Dear ladies and gentlemen, thank you for joining our Q3 2021 Results Call today. Together with my colleague, Henning, our Group CFO, we will present you a brief update on the developments of Q3 2021. Our progress in converting the top locations of our portfolio from analog to digital. The financials of the quarter, and what we expect for the remainder of the year. Following our presentation, the entire Executive Board with Udo and Christian will be available for Q&A to you. Before we go into the details of our performance in the first nine months of this year, it's worth mentioning that we have gone through extremely different quarters. Until the beginning of June, our country has been under hard lockdown restrictions. And the decline of public traffic was a real challenge for our core Out-of-Home business. Accordingly, the first quarter was earmarked by a rigid cost management. While our plus businesses showed strong momentum in the lockdown phase. The second quarter, however, marked the tipping point with the beginning of a textbook type of V-shaped recovery of Out-of-Home media over the quarter. The end of Q2 was characterized by an economic recovery on a broad basis, and driven by a continuously rising vaccination rate, a significant revitalization of public life. Against this background, our Out-of-Home strategy again proved its strength, and flexibility when switched gears in real time from crisis to growth mode. Bringing back group performance in the third quarter to and above pre-COVID level. Despite some minor aftereffects of the pandemic, like a muted ramp-up of contact center agents and door-to-door salespeople and tough comps in dialog Media. The reported revenues in the first nine months of 2021 for the group stand at EUR 1.1 billion, up 11% compared to the prior year period. Organic revenue was at a comparable level with 11.3% or 22 percentage points above the level of January to December 2020. The adjusted EBITDA increased by 10% to EUR 319 million, basically following the overall revenue development. It's worthwhile mentioning that our adjustments came down from EUR 20.5 million in 2020 to EUR 5.6 million in 2021. Earnings quality is continuously improving. Our adjusted EBIT benefited from the accelerated performance in the last three months of the reporting period versus the prior year, and a slightly lower D&A volume. Due to the low comparative value of the previous year, adjusted EBIT improved over proportionally by 49% from EUR 84 million- EUR 125 million. Adjusted net income accelerated basically accordingly and was up by 54% from EUR 54 million- EUR 83 million. Operating cash flow in the nine months was more or less flat with EUR 222 million. Despite a clearly better performance in Q1 to Q3 2021, which was compensated by a higher receivables level. Triggered by the overall higher business volume in the current reporting period. CapEx spend in the first nine months of the year was at EUR 62 million or 16% below the spend of the same period, 2020. In the fourth quarter, we accelerate the ramp-up of our digital footprint, especially for digital roadside screens, and expect a full-year CapEx spend at prior year level. Even if the pandemic isn't completely over yet, we see that COVID was a real stress test for our strategic setup. But ultimately only a bump in the road for the long-term targets within our Out-of-Home Plus strategy for Germany. All key business drivers are still or again fully intact. We operate in a robust advertising market, which will and is already quickly recovering post-COVID, and has massive potential for us. There are still some aftereffects of the pandemic. The automotive industry doesn't advertise as they have not enough chips for the production. The event business has still not recovered, and the energy sector has stopped new business. And marketing due to the uncontrolled energy price developments. The total ad market is really vital and the demand for Out-of-Home is strong again. The Out-of-Home market is consolidated and has high market entry barriers, and few players control real premium inventory. That is unchanged. Our market leader share is well above 60% in our core business, and you can do Out-of-Home only with Ströer, but you cannot do Out-of-Home without Ströer in Germany. Our strong programmatic and data capabilities from the digital media business, including our tech stack. Help us to unlock the potential of Programmatic Digital Out-of-Home faster than any other competitor. Our scalable sales force is able to address the huge local SME market still dominated by declining print media. We constantly grow our share of wallet with large key accounts by embedding Out-of-Home with top-class Digital and Dialog Media. Our proprietary long-term secured portfolio has just started to convert step by step into a more digital infrastructure. Our unique DaaS and e-commerce assets are on a strong growth track since meanwhile more than five years. On that basis, we have the confidence to clearly explain and communicate our midterm plans. Just as a recap from our Capital Markets Day, four weeks ago, where we have shared more details. There are three key strategic areas that we see as