Morning and good evening. 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 the presentation here. These will apply to any forward-looking statements made by management today. And now over to you, Christian. Hi, everyone. Thank you, Philip. Welcome to the AUTO1 Group second quarter earnings call. Our second quarter results were very strong. We delivered increasing operating leverage across the business at scale. We sold 240,000 units at the group level. This is up 20% year-on-year. Total gross profit reached EUR 281 million, an increase of 21% compared to Q2 of last year. We grew adjusted EBITDA from EUR 42 million in Q2 2025 to EUR 59 million this year, representing an outstanding 38% increase. Our adjusted EBITDA margin climbed to 2.4%. This is 30 basis points higher than last year and the highest Q2 margin we ever achieved. These great results continue to demonstrate the strength of our value-first strategy and the structural advantages of our vertically integrated business model that we laid out in detail at our capital markets event back in June. This is our first quarterly trading update since our CME, alongside our Q2 results, we have also disclosed the adjusted EBITDA on segment level for the last four quarters in this presentation to give everyone a complete set of quarterly profitability data. Let's start with a deep dive into merchant performance and segment financials. We sold 207,000 cars to our partner dealers in Q2. This is a new Q2 record and represents a 17% year-on-year unit increase. Merchant gross profit grew to EUR 198 million for Q2, increasing by 17% compared to the previous year. Merchant GPU was EUR 959 for the quarter, stable versus EUR 961 in Q2 of last year. Merchant-adjusted EBITDA surged to EUR 67 million in the second quarter, a new quarterly record. This is EUR 14 million, or 28% more compared to Q2 of last year. Adjusted EBITDA margin increased by 30 basis points to 3.7% in Q2 for merchant. The strong growth in our merchant segment is driven by constantly rising demand for our B2B offering. This momentum is reflected in yet another record-breaking quarter for the number of merchants buying on AUTO1.com. Our network of active buying partners across Europe reached 36,300 dealers in the second quarter, a 22% increase compared to Q2 of last year. As we continue to expand our buyer base, the average basket is slightly down year-on-year, driven by the strong growth of new dealers. Unit demand per dealer is generally increasing when the dealer cohort ages in time, as we also laid out in our capital markets event. Our merchant financing portfolio continues to perform well, growing by 20% year-on-year from EUR 264 million last year to EUR 317 million in the second quarter. We provide eligible partners with an instant credit line integrated directly into our platform. This allows them to finance vehicles with just one click and enables our partners to grow their business significantly with our floor plan financing solution. We financed EUR 370 million of merchant sales, a growth of 13% year-on-year. The number of vehicles financed increased to 33,000 units, a 14% increase compared to Q2 of last year. Overall, we are very happy with the performance of our merchant segment in the second quarter. We outperformed our long-term unit growth corridor of 10%-15% by growing 17.1% year-over-year. We slightly increased merchant GPU quarter-over-quarter, which is a very good result considering the following factors. Q2 seasonality generally puts a small drag onto margins created by an accumulation of holidays during Q2. Macro continued to have a limited but controlled impact on merchant in Q2. Our results could have been even better in a more stable environment. We invested into a number of initiatives over the course of H1 with the shared goal of speeding up our trading. These initiatives have been resulting in a short-term GPU drag. We have completed the majority of those investments in H1, hence are expecting a sequential GPU increase for merchant in H2, combined with higher capital efficiency already visible today and significantly reduced inventory levels. We expect to grow inventory from its new base today in line with future unit growth rates. This means that the strong Q2 performance on profitability was primarily driven by disciplined cost management. We lowered our SG&A per unit to EUR 633, a 4.4% decrease compared to Q2 of last year, reflecting economies of scale in our purchasing organization and overhead. Marketing costs per unit were roughly stable quarter-over-quarter. Overall, we are progressing well towards the merchant milestone targets, with Q2 SG&A just EUR 8 ahead of the SG&A milestone target. Our goal is to keep that level for Q3 and combine it with a sequential increase in GPU as we expect short-term GPU headwinds to moderate down. Let's switch to retail segment results and financials. Autohero is our consumer growth engine, and we are still barely scratching the surface of its massive long-term opportunity. The structural advantages of our vertically integrated model, including sourcing, pricing, our physical infrastructure, and financing, continue