Good morning, everyone, and welcome to Global Fashion Group's Q3 2025 results presentation. I'm Helen Hickman, CFO of GFG, and I'm here today with our CEO, Christoph Barchewitz, who will join us for Q&A. Today, I'll provide an overview of our third-quarter results and full-year guidance. After that, we'll open it up for questions. Starting with a summary of our Q3 performance, our NMV was broadly stable year-on-year, with a 0.4% decrease on a constant currency basis. Our gross margin improved by 1.3 percentage points year-over-year to reach 46.1%. Our adjusted EBITDA margin benefited from the gross margin expansion and disciplined cost management to deliver a strong 4.4 percentage point improvement year-over-year to a + 0.6%. This marks our first positive adjusted EBITDA on a last 12-month basis for our current footprint. Let's take a closer look at our group KPIs. For over a year now, we've gradually slowed the rate of active customer decline each quarter. In Q3, active customers declined 2.3% year-over-year to 7.4 million, driven by fewer churned customers in all regions. Order frequency increased 0.4% year-over-year to 2.3x, marking the first increase since Q1 2023. In Q3, we generated EUR 239 million of NMV, which is broadly flat from last year on a constant currency basis. The group's marketplace participation increased 2 percentage points to 39%, supported by ANZ's Fulfilled Buy offering. Average order value rose by 1%, primarily due to price inflation, which was partially offset by reduced items per order. Orders declined by 1.4% year-over-year. We continued to experience FX headwinds this quarter. The most significant impact was the Australian dollar remaining weak, down 8% year-on-year against the euro. This means we had a lower euro-reported value for NMV and average order value earned in Australia, our largest market. Moving on to revenue and margins, our revenue decreased by 1.5% on a constant currency basis year-on-year. Our continued gross margin improvement resulted mainly from a higher share of marketplace and platform services across all regions. This flowed through to improve our adjusted EBITDA margin and, combined with cost reductions, led to a strong 4.4 percentage point improvement year-over-year. Our robust year-to-date performance has resulted in an adjusted EBITDA loss of EUR 7 million, representing a significant EUR 20 million improvement versus last year. Importantly, we achieved a major milestone for GFG by reaching an adjusted EBITDA profit of EUR 2.4 million on a last 12-month basis. Now let's turn to our regional performance. Both ANZ and LATAM have continued their positive trends by delivering top-line growth each quarter this year. ANZ NMV grew by 4.9% and LATAM by 3.8% year-over-year on a constant currency basis. LATAM also made a return to active customer growth in the quarter. SEA remains challenged and a focus area for us to stabilize and turn around the business. All regions delivered year-over-year improvements in gross margin. Now let's move to our cash flow for the quarter. Our normalized free cash flow improved EUR 11 million year-over-year, as it benefited from a EUR 7 million improvement in adjusted EBITDA and a EUR 6 million CapEx reduction, in part due to the completion of our 2024 OWMS project investment. We had a EUR 6 million working capital outflow, which was elevated versus last year due to payables timing differences. Normalized free cash flow for Q3 was EUR 15 million. Looking ahead, Q4 is our largest quarter, one where we seasonally generate strong positive cash flow. We continue to have a solid liquidity position with EUR 136 million of pro forma cash and EUR 85 million of pro forma net cash at the end of Q3. Pro forma net cash excludes our outstanding convertible bond liability and other smaller loans. Since the Q3 close, we have repurchased EUR 6.7 million more of the bond at a discount. We remain open to considering all opportunities to strengthen our liquidity, including potential debt financings and repurchases of the remaining EUR 40.9 million of outstanding bonds. Now looking to the rest of the year. We have delivered on our expectations for the year to date. We are now narrowing our NMV expectation from -5% to +5% to -2% to +2% on a constant currency basis. This equates to around EUR 1.01-1.06 billion. Given our positive trajectory on adjusted EBITDA and considering Q4 is our most important trading quarter, we expect to achieve our break-even target and deliver a single-digit EUR 1 million result of adjusted EBITDA for the full year. Our full-year expectations for leases, working capital, and CapEx remain unchanged. We will share our expectations for 2026 at our Q4 and full-year results presentation in early March. We'll now open the call to your questions. If you'd like to submit a written question, please click on the speech bubble at the bottom of the screen. Thank you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We'll pause for a brief moment. Thank you. There are no questions coming through. Once again, if you would like to ask a question via the conference call, please press star one on your telephone keypad. We'll now take our first question from Anne Critchlow of Berenberg. Your line is open. Please go ahead. Good morning, Helen. Thank you for the presentation. I've got a few questions, so I'll ask them one by one. First of all, on the level of inventories at the end of Q3, I just wondered how those compared to last year, and also if you could comment on the composition of those inventories in terms of aged stock and stock being in the right place and the right time and so on. Thank you. Yes, of course. Our stock quarter three this year is broadly flat with where we were this time last year. With regards to the quality, we're confident in the quality as we're heading into, obviously, our busiest trading seasons across all of our regions. Our aging profile is broadly the same as we disclosed at the part two results with our aged inventory. For us, we define that as over 180 days being about 14% of our total inventory. 