the core value drivers for our company. First of all, the accelerated digitization of our Out-of-Home infrastructure, especially with more digital roadside inventory. To strengthen our highly profitable public video proposition. COVID has definitely accelerated the shift towards Digital Out-of-Home, and we just enter a completely new phase here. Secondly, the continued optimization of the synergy potential of Out-of-Home, and Digital and dialog Media, i.e. the areas of content, tech, data, and customer access. In combination with a fast-growing Digital Out-of-Home business, this will drive the strong cash generation over the next years. Finally, there is the unlocked value crystallization potential of ASAM and Statista, which will support us optimizing total shareholder return in the next three to four years. Let me close the group update with a couple of really illustrative examples that show how we have worked on converting top analog Out-of-Home locations to digital in the first nine months of this year. Düsseldorf, Dresden, and Cologne are just three exemplary cities where we have focused on implementing a digital roadside network that reaches between 55% and 80% of the total local population, including the existing inventory. We are also combining the high traffic locations with large format highlights, and screens in city centers and pedestrian areas. The so-called Stachus in Munich is a good example. More than 300,000 people pass by this underground station every day, and we have implemented an outstanding screen at the strategically best spot. Bonn and Essen are two exemplary cities where 2 sq m screens, are an integrated element of the shopping areas in the heart of the town since 2021. Besides the rollout of necessary standard formats, the beauty of Out-of-Home advertising. Is that we can offer really outstanding platforms for brand communication that are highly individualized and integrated in the physical context. The 500 sq m media facades in Hamburg is a really good example. And new in our portfolio since this year and widely used by top brands. The so-called Media Stage in Hamburg, in Hamburg's most exciting street in St. Pauli, is another good showcase. The 138 sq m full motion screen delivers a completely new brand experience platform, addressing especially young urban target group profiles. In contrast, the smart setting of many smaller screens in Sylt, Niebüll, when you enter the famous German holiday island via a car train. Focuses on a completely different target group profile and another way of leveraging the potential of a location via Digital Out-of-Home. The various examples hopefully illustrate we massively invest in digitizing our infrastructure. The sum of the screens form a completely new level of Digital Out-of-Home product. Advertisers benefit from the flexibility, and scale of our network. Municipalities and landlords can generate incremental incomes, and the midterm unit economics are very favorable for us. With that, impressions of what you can expect in the nearer future. Let me hand over to Henning, who will guide you through the financial details and the results of the third quarter, 2021. Thank you, Christian, and hello to everyone. When looking into the single third quarter, we see a very strong operational development. Compared against both last year's Q3, but also in comparison to the pre-COVID Q3 of 2019. Group revenues were up by 17% or in absolute terms from EUR 355 million- EUR 414 million. Organic growth developed accordingly and fully in line with our expectations shared with you in our Q2 Conference Call. This is also true for the adjusted EBITDA, which came in well above the levels of Q3 2020 and Q3 2019. Adjusted EBITDA increased from EUR 119 million- EUR 139 million. The adjusted EBITDA margin was 33.5%, and thus on the same level as in Q3 2020. Exceptionals have been more than halved from EUR 5.2 million in 2020 to EUR 2.5 million in Q3 2021. This improving earnings quality is fully in line with the guidance we have given. However, as said before, this does not imply that there will be no adjustment effects on the future quarters. But the magnitude should be much lower than what we have seen in the last couple of years. Depreciation and Amortization, including mainly the depreciation on IFRS 16 assets, was -EUR 75 million, EUR 8 million below the level of Q3 2020. The main driver behind that development are lower amortizations from PPA assets. Some assets which have been recognized in the process of historical purchase price allocations, are fully written down in the meantime. Based on the strong EBITDA development, and declining D&A, EBIT more than doubled to EUR 61 million. With -EUR 7 million, the financial result was more or less flat compared to Q3 2020. The tax result came in with approximately -EUR 13 million compared to -EUR 3 million in Q3 2020, following the improvement of the tax base. Summing all this up, reported net income for the quarter increased to EUR 14 million. Driven by our healthy operational development, net income adjusted improved to EUR 56 million, compared to EUR 36 million in Q3 2020. Thereby, adjustments remain on prior year level, including