to compound as retail scales. This is clearly visible in our strong Q2 results. We sold 33,400 vehicles to customers. This is 40% growth compared to Q2 2025 and a testament to the increasing traction of our Autohero brand. Retail gross profit reached EUR 82 million, a 34% increase year-on-year. Retail GPU was EUR 2,503 for the second quarter, a strong result in light of the outstanding unit growth in Q2. Adjusted EBITDA margin of the retail segment improved significantly compared to Q2 of last year by one percentage point from -2.5% to -1.5% this year, demonstrating operating leverage by managing our cost base more and more efficiently. We remain fully focused on establishing Autohero as the leading used car brand in the European market. The Autohero brand is at the core of our vertically integrated model, setting the standard for a superior way to buy, sell, and finance a car. This brings customers peace of mind while serving as a durable engine for demand as brand equity continues to strengthen. At the end of Q2, aided brand awareness reached 36% across all our markets. That is a new high and an 8 percentage point increase year-over-year. While increasing brand recognition remains a strong driver of demand, the speed and convenience with which we deliver our vehicles to customers is equally important. Our average delivery time currently stands at just over 10 days and ensuring a seamless end-to-end delivery experience remains a top priority as it underpins our best-in-class customer journey. Zooming out a bit, we are very happy with the retail set of results for the last quarter. We kept growing slightly north of the high end of our long-term growth corridor. We realized that growth while keeping retail GPU almost flat year-on-year and quarter-on-quarter. We are happy with retail GPU, given that there have been a number of short-term headwinds to it. As laid out in the CME, every 10% of additional growth means a roughly EUR 100 short-term headwind to unit economics, partially affecting GPU. Similar to merchant, Q2 seasonality generally puts a small drag onto margins created by an accumulation of holidays during Q2. Macro continued to have a limited but controlled impact on retail GPU in Q2. Our results could have been even better in a more stable environment. We invested into a number of initiatives over the course of H1 with the common goal of speeding up our retail trading and unlocking a bigger step-up in retail GPUs going forward. These investments into those initiatives have been resulting in a short-term GPU drag. We have completed the majority of those investments in H1 and hence are expecting a sequential GPU increase for retail in H2, combined with higher capital efficiency, again, already visible today, and significantly reduced inventory levels. We expect to grow inventory from its new base today in line with future unit growth rates. With retail GPU being flat year-on-year, the EUR 170 improvement on adjusted EBITDA per unit is primarily driven by the EUR 207 improvement of SG&A, demonstrating operating leverage in retail for Q2. We continue to invest strongly into the Autohero brand with marketing cost per unit of EUR 884, as we are laser-focused on building a leading European used car brand. At the same time, our adjusted EBITDA loss per unit improved significantly from EUR 436 last year to EUR 266 in Q2. Now let me sum up with a short walkthrough of our vertical integration strategy, the basis for reaching our milestone and long-term segment targets. For more than a decade, we have invested the leading vertically integrated pan-European used car platform with one objective: maximizing value for everyone in this market. Our investments have focused on key areas, including our AI pricing technology, our unique logistics network, our dense drop-off and pickup network, highly efficient production centers, and comprehensive financing facilities. Together, these capabilities form the backbone of our vertically integrated business model. They shape how we think and how we make decisions at every level of the business. We apply our value-first strategy across all our segments, relentlessly focusing on the levers that create value for our customers. While we have executed this approach since day one, we're continuously sharpening our understanding of what our customers want and expect. In our business, value can take many forms: higher selling prices, lower buying prices, reduced processing costs, greater selection and convenience, highly motivated staff, increased trust, faster and more reliable delivery or competitive financing. It is this thinking applied at scale that underpins the ambitious long-term targets we have set. We're highly motivated to continue our journey of capturing the massive opportunity in the European used car market as we progress towards 10% market share. Let me now hand over to Christian Wallentin, who will give you a detailed financial update. Thank you, Christian, and hi, everyone. Q2 was another quarter of strong growth with further operating leverage in the business. The key message overall is that we saw volume pricing and cost discipline compounded