Ladies and gentlemen, welcome to the Delivery Hero Q2 2024 Trading Update conference call. I am George, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Christoph Bast, Head of Investor Relations. Please go ahead. Hello, and welcome, everyone. Thank you very much for joining our Q2 2024 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 Marie-Anne Popp, Interim CFO of Delivery Hero, who will take us through the most relevant aspects to performance and also the half-year financial statements. After that, we look forward to answering your questions, and now let me hand it over to you, Niklas. Thanks, Christoph. Hey, everyone, and thanks for listening in. Today, I'd like to start off by sharing my gratitude towards the full Delivery Hero team. Last six months, many of us, including myself, have been working incredibly hard, and as you can remember, we had a great Q1, where we outgrew our competitors in almost every market. But as we highlighted in our last trading update, we had a significant drop in category share in Korea at the end of Q1, starting Q2. This led us to not only accelerate our plans in Korea, but also compensate for the impact by finding growth and cost levers in other places. We came together and delivered incredibly well on this, so a big thanks, everyone, for this enormous effort. We ended the quarter with growth levels not seen since COVID time in 2022, and we did this while growing EBITDA and cash flows rapidly. I'd also like to thank Marianne for stepping into the interim CFO role. You have pushed efficiencies as our first priority. It's not been easy, but I have appreciated the challenge, and I'm sure many of the actions we are taking will make us even stronger, so thank you for that. Moving to some highlights for Q2. So despite this tough start to the quarter, we delivered 7% year-on-year growth in constant currency GMV. We ended the quarter on a strong note, achieving a 10% increase in GMV in June. The positive momentum was driven by healthy order growth, which has been in the double digits across our markets outside of Asia, where GMV has grown in aggregate by 23% year on year this quarter. This is ahead of all public peers, and it shows the strength of our team and our product. Total segment revenues continue to significantly outgrow GMV with a 20% year-on-year increase in the quarter, driven by multiple levers, including higher commissions around delivery, Dmart, ad tech, as well as services and subscription fees. I'm also very pleased to say that we not only delivered solid top-line growth, but that the majority of our footprint saw improved profitability over the last six months, leading to a strong year-on-year uplift in adjusted EBITDA of 231 million EUR. I'd like to single out that in June, Glovo achieved a positive Adjusted EBITDA, including group cost, for the first time. The team is on fire, and we are outgrowing our competitors big time. We expect Glovo to continue improving its Adjusted EBITDA in the coming quarters. Due to the strong revenue growth, in combination with the strict focus on profitability, we concluded H1 with an Adjusted EBITDA of EUR 240 million, resulting in a positive operating cash flow of EUR 103 million and the break-even on free cash flow level. Our liquidity position remains strong, and at the end of H1, we had EUR 1.8 billion in cash and cash equivalents. You've likely seen our recent corporate news, and we are preparing an IPO of Talabat in Q4. Our team is working diligently to make this happen, which will help us strengthen our local relationships and position Talabat for a long-term success in the MENA region. Last but not least, I'm sure you have seen our announcement regarding a potential listing in Talabat. I think that was already mentioned now. But also to share here is, of course, that Talabat is an incredibly strong business and has a very impressive track record of combining highly attractive growth with industry-leading margins. We believe it is in our best interest of Talabat to pursue minority listing as a logical next step and position Talabat for the long-term success in partnership with strong regional investment investors. This announcement is not a subject of the matter of today's call. Please understand that we cannot make detailed comments or answers to the question today. Delivery Hero will publish further information as part of IPO process at the later stage. However, in line with best practice, we have prepared a case study that highlights the financial performance of Talabat's business. Now on to the next slide, so both GMV and revenue continued their positive development as we generate double-digit order growth in most of our segments. We continue to grow the business while delivering substantial profit and cash flow improvements. If you take a look at slide five, you can get a very good understanding of where our growth is coming from. During the quarter, four out of five segments were generating strong double-digit revenue growth in constant currency and excluding hyperinflation accounting, with MENA even growing above 30%. Now, let me hand over to Marianne, who will then give a deep dive into the financials, starting on the next slide. Marianne? Thank you, Niklas, and also warm welcome from my side. It's a pleasure to be speaking to you today and to have the opportunity to explain our business performance in more detail. So let's get started and quickly dive into the European segment, which continues to perform very well. GMV and revenue grew 19% and 22% year over year, respectively, on a constant currency basis, driven by double-digit order growth. This growth has been significantly above that of our European peers. We're consistently advancing on our path to profitability, with adjusted EBITDA close to break-even in Q2, and Glovo actually reaching positive adjusted EBITDA in June. Our latest projections confirm our plans to achieve a positive adjusted EBITDA in H2 2024. So moving