some non-PPA-related impairments of assets. Moving over to cash flow, we see an operating cash flow which went up from EUR 79 million-EUR 101 million, a development which underlines our strong cash conversion capabilities. Cash outflows on the change in working capital came in below the prior year period. And reflected our strong business dynamics over the quarter, leading to a build-up in receivables. Cash out from non-M&A investments came in virtually flat at EUR 25 million. Free cash flow before M&A was EUR 77 million, after EUR 56 million in previous year's third quarter. Free cash flow, including leasing payments, went up to EUR 37 million from EUR 40 million in Q3 2020. With this development, financial net debt came in at EUR 706 million. Mainly due to our dividend payment of EUR 2 per share during the reporting period. Our leverage ratio moved up to 2.5x in line with our expectations. Based on our expected development for the traditionally very cash generative fourth quarter, we expect the leverage ratio to improve again. Let us now have a closer look at the operating business segments and where we stand. As expected, the third quarter 2021 performance of the Out-of-Home media segment was on pre-COVID level, and significantly above the revenues of the prior year period. In numbers, revenue increased by 25% from EUR 156 million-EUR 194 million. This positive development was also reflected in adjusted EBITDA, which increased even stronger by 33% from EUR 72 million-EUR 95 million due to better leverage on our fixed cost structures. Accordingly, the margin went up from 46%-49% and with that, again, back on pre-COVID profitability levels. Our Digital and Dialog Media segment delivered a sound performance, also considering stronger prior year costs. Revenues increased by around 4% from EUR 164 million in Q3 2020 to EUR 170 million in the reporting period 2021. Our online advertising and content publishing showed continuing growth as well as a stable margin development. Against the strong development seen in Q3 2020, our Dialog business performed robustly. However, facing a slightly increased employee churn following a tightening post-corona labor market here in Germany. As well as worsening market conditions for some of our utility customers following strongly increasing energy prices. All in all, adjusted EBITDA of the segment in Q3 2021 was with EUR 43 million. Pretty much in line with the reporting period in 2020, and the adjusted EBITDA margin was at 25%. Our data as a service and e-commerce segment added another quarter of strong growth, and achieved the highest sequential Q3 sales in the reporting periods, and accelerated revenue growth to 43%. In total, segment revenues increased from EUR 44 million- EUR 63 million. With organic sales growth of 39%, Statista continued its success story. With revenues up 45%, ASAM was the main growth contributor to the strong sales performance of the segment. Due to increasing investments in accelerated growth. And the expansion of our international business, especially at ASAM, adjusted EBITDA margin declined to 12%, and adjusted EBITDA was EUR 8 million in Q3 2021, and with that, on the same level as in the prior year reporting period. Let me now hand you over back to Christian for some closing remarks on our Q4 outlook. And a confirmation of our full year guidance and our 2022 financial calendar. Our expectations for the full year 2021 are unchanged. With regards to our targets, we remain confident to achieve group sales of around EUR 1.6 billion and an EBITDA in the range of EUR 490 million-EUR 510 million. Assuming that the now again rising COVID numbers will not lead to any serious implication on public mobility towards the end of the year. For the fourth quarter, we see an Out-of-Home order book. Which is currently developing quite in line with the 2019 levels, also characterized by a different mix. From a product perspective, more digital, which is supportive for our margins. And from a customer perspective, less supported by industries which are currently exposed to supply chain shortages. This, however, we are able to balance out given our well-diversified customer portfolio. Let me close the presentations by looking at our financial calendar for the coming months. The next presentation, the publication of our preliminary numbers. Unaudited numbers for the full year 2021, will be due in the first half of March 2022. The effective date will be announced beginning of 2022. The release of our annual report 2021 is scheduled for March 30. Further dates can be found in our financial calendar on our newly designed website. Thank you, everyone, and we are now happy to take your questions. We have a first question. It's from Christopher Johnen, HSBC. The line is now open for you. Yes, thanks, everyone, for taking my questions. First on the current trading book in the running quarter. I mean, you just talked about the outlook. You know, you expect no material negative impact from the COVID cases in Germany. You also talked about the chip shortage and the ability to offset, you know, some weaker demand in some areas by stronger demand elsewhere. Is there any more color you can give