Good morning, everyone. Thanks for joining our today's Q3 call. Let me start first by discussing our growth in the last quarter. We had a quite strong Q3, very satisfied Q3, very much in line with what we have expected and what we have communicated also in Q2. Expecting back then a stronger Q3 than Q2 in terms of client growth, the acceleration in client growth, as well as improving our margins on a holistic level. We managed in Q3 to grow to 1.9 million clients, which makes us coming very close to the lower end of our guidance of 2 million clients for full year 2021. There's 100,000 more clients to win in the last quarter. We started very well into the Q4, so that we expect in November to welcome our 2 million clients. The growth compared to last year, same quarter, is now at roughly 64%. We grew our customer base by two-thirds, which shows also the steady growth of flatexDEGIRO and the successful growth path that we had over the recent 12 months. Compared to Q2 2021, we achieved the customer growth of roughly 9% or 8.6% quarter-on-quarter. I think it's very important to put this into a bit of context, to illustrate what this number literally means, because some could argue that it looks relatively low. If we would continue exactly with this growth speed of 8.6% for the next quarters, it would literally mean that we will reach the upper end of our Vision 2026, i.e. 8 million customers already at the end of 2025. I think this is a great success that we achieved over the last three months by focusing very strongly on our strengths, by starting also a couple of marketing campaigns, by repositioning also our market communication and marketing communication with both brands, flatex and DEGIRO. If we look into the settled transactions, we did in Q3 EUR 18.2 billion, which is 32% higher than last year's same quarter. I think it's important to note that the volatility last year's same quarter was much higher than this quarter. We see a further normalization of volatility, which we actually previewed in our Q2 call. I highlighted it that we expect that the trading activity will go back to a normal environment where clients do an average between three to four transactions per month. So we're talking about 40 on average per year. This is exactly what we saw also in Q3. This is very much in line also with the seasonality that we have seen historically for Q3. For Q4, we absolutely estimate a higher activity. Again, Q4 is usually, given the seasonality and history, a much more volatile quarter, so that we can expect, also again a slightly increasing trading activity of the client base. What is important, despite the drop between Q2 2021 and Q3 2021 is what we always have said, that the key focus for us as management is to win clients, to win qualitatively high clients, not only about mass, but also to define our own business and our own philosophy by quality. That our customer growth literally overcompensated fluctuation and trading activity. that we always have assumed that trading activity will normalize. As a management, the clear duty is to continue to grow with clients, which we did very well in Q3 and which we expect to continue very well in Q4. If we go from the commercials to the financials, have a closer look to the financials. Our revenues are slightly below Q2 2021 with EUR 88.1 million, which is very much in line with the drop in the settled transactions or the decrease in settled transactions. However, revenues didn't decrease as much as settled transactions decreased. The result is that we will come to this in a second. We managed to increase the revenue per trade, given also previous discussions and previous topics that we discussed in Q2. The adjusted EBITDA is up 39% versus last quarter. Same quarter last year, up from EUR 33.5 million to EUR 38.5 million. It's quite interesting also here to see how well we managed to increase the margins. How well we managed also to leverage synergies over the last 12 months by increasing also our margin levels. Compared even to Q2 2021, despite lower revenues, we managed to increase the adjusted EBITDA by 14.9, so almost 15%. Just to remind you, the adjustment on the EBITDA is literally and only the adjustment for stock appreciation rights valuation and one-off expenses that we had with respect to the merger of DEGIRO. All in all, a very successful Q3 2021. We are very thankful and very humble in a turbulent time that we also saw to keep up the pace and to keep up the growth that we started this year. I mean, we always grew by 650,000 clients since the beginning of the year and are very keen and highly convinced and confirm again obviously the full year guidances that we gave out. Yeah, I'm looking forward now for the last from now on only eight to nine weeks until year-end. As I said, we started quite well into the Q4. Let's go into the next slides and see what we did in the past and what is ahead of us. As I said, if we look into our accelerated organic customer growth over the last two years, we see a steady, strong growth year on year. Over the last 12 months, we have achieved 64% of growth in the customer base. We have thus led our whole business to a phase