on to MENA on the next slide. In MENA, we continue to see strong momentum with an outstanding top-line development. GMV and revenue grew 28% and 31% year over year in Q2, respectively, was in constant currency and excluding the impact from hyperinflation in Turkey. A sustained double-digit growth can be attributed to our relentless focus on enhancing our value proposition through product offerings like Dmart, grocery, subscription, loyalty programs, kitchen operations, credit cards, and more. And the diligent work of our teams has allowed us to maintain or even expand our leadership position across all the markets in the region. For instance, in Turkey, we're focused on improving affordability through vendor-funded deals and a strong loyalty program, as well as improving the customer experience by expanding choice through the addition of new local shops to the platform. This has resulted in a meaningful uplift in order frequency, and we also gain back market share. I'm also happy to share that we managed to successfully turn around the business from a profitability point of view, with drastic improvement in Adjusted EBITDA. Now on to Asia on the next slide. As you know, the GMV development in South Korea was impacted by the promotional campaign of our main competitor, which intensified with the launch of free delivery in late March. This led to an instant negative impact on our category position and order growth in April. We responded quickly and stabilized momentum, finishing the quarter at a much stronger position than how it began. At the same time, we saw positive developments in the rest of Asia, with our operations returning to GMV growth quarter over quarter. Over the last couple of months, the team has made a lot of progress to become more competitive in Korea. We've done a lot of changes to the UX and UI, improved logistics tools, and became even more attractive in terms of customer experience. We also changed our pricing plan and made the business stronger and economically more sustainable. Looking at profitability, Asia's adjusted EBITDA to GMV margin temporarily declined by ten basis points year over year to 1.3% in H1 2024, as we have expanded own delivery and marketing in South Korea. Conversely, margins in APAC improved by 110 basis points year over year during the same period. Now moving to the Americas region on the next slide. Americas performed well in the quarter, with GMV and revenues growing by 14% and 13% year over year, respectively, on constant currency and excluding the hyperinflation adjustments for Argentina. Overall, we're very happy with the performance of the business. We achieved double-digit order growth across most countries, while Argentina remained flat due to the macro situation, which we do expect to improve as the year progresses. Excluding Argentina, the rest of Americas grew orders by 20% year over year. We continue to develop the ecosystem and customer experience in Latin America. For example, local shops account for 20% of all orders in the region, among the highest in the group. We're also making significant progress on profitability. The segment reached adjusted EBITDA break even in June, which was driven by healthy top-line growth, gross profit margin expansion, and operational efficiencies. We expect a positive Adjusted EBITDA contribution for the second half of the year. On to integrated verticals on the next slide. Our integrated vertical segment generated strong GMV and revenue growth of 24% and 25% year over year, primarily driven by robust volume growth, with stores now averaging over 500 daily orders per store. So in 2021, we shared that our stores would be gross profit break even when we reach 500 daily orders per store. It actually turned out that we were able to hit positive gross profit earlier than that. As demand increased, the gross profit margin nearly doubled quarter over quarter to 4%. We anticipate substantial further margin expansion in H2 2024, which will lead to significant Adjusted EBITDA improvement for the entire segment. Now on to the gross profit margin on the next slide. The gross profit margin of the platform business remained stable at 7.6% in the quarter, with further margin expansion expected in H2 2024. MENA and Americas led the group in terms of gross profit margin and are close to 10%. On group level, gross profit margin expanded 20 basis points quarter over quarter to 7.8% in Q2 2024, driven by positive demand contribution, which is not included here in this graph. In addition, our ad tech business continues to excel. In Q2, our non-commission-based revenues, or for short, NCR, amounted to 2.4% of group GMV and are expected to further increase from here until we reach our long-term target of 3%-5%. Now, let's go ahead to slide 14. As we've published today, our Q2 trading update and also our half year figures, I would like to take this opportunity to present the key figures for the half year 2024 based on IFRS. Total segment revenue grew 19% year over year to EUR 6 billion in H1 2024, and continued to outpace the GMV development. Then, as a result of the strong revenue growth and strict cost control, adjusted EBITDA improved to EUR 240 million. Also, operating cash flow significantly improved by EUR 280 million and turned positive. I will come back to our non-IFRS free cash flow in a minute, but before that, let's have a look at the reconciliation of adjusted EBITDA to net results on the next slide. Starting on the left side of the slide with the adjusted EBITDA of EUR 240 million. Management adjustments total EUR 293 million, of which EUR 226 million relate to the provisions for European antitrust matters, which we announced in July. It also includes one-off expenses for corporate transactions, financing measures, earn-outs, and restructuring in connection with headcount reductions. In addition, there are lease payments, which are in alignment with IFRS 16 and are below adjusted EBITDA. There