Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining Delivery Hero Q3 2023 Trading Update. Throughout today's recorded call, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. If you would like to ask a question, you may press star followed by one on your touchtone telephone. Please press the star key followed by zero for operator assistance. I would now like to turn the conference over to Christoph Bast, Head of Investor Relations. Please go ahead, sir. Hello, and welcome, everyone. Thank you very much for joining our Q3 2023 earnings call. We would like to remind you that this call is being webcast, and the replay will be available later today on our website. With me today, we have Niklas Östberg, CEO, and Emmanuel Thomassin, CFO of Delivery Hero, will take us through the most relevant aspects of our Q3 performance. After that, we are looking forward to answering your questions. With that, I would like to hand it over to you, Niklas. Hey, thanks, Christoph. Hey, everyone. Thanks for joining. Yeah, very excited to share Q3 with you. So let's jump straight into the highlights. So, our business continued to advance with GMV and revenue growth of 9% and 16% year-over-year in constant currency, respectively. It's slightly below our long-term target, but we're still fairly happy about this, given the circumstances. We achieved this growth on the back of an expected adjusted EBITDA improvement of at least EUR 850 million for the full year of 2023. One of the strong contributors to adjusted EBITDA improvement has been APAC, that turned positive adjusted EBITDA in October, including regional costs, but before group cost allocation. Also, LATAM turned breakeven. This puts the business in a very strong position for the long term. Probably the best news in today's update is that the market share development has been flat in Korea for the last couple of months, with only small incremental investments. We have maintained a clear category lead. All in all, we feel comfortable to guide to the upper end of GMV growth range and reiterate our Adjusted EBITDA and cash flow guidance. Emmanuel will share more details on this later. So now, on the next slide, you can see how GMV and revenue continue its positive development. Both GMV and revenue saw a slight acceleration. So if you go now to the next slide, you see the momentum in almost all segments. So first, if you look at revenue outside of Asia, then it continued to build significant momentum, and we grew 24% in Q3 at a constant currency. Revenue growth in Europe accelerated to 21% year-on-year, despite the continued challenging macro environment. MENA accelerated to 32%. Americas grew 11%, excluding hyperinflation accounting. Integrated verticals grew 31%, while our DMarts grew even stronger with 39%. Now, let's hand it over to Emmanuel to give a deep dive on the financials. Yeah. Thanks, Niklas, and good afternoon, everyone. Well, let's start with our MENA segment, where we continue to see very strong development across the board. The growth is driven by exceptional experience we can offer with our DMart and also the Big Basket Grocery Shopping, the local shops, multi-vertical offerings, the cloud kitchens, and also the vendor engagement tools, and much more. As we started to make some of these investments, it was by no means clear that we would succeed. So as we now see the results of this investment, we are very confident we did the right bet. The experience we are able to offer today in the region is second to none, and we can see that both are in our Adjusted EBITDA and in our growth. So now on to Asia, on the slide seven. We see substantial growth of 3% quarter-on-quarter, while overall top line development is still influenced by normalization post-COVID and also the hyper growth experience over the last three years. Our response to the heavy competitions over the past months in South Korea has been successful. We have stabilized the category share in all districts in Seoul since the end of July and also nationwide since early September. Asia has become our most profitable region, driven by Korea, but also rapid improvement in APAC, which turned adjusted EBITDA positive in October. Pretty good cause. Now moving to Europe on the next slide. Top line in Europe continues to perform well, with GMV and revenues up by 15% and 21% year-on-year constant currency, respectively, and despite ongoing macro headwinds weighing on their customer behavior across the region. Global growth above segment average, with positive category share trends, was significantly reducing operating losses. On non-global market, we have seen a game-changer improvement in the customer experience since we rebranded to Foodora. Consequently, growth is picking up month by month. Now, moving to the Americas on the next slide. Americas performed well in the quarter. Excluding hyperinflation accounting, this region continues to generate double-digit GMV and revenue growth of 11% year-on-year. Our earlier stage growth markets grew even stronger at 40% year-on-year, while Argentina continues to be impacted by macroeconomic factors. In total, growth was a