where we became literally Europe's largest online broker. When we started last year, or actually when we took over the DEGIRO, we were literally somewhere around, I think, rank eight in Europe. In less than two years, since signing and in only, yeah, less than one and a half years since closing, we managed to take the pole position in Europe with respect to number of customers as well as number of transactions. Let me use that moment to thank everyone in the company, all our employees, all our stakeholders and supporters, all our investors for the trust, but also for the hard work that was put in over the last 18 months. Especially the efforts that our colleagues put in, and in a very tough time, surrounded by all the COVID stuff and developing such a beautiful business model and such a successful business model. Despite all the difficulties, despite all the challenges we had, externally imposed, we did super well. are now at the pole position, and now it's about to lead the race and to continuously lead the race, to widening the moat and to show everyone that it's well-deserved to be number one. As always, it's sometimes easier to become the number one than to stay the number one. This is what we are now focusing on over the next years. As I said, much more important is that we continue to outgrow all our major peers, both in absolute numbers as much as in relative terms. We outgrew again in the nine months, number two and number three in Europe, even together, which is again a very strong development. The market growth is obviously for some of these players limited because they are operating only domestically. Our opportunity is pan-European. We are in 18 countries operationally active, which allows us also to penetrate totally different markets. Having a centralized system, IT system, an in-house IT system, and this 100% more or less verticalized business model, operating all these 18 countries out of literally three countries, gives us a massive strategic advantage that we will continue to roll out over the next quarters and years. In 2021, we will even outgrow our own record of the COVID year, 2020, already after nine months. I can even say that, in October, literally we met the 75 million-plus trades. As of today, we already have outgrew our last year trades. Again, keep in mind, despite the massive volatility that we had last year, so massive trading activity, which I think shows everyone what achievement that is in 2021 with less volatility after less than 10 months to actually beat the trade size of last year. The gap is widening to our peers, we will continue to widen this gap. As I said, we'll continue to widen the moats around our castle and our setup. This is what we are now focusing on going forward. The normalizing trading behavior, I mentioned it. We have previewed it in Q2 already. We said that the trading activity in Q2 and Q3 will go down, will normalize back to levels of 40 trades on an annualized basis on the quarter. This is literally what happened. Again, absolutely as expected. As I said as well, Q4 and Q1 are again then the turbo quarters usually in the brokerage business, so that we can assume for Q4 a slightly higher activity and in Q1 as well. We're well prepared for these upcoming now five months, in both terms in trading activity of our existing clients as well as in customer growth. I think it's also obvious that we expect to beat the growth of Q3 versus Q2. Also given that we have increased our initiatives, our product initiatives and our marketing initiatives. We'll come in a moment to that and go a bit into detail what we have started and what we are going to start. We are well-positioned with our pricing, with our super low fee pricing that we have with the zero all over Europe and our key pricing that we have in our core markets such as the Netherlands, Germany, and Austria, that are for us, so to speak, the cash cows, that allow us also to grow into these new growth markets like France, Italy, Spain, Portugal, and so on and so forth. The LTM revenues almost doubled since Q3 2020. Yes, indeed, obviously due to a higher number of transactions. Also very important to see is that we always said we want to try to keep and not to dilute too much our revenues per trade. We knew that we have started in the beginning of this year and end of last year, actually in Q4 of 2020. We started some marketing campaigns that were bound to have a dilutive effect on our revenues, especially in the first and second quarter of this year. Most of you might remember at the H1 conference call that I said we will see again a pickup in revenues per trade in Q3. What we offered back then in Q4 of 2020 and Q1 2022, and until today, actually, to offer especially flatex clients, which is, by the way, the market with the highest revenue per trade, to offer these clients the first six months zero fee trading, will have a dilutive effect on our total revenues per trade. You literally reduce your average revenue per trade from EUR 6 to EUR 7 down to, yeah, literally zero. This will have an overall impact. This is exactly also what we saw in revenues per transaction that we have achieved in Q3 2021 LTM, the