on Q4 trading? Given the guidance is unchanged, you should still see quite a decent double-digit growth in the core Out-of-Home media segment, I would suppose. That's the first question. Second one on the seasonality of both ASAM and Statista. Again, here for the full year, the consensus expects around 30% growth in both. That would, I think, imply quite significant deceleration in the fourth quarter. Is there anything on the seasonality front that we need to know? Maybe some pull forward effects at ASAM in the third quarter, you know, as people are more worried about stocking up ahead of Christmas. Anything we need to know on that front. Last question quickly on the Digital businesses or the digital part of the Digital and DaaS business in the third quarter. I would assume that where COVID was last year, you're also facing a bit more difficult comps in the running quarter on assets like t-online. Is there any more color you can give on the performance of the Digital business in Q3 that would, you know, allow us to judge the current quarter a little bit better? Thanks. Hi Christopher, t hanks for your questions. Yes, indeed. I think on the one hand, the business overall, and especially Out-of-Home, looks quite good for Q4 from what we see. October was really good. November so far looks quite nice. Order book for December is okay. I think you said a good or robust double-digit growth for the core business. Yeah, I think that's pretty much what we also see as a starting point. I think it's just fair to mention, and please don't see it as some kind of excuse or anything like that, cause we deliver what we guide and promise. We see that the automotive industry has more or less stopped all Out-of-Home advertising since end of August. We talk about a negative one-off in Q4 that is probably around EUR 7 million-EUR 8 million, because there is almost no automotive trading. Some of you might know, the energy prices explode everywhere. Which leads energy companies into a situation that they try everything to avoid new business. Because that means no marketing, and that's what we also see in our Dialog business, where the energy sector is probably 12%-15% of the revenues. I think despite that there are some unexpected aftereffects of the pandemic. I think the rest of the business is performing rather better than expected, and we feel quite comfortable. That's also true for especially the Digital business as part of Digital and Dialog Media. Even Q3, where you're right, where the comps were quite tough. I think the digital business was growing around 7%, so against really tough comps. Both third-party inventory as well as our own portal business with t-online. We also expect the fourth quarter at least on that level versus prior year, although we've been also seeing strong comps there. I would say the Digital business is performing really nicely, despite the fact that, yes, already last year was quite strong. I think in that area, we just see some temporary effects in the Dialog marketing area where on the one hand. I would say from June to September, the unemployment rate was really low in Germany, and the demand around tourism, and the restaurants and so on was quite high. It was challenging to increase our Agent Base, and Salespeople Base, or we had to work hard to manage the churn. In parallel, we see the energy sector, that is a bit of a challenge. We already see since October that the situation on the employment side is improving again. I think that's temporary effects the end of Q3, and within Q4. In general, we are quite happy with the development there. Christopher, on your question with regard to the data service and e-commerce segment. By no means we are getting less, let's say, positive about the outlook of those two businesses. It's true that, I think we mentioned that Q3 performance was stellar with more than 40% growth. I think it's fair to assume that there will be a bit of normalization. Particularly at asambeauty, we had quite successful deliveries into German retailers, delivering our Magic Finish Product. It's fair that we will see a bit of normalization. We're very confident for the full year and also current trading is developing quite nicely. Okay, very helpful, t hanks a lot guys. The next question is by Annick Maas, Exane BNP Paribas. The line is now open for you. Good morning, m y first question is then how much is auto and energy advertising typically in a normal year? And then conversely, could you also speak about e-commerce advertising? Some other players that face the same advertising issues have called out e-commerce advertising as being super strong. Keen to hear something about that. Just on the Dialog margin, going back again there, I guess at the Capital Markets Day for me. What came across was that this division is definitely going to be benefiting from a margin uplift, and we really don't see that today? How long will it take for this margin benefit to come through in Dialog? And then, thirdly, just on asambeauty, can you maybe give us a bit more indication of how much marketing cost asambeauty is spending? Thank you. Hi Annick, t hanks for your questions. Let me start with maybe the first two