into a strong 38% adjusted EBITDA growth year-over-year. We sold roughly 240,000 units, up 20% year-on-year. Revenue grew even faster than volume to EUR 2.4 billion for the quarter, up 23%. Gross profit was EUR 281 million, up 21%, at a group GPU of EUR 1,174. Operating expenses were EUR 222 million. That is 18% growth against 21% gross profit growth. This demonstrates our disciplined cost management and the operating leverage of the business. Adjusted EBITDA was EUR 58.6 million, up 38% year-on-year at a margin of 2.4%. That is 30 basis points better than Q2 last year and the strongest second quarter margin we have ever delivered. Overall, we pay very close attention to the capital deployed in our business. We have changed the presentation here so that you can separate total assets from the parts we fund ourselves. Starting with how we think about these facilities. We view our ABS structures across inventory, consumer finance, and merchant finance as evergreen working capital financing. We grow them with the asset base and reduce them only when the assets reduce. This quarter, the inventory closed at EUR 803 million. Given the improvement in trading speed that Christian described, we reduced total inventory by EUR 252 million or 24%. We reduced the linked inventory ABS drawings by EUR 225 million as a consequence. This means that we funded only EUR 111 million of EUR 803 million of inventory ourselves, leading to cash release in the quarter. For consumer finance, total assets grew to EUR 700 million, of which EUR 576 million was externally funded. Both the ABS funded portion and our own portion increased. Our own funding was EUR 124 million. I want to flag one point of timing here. With the closing of FinanceHero 3 imminent at quarter end, there was no reason to optimize ABS consumer funding in the final days of June. For merchant finance, the portfolio reduced slightly to EUR 317 million, of which EUR 259 million was ABS funded. The reduction is mainly faster repayment by our merchant partners, which we read as a positive signal on the health of the dealer market. We optimized funding nonetheless, taking our own funded portion down to EUR 58 million. Taken all together, we carried EUR 1.8 billion of assets across the three pools and funded 84% of that externally and without recourse. This demonstrates our approach to utilizing our ABS structures as a key driver in keeping our business capital light and efficient as we continue to scale. We had no corporate debt during Q2. This page is our self-funded growth model working in practice. Capital light, funded from the cash we generate, becoming more profitable as we scale. To be precise on what that means, the assets are largely funded externally, as I've just described. What the business funds itself is the growth from the cash we generate with no external funding raised. On the left-hand side, you can see that we generated EUR 24 million of cash in the quarter, taking total cash to EUR 676 million. On the right-hand side, we have outlined the AUTO1 cash flow we use to assess business performance and cash flows. This is aligned with the view we've set out at the capital markets event that we publish every quarter on our webpage. It shows the earnings generation of the business and our net investments into our three asset pools: inventory, consumer finance, and merchant finance. Under IFRS, the gross asset change sits in operating cash flow and separately, the ABS funding and financing cash flow. These facilities are working capital in character. The assets and the funding move together. So we manage them that way, and we present them that way on this page. The bridge itself is straightforward. Adjusted EBITDA contributed EUR 59 million. Cash items below the Adjusted EBITDA line, for example, capital expenditure, tax, and general working capital changes, were an outflow of EUR 29 million. The changes across our three funded asset pools used EUR 6 million net, with the inventory reduction releasing cash and the consumer loan book absorbing it. That takes us to the EUR 24 million of cash generated in the quarter. As I indicated earlier, the consumer finance outflow was a timing effect. It has unwound with the closing of FinanceHero 3 after the quarter close. In early July, we priced our third public ABS transaction, FinanceHero 3. The transaction, backed by German and Austrian consumer car loans originated by AUTO1 Group, was met with very strong demand. What makes this transaction particularly significant is the evolution of our structure. For the first time, we introduced a six-tranche capital structure, and we adopted vertical risk retention, which means holding 5% across every tranche and then refinancing the retention through a repo facility. The effect is that we now retain 1% effective cash contribution. At the capital markets event, we said vertical risk retention should take that to an average of 1%-2% in our public ABS structures over time. FinanceHero lands at the bottom of that range at the first issuance under this new structure. Now to full year guidance. The first half of the year has developed as we planned. Strong unit growth