highest revenues per trade. We will continue to achieve high revenues per trade, especially given the mix. Yes, we are going to grow in markets with very, very low fees. That means that it will dilute also the revenues per trade over time. Again, here, we have a very clear strategy with respect to our pricing. We see a high level of profitability, especially given the beautiful leverage and scale that we have with our system and with our platform. We can afford to dilute somehow to a certain level our revenues while increasing our margins with customer growth and trade growth. I think a very interesting KPI is the ARPU. You see very clearly that we managed over the last 12 months to keep it relatively stable. For sure, in Q3 2021, you see a slight drop. This has to do with the fact that in Q2 and Q3 we had obviously a massive number of clients that came out of Q1 while trading activity was going down so that we have a smaller numerator but an increasing denominator which results then also in fact in lower ARPUs. Still achieving EUR 280 of annualized revenue per client is one of the market-leading ARPUs that you would find in online retail brokerage. The phasing out, as I said, of the zero fee campaign in Q4 of 2020 and Q1 2021 is the key driver for the higher monetization. At the same time I'd like to highlight also that our retention rates, the high retention rate still maintained. Even after nine months, the retention rate of our clients is at 98% plus, so the churn is absolutely low. We are winning the right clients. We are losing the right clients. Let me put this also very clear. I think most of our churn in terms of clients is less than 2%. In terms of revenues, we are talking of less than 4.5%. So clients that leave us are usually inactive clients that stop trading for whatever reason, or maybe go somewhere else. Yes, for sure. Key point is not to lose your good and your great clients. This is exactly what we have achieved. With respect to the RPU, again, I don't wanna compare it. I think you all can do the comparison to many, many benchmarks and peers all over Europe or even globally. If I'm not mistaken, we are generating today an RPU, which is in the last 12 months, which is four to five times higher than some big names that are going around in online brokerage, purely and mainly out of classic retail brokerage without any crypto revenues. If we look into the profitability of our business, we had in the full year 2020, EUR 114 million adjusted EBITDA, and are already far above that adjusted EBITDA level after nine months, to be precise by EUR 32 million, achieving still very, very high margins. Again, the high margins for us are important to show the profitability of our business. Despite lower trading activity, despite increasing marketing spend, and despite many one-off effects in connection with the DEGIRO merger, mainly in Q2, 2021, we are outperforming our own benchmark. This again goes back to a high scalability of our system to high economies of scale that obviously start also to come in place more and more. Very often we all forget that the DEGIRO transaction was only closed 14 months ago. As I said, we are very humble and thankful for the development we had over the last one and a half years, especially if you look into the value creation in the company. Let's not forget it's only 14 months ago. It needs some time. It was a big merger for us. We doubled the number of employees. We had to bring cultures together. We had to bring systems together. We had to bring products together. We had to handle and manage two different brands. We have to handle now 18 markets. I can speak for myself and for Jens Möbitz, my CEO. I can absolutely say we are absolutely proud of what the team is actually bringing every day to the table and going through stormy weather over the last one and a half years, so profitable and so strong. Yeah, I was saying about the milestones that we have achieved over the last 14, 15 months, since we closed the transaction. Again, we only merged six months ago. It's literally exactly six months ago. We have introduced with the DEGIRO the early and late trading across Europe, which is a very, very strong step. We already have every month a high six-digit number of trades going to Tradegate all over Europe. It was absolutely the right decision to bring this product live to the market and to clients to retailize the capital market access, to allow people to trade before 9:00 A.M. and after 5:30 P.M. A very important step in our strategy and in our mission or to reach our mission. We introduced only four weeks ago next 3.0 from pull to push, the new flatex app. By the way, also something I'm very proud of, and especially proud of the team that they have put up a product that on the App Stores enjoys one of the absolutely highest ratings of all financial services products, even higher than many of the competitors and peers and neo brokers that usually understand UI and UX as their USP. Our team, literally our people, are setting up products that are performing and rated much better than many others. We have now and we are currently in the introduction of crypto trackers that will