couple percent like of our expectation, which we have seen a big acceleration in growth over the last two months. The results of our efforts in the region have led to positive adjusted EBITDA pre-book cost in Q3 2023. Now on to the integrated verticals on the next slide. So here, the integrated vertical generated strong GMV and revenue growth, despite the further optimization of operation, we saw our footprint reduced by 22% year-on-year, to now 935 DMarts in Chile. We continue to make our headway to our, you know, DMart operations, as we further develop the product assortment and availability, increasing the relevance for the customers and addressing additional shopping needs. And our efforts have led DMart to achieve a positive gross profit after store-related expenses in Q3, with profitability trending up every single month during the quarter. So now on to the gross profit margin on slide 11. The gross profit margin within the platform business reached 7.3% in the quarter, which represents an increase of about six percentage points year-over-year. Operations in the Americas and APAC lead the group in terms of gross profit margin and are already around 10%. We continue to enhance our customer experiences in both markets, while at the same time, improving our efficiency on unit economics and delivery costs. The gross profit margin in MENA came down a bit quarter-on-quarter, due to a push to increase our own delivery orders in Turkey and stronger growth from the early-stage countries in the region. The positive development of the group gross profit margin is also supported by the rollout of our AdTech business. In Q3, our non-commission-based revenue, or what we call in short, NCR, amount to 1.7% of the group GMV, and this is including Glovo and Woowa. In September, it was even better with an NCR of 1.8% of group GMV. Now, let me quickly update you on the liquidity on the left, on the next slide. We disclose the total cash and cash equivalent of EUR 1.9 billion with our half-year financial report 2023. Considering our positive adjusted EBITDA in Q3 and outflow related to CapEx, working capital, interest, tax, lease, and others, we had a limited cash outflow during the quarter of less than EUR 100 million. On top, we have a revolving credit facility of around EUR 500 million, and this bring our liquidity to EUR 2.3 billion. With a quickly improving Free Cash Flow, we sit on a strong balance, cash balance, at the end of this quarter. Now let me hand back to Niklas, who will take you through our case study on the next slide. Niklas? Thanks, Emmanuel. At the end of August, we published our half year, 2023 financial report, where we disclosed a contingent liability related to Glovo. We therefore decided to add a slide to explain the situation. We are in close discussion with several key stakeholders, and I'm hopeful we'll find a solution short term. We operate successfully in over 70 countries and have a reputation for being solution-driven and pragmatic to find the best setup for our rider community. We hope we can prove this also in Spain. However, until a solution is in place, we expect this rollercoaster to continue. Let's now move on and give an update on the group's profitability progression. Yeah, the following slides were first introduced in Q3 last year, I believe, and further updated in Q1 this year. We decided to bring back these slides today as we want to update you on how we have informed or performed towards our original profitability plans. What you can see is that every part of our business is following our plan. We have even managed to compensate for effects and other events outside of our control. Starting off with our profitable countries on the platform business, we said already in trading, I think in Q3 2022, that we will expand our run-rate adjusted EBITDA to more than EUR 1.25 billion in Q4 2023. We are now expecting slightly above EUR 1.3 billion, despite FX headwind and some extra investments in Korea. We expect to continue strong adjusted EBITDA growth also in the future years towards our 5%-8% long-term range. Next slide covers the development of the unprofitable platform business. For the unprofitable platform business, our estimated negative EBITDA has been trailing above our previous guidance. In Q4, we expect to end up at negative 2.2 adjusted EBITDA margin, including group cost allocation. This is a significant improvement in the previous estimates, and another couple of quarters, and we should be breakeven here as well. Now to our DMart business. This business continues to go from strength to strength. Business has grown GMV with 36% in constant currency, while store count and improving unit economics substantially. So yeah, reduction in store count and improving economics. Several countries are already cash flow positive. Overall, adjusted EBITDA loss for the full integrated vertical segment is on path to almost half compared to Q4 2022. Last slide is just a wrap up and summarizes what all of these profitability improvements mean on a group level. So as we have accelerated our path to profitability over the last two years, we expect to improve