14%. Thank you. I guess much depends on Q4, but with regard to normalized free cash flow for the full year, where would you expect to be compared to last year's EUR 42 million outflow at this point? Obviously, yeah, I think you hit the nail on the head with regards, obviously, a lot depends on the coming couple of months with regards to that being our seasonal peak. If we sort of go through the component parts, we obviously are guiding to a break-even to single-digit positive adjusted EBITDA. That will give us a significant improvement year-on-year on our profit flowing through to cash. Last year, we did have significant inflows of over EUR 30 million on working capital. We're saying that this year that will definitely be muted and closer to sort of a break-even. We've also given indication with regards to what our leases will remain broadly constant year-on-year, and our CapEx is running at about EUR 15 million. All of those will then give the sort of the constitution parts to normalized free cash flow. Obviously, the quantum of the profit is the key moving item in there, and the delivery of where we land over the next couple of months will define that. Thank you. That's very helpful. I've got a question on CapEx outlook for next year as well. I understand that various systems investments have been completed now. Do you have a sense of where CapEx could come down to next year, please? I mean, we'll obviously provide all of our next-year guidance when we announce Q4 and full year in March, but I think it's safe to say we have no significant infrastructure projects on the horizon in the short to medium term. Our CapEx will definitely be concentrated around our internal technology CapEx, which, again, makes up the majority of the EUR 15 million this year. Okay. Thank you. It's very helpful. I understand the new—a question on Southeast Asia. The new chief executive has started only in September. I think previously you talked about focusing on the top 30 brands in Southeast Asia. I just wondered if you have a sense of early thoughts on what the potential strategy might be, first impressions and possible turnaround. Yeah, thanks, Anne. I'll take that. As you say, we have our new CEO for the region in the seats in September. It's obviously early days for him. What his mandate is and the objective, obviously, is to continue the turnaround actions we initiated already quite a while back. The activities we focused on, both on the commercial side, you mentioned the top 30 brands, and really curating the assortment more narrowly around the core categories and the most relevant brands, that is continuing and is also yielding results. We see better results in the bigger brands than we see in the longer tail, and that's obviously part of the deliberate strategy of discontinuing a lot of the long-tail assortment. On the marketing side, we're seeing some progress in terms of both our efficiency, which protects our bottom line to some degree in this turnaround as well. I think we're broadly on track with the turnaround action. We don't expect a significant change in direction. From all I know, I would definitely be very confident in the leadership team in place now there, which is driving all of these actions. I think, as always, these things take a little bit of time to come through. The one that has the longest kind of period is obviously the buying activity, since we have quite a bit of forward commitments. We don't think we're in any way overcommitted, and we've brought down our commitments for this year relative to where we were at the beginning of the year quite substantially. We are taking a cautious approach for our retail buying and concentrating that on the largest brands for 2026. I think, as you know, we have a very large share, over 50% of our business in the region, coming from marketplace. From a balance sheet and risk management perspective, we are in a quite favorable position there, and that will also protect cash and help us manage profitability overall. Thank you. That's really helpful. You mentioned the share of marketplace giving you some protection. Does that inform your sort of view and patience in turning this around? How many years do you think you would give it until you might consider an exit from that region? Yeah, I think, I mean. While we're obviously not pleased with the top-line trends and the double-digit declines we've now seen for quite a number of quarters, it's not where we want to be. There are many factors that we've also covered in past calls that have driven that. I think we see definitely a core base of the customer and a core assortment that is very relevant and that is an attractive business to pursue. One thing we don't talk about as much that I think is also very important is we have a quite sizable B2B business