Hello, ladies and gentlemen, and welcome to the Bike24 earnings call for analysts and investors regarding the half year results 2021. Let me now turn the floor over to CEO, Andrés Martin-Birner. Hello. Welcome to the Bike24 H1 earnings call presentation. Today's presenters are Timm, our CFO, and me, Andrés, as founder and CEO. We are very much looking forward to this call for the first time after our IPO. Let's start with the business update. It was another very successful quarter, and we were able to close H1 just as successfully. We were once again able to convince many customers of our offer, both existing and new active customers grew significantly. H1 sales were EUR 127 million, and the adjusted EBITDA was EUR 18.9 million. It shows, and this is the clear message, the long-term trends in our industry are intact, and we have achieved our most important goals. In bikes, we grew 79% in H1 and 40% in the tech business, that means Parts, Accessories and Clothing, compared to H1 2020. High customer demand and limited availability of parts and bikes led to an exceptionally high gross margin, and thus to a particularly good EBITDA margin. I would like to point out, as far as our localized markets are concerned, Spain again clearly met expectations in Q2. We grew by more than 150% compared to the same quarter of the previous year, and this is the third quarter in a row with more than 150%. Especially when you consider that we don't have a warehouse there yet and ship from Germany. What a big influence the local language has. That makes us very confident for the other big countries, Italy and France. It was again an excellent performance by the whole team in what was at times a difficult situation with regard to the procurement of goods. More sales would have been possible, especially in Q2, with regard to the major parts brands, as well as for bikes. The basis of our business model is sufficient availability of goods. Unfortunately, this was not always possible in some areas. Our broad and deep assortment helps to compensate for this in part, so we can almost always offer alternatives to our customers. I've been responsible for purchasing for almost 20 years, and we at Bike24 have lot of experience in purchasing, and that will help us in the coming months. Despite these challenges, we are currently convinced that we will achieve sales of EUR 240 million- EUR 260 million, and an adjusted EBITDA of EUR 28 million- EUR 34 million for the full year. A few additional words on our growth initiatives, the operational excellence, bikes, and Spain. First, the relaunch. The relaunch is on schedule so far. As announced, we want to have the go live in autumn this year. An extensive testing program we have started to ensure high quality. Second, Spain. Site visits have been conducted in the Barcelona area. Two properties have been shortlisted for completion before the end of Q1 2022, by the end of this summer, we want to sign the lease contract. So far, we also expect a timely implementation for winter of 2022. That means go live the new warehouse, including the AutoStore warehouse system. The third strategic initiative is bikes, traditional and e-bikes. We have ordered sufficient volume for the coming season, it's already a great success that we are able to convince many new bike brands to work with us for the coming season. As you know, that is an important element of our growth strategy. We expect that there may be some delays in delivery here, but dividing the volume among so many brands should make us more independent. In summary, we are very satisfied with H1 Q2 results, and we are very optimistic about the second half of the year. I will hand over to Timm for the financial update. Thank you, Andrés, and first of all, a welcome from my side. As Andrés said in the comments slide, we look back on a very successful quarter. It is the first quarter in which we had a pandemic quarter as a basis for comparison, and therefore a strong growth baseline. From my point of view, the greatest achievement in the last quarter was that we acquired slightly more new customers than in Q2 2020. As a reminder, Q2 last year was a booster for every e-commerce company. A lot of new customers used online as a preferred shopping destination, and reaching the same number of new customers this year is a huge success. Together with the customers acquired in the previous year and the reactivated existing customers, we were able to increase the active customer base by 42%. The repeat order rate has also increased once again. This is an indicator that customer loyalty at Bike24 continues to develop positively. This can also be seen on the next slide when looking at the customer economics. All customer KPIs on that slide increased. Average sales per customer within 12 months increased. Customers are ordering more frequently than the previous year, and the average order value is higher. The clear message here, our customer base is strongly growing and very healthy. As an example, the 2020 cohort has a better behavior than expected. This means the cohort is more active than derived from the behavior of the 2018 and 2019 cohort. The very good development of our customer base and the customer economics has, of course, a direct impact on our revenues. In the last quarter, we were able to increase sales by 26%, resulting in a year-over-year growth of 44% in the first six months of 2021. If you split the revenue by product segments, sales of bicycles increased