the Adjusted EBITDA to GMV margin by at least 3.5 percentage points since the 2021 full year results. This would mean more than EUR 1.3 billion improvement in absolute terms, and more than EUR 850 million in 2023 alone. We are not yet in a position to give guidance for 2024, but the path is clear, and our efficiency push last two years helps us to grow profitably, and that feels truly fantastic. So now let's move to the final slide, summarizing the journey of 2023. So our initial adjusted EBITDA margin of more than 1.5% guidance implied an adjusted EBITDA in absolute terms of more than EUR 230 million. Since then, we had a EUR 43 million headwind from FX. We had EUR 12 million negative impact from hyperinflation accounting, which is driven by a combination of CPI and FX movements. We also made the decision to invest an additional EUR 41 million in targeted promotional spend in Korea, which has been extremely effective to eliminate the impact of hundreds of millions spent by Coupang. Despite this, we still end up above our guidance, thanks to EUR 160 million revenue and cost-cutting initiatives. This combined gets us to an adjusted EBITDA of around EUR 250 million. Furthermore, we have taken actions to scale down our Vietnam operations and keep some business out of MENA, with an annualized savings of more than EUR 35 million. If we were to adjust for these savings, our full year adjusted EBITDA would have been closer to EUR 290 million. Now, I'll hand it back to Emmanuel, which will take us through the guidance in more details. Yeah. Thank you, Niklas. Well, for the full year 2023, we now expect GMV growth to reach the upper end of our 5%-7% initial guidance range on a constant currency basis. Our reported GMV will obviously be impacted by currency movements, which we do not control, and mainly, but not only, strength of the Korean won and the US dollar against the euro. And our current expectation is that FX headwind would amount to 4% for full year 2024. For the same total statement revenue, we continue to expect to grow on a constant currency basis by around 15% year-over-year. And we have made good progress towards profitability during the year and maintain our initial guidance regarding adjusted EBITDA for the full year, despite some headwinds that we mentioned before. We also reiterate our guidance to reach breakeven on free cash flow during the second half of this year. Now, before moving to the Q&A session, let me please add a personal note. Being profitable at adjusted EBITDA level and generating sustainable free cash flow are two of my main personal goals when considering my contribution to Delivery Hero. Today, the release of our Q3 results demonstrate that the company is clear on the path of delivering on this guidance on profitability and free cash flow breakeven during H2 2023. This is happening amidst the difficult environment, looking at FX movement, but also hyperinflation. As profitability will continue to accelerate in the coming year, I can see that my personal goals, especially on adjusted EBITDA profitability, have been reached. And while I will continue to contribute to enhancing the profitability towards consistent positive free cash flow, I see my retirement from the Delivery Hero nearing in the coming 12-18 months. I have no concrete timeline. My focus will remain on improving our margin every quarter and achieving sustainable free cash flow for the company in order to create long-term shareholder value. So thank you all for the time today and your continued support, and we are now looking forward to taking your questions. Christoph? Thanks, Emmanuel. So before we start the Q&A, the usual reminder from my side. Since we would like to give every analyst the opportunity to ask a question, I would kindly ask you to limit your question to one only. Operator, please go ahead. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press Star followed by two. In the interest of time, please limit yourself to one question only. If you are using speaker equipment today, please leave the handset before making your selections. Anyone who has a question may press star followed by one at this time.... The first question comes from the line of Andrew Ross with Barclays. Please go ahead. Hi, everyone, and thanks for taking my question. Mine is, can you just give us a sense of what the Q3 EBITDA was, or give us a sense of the split between Q3 and Q4 within the overall EUR 250 million of EBITDA, roughly, you're guiding to in the second half? As an extension to that, I think slide 17 suggests that the profitable platform markets will do about EUR 325 million of EBITDA in Q4. Slide 23 suggests the integrated verticals is maybe gonna be -EUR 45 million. Then what isn't totally clear is whether slide 19 for unprofitable markets and the -2.2% margin refers to countries that are still unprofitable, or a group of countries that were unprofitable when you put up that slide for the first time in 2022, but now some of them have become profitable, which distorts that -2.2%. But either way, can you give us a sense how much those unprofitable markets that are still