are then the interest payments for our bonds and term loans, as well as taxes, which should be self-explanatory. Adding all cash-relevant items together and excluding the exceptional antitrust provision, we arrive at cash-relevant expenses of EUR 360 million. Please understand that we're not providing guidance on the future development of management adjustments today, but I believe it is fair to assume that these adjustments should decline materially over time as the company matures. Also, interest expenses should decline as we deleverage the balance sheet with future cash generation. On the right-hand side, you can see all the cost items that are not cash relevant. Share-based compensation and D&A are self-explanatory, while others mainly relate to unrealized FX losses. One quick remark on share-based compensation. Unlike in the past, we have recruited fewer employees and at the same time reduced our workforce. We also made some adjustments to the LTIP program that have reduced the front-loaded effect on expense recognition. Hence, we now expect share-based compensation to amount between 210 and 270 million EUR in 2024. Now, let's review the cash development over the last six months on the next slide. We finished 2023 with cash and cash equivalents of around EUR 1.7 billion. Our adjusted EBITDA continued to ramp up and reach EUR 240 million, as already discussed. CapEx then amounted to EUR 134 million, or 0.6% of GMV in H1, and we expect the ratio to remain stable at 0.6% for the entire year. Since most of the investments associated with Dmart's office expansion, et cetera, are now behind us, we expect this ratio to drop to 0.3% in the longer term, which should clearly improve our cash conversion. Leasing payments and cash outflow for tax payments amounted to 0.3% and 0.5% of GMV in H1, respectively, both aligned to our guidance. Working capital was positive and amounted to EUR 96 million. This positive development is expected to be partially offset in H2 and fully in line with our 2024 guidance of a small inflow. In terms of others, we had a cash inflow of EUR 175 million, which includes the upsizing of the term loans, Uber's investment in Delivery Hero, the divestment of minority stakes, and also the outflow related to convertible repayments, earn-outs, and FX effects. Putting it all together, we finished H1 with cash and cash equivalents of around EUR 1.8 billion. Now, let's move to the next slide, where you can see how this matches to our maturity profile. As you can see, we have a very balanced debt maturity profile, with an average debt maturity of 4.3 years, at an average interest rate of around 4.3%, including both the convertibles and the term loans. We reached free cash flow break even in H1 2024, and are fully on track to deliver positive free cash flow in 2024, and substantial cash flows in the following years. Hence, we're very confident that we can address all upcoming maturities with our substantial cash flow generation over the next few years. We have even started to redeem convertible bonds through open market repurchases in the amount of 88 million EUR during Q2, and we plan to continue to do additional buybacks in the second half of the year. Let me now finish with a quick overview of our free cash flow reconciliation on the next slide. As a reminder, our free cash flow is calculated as cash flow from operations, less CapEx, and payment of lease liabilities. It excludes interest, income, and expenses, and change in working capital excludes receivables from payment service providers and restaurant liabilities. These numbers are based on management accounts, thus they might differ from some of the IFRS numbers we presented in previous slides. As you can see, we generated a free cash flow uplift of more than EUR 300 million year over year, and broke even already in H1. We also expect further free cash flow generation in the second half of the year, despite the fact that the positive working capital effect from H1 will turn into a cash outflow in H2, which is completely in line with our full year guidance of a small inflow. Let me now hand back to Niklas, who will take you through our case studies starting on slide twenty-one. Thanks, Marianne. Last month, we announced a few changes to our business in South Korea, and I'd like to touch on the key points today to add clarity to our strategy. We focused on enhancing the customer experience and improving the platform monetization, with intent to drive more affordability while maintaining strong economics going forward. On the customer experience side, we've worked on improving the UX and UI. We made the platform more intuitive for users and improved the visibility of choice. We also introduced an attractive subscription program, which offers free deliveries in addition to access to attractive benefits from food delivery, quick commerce shops, and other partners. We plan to start charging subscription fees in September, while in parallel, increasing benefits. This allows us to better retain customers, incentivize frequency, and reward loyalty. We will also start generating revenues that can be further deployed into the business. Additionally, we have done a lot of work on improving our logistics, with own delivery ramping up quickly, during the quarter and now accounting for more than 40% of orders in the country. We also updated our pricing methodology. We increased our commission fees at the same time as we lowered our delivery fees, which are now in line with industry standards in South Korea. These actions will strengthen the financial sustainability of Baemin and enable us to intensify efforts in a competitive environment. Now, let's jump to the next slide, where I'll give you an update, on Korea's market development. The graph on this slide shows order development in South Korea based on 28 days rolling average. As you are aware, we were gaining share against our main competitors until mid-2023, when one of