disproportionately. Despite the growth in this segment was slowed by supplier bottlenecks. Nevertheless, the share of sales accounted for bicycles increased. In the first half year, it has risen from 9% to 12% of total sales. In the parts segment, PAC parts, accessories and clothing, Bike24 could completely demonstrate its advantages. We were able to increase sales by 25% in quarter two on top of a strong previous year, 15% growth baseline. Our broad assortment means that our customer were able to switch to alternative products in the event of supply shortages, and our procurement department anticipated supply bottlenecks at a very early stage and significantly increased stock levels. They did a great job. Alone in our core market, DACH, we were able to increase sales in the parts segment alone by more than 20%. We have here an online market share of around 14%. On this slide, we go back to the product segment of bicycles. As everyone can see, the growth is driven by e-bikes. Bike24 benefits not only from the higher demand, so higher quantities, we also benefit from a very high ASP. The ASP in Q2 for traditional bike was EUR 1,800. For e-bikes, it was EUR 3,400. The clear statement here, Bike24 can fully participate in the e-bike trend, and it's precisely this trend that makes us so confident that we can significantly expand this segment in the coming years. With the acquisition of 16 new bicycle brands, we have laid the foundation for further growth. The revenue split by region shows that Bike24 can grow in all markets. I already mentioned our extraordinary performance in our core market, DACH. Please have in mind our starting point. We grew the DACH region 64% in Q2 last year and have grown another 22% this year. Growth in Europe and the rest of the world is also well into double digits, and the growth rate in Spain shows that our expansion strategy into other European markets is working. On this detail slide, you can see once again the impact of our localization measure. As a reminder, we currently offer Spanish customers only a translated website and local customer service. We believe that with the opening of the local fulfillment center, our market positioning in Spain will improve significantly. Our customers will then receive their goods within 24 hours- 48 hours, and we are convinced that this will help us to increase our market share significantly. Anyhow, Bike24 was able to increase the growth rate in the past quarter once again. After 150% in the last two quarters, it has now been 177%, and it's a profitable growth. The contribution margin after cost of sales, marketing, and fulfillment costs for Spain is positive. Let's now switch to the EBITDA. Bike24 generates an adjusted EBITDA margin of 14.9% in the first half year. This is an all-time high. Drivers of this exceptionally high profitability are mainly special effects in the gross margin. High demand and a worldwide shortage of supply for bicycle products lead to exceptionally high market prices. Bicycle components are particularly affected. Other cost lines are slightly negatively affected. This includes personnel costs and other operating costs. The main driver here is IT development costs. Our strategy of significantly increasing capacities in the development department was successful. This will lead to higher costs in the initial training phase. In the future, employees will work on the further development of the system, and we will capitalize accordingly. Other costs also include one-off ramp-up costs for the IT development department that are not included in CapEx. New costs have been added as part of the listing process. This includes increased audit costs, quarterly revenues, and tax advisor and lawyer costs for simplifying the corporate structure. I would like to further point out the majority of these costs, both in personnel and in other costs, are of a non-recurrent nature. These items will smooth out in the coming quarter. Overall, Bike24 can increase EBITDA by 63% to EUR 18.9 million compared to the first half year of 2020. The basis for this success was, among other things, the performance of our procurement department. They have massively increased inventory and bought everything that was available in order to have a competitive advantage. This was the basis for the strong growth in the past quarter and will help us to achieve our targets for the full year 2021. The high inventory level had an impact on our free cash flow, which decreased by 80% compared to the previous period. Two effects come together this quarter. Last year, there was a surge in demand. Everything we bought was immediately sold again. Due to our good payment condition, the change in trade working capital in Q2 2020 was positive, and this year, the exceptional situation in the bicycle market made it necessary to stock products massively. The revenue growth of Bike24 shows the success of this measure. Now that I have hopefully been able to give you a good insight into Bike24's performance, I would now like to comment on the forecast for the full year. We expect revenues between EUR 240 million-EUR 260 million. We are confident and optimistic that we continue to grow substantially in the second half of the year. Nevertheless, the outlook remains volatile, and our guidance for the rest of the year is somewhat more conservative. The reason for this is the supply chain situation in the market. As soon as the supply situation improves, we will be able to accelerate growth again. The