become available on flatex and the DEGIRO platform. We are currently rolling out the products and setting up the scene to inform our 2 million clients that they can trade now crypto ETFs and ETNs both on flatex and DEGIRO, which is the first step in our crypto strategy. As we said, we don't consider it as a market driver, as a growth driver per se. It's going to be a first step of our verticalization. Our key and core focus will continue to be on the classic retail brokerage, so European and U.S. stocks, ETFs, mutual funds, and our ETP products. But we see a high demand by clients for these products all over Europe. We see the availability of the given and listed trackers. This is the first step to allow our client base to trade crypto trackers without opening our own wallet, without opening an account with any third party crypto brokers, and to participate immediately on the development of, if I'm not mistaken, two or three different cryptocurrencies, which is Bitcoin, Ethereum, and there's a third one. The corporate structure measure was the stock split that was executed to further increase the liquidity, which was also an important step for us to make as a broker with the philosophy and the mission to utilize capital markets to make our own stock more investable and to further increase the liquidity. This is going very well so far. Coming to the upcoming initiatives, we are launching this month the ETPs on a European scale with DEGIRO. We will launch the ETPs offered and issued by BNP Paribas and Société Générale, the two European leaders of ETP products, to our client base in Europe. A big step for us. It's the second product that we literally cross-sell from flatex then to DEGIRO after the Tradegate offering to have them now the ETP offering. We'll continue to build on our educational marketing approach by having a high-class documentary currently being finalized to be broadcasted all over Europe and sponsored by DEGIRO and flatex to continuously educate the 280 million non-brokered clients. To explain to them what brokerage is really about. It's not about to trade 500 EUR in GameStop in and out, but about much more to prepare for their own retirement, for their own pension, for their own dreams, to put more in focus. We have an environment that is heavily driven by negative interest rates. We all are experiencing that. Alternative assets like real estate are becoming more and more expensive. We see still the capital market as the most fungible market for long-term investment, and this is something that we will highlight, actually, in our documentary, as I said, that will be broadcasted very soon. Last but not least, we are now, as I said, in the Q4, preparing also for Q1. These two quarters will be strong quarters in terms of marketing initiatives, marketing campaigns in all our major countries. We are preparing a lot of ideas, a lot of stories that we are going to tell to our clients and to hopefully potential clients to make them more and more attracted to capital markets, and by allowing them unique access to capital markets that many others cannot. I again and again would like to reiterate, we offer mainly top-tier exchanges for our clients. No weird market makers, no intransparent pricing, no this and that. It's about clear structures, clear products, clear exchanges, allow clients to trade at tier one exchanges, NYSE, Nasdaq, Xetra, Euronext, for as little fee as possible. This is absolutely the strategy that we'll continue with going forward. I think we're coming to the end of my presentation. Again, a big thank you for listening. A big thank you to the team in the name of Frank and myself for the great achievement. We're looking forward to continuing this growth, this potential. As I said, now it's about before we were the followers, the chasers, now we are the pacemakers. I feel super comfortable with this position. I'm looking forward to having the 1,000 colleagues with us to provide the best possible results going forward that we can. Thanks a lot. I'm happy to hand over for any questions. Our first question is from Mengxian Sun from Deutsche Bank. Please go ahead. Hi. Thank you very much for taking my questions. Two questions from my side. The first one is the customer growth base. You mentioned that you expect to achieve the two millionth customers in November. Would you mind to share with us the first half of October and November development in terms of customer growth? When exactly do you expect to achieve the two millionth customers in November? At the beginning of the month or mid or end of November? The second question is on the crypto tracker. Would you mind to elaborate a little more on the monetization opportunity for these products? Are these charged in the same way as the equity products, or are there any additional charge on that? Thank you very much. Yeah. Thank you very much, Mengxian Sun, for your questions. Towards your first question, when we are going to achieve the two million clients. Again, it's now not about to count days. We're coming into a discussion that started in years now to quarters, now to days. We're hopefully going to achieve the two million clients in