our competitors started offering 10% off. The competition further intensified over the past few months when our main competitor launched free delivery and heavily invested into cross-selling, which affected us and led to a decrease in orders until early May. We responded effectively, leading to a strong 14% rebound from the lowest point in May through the last data point in August. We did this while improving our long-term economics. Now, we will go to the next slide, where we can also see this from a year-on-year perspective on orders again. So here, the data compares the 28 days rolling average from the past few months to the same period in 2023. This illustrating the year-on-year trends. So as you can see, we had a clear drop in year-on-year performance in March. With the actions taken, we quickly recovered and are now on a very strong trajectory. Going forward, we expect a slight drop in year-on-year in September as we start charging for a subscription, but expect our recent changes in customer experience, improved value proposition for our subscribers, as well as improved delivery experience, to contribute to the current positive order development. So now let's move ahead to a small case study in Talabat. So as mentioned earlier, we are working to list Talabat in Q4. There will be a lot of material coming out on Talabat in the next 10 days in connection with our early look meetings, but before that, we are limited to what we can share and say on this topic. So now moving to the Talabat case study.... And as you know, Talabat is the leading on-demand delivery platform in the Middle East. It has a very strong multi-vertical offering, combining food delivery, Dmarts, and local shops, and it has the clear category leadership in all eight countries within MENA. The business achieved GMV of more than EUR 5 billion in 2023, and very attractive GMV growth of more than 20%, substantially more than 20%, in the first half of this year. Talabat is extremely profitable, with an adjusted EBITDA margin of more than 6%, and it's a strong cash generator with cash conversion of more than 85%. Now to slide 27, where I'll quickly comment on our profitability path. This slide was presented last quarter and is a continuation of our profitability push, which we started at the end of 2021 already. We executed our profitable growth strategy, emphasizing profitability, cash generation, and disciplined capital allocation over the past years. This has taken us from a negative Group adjusted EBITDA in Q4 2022, to an attractive or to an expected positive EUR 1.2 billion in annualized adjusted EBITDA by Q4 2024. I will not deep dive into our outlined ambition for the year, as it was already shared last quarter, and we are fully on track to reach our targets. Moving forward, we will continue enhancing our operations with adjusted EBITDA, gradually moving towards our 5%-8% long-term margin range. Now I'll turn it back to Marianne, who will take us through the full year guidance on the next slide. Thank you, Niklas. We reiterate our full year 2024 guidance that GMV will grow between 7-9% year over year, and that total segment revenues will grow even faster and reach 18%-21% year over year. Both the growth rates for GMV and revenue on constant currency and exclude the effects from hyperinflation accounting. We currently expect FX headwinds to be around 3% for the year. In addition, our gross profit margin will continue to expand further, which results in an adjusted EBITDA guidance range of EUR 725 million-EUR 775 million, including the extra investments in South Korea. The positive development on adjusted EBITDA level should then ultimately translate into a positive free cash flow for the full year, and to be clear, we will continue to focus on delivering a highly profitable and cash generative business going forward. We now look forward to taking your questions. Christoph, over to you. Thank you. Before we start the Q&A, I would like to ask you to limit your questions to one per analyst, this way we can ensure that every analyst has the opportunity to ask a question. Operator, please go ahead. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questions on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast. Anyone who has a question may press star and one at this time. Our first question comes from Joe Barnet-Lamb with UBS. Please go ahead. Excellent. Thank you. Thank you very much. Hi, Niklas, and welcome, Marianne. I'm gonna kick off with one on Glovo, if that's okay. There was a press article released a couple of weeks ago, referring to a court case won by Glovo in Spain. There's a quote in the article stating that the court determined workers weren't false self-employed, and that the ruling would save you more than 10 million EUR. Can you give us some more details on that ruling and update us more broadly on the legal progress in Spain? And also, I assume that that case fell into Q3, so would that impact your contingent liability line? Thank you. Maybe I start, and then, Marianne, if you have more to add, please, go ahead. So, of course, it's very positive that we are winning cases, and I think the same went for Uber. I think they also won cases when it comes to freelance model. But then in the end, it's always in our interest and intention to find a solution that suits all stakeholder. Ideally, this solution is also not determined in courtrooms, but agreed between parties. But if it come to the legal proceedings in Spain, so as I mentioned, we did win, but it's in a first instance court, and it was for both, Uber in one region and Glovo in another region. The court came to the conclusion that riders can be freelancers based on the respective operating model. The decisions are of importance for the industry as they validate that the freelance status is technically possible if platforms effectively unlock all flexibility available in platform work. The case is in regards to our slot model, but