in the region, which helps us on the overall financial profile. When you look at the last disclosed regional EBITDA we have, it's LTM per June this year, and that was under EUR 1 million negative on EBITDA. It is not like despite all the challenges on the top line, we are improving on the gross margin side, and we are managing costs, be it marketing investments and other variable costs, but also the fixed cost base very, very carefully to make sure that the overall, let's say, financial burden on the group is within a manageable range. We expect that to continue in that way and then obviously improve in the course of 2026 and 2027. Okay. Thank you very much. I've just got three more questions, but I wondered if anybody else wanted to have a go. Thank you. We will now take our next question from Russell Pointon of Edison. Please go ahead. Morning, Helen. Morning, Christoph. A couple of questions, if that's okay. First of all, great to see the narrowing of the guidance range for the NMV. That implies, obviously, some good things are not coming quite through as quickly, and perhaps there's less negatives on some side. Could you just talk about what is a little bit better, what is a little bit worse to narrow that range? Interesting that ANZ and LATAM, the annual revenue growth will be climbing too. The second question was, in terms of the gross margin, it's mainly mix which is driving that improvement in gross margin. Therefore, retail margin is flat. Could you just talk about some of the drivers to that retail margin, please? Yeah. Let me take your first question, Russell, with regards to guidance. We've been broadly consistent throughout the year at sort of hitting at that midpoint. If you think about Q4, we're - 0.4%, and year-to-date to group, we're 0.1%. Given some of it is actually more mathematical in the fact that we've now only got a quarter of trade left, and whilst it's our largest trade, to then be reaching the extremities of potentially + 5% and - 5% within over a quarter's worth of trade would have actually made the quarter performance beyond aspiration and terribly bad on the other end. The narrowing is a reflection of the passage of time and to the fact that to date, we are at zero. Actually, we still, within the quarter, have a relatively large range even to hit the + 2% for the year or the - 2% for the year. We wanted to maintain that breadth because, as you know, it is our most critical, but also hugely competitive, time of the year. We need to be able to manage that. You're right with regards. We've continued to see the growth in LATAM and AMZ. LATAM has come off a little bit compared to where we were at quarter two. Some of that has been driven by the sort of change in season and it being seasonally very cold when traditionally it would have been much hotter in Brazil. Some of our winter inventory running out. On the flip of that, whilst we're still disappointed with it, obviously, we're seeing a reduction in the decline in Southeast Asia. Hopefully, that covers the point around the top line. With regards to margins, yeah, with regards to our 1.3 increase, again, there's a variety of components, but we're seeing. We are seeing trading margin increase predominantly in LATAM and Australia, and some of that driven by actually reduced discounts on a year-on-year basis. This year, this quarter, sorry, marketplace participation has had a key driver in that 1.3 increase as we've increased our overall participation by two percentage points. Also, while still relatively small, we've also seen a year-on-year increase in our platform services, which has also contributed quite strongly to the gross margin increase in the quarter. Thanks, Helen. Thank you. We will now take our next question from Antonio NuWays. Please go ahead. Thank you very much. Could you provide us a little more color on the main cost drivers of the improvement in adjusted EBITDA, please? Yes, of course, Antonio. Hello, good morning. They're in line with some of the cost drivers that we've spoken about. Looking around fulfillment efficiencies and capability around picking, scheduling, batching. We've done a lot of work with regards to delivery and improving some of our times with our delivery carriers. We have had a continued review of our organizational structures, which we've been speaking about for many quarters. Year-on-year, we're about 10% down in total headcount as a result of organizational design and restructuring. We've reviewed all of our tech contracts. It's really a mixture of efficiencies in our fulfillment center, cost savings with regards to people and structure, all of our G&A contracts, whether that be tech or more general G&A, and also being disciplined around reviewing our leases. We have come out of a couple of more expensive sites, office sites, etc. It is very holistic, both operationally and more sort of G&A-focused. Thank you very much. That's super helpful. I have two more questions, if that's okay. What's the short-term plan to turn around Southeast Asia? Is there anything in particular you have in mind that could have a good impact? Also, is there, maybe this was also asked before, but do you have a time horizon in mind, or maybe is there a certain point, a certain decision point in which divestment could become an option? Yeah, thanks. Thanks, Antonio. I'll try to address that. I mean, there isn't a silver bullet, obviously, in these types of turnarounds in terms