and cost discipline. On that basis, we are confirming our full year guidance across all metrics. We are targeting the top end of our ranges. We expect merchant units in the range of 815,000-865,000. We expect for AUTO1 Group units, we expect 125,000-135,000 units. We therefore expect 940,000-1 million total units. We expect gross profit of EUR 1.1 billion-EUR 1.2 billion. Based on continued strong SG&A management, we expect adjusted EBITDA of EUR 250 million-EUR 275 million. In merchant, we expect sequential improvements in GPU driven by faster trading speed, combined with unit growth at the top end of our 10%-15% growth corridor for the second half of 2026. In AUTO1 Group, our focus for the remaining part of the year will be on continued growth and increased GPU levels, moving faster towards a milestone profitability target. During the second half, we are likely to see year-on-year growth for retail in the 20%-30% range of our long-term growth corridor. We have exercised strong cost discipline in the first half of 2026 and expect to continue operate at current levels of SG&A per unit for the rest of the year. Putting these strong performance parameters together, we expect to complete the year towards the top end of the guidance ranges. To wrap up the presentation, Q2 was another quarter of strong growth, cost discipline, and profitability. We also materially increased our trading speed. As outlined, we expect it to come through in GPU increases in the second half of the year. Our vertically integrated business model continues to deliver a highly differentiated customer offering, driving operating leverage while steadily progressing towards our long-term targets. With that, I would like to open up now for questions. Before we begin the Q&A portion of today's call, I would like to go over a few brief technical points. If you haven't already, please feel free to submit your question 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 the floor over to you. Kindly ensure your microphone is enabled and you are ready to speak when prompted. Philip, I think you are on mute. Philip, over to you. Sorry. Thank you. Sorry about that. Thank you for that. I was going to actually start with two questions from Joe Barnet-Lamb at UBS, which she emailed to me, and then we'll go into the general Q&A session. The first question is, clearly there's a trade-off between GPU and growth, but at the same time, the new inventory management system seems to be structurally set to aid GPU. At a given level of growth, how many euros on GPU is the new inventory management system worth versus the old? Yeah. Thank you for this first question. As you outlined in this written question, Jo, it is a constant trade-off between the 20%-40% growth corridor that we laid out and the GPU track that we're on. We cannot quantify the exact GPU lift, or we will not comment on it. I think we could, but we will not comment on it. Yeah, it works in that sense, negatively correlated. There's this headwind that we laid out on the CME, like growing faster just makes us invest into more inventory, into production capacity, et cetera. That is roughly quantified at overall unit economics of EUR 100 for every 10% growth. Yeah, then we are expecting a faster track on the GPU going forward when having now reconfigured with the new trading system. Yeah. I think the important point is we're sticking also when we're looking at the year-end guidance and the AUTO1 Group unit growth expectation that we have for the year. We're landing pretty much at the high end of the growth corridor that we just outlined. Yeah. We outlined 20%-40%. If we're going to hit somewhere close between 130 and 135,000 units, we're going to be at the high end of that growth corridor for the full year. While we are now concentrating on GPU improvements to create a good track towards the GPU milestone target that we outlined. The H2 reduction in growth where we're expecting 20%-30% from the 40% does not mean that we are in any way stepping back from the growth corridor that we just outlined on the CME. The 20%-40%, they stand for the years to come. We will be targeting the high end of that, but we will balance it versus the profitability improvement track because we want to create Autohero as a much more profitable business going forward. Overall, we can say that with respect to retail, everything is going according to plan. Thank you, Christian. That actually also answered the second question, which was whether we could get back towards the upper half of that growth corridor in 2027 for retail. Yeah, totally. In order to speed up the trading, we're invested into a number of these initiatives, one being the new trading algorithm that we're rolling out. We're rolling that out, obviously, not from 0%- 100% day on day, right? We're phasing it in. We're seeing, we're managing, we're tracking it carefully that it does exactly what it does. That's why there's a certain transition time. The first effect that you will see is lower inventory. This is what we're seeing right now. The second effect that we'll see is faster turn speeds that are then ultimately realizing higher GPUs. This