unprofitable are losing in Q4 when we think about that kind of Q4 EBITDA? Thank you. So, maybe I first give it a shot, and then Emmanuel can jump in if better answer. So I think overall, we went from a clearly negative EBITDA in or a slightly negative EBITDA, I think in Q1. Of course, we moved to, I think, slightly positive in Q2, and then we continue that progression. So I think you would assume that there is, I don't know, continued progression on that EBITDA. We don't give specific EBITDA per quarter, but there is a continuous step-up in EBITDA between the quarters, as we prolong. On the slide there that you point out, that gives a little bit of an indication. As you correctly point out, we speak about EBITDA for the profitable markets in Q4. In terms of the loss-making markets, we kept the loss-making markets from the beginning of the year, so we keep the same number of markets. So even if some of those countries are now profitable, they are still part of that unprofitable group in that slide. So you would assume that that is 35% of our business, roughly, or 35% of our GMV from platform business. So that gives you a little bit of an indication on what we expect for Q4, but we don't give any further details on that. I hope that helped you, Andrew. Yeah, but that helps somewhat, but it, it looks... Obviously, there are some assumptions, but it looks like the exit rate from Q4 is gonna be, you know, EBITDA- It's gonna be good. Well, over EUR 150 million in Q4. Is that, is that kind of fair or? I think you think about it in a correct way. So Q4 is we have a good exit rate. I don't want to now set the expectation for the market going into 2024 wrong here. Keep in mind, Q4 is generally a good quarter, it's winter in many markets, there is no Ramadan, et cetera. So I wouldn't kind of have that as a starting point and then build from there, but rather see it 2024 versus 2023 in general. So I... But yes, we have a very good exit rate on EBITDA. Cool, thanks. Thanks. The next question comes from the line of Chris Sheridan with HSBC. Please go ahead. Yes, thanks, also for taking my question. It kind of follows up a little bit on the question Andrew just asked. Niklas, particularly, you told the Handelsblatt that you, for next year, think about accelerating growth. You mentioned that, having reached profitability, you have a little bit more room for investments. So maybe we can get a little bit more color on how you're thinking. I'm asking because when looking at consensus expectations, and I think this is also, you know, why Andrew asked this a little bit, is expecting another incremental EUR 500 million EBITDA. And, you know, there are some questions on whether the sort of balance between investing in, you know, into further growth versus, you know, ongoing profitability, how you kind of view that. I know there is a couple of markets where a lot of sort of, let's say, you know, low-hanging fruits haven't been picked. I'm thinking about the introduction of services in Korea, but yeah, I'm just curious how you think about or what you thought about when you gave those comments to Handelsblatt. Thank you. Sure. I wouldn't listen too much to journalists. They like to draw a little bit stronger wordings around things. I think what's clear is, and our most important KPI is cash flow or cash flow per share, and that will continue to be the most important KPI. We also come to a point where we've done a lot of efficiency improvement and we can grow with profitability and maintain a very good incremental cash flow trajectory from where we're coming, and that will remain true also going forward. So, I don't know, we had a number of years building to this size. We have reached a good size, we have reached a good efficiency, and now we just have to drive that profitable growth. So I think it's a little bit of a new stage of delivery here in that sense. Then the question is, how fast are we gonna drive that profitability and that cash flow? And that we'll have to come back with. Of course, in the past, we have certain traction. I don't wanna comment on that. We moved a little bit faster the last two years. I would not expect that we move in that pace. But we will continue to drive that. It's of utmost importance. In terms of the growth, what I said is that I think most of our regions now are close to our target CAGR, target long-term growth rates, where we start seeing growth coming back at the level where we feel fairly pleased. I think Asia is not yet there. And I do think it will still take a few quarters until we are there, or a couple of quarters until we are there. It doesn't mean that we have to invest to drive that growth. I think we have a few, I don't know, effects of tailwind, a little bit COVID in a couple of markets that had a restriction until 2022, end of 2022. Reversing from that took some time in Europe as well. They were, I don't know, almost a year behind. There were also a big push on profitability, and of course, we took a lot of vouchers and stuff away, and we have... I don't know. So now I think we're in a much stronger position, but now we can gradually improve that, that