it still refers back to the Supreme Court decision. Since the slot model, we have further improved the autonomy of the riders in our flex model. Again, I'm very happy that the court see it the same way as we do, that you can operate a freelance model. You just have to making sure that they have autonomy, but again, having said that, we still like to find a solution to all stakeholders, and I hope that we find a solution that we are all happy with. We don't wanna continue on a litigation path, so we will look to find solutions. In regards to winning the case, of course, this could potentially impact our provisions. We cannot comment on that now. It's also a first instance, and I'm sure this is gonna be challenged in the second and third instance. So therefore, until we have clarity, we decided not to make an impact. I think the probably more positive is that we have historically provisioned or put in continued liability that infers us to sanctions. In order for there to be sanctions and the large amount of the provisions and the continued liabilities are related to sanctions, it needs to be intentional and fraudulent, the operating model that is not allowed, but now it's clear that even court systems see this as a possibility of being freelance. So I think that is a very positive sign for us. But again, we want everyone to be happy. We are willing to see what we can do and find solutions, and I hope that we can have such a solution soon. Excellent. Thank you very much. Thank you. Our next question comes from Andrew Ross in Barclays. Please go ahead. Great. Good afternoon, everyone. I wanted to ask about careers and recent changes. Of course, there's a couple of subjects here. Can you just talk through the reaction from the industry and the regulators to the pricing changes that have been made recently? Can you give us some color as to how material the club is as a percentage of the orders that they made on the runway races right now? Finally, can you give us a sense about how you're thinking about career EBITDA from here? Obviously, you've been spending to kind of regain share recently. How do we think about that into 2025? There's a lot of moving parts, a bit of color would be helpful. Thank you. Sure. Can you repeat the second part, the percentage of orders? Yes, sir. What percentage of orders today, ma'am, are made by club members right now? Ah, right. So, I think if as a large player in the market, there's of course always a discussion and making sure they operate compliantly in a good fashion. I think overall there's been positive discussions. Of course, when you make a change that both has positive impacts and on a commission reductions for a lot of restaurants, especially very small restaurants, but of course, you also made a commission uplift on own deliveries, and for some restaurant, and also meant that they had to pay more. And of course, any change you do when you're at large scale will always be scrutinized, and there will always be a discussion on those. I think overall we are very positive with the response. And I think we have been happy with the discussion that we've had, and also that there are continued to happen. But yeah, and we continue to operate in collaboration with all stakeholders to making sure that we drive the industry forward in a good way. So that is progressing very well, I would say. In terms of percent of orders from subscribers, we don't disclose that yet, but and I think we aim to have something like four or five million subscribers by the end of the year or early next year. So that would be a significant portion of the orders that we're aiming for. I would say already now, we have a large subscriber base, but we don't discuss numbers at this point in time. I think overall, and the changes that we did made us way more competitive. You can also see it in the growth traction that we had since we did the changes. These are not just a few changes around own delivery, subscription, or revamping UI and price changes. We have been focused on every small piece on the customer journey, and the improvements to the growth is great, but we are now also doing it sustainably, so therefore, now we make more money per orders, and in particular, as we move forward. So this should be very positive to our EBITDA development, but even more important, it's gonna be positive for our growth and to the wider ecosystem. So we are very excited, and I think there are still changes that is still to be made. And I would say, I'm more confident about Korea and the growth prospects that we have than I've been for the last couple of years. So I'm very excited. And there is really so much growth potential in that market. We really so much growth potential for us, but also for Coupang and Yogiyo, there is a lot more growth to come for all of us. Thank you. Thanks. ... Our next question comes from Marcus Diebel in JPM. Please go ahead. Yeah. Hi, everyone. Maybe also a question on another large market, Saudi Arabia. From what you disclosed for Talabat, it seems that HungerStation continues to outperform in the market very strongly. Could you maybe tell us a little bit more what you've seen in the last few weeks, either from this competitor and also new competitors that came into the market? What are the latest trends in that market? That would be quite interesting. Thank you. I think the trends are very positive, but maybe you alluded to new entrants, so maybe just quickly cover that topic a little bit. So can everyone hear me? I'm hearing that my- Yeah, I can hear you. Can everyone hear me well? Okay, perfect. So, and when it comes to going back to Hong Kong, because you often get referenced there, like, Meituan announcements there, I can completely understand that it looks scary when someone quickly gains 35% order share in a city. But I think investors are a little bit missing the point here. So there are three reasons that I want to highlight there, and that is, first of