of one activity that would drive all of the financial profile we'd like to see. The challenges that we're facing, we see as really at the core of the activities of the business. On the one hand, that is the commercial side, the assortment that we're offering, the level of relevance, exclusivity, and competitiveness of the assortment. We've had a very broad assortment to cater to different price points, very different audiences across the region. Obviously, between Singapore customers and Indonesian customers, there are many, many differences in their interests, their spending power, their fashion trends, etc. What we're trying to do and have already executed quite a bit on in the course of this year is to really sharpen and focus on the big brands that resonate. Basically across the region and generally our global brands as well. If you look at the site or the app, you will see very familiar global brands as being highlighted as the most relevant assortment. I think Helen has also talked about the freshness of our inventory. We have had, because of the historical performance, sometimes challenges with just too much aged stock, and obviously that impacts the relevancy to the customer. Bringing in as much newness as possible on the retail side where we do the buying, but also working very closely with the marketplace partners to make sure that the stock that is available for sale on the marketplace side is the current season most relevant stock, which has not always been the case. That is the supply side, if you want, where there is much more work to be done, but we are making some good progress relative to where we were a year ago. The other side, on the demand side, what we are trying to move to is a much stronger focus on our higher value loyal customers and really growing share of wallet with those customers. What that will eventually mean is that we will have a shrinking customer base, but hopefully a higher spend per customer for the remaining base due to higher frequency and partially also higher price points that those customers are buying. We have adjusted our CRM, our VIP program, and other things to really focus on that customer side and that demand side. Those are, I would say, the two sides of the equation that we're focused on. Our operations are very efficient and work well, and we do not have significant issues. There is always room for improvement, but it is not a substantial issue. Our tech is also stable and reliable and not a significant issue in this turnaround. The last point I will add to this is the B2B business where we are serving brands to support sales on the dot com. That is something that we will continue to focus on and try to also broaden the customer or the partner base to have a larger number of meaningful partners that can also then leverage the spare capacity we have in the fulfillment centers in the region in a better way. While we want to turn around the top line of the B2C business, getting a bit more volume from the partners on the B2B business can help with the overall financial profile. At this point, we do not have any intention of divestment or anything like that. As always, and as any business, we will always reconsider and look at options that present themselves. Fundamentally, we want to improve the core dynamics of the business, and we are confident that we can do that with the team in place, the learnings over the years, and also our track record of growing the business in ANZ and LATAM after some challenging periods in those markets post-COVID as well. I hope that gives you a bit of context of where we're going here. Yeah, thank you very much. This is super helpful. If there's still room for one question, I would like to ask you. In terms of seasonality, I know that Q3 is usually weaker compared to the high peak quarters due to Ramadan or to the holiday season in Q4. Was this Q3 a normalized weaker Q3, so to say, as usual, or was it more pronounced or even better? What did you see? What were the trends for the quarter? Yeah, that's a good question. You're completely right on the seasonality. I think one thing always to call out is that the holiday period and Black Friday, 11/11 are fixed in the calendar. Although even there, the day of the week that these events fall on usually has a bit of an impact on how a year turns out or how a certain trading period turns out. Obviously, for the Ramadan season, we have a change in the calendar every year, and it moves earlier in the year every year. That seasonality, we've obviously seen this year in particular at the cutoff between Q1 and Q2 in Southeast Asia having an impact. Coming back to Q3 in your question, we have had no abnormalities on a year-on-year basis or any hard or soft comms that would be material. Yes, there's always some details around certain actions, certain events in the market. When exactly did a certain campaign fall in the calendar? Big picture, I would say this is a fairly normal quarter that we've seen. Thank you very much. Maybe just thinking about your past answer to the strategy in Asia. You told us that the continuous focus is to target the core customer base, this loyal, high-value customer base. We've seen that, for example, the turnaround efforts in customer numbers in LATAM and Australia, New Zealand have paid off with successful marketing campaigns. Can we expect as well a significant marketing effort to drive or to reconnect or to capture this