growth. So if the profitability direction is a little bit slower, then I also think that we can hopefully grow a little bit faster there. But it will take a couple of quarters until we reach kind of the long-term CAGR that we expect from our business. Okay, thank you. The next question comes from the line of William Woods with Bernstein. Please go ahead. Hi, good afternoon. Thanks for the question. I wonder if you could just elaborate a little bit more on Korea. In terms of getting the share stabilizing, what are you seeing in terms of customer behavior and trading away, and how much more do you have budgeted for investments in the market going forward? Thank you. Yeah. So, as we mentioned, we're obviously super happy. The fact that we've been keeping share development stable in Seoul since end of July and outside since early September, I think is very strong, given that, I don't know, we've all seen Coupang's numbers. It's pretty scary, the loss that they're taking there, and the small amount that we have to spend in order to counter that and eliminate that effect. So effectively, even if we are multiple times larger, we only had to spend or spending, expect to spend, like EUR 41 million, and we can keep the market share stable. So I think that is, of course, super strong. I also think that the whole halo effect from the discount promotion is over. I don't think any customer now is like, I don't know, of course, now realizing that we can get discounts. There is no news, there is no talking point, there is no one cares. You can get vouchers here, you can get vouchers there. So either people took a decision of doing some orders on Coupang, and that's why they had some easy growth. But I think that it's very hard to keep that kind of growth, like low value growth up. So I think, I think, yeah, we don't expect, the... I don't know, we expect to trail where we are right now, more or less. And I think overall, category share is back to where it was two years ago. So, so easy come, easy go. I don't know, they did a lot of vouchers two years ago. It got the share up, and eventually I would expect the opposite now. Then in terms of our spending, yeah, we don't feel like we have to spend more. I don't know, it's not a big selling argument to our customers, so or that's how it appears. There are a few customers that maybe went to Coupang and made a couple of orders there, but generally, they are loyal to Baemin, obviously. We also have a very different customer base, so the overlap is still fairly small. Most Coupang customers are, I don't know, have overlap with Baemin, but very few Baemin customers have overlap with Coupang, I think. So yeah, we don't think that we have to invest any more money than we did this year in order to counter the effect. Excellent. Thank you. Just to clarify, would- Even less, maybe, I would say. I would say- Okay ... we had to spend a little bit higher this year because still making the effect and people are aware that we have discounts too. Now, I think people really don't care. Either they made a decision that they want to go after the discounts and vouchers or they decided not. So I would even argue that the cost for us to counter their offense is probably gonna be less than EUR 40 million in vouchers costs. Of course, it's three quarters versus four quarters, but yeah, I don't think it's more. That's great. Thank you. Thanks. The next question comes from the line of Jürgen Kolb with Kepler Cheuvreux. Please go ahead. Thanks very much. Hi, guys. Question on Europe, specifically 15.3% currency adjusted growth rate of the GMV. Niklas, you mentioned macro headwinds, obviously all the geopolitical issues that we're all aware of. How did you manage to grow to that same, almost same extent, like in H1, and what are you seeing in terms of customer behavior, specifically in that region? Thank you. So I think, the growth is good, I think, comparably speaking and what we see in the market, but I really feel like we worked really hard for it. We spent a lot of time on it, and it feels like we had to work hard for every single%. Sometimes you feel like market is growing by themselves, and sometimes you feel like every single% is hundreds of hours worked by tech and product, working together with sales and operations, and that's how it felt in Europe. I think what also helped us a little bit is that we're coming from a time where we didn't have a good product in Europe, in many parts of Europe, I would say. We had a marketplace product, we had random brands, such as pizza-online.fi or Damejidlo or NetPincér or Mjam, and that was very hard to manage. There was no clear leadership for that. Since, let's say, nine months, we put a pretty strong leadership in there, we changed the brands, we moved to Foodora, we significantly improved the product. So I think we also have a tailwind there. It's much stronger now than what we had a year ago in Europe, and I think that helps our growth as well. Okay. So is that something... I know, just one question, but just to follow up on this, on this topic, is that also your experience that you had in November? Like, the