all, Hong Kong is a tiny city for us. And when you operate at an early stage in mature markets, it's very easy to gain volumes, because there's more. There's a lot of volume to be taken. Secondly, it hasn't impacted our good customers. They still remain very loyal. And thirdly, we have seen this many, many times before. If someone is willing to lose, I don't know, say 5, 6, 7 EUR per order, it would be shocking if they wouldn't grow orders. We had the exact same case in Turkey, but it was even worse, I would say. This was mainly competing with another Chinese player, Alibaba. Competitors, Alibaba and another competitor called Getir, spent endless of discounts over three, four years, and our category share dropped to 35% on order share. Now we are again recovering that, and we are now clearly the largest platform again, with record growth, and we are much larger than we were when the competitors ended. I think we are 70%-80% larger now in GMV terms than we were before they started to attack. The same we had in Latin markets, another Chinese competitor came in, and they had, I don't know, 50% share of downloads and traffic and so on. Now they are below 5% share in that market. Late entrants has proven to be pretty bad return, and discount strategy has proven to be a terrible strategy for long-term success. This is also why you have places like Uber, DoorDash, Delivery Hero, and other players with international experience. We don't launch markets anymore. Returns are simply negative, and it rather helps the market leader long term because as soon as discounts stop, the customers that were lost are coming back. That's why we see in this market that there is a ramp-up in growth as soon as the competitors then kinda end their discount. So we just have to be patient in that regard. Now, to come to Saudi, because that was your question, really. It's of course a very different place than Hong Kong. It has many more cities, first of all, but it's also very different in terms of culture and many specificities on that market. We had a great quarter, as you mentioned. We keep or kept outgrowing our competitors or our main competitor on both top line and bottom line. We also remain very focused on building an amazing multi-vertical service. We have put extra effort into affordability and also given the new entrants. This means things like meals for one, neighborhood orderings, item discounts, better pickup, improved subscription, on-time guarantees, incentive system, et cetera. So in my review, and we have a very strong offering here, that I don't think any new entrants would even be close to offering. And we always have to offer a strong offering, as we've always been faced with strong competitors, and we always manage to drive growth and profitability despite having strong competition in every market. And we've been competing everywhere against very tough competitors like Uber, DoorDash and Deliveroo and others. So this is not changing. And again, vast majority of customers are loyal to a service, and for them, a voucher won't change that. And for those customers which are not loyal and are willing to jump to another platform because it's cheaper, they will one day also come back. So easy come, easy go, or easy go, maybe easy coming back. So we feel generally very strong here. So I hope, I hope that helps. Yeah. Thank you. Thanks, Marcus. Our next question comes from Giles Thorne at Jefferies. Please go ahead. Thank you. It was a question on your operating model, so once the liquidity. It's always been very decentralized, but there have been a handful of pretty well-debated, pretty well-publicized strategic missteps, obviously, most notably in Korea, and some operational changes in response. And I'm thinking here now for the new management tier of Foodora, Dmart, Rappi, and Foodpanda. This is all suggesting that your philosophy is to move to a slightly more centralized oversight of local operations. Is that a fair reading, Niklas? And if so, you know, what's that gonna bring you that you didn't have before? And put more bluntly, are we going to see an end of the type of late to market product development and consumer experience that we've seen in Korea? We're gonna see that type of thing end. Thanks. Thanks, Charles. So yeah, we are big believers in our operating model, and the operating model is often confused because we have local brands, is often confused with that we are not operating a centralized tech stack. But the reality is that the majority of our tech is on building a global tech stack. Logistics, vendors, payment, incentive systems, all the AI work we do, and so on. So we built a very strong central backbone, and if you look at the central team, it's 85% tech. And if you look at my time, I spend 85% of my time on tech and product and how we build leading operating system. And I think we do have, I don't know, historically been competing incredibly well against all our competitors. So I'm a big believer in this, having a strong central, but also giving a lot of autonomy to those local teams to execute, and that makes them very competitive. I think when it comes to Korea, I think we now tend to feel like, oh, they didn't operate well, and they lost and dropped the ball. I really don't think that is a fair assessment, to be honest. I think the Korea team has done a tremendous job. They were gaining share during the whole two thousand and twenty-one, two thousand and twenty-two. Coupang was almost dying, and Yogiyo was also in a tough stand down. But then, of course, in mid 2023, someone gives 10% off on all orders, it's gonna impact. I think still I would say that the team did a tremendous job here. They managed to continue to drive profitability, and they didn't lose much market share, despite someone spending hundreds of million cross-selling among, I don't know, twenty-one million users, fourteen million Wow subscribers. And despite that, they didn't lose that much percent