November, and this is our clear communication. To be honest with you, no one is really taking care of whether it's the 15th or the 22nd, or the 28th or the 30th of November. Again, what we're saying is that we will reach the lower end of our guidance far before the end of the year, of which we are absolutely proud. Towards the question with your, with respect to the crypto trackers. Crypto trackers will have the monetization system like all other ETFs and ETNs. Clients have, depending on the country and depending on the market, to pay first and foremost the fee to trade these products. And that's, I think, a very important point, if you keep in mind how big the spread is usually in these, in these, crypto direct trading. One advantage is that we can offer these products at a very, very low fee. The first and foremost point is not the monetization with these products. We think that these products could attract more clients to also come to us to go then across other assets like stocks or like ETFs or even like ETPs, where we can drive much more the monetization. It's very much like with our ETF offering that we have in general in place, where we have a very, very low monetization, to be fair, but that usually act as a base to attract new clients and, as you know, very often it's not about the client straight either/or. It's not a mutually exclusive decision whether I try to trade equities or crypto trackers, but it verticalizes our products. It increases our service levels towards our clients. It increases the comfortability of our clients, and it increases, obviously, the trust that the clients have in us, taking these products as well into our offering. That's very clear. Thank you very much. You're welcome. The next question is from Marius Fuhrberg, M.M. Warburg. Please go ahead. Yeah. Hi, Mo. Hey, Marius. Two or three questions from my side. The first one, how many adjustments were made in Q3 with regards to the adjusted EBITDA? I can imagine that should not be too big of a number. The second one, a lot of the extended marketing campaign you're driving right now in Q4, what do you expect the margin to develop? Or, in other words, how many further costs should we assume for Q4? The fourth question maybe also with regards to cryptocurrencies. I understand that you add a few crypto ETFs now, but would you or do you also consider enabling real cryptocurrencies on your platform? Or do you still look for partners and a regulatory environment that would put you or bring you in a position to do so? Yeah. Thank you, Marius, for your questions. Let me start with the first one, the adjustment. It was a single-digit million EUR amount, so absolutely not significant to what we had in general. Very clearly for us, important is to keep in mind what the operational leverage is. With respect to your cost idea and cost question, yes, for sure. I mean, as I always said, Q4 and Q1 are the most important quarters for us, where we will also increase the marketing set up and the marketing spend, but not in a way to burn money. It's about invested appropriately, which we started now with and will continue over the next five, six months to cover Q4 and Q1. In terms of how much we're going to spend, it's always a question of what we budget, but also a question of the markets. Again, we are willing to pay EUR 40-EUR 50 on average per new client. If we win over the next six months, whatever, 500,000 clients, for example, we are willing to spend EUR 20 million-EUR 25 million. It's not that we consider marketing month by month or quarter by quarter. The most important point is that we managed over nine months to win clients for as little as EUR 35- EUR 40 and generate an average LTM RPU of EUR 280. For every marketing dollar that we spend, we get literally $8 back in revenues. This is the clear strategy, irrespective of when we spend what. That is absolutely the clear strategy of us as a company and the philosophy. Less taking care of whether we spend the money this week or next week or the week after. Thus we will have continuous shifts in margins and costs quarter by quarter. This is why we have added up now also as an informative line. Let me put this also very clear, the adjusted EBITDA before marketing, purely as an informative line to see, okay, what is the business generating, if we would stop our marketing, which we literally wouldn't, because for every marketing dollar that we spend, we generate $8 in revenues. This is $7-$8, which is one of the best business models that I have seen, although I'm maybe a bit biased being manager and shareholder of this company. With respect to crypto, we are continuously widening the product offering to our clients, and we will continue to verticalize the business model. Crypto is one opportunity. We have discussed it also a couple of times. There are a couple of question marks that we have to solve from regulatory perspective, from safety perspective, especially with respect to our clients, to ensure secure wallets to ensure secure custody, how we can ensure also a system that does not in any way harm our customers' wealth. This needs a diligent analysis. We are in discussions with the many