or to engage better with this core customer base? Or will it be more on the price side or the offer side? Yeah, thank you. Great question, actually. We definitely see an opportunity and a need to reinvest into our brand in Southeast Asia. We have very high brand awareness, but I think we need a, we clearly need a refresh of what the brand stands for for the customer. From a timing perspective, we only want to do that when we feel like we have all of our capabilities and our assortment lined up to exactly deliver that. Simply speaking, if we're still going through clearing a lot of age stock, it's probably not the right moment to go with a brand campaign that is focused on newness, exclusivity, the best global brands, etc. We need to bring that in balance. That is definitely something that is on the horizon for 2026. We have seen, in particular with the Got You Looking campaign in Australia, that that can really make both existing customers perceive the brand in a new and different way and also bring back a lot of churn customers or bring new customers to the platform. Certainly, as a business that's now 12, 13 years old, 14 in some markets, we have that continuous need of reinvigorating the brand and articulating to customers what the brand really stands for. This is on the cards for 2026. Do not expect a big one-off investment that goes materially beyond our existing marketing budgets or so, but we may have some quarters in which we put some extra marketing investment in, and that may delay some profitability improvements by a bit. Thank you very much. This is crystal clear. It helps a lot. Thank you. Thank you. We will now take the follow-up question from Anne Critchlow of Berenberg. Please go ahead. Thank you very much. I've got about five questions, please, if that's all right. Just to follow up on Southeast Asia. For background understanding, do you target different products between the different country sites, so Singapore versus Indonesia, for example? Or do you put everything on all of the sites and basically let the customers filter it down themselves? Yeah, thanks, Anne. That's a really good question. This is part of the complexity of Southeast Asia because it is not fully up to us. The principle we try to apply is all brands, all assortment across all markets. That's the ambition level. When you go into the next level of detail, we run into the brands very often having different setups. A given brand may have a distributor in Indonesia, have a subsidiary in the Philippines, and have no presence in Malaysia. In the Philippines, we may be able to have them trade on Marketplace. In Indonesia, we have the distributor trade on Marketplace, but for Malaysia, we need to buy the stock. These kind of complexities are a big driver of challenges in the region. If you word it more positively, when you build those capabilities of actually operating across. Multiple geographies, multiple business models, and multiple partners for the same brands. That is a moat that is not that easy to crack and to replicate in the market. We have the ambition of having all stock and all product available, but we run into a degree of restrictions and preferences of the brands that make it different. From a consumer perspective, we obviously have different preferences, and even within the same brands, different product, different price points may resonate. To give you an example, as you know, the big sports brands will be in our top brands. They may be contributing significantly to sales in all markets, but when you double-click into what products are selling, it may be slightly lower price points in Indonesia and in the Philippines and higher price points, for example, in Singapore, in terms of what the customer is actually buying. We need to obviously reflect that in the assortment that we offer. There is definitely a significant degree of complexity around that, which we think has some structural impact on all players around gross margins and inventory efficiency in the region. We are not trying to use that as an excuse, and we definitely want to do better in how we manage our commercial activity. I hope that gives you some context. It does. Thank you. Just to be clear, in a particular country, for example, a brand may say that you mustn't show the customer's product for that brand. Is that correct? Or do you just put everything on all of the websites? No, it depends on the relationship and then the contractual agreement with the brand. The brand will say, "Okay, if you're buying this from us, this is only for sale in Malaysia," because in another country, we have a local distributor who has an exclusive right to that market. You need to work with that distributor in that market to have your product on the platform. There are these restrictions, and as you can imagine, we're always pushing against those and trying to partner to kind of maximize sales for our brand partners across the region. We will be much more comfortable taking inventory risk when we can sell the product across the market. On balance, the vast majority of our assortment is regional. When you go into the nuances of what sales and the restrictions behind it and the business model of how it is implemented, it is not. Only a regional assortment. Understood. Thank you. That's really helpful. I've got a question about social media, but also now agentic commerce. So sort of two channels that in theory threaten online