how these costs decrease over the long term. In the nearer term, do you expect these to have peaked in 2025, or is there further investment required here to drive growth? Lastly, Christian, towards the end, you mentioned that strategically you think it's best to drive faster retail units growth. Is it fair to assume that retail units should continue to grow towards the top end of the 20%-40% corridor over the next couple of years? Thank you. Thank you, James, for these questions. I totally can understand the curiosity of retail GP, of retail EBITDA per unit for this year. We're going to disclose that. I think what we can say so far that Q1 was a very good development. Also coming back to your third question, we try to balance growth and profitability to the best way possible on the way to the milestone target. This growth rate corridor that we have given, 20%-40%. If you look back at the last couple of quarters, we definitely have seen increased reach rates within that corridor, also north of the top end of the corridor. We try to best balance profitability and growth as we go forward. Also as indicated in the script, definitely we would want to be on the high end of that corridor. At the same time, we also want to see some okay to good progression on the EBITDA per unit in order to make the full group's EBITDA per unit grow. In that sense, now that we have the full disclosure, we can also say that obviously the preference for growth in Autohero that cost them more as a negative short-term headwind as illustrated, also depends on the profitability and cash generation from the merchant business. Let's say if we're advancing there faster and better, then we can also let retail grow faster and the other way around. In Q1, merchant GPU was, as explained, a little bit down. This introduces also a bit of a side condition where we say, "Okay how much can we grow in retail during EBITDA?" This is kind of all the variables that we try to manage in the best possible way. We're leaning towards the higher end of that growth corridor because we strongly believe that we will see substantial improvements on retail unit economics the closer we get to the critical market share threshold of 250,000-300,000 units per year. I think it's too early to think about retail EBITDA for the year, but we expect that we are continue our progress that we have been showing now for the last couple of years and balance it nicely with the growth. On the SG&A production cost slide, maybe we can quickly go there. Maria, I think the point that you asked. Can we go to the slide, please? Maria? Yeah, this one. I think the point that you asked was really the SG&A production portion per unit that had slightly increased in 2025. Overall, we can explain this again. The blue part that you see and the blue part with COGS production per unit in 2021 and in 2022, that is essentially the ramp-up of the internal refurbishment capacities. Anything externally, how we did it at the beginning in 2021, I think also in the quarterly reports for those years, you can really see that we reported on the internal versus external shares and how we progressed on reducing the external and increasing internal share. Pretty much this is the financial story behind building the internal refurbishment capacities. The dark blue bar going down. We started to increase our SG&A production per unit, which includes then strongly payroll, but also overhead cost of a production center and the total capacity, the on-top capacity that we finance in rent and in facility. This portion has increased slightly in 2025 because of lower utilization. We built up more capacities towards the end of the year that we are now utilizing in a better way. A special effect inside that is also that there are temporary workers that we are from time to time needed to use over the last couple of years, which are really expensive, much more expensive than our core personnel in case we were not able to hire enough capacity fast. That's something I think we are in the process of managing much better. That explains some of these numbers. Important part for us is that we have arrived on levels that we consider very good versus 2021 and 2022 and we're seeing further upside, but not even that much for the upside because ultimately it's a process, it's a quality standard that we think EUR 130- EUR 190 are possible for the full block. I hope this answers your question. Great. Thank you, James. With that, Wolfgang Specht from Berenberg. Wolfgang, how are you? Yes, hello. Good afternoon. Thanks for taking my question. I have two, if I may. First, on the refurbishment and you explained, can you give us an idea if you have to do extra investments not only at the centers but also on the drop-off locations to get a better diagnostic of the cars and, let's say, keep the weak cars out of the system? Second point, your largest driver for gross profit per unit is definitely retail finance. How do you expect to cope with competition from retail banks that have been really weak in this discipline over the last years, but supported by AI tools and better front ends, maybe retail financing could get attractive for a couple of your customers as well. How do you want to keep customers in your system? Let me take the first question. Within our current evaluation process, we're not expecting incremental investments that we need to do or let's say, material investments that would be changing any of the numbers that we just set out on targets. We're not expecting that we need to materially invest in our drop-off network to increase the quality of our cars. Every retail car that we are buying from retail or that has the target channel retail is being checked at the production centers very thoroughly with all the equipment needed. This is where we have it. There's