is something that we are expecting to see for Q3. So far, I can only say that the start of Q3 has been good. Good. Great. With that, I think we have a few questions from Marcus Diebel at JP Morgan. Hi, everyone. If you can just go back to the inventory, Christian. I understand, obviously, there are a lot of improvements, is that really the story of a 24% decline in the inventory? If you can just elaborate a little bit more and maybe help us to understand whether we are now at a sort of stabilizing level going into Q3. That would be helpful. Maybe related to this, you obviously put out slide 18, which is very helpful. The AUTO1 funded inventory went from 138 to 111. Is that just slightly the working capital effect on inventory? Just to understand that better. Next to inventory, a second question. Obviously you spend more on marketing, which clearly is fine. Some data suggests that paid search is getting much more in focus over organic search. Is that right? Would you say that you focus a lot more on this and the share of paid search goes up in the mix? If so, why is that the case given that you obviously spend more and more on brand advertising, TV adverts, and so on? Thank you. No, I think very good question. Thank you, Marcus. On the inventory, I think we covered a lot of the Autohero dynamics with respect to GPU from the inventory we have now. I think very much seen the low point of the inventory, and from here on, we're expecting it to grow in line with the unit growth levels. In that sense, I think the best assumption is to assume a linear growth from here where we build it up. The system that we have now carefully rolled out over the course of H1 changes the mix and the profitability and the incoming profitability of the cars and different clusters that we are buying. In that sense, it's very much effective on selection and it requires faster turn speeds. We are seeing that effect. Very good effect in my point of view on the absolute inventory, you can now then assume going forward that we will grow this in line with unit/revenue. Does this answer your question or do you have any? Yeah. any- Low point inventory. Yeah. Okay. Yeah. That's how we think about it. Christian on slide 18. Yep. No. We do think about this as working capital of the business. The inventory is when it shrinks, then it releases cash normally. Clearly going forward, we will expect to invest the margin on this, so the net funded based on this. Clearly we have a large facility to support that growth when we've reset the trading speeds. Just to understand. Obviously, lower inventory means cash inflow, it would be just on the EUR 138 million minus EUR 111 million. Just a smaller effect, just to understand that. Yes. There's some allowances in there as well. It's not all cash. There's slight deviation between cash and then the balance sheet items as well. Okay. Like Marcus, you're right. The delta is like we funded EUR 138 million in Q1, now this number stands at EUR 111 million. The delta is what we have received as cash, Philip, correct? Yeah. Just subject to, as Christian said, there's obviously always some allowance movements which already are in the P&L, which are reflected in the adjusted EBITA portion of the cash flow, and then not in the net funding position. That's kind of at the edges. Yeah, yeah. I got it. Fundamentally correct. I couldn't fully reconcile. Okay. Yeah. Yeah. It's because some of those allowances flow through above the adjusted EBITA line already in that cash flow chart. Okay. Yeah, just on search. On marketing. Our primary focus is brand marketing, as you correctly stated. There might be deviations depending on what type of data that you look at, between the level of paid versus organic that we get. Yeah, generally, brand is the more valuable traffic, and that's what we focus on. Over the summer period, you could see a relative weakening of the share of brand because a lot of people with higher net worth and income, they're on holiday, and that's potentially what drives this effect. Yeah, this is nothing that you need to worry about. Also in marketing, we're actually quite happy. We're still investing strongly. We think the goal that we're investing to is a multitude in terms of return versus the amount of funding that we're putting down here. Okay. Yeah. Thank you. Thanks, Marcus. With that, Andrew Ross from Barclays. Hey, guys. You'll be pleased to hear I've got more questions about inventory turn. First one is, I guess to follow up on Joe's. Appreciate it may be hard to quantify an absolute GPU number in terms of the improvement, you must, at this point, have a good idea about how much more quickly you are turning cars in those early cohort of cars that went into the new trading system. Can you give us a number in terms of what is the improvement inventory turn from this trading system? That's the first question. Yeah. The second question is to narrow down your expectations for retail growth of 20%-30% in H2, and to talk about Q3 specifically, where I guess you have some visibility at this point because you know how much you sold in July, and you know how much inventory you sit on in