current trading environment remains broadly unchanged to Q3? I think the hardest part is when the macro environment is changing. Now we start comparing ourselves to a time when, I don't know, one year ago, we already had this macro environment, the challenge and war and inflation. So, and now the impact is much less, I would argue, and therefore, I think in general has been a little bit easier, the comps. So, we have kind of lapped the toughest times in Europe, and that is also helpful. Got it. Thanks very much. Thanks. The next question comes from the line of Andrew Gwynn, with BNP Paribas Exane. Please go ahead. Hi there. Yep, just come back to the ad hoc announcement on the selling or sale of Asia. I mean, obviously, you're highlighting here there's been some decent progress in the profitability in those markets. So I suppose a little bit surprising that you are looking to sell, obviously always a function of price, so just help us understand a bit better. Thank you. Yeah, as you know, we can't really comment on M&A. Only repeat the ad hoc statement that we were legally required by BaFin to put out, and that ad hoc statement then disclosed that we are in negotiation with several parties for South Asia. Yeah, so that's kind of all that I can share there. And I agree with you, we are by no means, we have put the business at a place where it's not burning cash for the group, so that's good, and that's helpful. And I think the best way of if you want to sell a business, is to not... And I'm not urging to try to sell a business. It's operating as you will operate for forever, and I think we have put our business in a position where you by no means have to sell Asia. But of course, we remain rational, and if we see that there is a price that can be agreed, and of course we act in the interest of all shareholders, and that may mean that... that's why we are having those discussions and been engaging with those who have been making those offers. Is there, is there any more detail you can share at all on, on those markets? Maybe just sort of combined GMV or the EBITDA loss as it was last year, just for those markets that were listed? No, I don't have it on top of my head now either. So even if I could, I couldn't. But in general, these were very high loss-making markets, and now we have been pushing them a lot to be at that break-even point, and that is a good place to be. Now, I would say that the profitability direction there is gonna be slower. So, I think there will be a faster profitability improvements in other segments and areas and countries than what we're gonna have there. But we want to reach the point where we are at least break-even and that we have achieved. So take it from there. Okay, worth a try. Thank you very much. Cheers. Thanks, Andrew. The next question comes from the line of Kiran Sheridan, with Bank of America. Please go ahead. Hey, guys. Hey, so, just a quick question. I think one of your Coupang mentioned that they're targeting a further increase in market share. Should we assume that you need to invest again in Korea next year if they give it another push there? Or do you think this EUR 40 million is enough to hold your market share? Yeah. Let's see if they can get to that 20%. It would surprise me at least. They had some very easy growth. Of course, initially, when you do vouchers, you instantly get a bunch of voucher seekers, and it's very easy to get, I don't know, an extra 5 or 6 or 7 or 8% there in market share, by offering 10% off. I think, based on that, I know it's gonna be hard to maintain that growth or even hard to maintain those users. So, that's why we have seen since, as I said, July in Seoul, where they started with the vouchers first. There has been no share development since then, and in other places a little bit later, where those are started later. So let's see if they get there. We are not too bothered by vouchers and discounts. It has proven to be a bad strategy in every market we operated. It's always very scary when it happens, but so far we haven't really seen that's a scalable long-term strategy. As I said, that's what we see currently. But again, I don't know, let's see if they get to 20%. It would also not bother me much if they gain a couple of more shares there, as long as it's kind of low-quality customers. Actually, on that point, could you share some color on how you invested that EUR 40 million? Was that just counter vouchering, or was that marketing, or how, how did you sort of distribute that EUR 40 million? Yeah, that 40 or 41, I believe it was, that was to give vouchers and discounts to show our customers. You don't have to go to Coupang to get vouchers; you can also get it here. So for the price-sensitive customers, so that they can also get it there. We were a little bit more targeted, I think, in our voucher strategy. So therefore, it didn't cost us a few hundred million EUR, but rather EUR 41 million. And we will continue to kind of invest smartly there. As long as we see that it has a need and effect. Yeah. But we wanted to take... Of course, we wanted to take away the wow effect or the halo effect that