demand is very high, Bike24 is very well positioned. The summer sale and Black Friday in November will probably cause the gross margin to normalize in the second half of the year, and therefore, we expect an adjusted EBITDA of EUR 28 million-EUR 34 million. Before we move into Q&A, I would like to summarize. The mega trends in the bike market are still very strong, and Bike24's growth drivers are also fully up and running. Our new customer acquisition is efficient and continues to be at a very high level. At the same time, we managed to increase the average sales to our existing customers. We were able to acquire 60 new bike brands despite the supply chain situation. Growth rates in Spain are impressive. The localization works. For full year 2021, we expect growth between 23% and 30% for the full year on top of a very strong previous year, 45% growth baseline. Our EBITDA margin will be around 13%, matching last year's excellent level. With this positive outlook, I would like to close the financial update, and Andrés and I look forward to your questions. Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. In case you wish to cancel your question, press nine star again. The first question comes from Grace Smalley from JP Morgan. Please go ahead with your question. Hi, good afternoon. This is Grace Smalley from JP Morgan. Thank you for taking my questions. I have two questions, please. Firstly, on supply, could you elaborate more on what's driving the supply chain disruption you're seeing, and then what your guidance embeds in the back half in terms of impact from continued supply constraints? Secondly, on gross margin, you saw very strong gross margin in the second quarter. What drove that strong gross margin performance, and do you expect this to continue? Thank you very much. Yeah, this is Andrés. Maybe I can start with the supply chain question, though. What we've heard from our industry, and it was affected in the first half of the year, and what we've heard that it's going forward for the second half and also we will see effects in next year, is that the supply chain is stressed because the big bike part manufacturers as SRAM and Shimano, they are not able to increase volumes so quick, and that's why we will see that the supply chain is stressed. That's also the reason why many bike manufacturers have some issues or challenges to build so many bicycles. That's the thing we have heard from the industry and also when you look to the newspapers. That was affected in the second quarter and also in the half year of Bike24. What we can point out is that we were able to sell more if we had more goods, especially for the big bike brands and also for the big parts brands, especially SRAM and Shimano. Yeah, that's also the reason that drive up the very high gross margin in the first half year or in the last quarter. It was really a special situation in the worldwide bike market. We have a very high demand from consumers. We have a very high demand from bike manufacturers to bike parts. On the other hand, supply chain bottlenecks. That means in the end that the market prices, especially of bike parts, increased almost everywhere to the recommended retail price, and that's not a normal level. Thank you. Perhaps just on the gross margin outlook for the back half, whether you expect that situation to normalize? In the second half of the year, the product mix is more moving to clothing. That's very important. We start with the summer sale, that's mainly clothing. Also in November, where with the very important period of time with the Black Friday to acquire new customers, that's also very clothing driven or also discount driven. That's why we expect that the gross margin will be leveling out to a normalized level. Okay. Thank you very much. At the moment, there seem to be no further questions, ladies and gentlemen. If you would like to ask a question, please press nine and star. The next question comes from Catharina Claes from Berenberg. Please go ahead with your question. Yeah. Hello. Thank you very much. I'm interested in the guidance and the implication for the second half. In the press release this morning, you said that you expect an increase in sales for the second half and of double-digit percentage, if I look at the lower end of the guidance, that would imply 7% growth year-over-year. I just wanted to understand how I shall think about these two hints that you gave there in that sense. If you could comment at all on a monthly development in Q2, whether its revenue has picked up or growth has picked up towards the summer months, just for my understanding how the development is there. I have a few more questions, maybe we just take one by one or two. Okay, sure. Maybe first of all, what I really have to repeat is that it's a conservative guidance, and the reason is really the supply chain. It's volatile. It's not comparable to other years that we could really deliver what we promised. There we have to be a little bit carefully due to the supply chain actually. That's the reason because the lower range is a little bit below the double digits growth rate. On the other side, how the month starts. July was a very special month. If you remember last year, the VAT rate in Germany was decreased by 3 percentage points, and that was really a spike in demand in July. We still have a growth, on a day-to-day basis around 8%-10%. August starts very, very well. We see order entry since beginning now, 3 weeks. It was also the last week