terms of the rest of the quarter. Should we think about year-on-year growth in retail units being at the lower or higher part of that 20%-30% range based on what you know today? Second question. The third question is a bit more of a hypothetical one, but I guess you've made a conscious decision to bring down inventory to the magnitude that you have, and now you're at a point where you're going to be below the midpoint of your midterm growth corridor in H2. I guess the question is why you've done that, and why you weren't able to transition the trading platforms and keep growth in the midpoint or above. Thanks. Thank you, Andrew. You're asking specifically about the number of days that inventory turns now fast, and if I can give you that number. The answer is that I cannot give you that number. What I can give you is that the fresh cohorts that we're sourcing with the new system, that they're turning substantially faster. Now we're ramping up volumes. Yeah, the level of speed increase has met/slightly exceeded our own expectations. We're actually, yeah, really happy how we started Q3. Sorry, I cannot quantify the exact days. Obviously, we have that, and we're looking at that. We're looking at it in very different, in various ways. Yeah, if we look at the trajectory of retail units going forward, and that's I think also your final question here. Yes, this absolutely was a conscious decision. As we outlined also in the first call of the year, we continuously balance between the profitability, and the growth that we see in Autohero. What is important for us is that we're staying within the corridor that we outlined, while we are then seeing GPU progress further. Autohero is not yet a profitable business, right? From time to time, we will push more on the growth rates within the corridor or more on the GPU side because, they are, in that sense, antagonistic to each other. For H2, we absolutely are convinced that this is the right decision because we want to unlock this GPU track towards the milestone target that we laid out of EUR 3,300+ GPU. Faster. Having now reported for Q1 EUR 2,555, then EUR 2,503. We're bouncing around. It's EUR 2,500 to EUR 2,000 top value so far, Q3 2025, EUR 2,664 level. We are aiming at a stronger step up there. That does not mean, again, that we in any way step back from the 20%-40% growth corridor that we laid out in the CME for the years to come. You can count on that growth corridor. Yeah, pretty much it's the GPU. The GPU is the reason why we're doing this. Cool. If I could just press you on some more detail on Q3 and your expectations for are you thinking closer to 20% or closer to 30%, year-on-year growth on retail units? I think implied in our guidance, right, in the commentary that Christian said is an implied number for the H2 Autohero units. We think that the year-on-year growth rate for Q3 will be lower than in Q4. That's helpful. Thank you. Thank you, Andrew. With that, over to James Tate from Goldman Sachs. Hi, everyone. Thank you. Good afternoon. I have a couple more questions. Firstly, could you just help unpack the impact to GPUs from the reduction in inventory through Q2? Could you help us understand the scale of the negative impact and some of the moving parts there? Secondly, just following up, you mentioned that Autohero units growth could re-accelerate in 2027. Does that require another step up in marketing per unit to deliver that re-acceleration? Strategically, based on your current planning, are you targeting an acceleration from that mid-20s growth implied for H2? Thank you. Yeah. James, let me understand your first question in detail. When you say what's the negative impact from the GPU, you mean on full profitability or how should I understand this exactly? I think my understanding is the reduction in inventory through Q2 was a headwind to GPUs across Autohero and merchant. Just understanding sort of the scale of the negative impact from the inventory change in the quarter. Which is another way of asking, what could it have been? Look, I think in merchant, I think the high point of the GPUs that we reached was Q1 2025. If I'm not mistaken, Philip, correct me if I'm wrong. Which was I think at around the 990 or 991 level. 990. 990. I think, this was kind of the best results that we have ever seen. I think somewhere between where we have been. This is maybe an indication of potential. However, if we look at what you guys are in Visible Alpha expecting for GPUs in Q3 and Q4, then we think this is a sensible number. Similar commentary on retail. Retail high point, I think was Q3 2025 at EUR 2,664. I think we will not see the full potential unfold in Q3, but we'll see some of that potential unfold, we'll see a continued track going forward. If you talk about marketing cost per unit, to achieve higher levels of growth, we would not assume that we need to spend more than what we're currently spending per unit. This is a decent amount of investment per unit, and this will also be good for higher growth rates in 2027. Okay. Thank you. Thanks, James. With that, over to Nizla Naizer from Deutsche Bank. Great. Thank you. I guess I have three more