Coupang would have with this promotion. I think that has happened. It's now six or eight months, or whatever, eight, seven months or so, eight months since they started. Yeah, there's no one in Korea speaking about that anymore. But the losses that we keep will continue to be there as long as we keep it. So, so yeah, let's see. All right, thank you. Thanks a lot. Thanks. The last question for today comes from the line of Annick Maas, with Société Générale. Please go ahead. Hi, good morning. Can you just maybe give us an update on where you stand with advertising? Tell us exactly how much ad tech did as a percentage of GMV at the nine months, and how that compares to last year, and maybe even give us an idea of the advertiser mix, if that has really changed now that you're ramping up retail media. Thank you. Emmanuel, do you want to jump in? Yeah, happy to. I mean, like, at the end of the quarter, we were at 1.8% to GMV, as I mentioned, just earlier, and that's including Glovo and Woowa. If you recall, we were at 0.27% without. In September, we already had 1.9% of GMV, so that's including Woowa, Glovo. The vast majority of our, what we call MTR ad tech, is coming from two products that we have. The one is click-back call. This is basically every time a customer is clicking on what advertisement, they pay, and the second one is on- Cost per click. Cost per click, per click. Cost per click, and then sorry. Cost per click, yes, sorry. And then the second one is our a solution, I forgot the word, it makes it pretty, that we are deploying. Two together are roughly 75% of the non-commission revenue. The deployment, we focus on two major deployment. The first one is on the food business, as you know, and the second one is on the DMart, where we see basically that the ad tech could be a driver for the profitability as more and more FMCGs want to place the product on the platform. And going forward, as we mentioned in the past, the target is to generate 3%-5% of GMV at the group level, including Glovo and Woowa. Significantly, Woowa had 7% of GMV at the end of the quarter, so this is, you know, a ramp-up as they introduced their MTR by April last year. So, here, the kind of backlog compared to to the rest of the group, because we have, you know, we just started last year in MTR in Korea. And maybe add to that, so Korea has only launched the CPC, so the cost per click, so they have two or three other products that we can launch. We wanted to launch it earlier this year, but the full focus was to implement some other features in relation to growth and coupon and vouchers and so on. So we had to delay some of that, but I think it's in good progress. So that should also help on Korea to drive it higher. Outside of Korea, I think, I don't know, Emmanuel, correct me if I'm wrong here, but I think we're at the 2.9 now? That's correct. And, of course, that's across the group. Some countries are, of course, better than others, or more mature than others. So there are those who are clearly within the range of the 3%-5%, and continue to grow. Also on the non-platform side, non-restaurant side, the ramp up is pretty fast. And here we would also see that the advertisement revenue to GMV, especially on the DMart side, should be significantly higher than for the restaurant side, and local shop side. Yeah. I- Thank you very much. A small caveat I want to do when I do year-over-year. So one of our NCR product we have now labeled as commission product in Korea. So initially there was a product called, I forgot the name. Open List. Open List. Thank you very much. Which is basically showing in the same place as we do with our ad tech business. Same positioning, same... But it, we have implemented that as a commission side. One can argue if it should be an ad tech or commission. I think the initial structure is that all restaurants participated, so therefore it's rather as a listing fee, and therefore we exclude it from ad tech. So therefore, when we look year-on-year, we took a slight hit there, a one-time hit, on how we disclosed the ad tech side. I think a little bit, yeah, a year ago, roughly. But, we compensate by pushing our ad tech on a faster, yeah. Super clear. Thank you so much. Thanks. There are no further questions at this time. Hand back to Niklas Östberg for closing remarks. Okay. Thank you very much. This time on time, I guess that must mean that things are no unclarities. I take it as a good sign. Then I would also like to thank everyone for listening in, but also for those who are shareholder in Delivery Hero for your trust. I know it's been a couple of tough years, so I truly appreciate your support. And we can obviously not control the capital markets, but I can assure you that we are working day and night to deliver a good business, and I hope that the results today kind of indicates on the path that we're on. I'm super excited, at least. And to all Delivery Hero people, thanks for your very, very hard work. I every day improving for the customers and deliver these numbers. So, from the depth of my heart, thank you very much. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.