questions that you had, and then I hand over to Christian. Auto is around 4.5%-5% of our Out-of-Home business, for instance, and a comparable number in the Digital Media business as well. Again, if you look at the normal second half of the year, Auto would probably do EUR 20 million revenue in Out-of-Home advertising in a normalized second half of the year. I think we've seen less than a third of that in the summer, and predominantly July, and August and then pretty much nothing. Just to give you a feeling for what the temporary effect is, I think energy in total is roughly in Out-of-Home and online advertising, 1.5 percentage points. It's not that big, i n Dialog, it's probably 10%, 12%, maybe 13%. It's more important. It's the second-biggest category besides Telco. As you said, in parallel or in contrast, there are other industries that are currently doing better than expected. We see that the whole FMCG industry is advertising over proportionally more than the past, especially on Digital Out-of-Home. We see that the traditional retail is coming back nicely again. As you said, e-commerce, even if they also have some supply chain challenges. I think they are also continuing to advertise on significantly higher levels. That's a little bit the situation, and dynamics at the moment. I would say that's the key points. Also in energy, clearly below what you would normally expect due to pandemic, and energy prices, and FMCG, retail, and e-commerce, clearly beyond normal levels and slightly above what we had expected. On your question around Dialog marketing, maybe just one comment. I think what we showed at the Capital Markets Day is that if you compare our second segment. Digital and Dialog marketing with comparable companies, that are publicly listed and that have similar businesses. I think our Digital business, the combination of third-party sales as well as own publishing, is operating roughly on a 30% margin with normal quarterly deviations. I think that's exactly where we are at the moment. I would say that's really top-class performance. Dialog marketing, I think at the moment, again, when I take the quarterly deviations aside. I think is operating at around 18%, up to 18.5% margin. If you compare that to any other publicly listed company in that area, that's really top-notch. Nevertheless, you are right, we try to increase, and optimize margin profile there. I think just given what is possible, if you look at the toughest comparables in that segment. I think maybe there's another 1.5 percentage points possible. Yeah, it would be nice to have 20% there, but that's something where we need probably the next two-2.5 years to optimize again, both door-to-door sales with also internal processes and optimize also overheads by ramping up more people. I think it's also driven by bringing in more non-Telco customers into the contact center business. What we've been done in the last two or three years already, with new categories where maybe the volume per client is smaller. But the price that they are willing to pay per agent is higher. I think that's what we hopefully will see over the next two-2.5 years. I think 18%- 18.5% EBITDA margin for Dialog business is nothing that where we feel like we need to excuse for. Maybe Annick, just to build on what Christian said, I mean, recollecting the Capital Markets Day. I think our midterm guidance for the segment, Digital and Dialog, was like the major driver will be sales growth at a more or less, let's say, constant margin, which is made up by different businesses. There will always be a mix effect. Out-of-Home is where we see also quite a big margin opportunity. Annick, on your question regarding the P&L structure for ASAM or more specifically the marketing spends. Overall, for the entire company, it's more or less in the mid-range of 20%-30% of top line. If you go into a bit more detail, obviously, we need to separate more brand marketing spend versus performance marketing spend. That also outlines that basically you need to look at that channel by channel, for the B2B channels, retail, but for example, also telesales. There's rather limited marketing spend and also obviously only on the brand marketing side. On the e-commerce, obviously, performance marketing is key to the entire business. Where you would see slightly higher percentages than overall. That's very helpful, t hank you so much. The next question is by Julien Roch, Barclays. The line is now open for you. Yes, g ood morning, everybody. As I have four results today, as I am selfish, rather than ask complicated questions to get a simple answer, I will ask a simple question. Can we have a Q4 organic guidance like a range, give or take 5%? That's the first question. The second one is on selling ASAM and Statista. Do you have any idea of the taxes you would have to pay? Either as an absolute amount or explain the mechanism of paying the taxes? Third question is again on ASAM and Statista. Have you decided how you would distribute the proceeds, buyback or dividend? Because if dividend, can you give us a sense of how much is coming out of reserve? Because shareholders could have to pay some taxes, which was a big issue for Vivendi