participants in the market. We're getting closer and closer to a result where we hopefully can also offer our clients direct investments into cryptos. But we still have to do our homework. Unless we have something to communicate, to say, "Hey, we are there, we are live, we can provide it," this is what I can say. Okay, thank you very much. You're welcome. The next question is from Christoph Greulich from Berenberg. Please go ahead. Yeah, good morning, all. Thanks a lot for your presentation, for taking my questions. You're welcome. Hi, Chris. Yeah, my first question is with regards to the phasing out of the free trades from your customers that you mentioned, and the positive impact on the revenue per trade. Has that also impacted the trading activity in the sense that these customers have started to trade less once they had to start paying for the trade? Very good question. No, but it's literally the right question. No, absolutely not. The average transaction per client, the development of the trading activity is absolutely in line, literally absolutely in line with our seasonality and volatility expectations. We don't see an above average drop in trading activity. To put it also or to give you a different perspective on that. If this happens, if the trading activity of these clients that were able to trade for the first six months zero, and now have to pay, if these clients stopped trading, we wouldn't have seen an increasing revenue per trade, obviously. Because then the revenue per trade must be still at a lower value as well, because they don't contribute any revenues anymore. Neither from the data that we have and we see that we're seeing can we confirm that, nor logically with respect to the revenues per trade that we have achieved. Yeah. That makes sense. My second question is with regard to the introduction of the early and the late trading at the zero. Did you have any numbers that you could provide that just kind of shows how successful that has been so far? For example, how many of the customers have been actually using it? I don't know whether maybe you didn't get it or something in the line. I said at the beginning. We have today only under the DEGIRO side significant six-digit number of trades every month, and only after eight weeks after introducing it, of trades that go already to Tradegate. How does that compare to flatex? Or what are you seeing there? As you know, we do those curves, numbers on flatex on DEGIRO. The reason why I do it with DEGIRO is now to give you an understanding how well it develops with DEGIRO. We will not give splits between countries, or between brands. Okay. Let me put it- Yeah, sorry. Let me rephrase it. To give you another anchor point, Tradegate is doing as of today, so after eight weeks, almost as good as Xetra with the DEGIRO. Okay. Starting from zero, we're getting as high with trades per day at Tradegate, almost as much as with Xetra. Okay. On the marketing budget for Q4 and Q1, how is this split across your various markets? Yeah, what are kind of the key countries to which the overall marketing spend will be skewed? Yeah, absolutely. The strategy has not changed at all. We have our core markets, Netherlands, Germany, and Austria, where we do always on campaigning and very clear campaigning to continuously win clients in these core markets. Also, let's put it that way, on the high price markets, but also on the cash cow markets. At the same time, we are preparing massive marketing campaigns to be rolled out in France, Italy, Spain, Portugal, our core growth markets, and U.K., Ireland, obviously as well, to drive also these markets where we have generally one maximum two competitors, highly overpricing their services, which we today. I mean, keep in mind, you can trade U.S. equities in these markets for as little as $0.50 with DEGIRO. Where we are trying to exactly penetrate these markets and compete with these incumbents. This is also the growth structure and the growth strategy. A very significant portion of our marketing budgets will go into these countries that have a high potential, that have a low competitive landscape, and have very good conversion rates with respect to client acquisition costs. Is it fair to say that you will spend more for marketing on the growth markets than with regard or compared to your core markets? No, it is not fair. It's fair to say that on average, we will not spend more than EUR 40-EUR 50 for every new client, irrespective of where the client comes from. Again, we don't consider this business country by country. We have two-three markets, the core markets and the growth markets. We will spend in both markets as much as we can to win the best possible quality of clients, with also a certain quantity. Great. Lastly, one question on the ETP introduction at DEGIRO. Will the pricing for the clients look similar to what you currently have at flatex, or will that be different? It will be slightly different. We have already included it in some of the pricing schemes, so clients can trade these products for EUR 0.50. Okay. Yeah. That's all from my side. Thank you very much. You're welcome. The next question is from Benjamin Kohnke