a small share of cars that we sort out. Overall, for us, this is the more efficient way of dealing with that problem. Those cars would then be re-evaluated, and sold back to merchant. This is vastly more efficient solution versus having many production centers times 700. We have tried this, and we know that this is the more optimized and streamlined workflow. Second question, competition from retail banks. Yes. Thank you, Wolfgang. You're correct that this is an important value driver. I think the answer is that we see that when we use external bank, one, first of all, it's a protected sale, so to speak. This is Autohero units that we sell. We don't let anybody finance that specific car. If somebody wants to buy a car, and this comes back to the superior retail experience that we have, which is driving our growth as well. When we are selling it, we see that our internal, captive finance solution is much better product. This is driven from both being better embedded and quicker to approve. That drives higher attachment rates, and that's not possible for an external bank to replicate in our system. I think we're comfortable that we can offer a better product without any buying the car without finance and then going financing it somewhere else. We certainly believe that the attachment rates that we have in the captive markets in Germany, Austria, and now growing in Spain as well, is indicative of the future potential because it's reflecting a better product. Thanks a lot. Okay. I think with that, Nizla Naizer from Deutsche Bank. Thank you. Thank you for the very helpful presentation as well. I have three questions from my end. First is on used car pricing. Could you kindly tell us what sort of assumptions for used car pricing over time you are incorporating when considering these absolute long-term targets that you're giving us? In other words, if the average prices of used cars go up, is that incorporated in the range of the EBITDA that you've eventually given for each segment and vice versa? Some color there would be great. My second question is on your milestone 300,000 Autohero car target. Does this include launching in new geographies and moving into different sub-segments of the consumer-facing used car sales that you're doing? In other words, maybe lower priced used cars, or is it with the current sort of trajectory of used cars that you're selling? Lastly, similarly, to reach the merchant milestone volume target, will you have to start buying cars from new markets or will the nine sort of sourcing markets that you currently have be sufficient? Thank you. Thank you, Nizla. Three very good questions. We generally see a trend of rising used car prices over time. That depends on how the new car cohorts are developing, we deliberately have baked that in the long-term targets. I think it's very hard to really map out how used car prices will develop over every single year that we have modeled behind. That's why we chose to make it simpler for everyone. The answer to your question is yes, we have incorporated any price trends, it's not like that now used car prices are increasing more that we would expect our milestone or our long-term GPU targets to increase further. We want to make sure that we keep things simple for everyone involved and try to get the ASP out of the equation. On the milestone targets, we're not assuming any new geographies for retail. We're also not assuming any new geographies on the sourcing side for merchant. We might want to experiment not with cheaper used cars in retail, but with actually very young used cars, or also with different forms of holding the car, which might be subscription, but that's something that so far is only an idea and is also not baked into the target as a requirement. For the targets, it's really the current business set up, and its long-term profitability potential. Thank you. Very helpful. Great. Then Marcus Diebel from J.P. Morgan. Hi, everyone. Just two questions left. One question again on those targets. Christian, I appreciate you obviously don't guide for certain years, and it's okay. Just to really understand that these growth rates, 20%-40% and 10%-15% growth, these are not CAGR, i.e., if you reach the milestone target 1.2 million cars, you feel comfortable that inversion that on that number, you're still growing at 10%-15%. Then similar in retail, once you reach 300,000 cars, you're comfortable to grow that number still by 20%-40%. It reads like this, and maybe it's a too simple question, but I just wanted to clarify this. Then maybe the second question is more specific is on the GPU in other, in the retail business. A lot of growth comes from premium warranty. Could you just tell me a little bit more how it works? Because you incur clearly the fees for the premium warranty at the beginning and the cost come in later. How do you actually reflect that in the GPU numbers? Just a more technical question, I guess. Just these two, the rest has been answered. Thank you. On the CAGR growth rate question, yes, that's indeed more how we mean it, like you just said it. We also assume that after reaching the waypoint, that these growth corridors are still valid. While I think some market participants will assume slightly declining growth rates typically by any business over time, we stand behind those corridors and think they are intact for the waypoint or will remain also the same for the waypoint and then also beyond. On the very specific GPU, other questions, obviously this is a bundle of products that we're selling here. But specifically to warranty provisions, we are, to my knowledge, but please, Christian and Philip chip in. To my knowledge, they are pretty much a recognition of the revenue over time and also provisions over time. They are being booked as cohorts and the revenue, also