when they distributed UMG. I think people should put that in their sum of the parts, t hank you. Maybe on your last question, I think, a colleague of mine has said, some time ago, "Cross the bridge when you come to the water." I think we still have some way to go to get to the water by means of value crystallization. I think in case that we sell or IPO something and generate cash, I think, decisions have not been made yet. Realistically, I think what we always said, we look at total shareholder return. A share buyback program wouldn't really support the share price because it reduces the liquidity of the stock, and makes it maybe more challenging for investors to get in. Realistically, we would probably always talk either about a special dividend or if we IPO a business. We keep the shares or give the shares of and then publicly listed company, pass them on to the shareholders. I think that would be realistic. Ultimately, we would give back whatever we make on those assets. I think that's realistic, but decisions haven't been made yet. I think at the moment we try to make sure that the business runs well, that we deliver what we have planned. We work also on the profiles of the company and on sustainable values in those areas. I think that the job here is still a challenging one quarter by quarter, given the growth rates that we are working on. Julien, to be very clear on the tax situation, tax situation is very comfortable. Because actually if you take the selling price minus the carrying amount, minus the selling cost. Actually 95% of the proceeds which will be tax-free, so would generate quite some room for distribution. I think I haven't been that clear in the past, but very clear. I mean, the tax situation is very favorable for a potential disposal. On my first question on organic guidance for Q4. Regarding guidance, I think, Julien, I mean, we have confirmed, I would say, the guidance for the year, and you have now the nine months. I would leave it with you. It's pretty clear what the internal expectations are. There are no M&A effects, or almost none. I think around 1.6%- first nine months, I think, takes us to something like low- to mid- and more high-single-digit% for the group. I think that's realistic, and I think it was one of the questions before, Out-of-Home should be clearly in the double-digit range. Statista, ASAM should be 25% or whatever extra we are able to deliver as in the last quarters. I think online we said it's probably rather mid- to high-single-digit% as in Q3. I think we will struggle to show growth in the Digital business so far. It's fair to say we are still in that pandemic phase. I think we are quite confident in what we see in October, November, that all looks quite nice. We also don't see at the moment that December we should lose any momentum, but we're still in a pandemic. I think we just want to make that disclaimer and be rather a little bit more realistic than overambitious by setting our targets. Even if there's not that many weeks to go until the end of the year. I think that explains a little bit our current guidance at the moment. Okay, y ep, very clear t hank you. The next question is by Nizla Naizer, Deutsche Bank. The line is now open for you. [Break] Nizla, the line is now open for you. Sorry, can you hear me? Hello? Try again, c ome again. Can you hear me now? We can hear you now very, very nicely. Okay, great t hank you, t wo questions from my end. Firstly, Christian, again, what is the split between your local, Regional, and National sales in Q3? And how fast did each of these sub-segments grow? If you can give us some color, that would be great. And secondly, you know, something that previously held back Out-of-Home margins has been your investments into the local sales force. Is this still continuing? Or, you know, are you at a happy sort of state of affairs when it comes to your local sales force, so margins from here on would continue to see improvement? Something like that would be great. We have some interferences in the line. Sounds like some other family members. [Break] Okay, I think that the question was, one was about how the different sales channels within Q3 and Out-of-Home developed, right? Who was the driver? Regional, local, National. That's one for you, Christian. Exactly, I think Out-of-Home was like around 25% versus prior year. What we've seen is that the split in general was pretty much in line with the normal split that we have. Locally was a little bit above 20% of the mix in Q3. Regional was a little bit below 40%, around 38-39%. I think National is likely about 40%. If you look at the dynamics, I think local sales was pretty much on the +25% level. I think there we've been already operating in an almost normal mode last year in Q3. Yeah, we are just in the normal historic growth rate of ideally 20% or even more in line with generating more new business. If you look at the split between Regional and National, the Regional Business has been rather around 20%, the National Business rather close to 30%. Also again, because the National Business was on a lower level in Q3 last year. I think everything has more or less normalized against where we've been