aggregators, but also two channels that you can work with. I just wondered what your approach was here and where you think this is headed for the industry. Yeah, very exciting topic. I think we. One of the big benefits here is we've been at this for many years, and we've seen evolutions of both where the customers are in terms of what platforms they're using, what type of engagement they have. We're obviously trying to be in sync with the customers. That has led us to be more active on TikTok, etc., etc. In terms of the platforms, we're obviously agnostic, and we're going where the customers are. That is very important. From an agentic perspective, this is emerging, and it's going to be very exciting and interesting. I think we are very well positioned given that we have a long history of making sure that our assortment, the brands we carry, the content that is on our platform is very visible. Historically on SEO with especially Google, but the same kind of applies in this new world. Obviously, we're learning. There are many things where it's a bit foggy and it's not yet clear where that lands. I think we feel very, very comfortable that we can adopt this. Again, one benefit we have with our footprint is that by and large, a lot of these things play out first in other geographies. If you think about the rollout of certain features in some of the global Gen AI platforms, they usually start in the U.S. and then kind of roll out, or in some cases in China, and then roll out into other geographies. We can get the insight of what the impacts are and how to work with it and then be an early adopter in our geographies. We feel. Pretty comfortable that on balance, this is upside for us and not downside. Really interesting. Thank you. I've got a question on tariffs, of course. Just an update on tariff impacts, if you would, either in the supply chain or from the consumer perspective. Thanks, Anne. We've been sort of consistent in talking about this in previous questions that we're not seeing anything of significance. We haven't in the past, and there's nothing to note now across our relationships with our suppliers or customer sentiment in our region. Obviously, it's an ongoing dialogue with our suppliers, but there's nothing to note and nothing of wide concern. Thanks very much. Second to last question on the competitive environment in various regions. Just wondering how that's trending with regard to, say, Shein. And also perhaps the growing importance of secondhand. How does that affect your markets? Any insight into consumer behavior and sentiment generally would be interesting. Thank you. Yes, Anne, I'll try to cover that. That's a very broad question, but I think on Shein and the broader, let's say, low price point fast fashion side, there isn't really any significant new development. We've moved our assortment upwards quite substantially. And we're definitely seeing more the competition playing out between the different platforms, be it fashion specific or general merchandise, that are offering those low price point, largely unbranded products. There's very, very intense competition in Brazil around this, also in Southeast Asia, obviously. In that sense, nothing new for us, and we don't see any change in the impact to us from that side. Sorry, what was the second part of your question? Just if you could give an insight into consumer behavior generally, ANZ versus LATAM, for example. Yeah. ANZ, consumer sentiment is reasonably okay. I think we see people focused on big campaigns and big events and maybe sometimes holding back a little bit in between. The promotional activity and the competitive intensity around that is quite high. As you can see from the gross margin, we're able to manage that and very healthy position around our inventory. We know from some of our competition that they may have a bit more overhang on the inventory side, and that obviously drives pricing behavior. The big campaigns or season of sales is just underway and kind of kicking off these days. We will see how that plays out over the next four-six weeks. Generally, I would say the consumer is there, but knows there's going to be deals and is kind of looking for those deals. I think that's fairly consistent. Obviously, we always try to push further on our exclusive product with our own brands and also exclusive third-party brands or lines from third-party brands and kind of differentiate in that way. Our loyalty program is now fully launched in the region, and that is very exciting. We think this is going to be a driver of getting more of the wallet share from our higher value customers and really getting people who maybe currently are buying, let's say, four or five times a year to give us another one, two, or three purchases every year. That is a big focus. I feel pretty good about that. In LATAM, I mean, some of the headline indicators recently have been more negative in terms of consumer sentiment. At the same time, when we look at the industry more broadly, we do see some growth. Maybe not the clearest of pictures there, and the reporting season for Q3 that gives us better visibility on some of the fashion players is underway right now. I think we see that. And then maybe to comment on Colombia, it's been in the news from a geopolitical perspective a lot. Certainly, that has a degree of influence on what's happening in the market, but we've been executing very well in that market. I think, as we