share. I know Coupang is still a very small player in Korea overall. So I think they've done a great, great job. Now, coming to March, of course, that was a clear drop in share. We didn't expect that there's a change to free delivery. But again, we saw here that the comeback has been equally strong. Yeah, it's true that we spent a lot of time there, but in the end, the local team has done a brutal job here. And maybe they needed a wake-up call, and together we have been even... I don't know, we have jammed even closer. So I think we are much closer now also when it comes to technology, and I think that really helps them. But I would definitely not describe it as being the Korea team didn't execute. And I look at the number three player in market or other players in the market. I think we have been standing up pretty well. And but I do think that now we're even stronger in that market. In terms of Foodora and Foodpanda, I think there's combining those two teams. It makes them stronger. I think we are very optimistic about that, but that is rather simplifying. That's something slightly different. Here, we're just making sure that there's one team, one platform, rather than two teams, one platform. That makes it easier for us to operate the technology stack and so on. And product, but also learnings and reduce some inefficiencies and so on. So I think this has also proven to be a good move. We had also our Q1ly sequential growth for quite some time. We have seen year on year also improving over the last two months. So I think overall, I think we've been happy. But I think we are not changing our operating model. The operating model is based on the cornerstone technology tech stack, and us also being very involved in markets. But of course, when you operate a global model, there will always be some market that needs to be prioritized and focused on. And yeah, correct, the last few months, I spent hundreds of hours on Korea, and of course, many people with me have done that too. But these things will always come to place. Thank you. No big change in models. Thank you, Niklas. And just by way of follow-up, a couple of comments on the change in leadership, the change in management in Korea will be useful. I guess specifically, why the change, and what are your plans for replacing management in Korea? Thanks. I can't really comment or on. I prefer not to comment on that. But I think I don't know you made a comment that we did lose share, and I think we had to make some drastic changes that wouldn't have been possible before, in the position we would have been in before. So I know if someone said we should have done this earlier, it would just not have been possible. There were no other occasion that we could have done this earlier, given the market situation and also the development. We were gaining share in January, February, so there was also no big need for it. So. But of course, this forced us to act fast, and I think we did. When you have to act fast and make big changes, it's very important that your team are 100% behind this. So we had to go and ask the team: Are you 100% behind the changes we wanna do, driving more customer centricity, doing changes for operating more sustainably and enabling more affordability? And I think the team were a little bit hesitant to start, I have to say, but I think we have come extremely close together, and I think we are all very happy with the moves that we've done. And I think we all feel like we're way better positioned for competing now than we were before. So I think the team is very, very strong, but maybe they needed also a little bit of a pusher. That's great. Thanks. The next question comes from Luke Holbrook in Morgan Stanley. Please go ahead. Good afternoon. My question is actually on Taiwan. I'm just wondering if you could outline where we are in the regulatory approval process, perhaps any key dates that we should be looking for, just any context in terms of how that's progressing. Thank you. There's not much more we can say here. When we announced the transaction, we mentioned that we expect to receive antitrust approval in H2, two thousand and twenty-five. Right now, we are closely collaborating with the authorities. That means that we are answering a lot of formal questions, providing data, but we are not leading discussions with the authorities, but this is rather happening on the Uber side. That collaboration works well, and I think Uber is pushing forward, but that's for them to answer. We did the contract, as mentioned before, we did the contract such that Uber has a very, very strong incentive to make this happen. So I think, yeah, they will do whatever it takes to get this done. It's... Yeah, they have a lot of incentives to get it done. Understood. Thank you. Thanks. The next question comes from Christopher Johnen at HSBC. Please go ahead. Yes, thanks also for taking my question. Mine is on AdTech. Obviously an incredibly important revenue stream with respect to the margin profile of the group. I think last time you still in Q4 suggested that you're on track to sort of see significant growth here. I think the official target between 2024 and 2025 is the sort of EUR 2 billion run rate. Is there an update on where you stand here? I've seen the number on the slide, I think it was 2.3% at the moment, but how do you still feel about this two billion figure, and you know the path to that by the end of 2025? Thanks. Yeah, so the development is very strong. So if you look, if I take the dividing it here between Glovo, Korea, and the rest of the world, we see if you start with the rest of the world, which is the majority part here, it's growing very nicely. It's on a very strong AdTech tech stack. We improve relevance and improve the ads, to make it better for users, customers, and that is also then helping us to drive value to both customers as well as restaurants and also to us. So we see that we are moving towards the 3%-5%. In