from KBW. Please go ahead. Good morning, Mo. Thanks for- Hi, Ben. Thank you for taking my question. A few, please. First of all, could you be so kind and update us on the evolution of your product offering in new markets? What I mean by that is really the sort of administrative enhancement, if this is the right way to frame it, like the PEA accounts in France, on-site custody accounts in Switzerland. All these things that you mentioned in your Strategy Day, tax services in Portugal, Spain. Are you there yet, or is this still in preparation, so to speak? Absolutely. Important point. We're getting very close with the tax services. We finalized them in Italy. We have finalized them, or are finalizing them this quarter in Portugal as well. With respect to the PEA accounts, we are preparing currently set up. We are already in discussions and analysis. We are progressing very well. Also to keep in mind that, I mean, there's a limited number of resources since we do everything internally and in-house, to not outsource any intellectual property. These topics were, for us, important. They were driven forward. Also as indicated, it's rather result driven in Q1 and Q2, 2022. On top of that, the administrative back office structures are very important, because especially with growth, we need also obviously to scale these structures, focusing on core structures like corporate actions, like security account transfers. This is what we are focusing on mainly, what my colleague Jens Möbitz is doing with his back office global team. On top of that, yes, for sure, we are progressing also with this country-specific, let's call it that way, country-specific products. Okay. By and large, fully on track with, you know, compared to your timeline. Absolutely. I think the number of clients and new clients indicates how well the product is perceived in these countries as well. Thank you. Just a quick one around the launch of flatex 3.0 or whatever you wanna call it. You've indicated that you're very happy with the launch, lots of good customer feedback. Just wondering, could you give any sort of early indication on the sort of customer profile you're attracting with this more simplified version? Any significant differences you really see here or everything kind of as expected? Per se, we see that the average age of new clients is slightly below what the customer base average age is. It's not anymore 37%, 38%. It's rather the average 33%, 34%, which is not only driven by the product itself, to be honest with you. We consider the product itself just to be a way how to allow also existing flatex clients to make much easier transactions and to allow clients much more to be involved with savings schemes, with ideas, with information. It's a super important product. But it's also important to understand that less than 8% of our total growth is coming from Germany. 92% of our growth is coming from other countries in terms of customer growth. It's important also to understand we are not day and night working only on Germany. It was an important step with this platform because we had the resources to develop it in Germany and to try it out in Germany. It goes very well, by the way. We have a very high double-digit percentage. I have to double-check it. If I'm not mistaken, it's around 40%, plus minus, of logins that happen today already via flatex next every day. It has a high penetration. People love the product. They like it very much. It's about now to continuously develop it, and obviously the ultimate aim is to roll it out then on the DEGIRO platform as well. Yeah. That's clear. Is there any indication about timing on rolling it out to the new countries? Not yet. Not yet. Not yet. Okay. Thanks, Mo. Final one, very quick one. Any sort of high-level remark on the contribution of the tech segment in the third quarter? A low single digit, high single digit EUR million amount? No. Absolutely linear to what you've seen in H1 as well. There is no specific interest income. The interest income is per se super flat, so there is no growth at all. I mean, literally, I think it's zero. No any impact on the revenues that could dilute the total revenues at all. In total level, we are speaking about less than 5%. Good. Thank you very much, Mo. Perfect. You're welcome. If you have a question for our speakers, please dial zero one on your telephone keypad now to enter the queue. There are currently no more questions. Mr. Chahrour, please go ahead. Thank you. Thank you very much for attending our today's quarterly earnings call. Thanks a lot for your questions to the sales analysts. Again, thanks everyone that supported us, contributed to us. Thanks for the trust of all the investors in our performance and our work. Looking forward for the last eight to 10 weeks of this year and to close this year as a seventh year in a row under Frank's and my management as a record year. We're very proud. We'll continue to stay humble. We'll continue to work hard on achieving our big Vision 2026. We're all in. Thanks a lot. All the best, and hope to see and speak most of you soon over the next weeks and months in different roadshows. Thanks a lot. Take care. Goodbye.