highlighted also at the Q2, Colombia is growing better or in line with Brazil. Very pleased with that performance in particular. Thank you for those insights. Very helpful. The final question from me is just on Fulfilled Buy. If you could talk a bit about the margin structure and how that basically benefits the gross margin, because I think at many players, Fulfilled Buy is largely logistics and really quite low margin. Just wondering how that works and also how it's progressing. Thank you. Thanks, Anne. Fulfilled Buy, obviously, is part of our wider marketplace offering with our marketplace partners. As you would imagine, we have a higher commission rate with those partners to actually be able to manage their inventory and their delivery and fulfillment within our existing infrastructure. Where we see the benefits is, obviously, we are firstly utilizing some potential excess capacity within our fulfillment center. We then get many more benefits for our customer with regards to more seamless delivery, especially if they're ordering maybe a retail product and a marketplace product. Actually, they're sort of picked, packed, and delivered at the same time. There is also then efficiency with that and with regards to packaging. With regards to our sort of profile, we are most advanced in our Southeast Asia region with regards to the Fulfilled Buy offering. It's now very much a growth engine in. Australia. The implementation of our OWMS system at the back end of last year actually opened up and facilitated Fulfilled Buy to make it much more easy for our ICONIC business and our brand partners in Australia. Whilst it is on our pipeline in Latin America, it is relatively nascent. Again, a growth engine for 2026 and beyond. Brilliant. Thank you very much for all your answers. Thank you. Okay. Thank you. We have no further questions in queue. I'll now hand over for webcast questions. Two questions from Dan Curtis on the webcast. First, Netflix recently said Brazil's CIDE tax had a big impact on their results. Does Dafiti face similar exposures to that 10% tax on overseas payments? Yeah. I mean, what I'd say is Dafiti has got quite different exposure to Netflix with regards to sort of our mix of payments, etc., is different. Compared to something like the Netflix licensing, where they're licensing content from offshore. It is not something that's high on our radar, but we're super confident that all of our cross-border supply of payments are managed within our existing intercompany and transfer pricing rules. Obviously, we're compliant with all tax in all countries. The next question, have you seen an increase in referral traffic from customers via AI chatbots? If so, do those convert materially better than traditional SEO traffic? Yeah, that's a good question. I think we touched on that briefly earlier. It's still a very small share of our traffic. I think what is very important is that our ambition, especially for our core existing customers, is that the starting point for engaging with fashion is our app. We obviously have now a very high app share across the group. We want people really to start from the app, either because they get a notification from us, or they may get an email from us that kind of piques their interest, or because the natural go-to place is the app. Within the app, we want to drive a better and better discovery journey, leveraging AI and letting the customer engage in a somewhat similar but more relevant way than they would be on a generalist AI platform like ChatGPT. I think that's a focus area for us in particular. When it comes to acquiring outside traffic and new customers, certainly, this channel will play an important role. We do see that it is a high-intent channel relative to some others. I think it's very early to say, and I think we also can't obviously tell at this point what the types of customers are that are coming through this channel. Generally, we would expect it to be early adopters, probably a little bit more affluent than the typical customer, etc. There will be some bias in that early data. We're monitoring that carefully. Next, we've had some questions on M&A. To summarize, are we planning to pursue any external growth opportunities via M&A? What are our debt financing plans? Yeah. We are not looking at any acquisitions or anything, at least not of any meaningful size in the context of the group. That is not a focus area for us. We are very focused on delivering, obviously, this year. Profitable EBITDA and then continued improvement next year, and improving cash flow situation as well within the balance sheet that we have. I think we have been very clear around our financing that obviously we have managed the convertible liability very proactively over the last few years given the change in circumstances for the group. I think captured a very significant discount for our shareholders. We will continue to manage all of our debt, including some of the smaller facilities we use for working capital, bank guarantees, and those types of things. There is no bigger. Plans here, but we always look at how we optimize our balance sheet and in particular manage the seasonality in our business, which, as you all know, is quite strong with significant cash out in Q1 and significant cash in Q4. That is all of the questions. Thank you all for joining today. If you have any further questions, please reach out to the investor relations team directly.