questions. There's a lot of talk about the new inventory management system, Christian, could you maybe tell us what changed from the previous trading system to now? What are you doing differently to see the benefits that you then expect in H2? That would be question one. Question two is could you remind us what happened to the underlying used car market in Europe? Because one of the questions we get is, how is AUTO1 growing so fast and, is it really them taking market share? Maybe could you give us some color as to what's happening to the underlying market and how you've been able to gain that share. The third question is on merchant marketing per unit, which was up around 8% while total SG&A was down 4%. Could you remind us what's driving the merchant marketing cost per unit, and would it stay at these sort of levels, or is there any opportunity to bring it down further on a per unit basis going forward? Thank you. Yes. Thank you, Nizla. Very good questions. What exactly does a new trading system look like? The amount of cars that we're getting offered, right? We're getting a substantial amount of cars offered to buy every single day. This is a substantial volume. We can choose, our system can choose what prices to offer And how much margin each of those cars is making. Then we can also look at how many cars of a certain type do we think are optimal for filling the demand that we see on this car, and the profitability of that cluster. This is an algorithmic trading system, and we're continuously optimizing that system with the goal. You can think of it like a software algorithm or like an AI algorithm that tries to optimize then the next level, depending on what criteria and targets we give it. We try to optimize, obviously, the share of cars that we then finally end up buying versus the profitability of those cars. Right. That is what it does. It shifts margin requirements and it shifts prices, and it changes the speed requirements on certain price clusters, in a better way than the one that we have running. Obviously, we are only changing because this is a EUR 10 billion business. We are obviously changing that only slowly to balance the opportunity versus the risk of errors. This is what we have done over the course of H1 and which is now pretty much complete. We are very happy with how it goes. Now, after we completed H1, we can say that everything went exactly according to plan. The used car market in general is in a stable to slight decline, depending on the market. I think this is where we are at. It is not that in these growth numbers, we are getting any tailwind from the market growth at the moment. The market growth at the moment is impacted by the high fuel prices, and also by electric adoption and uncertainty. Do I buy this generation of electric vehicle or do I wait for the next one? We are absolutely taking market share, probably one of the strongest market share gains also in the last quarter with respect to the total used car market numbers. Yeah. We continue to gain in market share. We are only given an annual update on the market share because only at the end of the year, all of these countries that we are working in have finalized the numbers. On marketing, per unit on the merchant side, why does it go up a little bit? When we are going to create a next level of growth in brand marketing and also performance for merchant, which is the marketing for our D2B buying brands mostly, then we are always, yeah, [inaudible], and then we are reading that performance data, and then we are optimizing on that. That is like a progress where on some of the initiatives, you will only see clearly six weeks after investing or eight weeks after investing, then you still need to consider the macro. In other words, the EUR 147 million, which is a little bit up, Q2 versus Q2 2025 is something that is a totally normal course of business while we build the next level of supply growth. It is definitely a couple of euros, maybe three, four euros in there, with respect to macro. Obviously, some people, and that is also visible in the market, numbers are postponing their purchase of the next car, or they wait. If you look at the EUR 147 million, then yes, it is an increase year-on-year, but it is just EUR 7 million off the high end of the long-term target that we think is a steady state target. Obviously, there is some upside on the low end with EUR 110 million, but also in C2B marketing, we are actually very happy with the progress we made in Q2. Okay. Very helpful. Thank you. Thank you, Nizla. Thank you, Christian and Christian. I think that brings us also to the end of the Q&A. Otherwise, I think a lot of you have calls booked. Otherwise, obviously post-August, we will be in London at the DB Communications and TMT Conference. We will then be at the Goldman Sachs Communacopia Conference, and then Christian Bertermann will actually be in Munich for the large conference there at the end of September. Hopefully see you all around, and have a good summer if I don't speak to you later today. Thank you so much, everyone, and thank you for your interest in AUTO1 Group. Take care. Thank you, everyone. Okay.