most places, I think we're above or within this range. When it comes to Glovo, we are, as you know, we are moving their tech stack completely to Delivery Hero tech stack when it comes to core backbone, and that includes AdTech. Glovo is still gonna remain on the front-end side, and user side is still gonna be built in Barcelona by the Glovo team. But if you look at the other key components, such as logistics and AdTech and vendor and so on, that is in full move. We have already started moving logistics country by country now on a weekly basis, and more and more to that stack, and I think that's gonna be very helpful both for delivery times as well as for gross profit and EBITDA. When it comes to AdTech, that will take a little bit longer until it's on the tech stack. It will be sometime in H1 next year, since we have a little bit high priority on a few other topics. So that also means that the development on the Glovo side is a little bit slower. They're more operating in only 1.5% or so. But I think when we come into H1 next year, we will see this coming up, I think, substantially, especially in the second half of the year. And then Korea, same here. We are also making a lot of improvements. With the change that we did now, the last couple of months, we also did a big improvements on that. They are actually operating on the Delivery Hero tech stack on CPC, cost per click, and that is doing really well, and over the last three months, there has been a material improvement, so I think I feel pretty good about Korea also gonna ramp up very fast on that, so I think we should be in a good place. Great. That's very helpful. Thanks a lot. Thanks. Our last question comes from Silvia Cuneo in Deutsche Bank. Please go ahead. ... Good afternoon, everyone. Thanks for taking my question. I would like to get a little bit more context on the decision to potentially list Talabat separately. Just linking to some of the comments made earlier in terms of certain areas of the business, including Foodora and Foodpanda, being currently rationalized from a cost perspective, management teams. I think actually you have appointed the COO of Talabat to run these combined assets. So trying to understand how the decision to separate Talabat fits in all this context. So what can you tell us to help think about this? And related to that, can you confirm that this will just be Talabat and not other operations that you have in those countries, like InstaShop? Thank you. Right. There would be no change to Talabat. Talabat is still leveraging our tech stack to a very large extent. It's so they operate all our 60 or so services that we have, so they are very good at leveraging on a global tech stack, but they're also very good at building local front-end component user topics, so that's generally how our tech stack is built. They have full autonomy, and they have a very strong tech team also building on that side, but the IPO will not change anything there. There will still be similar to any other platform, where it's just a difference that there's a percent of the shares held by someone else. The same was the case for Hungerstation a couple of years ago. We only owned 60-something% of that, but that doesn't really change much there. There is a strong service agreement between the companies that enables Talabat to be extremely profitable, because it can operate on a much leaner cost base because they outsource, they're working with our central tech stack as well as our global performance team. So no changes there. Okay. Thank you. Thank you very much. And I realize here, this was the last question. I realize that most question was for me. I would have been happy to also have Marianne here. If there are more questions? We have a follow-up question from Christopher Johnen. Please go ahead. Hopefully now in Marianne's area. Yeah, I wanted to ask about the potential credit business that seems to fall within CFO responsibility, I guess. So discussion about loans to restaurants, maybe buy now, pay later. The sort of article for hirings here are a little bit vague. So can we just yeah, pick your brain on you know, what the intention is, any sort of timeline, impact, happy to take over anything. Thank you. Okay. Hi, hi. I'll comment a bit, and then I'll let Niklas you can add as well, if you'd like. I think overall, it's a business that we do or we consider in some of the regions. So something that's more of a regional initiative and depends very much on, you know, the local, I'd say, circumstances, whether it's a business that makes sense in that particular country, not even region by country, typically, and what the, I'd say, the regulatory framework is around that as well. You know, how easy or difficult it is for a non-financial service provider to be in that business. So, it's definitely something that is on the radar, something we're working on. You know, it is not something that is at a level where it's a very meaningful driver yet, but certainly, you know, one of the future ideas that are being worked on. You know, it's something that we certainly is a topic for our LatAm business and then also too, for MENA in particular. I don't know, Niklas, if you'd like to add anything else on that? No, not really. Yes, you're right. There are different parts of the business, and we do in different places. So, yeah, in LatAm, we... Yeah, I don't wanna go into any product line market, but we are, as Marianne said, in LatAm, in MENA, we are also doing some parts in Taiwan and Korea. That is very successful. So, nothing to add to what Marianne said. Great. Thank you. And I think that was it, I assume. Then I'd like to thank everyone for listening in, and yeah, and again, thanks for the team. I know last few months have been a little bit of a yeah, a lot of work, but I think it's been very positive. So thank you, everyone, for your hard work. Thanks, everyone. Ladies and- Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.