in a quarter or in a Q3 without pandemic, apart from the fact that I would say the local business is, given the year-over-year growth that they had also throughout the crisis, meanwhile above 20% share of the total mix. Quite nice, consistent performance across all channels. Great t hank you, j ust on, you know, the investments required for Out-of-Home media. Previously, you were investing in your local sales force, and that sort of held margins back. Will that still continue going into 2022, or would margins see nice operating leverage from this point on? Well, I think if the product mix doesn't change, I would say that the investment into the local sales force can be compensated by other leverage that we have. Yeah, scale effects, working more efficiently in all other areas. At the same time, we feel like there is a beneficial aspect of a product mix towards Digital Out-of-Home. I mean, that's all of our digitization strategy. What we already see in Q4 is probably. I mean, we mentioned before, quite robust double-digit growth in Out-of-Home expected for Q4. I think Digital Out-of-Home business, especially in the National area, short term. If December goes the way we want, will probably grow definitely in the 30s, mid-30s%, maybe even a bit better. I think the product mix going forward within the Out-of-Home segment should enable us to improve the margin a little bit. I think the investments that are necessary still on top for the local sales force should be compensated within the Out-of-Home segment just by a growing overall business and some scale effects there. Thanks. I think that's in line with what we said at the Capital Markets Day. Yeah. We expect EBITDA growing faster than top line. And with a relatively stable or only slightly growing CapEx and IFRS effects, we expect this over proportional cash generation in that segment. That's a little bit what we see. Yes, local sales force hold maybe a little bit back, but at the same time, I think we have enough areas where we can compensate that, and improve the overall performance of the segment. Understood, v ery clear. The next question is by Craig Abbott, Kepler Cheuvreux. The line is now open for you. Yes h i, good morning j ust two final follow-ups from my side. On the Out-of-Home media, you've made it pretty clear that you're expecting a pretty robust double-digit growth in the fourth quarter. I just wanna clarify whether I understood that correctly in your initial outlook statement on Out-of-Home media, that you're pretty confident getting back to 2019 levels in the fourth quarter. And the other question is just a technical, let's call it technical question. You mentioned in terms of your exceptional items at the net level that it also included non-PPA impairments. I just wondered if you could clarify, and quantify these and what they're related to and if you expect further impairments in the coming quarters, t hank you. The answer to your first question is easy, yes. Yeah, I think still December year-end business, so there's always ± EUR 5 million that are a little bit difficult to predict. In general, what we've seen until beginning of December is exactly what you've mentioned. Yeah. So, we are quite confident and happy with the development there. Yeah, o n your question on the exceptionals sort of within the net earnings, your observation is right. I mean, the trend until the half year was also year-on-year decline. This is the underlying driver behind that is that PPA depreciations are coming down year by year. I think we had a level of more than EUR 60 million in 2019. It was like something EUR 40 million in 2020, will be probably in a range of EUR 35 million in the current fiscal year. In this single quarter, there were some, let's say, extraordinary impairments on some minor assets. Let's say in the mid-single-digit million EUR range. In that sense, I wouldn't see the Q3 as an indication for the full year or the future. That was rather an exceptional situation on some asset write-downs. I think the general trend is also what we explained at the CMD. You see that there is no more M&A since more or less two years now. You see exceptional items, post-merger integrations are going down, depreciations are going down. We've structured the business in the segments that allow them to benchmark us against peers. We see that with declining exceptionals, and better scale effects, cash generation across the group and the earnings quality is increasing. I think that's what we see overall already in Q3. I think for the first time we have a little bit like-for-like opportunities. I think we will also see that in Q4, despite the fact that we continue to invest in Statista and asambeauty. I think which is rather maybe margin dilutive in the third segment, but the others are clearly doing better and better. That's a little bit the midterm plan and story going forward for us. Okay, t hank you very much. There are no further questions, so I hand back to you. Yeah, t hank you very much, to all of you for your time, questions. Have a good rest, of the year. Stay safe and hope to see you soon the beginning of next year. Many thanks, t ake care. Bye-bye. Bye-bye t hank you. Bye-bye.