of July that was very strong with order entries around 20%. Very good start also in Q3. Perfect. If you really look at Q2, how have the months year performed? Because I can imagine that obviously there was the lockdowns in the beginning, so whether there has been any movement in growth? You mean here the months in Q3 last year, or? Oh, no, in Q2. In Q2 2021. okay. In Q2. Yeah. The different months? Yeah, exactly. It was, I would say, roundabout flat growth rate. There was no significant deviation between the months. It was really stable. We don't see any that is going down in the last month of the quarter, so that was only in July, and that was the effect of the VAT reduction. Okay. Perfect. Can you guide us a little bit on France and Italy, when you are looking to launch the website a bit more in the first half of the year, or how can we take that information? Sorry, could you repeat it? What we see in France and Italy in first quarter? Well, no. Well, that's actually also interesting, but I was more looking to understand at which part of 2022 are you looking to launch the local language website? In the first quarter. Okay. Yeah. We are already The translation is in progress, and we have the experience from launching the Spanish website, so that we are sure that this will be in the first quarter. The message here is that we are here on schedule. The current plans foresee the localization, so for both languages, French and Italian, and on the respective country domain stem for the first quarter, as Timm mentioned. Okay. Sounds great. The new website front end, can we expect that to be more in store in Q3 or towards Q4 for this year? The plan for the new website is autumn this year. We started with testing, intensive testing, because our website is well-known for the quality, and that is why we started intensive testing, and when everything is ready, then we will launch it. It could be the end of Q3, but we are focusing on autumn. Okay. That's what we can guide autumn this year. Okay. All right. Then maybe a bit more on clothing. You mentioned that the segments shift towards that or then it increases. What is your view on this? How did you plan that, or how can we think about the development there? What makes us confident is our actual stock levels, so that we really very early anticipated supplier bottlenecks and that our procurement department says we are very well stocked also in the clothing department. That's also what we saw in August in the sales team, that we really have the high prices, as I mentioned before. We have order entries above 20%, and that's a big success here. As Timm mentioned, apparel clothing is a very important part of our business. As you know, the installed base of bicycles were sold since Corona began. Many new customers need parts, accessories, and, of course, also apparel. That's why we are looking very confident, and looking forward to also what apparel results we will see in the second half. Okay. Maybe lastly, on new customers of Q2, I think I could only see it now for H1. How many new customers did you gain in Q2 2021? I think in general, do you expect in H2, so for the remainder of the year, would you rather expect also a very nice level of new customers coming in? You mentioned Black Friday. Do you think this is going to be more about the existing customers for the remainder of this year? No, both. The number of acquired new customers in the last quarters was 130,000, compared to 127,000 Q 2, 2020. We expect, and we see that in August, the sales period, again, is really a driver in new customer acquisition. It's the same we will expect for the Black Friday season in November. Okay, great. Thank you. That's all from my side. Thanks. You're welcome. Thank you. There is one follow-up question from Grace Smalley from JP Morgan. Please go ahead with your question. Yeah. Hi, thank you. It's Grace Smalley again. I just wanted to ask a couple of quick follow-ups. One was just on private label. Could you maybe just speak to your plan on the opportunity to expand into private brands, and if so, in which categories? Then also just on kind of your localization strategy, I'd be interested to hear to what extent you're spending on marketing in Spain, what that ratio as a percentage of sales currently looks like, and how that compares to your initial expectations of your localization strategy. Thank you. Maybe I can answer for the Own Brand Initiative. There has not been no changes. We expect the first products till end of August, and we plan or we want to start with the parts segment. That's what I can say about Own Brand Initiative. We are now in the plan for more products, and that's what we are planning for the coming months. The second question was about localization, I think. For marketing. In Spain, our initial plans that we also presented to you during the analyst presentation and during the roadshow was to invest 10% of the local revenues into marketing in the first year. What we did in the last quarter, it was 7.6% or 7.8% marketing expenses. Below the expectation. The new customer acquisition is more efficient than expected, and we have this revenue growth rate of 177%. Great to hear. Thank you. That's all from me. There are no further questions. Okay, thank you very much from my side, or from our side. Yes, thank you for the. Yeah, we will for the next call. Yeah, we're looking forward for the next call, and maybe we see you on a roadshow or a conference. Thank you very much. Bye-bye.