the assumed cost and provisions for the future cost of those warranties are directly booked in there. That's correct. Philip, a follow-up question if you want to add to that. No, it's clear. I just wanted to make sure both is pro rata, but that sounds like it. Okay. Yeah. It is. I think the important answer is the gross profit contribution is not just the revenue, but it's also the provision for the expected claims that we need to pay out. Yep. Okay. Thank you. Clearly you have those others in there as well. Second set of wheels, registration, insurance, maintenance, that sort of thing. Yeah. Okay. Thank you. Then we got [Mourad Lallami]. Yes, good afternoon, and thank you for taking my question. I have two questions. The first one is on the internal financing. On the slide where you show the attach rate, which is 40%, just want to make sure that the 40% is on these market where you offer the internal financing and not on all markets. Are there any market where you have restrictions in terms of offering the direct financing? And also a question on how the financed GPU, when it's accounted internally, is accounted for. Is it the net present value of the future net interest margin, or is it the current year net interest margin? That would be my first question. Okay. Just very simply, [Murat], I think on the first question, the tile that we're showing with the attachment rates, as we said, that 40% is actually external or internal financing across all markets. Okay. That just shows the fundamental demand for the product. 40% of all our customers are already financing today. We're kind of showing that, for example, in Germany and Austria, we're having the internal product actually achieving above that total level, kind of like as a proof point for our ambition of 50%-60% in the long-term attachment rate on financing. If we're looking at the external-only markets, they're ranging from 20% to actually also over 50% in one of the Nordic markets. We're looking to clearly replace the external with internal, given that we will capture the full profit pool. Yeah. The net interest margin or the gross profit contribution that we're having, that is the actual net interest realized in the period on the actual complete loan book. We're not just having some net present value booking or forward-looking. That is why we're saying, like, if you actually built up that loan book, that obviously then generates an annuity stream over the next five to eight years. Okay. Very clear. Thank you. Yeah. I have a second topic, which is the strategy of integrating C2B with retail more and more going forward. Can you please elaborate on how this will help the business grow faster or deliver higher margin or being more efficient? Thank you. I mean, in a nutshell, Mourad, there's a lot of customers in our sales funnel also interested in buying a car. When they are evaluating their car, let's say one month to six to eight weeks before they are actually then finally occurring with their sale. Let's say we have a lot of customers on the C2B side or a lot of potential customers evaluating their car while they're in the market for their new car. They typically tend to solve that problem or that new car first because they don't want to be without car, and then thereafter they are, yeah, finding the best selling solution for the residual car if the dealer did not take their old car as a trade-in. There's a big pool of customers that may be synergy level 1, that are interested in buying a car when they are already in the process of finding out the value of their old car. Now all of these sessions and traffic at the moment happens on C2B. Of course, if it was happening on Autohero, under the side condition that Autohero stands for both and that customers in Europe actually understand that Autohero can also buy cars, then there's a lot of future synergy. Similar synergy we see in the physical space. We have 700 branches plus that we operate, and they're all branded with the C2B branding, and the C2B brand is very strong. However, if it wasn't integrated or at some point then full Autohero branding, then we would also get the benefit of additional awareness coming from the physical representation of the brand onto the sales funnel. Yeah, it's just better if everything were to happen under one brand. However, the C2B brands that we have, they're high-performance conversion machines if you want so. This means that we will address this and execute this very carefully over time. The synergy potential that we see is expressed by the combined long-term reduction for both marketing numbers in the long-term targets for each segment. Okay. Thank you very much. Very clear. Thank you. Well, that actually brings us to the end of the question list as well. I guess just on time as well. I think Christian, thank you very much. I think that's a very insightful but also, I think, for everybody, quite heavy session. I think there's a lot to digest. Obviously, Maria, myself, and the team, we are available if you have any questions or issues. I think we also got quite a full schedule of conferences and meetings coming up over the next two weeks, so I'll probably see quite a lot of you in any case. Otherwise, we got the Q2 and first half numbers then coming up at the end of July. Thank you very much for participating, for listening in. I hope this was a useful and interesting session. Thank you, Christian and Maria, for all your support. Yeah. Thank you so much, everyone. I think indeed it was a very useful and helpful session. We hope that we have made it a bit simpler for you and everyone else out there to model AUTO1. We're absolutely excited to continue to march to these long-term targets. Now without further talking, let's close the session. Thank you very much. See you soon. Thank you, everyone